EvidInvest Competitor Intelligence
Cybersecurity Sector — Peer Analysis
CrowdStrike · Palo Alto Networks · Fortinet · Zscaler · SentinelOne
Generated August 2, 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. | $190.86 | $194.3B | $2.74 | $3.67 | $16.21 | -98.1% | Overvalued |
PANW Palo Alto Networks, Inc. | $331.83 | $270.4B | $14.90 | $23.36 | $29.28 | -93.0% | Overvalued |
FTNT Fortinet, Inc. | $161.95 | $118.8B | $24.19 | $38.78 | $79.55 | -76.1% | Overvalued |
ZS Zscaler, Inc. | $151.20 | $24.5B | $-17.27 | $7.28 | $65.83 | -95.2% | Overvalued |
S SentinelOne, Inc. | $19.06 | $6.4B | $-1.33 | $0.05 | $1.43 | -99.7% | Overvalued |
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 | +14.9% | +18.8% | +22.0% | -57.7% | — | — | +172.8% |
| FTNT | +14.2% | +15.5% | +21.3% | +7.0% | +31.2% | +32.4% | +31.7% |
| ZS | +23.3% | +34.8% | +44.0% | — | — | — | — |
| 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 | 0.03 | 0.04 | -0.04 | -0.08 | -0.05 | Improving |
| PANW | -0.28 | 0.60 | 0.47 | 0.36 | 1.15 | Declining |
| FTNT | 0.82 | 0.72 | 0.68 | 0.62 | 2.84 | Improving |
| ZS | -0.09 | -0.21 | -0.07 | -0.11 | -0.48 | Improving |
| S | -0.23 | -0.33 | -0.18 | -0.22 | -0.96 | 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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