Construction and Real Estate Software Sector Outlook — September 2026
NeuraCap's Construction and Real Estate Software sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.
Key figures
- 11.7x
- Sector median EV/EBITDA
- 17.1x
- Premium end EV/EBITDA vs 10.8x at the discount end
- 5
- Transactions with disclosed terms
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1 / 20 · INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › CONSTRUCTION AND REAL ESTATE SOFTWARE
Executive summary
Construction and Real Estate Software spans field operations, property intelligence and connected systems, but the premium position is concentrated in field service and property operations software. Forward EV / EBITDA remains the practical lens because the covered names carry meaningful earnings, while the spread across tiers survives forecast earnings.
Key findings
- Field Workflow Platforms Hold the Premium Position
- Forward Earnings Support the Primary Valuation Lens
- The Tiers Span Very Different Margin Profiles
- Precedent Transaction Multiples Sit at the Upper End of the Range
What each page shows
The analyst’s walkthrough of the deck, page by page.
- 01
INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › CONSTRUCTION AND REAL ESTATE SOFTWARE
INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › CONSTRUCTION AND REAL ESTATE SOFTWARE.
Cover — Construction and Real Estate Software sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1
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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › CONSTRUCTION AND REAL ESTATE SOFTWARE Construction Software: Premiums Sit with Field Workflows This report shows where valuation sits today and which operating choices can strengthen a company’s standing. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1
- 02CONTENTS
What This Report Covers
What This Report Covers.
Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2
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CONTENTS What This Report Covers 01 The Bottom Line Field Workflows Hold the Premium Position 02 The Landscape Workflow Ownership Separates the Business Models 03 Valuation & Situations The Premium Survives the Forward Earnings View 04 Precedent Transactions Precedent Transactions Show Conviction Across Different Models 05 Strategic Implications Deepen Workflow Ownership Before Adding Complexity 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2
- 0301 · THE BOTTOM LINE
Construction and Real Estate Software Premiums Sit with Field Service and Property Operations Software
Construction and Real Estate Software Premiums Sit with Field Service and Property Operations Software.
Construction and Real Estate Software Premiums Sit with Field Service and Property Operations Software The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 5 of 6 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. 3
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01 · THE BOTTOM LINE Construction and Real Estate Software Premiums Sit with Field Service and Property Operations Software The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 5 of 6 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Field Workflow Platforms Hold the Premium Position Field service and property operations software represents 67% of the peer set and carries a 13.2x group benchmark. That position keeps workflow ownership, field adoption and module attach central to the value discussion. 2 Forward Earnings Support the Primary Valuation Lens Across the five companies with a forward EBITDA estimate, the middle of the range is 11.7x. The premium end sits at 17.1x versus 10.8x at the discount end, even after the multiple credits forecast earnings. 3 The Tiers Span Very Different Margin Profiles ServiceTitan, Inc. (TTAN) sits in the premium tier at 21.0x with a 20% margin, while Autodesk, Inc. (ADSK) sits in the core tier with a 41% margin. The set does not show a simple margin ladder, keeping retention, module attach and project system-of-record positioning in focus. 4 Precedent Transaction Multiples Sit at the Upper End of the Range The Fortive Corporation transaction for Accruent, LLC was recorded at 20.0x EV / EBITDA, while MRI Software was recorded at 22.0x. The thin transaction record supports selective benchmarks rather than a single sector-wide conclusion. 11.7x Sector median EV/EBITDA CY2027E consensus · 5 rated of 6 companies 17.1x Premium end EV/EBITDA vs 10.8x at the discount end top quartile (n=2) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 5 Transactions with disclosed terms 15 recorded in this tier · 0 told as case studies, the full list in the appendix
- 04SECTION 02
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Section 02 of 06 — Workflow Ownership Separates the Business Models. The peer set spans field operations, property intelligence and connected systems. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4
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SECTION 02 02 THE LANDSCAPE Workflow Ownership Separates the Business Models The peer set spans field operations, property intelligence and connected systems. 02 of 06 Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4
- 0502 · MARKET MAP
Field Workflows Hold Most of the Peer Set
Field Workflows Hold Most of the Peer Set.
