Industries
Software & Internet
Toutes les analyses de Software & Internet — 39 analyses.
63/100
46Buffett
Palantir Technologies Inc.: 93% Growth and a 47% GAAP Operating Margin, but $174.33 Already Equals the $172 Optimistic DCF Value
Palantir Technologies builds data-integration and AI decision platforms for Western governments and large commercial enterprises, funded by about $9.2 billion of liquidity and essentially no conventional debt. The gap between an accelerating business and an already-optimistic price is the whole case: Q2 2026 revenue grew 93% to $1.935 billion at a 47% GAAP operating margin, with U.S. commercial revenue up 149% and U.S. commercial remaining deal value up 124% to $6.238 billion, yet the fully diluted $447.8 billion equity value works out to roughly 149x trailing earnings, 133x conventional free cash flow and 178x SBC-adjusted owner earnings. Rating Watch: $174.33 sits outside all three modelled bands, above the $94-126 acceptable-hold range but below the $190-215 clearly-overvalued line, and it already equals the roughly $172 optimistic DCF value, so the margin of safety is none and the ideal buy range is $33-41.
53/100
95Buffett
Manhattan Associates: 26% Cloud Growth Sits Inside 9.3% Total Revenue Growth, Existing Customers Supplied 75% of Q2 New Cloud Contract Value, and 40x SBC-Adjusted Owner Earnings Leaves No Margin of Safety
Manhattan Associates sells cloud-native supply-chain execution software for warehouses, orders and transportation, with Q2 2026 revenue of USD 297.8 million and remaining performance obligations of USD 2.47 billion. The widely quoted 26% cloud-subscription growth sits inside a company growing 9.3% overall, where services are still 44.7% of revenue, existing customers supplied 75% of Q2 new cloud contract value, and stock compensation near 10% of revenue separates adjusted EPS from shareholder economics. Rating Hold: a genuinely high-quality franchise whose USD 197.39 price sits inside the USD 170 to USD 215 fair band and roughly 40 times SBC-adjusted owner earnings, leaving no margin of safety.
51/100
64Buffett
Salesforce: Agentforce ARR Grew 205% to 1.2 Billion Dollars, but Growth Excluding Informatica Was 8.75% and 184.02 Dollars Leaves No Margin of Safety
Salesforce is the largest CRM vendor, monetizing customer workflows through subscriptions while shifting toward AI consumption, data services and outcome-based pricing. Agentforce ARR reached 1.2 billion dollars and grew 205%, but fiscal Q1 growth excluding Informatica was only 8.75% and owner earnings stay flat near 10.9 billion dollars. Rating Hold: a dominant franchise at an adequate price, with seat cannibalization unresolved because Salesforce does not disclose net seats.
65/100
85Buffett
Alphabet: Search and Cloud Are Both Accelerating, but a 200 Billion Dollar Build Has Turned Free Cash Flow Negative and 333.68 Dollars Already Prices In the Base Case
Alphabet is a global internet platform whose high-intent Search advertising funds YouTube, Google Cloud and a frontier AI infrastructure build; FY2025 revenue was 402.8 billion USD. Second-quarter 2026 revenue grew 24% to 119.8 billion USD and Cloud grew 82% to 24.8 billion USD at a 35.6% operating margin on a 514 billion USD backlog, yet capital expenditure of 44.9 billion USD exceeded operating cash flow and produced negative free cash flow of 5.9 billion USD, with FY2026 guidance raised to 195 to 205 billion USD. Rating Hold: on roughly 130 billion USD of estimated owner earnings the shares trade near 31 times rather than the reported 16.8 times, so 333.68 USD sits at the 335 USD base intrinsic value with no conservative margin of safety.
50/100
Procore Technologies: Operating Leverage Finally Shows, but a 16%-of-Revenue Stock-Compensation Bill Leaves 48.82 USD Fairly Priced Rather Than Cheap
Procore is the leading construction-management SaaS platform, pricing subscriptions by product mix and annual construction volume rather than by seat. Q2 2026 revenue rose 15.8% to 375.2 million USD with a 21.5% non-GAAP operating margin, yet stock compensation at 16.1% of revenue holds GAAP operating margin at just 1.2%. Rating Hold: real operating leverage arriving at a fair price, with the ideal buy band at 34–36 USD.
