Product Development and DevOps Tools Sector Outlook — September 2026
NeuraCap's Product Development and DevOps Tools sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.
Key figures
- 39.7x
- Sector median EV/EBITDA
- 65.4x
- Premium end EV/EBITDA vs 13.8x at the discount end
- 4
- Transactions with disclosed terms
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1 / 20 · INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › PRODUCT DEVELOPMENT AND DEVOPS TOOLS
Executive summary
Product Development and DevOps Tools is a compact market with a wide forward valuation spread. Application lifecycle and developer workflow tools anchor the public benchmark, while DevOps infrastructure platforms add a distinct model. Faster growth sits alongside higher forward valuation, but margin positions vary across the range.
Key findings
- The Premium End Sits Well Above the Discount End
- Faster Growth Sits Alongside Higher Forward Valuation
- Developer Workflow Tools Dominate the Public Benchmark
- Platform Breadth Is Central to the Value Story
What each page shows
The analyst’s walkthrough of the deck, page by page.
- 01
INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › PRODUCT DEVELOPMENT AND DEVOPS TOOLS
INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › PRODUCT DEVELOPMENT AND DEVOPS TOOLS.
Cover — Product Development and DevOps Tools 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 › PRODUCT DEVELOPMENT AND DEVOPS TOOLS Product Development and DevOps Tools Split Between Developer Workflows and Infrastructure This report shows where forward valuation sits and which operating stories stand apart. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Product Development and DevOps Tools 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 Workflow Scale and Infrastructure Depth Shape the Sector 02 The Landscape Developer Workflow Tools Dominate the Public Benchmark 03 Valuation & Situations Faster-Growing Names Sit at the Premium End 04 Precedent Transactions Announced Deals Show What Buyers Agreed to Pay 05 Strategic Implications Value Strengthens When Adoption Becomes Durable Enterprise Spend 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Product Development and DevOps Tools Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2
- 0301 · THE BOTTOM LINE
Product Development and DevOps Tools Splits Across Developer Workflow Tools and DevOps Infrastructure Platforms
Product Development and DevOps Tools Splits Across Developer Workflow Tools and DevOps Infrastructure Platforms.
Product Development and DevOps Tools Splits Across Developer Workflow Tools and DevOps Infrastructure Platforms 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 (6 of 7 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%, 6 of 7 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 Product Development and DevOps Tools Splits Across Developer Workflow Tools and DevOps Infrastructure Platforms 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 (6 of 7 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%, 6 of 7 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Product Development and DevOps Tools Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Sits Well Above the Discount End Among the six names with a forward estimate, the premium end carries a 65.4x forward EV / EBITDA multiple alongside 13.8x at the discount end. The spread shows how selectively the market is valuing forecast earnings durability. 2 Faster Growth Sits Alongside Higher Forward Valuation On the six names with a forward estimate, the three above the 17% growth split carry 64.3x, alongside 20.1x for the three below it. The association places sustained expansion at the center of the value story. 3 Developer Workflow Tools Dominate the Public Benchmark Application lifecycle and developer workflow tools represent 86% of the seven approved public companies. DevOps infrastructure platforms contribute a distinct model but do not carry a rated forward multiple in this set. 4 Platform Breadth Is Central to the Value Story The announced transactions suggest buyer interest across different parts of the software delivery lifecycle. Developer-led adoption, enterprise standardization and deeper toolchain integration give owners several operating paths to strengthen positioning. 39.7x Sector median EV/EBITDA CY2027E consensus · 6 rated of 7 companies 65.4x Premium end EV/EBITDA vs 13.8x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 4 Transactions with disclosed terms 17 recorded in this tier · 3 told as case studies, the full list in the appendix
- 04SECTION 02
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Section 02 of 06 — Developer Workflow Tools Dominate the Public Benchmark. DevOps infrastructure platforms add a distinct model without a rated forward multiple. 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 Developer Workflow Tools Dominate the Public Benchmark DevOps infrastructure platforms add a distinct model without a rated forward multiple. 02 of 06 Product Development and DevOps Tools Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4
- 0502 · MARKET MAP
Public Valuation Centers on Developer Workflow Platforms
Public Valuation Centers on Developer Workflow Platforms.
