NEURACAP
Sector ReportSep 28, 2026 · 19 pages · Free to read

Database and Data Infrastructure Sector Outlook — September 2026

NeuraCap's Database and Data Infrastructure sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

25.9x
Sector median EV/EBITDA
70.7x
Premium end EV/EBITDA vs 5.0x at the discount end
5
Transactions with disclosed terms

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › DATABASE AND DATA INFRASTRUCTURE

Database and Data Infrastructure: Faster Growth Sits at the Top of the Valuation Range

The report shows how workload expansion, profitability and strategic fit align with valuation across the sector.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Database and Data Infrastructure contains two distinct models: a broad group of database engines and infrastructure platforms, and a narrower data applications segment at the premium end. Across the four names with a forward estimate, faster expansion aligns with higher valuation while higher margins sit lower in the range.

Key findings

  • Faster Expansion Sits at the Top of the Forward Valuation Range
  • Core Infrastructure Provides Most of the Name Count
  • Higher Margins Sit Below the Valuation Midpoint
  • Strategic Buyers Are Reaching Deeper Into the Data Layer

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › DATABASE AND DATA INFRASTRUCTURE

    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › DATABASE AND DATA INFRASTRUCTURE.

    Cover — Database and Data Infrastructure 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 › DATABASE AND DATA INFRASTRUCTURE Database and Data Infrastructure: Faster Growth Sits at the Top of the Valuation Range The report shows how workload expansion, profitability and strategic fit align with valuation across the sector. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the companies, 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 The Sector Splits Between Infrastructure Breadth and an Applications Premium 02 The Companies Infrastructure Provides the Breadth While Applications Hold the Premium 03 Valuation & Situations Forward Valuation Separates Sharply Across Expansion Profiles 04 Precedent Transactions Buyers Are Reaching Deeper into the Data Layer 05 Strategic Implications Durable Workload Expansion Is the Commercial Test 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Database and Data Infrastructure Splits Between Data Applications and Core Infrastructure

    Database and Data Infrastructure Splits Between Data Applications and Core Infrastructure.

    Database and Data Infrastructure Splits Between Data Applications and Core Infrastructure 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 (4 of 4 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%, 4 of 4 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 Database and Data Infrastructure Splits Between Data Applications and Core Infrastructure 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 (4 of 4 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%, 4 of 4 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Faster Expansion Sits at the Top of the Forward Valuation Range Among the four names with a forward estimate, Snowflake Inc. (SNOW) carries 29% growth and 70.7x, while Teradata Corporation (TDC) carries 1% growth and 5.0x. Forward EV / EBITDA already credits forecast growth, so the remaining spread is associated with expectations for durability. 2 Core Infrastructure Provides Most of the Name Count Database engines and data infrastructure account for 3 of the four names with a forward estimate and 75% of the set. One data applications and analytics name occupies the premium end. 3 Higher Margins Sit Below the Valuation Midpoint Higher-margin names sit in the lower half of the valuation range, while lower-margin names sit in the upper half. For owners, the commercial test is whether compute and storage efficiency can protect margins as workloads expand. 4 Strategic Buyers Are Reaching Deeper into the Data Layer The transaction record brings together database vendors, application software businesses and financial sponsors around data infrastructure assets. The pattern suggests that workload adjacency, recurring revenue and architecture fit remain central to buyer interest. 25.9x Sector median EV/EBITDA CY2027E consensus · 4 rated of 4 companies 70.7x Premium end EV/EBITDA vs 5.0x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 5 Transactions with disclosed terms 16 recorded in this tier · 1 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

    02.

    Section 02 of 06 — Infrastructure Provides the Breadth While Applications Hold the Premium. The segment mix separates established database platforms from the data applications model. 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 COMPANIES Infrastructure Provides the Breadth While Applications Hold the Premium The segment mix separates established database platforms from the data applications model. 02 of 06 Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · THE COMPANIES

    Two Business Models Hold Distinct Valuation Positions

    Two Business Models Hold Distinct Valuation Positions.

