THEME VALUATION
Cybersecurity Valuation - Relative valuation snapshots for comparable companies inside a theme.
Official Theme ValuationPublished
Cybersecurity Valuation
Compares relative valuation levels inside the Cybersecurity theme.
Models compared
5
Companies valued
12
Median P/E (peer)
61.88
Generated: Jul 19, 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.
- PAYX+53.7%
- MSI+35.4%
- CSCO+7.9%
- NOW+0%
- FTNT-2.6%
- OKTA-37%
- ZS-50.4%
- AVGO-65.9%
- DDOG-74.9%
- NET-77.9%
- PANW-79.4%
- CRWD-89%
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 | 29.8 | 5 |
| Cybersecurity | 33.1 | 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 | 33.6 | 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 | 28.2 | 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
75%
Agreement
58%
EV/EBITDA (peer median)Relative
Coverage
100%
Agreement
58%
P/S (peer median)Relative
Coverage
100%
Agreement
94%
Owner EarningsIntrinsic
Coverage
75%
Agreement
29%
FCF YieldIntrinsic
Coverage
100%
Agreement
78%
Datafin’s View
Cybersecurity rarely trades cheap; the valuation view looks for durable models at a price that still leaves room.
In a premium-priced theme, the point is to separate the platforms worth the multiple from the ones merely riding the trend.
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 | 🇺🇸 | PAYX.US Paychex Inc | $98.33 | $304.05 | $423.57 | $151.18 | $45.78 | $64.82 | $151.18 | +53.7% |
| 2 | 🇺🇸 | MSI.US Motorola Solutions Inc | $433.97 | $769.79 | $1,023.35 | $587.44 | $113.44 | $148.10 | $587.44 | +35.4% |
| 3 | 🇺🇸 | CSCO.US Cisco Systems Inc | $117.46 | $185.59 | $225.41 | $126.70 | $28.07 | $31.64 | $126.70 | +7.9% |
| 4 | 🇺🇸 | NOW.US ServiceNow Inc | $104.55 | $104.55 | $161.05 | $111.63 | $14.34 | $44.55 | $104.55 | +0% |
| 5 | 🇺🇸 | FTNT.US Fortinet Inc | $81.72 | $162.82 | $189.69 | $79.59 | $21.16 | $32.79 | $79.59 | -2.6% |
| 6 | 🇺🇸 | OKTA.US Okta Inc | $136.45 | $86.01 | $125.91 | $140.20 | $15.24 | $50.70 | $86.01 | -37% |
| 7 | 🇺🇸 | ZS.US Zscaler Inc | $141.15 | - | $70.07 | $164.18 | - | $59.74 | $70.07 | -50.4% |
| 8 | 🇺🇸 | AVGO.US Broadcom Inc | $377.75 | $372.04 | $421.85 | $128.70 | $63.59 | $67.19 | $128.70 | -65.9% |
| 9 | 🇺🇸 | DDOG.US Datadog Inc | $118.05 | $23.02 | $55.82 | $83.72 | $4.00 | $29.60 | $29.60 | -74.9% |
| 10 | 🇺🇸 | NET.US Cloudflare Inc | $206.34 | - | $45.50 | $54.91 | - | $10.08 | $45.50 | -77.9% |
| 11 | 🇺🇸 | PANW.US Palo Alto Networks Inc | $341.02 | $70.10 | $144.74 | $118.55 | $12.74 | $57.71 | $70.10 | -79.4% |
| 12 | 🇺🇸 | CRWD.US Crowdstrike Holdings Inc | $763.14 | - | $84.08 | $164.27 | - | $56.31 | $84.08 | -89% |
1🇺🇸
PAYX.US
Paychex Inc
- Price
- $98.33
- P/E(peer median)
- $304.05
- EV/EBITDA(peer median)
- $423.57
- P/S(peer median)
- $151.18
- Owner Earnings
