Guidewire Software (GWRE)


Market Price (9/9/2026): $149.99 | Market Cap: $12.6 BilSector: Information Technology | Industry: Application Software

Guidewire Software (GWRE)


Market Price (9/9/2026): $149.99
Market Cap: $12.6 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%

Megatrend and thematic drivers
Megatrends include Cloud Computing, and AI in Financial Services. Themes include Software as a Service (SaaS), and AI for Fraud Detection.

Weak multi-year price returns
2Y Excs Rtn is -36%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 73x

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9%

Key risks
GWRE key risks include [1] intense competition and [2] a high dependence on the North American property and casualty (P&C) insurance market.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%
1 Megatrend and thematic drivers
Megatrends include Cloud Computing, and AI in Financial Services. Themes include Software as a Service (SaaS), and AI for Fraud Detection.
2 Weak multi-year price returns
2Y Excs Rtn is -36%
3 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 73x
4 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9%
6 Key risks
GWRE key risks include [1] intense competition and [2] a high dependence on the North American property and casualty (P&C) insurance market.

GWRE in ETFs

Weight = GWRE's share of each fund

VTI0.02%
ITOT0.02%
IWB0.02%
IJH0.39%
VB0.16%
MDYG0.93%
IJK0.75%
NUSC0.58%
+21 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/8/2026

Guidewire Software (GWRE) stock has remained largely at the same level since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q4 2026 Performance Offset by Disappointing Fiscal Q1 2027 Guidance. Guidewire reported robust results for its fiscal fourth quarter 2026, which ended on July 31, 2026. The company's adjusted earnings per share of $0.99 surpassed analyst consensus estimates of $0.93-$0.94, and revenue increased 15.3% year-over-year to $411.1 million, exceeding analyst estimates of $402 million. However, this strong performance was overshadowed by the fiscal first-quarter 2027 (ending October 31, 2026) revenue guidance of $372 million to $378 million, which fell below the Street's estimate of approximately $386 million. This weaker-than-expected near-term outlook led to a significant stock decline of around 20% on September 4, 2026, following the earnings announcement.

2. Decelerating Annual Recurring Revenue (ARR) Growth Outlook. While Guidewire demonstrated strong growth in its Annual Recurring Revenue (ARR), achieving a 19% constant-currency increase to $1,242 million for fiscal year 2026 (ended July 31, 2026), the company's guidance for fiscal year 2027 projected an ARR growth of 18% at the midpoint. This anticipated deceleration in a key performance indicator for subscription-based software companies raised investor concerns regarding the sustainability of future growth momentum, thereby contributing to the stock's muted performance leading up to and the sharp decline following the earnings report.

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Updated on 9/8/2026

Guidewire Software (GWRE) stock has remained largely at the same level since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q4 2026 Performance Offset by Disappointing Fiscal Q1 2027 Guidance. Guidewire reported robust results for its fiscal fourth quarter 2026, which ended on July 31, 2026. The company's adjusted earnings per share of $0.99 surpassed analyst consensus estimates of $0.93-$0.94, and revenue increased 15.3% year-over-year to $411.1 million, exceeding analyst estimates of $402 million. However, this strong performance was overshadowed by the fiscal first-quarter 2027 (ending October 31, 2026) revenue guidance of $372 million to $378 million, which fell below the Street's estimate of approximately $386 million. This weaker-than-expected near-term outlook led to a significant stock decline of around 20% on September 4, 2026, following the earnings announcement.

2. Decelerating Annual Recurring Revenue (ARR) Growth Outlook. While Guidewire demonstrated strong growth in its Annual Recurring Revenue (ARR), achieving a 19% constant-currency increase to $1,242 million for fiscal year 2026 (ended July 31, 2026), the company's guidance for fiscal year 2027 projected an ARR growth of 18% at the midpoint. This anticipated deceleration in a key performance indicator for subscription-based software companies raised investor concerns regarding the sustainability of future growth momentum, thereby contributing to the stock's muted performance leading up to and the sharp decline following the earnings report.

3. Mixed Analyst Sentiment and Prior Valuation Concerns. Leading up to the latest earnings, analyst sentiment provided mixed signals that likely contributed to the stock remaining largely at similar levels initially. Although the consensus rating from analysts remained "Buy," some firms had adjusted their price targets downward earlier in the period. For instance, in June 2026, Wells Fargo reduced its price target from $210.00 to $190.00, and D.A. Davidson lowered its target from $246.00 to $222.00. Furthermore, the stock was noted as trading at a "demanding valuation" prior to the significant post-earnings drop, suggesting that high expectations for future performance made the stock particularly sensitive to any indications of slowing growth or conservative guidance.

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Stock Movement Drivers

Fundamental Drivers

The -1.9% change in GWRE stock from 5/31/2026 to 9/8/2026 was primarily driven by a -20.3% change in the company's Net Income Margin (%).
(LTM values as of)53120269082026Change
Stock Price ($)152.67149.71-1.9%
Change Contribution By: 
Total Revenues ($ Mil)1,3421,4215.9%
Net Income Margin (%)14.1%11.2%-20.3%
P/E Multiple68.478.915.3%
Shares Outstanding (Mil)85840.7%
Cumulative Contribution-1.9%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/8/2026
ReturnCorrelation
GWRE-1.9% 
Market (SPY)1.3%13.8%
Sector (XLK)-1.6%-13.3%

Fundamental Drivers

The 3.0% change in GWRE stock from 2/28/2026 to 9/8/2026 was primarily driven by a 55.6% change in the company's Net Income Margin (%).
(LTM values as of)22820269082026Change
Stock Price ($)145.32149.713.0%
Change Contribution By: 
Total Revenues ($ Mil)1,2721,42111.7%
Net Income Margin (%)7.2%11.2%55.6%
P/E Multiple134.078.9-41.1%
Shares Outstanding (Mil)85840.6%
Cumulative Contribution3.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/8/2026
ReturnCorrelation
GWRE3.0% 
Market (SPY)12.0%5.6%
Sector (XLK)35.6%-4.3%