    Two Business Models Hold Distinct Valuation Positions 4 approved companies · EV / EBITDA (CY2027E) where rated · 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. Company descriptions are NeuraCap views grounded in the platform's classification rationale. 5

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    02 · THE COMPANIES Two Business Models Hold Distinct Valuation Positions 4 approved companies · EV / EBITDA (CY2027E) where rated · 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. Company descriptions are NeuraCap views grounded in the platform's classification rationale. Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 MDB MongoDB, Inc. Enterprise value $24.6B EV/EBITDA (CY2027E) 30.4x Revenue growth 18% EBITDA margin 23% MongoDB, Inc. (MDB) combines schema flexibility and developer adoption with an upper-half valuation position. NTNX Nutanix, Inc. Enterprise value $18.1B EV/EBITDA (CY2027E) 21.5x Revenue growth 13% EBITDA margin 25% Nutanix, Inc. (NTNX) pairs established profitability with a lower-half valuation position and an opportunity to deepen workload expansion. SNOW Snowflake Inc. Enterprise value $114B EV/EBITDA (CY2027E) 70.7x Revenue growth 29% EBITDA margin 20% Snowflake Inc. (SNOW) represents the data applications model, pairing faster expansion with the premium valuation position. TDC Teradata Corporation Enterprise value $2.4B EV/EBITDA (CY2027E) 5.0x Revenue growth 1% EBITDA margin 29% Teradata Corporation (TDC) combines higher profitability with the discount valuation position and a slower growth profile.

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    SECTION 03

    03

    03.

    Section 03 of 06 — Forward Valuation Separates Sharply Across Expansion Profiles. The range remains wide even after forecast earnings are reflected. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 6

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    SECTION 03 03 VALUATION & SITUATIONS Forward Valuation Separates Sharply Across Expansion Profiles The range remains wide even after forecast earnings are reflected. 03 of 06 Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6

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    03 · PUBLIC MARKET VALUATION

    Forward Valuation Separates Sharply Across Expansion Profiles

    Forward Valuation Separates Sharply Across Expansion Profiles.

    Forward Valuation Separates Sharply Across Expansion Profiles EV / EBITDA (CY2027E) · all 4 rated companies, sorted descending · sector median 25.9x · 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 (4 of 4 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%, 4 of 4 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. 7

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    03 · PUBLIC MARKET VALUATION Forward Valuation Separates Sharply Across Expansion Profiles EV / EBITDA (CY2027E) · all 4 rated companies, sorted descending · sector median 25.9x · 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 (4 of 4 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%, 4 of 4 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. Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7 PREMIUM · median 70.7x CORE · median 25.9x DISCOUNT · median 5.0x Sector median 25.9x WHAT SEPARATES THE TWO ENDS The endpoints are far apart. Among the four names with a forward estimate, the premium end stands at 70.7x and the discount end at 5.0x. Expansion rises with valuation. Snowflake Inc. (SNOW) sits at the premium end with the faster expansion profile, while Teradata Corporation (TDC) sits at the discount end with the slower profile. Forward pricing tests durability. Because the multiple already reflects forecast earnings, a premium that remains is associated with expectations for durable workload growth and monetization.

  8. 08
    03 · VALUATION DRIVERS

    Profitability Alone Does Not Separate the Top from the Bottom

    Profitability Alone Does Not Separate the Top from the Bottom.

    Profitability Alone Does Not Separate the Top from the Bottom 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. 8

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    03 · VALUATION DRIVERS Profitability Alone Does Not Separate the Top from the Bottom 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. Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 Higher Margins Appear Lower in the Valuation Range On the four names with a forward estimate, Snowflake Inc. (SNOW) carries a 20% margin near the top of the range, while Teradata Corporation (TDC) carries a 29% margin at the bottom. Faster Growth Aligns with the Higher Valuation Position MongoDB, Inc. (MDB) carries 18% growth and sits above Teradata Corporation (TDC), which carries 1%. The observation is an association within a small set, rather than evidence of causation. Workload Economics Determine Whether Expansion Can Endure Commercially, consumption durability, cloud infrastructure cost leakage and compute and storage efficiency shape the quality of growth. Workload portability and low-friction migration can reinforce that position.