67/100
91Buffett
Microsoft: Azure Demand Is Real and the Moat Is Intact, but 393 USD Already Prices a Clean Conversion of the 190 Billion USD Capex Wave
Microsoft is a cash-rich enterprise software and cloud platform whose profit pool sits in Productivity and Intelligent Cloud, and it is now funding an unprecedented AI infrastructure build. Fiscal 2025 produced 281.7 billion USD of revenue and 136.2 billion USD of operating cash flow, yet calendar-2026 capex is guided at roughly 190 billion USD and trailing free cash flow falls from 72.9 billion to 41.7 billion USD once finance leases are counted. Rating Hold: the moat and the Azure demand are real, but 393 USD already assumes that capex wave converts cleanly into owner earnings.
52/100
65Buffett
Oracle Corporation
Oracle is an enterprise software and cloud infrastructure vendor whose database and applications cash engine is now funding a massive AI data-center build-out. Fiscal 2026 revenue reached 67.4 billion USD and remaining performance obligations hit 638 billion USD, but capex of 55.7 billion USD drove free cash flow to negative 23.7 billion USD, and S&P cut the credit rating to BBB- in July. Rating Hold: the 34% fall from the previous report's 181 USD reference point has absorbed much of the financing anxiety, but at 119.90 USD there is still no meaningful margin of safety for new money.
61/100
Figma: The Platform Role Is Real, but Dilution and the Last Unlock Leave No Margin of Safety
Figma is a browser-native collaborative design platform that monetizes Full, Dev, and Collab seats across Professional, Organization, and Enterprise plans, with governance add-ons and, since March 2026, paid AI credits layered on top. Q1 2026 revenue rose 46% to $333.4 million and net dollar retention reached 139%, yet GAAP gross margin fell to 79% from 91% a year earlier as AI hosting costs jumped, and roughly $1.96 billion of unrecognized stock-based compensation still sits on the books. Rating Watch: the platform role looks more durable than the market's AI-obsolescence narrative implies, but dilution, margin pressure, and a final 77.7 million-share lock-up release leave no margin of safety at $22.94.
49/100
85Buffett
Bentley Systems: Durable Infrastructure Compounder, Thin Margin of Safety
Bentley Systems is a specialized infrastructure-engineering software vendor whose economic engine is a recurring estate embedded in civil, utility, and owner-operator workflows, with $1.495 billion ARR, 93% recurring revenue, 99% account retention, and 109% net retention. Full-year 2025 revenue rose 11.0% to $1.502 billion and free cash flow reached $520.2 million, yet a dual-class structure leaves the Bentley Control Group with about 62.8% of voting power and the $30 price sits roughly at conservative fair value. Rating Hold: a high-quality, sticky compounder whose cash conversion the headline P/E understates, but founder control and a thin margin of safety make a fresh buy more attractive below $25.
48/100
Asana : bon marché en apparence, stratégie encore non prouvée
Asana est un SaaS de gestion du travail de taille moyenne, fondé sur des sièges, qui ajoute désormais une couche d'IA facturée à l'usage à un modèle land-and-expand arrivé à maturité, alors que la quasi-totalité de ses 790.8 millions USD de chiffre d'affaires FY2026 reste liée à la plateforme phare. Le récit 2026 oppose clairement les arguments haussiers et baissiers : les marges ont basculé vers un résultat opérationnel non-GAAP FY2026 de 56.7 millions USD et les produits d'IA représentaient déjà 17% du net-new ARR en Q1 FY2027, mais la croissance du chiffre d'affaires a ralenti à un chiffre élevé et la direction signale encore que le PLG pèse d'environ deux points. Note Surveiller : l'action paraît bon marché à environ 1.5x l'EV/chiffre d'affaires prospectif, mais elle doit apporter une preuve plus ferme que l'IA peut compenser la maturité de la croissance des sièges avant que la décote ne se résorbe.
