No qualifying author-owned investment thesis was confirmed in this post.
Author asks a question and gives no own directional judgment; the proposed thesis adds a valuation hurdle not stated as the author's own position.
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I know this is usually seen as a growth play, but the Q4 filings show some unusual discipline for a software firm. Adjusted FCF margin is sitting at 56% with 7.2 billion in cash and negligible leverage. The part that stands out from a value perspective is the 1.6% annual dilution rate. Usually, these firms hide massive expenses in share based compensation, but the 70% revenue growth is genuinely outpacing share issuance here. With a Rule of 40 at 127% and 2026 FCF guidance around 4 billion, is the fortress balance sheet enough to justify the premium, or is the 39 PB ratio still an automatic pass for you?