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    03 · SITUATION MAP

    Higher-Margin Names Sit Lower in the Valuation Range, While Lower-Margin Names Sit Higher

    Higher-Margin Names Sit Lower in the Valuation Range, While Lower-Margin Names Sit Higher.

    Higher-Margin Names Sit Lower in the Valuation Range, While Lower-Margin Names Sit Higher Cut on EV / EBITDA vs the sector median (25.9x) (rows) and EBITDA margin vs the covered median (24%) (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. 9

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    03 · SITUATION MAP Higher-Margin Names Sit Lower in the Valuation Range, While Lower-Margin Names Sit Higher Cut on EV / EBITDA vs the sector median (25.9x) (rows) and EBITDA margin vs the covered median (24%) (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. Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Premium Valuation, Higher Margin Above-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Premium Valuation, Lower Margin Above-median multiple · below-median EBITDA margin 2 names Snowflake Inc. (SNOW) · MongoDB, Inc. (MDB) Snowflake Inc. (SNOW) and MongoDB, Inc. (MDB) sit above 25.9x and below 24%. Their operating task is to convert workload expansion into durable earnings without weakening product investment. Lower Valuation, Higher Margin Below-median multiple · above-median EBITDA margin 2 names Nutanix, Inc. (NTNX) · Teradata Corporation (TDC) Nutanix, Inc. (NTNX) and Teradata Corporation (TDC) sit below 25.9x and above 24%. Their commercial opportunity is to turn established profitability into stronger workload and revenue expansion. Lower Valuation, Lower Margin Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

  10. 10
    03 · THE AGENDA

    Current Valuation Points to Two Moves: Defend the Premium or Close the Margin Gap

    Current Valuation Points to Two Moves: Defend the Premium or Close the Margin Gap.

    Current Valuation Points to Two Moves: Defend the Premium or Close the Margin Gap 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. 10

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    03 · THE AGENDA Current Valuation Points to Two Moves: Defend the Premium or Close the Margin Gap 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. Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Defend Expansion Quality Strengthen net revenue retention, workload expansion and consumption durability while protecting cloud gross margin. What changes the answer: The answer changes when consumption growth becomes less predictable or infrastructure costs rise faster than workload monetization. Turn Profitability into Growth Direct established earnings toward low-friction migration, workload portability and products that deepen transactional or analytical use. What changes the answer: The answer changes when customer expansion and new workload adoption begin to improve together. Test Build Versus Buy Compare internal product investment with acquisitions that add workload adjacency, developer adoption or architecture compatibility. What changes the answer: The answer changes when product gaps slow customer expansion or when an adjacent capability can be integrated without adding migration burden.

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    SECTION 04

    04

    04.

    Section 04 of 06 — Buyers Are Reaching Deeper into the Data Layer. Precedent transactions emphasize workload adjacency, recurring revenue and platform fit. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 11

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Are Reaching Deeper into the Data Layer Precedent transactions emphasize workload adjacency, recurring revenue and platform fit. 04 of 06 Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11

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    04 · DEAL CASE STUDIES

    Precedent Transactions Put Data-Layer Adjacency in Focus

    Precedent Transactions Put Data-Layer Adjacency in Focus.

    Precedent Transactions Put Data-Layer Adjacency in Focus 1 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. 28 precedent record(s) carry data-quality flags (deal value unit unresolved; no evidence record); figures are shown as recorded in the filing. 11 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 Put Data-Layer Adjacency in Focus 1 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. 28 precedent record(s) carry data-quality flags (deal value unit unresolved; no evidence record); figures are shown as recorded in the filing. 11 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. Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Dec-2025 $11.5B International Business Machines Corporation International Business Machines Corporation reached for Confluent, Inc. in a major data infrastructure transaction. EV / LTM revenue 10.4x EV / LTM EBITDA 170.9x WHY THE DEAL HAPPENED The pairing suggests that International Business Machines Corporation saw strategic fit in adding Confluent, Inc. to its data infrastructure offering. Workload adjacency and deeper ownership of the data layer provide the clearest commercial logic. HOW THE TARGET WAS VALUED The recorded value is $11.5B, equal to 10.4x EV / Revenue and 170.9x EV / EBITDA. Both multiples sit above the other disclosed transaction multiples in this record.