Field Workflows Hold Most of the Peer Set 6 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5
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02 · MARKET MAP Field Workflows Hold Most of the Peer Set 6 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 FIELD SERVICE AND PROPERTY OPERATIONS SOFTWARE 4 cos median 13.2x Autodesk (ADSK) Procore (PCOR) ServiceTitan (TTAN) SmartRent (SMRT) This group connects field-to-office workflows and holds the broadest representation in the peer set. PROPERTY INTELLIGENCE AND REAL ESTATE WORKFLOW SERVICES 1 cos 10.8x · 1 rated CoStar Group (CSGP) This model centres on proprietary property data and workflow access across real estate decisions. ADJACENT: CONNECTED JOBSITE AND BUILDING SYSTEMS 1 cos 11.3x · 1 rated Trimble (TRMB) This group links connected jobsite and building systems with established construction technology stacks.
- 0602 · LANDSCAPE
Workflow Ownership Defines the Sector’s Three Business Models
Workflow Ownership Defines the Sector’s Three Business Models.
Workflow Ownership Defines the Sector’s Three Business Models Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6
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02 · LANDSCAPE Workflow Ownership Defines the Sector’s Three Business Models Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Field service and property operations software 4 67% 13.2x Autodesk, Inc. (ADSK) · Procore Technologies, Inc. (PCOR) · +2 more Field workflows lead the set. Four of six peers sit here, representing 67% of the set and a 13.2x group benchmark. The commercial test is whether field adoption expands into a durable project system of record. Property intelligence and real estate workflow services 1 17% 10.8x n=1 CoStar Group, Inc. (CSGP) Property data anchors workflows. CoStar Group, Inc. (CSGP) represents this group. Its model highlights the role of proprietary property data in supporting recurring workflow use. Adjacent: connected jobsite and building systems 1 17% 11.3x n=1 Trimble Inc. (TRMB) Connected systems widen reach. Trimble Inc. (TRMB) represents this group. Its position highlights interoperability across jobsite, building and design-to-build workflows.
- 07SECTION 03
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Section 03 of 06 — The Premium Survives the Forward Earnings View. The upper end remains distinct even after forecast earnings are credited. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7
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SECTION 03 03 VALUATION & SITUATIONS The Premium Survives the Forward Earnings View The upper end remains distinct even after forecast earnings are credited. 03 of 06 Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7
- 0803 · PUBLIC MARKET VALUATION
The Premium End Holds After Forecast Earnings Are Credited
The Premium End Holds After Forecast Earnings Are Credited.
The Premium End Holds After Forecast Earnings Are Credited EV / EBITDA (CY2027E) · all 5 rated companies, sorted descending · sector median 11.7x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 5 of 6 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8
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03 · PUBLIC MARKET VALUATION The Premium End Holds After Forecast Earnings Are Credited EV / EBITDA (CY2027E) · all 5 rated companies, sorted descending · sector median 11.7x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 5 of 6 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 17.1x CORE · median 11.5x DISCOUNT · median 10.8x Sector median 11.7x WHAT SEPARATES THE TWO ENDS The premium sits with field workflows. Across two premium names, the group benchmark is 17.1x. Both sit in field service and property operations software. The discount has one reference. The discount end contains one name and carries a 10.8x benchmark. That small base limits broad conclusions about the segment. Forward valuation raises the test. Because the multiple already credits forecast earnings, the remaining premium is associated with expected durability rather than the earnings ramp alone.
- 0903 · VALUATION DRIVERS
Premium and Core Names Span a Wide Margin Range
Premium and Core Names Span a Wide Margin Range.
Premium and Core Names Span a Wide Margin Range Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. 9
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03 · VALUATION DRIVERS Premium and Core Names Span a Wide Margin Range Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Profitability Does Not Form a Simple Valuation Ladder Across the five companies with a forward EBITDA estimate, ServiceTitan, Inc. (TTAN) sits at a 20% margin in the premium tier, while Autodesk, Inc. (ADSK) sits at a 41% margin in the core tier. The Premium Names Also Carry Faster Growth Estimates Procore Technologies, Inc. (PCOR) and ServiceTitan, Inc. (TTAN) carry 14% and 15% growth estimates. The core names carry 11% and 8%, while the discount name carries 11%, across this five-name comparison. Workflow Depth Remains the Operating Test Retention, module attach, common data environment integration and field-to-office adoption are the practical tests of whether growth can remain durable.
