Software 2026: INTU, ROP, CRM, BSY, the top 4 picks

2026-06-22 · By Lubin Danilo, founder of Lubin Investment

All four software companies, Intuit (INTU), Roper Technologies (ROP), Salesforce (CRM) and Bentley Systems (BSY), achieve a perfect score in our fundamental analysis method. Their free cash flow margins all exceed 25%. The difference plays out on valuation: Salesforce is currently the cheapest of the four, Bentley the most expensive.

Why do these four companies achieve a perfect score?

Our analysis method scores each stock on 10 objective criteria: revenue growth, FCF per share growth over five years, net margin, FCF margin, cash ROCE, debt level, dilution, payout ratio, operating leverage and balance sheet quality. Achieving a perfect score is rare. These four software companies do it simultaneously.

Comparison table: the four champions side by side

Company	Ticker	Market cap	FCF margin	Valuation (FCF)	Model
Intuit	INTU	~$160B	~25%	14.2×	Fiscal SaaS (TurboTax, QuickBooks, Credit Karma)
Roper Technologies	ROP	~$60B	~28%	13.8×	Niche vertical software conglomerate
Salesforce	CRM	~$220B	~27%	13.2×	Enterprise CRM SaaS, global leader
Bentley Systems	BSY	~$15B	~32%	24×	Infrastructure and engineering software (BIM, digital twins)

Salesforce (CRM): the cheapest champion

At 13.2× FCF, Salesforce is the most affordable entry point in this elite group. Agentforce already exceeds $1.2B in ARR. Salesforce has repositioned itself as the AI orchestration layer for enterprises, strengthening its moat.

Roper Technologies (ROP): the unjustified discount

For twenty years, Roper has acquired vertical software leaders in structurally captive niches: insurance distribution, hospital financial planning, law firm management. At 13.8× FCF with a 28% FCF margin, it is one of the most rational entry points in the group.

Intuit (INTU): the immovable fiscal SaaS

Intuit reaches 100 million Americans through TurboTax, QuickBooks and Credit Karma. Taxpayers do not switch because their data and filing history are embedded in TurboTax. At 14.2× FCF, the margin of safety remains present.

Bentley Systems (BSY): the premium of an unrivalled moat

Bentley is the only software designed exclusively for physical infrastructure: bridges, roads, water networks, railways. Its 32% FCF margin is the highest in the group. The 24× FCF valuation reflects revenue visibility and a moat few companies can match.

How to choose among the four?

Quality is identical across all four. The difference plays out on valuation (Salesforce and Roper offer the best price/FCF), growth profile (Bentley and Salesforce grow faster), and geographic exposure (Bentley is international, Intuit is heavily US).

FAQ

Are all four companies buys according to your method?

The perfect score measures business quality, not the buy price. Our method always separates these two questions. This article does not constitute investment advice.

What is the price-to-free-cash-flow ratio and why does it matter?

It divides the stock price by annual FCF per share. The lower it is, the less you pay for cash generated. It is harder to manipulate than the P/E ratio.

Is Roper Technologies really comparable to SaaS companies like Salesforce?

Yes. Roper generates over 80% of revenues in recurring subscriptions, with FCF margins above 28%. The quality of cash generated is comparable to Salesforce.

Why is Bentley Systems so little known despite its quality?

Bentley operates in a highly specialised B2B niche. Its $15B market cap keeps it out of the major indices followed by passive investors.

Does AI represent a risk or opportunity for these four companies?

For all four, AI is more of an accelerator than a threat. Salesforce launched Agentforce at $1.2B ARR. Intuit is integrating AI into TurboTax Live with 36% growth in that segment.

About the author

Written by Lubin Danilo, founder of Lubin Investment. A self-taught individual investor, I find fundamental analysis fascinating, and it has delivered excellent results. For three years now, my performance has beaten the S&P 500. But analyzing every stock took too much time: sites with incomplete data, calculation methods and criteria never aligned with mine. And spotting the best stocks was just as time-consuming, even with my own well-defined checklist. So I put my software development background to work to build this software, base my investment strategy on its results, and share it with people who share the same passion as me. It judges a company's quality and its price separately, using criteria drawn from the financial literature (Warren Buffett, Michael Mauboussin, Aswath Damodaran).