EvidInvest Competitor Intelligence
Cybersecurity Sector — Peer Analysis
CrowdStrike · Palo Alto Networks · Fortinet · Zscaler · SentinelOne
Generated September 16, 2026 · Data sourced from SEC filings & market feeds
Executive Summary
- 1.The cybersecurity sector continues to benefit from secular tailwinds — rising threat complexity, cloud migration, and regulatory mandates are driving sustained double-digit revenue growth across the peer group.
- 2.Platform consolidation is reshaping competitive dynamics. Vendors offering integrated XDR/SASE/cloud-security suites (CRWD, PANW) command premium valuations vs. point-solution players.
- 3.Margin divergence is widening — mature players (FTNT, PANW) deliver operating margins above 25%, while high-growth entrants (S, ZS) prioritize top-line expansion at the expense of near-term profitability.
- 4.Valuation dispersion across the group creates relative-value opportunities. Our multi-method fair value framework identifies both overextended and under-appreciated names within this cohort.
Peer Valuation Overview
| Company | Price | Mkt Cap | Bear | Base | Bull | Upside | Verdict |
|---|---|---|---|---|---|---|---|
CRWD CrowdStrike Holdings, Inc. | $242.49 | $248.3B | $1.98 | $4.16 | $13.56 | -98.3% | Overvalued |
PANW Palo Alto Networks Inc | $375.09 | $306.8B | $11.33 | $16.52 | $20.20 | -95.6% | Overvalued |
FTNT Fortinet, Inc. | $172.37 | $126.5B | $36.29 | $41.46 | $61.75 | -75.9% | Overvalued |
ZS Zscaler, Inc. | $193.89 | $31.6B | $38.10 | $62.47 | $86.83 | -67.8% | Overvalued |
S SentinelOne, Inc. | $23.48 | $7.9B | $3.76 | $3.76 | $3.76 | -84.0% | Limited Data (1 method) |
Fair value range derived from 8-method composite: DCF, PE Comparable, PEG, P/B, Graham, EV/EBITDA, EV/FCF, EPV.
Growth Comparison — Revenue CAGR
| Ticker | Rev 1Y | Rev 3Y | Rev 5Y | EPS 1Y | EPS 3Y | EPS 5Y | EBITDA 3Y |
|---|---|---|---|---|---|---|---|
| CRWD | +21.7% | +29.0% | +40.6% | — | — | — | — |
| PANW | +24.5% | +18.5% | +22.0% | -76.0% | -17.5% | — | +16.7% |
| FTNT | +14.2% | +15.5% | +21.3% | +7.5% | +31.4% | +32.5% | +34.6% |
| ZS | +25.4% | +27.5% | +37.9% | — | — | — | — |
| S | +21.9% | +33.4% | +60.8% | — | — | — | — |
Margin Analysis — Latest Fiscal Year
Earnings Execution — Recent Quarterly EPS
| Ticker | Q-1 | Q-2 | Q-3 | Q-4 | TTM EPS | Trend |
|---|---|---|---|---|---|---|
| CRWD | 0.01 | 0.03 | 0.05 | -0.04 | 0.05 | Improving |
| PANW | -0.46 | -0.22 | 0.61 | 0.47 | 0.40 | Declining |
| FTNT | 0.82 | 0.72 | 0.67 | 0.62 | 2.83 | Improving |
| ZS | -0.02 | -0.09 | -0.21 | -0.07 | -0.39 | Improving |
| S | -0.27 | -0.23 | -0.34 | -0.18 | -1.02 | Declining |
Q-1 = most recent reported quarter. TTM = trailing twelve months (sum of last 4 quarters).
Fair Value Assessment
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hao.huang@ebdsweden.com · EBD Sweden AB
This report is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results.
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