undamentalytics Newsletter

Systems Software stocks

44 US-listed companies in systems software, with $654.7bn of combined revenue in their latest fiscal years. Microsoft Corporation is the largest ($331.8bn). The fastest grower with at least $100m of revenue in both years is Pics N.V., up 77.3%. The median company grew 18.9% with a net margin of 7.3%.

Companies44
Combined revenue$654.7bn
Median revenue growth18.9%
Median net margin7.3%
Median return on equity7.3%
#CompanyRevenueGrowthNet marginROEFiscal year
1 Microsoft CorporationMSFT $331.8bn 17.8% 40.3% 34.0% 2026
2 BullishBLSH $244.8bn −2.2% −0.3% −27.3% 2025
3 ServiceNowNOW $13.3bn 20.9% 13.2% 15.5% 2025
4 Palo Alto NetworksPANW $11.5bn 24.5% 2.7% 1.7% 2026
5 FortinetFTNT $6.8bn 14.2% 27.3% 135.7% 2025
6 Gen Digital Inc.GEN $5.0bn 27.1% 19.5% 39.9% 2026
7 CrowdStrikeCRWD $4.8bn 21.7% −3.4% −4.2% 2026
8 Amdocs LTDDOX $4.5bn −9.4% 12.5% 16.4% 2025
9 Pagseguro Digital Ltd.PAGS $3.7bn 4.3% 10.4% 15.0% 2025
10 Zscaler, Inc.ZS $3.4bn 25.4% −1.9% −2.9% 2026
11 Okta, Inc.OKTA $2.9bn 11.8% 8.1% 3.5% 2026
12 Nutanix, Inc.NTNX $2.9bn 12.4% 52.8% — 2026
13 Check Point Software Technologies LTDCHKP $2.7bn 6.3% 38.8% 37.3% 2025
14 Paypay CorpPAYP $2.5bn 28.8% 30.2% 48.6% 2026
15 Pics N.V.PICS $1.8bn 77.3% −10.6% −39.3% 2025
16 Teradata CorpTDC $1.7bn −5.0% 7.8% 71.6% 2025
17 Rubrik, Inc.RBRK $1.3bn 48.5% −26.5% — 2026
18 Commvault Systems IncCVLT $1.2bn 18.9% 6.0% 42.5% 2026
19 Dlocal LtdDLO $1.1bn 46.6% 18.0% 37.2% 2025
20 Sailpoint, Inc.SAIL $1.1bn 24.4% −25.2% −42.9% 2026
21 Sentinelone, Inc.S $1.0bn 21.9% −45.0% −29.0% 2026
22 Tenable Holdings, Inc.TENB $999m 11.0% −3.6% −9.9% 2025
23 Gitlab Inc.GTLB $955m 25.8% −5.9% −6.3% 2026
24 Netskope IncNTSK $709m 31.7% −95.8% — 2026
25 Blackberry LtdBB $549m 2.7% 9.7% 7.3% 2026
26 CI&T IncCINT $490m 11.5% 8.3% 13.8% 2025
27 Nayax Ltd.NYAX $400m 27.5% 8.9% 17.9% 2025
28 Radware LTDRDWR $302m 9.8% 6.7% 6.1% 2025
29 Sangoma Technologies CorpSANG $200m −15.5% −40.5% −37.8% 2026
30 Gorilla Technology Group Inc.GRRR $101m 35.7% −11.1% −8.4% 2025
31 Silvaco Group, Inc.SVCO $63m 5.7% −65.3% −47.1% 2025
32 Orion Digital Corp.ORIO $49m −5.5% −12.4% −11.2% 2025
33 Alarum Technologies Ltd.ALAR $41m 28.1% 2.4% 3.3% 2025
34 Chowchow Cloud International Holdings LtdCHOW $32m 38.3% −9.4% −57.4% 2025
35 Hub Cyber Security Ltd.HUBC $32m 7.1% −378.3% — 2025
36 D-wave Quantum Inc.QBTS $25m 178.5% −1444.1% −77.6% 2025
37 Obook Holdings Inc.OWLS $8m 3.9% −405.2% — 2025
38 Rigetti Computing, Inc.RGTI $7m −34.3% −3050.4% −64.3% 2025
39 Brera Holdings PLCSLMT $5m 292.7% 8390.3% — 2025
40 Wetour Robotics LtdWETO $5m −22.5% −35.1% −29.4% 2025
41 Alpha Technology Group LtdATGL $948,865 −40.0% −952.0% −184.4% 2025
42 Quantum Computing Inc.QUBT $682,000 82.8% −2738.1% −2.2% 2025
43 Arqit Quantum Inc.ARQQ $530,000 80.9% −6668.5% −181.0% 2025
44 Growhub LtdTGHL $63,578 −64.2% −20715.6% — 2025

Medians cover companies with at least $100m of revenue (growth: in both years). Growth is the latest fiscal year against the year before and includes acquisitions.

Other technology industries

Figures from each company's latest annual report filed with the SEC (10-K or 20-F), as reported, with the fiscal year shown. Not investment advice. How we read filings: methodology.