51/100
JFrog : la chaîne d'approvisionnement logicielle, valorisée pour le succès
JFrog vend une plateforme de chaîne d'approvisionnement logicielle bâtie autour de la gestion d'artefacts Artifactory, le cloud représentant désormais 51% du chiffre d'affaires, avec la sécurité et la gouvernance des modèles d'IA superposées par-dessus. Son chiffre d'affaires 2025 s'est élevé à 531.8 millions d'USD, en hausse de 24%, et le T1 2026 a progressé de 26% avec une rétention nette en dollars de 120%, mais la prévision pour l'ensemble de 2026, comprise entre 628 et 632 millions d'USD, n'implique qu'une croissance d'environ 18.5%, et la rémunération en actions de 156.7 millions d'USD dépasse le flux de trésorerie disponible, de sorte que les bénéfices réels du propriétaire restent en deçà de la trésorerie affichée. À environ 15.4x la valeur d'entreprise rapportée au chiffre d'affaires, contre 4.7x pour GitLab, le cours intègre déjà une grande part du succès futur. Note Conserver : le cloud et la sécurité sont de réels relais de croissance, mais à 78.48 USD le titre valorise déjà l'essentiel de ce succès, sans marge de sécurité.
53/100
monday.com : un Work OS rentable, valorisé comme s'il était cassé
monday.com est un éditeur SaaS de Work OS low-code dont les clients construisent des flux opérationnels couvrant la gestion de projet, le CRM, le service et le développement, et qui passe désormais d'une tarification au siège vers un modèle sièges plus crédits d'IA. Le cœur du débat haussier-baissier porte sur la durabilité de la monétisation : au T1 2026, le chiffre d'affaires a progressé de 24% à 351.3 millions de dollars, avec une marge brute de 89% et 102.8 millions de dollars de flux de trésorerie disponible ajusté, mais la direction ne table que sur une croissance de 19% à 20% pour 2026 et reconnaît ne toujours pas savoir modéliser les revenus tirés des agents et de l'usage par jetons, si bien que le titre se traite à environ 1.6x la VE/chiffre d'affaires prospectif, loin de pairs bien plus richement valorisés. Notation Achat prudent : une plateforme de flux de travail toujours rentable et riche en liquidités est valorisée comme si son moteur de croissance était déjà cassé, alors que la traction record auprès des grands comptes dit le contraire.
52/100
Constellation Software : une machine à composer les profits à plein prix
Constellation Software est une machine décentralisée d'allocation de capital qui rachète et détient indéfiniment plus de 1100 entreprises autonomes de logiciels verticaux, composant des flux de trésorerie de maintenance récurrents et fidèles en de nouvelles acquisitions de niche réparties sur neuf groupes opérationnels. Le débat d'investissement porte désormais sur le prix et la continuité, non sur la qualité : au T1 2026, le chiffre d'affaires a progressé de 20 % à 3.181 milliards de dollars US avec une croissance organique de 6 % et un flux de trésorerie disponible pour les actionnaires de 733 millions de dollars US, pourtant à 2882.02 dollars CA l'action se négocie près de 58.7 fois les bénéfices des douze derniers mois et 22.9 fois ce flux de trésorerie, tandis que le départ du fondateur Mark Leonard en 2025 et les craintes liées à l'IA assombrissent les perspectives. Évaluation Conserver : une rare machine logicielle à composer, mais le prix actuel suppose encore assez de continuité pour que la marge de sécurité soit mince.
50/100
Recherche approfondie sur HubSpot
HubSpot est une plateforme CRM integree pour les PME et les entreprises de taille intermediaire, avec 288700 clients payants fin 2025, et evolue d'un outil marketing vers des agents IA et un SaaS facture par siege. Le chiffre d'affaires 2025 a atteint 3.13 milliards USD, en hausse de 19%, le resultat operationnel GAAP est devenu positif et le flux de tresorerie disponible a atteint 595 millions USD; toutefois, la valorisation reste autour de 99x le P/E TTM, tandis que la refonte tarifaire tiree par l'IA n'est pas encore prouvee. Rating de recherche Conserver: les fondamentaux sont solides, mais il vaut mieux attendre un repli vers la zone d'achat ideale de 135 a 145 USD avant d'entrer.
48/100
76Buffett
Kingsoft Office In-Depth Research
Kingsoft Office is China's leading office software company, with revenue supported by WPS personal subscriptions, institutional licensing, and collaboration SaaS. In 2025, revenue reached 5.929 billion yuan, WPS AI MAU climbed to 80.13 million, and annual paying personal users approached 49 million, but the surge in Q1 2026 net profit was mainly driven by investment income while operating PE still sits around 55x. Rating Hold: AI has truly moved into the conversion layer, but reported profit is distorted and valuation remains expensive.