Fundamental Drivers

The -31.0% change in GWRE stock from 8/31/2025 to 9/8/2026 was primarily driven by a -85.0% change in the company's P/E Multiple.
(LTM values as of)83120259082026Change
Stock Price ($)217.02149.71-31.0%
Change Contribution By: 
Total Revenues ($ Mil)1,1371,42124.9%
Net Income Margin (%)3.0%11.2%269.7%
P/E Multiple527.078.9-85.0%
Shares Outstanding (Mil)8484-0.2%
Cumulative Contribution-31.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/8/2026
ReturnCorrelation
GWRE-31.0% 
Market (SPY)19.8%12.1%
Sector (XLK)43.7%6.1%

Fundamental Drivers

The 73.2% change in GWRE stock from 8/31/2023 to 9/8/2026 was primarily driven by a 61.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120239082026Change
Stock Price ($)86.43149.7173.2%
Change Contribution By: 
Total Revenues ($ Mil)8801,42161.5%
P/S Multiple8.08.910.4%
Shares Outstanding (Mil)8284-2.9%
Cumulative Contribution73.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/8/2026
ReturnCorrelation
GWRE73.2% 
Market (SPY)76.1%28.6%
Sector (XLK)117.9%23.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
GWRE Return-12%-45%74%55%19%-19%26%
Peers Return12%-29%28%21%-1%-10%10%
S&P 500 Return27%-19%24%23%16%13%105%

Monthly Win Rates [3]
GWRE Win Rate50%25%75%67%50%56% 
Peers Win Rate58%33%54%58%58%33% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
GWRE Max Drawdown-31%-54%-17%-19%-26%-49% 
Peers Max Drawdown-18%-37%-17%-11%-27%-30% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRSK, SSNC. See GWRE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/8/2026 (YTD)

How Low Can It Go

EventGWRES&P 500
2025 US Tariff Shock
  % Loss-21.8%-18.8%
  % Gain to Breakeven27.9%23.1%
  Time to Breakeven59 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-52.3%-24.5%
  % Gain to Breakeven109.5%32.4%
  Time to Breakeven462 days427 days
2020 COVID-19 Crash
  % Loss-39.7%-33.7%
  % Gain to Breakeven65.7%50.9%
  Time to Breakeven239 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.9%-19.2%
  % Gain to Breakeven33.2%23.8%
  Time to Breakeven100 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-17.9%-3.7%
  % Gain to Breakeven21.8%3.9%
  Time to Breakeven115 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-26.4%-12.2%
  % Gain to Breakeven35.9%13.9%
  Time to Breakeven103 days62 days

Compare to VRSK, SSNC

In The Past

Guidewire Software's stock fell -21.8% during the 2025 US Tariff Shock. Such a loss loss requires a 27.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventGWRES&P 500
2025 US Tariff Shock
  % Loss-21.8%-18.8%
  % Gain to Breakeven27.9%23.1%
  Time to Breakeven59 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-52.3%-24.5%
  % Gain to Breakeven109.5%32.4%
  Time to Breakeven462 days427 days
2020 COVID-19 Crash
  % Loss-39.7%-33.7%
  % Gain to Breakeven65.7%50.9%
  Time to Breakeven239 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.9%-19.2%
  % Gain to Breakeven33.2%23.8%
  Time to Breakeven100 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-26.4%-12.2%
  % Gain to Breakeven35.9%13.9%
  Time to Breakeven103 days62 days

Compare to VRSK, SSNC

In The Past

Guidewire Software's stock fell -21.8% during the 2025 US Tariff Shock. Such a loss loss requires a 27.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Guidewire Software (GWRE)

Guidewire Software (GWRE) is a leading provider of software solutions specifically designed for the global property and casualty (P&C) insurance industry. The company enables insurers to manage their core operations more efficiently, from policy issuance and billing to claims processing. Its technology helps P&C insurers worldwide modernize their infrastructure, streamline workflows, and enhance their customer and agent experiences.

The company's primary offerings revolve around its "InsuranceSuite," a comprehensive platform that includes Guidewire PolicyCenter for underwriting and policy management, BillingCenter for billing and collections, and ClaimCenter for claims management. Guidewire also provides "InsuranceNow," a fully cloud-based platform consolidating policy, billing, and claims functionality, catering to insurers seeking an integrated cloud-native solution. These core products are available for both cloud deployment and self-managed environments.

Beyond its foundational suites, Guidewire offers a broad portfolio of specialized applications and services. These include digital engagement tools for various stakeholders, solutions for underwriting, rating, and reinsurance management, and customer data management. Additionally, the company provides advanced data and analytics products such as Predictive Analytics, Risk Insights, DataHub, and InfoCenter, which empower insurers to gain business intelligence, assess risks, and make data-driven decisions. Guidewire also supports its clients with implementation, integration, and professional services.

AI Analysis | Feedback

The SAP for property and casualty insurance companies.

The Workday for property and casualty insurance operations.

AI Analysis | Feedback

  • Guidewire InsuranceSuite: A comprehensive platform comprising PolicyCenter, BillingCenter, and ClaimCenter for core insurance operations.
  • Guidewire PolicyCenter: Manages the lifecycle of insurance policies.
  • Guidewire BillingCenter: Handles premium collection, invoicing, and other billing activities.
  • Guidewire ClaimCenter: Streamlines the processing and management of insurance claims.
  • Guidewire InsuranceNow: A cloud-based platform offering integrated policy, billing, and claims management functionality.
  • Guidewire Digital Engagement Applications: Software solutions enabling digital interactions for customers, agents, and vendors.
  • Guidewire Data & Analytics Solutions: Products like DataHub, InfoCenter, Predictive Analytics, and Risk Insights that provide data management, business intelligence, and advanced analytics for insurers.
  • Guidewire Underwriting & Rating Solutions: Software such as Rating Management and Underwriting Management to manage product pricing and streamline underwriting processes.
  • Guidewire Reinsurance Management: Tools to execute and manage reinsurance strategies through rules-based logic.
  • Professional Services: Services including implementation, integration, and ongoing support for Guidewire software products.

AI Analysis | Feedback

Guidewire Software (GWRE) sells its software products and services primarily to other companies.

Based on the provided company description, its major customers are property and casualty insurers worldwide.

The background information does not provide the specific names of these customer companies, nor their public symbols.

