Sectors: Cybersecurity
The Crypto currencies have been increasingly ignored as an asset class in 2026, both by the punters/traders who’ve switched to semiconductors and investors who are migrating more toward the value stocks as we move towards the 2H. Just because Bitcoins more than halved from its 2025 high doesn’t mean it’s a buy, we prefer Gold out of the two bubbles that have recently burst – at least the precious metal has central bank buying to support it into dips.
PANW has evolved into a $US134bn heavyweight in global cybersecurity. It generated US$9.2bn in revenue in FY25 and is forecast to grow more than 10% in FY26. To put that in perspective, PANW now produces roughly double (or more) the revenue of peers such as CrowdStrike, Fortinet, and Zscaler.
QOR describes itself as a “cyber-safety and online-safety” / “digital-safety” company. It provides cyber-safety services to schools (student/child online safety, device filtering, parental controls) — so its core products are inherently cybersecurity-related.
CRWD has outperformed PANW over the last few years, evolving into a comparable $US132bn business with revenue of $US4bn in FY25. Virtually all of its revenue comes from software subscriptions, especially endpoint security modules delivered via the Falcon platform. Revenue is set to grow by 20% in FY26, significantly outpacing its peer.
The HACK ETF provides investors with exposure to a diversified portfolio of globally traded companies whose business involves cybersecurity. It contains both CRWD and PANW, but not as prominently as we would like.
Can you provide Market Matters thoughts on Cybersecurity as a theme and what are your thoughts on stock selection. Opinion on popular names e.g. Crowd-strike, Paolo Alto Networks, Cloudflare, Okta etc.