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    SECTION 05

    05

    05.

    Section 05 of 06 — Durable Workload Expansion Is the Commercial Test. Owners can strengthen their position through revenue quality, infrastructure efficiency and product relevance. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13

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    SECTION 05 05 STRATEGIC IMPLICATIONS Durable Workload Expansion Is the Commercial Test Owners can strengthen their position through revenue quality, infrastructure efficiency and product relevance. 05 of 06 Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    05 · STRATEGIC IMPLICATIONS

    Strengthen Workload Durability Before Chasing the Next Growth Step

    Strengthen Workload Durability Before Chasing the Next Growth Step.

    Strengthen Workload Durability Before Chasing the Next Growth Step 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. 14

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    05 · STRATEGIC IMPLICATIONS Strengthen Workload Durability Before Chasing the Next Growth Step 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. Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 FOR OWNERS Protect the Quality of Expansion Focus the revenue mix on embedded workloads, durable consumption and customer expansion. Growth carries more weight when infrastructure economics remain controlled. FOR MANAGEMENT Make Efficiency Product-Led Use compute and storage efficiency, workload portability and simpler migration to support retention and margin. Cost reduction alone does not establish product relevance. FOR BOARDS Allocate Capital Around Adjacency Test whether product investment or acquisitions can add workloads, developer adoption and distribution reach. Architecture compatibility should remain central to the decision.

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    SECTION 06

    06

    06.

    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. 15

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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 Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    06 · 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 (25.9x); amber marks below · 4 rated companies · 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 4 rated rows are in this appendix and in the companion workbook, which carries the complete field set. 16

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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 (25.9x); amber marks below · 4 rated companies · 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 4 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥40.5x · median 70.7x · 1 companies Snowflake Inc. SNOW Data applications and analytics $114B 70.7x 29% 20% 49 CORE — 17.3x–40.5x · median 25.9x · 2 companies MongoDB, Inc. MDB Database engines and data infrastructure $24.6B 30.4x 18% 23% 41 Nutanix, Inc. NTNX Database engines and data infrastructure $18.1B 21.5x 13% 25% 37 DISCOUNT — <17.3x · median 5.0x · 1 companies Teradata Corporation TDC Database engines and data infrastructure $2.4B 5.0x 1% 29% 30

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    06 · 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 (16 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. 28 precedent record(s) carry data-quality flags (deal value unit unresolved; no evidence record); figures are shown as recorded in the filing. 11 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. 17

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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 (16 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. 28 precedent record(s) carry data-quality flags (deal value unit unresolved; no evidence record); figures are shown as recorded in the filing. 11 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. Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2025 International Business Machines Corporation → Confluent, Inc. $11.5B 10.4x 170.9x International Business Machines Corporation agreed to acquire Confluent, Inc. at a recorded value of $11.5B, equal to 10.4x EV / Revenue and 170.9x EV / EBITDA. The pairing suggests a strategic fit around data infrastructure and streaming ingestion. Apr-2025 athenahealth, Inc. → InfoSum n/a 4.3x 15.2x athenahealth, Inc. agreed to acquire InfoSum at 4.3x EV / Revenue and 15.2x EV / EBITDA. The combination suggests interest in bringing data capabilities closer to application workflows. Jun-2021 Kohlberg Kravis Roberts & Co. L.P. & Clayton, Dubilier & Rice, LLC → Cloudera, Inc. n/a 5.5x 26.8x Kohlberg Kravis Roberts & Co. L.P. & Clayton, Dubilier & Rice, LLC agreed to acquire Cloudera, Inc. at 5.5x EV / Revenue and 26.8x EV / EBITDA. The transaction fits sponsor interest in mature platforms with recurring revenue and operating-efficiency opportunities. Jun-2021 KKR & Co. Inc. and Clayton, Dubilier & Rice, LLC → Cloudera, Inc. n/a 5.5x n/a KKR & Co. Inc. and Clayton, Dubilier & Rice, LLC agreed to acquire Cloudera, Inc. at 5.5x EV / Revenue. The transaction places an established data platform within a financial-sponsor ownership model. Oct-2018 Cloudera, Inc. → Hortonworks, Inc. n/a 5.3x n/a Cloudera, Inc. agreed to acquire Hortonworks, Inc. at 5.3x EV / Revenue. The pairing suggests strategic value in combining adjacent database and data infrastructure capabilities.