AI Analysis | Feedback

Amazon.com, Inc. (AMZN)

AI Analysis | Feedback

Mike Rosenbaum, Chief Executive Officer

Mike Rosenbaum joined Guidewire as Chief Executive Officer in 2019. Prior to Guidewire, he spent almost 14 years at Salesforce, where he held several leadership positions, including EVP Product and head of the Platform organization and AppExchange ecosystem, leading product management and go-to-market strategy for core CRM products. He previously served in the U.S. Navy as a submarine officer and has served on the board of directors of Docusign, Inc.

Jeff Cooper, Chief Financial Officer

As Chief Financial Officer, Jeff Cooper is responsible for Guidewire's financial operations. He previously served as Vice President of Finance at Guidewire, and prior to that, he was the Chief Financial Officer at GoodData and Vice President of Finance at Rally Software. Rally Software, a publicly traded, cloud-based application lifecycle management software company, was acquired by CA Technologies in 2015. He began his career as an investment banker focused on the software industry at Deutsche Bank Securities.

John Mullen, President

John Mullen leads Guidewire's Global Sales, Delivery Services, and Customer Success organizations, bringing over 25 years of experience in driving high-growth teams. Before Guidewire, he headed the $4B+ North America Business Unit at Capgemini and previously led the Capgemini Insurance Business Unit. He started his career at Accenture.

Winston King, Chief Administrative Officer and General Counsel

Winston King is responsible for Guidewire's worldwide administrative functions, including human resources, business technology, recruiting, legal, and corporate services, while also serving as the company's General Counsel and Secretary. Previously, he was EVP, General Counsel, and Secretary at Infogroup Inc., a marketing data, services, and research firm. He also worked at WilmerHale, an international law firm, focusing on corporate, M&A, and securities enforcement. King served as a clerk to Judge Bruce Selya on the U.S. First Circuit Court of Appeals.

Brigette McInnis-Day, Chief People Officer

Brigette McInnis-Day brings over 25 years of experience leading HR, operations, and organizational transformation. Her background includes roles at UiPath, Google Cloud, SAP, and Mercer. She holds a Master's degree in Industrial/Organizational Psychology.

AI Analysis | Feedback

The key risks to Guidewire Software's business include intense competition coupled with the critical need for successful cloud transition and continuous innovation, the inherent dependence on the health and evolving landscape of the property and casualty (P&C) insurance industry, and the complexities and high costs associated with implementing and migrating its solutions for customers.

Key Risks to Guidewire Software (GWRE)

  1. Intense Competition and Challenges in Cloud Transition and Innovation: Guidewire operates in a highly competitive market against both traditional legacy software vendors and emerging cloud-native InsurTech companies. The successful migration of its substantial on-premise customer base to its cloud platform, such as Guidewire Cloud Platform, is critical for sustained growth and market leadership. The company must continuously innovate, particularly by integrating advanced technologies like artificial intelligence (AI) and machine learning (ML) into its offerings, to meet evolving insurer demands and prevent its existing products from becoming obsolete. Failure to successfully execute this cloud transition and maintain a competitive edge through innovation could lead to market share loss and slower revenue growth.
  2. Dependence on the Health and Evolving Landscape of the Property & Casualty (P&C) Insurance Industry: Guidewire's business is almost exclusively tied to the P&C insurance sector. This industry is currently experiencing significant pressures from rising risk complexity, margin compression, and increasingly volatile loss patterns. Global economic uncertainties, such as inflation and geopolitical instability, can also lead to reduced technology spending by insurers, directly impacting Guidewire's revenue and profitability. Furthermore, evolving regulatory environments, including increased scrutiny on AI explainability in underwriting, and potential industry consolidation could further challenge demand for Guidewire's products and services.
  3. Complexity and Cost of Implementation and Migration for Customers: While Guidewire offers advanced software solutions, the implementation process for insurers, particularly the migration of complex historical data and existing systems to its cloud platforms, is often costly, time-consuming, and technically challenging. Insurers may face difficulties such as project delays, budget overruns, and resistance to organizational change during these transitions. These complexities and high costs of adoption for customers can impact customer satisfaction, lengthen sales cycles, and potentially hinder Guidewire's ability to onboard new clients and grow its recurring revenue base.

AI Analysis | Feedback

The clear emerging threat for Guidewire Software is the emergence of **AI-first, fully automated insurance operating platforms**. These next-generation platforms are being designed from the ground up to leverage advanced artificial intelligence and machine learning across the entire insurance lifecycle, including underwriting, policy administration, and claims processing, with minimal human intervention. Often built as cloud-native and API-driven solutions, they offer the potential for significantly lower operational costs, faster product innovation cycles, and superior real-time risk assessment and fraud detection capabilities compared to traditional core systems. While Guidewire is incorporating AI and cloud capabilities into its offerings, these emerging competitors represent a fundamental architectural and operational shift, potentially displacing the need for comprehensive, module-based enterprise suites like Guidewire's for insurers seeking maximum automation and data-driven intelligence.

AI Analysis | Feedback

Guidewire Software, Inc. (GWRE) primarily provides software products for property and casualty (P&C) insurers worldwide, including its core Guidewire InsuranceSuite (PolicyCenter, BillingCenter, and ClaimCenter) and Guidewire InsuranceNow platforms.

The global addressable market for property and casualty (P&C) insurance software is substantial. This market was valued at approximately $20.96 billion in 2025 and is projected to grow to $23.32 billion in 2026, demonstrating a compound annual growth rate (CAGR) of 11.3%. Forecasts indicate continued rapid growth, with the market expected to reach $34.75 billion by 2030, at a CAGR of 10.5%.

Another estimate places the global P&C insurance software market at $13.3 billion in 2024, with a projection to reach $17.9 billion by 2029, growing at a CAGR of 6.1%. Additionally, the global P&C insurance software market size was estimated at $12.01 billion in 2023 and is anticipated to grow to $27.75 billion by 2033, exhibiting a CAGR of 8.74% during the forecast period.

More broadly, the global insurance software market, which encompasses P&C, accident, and health insurance systems, was valued at $15.03 billion in 2026 and is projected to reach $20.41 billion by 2031, growing at a CAGR of 6.31%.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Guidewire Software (GWRE) over the next 2-3 years:

1. Continued Cloud Adoption and Migration to Guidewire Cloud Platform: A primary driver of Guidewire's revenue growth is the ongoing transition of property and casualty insurers to its cloud-based solutions. The company is focused on migrating existing on-premise customers to Guidewire Cloud and acquiring new clients directly on the cloud platform. This shift is fueling significant increases in subscription and support revenues, and Guidewire is now operating fully as a SaaS provider.