49/100
83Buffett
Dassault Systèmes: A Zen Horizon Framework Deep-Dive Research Report
Dassault Systèmes is a global leader in industrial software, built around the 3DEXPERIENCE platform and a virtual-twin portfolio spanning CATIA, SOLIDWORKS, SIMULIA, DELMIA, and Medidata. FY2025 revenue was €6.24 billion (+4% cc), recurring revenue was 82% of software revenue, non-IFRS operating margin was 32%, and the company held net cash, making it a very high-quality subscription software franchise. Rating Watch: a durable compounder whose valuation has de-rated sharply, but whose growth has not yet stabilized enough to create a clear margin of safety.
47/100
58Buffett
GoDaddy Long-Term Value Investment Research
GoDaddy is an SMB digital platform that starts with domains and extends into websites, email, marketing, payments, and commerce tools. At about $85.83, the stock has fallen back into a researchable range, with a conservative owner-earnings multiple of roughly 9-11 times and a 20%-30% discount to neutral intrinsic value, though the margin of safety is not thick; the ideal buy range is $70-$80. Research rating Cautious Buy: a durable cash-flow compounder with real platform value, but not enough downside protection for an aggressive position.
46/100
Tyler Technologies Deep Value Investment Research
Tyler Technologies is the leading U.S. vertical software provider for local governments, spanning courts, public safety, tax, ERP, and payments, with recurring revenue at 87%, client retention at 98%, and very high switching costs. The core thesis is that this is a high-quality, durable business, but the current share price of about $313 already embeds a premium for quality software and leaves limited margin of safety. Report rating Watch: a compounder worth tracking, with an ideal buy range of $220 to $260.
45/100
Trimble Deep Value Investment Research
Trimble is an industrial software, positioning/field systems, and logistics platform company that is shifting from hardware toward subscription and recurring revenue. Its moat is a stack of moderate advantages, cash-flow quality is improving, but governance still carries blemishes. Research rating Watch: at about USD 56, the stock looks closer to fair value than cheap, with insufficient margin of safety and an ideal buy range of USD 38-45.
48/100
51Buffett
PTC Deep Value Investment Research
PTC is an industrial software vendor whose CAD/PLM/ALM/SLM tools form a product-data backbone for manufacturing customers, with roughly 95% recurring revenue, high switching costs, and strong cash conversion. The business quality is sound, but at the current share price of about $138.73, the conservative owner-earnings yield is only around 4%, not generous relative to U.S. Treasuries, leaving an insufficient margin of safety. Research rating Watch: a durable compounder worth tracking, with a preferred entry range of $95 to $115.
47/100
58Buffett
Gen Digital In-Depth Value Investment Research
Gen Digital is a consumer digital-safety subscription platform built around Norton, Avast, LifeLock, and MoneyLion's financial-wellness capabilities. The core thesis is that the business is asset-light and highly cash-generative, but its moat is only moderate to weak given limited entry barriers, free platform bundling, and roughly $8.2 billion of debt. Research rating Watch: a reasonable cash-flow compounder, but the current price near $25.79 does not offer a clear margin of safety versus an ideal buy range of $20-23.
54/100
85Buffett
Veeva Systems: A Deep Value Investing Study
The dominant vertical SaaS provider built solely for life sciences, with 1,552 customers, FY2026 revenue of $3.195 billion, net income of $909 million, and almost no interest-bearing debt. A great business at an unremarkable price, with an ideal buy range of $125-140. Rating Watch: a high-quality compounder worth tracking closely, but today's price leaves no clear margin of safety.
50/100
64Buffett
Salesforce: A Long-Term Owner's View
Salesforce is the global CRM leader, with FY2026 revenue of $41.525 billion, free cash flow of $14.402 billion, subscriptions at 95% of revenue, and cRPO of $35.1 billion. At the current share price of $180.07, the stock trades at roughly 13.5 times conservative owner earnings, within a reasonable value band but without a clear margin of safety. Research rating Watch: a high-quality software platform whose cash-flow durability is evident, but whose current price leaves limited room for execution risk.
