Sep. 15 at 6:47 AM
The “AI is too dangerous, buy cybersecurity” rotation is the most crowded trade of the last 24 hours.
$ZS $PANW $CRWD $RBRK $SAIL all ripped together. That’s the easy part.
The harder part is they are not the same stock.
DadFin scores (as of this morning):
• RBRK 60.6
• SAIL 59.8
• CRWD 41.2
• ZS 34.7
• PANW 29.6
$RBRK is growing revenue 48.5% with an 80% gross margin.
$SAIL has the best F-Score (7) and a 10% shareholder yield.
$PANW is the only one with a positive GAAP operating margin.
$ZS and
$CRWD still lose money on GAAP ops, but both throw off mid-20s to 30% FCF margins.
The expensive one is
$CRWD at ~45x sales.
$ZS is expensive, not in the same league.
The market is buying the theme. The data is telling you the mid-caps in the group still have more room than the
$200B+ platforms that already got paid for “AI security” two years ago.
Don’t treat the basket as interchangeable.