2. Growing Demand for AI and Analytics Solutions: Guidewire is experiencing accelerated demand for its AI-driven solutions and analytics offerings. The integration of artificial intelligence is creating urgency for core system modernization among insurers and is helping to accelerate Guidewire's development and implementation velocity. The company has seen strong adoption of its data and analytics portfolio and recently launched AI-enabled solutions, such as ProNavigator, contributing to revenue expansion.

3. Acquisition of New Customers and Expansion within Existing Client Base through Larger, Longer-Duration Deals: Guidewire continues to secure significant new deals with both new and existing customers. These new signings are often larger in scale and come with longer durations, contributing to a substantial increase in Annual Recurring Revenue (ARR). The company's ability to drive revenue expansion within its current client base and win major insurers as new customers underscores this growth driver.

4. Monetization of New and Enhanced Products: The expansion and adoption of Guidewire's specialized product offerings, such as PricingCenter and other applications within its data and analytics portfolio, are expected to contribute to future revenue growth. These products enable insurers to manage specific aspects of their business more effectively, leading to opportunities for cross-selling and up-selling within Guidewire's customer base as they modernize and expand their lines of business.

AI Analysis | Feedback

Share Repurchases

  • Guidewire Software announced a new share repurchase program with authorization to purchase up to $500.0 million of its outstanding common stock, effective January 8, 2026.
  • The company completed its prior share repurchase program, authorized in September 2022, by utilizing the remaining $138.2 million under that authorization.
  • The latest value of Guidewire's stock repurchases for the last twelve months (LTM) as of November 24, 2025, was $214 million.

Share Issuance

  • In fiscal year 2025, proceeds from the issuance of common stock upon the exercise of stock options totaled $728 thousand.
  • For fiscal year 2024, the company received $1.041 million from the issuance of common stock due to the exercise of stock options.
  • In fiscal year 2023, proceeds from the issuance of common stock upon the exercise of stock options were $3.902 million.

Inbound Investments

  • As of October 31, 2025, Guidewire had $1,409.3 million in cash, cash equivalents, and investments.
  • Machina Capital S.A.S. acquired a new stake of 5,120 shares in Guidewire Software, valued at approximately $1.21 million, during the second quarter of fiscal year 2025.
  • Vanguard Group Inc. increased its holdings in Guidewire Software by 3.0% during the first quarter of fiscal year 2025, bringing its total to 8,711,604 shares worth $1.63 billion.

Outbound Investments

  • On October 28, 2025, Guidewire entered into a definitive agreement to acquire ProNav Technologies Ltd. (ProNavigator), an AI-powered knowledge management platform for the P&C insurance industry, with the acquisition expected to close in the second quarter of fiscal year 2026.
  • Guidewire has recently acquired Quanti, a Polish pricing software firm, and has made investments in AI tools such as Claims Intel.

Capital Expenditures

  • For fiscal year 2026, Guidewire's capital expenditures are projected to be between $25 million and $30 million.
  • Expected capitalized software development costs for fiscal year 2026 are $16 million.
  • Guidewire continuously invests in research and development, allocating over 25% of its revenue to innovation, primarily focusing on cloud-based solutions, data analytics, and digital capabilities.

Better Bets vs. Guidewire Software (GWRE)

Peer Outperformance in Application Software

GWRE has outperformed 84% of its 122 Application Software peers over 5Y. Among the peers that beat it are AGYS, FICO and CDNS. Application Software ranks 11th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Application Software constituents that GWRE has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
31%
of 153 industry peers · -42.8% return
3Y
82%
of 140 industry peers · 59.0% return
5Y
84%
of 122 industry peers · 22.6% return
Application Software peers with revenue growth within 4pp of GWRE's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
GWRE Guidewire Software 17.5% 78.9x -42.8%59.0%22.6%
AGYS Agilysys 16.9% 70.8x -5.2%55.6%102.4% +80pp
FICO Fair Isaac 17.7% 26.0x -39.3%3.7%102.2% +80pp
CDNS Cadence Design Systems 15.5% 56.5x -21.2%19.4%71.2% +49pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is GWRE's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Electronic Manufacturing Services 9 61.1%192.7%295.5% TTMI 850% · FLEX 760% · SANM 426%
Semiconductor Materials & Equipment 27 130.8%82.2%102.6% AEHR 749% · AXTI 659% · KLAC 470%
Technology Distributors 9 29.8%72.1%88.5% CLMB 337% · AVT 169% · SNX 125%
Communications Equipment 36 20.9%81.9%74.9% AAOI 1345% · LITE 1003% · ANET 771%
Electronic Components 26 47.9%61.2%64.2% CLS 3641% · BELFA 1330% · LPTH 398%
Semiconductors 55 27.0%28.2%25.4% POET 1940% · MU 1308% · NVDA 921%
Technology Hardware, Storage & Peripherals 21 32.7%79.9%20.0% DELL 1111% · STX 1102% · SMCI 1004%
Internet Services & Infrastructure 6 17.4%31.8%11.6% DOCN 83% · VRSN 29% · GDDY 23%
Electronic Equipment & Instruments 27 -10.4%9.0%-8.7% PI 217% · OSIS 111% · NSSC 104%
IT Consulting & Other Services 28 -27.0%-13.3%-30.0% CHRN 554111% · APLD 1316% · TSSI 687%
Application Software ← 123 -28.2%-15.0%-45.9% VIDA 221718% · INLX 4885% · PLTR 552%
Systems Software 68 -13.1%0.7%-58.5% QNC 514% · ZETA 355% · PAYS 338%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

GWREVRSKSSNCMedian
NameGuidewir.Verisk A.SS&C Tec. 
Mkt Price149.71175.4980.45149.71
Mkt Cap12.622.919.219.2
Rev LTM1,4213,1366,5643,136
Op Inc LTM1171,3751,5501,375
FCF LTM3201,2361,5041,236
FCF 3Y Avg2361,0401,2161,040
CFO LTM3511,5031,8161,503
CFO 3Y Avg2591,2771,4941,277