- 1003 · SITUATION MAP
The Value Map Separates Premium Positioning from Current Profitability
The Value Map Separates Premium Positioning from Current Profitability.
The Value Map Separates Premium Positioning from Current Profitability Cut on EV / EBITDA vs the sector median (11.7x) (rows) and EBITDA margin vs the covered median (30%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10
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03 · SITUATION MAP The Value Map Separates Premium Positioning from Current Profitability Cut on EV / EBITDA vs the sector median (11.7x) (rows) and EBITDA margin vs the covered median (30%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium Multiple · Higher Margin Above-median multiple · above-median EBITDA margin 2 names Autodesk, Inc. (ADSK) · Procore Technologies, Inc. (PCOR) Two names combine above-line valuation and margin: Autodesk, Inc. (ADSK) and Procore Technologies, Inc. (PCOR). Their next test is sustaining workflow depth without diluting operating quality. Premium Multiple · Lower Margin Above-median multiple · below-median EBITDA margin 1 names ServiceTitan, Inc. (TTAN) One name, ServiceTitan, Inc. (TTAN), combines above-line valuation with below-line margin. Its position places emphasis on the durability of growth, retention and operating leverage. Lower Multiple · Higher Margin Below-median multiple · above-median EBITDA margin 1 names Trimble Inc. (TRMB) One name, Trimble Inc. (TRMB), combines below-line valuation with above-line margin. Its position suggests that profitability alone is not associated with a premium in this set. Lower Multiple · Lower Margin Below-median multiple · below-median EBITDA margin 1 names CoStar Group, Inc. (CSGP) One name, CoStar Group, Inc. (CSGP), sits below both lines. Its operating agenda centres on strengthening growth and the value of proprietary property workflows.
- 1103 · THE AGENDA
Operating Paths Offer Different Routes to Deeper Workflow Ownership
Operating Paths Offer Different Routes to Deeper Workflow Ownership.
Operating Paths Offer Different Routes to Deeper Workflow Ownership NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 11
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03 · THE AGENDA Operating Paths Offer Different Routes to Deeper Workflow Ownership NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Expand the Project System of Record Prioritise modules that increase daily workflow use across owners, contractors and design partners. What changes the answer: Retention and module attach improve as stakeholder coverage widens. Connect Fragmented Field Workflows Invest where interoperability can reduce implementation friction and strengthen field-to-office adoption. What changes the answer: Product usage broadens without heavier implementation dependence. Rebalance the Revenue Mix Shift resources toward recurring software economics where services, hardware or project revenue dilute comparability. What changes the answer: Recurring revenue quality and cash conversion strengthen together. Use Partnerships Before Building Compare internal development with partnerships or acquisitions when adjacent workflows require unfamiliar capabilities. What changes the answer: Customer demand is clear and time to market outweighs integration risk.
- 12SECTION 04
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Section 04 of 06 — Precedent Transactions Show Conviction Across Different Models. Strategic buyers and financial sponsors have both appeared in the transaction record. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 12
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SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Show Conviction Across Different Models Strategic buyers and financial sponsors have both appeared in the transaction record. 04 of 06 Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12
- 1304 · DEAL CASE STUDIES
Precedent Transactions Support Multiple Routes to Buyer Interest
Precedent Transactions Support Multiple Routes to Buyer Interest.
Precedent Transactions Support Multiple Routes to Buyer Interest 3 of 5 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 12 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 10 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.