Public Valuation Centers on Developer Workflow Platforms 7 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 Public Valuation Centers on Developer Workflow Platforms 7 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. Product Development and DevOps Tools Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 APPLICATION LIFECYCLE AND DEVELOPER WORKFLOW TOOLS 6 cos median 39.7x Datadog (DDOG) Dynatrace (DT) JFrog (FROG) Figma (FIG) GitLab (GTLB) PagerDuty (PD) This group anchors the public benchmark through tools embedded across development and operations. DEVOPS INFRASTRUCTURE PLATFORMS 1 cos no rated names Progress Software (PRGS) This group adds infrastructure depth and a different path to workflow adjacency.
- 0602 · LANDSCAPE
Developer Workflow Tools Set the Benchmark While Infrastructure Adds a Distinct Model
Developer Workflow Tools Set the Benchmark While Infrastructure Adds a Distinct Model.
Developer Workflow Tools Set the Benchmark While Infrastructure Adds a Distinct Model 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 Developer Workflow Tools Set the Benchmark While Infrastructure Adds a Distinct Model 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. Product Development and DevOps Tools 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 Application lifecycle and developer workflow tools 6 86% 39.7x Datadog, Inc. (DDOG) · Dynatrace, Inc. (DT) · +4 more The benchmark sits here. Six of the seven approved public companies sit in application lifecycle and developer workflow tools, representing 86% of the set. Their role across engineering productivity, observability and incident response makes this group the clearest public reference. DevOps infrastructure platforms 1 14% — Progress Software Corporation (PRGS) Infrastructure broadens the frame. Progress Software Corporation (PRGS) represents the DevOps infrastructure platform segment. Its position highlights the relevance of deployment architecture, tool consolidation and workflow adjacency beyond the rated group.
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Section 03 of 06 — Faster-Growing Names Sit at the Premium End. The forward lens already credits forecast earnings, raising the bar for durability. 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 Faster-Growing Names Sit at the Premium End The forward lens already credits forecast earnings, raising the bar for durability. 03 of 06 Product Development and DevOps Tools Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7
- 0803 · PUBLIC MARKET VALUATION
The Premium End Prices Well Above the Discount End
The Premium End Prices Well Above the Discount End.
The Premium End Prices Well Above the Discount End EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 39.7x · 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 (6 of 7 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%, 6 of 7 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 Prices Well Above the Discount End EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 39.7x · 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 (6 of 7 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%, 6 of 7 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. Product Development and DevOps Tools Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 65.4x CORE · median 39.7x DISCOUNT · median 13.8x Sector median 39.7x WHAT SEPARATES THE TWO ENDS The valuation gap is wide. Among the six names with a forward estimate, the premium-end median is 65.4x forward EV / EBITDA versus 13.8x at the discount end. Growth sits higher up. Datadog, Inc. (DDOG) and JFrog Ltd. (FROG) occupy the premium end and both clear the stated growth split. Margins do not line up. Two names pair above-middle EBITDA margins with below-middle multiples, showing that profitability alone does not align with the top of the range.
- 0903 · VALUATION DRIVERS
Faster Growth Sits Alongside a Wider Forward Valuation Premium
Faster Growth Sits Alongside a Wider Forward Valuation Premium.
Faster Growth Sits Alongside a Wider Forward Valuation Premium 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=3; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. 9
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03 · VALUATION DRIVERS Faster Growth Sits Alongside a Wider Forward Valuation Premium 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=3; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Product Development and DevOps Tools Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 17% · EBITDA-margin split at 23% The Growth Split Separates Forward Valuation Across the six names with a forward estimate, the three above the 17% growth split carry a 64.3x median forward EV / EBITDA multiple. The three below it carry 20.1x. Higher Margins Appear on Both Sides of the Market Among the six names with a forward estimate, two pair above-middle EBITDA margins with below-middle multiples. The observed pattern suggests the market is weighing growth durability and operating quality together. The Forward Lens Raises the Durability Test A forward EV / EBITDA multiple already credits forecast earnings. A premium that remains after that credit signals confidence in the durability of the earnings ramp rather than current profitability alone.
- 1003 · SITUATION MAP
Growth and Margin Define Different Paths to Stronger Positioning
Growth and Margin Define Different Paths to Stronger Positioning.
