U.S. Software Undervalued over 20% based on DCF

Salesforce

Market Cap: US$236.6b

Provides customer relationship management (CRM) technology that connects companies and customers together worldwide.

Adobe

Market Cap: US$143.7b

Operates as a technology company worldwide.

Palo Alto Networks

Market Cap: US$115.5b

Provides cybersecurity solutions worldwide.

Snowflake

Market Cap: US$68.7b

Provides a cloud-based data platform for various organizations in the United States and internationally.

VMware

Market Cap: US$61.5b

VMware, Inc. provides software solutions in the areas of modern applications, cloud management and infrastructure, networking, security, and workspaces in the United States and internationally.

Workday

Market Cap: US$60.0b

Provides enterprise cloud applications in the United States and internationally.

Atlassian

Market Cap: US$48.7b

Through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide.

Cognizant Technology Solutions

Market Cap: US$34.6b

A professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally.

PTC

Market Cap: US$25.7b

Operates as software company in the Americas, Europe, and the Asia Pacific.

GoDaddy

Market Cap: US$21.9b

Engages in the design and development of cloud-based products in the United States and internationally.

Zoom Communications

Market Cap: US$21.7b

Provides an Artificial Intelligence-first work platform for human connection in the Americas, the Asia Pacific, Europe, the Middle East, and Africa.

Gen Digital

Market Cap: US$17.7b

Engages in the provision of cyber safety solutions for or individuals, families, and small businesses.

Okta

Market Cap: US$16.8b

Operates as an identity partner in the United States and internationally.

Dynatrace

Market Cap: US$15.2b

Engages in the advancement of observability for digital businesses, which transforms the complexity of modern digital ecosystems in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America.

DocuSign

Market Cap: US$14.9b

Provides electronic signature solution in the United States and internationally.

Aurora Innovation

Market Cap: US$11.4b

Operates as a self-driving technology company in the United States.

Akamai Technologies

Market Cap: US$10.8b

Engages in the provision of security, delivery, and cloud computing solutions in the United States and internationally.

Amdocs

Market Cap: US$9.4b

Through its subsidiaries, provides software and services to communications, entertainment, and media service providers worldwide.

Klaviyo

Market Cap: US$8.5b

A technology company, provides a software-as-a-service platform in the United States, other Americas, the Asia-Pacific, Europe, the Middle East, and Africa.

EPAM Systems

Market Cap: US$8.5b

Provides digital platform engineering and software development services worldwide.

Elastic

Market Cap: US$8.5b

A search artificial intelligence (AI) company, provides software platforms to run in hybrid, public or private clouds, and multi-cloud environments in the United States and internationally.

Dolby Laboratories

Market Cap: US$7.0b

Engages in the design and manufacture of audio, imaging, accessibility, and other hardware and software solutions primarily for application in the television, broadcast, and live entertainment industries in the United States and internationally.

UiPath

Market Cap: US$6.0b

Provides an end-to-end automation platform that offers a range of robotic process automation (RPA) solutions primarily in the United States, Romania, the United Kingdom, the Netherlands, and internationally.

Confluent

Market Cap: US$5.9b

Operates a data streaming platform in the United States and internationally.

SentinelOne

Market Cap: US$5.7b

Operates as a cybersecurity provider in the United States and internationally.

OneStream

Market Cap: US$5.7b

OneStream, Inc. delivers a unified, AI-enabled, and extensible software platform in the United States and internationally.

Clearwater Analytics Holdings

Market Cap: US$5.4b

Develops and provides a Software-as-a-Service (SaaS) solution for automated investment data aggregation, reconciliation, accounting, and reporting services to insurers, investment managers, corporations, institutional investors, and government entities in the United States and internationally.

Pony AI

Market Cap: US$4.9b

Through its subsidiaries, engages in the autonomous mobility business in the People’s Republic of China, the United States, and internationally.

Qualys

Market Cap: US$4.7b

Provides cloud-based platform delivering information technology (IT), security, and compliance solutions in the United States and internationally.

Box

Market Cap: US$4.6b

Provides a cloud content management platform that enables organizations of various sizes to manage and share their content from anywhere on any device in the United States and Japan.

ACI Worldwide

Market Cap: US$4.4b

Develops, markets, installs, and supports software products and services for facilitating electronic payments in the United States and internationally.

SPS Commerce

Market Cap: US$4.1b

Provides cloud-based supply chain management solutions in the United States.

IREN

Market Cap: US$4.0b

Operates in the integrated data center business.

AvePoint

Market Cap: US$3.7b

Provides cloud-native data management software platform in North America, Europe, the Middle East, Africa, and the Asia Pacific.

Tenable Holdings

Market Cap: US$3.7b

Provides cyber exposure management solutions in the Americas, Europe, the Middle East, Africa, the Asia Pacific, and Japan.

Asana

Market Cap: US$3.3b

Operates a work management software platform for individuals, team leads, and executives in the United States and internationally.