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04 · DEAL CASE STUDIES Precedent Transactions Support Multiple Routes to Buyer Interest 3 of 5 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 12 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 10 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Sep-2018 n/a Fortive Corporation acquires Accruent, LLC EV / LTM revenue n/a EV / LTM EBITDA 20.0x WHY THE DEAL HAPPENED Fortive Corporation moved for Accruent, LLC in Sep-2018; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Dec-2017 n/a Oracle Corporation acquires Aconex Limited EV / LTM revenue 9.4x EV / LTM EBITDA 8.1x WHY THE DEAL HAPPENED Oracle Corporation moved for Aconex Limited in Dec-2017; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Apr-2016 n/a Oracle Corporation acquires Textura Corporation EV / LTM revenue 5.7x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Oracle Corporation moved for Textura Corporation in Apr-2016; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.
- 14SECTION 05
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Section 05 of 06 — Deepen Workflow Ownership Before Adding Complexity. Operating choices should strengthen retention, product attach and field adoption. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 14
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SECTION 05 05 STRATEGIC IMPLICATIONS Deepen Workflow Ownership Before Adding Complexity Operating choices should strengthen retention, product attach and field adoption. 05 of 06 Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14
- 1505 · STRATEGIC IMPLICATIONS
Workflow Position Comes Before Cost-Base Expansion
Workflow Position Comes Before Cost-Base Expansion.
Workflow Position Comes Before Cost-Base Expansion NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 15
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05 · STRATEGIC IMPLICATIONS Workflow Position Comes Before Cost-Base Expansion NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Back the Workflows Customers Keep Using Direct capital toward products that deepen retention, module attach and stakeholder connectivity rather than adding isolated features. FOR MANAGEMENT Make Field Adoption the Operating Test Prioritise usability, interoperability and implementation discipline where they can widen product usage across project teams. FOR BOARDS Test Build-Versus-Buy with Discipline Judge adjacent products against workflow ownership, integration demands and their effect on revenue quality and cost structure.
- 16SECTION 06
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Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16
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SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16
- 1706 · PUBLIC COMPARABLES (1 OF 1)
Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier
Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.
Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (11.7x); amber marks below · 5 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 5 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 17
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06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (11.7x); amber marks below · 5 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 5 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥13.2x · median 17.1x · 2 companies ServiceTitan, Inc. TTAN Field service and property operations software $5.3B 21.0x 15% 20% 34 Procore Technologies, Inc. PCOR Field service and property operations software $6.9B 13.2x 14% 30% 44 CORE — 11.3x–13.2x · median 11.5x · 2 companies Autodesk, Inc. ADSK Field service and property operations software $43.5B 11.7x 11% 41% 52 Trimble Inc. TRMB Adjacent: connected jobsite and building systems $14.5B 11.3x 8% 30% 38 DISCOUNT — <11.3x · median 10.8x · 1 companies CoStar Group, Inc. CSGP Property intelligence and real estate workflow services $11.0B 10.8x 11% 24% 36
- 1806 · PRECEDENT TRANSACTIONS (1 OF 1)
All Precedent Transactions with Disclosed Terms, Newest First
All Precedent Transactions with Disclosed Terms, Newest First.
All Precedent Transactions with Disclosed Terms, Newest First 5 transactions with disclosed terms in this tier (15 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 12 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 10 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18
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06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 5 transactions with disclosed terms in this tier (15 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 12 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 10 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2018 Fortive Corporation → Accruent, LLC n/a n/a 20.0x The announced Fortive Corporation transaction for Accruent, LLC was recorded at 20.0x EV / EBITDA. It provides an earnings-based reference for a strategic buyer in the sector. Dec-2017 Oracle Corporation → Aconex Limited n/a 9.4x 8.1x The announced Oracle Corporation transaction for Aconex Limited was recorded at 9.4x EV / Revenue and 8.1x EV / EBITDA. The two measures show how revenue quality and earnings can be assessed together. Apr-2016 Oracle Corporation → Textura Corporation n/a 5.7x n/a The announced Oracle Corporation transaction for Textura Corporation was recorded at 5.7x EV / Revenue. The pairing suggests interest in extending Oracle Corporation’s position across construction workflows. n/a n/a → Trimble Inc. n/a n/a 15.6x The completed transaction involving Trimble Inc. was recorded at 15.6x EV / EBITDA. It adds another earnings-based benchmark to the transaction record. n/a Harvest Partners LP / TA Associates → MRI Software n/a n/a 22.0x The Harvest Partners LP / TA Associates transaction for MRI Software was recorded at 22.0x EV / EBITDA. Sponsor participation suggests recurring revenue and product adjacency can support conviction.