Growth and Margin Define Different Paths to Stronger Positioning Cut on EV / EBITDA vs the sector median (39.7x) (rows) and EBITDA margin vs the covered median (23%) (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 Growth and Margin Define Different Paths to Stronger Positioning Cut on EV / EBITDA vs the sector median (39.7x) (rows) and EBITDA margin vs the covered median (23%) (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. Product Development and DevOps Tools Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium Multiple, Higher Margin Above-median multiple · above-median EBITDA margin 1 names Datadog, Inc. (DDOG) One of the six names with a forward estimate combines an above-middle multiple with an above-middle EBITDA margin: Datadog, Inc. (DDOG). The position points to a balanced story across expansion and profitability. Premium Multiple, Lower Margin Above-median multiple · below-median EBITDA margin 2 names JFrog Ltd. (FROG) · Figma, Inc. (FIG) Two of the six names with a forward estimate combine above-middle multiples with below-middle EBITDA margins: JFrog Ltd. (FROG) and Figma, Inc. (FIG). Their positions place continued growth and a credible earnings ramp at the center of the story. Discount Multiple, Higher Margin Below-median multiple · above-median EBITDA margin 2 names Dynatrace, Inc. (DT) · PagerDuty, Inc. (PD) Two of the six names with a forward estimate combine below-middle multiples with above-middle EBITDA margins: Dynatrace, Inc. (DT) and PagerDuty, Inc. (PD). Their positions suggest that margin delivery can coexist with a lower valuation when growth sits lower in the set. Discount Multiple, Lower Margin Below-median multiple · below-median EBITDA margin 1 names GitLab Inc. (GTLB) One of the six names with a forward estimate combines a below-middle multiple with a below-middle EBITDA margin: GitLab Inc. (GTLB). The operating agenda centers on balancing growth investment with a clearer path to earnings scale.
- 1103 · THE AGENDA
Developer Adoption and Enterprise Economics Form a Stronger Value Story Together
Developer Adoption and Enterprise Economics Form a Stronger Value Story Together.
Developer Adoption and Enterprise Economics Form a Stronger Value Story Together 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 Developer Adoption and Enterprise Economics Form a Stronger Value Story Together 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. Product Development and DevOps Tools Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Convert Adoption into Enterprise Standardization Focus product and commercial resources on workflows where developer-led adoption can expand into broader contracts, more modules and deeper usage. What changes the answer: The answer changes when enterprise customer growth and usage expansion begin moving in different directions. Choose Where Platform Breadth Matters Prioritize adjacent modules that deepen the developer workflow and reduce dependence on a narrow use case or buyer. What changes the answer: The answer changes when module expansion weakens retention or adds cloud costs faster than revenue quality improves. Balance Growth with the Earnings Ramp Align cost structure and capital allocation with the level of growth the business can sustain without weakening product depth or customer retention. What changes the answer: The answer changes when growth moderates without a corresponding improvement in margin quality. Protect the Enterprise Buying Case Build deployment, security and compliance choices around the needs of regulated customers and data-sensitive workloads. What changes the answer: The answer changes when data residency, open-source licensing or cloud dependency begins slowing enterprise procurement.
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Section 04 of 06 — Announced Deals Show What Buyers Agreed to Pay. The transaction record spans infrastructure workflow, observability and user insight. 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 Announced Deals Show What Buyers Agreed to Pay The transaction record spans infrastructure workflow, observability and user insight. 04 of 06 Product Development and DevOps Tools Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12
- 1304 · DEAL CASE STUDIES
Announced Transactions Show What Buyers Agreed to Pay Across the Toolchain
Announced Transactions Show What Buyers Agreed to Pay Across the Toolchain.
