THEME VALUATION
AI Software Layer Valuation - Relative valuation snapshots for comparable companies inside a theme.
Official Theme ValuationPublished
AI Software Layer Valuation
Compares relative valuation levels inside the AI Software Layer theme.
Models compared
5
Companies valued
12
Median P/E (peer)
21.99
Generated: Jul 18, 2026, 04:32 AM
Data as of: 2026-07-17
Theme Valuation· 6 analyses
Relative valuation snapshots for comparable companies inside a theme.
Upside by Blended Model Fair Value
For each company the median fair value across five models is read against the current price.
- ADBE+85.8%
- TEAM+80.4%
- ZM+60.5%
- GOOG+0.2%
- GOOGL+0%
- ORCL-1.7%
- MSFT-2.6%
- FTNT-29.2%
- SNOW-69.2%
- PLTR-88.3%
- MSTR-90.1%
- CRWD-92.6%
Theme Valuation Map
Each bubble is a theme: the horizontal axis is median P/E (cheapness), the vertical axis median Piotroski F-score (fundamental quality). Top-left is cheap and high quality, bottom-right is expensive and weak.
Median Piotroski F-score
Median P/E
AI Platforms and ModelsAI Chips and AcceleratorsAI Data Center InfrastructureAI Software LayerSemiconductor Value ChainDigital InfrastructureCybersecurityRobotics and AutomationDefense and Sovereign TechnologySpace and Satellite EconomyStrategic MineralsCopper and Power TransmissionBattery and Energy StorageNuclear Fuel and UraniumClean Energy EquipmentWater Scarcity and InfrastructureNext-Generation HealthcarePharmaceutical ManufacturersFinancial Rails and PaymentsDigital Commerce and MarketplacesFood SecurityAgricultural TechnologyCircular Economy and Waste
| Theme | Median P/E | Median Piotroski F-score |
|---|---|---|
| AI Platforms and Models | 21.4 | 4 |
| AI Chips and Accelerators | 64.8 | 5 |
| AI Data Center Infrastructure | 35.9 | 5 |
| AI Software Layer | 19.2 | 5 |
| Semiconductor Value Chain | 61.7 | 5 |
| Digital Infrastructure | 28.8 | 5 |
| Cybersecurity | 33.2 | 5 |
| Robotics and Automation | 32.7 | 5 |
| Defense and Sovereign Technology | 36.4 | 5 |
| Space and Satellite Economy | 44.3 | 5 |
| Strategic Minerals | 19.1 | 5 |
| Copper and Power Transmission | 35.1 | 5 |
| Battery and Energy Storage | 20.3 | 5 |
| Nuclear Fuel and Uranium | 35.5 | 4 |
| Clean Energy Equipment | 30.7 | 5 |
| Water Scarcity and Infrastructure | 24.1 | 5 |
| Next-Generation Healthcare | 27.8 | 4 |
| Pharmaceutical Manufacturers | 21 | 5 |
| Financial Rails and Payments | 21.7 | 5 |
| Digital Commerce and Marketplaces | 32 | 5 |
| Food Security | 25.9 | 5 |
| Agricultural Technology | 23.6 | 4 |
| Circular Economy and Waste | 27.8 | 5 |
Model Confidence Gauge
“Coverage” is how many companies a model could value; “Agreement” is how close the model’s fair value sits to the blended median. Higher on both means a more dependable model.
P/E (peer median)Relative
Coverage
67%
Agreement
98%
EV/EBITDA (peer median)Relative
Coverage
75%
Agreement
98%
P/S (peer median)Relative
Coverage
100%
Agreement
92%
Owner EarningsIntrinsic
Coverage
58%
Agreement
17%
FCF YieldIntrinsic
Coverage
83%
Agreement
36%
Datafin’s View
This is the most expensive corner of the theme set; the valuation view is about separating priced-for-perfection names from those with room left.
In the priciest corner of the set, the point is to separate what is merely expensive from what is expensive for a reason.