Growth & Margins

GWREVRSKSSNCMedian
NameGuidewir.Verisk A.SS&C Tec. 
Rev Chg LTM24.9%5.0%8.6%8.6%
Rev Chg 3Y Avg17.5%6.9%6.8%6.9%
Rev Chg Q26.9%4.4%10.3%10.3%
QoQ Delta Rev Chg LTM5.9%1.1%2.5%2.5%
Op Inc Chg LTM437.8%4.8%11.9%11.9%
Op Inc Chg 3Y Avg215.3%6.7%9.7%9.7%
Op Mgn LTM8.2%43.9%23.6%23.6%
Op Mgn 3Y Avg1.4%43.2%23.2%23.2%
QoQ Delta Op Mgn LTM1.5%-0.2%0.5%0.5%
CFO/Rev LTM24.7%47.9%27.7%27.7%
CFO/Rev 3Y Avg21.6%42.9%24.4%24.4%
FCF/Rev LTM22.5%39.4%22.9%22.9%
FCF/Rev 3Y Avg19.7%34.9%19.8%19.8%

Valuation

GWREVRSKSSNCMedian
NameGuidewir.Verisk A.SS&C Tec. 
Mkt Cap12.622.919.219.2
P/S8.97.32.97.3
P/Op Inc107.716.712.416.7
P/EBIT72.916.912.516.9
P/E78.925.922.225.9
P/CFO36.015.310.515.3
Total Yield1.3%5.0%5.9%5.0%
Dividend Yield0.0%1.1%1.4%1.1%
FCF Yield 3Y Avg1.9%3.3%7.4%3.3%
D/E0.10.20.40.2
Net D/E-0.00.20.40.2

Returns

GWREVRSKSSNCMedian
NameGuidewir.Verisk A.SS&C Tec. 
1M Rtn-12.2%-8.5%1.9%-8.5%
3M Rtn20.2%-3.6%17.5%17.5%
6M Rtn-5.8%-13.0%10.0%-5.8%
12M Rtn-42.8%-35.1%-8.2%-35.1%
3Y Rtn59.0%-26.7%50.5%50.5%
1M Excs Rtn-11.1%-7.4%3.0%-7.4%
3M Excs Rtn14.1%-5.3%14.8%14.1%
6M Excs Rtn-21.2%-29.0%-4.0%-21.2%
12M Excs Rtn-61.0%-52.9%-26.5%-52.9%
3Y Excs Rtn3.0%-96.3%-24.1%-24.1%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Subscription667477352259169
Term license252249265258303
Services219181210210187
Support6472788484
Perpetual license01000
Total1,202980905813743


Price Behavior

Price Behavior
Market Price$149.71 
Market Cap ($ Bil)12.6 
First Trading Date01/25/2012 
Distance from 52W High-42.8% 
   50 Days200 Days
DMA Price$162.79$157.02
DMA Trenddownup
Distance from DMA-8.0%-4.7%
 3M1YR
Volatility74.9%58.1%
Downside Capture95.26150.57
Upside Capture163.9154.82
Correlation (SPY)2.6%13.3%
GWRE Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta1.72-0.490.510.090.470.83
Up Beta1.37-2.97-1.80-1.22-0.160.82
Down Beta-1.44-1.971.800.720.630.82
Up Capture444%291%158%68%43%81%
Bmk +ve Days10213268138427
Stock +ve Days15263466117384
Down Capture-118%-154%13%2%83%92%
Bmk -ve Days11213259113324
Stock -ve Days6163061133364

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GWRE
GWRE-42.7%58.0%-0.74-
Sector ETF (XLK)43.7%26.2%1.356.6%
Equity (SPY)19.4%12.8%1.1113.9%
Gold (GLD)20.8%29.2%0.656.7%
Commodities (DBC)45.0%20.4%1.724.4%
Real Estate (VNQ)7.8%13.6%0.308.0%
Bitcoin (BTCUSD)-28.1%43.9%-0.6316.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GWRE
GWRE4.1%42.4%0.22-
Sector ETF (XLK)19.5%25.9%0.6739.2%
Equity (SPY)12.6%17.2%0.5641.6%
Gold (GLD)18.8%18.8%0.8110.4%
Commodities (DBC)10.6%19.5%0.426.7%
Real Estate (VNQ)1.5%18.9%-0.0332.8%
Bitcoin (BTCUSD)11.1%52.6%0.3922.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GWRE
GWRE8.8%37.3%0.34-
Sector ETF (XLK)24.4%25.0%0.8847.0%
Equity (SPY)15.2%17.9%0.7247.0%
Gold (GLD)12.2%16.3%0.617.8%
Commodities (DBC)7.9%18.1%0.3611.9%
Real Estate (VNQ)4.9%20.7%0.2034.5%
Bitcoin (BTCUSD)63.6%66.2%1.0315.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity4.6 Mil
Short Interest: % Change Since 7312026-8.3%
Average Daily Volume1.1 Mil
Days-to-Cover Short Interest4.3 days
Basic Shares Quantity84.2 Mil
Short % of Basic Shares5.5%

