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

Microsoft

Market Cap: US$2.9t

Develops and supports software, services, devices, and solutions worldwide.

AppLovin

Market Cap: US$177.4b

Provides end-to-end artificial intelligence-powered advertising solutions for businesses in the United States and internationally.

Salesforce

Market Cap: US$138.8b

Provides customer relationship management technology services that connect companies and customers together in the United States, Europe, and the Asia Pacific.

Autodesk

Market Cap: US$44.8b

Engages in the provision of 3D design, engineering, and entertainment technology solutions worldwide.

Roper Technologies

Market Cap: US$36.7b

Designs and develops vertical software and technology enabled products in the United States, Canada, Europe, Asia, and internationally.

Strategy

Market Cap: US$34.2b

Operates as a bitcoin treasury company in the United States, Europe, the Middle East, Africa, and internationally.

Zoom Communications

Market Cap: US$25.1b

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

Zscaler

Market Cap: US$24.2b

Operates as a cloud security company worldwide.

Gen Digital

Market Cap: US$16.1b

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

Nutanix

Market Cap: US$14.5b

Provides an enterprise cloud platform in North America, Europe, the Asia Pacific, the Middle East, Latin America, and Africa.

DigitalOcean Holdings

Market Cap: US$14.3b

Through its subsidiaries, operates an agentic inference cloud platform in North America, Europe, Asia, and internationally.

Tyler Technologies

Market Cap: US$13.6b

Provides integrated software and technology management solutions for the public sector in the United States.

Dynatrace

Market Cap: US$13.1b

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.

Trimble

Market Cap: US$12.5b

Offers technology solutions and platform that enable office professionals and field workers to connect workflows and industry lifecycles in North America, Europe, the Asia Pacific, and internationally.

Guidewire Software

Market Cap: US$11.4b

Provides a platform for property and casualty (P&C) insurers worldwide.

Bentley Systems

Market Cap: US$10.2b

Provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.

Manhattan Associates

Market Cap: US$9.4b

Develops, sells, deploys, services, and maintains software solutions to manage supply chains, inventory, and omni-channel operations.

ServiceTitan

Market Cap: US$7.6b

Provides an end-to-end cloud-based software platform in the United States, Armenia, and Canada.

Clear Secure

Market Cap: US$7.5b

Operates a secure identity platform under the CLEAR brand name primarily in the United States.

Procore Technologies

Market Cap: US$6.7b

Provides a cloud-based construction management platform and related products and services in the United States and internationally.

Dropbox

Market Cap: US$6.7b

Provides a content collaboration platform in the United States and internationally.

Commvault Systems

Market Cap: US$6.4b

Provides cyber resiliency solutions for enterprises to protect, secure, and recover data, applications, and identity system.

AppFolio

Market Cap: US$6.3b

Provides cloud-based platform for the real estate industry in the United States.

SentinelOne

Market Cap: US$6.2b

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

Elastic

Market Cap: US$6.2b

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.

UiPath

Market Cap: US$6.0b

Provides an 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.

GitLab

Market Cap: US$5.5b

Develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific.

Tenable Holdings

Market Cap: US$4.5b

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

Box

Market Cap: US$4.0b

Provides a cloud content management platform that enables organizations of various sizes to manage cloud content from anywhere and on any device in Poland, Australia, Canada, the European Union, France, Israel, Japan, Singapore, Switzerland, the United Kingdom, and the United States.

Q2 Holdings

Market Cap: US$3.4b

Provides digital solutions to financial institutions, financial technology companies, FinTechs, and alternative finance companies (Alt-FIs) in the United States.

Agilysys

Market Cap: US$3.2b

Operates as a developer and marketer of software-enabled solutions and services to the hospitality industry in North America, Europe, the Asia-Pacific, and India.

Fastly

Market Cap: US$2.9b

Operates an edge cloud platform for processing, serving, and securing its customer’s applications in the United States, the Asia Pacific, Europe, and internationally.

Kyndryl Holdings

Market Cap: US$2.7b

Operates as a technology services company and IT infrastructure services provider in the United States, Japan, and internationally.

AvePoint

Market Cap: US$2.7b

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

Alarm.com Holdings

Market Cap: US$2.5b

Operates a platform for connected properties in North America and internationally.

LiveRamp Holdings

Market Cap: US$2.3b

A technology company, operates a data collaboration platform in the United States, Europe, the Asia-Pacific, and internationally.