- 1906 · METHODOLOGY
Sources, Assumptions and Data Quality
Sources, Assumptions and Data Quality.
Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 19
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06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 5 of 6 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Construction and Real Estate Software and it clears the coverage gate with 5 of 6 companies (83%). EV / Revenue, P / E are carried as a cross-check. The set earns: 5 of the 5 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 7 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 270 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (269) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.
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The Premium Sits with Field Service and Property Operations Software in This Set.
The Premium Sits with Field Service and Property Operations Software in This Set..
Closing — The Premium Sits with Field Service and Property Operations Software in This Set. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 20
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The Premium Sits with Field Service and Property Operations Software in This Set. NeuraCap AI — Construction and Real Estate Software Coverage September 2026 · Prepared by NeuraCap AI · Confidential Construction and Real Estate Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20
Sources and methodology
This report covers Construction and Real Estate Software (Information Technology › Software and Services › Construction and Real Estate Software) with market data and consensus estimates as of September 28, 2026. The company universe is the 6 listed companies whose core business is Construction and Real Estate Software according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Autodesk, Inc. (ADSK), CoStar Group, Inc. (CSGP), Procore Technologies, Inc. (PCOR), SmartRent, Inc. (SMRT), Trimble Inc. (TRMB), ServiceTitan, Inc. (TTAN). The market map groups them by business vertical — Field service and property operations software: 4 companies (ADSK, PCOR, TTAN, SMRT); Property intelligence and real estate workflow services: 1 company (CSGP); Adjacent: connected jobsite and building systems: 1 company (TRMB). 5 of the 6 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.
Scope and company universe
This report covers Construction and Real Estate Software (Information Technology › Software and Services › Construction and Real Estate Software) with market data and consensus estimates as of September 28, 2026. The company universe is the 6 listed companies whose core business is Construction and Real Estate Software according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Autodesk, Inc. (ADSK), CoStar Group, Inc. (CSGP), Procore Technologies, Inc. (PCOR), SmartRent, Inc. (SMRT), Trimble Inc. (TRMB), ServiceTitan, Inc. (TTAN). The market map groups them by business vertical — Field service and property operations software: 4 companies (ADSK, PCOR, TTAN, SMRT); Property intelligence and real estate workflow services: 1 company (CSGP); Adjacent: connected jobsite and building systems: 1 company (TRMB). 5 of the 6 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.
What was excluded and why
7 records failed a validation gate and never feed a statistic in this report (7 excluded from aggregate). Each exclusion, with its reason: PCOR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SMRT — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · SMRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SMRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SMRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SMRT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · TTAN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)
Primary valuation basis and how it was chosen
Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 5 of 6 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Construction and Real Estate Software and it clears the coverage gate with 5 of 6 companies (83%). EV / Revenue, P / E are carried as a cross-check. The set earns: 5 of the 5 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 5 of 6 companies; EV / rEVenue: 6 of 6 companies; P/E: 5 of 6 companies. 1 company shows a non-meaningful P / E denominator and is excluded from that statistic.
How the multiples and statistics are computed
Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥13.2x, Core 11.3x–13.2x, Discount <11.3x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 11.7x = median(ev_ebitda CY2027E) (5 rated companies) · 17.1x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 11.5x = median(ev_ebitda CY2027E) within Core tier (n=2) · 10.8x = median(ev_ebitda CY2027E) within Discount tier (n=1) · 38% = median Rule of 40 score (revenue growth + EBITDA margin) (n=5)
Precedent transactions: what is in the record and why
The precedent record holds the M&A transactions in Construction and Real Estate Software recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 15 transactions were recorded for this industry; 5 are shown. 10 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 6 × deal value unit unresolved; 5 × no evidence record; 1 × duplicate precedent id. Case studies lead with the 0 richest stories — disclosed value, a readable multiple, newest first.
Sources
Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 274 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.
Interpretation and important notice
Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.
This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.
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