Announced Transactions Show What Buyers Agreed to Pay Across the Toolchain 3 of 4 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. 25 precedent record(s) carry data-quality flags (deal value unit unresolved; no evidence record); figures are shown as recorded in the filing. 13 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 Announced Transactions Show What Buyers Agreed to Pay Across the Toolchain 3 of 4 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. 25 precedent record(s) carry data-quality flags (deal value unit unresolved; no evidence record); figures are shown as recorded in the filing. 13 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. Product Development and DevOps Tools Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Apr-2024 $6.4B International Business Machines Corporation International Business Machines Corporation agreed to acquire HashiCorp, Inc. in an announced… EV / LTM revenue 11.0x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The buyer-target pairing suggests a move toward deeper infrastructure workflow participation. HashiCorp, Inc. adds relevance across deployment architecture and the software delivery lifecycle. HOW THE TARGET WAS VALUED The recorded value was $6.4B at 11.0x revenue. That places the transaction at the upper end of the disclosed revenue multiples in the supplied transaction record. Jul-2023 $5.9B Francisco Partners Management, L.P. and TPG Capital Management, L.P. Francisco Partners Management, L.P. and TPG Capital Management, L.P. agreed to acquire New Relic, Inc. EV / LTM revenue 6.4x EV / LTM EBITDA 30.4x WHY THE DEAL HAPPENED The sponsor-backed transaction suggests confidence in recurring revenue, application performance monitoring and an established earnings base. It also points to the potential importance of operating discipline alongside product depth. HOW THE TARGET WAS VALUED The recorded value was $5.9B at 6.4x revenue and 30.4x EBITDA. The two measures provide both a recurring-revenue reference and an earnings-based benchmark. Oct-2022 $932M Thoma Bravo, L.P. Thoma Bravo, L.P. agreed to acquire UserTesting, Inc. in an announced software transaction. EV / LTM revenue 6.2x EV / LTM EBITDA 5.3x WHY THE DEAL HAPPENED The transaction suggests sponsor interest in software embedded in recurring product-development decisions. The target’s role connects user insight with product workflows and enterprise spending. HOW THE TARGET WAS VALUED The recorded value was $932M at 6.2x revenue and 5.3x EBITDA. The disclosed measures place the transaction below New Relic, Inc. on both recorded benchmarks.
- 14SECTION 05
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Section 05 of 06 — Value Strengthens When Adoption Becomes Durable Enterprise Spend. Platform breadth, retention and cost discipline remain central to the operating agenda. 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 Value Strengthens When Adoption Becomes Durable Enterprise Spend Platform breadth, retention and cost discipline remain central to the operating agenda. 05 of 06 Product Development and DevOps Tools Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14
- 1505 · STRATEGIC IMPLICATIONS
The Value Story Is More Resilient Where Enterprise Spend Is Durable
The Value Story Is More Resilient Where Enterprise Spend Is Durable.
The Value Story Is More Resilient Where Enterprise Spend Is Durable 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 The Value Story Is More Resilient Where Enterprise Spend Is Durable 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. Product Development and DevOps Tools Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Anchor the Story in Recurring Workflow Value The observed valuation spread favors a clear account of how developer adoption becomes durable enterprise spend. Retention, usage expansion and platform depth should connect to the earnings path. FOR MANAGEMENT TEAMS Fund the Modules That Deepen Customer Use Product investment carries more weight when it expands seats, usage or platform modules within existing customer workflows. Tool consolidation pressure raises the importance of measurable workflow depth. FOR BOARDS Test Growth and Margin Together Capital allocation should reflect the company’s current position on growth, profitability and platform breadth. The forward valuation lens makes durability more important than a single period of earnings delivery.
- 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 Product Development and DevOps Tools 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 (39.7x); amber marks below · 6 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 6 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 (39.7x); amber marks below · 6 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 6 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. Product Development and DevOps Tools 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 — ≥59.9x · median 65.4x · 2 companies Datadog, Inc. DDOG Application lifecycle and developer workflow tools $92.2B 66.6x 22% 25% 48 JFrog Ltd. FROG Application lifecycle and developer workflow tools $10.0B 64.3x 18% 20% 38 CORE — 23.3x–59.9x · median 39.7x · 2 companies Figma, Inc. FIG Application lifecycle and developer workflow tools $9.1B 46.8x 24% 11% 35 GitLab Inc. GTLB Application lifecycle and developer workflow tools $6.5B 32.7x 15% 15% 31 DISCOUNT — <23.3x · median 13.8x · 2 companies Dynatrace, Inc. DT Application lifecycle and developer workflow tools $16.0B 20.1x 15% 31% 46 PagerDuty, Inc. PD Application lifecycle and developer workflow tools $1.1B 7.5x 3% 29% 32
- 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 4 transactions with disclosed terms in this tier (17 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. 25 precedent record(s) carry data-quality flags (deal value unit unresolved; no evidence record); figures are shown as recorded in the filing. 13 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 4 transactions with disclosed terms in this tier (17 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. 25 precedent record(s) carry data-quality flags (deal value unit unresolved; no evidence record); figures are shown as recorded in the filing. 13 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. Product Development and DevOps Tools Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2024 International Business Machines Corporation → HashiCorp, Inc. $6.4B 11.0x n/a International Business Machines Corporation announced its transaction for HashiCorp, Inc. The combination suggests interest in infrastructure workflow adjacency and deeper participation in engineering processes. Jul-2023 Francisco Partners Management, L.P. and TPG Capital Management, L.P. → New Relic, Inc. $5.9B 6.4x 30.4x Francisco Partners Management, L.P. and TPG Capital Management, L.P. announced their transaction for New Relic, Inc. The pairing suggests continued sponsor interest in scaled recurring-revenue software with an established earnings base. Oct-2022 Thoma Bravo, L.P. → UserTesting, Inc. $932M 6.2x 5.3x Thoma Bravo, L.P. announced its transaction for UserTesting, Inc. The deal suggests sponsor interest in software that connects product decisions with recurring enterprise workflows. Sep-2014 Thoma Bravo → Compuware n/a 3.0x n/a Thoma Bravo announced its transaction for Compuware at 3.0x revenue. The precedent extends the transaction record across application tooling and developer workflows.