- $45.78
- FCF Yield
- $64.82
- Blended FV
- $151.18
- Upside
- +53.7%
2🇺🇸
MSI.US
Motorola Solutions Inc
- Price
- $433.97
- P/E(peer median)
- $769.79
- EV/EBITDA(peer median)
- $1,023.35
- P/S(peer median)
- $587.44
- Owner Earnings
- $113.44
- FCF Yield
- $148.10
- Blended FV
- $587.44
- Upside
- +35.4%
3🇺🇸
CSCO.US
Cisco Systems Inc
- Price
- $117.46
- P/E(peer median)
- $185.59
- EV/EBITDA(peer median)
- $225.41
- P/S(peer median)
- $126.70
- Owner Earnings
- $28.07
- FCF Yield
- $31.64
- Blended FV
- $126.70
- Upside
- +7.9%
4🇺🇸
NOW.US
ServiceNow Inc
- Price
- $104.55
- P/E(peer median)
- $104.55
- EV/EBITDA(peer median)
- $161.05
- P/S(peer median)
- $111.63
- Owner Earnings
- $14.34
- FCF Yield
- $44.55
- Blended FV
- $104.55
- Upside
- +0%
5🇺🇸
FTNT.US
Fortinet Inc
- Price
- $81.72
- P/E(peer median)
- $162.82
- EV/EBITDA(peer median)
- $189.69
- P/S(peer median)
- $79.59
- Owner Earnings
- $21.16
- FCF Yield
- $32.79
- Blended FV
- $79.59
- Upside
- -2.6%
6🇺🇸
OKTA.US
Okta Inc
- Price
- $136.45
- P/E(peer median)
- $86.01
- EV/EBITDA(peer median)
- $125.91
- P/S(peer median)
- $140.20
- Owner Earnings
- $15.24
- FCF Yield
- $50.70
- Blended FV
- $86.01
- Upside
- -37%
7🇺🇸
ZS.US
Zscaler Inc
- Price
- $141.15
- P/E(peer median)
- -
- EV/EBITDA(peer median)
- $70.07
- P/S(peer median)
- $164.18
- Owner Earnings
- -
- FCF Yield
- $59.74
- Blended FV
- $70.07
- Upside
- -50.4%
8🇺🇸
AVGO.US
Broadcom Inc
- Price
- $377.75
- P/E(peer median)
- $372.04
- EV/EBITDA(peer median)
- $421.85
- P/S(peer median)
- $128.70
- Owner Earnings
- $63.59
- FCF Yield
- $67.19
- Blended FV
- $128.70
- Upside
- -65.9%
9🇺🇸
DDOG.US
Datadog Inc
- Price
- $118.05
- P/E(peer median)
- $23.02
- EV/EBITDA(peer median)
- $55.82
- P/S(peer median)
- $83.72
- Owner Earnings
- $4.00
- FCF Yield
- $29.60
- Blended FV
- $29.60
- Upside
- -74.9%
10🇺🇸
NET.US
Cloudflare Inc
- Price
- $206.34
- P/E(peer median)
- -
- EV/EBITDA(peer median)
- $45.50
- P/S(peer median)
- $54.91
- Owner Earnings
- -
- FCF Yield
- $10.08
- Blended FV
- $45.50
- Upside
- -77.9%
11🇺🇸
PANW.US
Palo Alto Networks Inc
- Price
- $341.02
- P/E(peer median)
- $70.10
- EV/EBITDA(peer median)
- $144.74
- P/S(peer median)
- $118.55
- Owner Earnings
- $12.74
- FCF Yield
- $57.71
- Blended FV
- $70.10
- Upside
- -79.4%
12🇺🇸
CRWD.US
Crowdstrike Holdings Inc
- Price
- $763.14
- P/E(peer median)
- -
- EV/EBITDA(peer median)
- $84.08
- P/S(peer median)
- $164.27
- Owner Earnings
- -
- FCF Yield
- $56.31
- Blended FV
- $84.08
- Upside
- -89%
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 19, 2026, 04:32 AM12 companies
Entered:ZS.US
Exited:HPQ.US
Jul 13, 2026, 04:32 AM12 companies
Entered:PAYX.US, OKTA.US, NET.US
Exited:MIATK.IS, TYL.US, HEXA-B.ST
May 31, 2026, 08:34 AM12 companies
First run.