Cybersecurity Market Review

Public Company Analysis: Operating Metrics
High Growth & Low Growth Cybersecurity.
Company
Revenue Revenue Growth (YoY%) EBITDA EBITDA Margin (%)
2015A 2016E 2017E 15-'16 16-'17 2015A 2016E 2017E 2015A 2016E 2017E
High Growth Security (>20% CAGR)
Palo Alto Networks $1,150 $1,586 $2,093 37.9% 32.0% $213 $335 $512 19% 21% 24%
Splunk 668 914 1,172 36.8% 28.2% 45 85 131 7% 9% 11%
Fortinet 1,009 1,279 1,521 26.7% 18.9% 168 231 291 17% 18% 19%
Proofpoint 265 363 468 36.8% 29.0% 5 25 44 2% 7% 9%
CyberArk 161 213 260 32.2% 22.5% 45 55 67 28% 26% 26%
Qualys 164 198 235 20.6% 18.7% 57 64 78 34% 32% 33%
Mimecast 136 164 202 21.2% 22.6% NA 7 14 NA 4% 7%
Secureworks 340 425 508 25.3% 19.5% NA (29) 1 NA (7%) 0%
Rapid7 111 155 196 40.1% 26.6% (29) (32) (29) (26%) (21%) (15%)
Low Growth Security (< 20% CAGR)
Symantec $3,626 $3,847 $4,496 6.1% 16.9% $1,709 $1,234 $1,669 47% 32% 37%
Check Point Software 1,630 1,725 1,826 5.8% 5.9% 938 946 1,003 58% 55% 55%
Trend Micro 1,034 1,278 1,375 23.6% 7.6% 322 389 424 31% 30% 31%
FireEye 623 722 832 15.8% 15.3% (172) (91) 25 (28%) (13%) 3%
Sophos 472 507 582 7.4% 14.8% NA 70 84 NA 14% 14%
Imperva 234 250 301 6.6% 20.3% 9 (18) (2) 4% (7%) (1%)
Infoblox 355 344 393 (3.2%) 14.5% 52 60 76 15% 17% 19%
Barracuda Networks 309 341 362 10.5% 6.2% 64 62 69 21% 18% 19%
VDSI 241 210 242 (13.0%) 15.3% 57 33 47 24% 16% 19%
F-Secure 160 177 189 10.4% 6.8% 31 27 33 19% 15% 18%
MobileIron 149 161 179 7.9% 11.0% (52) (33) (16) (35%) (21%) (9%)
Note: NA – Not Available; market data as of September 30, 2016.
Source: Capital IQ.
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