Earnings Returns History

Updated 9/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
6/4/2026-10.0%-21.6%-9.3%
3/5/20265.0%-2.0%-8.1%
12/3/2025-2.2%-7.0%-12.9%
9/4/202520.1%16.7%6.0%
6/3/202516.4%15.4%7.1%
3/6/2025-7.3%-5.9%-6.8%
12/5/2024-14.0%-15.9%-17.2%
9/5/202412.4%18.0%28.0%
...
SUMMARY STATS   
# Positive141111
# Negative101313
Median Positive5.0%8.9%8.0%
Median Negative-4.9%-5.9%-6.8%
Max Positive20.1%25.9%29.0%
Max Negative-14.4%-21.6%-17.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
6/4/2026-10.0%-21.6%-9.3%
3/5/20265.0%-2.0%-8.1%
12/3/2025-2.2%-7.0%-12.9%
9/4/202520.1%16.7%6.0%
6/3/202516.4%15.4%7.1%
3/6/2025-7.3%-5.9%-6.8%
12/5/2024-14.0%-15.9%-17.2%
9/5/202412.4%18.0%28.0%
6/4/202418.0%25.9%29.0%
3/7/20240.6%-2.1%-1.7%
12/7/2023-1.0%-1.5%8.0%
9/7/202311.0%7.3%7.8%
6/1/2023-14.4%-12.4%-9.2%
3/6/20235.1%1.2%13.7%
12/6/20226.8%14.6%11.8%
9/6/20220.3%0.7%-2.0%
6/7/20220.2%-11.4%-6.2%
3/8/20224.2%-2.1%6.9%
12/2/2021-5.1%-2.8%-3.3%
9/2/20213.9%3.1%-4.5%
6/2/20213.5%8.9%15.1%
3/4/2021-4.8%-1.0%-4.3%
12/8/2020-4.4%0.0%3.6%
9/2/2020-0.6%-8.0%-12.9%
SUMMARY STATS   
# Positive141111
# Negative101313
Median Positive5.0%8.9%8.0%
Median Negative-4.9%-5.9%-6.8%
Max Positive20.1%25.9%29.0%
Max Negative-14.4%-21.6%-17.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
04/30/202606/05/202610-Q
01/31/202603/06/202610-Q
10/31/202512/04/202510-Q
07/31/202509/11/202510-K
04/30/202506/04/202510-Q
01/31/202503/07/202510-Q
10/31/202412/06/202410-Q
07/31/202409/16/202410-K
04/30/202406/05/202410-Q
01/31/202403/08/202410-Q
10/31/202312/08/202310-Q
07/31/202309/18/202310-K
04/30/202306/02/202310-Q
01/31/202303/07/202310-Q
10/31/202212/07/202210-Q
07/31/202209/26/202210-K
Collapse to Preview
Report DateFiling DateFiling
04/30/202606/05/202610-Q
01/31/202603/06/202610-Q
10/31/202512/04/202510-Q
07/31/202509/11/202510-K
04/30/202506/04/202510-Q
01/31/202503/07/202510-Q
10/31/202412/06/202410-Q
07/31/202409/16/202410-K
04/30/202406/05/202410-Q
01/31/202403/08/202410-Q
10/31/202312/08/202310-Q
07/31/202309/18/202310-K
04/30/202306/02/202310-Q
01/31/202303/07/202310-Q
10/31/202212/07/202210-Q
07/31/202209/26/202210-K
04/30/202206/08/202210-Q
01/31/202203/09/202210-Q
10/31/202112/03/202110-Q
07/31/202109/24/202110-K
04/30/202106/03/202110-Q
01/31/202103/05/202110-Q
10/31/202012/09/202010-Q
07/31/202009/28/202010-K
04/30/202006/04/202010-Q
01/31/202003/05/202010-Q
10/31/201912/06/201910-Q
07/31/201909/30/201910-K

Recent Forward Guidance

Updated 7/27/2026

Latest: Q3 2026 Earnings Reported 6/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Ending ARRReported1.23 Bil1.23 Bil1.24 Bil7.5% Higher NewGuidance: 1.15 Bil for Q3 2026
Q4 2026 Subscription and support revenueReported259.00 Mil262.00 Mil265.00 Mil8.7% Higher NewGuidance: 241.00 Mil for Q3 2026
Q4 2026 RevenueReported396.00 Mil401.00 Mil406.00 Mil13.0% Higher NewGuidance: 355.00 Mil for Q3 2026
Q4 2026 GAAP operating incomeReported36.00 Mil41.00 Mil46.00 Mil192.9% Higher NewGuidance: 14.00 Mil for Q3 2026
Q4 2026 Non-GAAP operating incomeReported86.00 Mil91.00 Mil96.00 Mil46.8% Higher NewGuidance: 62.00 Mil for Q3 2026
2026 Ending ARRReported1.23 Bil1.23 Bil1.24 Bil0 AffirmedGuidance: 1.23 Bil for 2026
2026 Operating cash flowReported365.00 Mil372.50 Mil380.00 Mil1.4% RaisedGuidance: 367.50 Mil for 2026
2026 Subscription and support revenueReported963.00 Mil966.00 Mil969.00 Mil0.2% RaisedGuidance: 964.00 Mil for 2026
2026 RevenueReported1.46 Bil1.47 Bil1.47 Bil1.5% RaisedGuidance: 1.44 Bil for 2026
2026 GAAP operating incomeReported124.00 Mil129.00 Mil134.00 Mil22.9% RaisedGuidance: 105.00 Mil for 2026
2026 Non-GAAP operating incomeReported314.00 Mil319.00 Mil324.00 Mil7.0% RaisedGuidance: 298.00 Mil for 2026


Prior: Q2 2026 Earnings Reported 3/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Ending ARRReported1.14 Bil1.15 Bil1.15 Bil   
Q3 2026 Subscription and support revenueReported239.00 Mil241.00 Mil243.00 Mil   
Q3 2026 RevenueReported352.00 Mil355.00 Mil358.00 Mil   
Q3 2026 GAAP operating incomeReported11.00 Mil14.00 Mil17.00 Mil   
Q3 2026 Non-GAAP operating incomeReported59.00 Mil62.00 Mil65.00 Mil   
2026 Ending ARRReported1.23 Bil1.23 Bil1.24 Bil0.7% RaisedGuidance: 1.23 Bil for 2026
2026 Operating cash flowReported360.00 Mil367.50 Mil375.00 Mil0.7% RaisedGuidance: 365.00 Mil for 2026
2026 Subscription and support revenueReported962.00 Mil964.00 Mil966.00 Mil   
2026 RevenueReported1.44 Bil1.44 Bil1.45 Bil2.3% RaisedGuidance: 1.41 Bil for 2026
2026 GAAP operating incomeReported100.00 Mil105.00 Mil110.00 Mil31.2% RaisedGuidance: 80.00 Mil for 2026
2026 Non-GAAP operating incomeReported293.00 Mil298.00 Mil303.00 Mil8.8% RaisedGuidance: 274.00 Mil for 2026