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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. Product Development and DevOps Tools Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 7 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%, 6 of 7 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 Product Development and DevOps Tools and it clears the coverage gate with 6 of 7 companies (86%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 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 3 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 331 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 (330) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.
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The Premium Sits with Faster Growth and a Durable Path to Earnings.
The Premium Sits with Faster Growth and a Durable Path to Earnings..
Closing — The Premium Sits with Faster Growth and a Durable Path to Earnings. 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 Faster Growth and a Durable Path to Earnings. NeuraCap AI — Product Development and DevOps Tools Coverage September 2026 · Prepared by NeuraCap AI · Confidential Product Development and DevOps Tools Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20
Sources and methodology
This report covers Product Development and DevOps Tools (Information Technology › Software and Services › Product Development and DevOps Tools) with market data and consensus estimates as of September 28, 2026. The company universe is the 7 listed companies whose core business is Product Development and DevOps Tools 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: Datadog, Inc. (DDOG), Dynatrace, Inc. (DT), Figma, Inc. (FIG), JFrog Ltd. (FROG), GitLab Inc. (GTLB), PagerDuty, Inc. (PD), Progress Software Corporation (PRGS). The market map groups them by business vertical — Application lifecycle and developer workflow tools: 6 companies (DDOG, DT, FROG, FIG, GTLB, PD); DevOps infrastructure platforms: 1 company (PRGS). 6 of the 7 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 Product Development and DevOps Tools (Information Technology › Software and Services › Product Development and DevOps Tools) with market data and consensus estimates as of September 28, 2026. The company universe is the 7 listed companies whose core business is Product Development and DevOps Tools 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: Datadog, Inc. (DDOG), Dynatrace, Inc. (DT), Figma, Inc. (FIG), JFrog Ltd. (FROG), GitLab Inc. (GTLB), PagerDuty, Inc. (PD), Progress Software Corporation (PRGS). The market map groups them by business vertical — Application lifecycle and developer workflow tools: 6 companies (DDOG, DT, FROG, FIG, GTLB, PD); DevOps infrastructure platforms: 1 company (PRGS). 6 of the 7 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
3 records failed a validation gate and never feed a statistic in this report (3 excluded from aggregate). Each exclusion, with its reason: FIG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · FROG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GTLB — 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 (6 of 7 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%, 6 of 7 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 Product Development and DevOps Tools and it clears the coverage gate with 6 of 7 companies (86%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 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: 6 of 7 companies; EV / rEVenue: 7 of 7 companies; P/E: 7 of 7 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 ≥59.9x, Core 23.3x–59.9x, Discount <23.3x — 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: 39.7x = median(ev_ebitda CY2027E) (6 rated companies) · 65.4x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 39.7x = median(ev_ebitda CY2027E) within Core tier (n=2) · 13.8x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 64.3x = median(ev_ebitda CY2027E) | growth ≥ 17% (n=3) · 20.1x = median(ev_ebitda CY2027E) | growth < 17% (n=3) · 20.1x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 23% (n=3) · 46.8x = median(ev_ebitda CY2027E) | EBITDA margin < 23% (n=3) · 36% = median Rule of 40 score (revenue growth + EBITDA margin) (n=6)
Precedent transactions: what is in the record and why
The precedent record holds the M&A transactions in Product Development and DevOps Tools 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. 17 transactions were recorded for this industry; 4 are shown. 13 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: 18 × no evidence record; 7 × deal value unit unresolved. Case studies lead with the 3 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. 335 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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