산업
Software & Internet
Software & Internet 산업의 모든 리포트 — 총 39건.
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: 겉보기에는 싸지만 전략적 입증은 부족하다
Asana는 좌석 기반 업무관리 SaaS에 사용량 기반 AI를 얹고 있는 중형 소프트웨어 기업이며, FY2026 매출 7.908억 달러의 거의 전부는 여전히 주력 플랫폼에서 나온다. 2026년 투자 논점은 선명한 강세·약세 대치다: 마진은 FY2026 비GAAP 영업이익 5,670만 달러로 전환했고 AI 제품은 이미 Q1 FY2027 순신규 ARR의 17%에 도달했지만, 매출 성장은 한 자릿수 후반으로 둔화했고 경영진은 PLG가 약 2포인트의 부담이라고 여전히 설명한다. 관찰: 주식은 선행 EV/매출 약 1.5배로 겉보기에는 싸지만, 할인율이 해소되려면 AI가 좌석 성장의 성숙을 상쇄할 수 있다는 더 확실한 증거가 필요하다.
51/100
JFrog: 소프트웨어 공급망, 성공이 이미 가격에 반영되다
JFrog는 Artifactory 아티팩트 관리를 중심으로 구축된 소프트웨어 공급망 플랫폼을 판매하며, 현재 클라우드가 매출의 51%를 차지하고 그 위에 보안과 AI 모델 거버넌스가 얹혀 있다. 2025년 매출은 5.318억 달러로 24% 증가했고 Q1 2026은 26% 성장하며 순달러유지율 120%를 기록했으나, 2026년 연간 가이던스 6.28억~6.32억 달러는 약 18.5% 성장에 그치고, 1.567억 달러의 주식보상비용이 잉여현금흐름을 초과해 소유주 이익이 표면 현금보다 뒤처진다. 약 15.4배 EV/매출은 GitLab의 4.7배와 대비되며, 가격은 이미 상당한 미래 성공을 반영하고 있다. 등급 보유: 클라우드와 보안은 실재하는 두 번째 성장 동력이지만, 78.48달러에서 주가는 이미 그 성공의 대부분을 가격에 반영해 안전마진이 없다.
53/100
monday.com: 흑자 Work OS, 성장 엔진이 망가진 듯한 가격표
monday.com은 로코드 Work OS 형태의 SaaS 사업자로, 고객은 프로젝트 관리·CRM·서비스·개발을 가로지르는 운영 워크플로를 직접 구축하며, 현재 좌석 중심 과금에서 좌석에 AI 크레딧을 더한 모델로 이행 중이다. 강세론과 약세론이 갈리는 핵심은 수익화의 지속성이다: 2026년 Q1 매출은 24% 성장한 3.513억 달러로 매출총이익률 89%, 조정 잉여현금흐름은 1.028억 달러였으나, 경영진은 2026년 성장 가이던스를 19%에서 20%로만 제시했고 에이전트와 토큰 기반 매출은 아직 모델링조차 못 한다고 인정해, 주가는 훨씬 비싼 동종 기업 대비 선행 EV/매출 약 1.6배에 거래된다. 신중 매수 등급: 여전히 흑자이고 현금이 두둑한 워크플로 플랫폼이 마치 성장 엔진이 이미 고장 난 것처럼 가격이 매겨져 있지만, 사상 최고의 대형 고객 흡인력은 그 반대를 말한다.