Q1 2026 Earnings Reported 12/3/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Ending ARRReported1.11 Bil1.11 Bil1.11 Bil5.6% Higher NewGuidance: 1.05 Bil for Q1 2026
Q2 2026 RevenueReported339.00 Mil342.00 Mil345.00 Mil7.5% Higher NewGuidance: 318.00 Mil for Q1 2026
Q2 2026 GAAP Operating IncomeReported19.00 Mil22.00 Mil25.00 Mil450.0% Higher NewGuidance: 4.00 Mil for Q1 2026
Q2 2026 Non-GAAP Operating IncomeReported68.00 Mil71.00 Mil74.00 Mil42.0% Higher NewGuidance: 50.00 Mil for Q1 2026
2026 Ending ARRReported1.22 Bil1.23 Bil1.23 Bil0.8% RaisedGuidance: 1.22 Bil for 2026
2026 Operating Cash FlowReported355.00 Mil365.00 Mil375.00 Mil1.4% RaisedGuidance: 360.00 Mil for 2026
2026 RevenueReported1.40 Bil1.41 Bil1.42 Bil1.1% RaisedGuidance: 1.40 Bil for 2026
2026 GAAP Operating IncomeReported72.00 Mil80.00 Mil88.00 Mil2.6% RaisedGuidance: 78.00 Mil for 2026
2026 Non-GAAP Operating IncomeReported266.00 Mil274.00 Mil282.00 Mil1.9% RaisedGuidance: 269.00 Mil for 2026

Insider Activity

Updated 9/8/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell9082026160.521,200192,62429,756,556Form
2Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell9012026204.441,200245,32838,143,597Form
3Peterson, David FranklinChief Accounting OfficerDirectSell8272026200.002,500500,0001,957,400Form
4Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell8242026187.821,200225,38435,268,088Form
5Mullen, John PPresidentDirectSell8202026185.0014,4002,664,00021,592,275Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell9082026160.521,200192,62429,756,556Form
2Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell9012026204.441,200245,32838,143,597Form
3Peterson, David FranklinChief Accounting OfficerDirectSell8272026200.002,500500,0001,957,400Form
4Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell8242026187.821,200225,38435,268,088Form
5Mullen, John PPresidentDirectSell8202026185.0014,4002,664,00021,592,275Form
6Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell8172026172.881,200207,45632,670,171Form
7Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell8102026169.501,200203,40032,234,832Form
8Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell8032026155.921,200187,10429,839,346Form
9Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell7272026142.311,200170,77227,405,491Form
10Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell7202026147.421,200176,90428,566,458Form
11Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell7132026138.471,200166,16426,998,327Form
12King, James WinstonChief Admin Officer, Gen CounsDirectSell7092026130.641,684219,9983,921,552Form
13Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell7062026131.631,200157,95625,822,647Form
14Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell6292026124.291,200149,14824,531,863Form
15Cooper, Jeffrey ElliottChief Financial OfficerDirectSell6222026105.671,348142,4436,564,115Form
16Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell6222026105.671,200126,80420,983,526Form
17Cooper, Jeffrey ElliottChief Financial OfficerDirectSell6162026118.742,594308,0197,536,262Form
18Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell6162026118.745,830692,27223,722,002Form
19Peterson, David FranklinChief Accounting OfficerDirectSell6162026118.7424629,2111,458,995Form
20King, James WinstonChief Admin Officer, Gen CounsDirectSell6162026118.74999118,6243,764,391Form
21Mullen, John PPresidentDirectSell6162026118.744,292509,64515,568,988Form
22Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell6162026123.851,200148,62025,464,303Form
23Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell6082026135.621,200162,74428,047,030Form
24Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell6022026158.921,200190,70433,056,314Form
25Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell5262026138.511,200166,21228,977,123Form
26Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell5182026128.191,200153,82826,971,945Form
27Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell5122026136.381,200163,65628,858,826Form
28Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell5052026141.911,200170,29230,199,299Form
29Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell4272026138.091,200165,70829,552,089Form
30Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell4202026139.751,200167,70030,075,038Form
31Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell4132026118.771,200142,52425,702,541Form
32Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell4062026151.141,200181,36832,888,971Form
33Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell3312026145.741,200174,88831,888,786Form
34Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell3242026155.561,200186,67234,224,133Form
35Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell3182026163.864,737776,19536,246,351Form
36Mullen, John PPresidentDirectSell3182026163.866,5761,077,53022,187,507Form
37King, James WinstonChief Admin Officer, Gen CounsDirectSell3182026163.861,001164,0225,358,317Form
38Cooper, Jeffrey ElliottChief Financial OfficerDirectSell3182026163.861,935317,06510,824,617Form
39Peterson, David FranklinChief Accounting OfficerDirectSell3182026163.8627344,7332,053,631Form
40Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell3172026160.001,200192,00036,150,880Form
41Cooper, Jeffrey ElliottChief Financial OfficerDirectSell3132026158.724,757755,03110,792,325Form
42Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell3092026166.341,200199,60837,782,967Form
43Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell3032026143.871,200172,64432,851,707Form
44Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell2232026125.501,200150,60028,807,646Form
45Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell2172026127.001,200152,40029,304,361Form
46Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell2102026127.771,200153,32429,635,357Form
47Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell2032026140.011,200168,01232,642,351Form
48Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell1262026160.321,200192,38437,569,870Form
49Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell1222026156.261,200187,51236,805,949Form
50Cooper, Jeffrey ElliottChief Financial OfficerDirectSell1152026180.8721639,06813,158,835Form
51Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell1152026180.871,200217,04442,819,706Form
52Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell12292025204.951,400286,93048,766,418Form
53Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell12222025200.721,400281,00848,040,927Form
54King, James WinstonChief Admin Officer, Gen CounsDirectSell12182025195.001,860362,7006,571,890Form
55Cooper, Jeffrey ElliottChief Financial OfficerDirectSell12182025195.001,232240,24014,228,955Form
56King, James WinstonChief Admin Officer, Gen CounsDirectSell12182025192.081,457279,8556,830,610Form
57Cooper, Jeffrey ElliottChief Financial OfficerDirectSell12182025192.082,872551,64314,252,239Form
58Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell12172025192.086,0151,155,33846,240,977Form
59Peterson, David FranklinChief Accounting OfficerDirectSell12172025192.0835868,7632,459,727Form
60Mullen, John PPresidentDirectSell12172025192.087,9751,531,80727,271,541Form
61Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell12152025204.341,400286,07650,422,530Form
62Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell12082025210.871,400295,21852,329,077Form
63Mullen, John PPresidentDirectSell12012025213.443,000640,32032,007,036Form
64Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell12012025213.441,400298,81653,265,660Form
65Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell11242025213.231,400298,52253,511,774Form
66Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell11172025222.541,400311,55656,159,749Form
67King, James WinstonChief Admin Officer, Gen CounsDirectSell11172025222.54798177,5878,238,208Form
68Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell11102025218.531,400305,94255,453,736Form
69Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell11032025231.851,400324,59059,158,382Form
70Mullen, John PPresidentDirectSell11032025231.853,000695,55035,463,312Form
71Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell10272025255.401,400357,56065,524,913Form
72Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell10212025245.701,400343,98063,380,281Form
73King, James WinstonChief Admin Officer, Gen CounsDirectSell10212025245.70798196,0699,291,637Form
74Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell10142025239.711,400335,59462,170,706Form
75Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell10062025230.081,400322,11259,995,201Form
76Mullen, John PPresidentDirectSell10012025230.733,000692,19035,984,189Form
77Bauer, David S DirectSell10012025230.73500115,3651,361,999Form
78Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell9292025232.251,400325,15060,886,196Form
79Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell9222025244.551,400342,37064,453,109Form
80Cooper, Jeffrey ElliottChief Financial OfficerDirectSell9222025248.767,5351,874,37719,181,832Form
81King, James WinstonChief Admin Officer, Gen CounsDirectSell9222025248.827,1621,782,0599,608,241Form
82Peterson, David FranklinChief Accounting OfficerDirectSell9222025249.861,000249,8603,289,157Form
83King, James WinstonChief Admin Officer, Gen CounsDirectSell9172025242.877,1491,736,25611,117,723Form
84Peterson, David FranklinChief Accounting OfficerDirectSell9172025242.871,811439,8333,439,975Form
85Mullen, John PPresidentDirectSell9172025242.8715,8693,854,05538,605,637Form
86Cooper, Jeffrey ElliottChief Financial OfficerDirectSell9172025242.8714,1033,425,15020,557,703Form
87Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell9172025242.8730,3177,362,96564,349,263Form
88Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell9152025252.831,400353,96263,062,376Form
89Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell9092025261.281,400365,79257,969,671Form
90Mullen, John PPresidentDirectSell9022025214.303,000642,90030,106,793Form
91Rosenbaum, Michael GeorgeChief Executive OfficerDirectSell9022025214.301,400300,02047,846,332Form