51/100
61Buffett
ServiceNow: A Value Investing Study
The leading enterprise workflow operating-system platform (post-split share price $102.25), with strong subscription stickiness and high cash-flow quality, yet on a conservative Owner Earnings basis that treats stock-based compensation as a real cost, the roughly 41x multiple still looks tight; ideal buy range $70-85. Rating Watch: an excellent business, but at today's price you are buying the expectation of continued excellence rather than an obviously undervalued asset.
53/100
Zscaler: A Long-Term Owner's Perspective
A high-quality, subscription-heavy cloud security platform: FY2026 Q2 subscription mix at 84%, steady ARR growth, and 3.5 billion in net cash. The catch is price: forward EV/S near 8.2x, P/FCF near 33x, GAAP still in the red, and heavy stock-based compensation that drags down true owner earnings, leaving today's roughly 180 dollars sitting at the low end of an optimistic scenario. Rating Watch: an excellent business at a price that offers conservative investors little margin of safety.
52/100
52Buffett
Workday: A Long-Term Owner's Perspective
FY2026 subscription revenue is 92% of the total, subscription backlog stands at 28.1 billion dollars, and gross retention is 97%, so business quality is solid. But how you treat stock-based compensation directly determines real shareholder returns, buyback timing has been off (average price 226.62 dollars versus 128.14 today), and the stock looks cheap on P/FCF yet not cheap on a GAAP basis, leaving a thin margin of safety. Rating Watch: a high-quality operator that has not yet earned an unarguable margin of safety.
56/100
44Buffett
Shopify : une plateforme d'infrastructure commerciale
Un systeme d'exploitation commercial pour marchands independants, avec un GMV 2025 de $378.4 milliards, un chiffre d'affaires de $11.556 milliards et un FCF publie de $2.007 milliards. Apres deduction de la remuneration en actions et du capital immobilise dans le credit, les benefices proprietaires prudents ne ressortent qu'a $1.2 milliard, pour une zone d'achat ideale de $75-95. Rating Surveiller: un compounder de grande qualite dont le prix actuel n'offre pas encore une marge de securite suffisante sur une base prudente.
48/100
66Buffett
Roper Technologies Research from a Long-Term Owner's Perspective
Roper has largely completed its transition from an industrial acquisition platform into a vertical-software holding platform, with software at 77.6% of revenue and recurring plus highly repeatable revenue at 67.3%. The current price is attractive on a conservative owner-earnings basis, but high goodwill, elevated intangible assets, and net debt/EBITDA of about 3.1x mean the margin of safety is real but not thick. Research rating Cautious Buy: a durable compounder with valuation support, but execution and acquisition discipline still matter.
55/100
85Buffett
Alphabet Inc.: A Long-Term Business Owner's Study
A top-tier platform cash machine whose 2025 revenue cleared $400 billion for the first time, with a Search cash cow layered on a Cloud/AI upcycle. At roughly $383.47 the shares already sit near the top of the optimistic case, leaving thin margin of safety. Conservative intrinsic value is $90-120, fair value $200-260, optimistic $340-390. Rating Watch: a superb business worth tracking, but wait for the price rather than chase it.
52/100
Datadog: A Value Investing Deep Dive
A high-quality cloud observability platform with 30% growth and strong cash flow, but at the current 218.04 dollars it trades 56%-129% above a fair intrinsic value of 95-140 dollars, leaving no margin of safety. Rating Watch: an excellent business whose price already prices in years of flawless execution.
48/100
96Buffett
Adobe Investment Research from a Long-Term Business Owner's Perspective
Adobe is a high-quality subscription software platform across creative, document, and marketing workflows, with gross margins near 90%, very strong cash flow, and net leverage close to zero. The company is being repriced for AI risk, while the current price of $253.37 is roughly 10x free cash flow and the ideal buy range is $220-280. Research rating Cautious Buy: a durable compounder with improved odds, but not enough margin of safety for an indiscriminate large position.
52/100
72Buffett
Autodesk: A Deep Value Investment Analysis
A high-stickiness leader in professional design software, with FY2026 recurring revenue at 97% of total and free cash flow of 2.4 billion dollars. But at roughly 244 dollars the stock sits in the optimistic zone, SBC erodes true earnings, and the margin of safety is thin. Rating Watch: a high-quality compounder priced for optimism rather than safety; ideal buy range 140-180 dollars.
