Public Cybersecurity Comps
Operational EBITDA Margin
Valuation
Revenue Growth
Net Income Margin
EV/Revenue
EV/EBITDA
23A
24E
25E
23A 19% 29% 39% (5%)
24E 28% 42% 45% 18% 26% 12% 23% 37% 30% 20% 20% 22% 30% 42% 10%
25E 30% 42% 45% 19% 28%
23A
24E 22% 25% 40% 13% 25% 10% 18% 27% 24% 13% 17%
25E 23% 24% 40% 13% 25% 14% 17% 28% 24% 14% 18% 18% 24% 32% 12% 20%
23A
24E
25E
23A
24E
25E
A10 Networks
(10%)
5% 5% 6%
9% 8% 5%
16% 14% 35%
3.4x 4.4x
3.3x 4.2x 6.7x
3.0x 3.9x 6.3x 13.2x 17.9x 9.9x 5.3x 3.3x 6.7x 2.3x 5.2x
18.1x 15.1x 18.3x
11.9x
10.2x 9.2x 14.0x 69.1x 64.8x 58.8x 22.1x 8.3x 22.4x 10.9x 24.3x
Akamai Technologies Check Point Software
5% 4%
10.0x 14.9x
7.1x
Cloudflare
33% 36% 27% 31%
28% 31% 24% 26% (1%)
27% 26% 22% 21%
(14%)
21.5x 29.6x 15.0x 8.0x
16.8x 22.6x 12.1x 6.4x 3.4x 7.6x 2.4x 5.8x 1.8x 13.5x 8.0x
NM 92.8x NM 85.4x NM 99.4x
CrowdStrike Holdings CyberArk Software
3%
3%
(13%)
17%
(9%)
Darktrace
12% 23% 25% 14%
24% 39% 30%
11%
68.6x 14.5x 32.7x 16.3x
27.4x
F5
4%
4%
14% 22%
3.4x 8.3x 2.2x 6.5x
9.1x
Fortinet
20%
9%
13% 5% 12% 4% 14% 10%
25.6x 12.4x
Juniper Networks
5%
(8%)
21% 21%
6%
Okta
22%
12%
(17%) (2%)
(16%) (13%)
NM 28.2x NM 8.1x NM 44.7x
OneSpan
7%
3%
24% 30%
17%
1.8x
1.7x
7.1x
Palo Alto Networks
25% 13% (11%)
16%
9%
6%
24% 33%
15.7x 8.8x 1.8x 4.2x 1.6x 9.4x 6.4x 2.2x 10.2x 12.4x 17.3x 8.8x
11.9x 7.3x 1.6x 3.6x
39.4x 17.7x 14.9x 16.3x 34.3x
Qualys
9%
34% (9%)
41%
27% (8%)
25.5x
19.1x
Radware
1%
6%
11%
11%
1.7x
NM 17.3x NM 18.5x NM 41.3x
Rapid7
14%
7%
10%
2%
21% 4%
22%
(19%) (24%) (55%) (10%)
19%
4.0x 1.8x 7.2x 5.6x 2.3x 9.4x 11.8x 13.1x 7.5x 6.4x
SecureWorks SentinelOne
(21%)
(10%)
4%
(17%) (55%)
5% 6%
2% 2%
3% 8% 17% 0% 6%
1.7x
47% 17%
31% 13%
27% 14% 6% 13%
(3%) 20% 27%
5.7x 4.9x 2.2x 8.4x 11.3x 10.7x 6.4x 5.3x 17.9x
NM NM 97.5x
Tenable Holdings
(1%) 24%
21% 29%
15% 0%
NM 28.7x
23.1x
Trend Micro
4% 5% 5%
(5%)
4%
9.1x
8.6x
7.7x
Varonis Systems
9% 5%
(21%)
5%
8%
(20%)
4%
NM NM 109.2x
VeriSign Zscaler
5%
70%
72% 23% 25% 23% 72% (3%)
72% 24% 27% 24% 72%
55%
50% 23%
51% 21% 20% 18% 51% 0%
17.8x
16.4x
15.6x 44.3x 32.2x 22.1x 109.2x
48% 14% 13% 48% (21%)
33%
23% 13% 10% 27%
(12%)
(13%)
NM 57.6x
Mean
11% 9%
7% 3%
1%
19% 18%
23.6x 18.0x 68.6x
32.3x
Median
3%
7.1x
19.1x
High Low
33%
70%
55%
50%
29.6x
22.6x
99.4x
(10%)
4%
(55%)
5%
(55%)
0%
1.6x
1.7x
1.6x
9.1x
8.1x
7.1x
Source: Capital IQ as of June 2024.
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