Investor Activity (13F)

Updated Sep 9, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Linonia Partnership LP$1.1 Bil21.3%14ADD +42.7%13F
Greenstone Partners & Co., LLC$60.5 Mil15.3%9ADD +117.4%13F
Darsana Capital Partners LP$598.2 Mil12.7%14ADD +60.0%13F
Route One Investment Company, L.P.$276.6 Mil12.1%18ADD +10.7%13F
Gavilan Investment Partners LLC$22.4 Mil6.0%14ADD +30.0%13F
Hudson Way Capital Management LLC$62.2 Mil5.9%16ADD +33.3%13F
Soma Equity Partners LP$57.6 Mil4.3%20New13F
Makena Capital Management LLC$30.0 Mil3.5%27ADD +44.0%13F
Silverback Asset Management LLC$12.5 Mil2.5%45New13F
Shannon River Fund Management LLC$9.4 Mil1.8%28TRIM -50.1%13F
Cypress Point Investment Management LP$7.3 Mil1.7%32New13F
Night Owl Capital Management, LLC$12.2 Mil1.4%30Hold13F
M.D. Sass, LLC$8.3 Mil0.6%36ADD +71.5%13F
Stockbridge Partners LLC$20.4 Mil0.5%16TRIM -90.6%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Soma Equity Partners LP$57.6 Mil4.3%20New13F
Silverback Asset Management LLC$12.5 Mil2.5%45New13F
Cypress Point Investment Management LP$7.3 Mil1.7%32New13F
Greenstone Partners & Co., LLC$60.5 Mil15.3%9ADD +117.4%13F
M.D. Sass, LLC$8.3 Mil0.6%36ADD +71.5%13F
Darsana Capital Partners LP$598.2 Mil12.7%14ADD +60.0%13F
Makena Capital Management LLC$30.0 Mil3.5%27ADD +44.0%13F
Linonia Partnership LP$1.1 Bil21.3%14ADD +42.7%13F
Hudson Way Capital Management LLC$62.2 Mil5.9%16ADD +33.3%13F
Gavilan Investment Partners LLC$22.4 Mil6.0%14ADD +30.0%13F
Route One Investment Company, L.P.$276.6 Mil12.1%18ADD +10.7%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
SurgoCap Partners LP$144.6 Mil4.0%17ExitedDec 31, 202513F
RGM Capital, LLC$73.9 Mil3.6%17ExitedDec 31, 202513F
Stockbridge Partners LLC$20.4 Mil0.5%16TRIM -90.6%Mar 31, 202613F
Shannon River Fund Management LLC$9.4 Mil1.8%28TRIM -50.1%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Linonia Partnership LP$1.1 Bil21.3%14ADD +42.7%13F
Darsana Capital Partners LP$598.2 Mil12.7%14ADD +60.0%13F
Route One Investment Company, L.P.$276.6 Mil12.1%18ADD +10.7%13F
Hudson Way Capital Management LLC$62.2 Mil5.9%16ADD +33.3%13F
Greenstone Partners & Co., LLC$60.5 Mil15.3%9ADD +117.4%13F
Soma Equity Partners LP$57.6 Mil4.3%20New13F
Makena Capital Management LLC$30.0 Mil3.5%27ADD +44.0%13F
Gavilan Investment Partners LLC$22.4 Mil6.0%14ADD +30.0%13F
Stockbridge Partners LLC$20.4 Mil0.5%16TRIM -90.6%13F
Silverback Asset Management LLC$12.5 Mil2.5%45New13F
Night Owl Capital Management, LLC$12.2 Mil1.4%30Hold13F
Shannon River Fund Management LLC$9.4 Mil1.8%28TRIM -50.1%13F
M.D. Sass, LLC$8.3 Mil0.6%36ADD +71.5%13F
Cypress Point Investment Management LP$7.3 Mil1.7%32New13F
Core Cache Last Updated: 9/8/2026