This analysis is for informational purposes only and is not investment advice; it is a repeatable research starting point using the same rules.
How to Read the Models
The multiple models (P/E, EV/EBITDA, P/S) value each company at the theme peer-median multiple, so the fair value reflects cheap/expensive relative to peers.
The intrinsic models (Owner Earnings, FCF Yield) give an absolute reference based on cash and earnings power, independent of peers.
“Blended FV” is the median across these models; “Upside” is the gap to the current price.
Results
Latest published or live-generated results from the official Datafin analysis.
| # | Stock | Price | P/E(peer median) | EV/EBITDA(peer median) | P/S(peer median) | Owner Earnings | FCF Yield | Blended FV | Upside | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 🇺🇸 | ADBE.US Adobe Systems Incorporated | $205.02 | $395.40 | $381.02 | $528.60 | $161.42 | $264.35 | $381.02 | +85.8% |
| 2 | 🇺🇸 | TEAM.US Atlassian Corp Plc | $68.25 | - | - | $200.04 | - | $46.16 | $123.10 | +80.4% |
| 3 | 🇺🇸 | ZM.US Zoom Video Communications Inc | $86.31 | $151.69 | $193.66 | $138.56 | $60.93 | $65.31 | $138.56 | +60.5% |
| 4 | 🇺🇸 | GOOG.US Alphabet Inc Class C | $286.86 | $287.84 | $287.56 | $291.19 | $49.99 | $52.65 | $287.56 | +0.2% |
| 5 | 🇺🇸 | GOOGL.US Alphabet Inc Class A | $287.56 | $287.84 | $287.56 | $291.19 | $49.99 | $52.65 | $287.56 | +0% |
| 6 | 🇺🇸 | ORCL.US Oracle Corporation | $146.55 | $128.89 | $144.00 | $194.87 | - | - | $144.00 | -1.7% |
| 7 | 🇺🇸 | MSFT.US Microsoft Corporation | $370.17 | $369.81 | $428.38 | $360.51 | $80.17 | $97.94 | $360.51 | -2.6% |
| 8 | 🇺🇸 | FTNT.US Fortinet Inc | $81.72 | $57.86 | $62.19 | $80.71 | $21.16 | $32.79 | $57.86 | -29.2% |
| 9 | 🇺🇸 | SNOW.US Snowflake Inc. | $254.50 | - | - | $122.88 | - | $33.87 | $78.37 | -69.2% |
| 10 | 🇺🇸 | PLTR.US Palantir Technologies Inc. | $146.28 | $19.51 | $19.47 | $17.14 | $7.37 | $10.46 | $17.14 | -88.3% |
| 11 | 🇺🇸 | MSTR.US MicroStrategy Incorporated | $124.80 | - | - | $12.39 | - | - | $12.39 | -90.1% |
| 12 | 🇺🇸 | CRWD.US Crowdstrike Holdings Inc | $763.14 | - | $36.12 | $166.59 | - | $56.31 | $56.31 | -92.6% |
1🇺🇸
ADBE.US
Adobe Systems Incorporated
- Price
- $205.02
- P/E(peer median)
- $395.40
- EV/EBITDA(peer median)
- $381.02
- P/S(peer median)
- $528.60
- Owner Earnings
- $161.42
- FCF Yield
- $264.35
- Blended FV
- $381.02
- Upside
- +85.8%
2🇺🇸
TEAM.US
Atlassian Corp Plc
- Price
- $68.25
- P/E(peer median)
- -
- EV/EBITDA(peer median)
- -
- P/S(peer median)
- $200.04
- Owner Earnings
- -
- FCF Yield
- $46.16
- Blended FV
- $123.10
- Upside
- +80.4%
3🇺🇸
ZM.US
Zoom Video Communications Inc
- Price
- $86.31
- P/E(peer median)
- $151.69
- EV/EBITDA(peer median)
- $193.66
- P/S(peer median)
- $138.56