52/100
콘스텔레이션 소프트웨어: 완전한 가격에 거래되는 복리 머신
콘스텔레이션 소프트웨어는 1,100개 이상의 자율적인 버티컬 마켓 소프트웨어 사업체를 인수해 무기한 보유하는 분권형 자본 배분 머신으로, 끈끈한 반복형 유지보수 현금흐름을 9개 사업 그룹 전반의 추가 틈새 인수로 복리화한다. 이제 투자 논쟁은 품질이 아니라 가격과 연속성에 관한 것이다. 2026년 1분기 매출은 20% 증가한 31.81억 달러, 유기적 성장률은 6%, 주주 귀속 잉여현금흐름은 7.33억 달러였으나, 2882.02캐나다달러의 주가는 후행 이익의 약 58.7배, 그 현금흐름의 약 22.9배에 거래되며 동시에 창업자 마크 레너드의 2025년 퇴임과 AI 우려가 전망을 흐린다. 평가는 보유: 보기 드문 소프트웨어 복리 머신이지만, 오늘의 가격은 여전히 충분한 연속성을 전제로 하고 있어 안전마진이 얇다.
50/100
HubSpot 심층 리서치
HubSpot은 SMB와 미드마켓을 대상으로 하는 통합 CRM 플랫폼으로, 2025년 말 유료 고객 288700곳을 확보했으며 마케팅 도구에서 AI 에이전트와 좌석 기반 SaaS로 고도화되고 있습니다. 2025년 매출은 31.3억 달러로 19% 증가했고 GAAP 영업이익은 흑자 전환했으며 잉여현금흐름은 5억9500만 달러에 도달했지만, 밸류에이션은 여전히 TTM P/E 약 99배 수준이고 AI 주도 가격 재구성은 아직 입증되지 않았습니다. 리서치 등급은 보유: 펀더멘털은 견조하지만 진입 전 135-145 USD의 이상적 매수 구간까지 조정을 기다리는 편이 낫습니다.
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: 커머스 인프라 플랫폼
Shopify는 독립 판매자를 위한 커머스 운영체제로, 2025년 GMV 3784억 달러, 매출 115.56억 달러, 보고 FCF 20.07억 달러를 기록했다. 그러나 SBC와 대출 사업에 묶이는 자본을 차감하면 보수적 오너 이익은 12억 달러에 그치며, 이상적 매수 구간은 $75-95이다. 관찰 등급: 품질 높은 복리 성장 기업이지만 보수적 기준에서 현재 가격은 아직 충분한 안전마진을 제공하지 않는다.
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
아마존: 장기 보유자의 관점
소매 네트워크 + AWS + 광고 + 제3자 판매자를 아우르는 최상급 복리 성장 플랫폼으로, 2025년 매출 7169억 달러, 영업이익 800억 달러를 기록했다. 그러나 AI 자본지출이 1283억 달러로 급증하면서 TTM 잉여현금흐름은 12억 달러에 그쳤고, 현재 주가 264.86달러는 낙관 시나리오 상단 부근에 위치해 안전마진이 얇다. 적정 매수가 150~210달러, 편안한 진입가 120~155달러. 평가 관찰: 세계 정상급 사업이지만 값싼 위대함이 아니라 비싼 탁월함으로 가격이 매겨져 있다.
61/100
46Buffett
장기 소유주의 관점에서 본 팰런티어
팰런티어는 "고성장이지만 만성 적자"에서 "고성장에 강력한 현금흐름까지"로 전환했다. FY2025 매출은 44.75억 달러(+56%), 주주귀속 GAAP 순이익은 16.25억 달러, 잉여현금흐름은 21.01억 달러였고, Q1 2026 매출은 85% 성장했으며 미국 상업 부문은 133% 늘었다. 그러나 현재 133.99달러, 시가총액 3445억 달러는 후행 PER 약 150.6배, P/FCF 약 128배, SBC 조정 P/OE 약 176배를 시사한다. 거의 완벽에 가깝게 가격이 매겨진 탁월한 기업으로, 장기 보유할 가치는 있으나 오늘의 가격에 인수할 가치는 없다. 세 가지 DCF 시나리오는 18~30 / 35~60 / 75~110에 안착하며, 현재 가격은 낙관적 구간조차 크게 웃돈다. 관찰 등급: 가격에 이미 10년간의 비범한 성공이 반영된 고품질 컴파운더다.
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.