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    06 · 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. 18

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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. Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice 18 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 4 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%, 4 of 4 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 Database and Data Infrastructure and it clears the coverage gate with 4 of 4 companies (100%). EV / Revenue, P / E are carried as a cross-check. The set earns: 4 of the 4 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 2 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 224 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 (223) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  19. 19

    The Premium Sits with Faster Growth; Workload Durability Is the Next Test.

    The Premium Sits with Faster Growth; Workload Durability Is the Next Test..

    Closing — The Premium Sits with Faster Growth; Workload Durability Is the Next Test. 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. 19

    Everything on this page

    The Premium Sits with Faster Growth; Workload Durability Is the Next Test. NeuraCap AI — Database and Data Infrastructure Coverage September 2026 · Prepared by NeuraCap AI · Confidential Database and Data Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19

Sources and methodology

This report covers Database and Data Infrastructure (Information Technology › Software and Services › Database and Data Infrastructure) with market data and consensus estimates as of September 28, 2026. The company universe is the 4 listed companies whose core business is Database and Data Infrastructure 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: MongoDB, Inc. (MDB), Nutanix, Inc. (NTNX), Snowflake Inc. (SNOW), Teradata Corporation (TDC). The market map groups them by business vertical — Database engines and data infrastructure: 3 companies (MDB, NTNX, TDC); Data applications and analytics: 1 company (SNOW). 4 of the 4 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 Database and Data Infrastructure (Information Technology › Software and Services › Database and Data Infrastructure) with market data and consensus estimates as of September 28, 2026. The company universe is the 4 listed companies whose core business is Database and Data Infrastructure 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: MongoDB, Inc. (MDB), Nutanix, Inc. (NTNX), Snowflake Inc. (SNOW), Teradata Corporation (TDC). The market map groups them by business vertical — Database engines and data infrastructure: 3 companies (MDB, NTNX, TDC); Data applications and analytics: 1 company (SNOW). 4 of the 4 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

2 records failed a validation gate and never feed a statistic in this report (2 excluded from aggregate). Each exclusion, with its reason: MDB — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SNOW — 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 (4 of 4 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%, 4 of 4 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 Database and Data Infrastructure and it clears the coverage gate with 4 of 4 companies (100%). EV / Revenue, P / E are carried as a cross-check. The set earns: 4 of the 4 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: 4 of 4 companies; EV / rEVenue: 4 of 4 companies; P/E: 4 of 4 companies.

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 ≥40.5x, Core 17.3x–40.5x, Discount <17.3x — 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: 25.9x = median(ev_ebitda CY2027E) (4 rated companies) · 70.7x = median(ev_ebitda CY2027E) within Premium tier (n=1) · 25.9x = median(ev_ebitda CY2027E) within Core tier (n=2) · 5.0x = median(ev_ebitda CY2027E) within Discount tier (n=1) · 39% = median Rule of 40 score (revenue growth + EBITDA margin) (n=4)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Database and Data Infrastructure 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. 16 transactions were recorded for this industry; 5 are shown. 11 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: 7 × deal value unit unresolved; 21 × no evidence record. Case studies lead with the 1 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. 228 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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