- Owner Earnings
- $60.93
- FCF Yield
- $65.31
- Blended FV
- $138.56
- Upside
- +60.5%
4🇺🇸
GOOG.US
Alphabet Inc Class C
- Price
- $286.86
- P/E(peer median)
- $287.84
- EV/EBITDA(peer median)
- $287.56
- P/S(peer median)
- $291.19
- Owner Earnings
- $49.99
- FCF Yield
- $52.65
- Blended FV
- $287.56
- Upside
- +0.2%
5🇺🇸
GOOGL.US
Alphabet Inc Class A
- Price
- $287.56
- P/E(peer median)
- $287.84
- EV/EBITDA(peer median)
- $287.56
- P/S(peer median)
- $291.19
- Owner Earnings
- $49.99
- FCF Yield
- $52.65
- Blended FV
- $287.56
- Upside
- +0%
6🇺🇸
ORCL.US
Oracle Corporation
- Price
- $146.55
- P/E(peer median)
- $128.89
- EV/EBITDA(peer median)
- $144.00
- P/S(peer median)
- $194.87
- Owner Earnings
- -
- FCF Yield
- -
- Blended FV
- $144.00
- Upside
- -1.7%
7🇺🇸
MSFT.US
Microsoft Corporation
- Price
- $370.17
- P/E(peer median)
- $369.81
- EV/EBITDA(peer median)
- $428.38
- P/S(peer median)
- $360.51
- Owner Earnings
- $80.17
- FCF Yield
- $97.94
- Blended FV
- $360.51
- Upside
- -2.6%
8🇺🇸
FTNT.US
Fortinet Inc
- Price
- $81.72
- P/E(peer median)
- $57.86
- EV/EBITDA(peer median)
- $62.19
- P/S(peer median)
- $80.71
- Owner Earnings
- $21.16
- FCF Yield
- $32.79
- Blended FV
- $57.86
- Upside
- -29.2%
9🇺🇸
SNOW.US
Snowflake Inc.
- Price
- $254.50
- P/E(peer median)
- -
- EV/EBITDA(peer median)
- -
- P/S(peer median)
- $122.88
- Owner Earnings
- -
- FCF Yield
- $33.87
- Blended FV
- $78.37
- Upside
- -69.2%
10🇺🇸
PLTR.US
Palantir Technologies Inc.
- Price
- $146.28
- P/E(peer median)
- $19.51
- EV/EBITDA(peer median)
- $19.47
- P/S(peer median)
- $17.14
- Owner Earnings
- $7.37
- FCF Yield
- $10.46
- Blended FV
- $17.14
- Upside
- -88.3%
11🇺🇸
MSTR.US
MicroStrategy Incorporated
- Price
- $124.80
- P/E(peer median)
- -
- EV/EBITDA(peer median)
- -
- P/S(peer median)
- $12.39
- Owner Earnings
- -
- FCF Yield
- -
- Blended FV
- $12.39
- Upside
- -90.1%
12🇺🇸
CRWD.US
Crowdstrike Holdings Inc
- Price
- $763.14
- P/E(peer median)
- -
- EV/EBITDA(peer median)
- $36.12
- P/S(peer median)
- $166.59
- Owner Earnings
- -
- FCF Yield
- $56.31
- Blended FV
- $56.31
- Upside
- -92.6%
Methodology
P/E (peer median)Values the company at the theme-median price/earnings multiple.
EV/EBITDA (peer median)Values the company at the theme-median EV/EBITDA multiple, net of debt.
P/S (peer median)Values the company at the theme-median price/sales multiple.
Owner EarningsBuffett owner-earnings: net income + depreciation − capex, capitalised.
FCF YieldCapitalises free cash flow per share at a target yield.
Last 5 Updates
Jul 18, 2026, 04:32 AM12 companies
List unchanged (refreshed).
Jul 12, 2026, 05:00 AM12 companies
Entered:TEAM.US, ZM.US, SNOW.US, MSTR.US
Exited:ATATP.IS, FORTE.IS, CTSH.US, OTEX.TO
May 31, 2026, 08:34 AM12 companies
First run.