42/100
93Buffett
Infosys: In-Depth Value Investing Research
A global IT services leader with solid cash flow, ample net cash, and steady governance; FY26 revenue of $20.2 billion, but with low industry growth and AI potentially compressing the billing model, the current price of $12.72 leaves a thin margin of safety. Rating: Watch.
55/100
65Buffett
Oracle Corporation: A Long-Term Business Owner's Perspective
A sticky database/ERP software cash cow layered with a capital-intensive AI/OCI expansion: an excellent business, but at roughly $181 the stock already sits near the top of the optimistic case. Rating Watch: a great company whose current price leaves little margin of safety.
55/100
91Buffett
Microsoft: A Deep Value Investment Study
A long-term, platform-monopoly stickiness machine with relentless cash generation and a front-row reinvestment seat into the AI era; at the current price the market cap sits near $3.15 trillion, putting it on roughly 28x conservative Owner Earnings and a strict 43x FCF. At $423.54 the stock is close to fair value but lacks a margin of safety, with a sensible buy range of $300–360 (fair value $390–470 at a 20–30% discount). Rating Watch: a superb business at a reasonable-to-slightly-rich price, worth following closely rather than chasing here.
57/100
44Buffett
Amazon : le point de vue d'un propriétaire de long terme
Une plateforme de capitalisation de premier rang (réseau de distribution + AWS + publicité + vendeurs tiers), avec en 2025 un chiffre d'affaires de 716.9 milliards de dollars et un résultat opérationnel de 80.0 milliards de dollars ; mais l'investissement IA a bondi à 128.3 milliards de dollars, ramenant le flux de trésorerie disponible TTM à seulement 1.2 milliard de dollars. Au cours actuel de 264.86 dollars, le titre se situe près du bord supérieur du scénario optimiste, et la marge de sécurité est mince. Achat raisonnable 150-210 dollars, entrée confortable 120-155 dollars. Notation Surveiller : une entreprise de classe mondiale, mais valorisée comme une excellence onéreuse plutôt qu'une grandeur bon marché.
61/100
46Buffett
Palantir vu par un propriétaire de long terme
Palantir est passée d'une « forte croissance assortie de pertes chroniques » à une « forte croissance assortie d'un solide flux de trésorerie » : un chiffre d'affaires 2025 de 4.475 milliards de dollars (+56 %), un résultat net GAAP attribuable aux actionnaires de 1.625 milliard et un flux de trésorerie disponible de 2.101 milliards ; au premier trimestre 2026, le chiffre d'affaires a progressé de 85 %, le commercial américain bondissant de 133 %. Pourtant, au cours actuel de 133.99, une capitalisation de 344.5 milliards implique un PER historique d'environ 150.6 fois, un P/FCF d'environ 128 fois et un P/OE ajusté de la rémunération en actions d'environ 176 fois. C'est une entreprise remarquable valorisée pour une quasi-perfection, qui vaut d'être détenue sur le long terme mais ne vaut pas d'être acquise au prix d'aujourd'hui. Notation Surveiller : un capitaliseur de qualité dont le prix intègre déjà une décennie de succès extraordinaire.
51/100
Cloudflare: A Long-Term Owner's Perspective
A high-quality growth asset that is richly priced: DBNRR of 118% and 4,416 large customers spending $100K+ are still expanding, yet Q1 2026 gross margin slipped from 76% to 71%, and at $197.56 the market has already pulled forward a decade of high growth and margin expansion, with little evidence of high-quality owner earnings net of stock-based compensation. Rating Watch: an excellent business at a demanding price that leaves no margin of safety today.
49/100
83Buffett
Apple: A Long-Term Owner's View
Apple is a world-class consumer technology platform with exceptional ecosystem depth, services monetization, and cash generation. The core thesis is that the business remains highly durable, but the current price already reflects much of the quality, buybacks, AI optionality, and services growth while leaving limited room for uncertainty around AI access points, EU antitrust economics, and Greater China. Report rating Watch: a high-quality compounder worth following closely, but not a clear margin-of-safety purchase at today's valuation.