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1. Company Snapshot

1.a. Company Description

Jamf Holding Corp.offers a cloud software platform for Apple infrastructure and security platform worldwide.Its products include Jamf Pro, an Apple ecosystem management software solution for IT environments; Jamf Now, a pay-as-you-go Apple device management software solution for small-to-medium-sized businesses; Jamf School, a software solution for educators; Jamf Data Policy, a solution to enforce acceptable usage policies to eliminate shadow IT and block risky content and manage data consumption with real-time analytics and granular reporting; and Jamf Connect that streamlines Mac authentication and identity management; and Jamf Private Access, a ZTNA solution that replaces legacy conditional access and VPN technology.


The company also offers Jamf Protect, which provides protection of Mac-targeted malware and creates customized telemetry and detections that give enterprise security teams visibility into their Macs; Jamf Threat Defense, a solution to protect workers from malicious attackers; and Jamf Nation, an online community of IT and security professionals focusing on Apple in the enterprise.It sells its SaaS solutions through a subscription model, direct sales force, and online, as well as indirectly through channel partners, including Apple.The company was founded in 2002 and is headquartered in Minneapolis, Minnesota.

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1.b. Last Insights on JAMF

Jamf Holding Corp.'s recent performance was negatively impacted by slowing revenue growth, which has led to valuation compression. The company's topline growth rate has been decelerating, and its valuation multiple has compressed significantly. Despite beating earnings estimates in Q1 2025, Jamf's revenue growth has been a concern, and the company faces potential international trade tensions. Additionally, the recent acquisition of Identity Automation has not yet shown significant impact on the company's financials.

1.c. Company Highlights

2. Jamf's Q2 Earnings: Strong Growth and Profitability

Jamf reported strong second-quarter earnings, exceeding the high end of its outlook for both revenue and non-GAAP operating income. Total revenue grew 15% year-over-year to $176.5 million, while non-GAAP operating income margin expanded to 19%. The company's total annual recurring revenue (ARR) also grew 14% year-over-year to $710 million, driven by growth in Security ARR from the addition of identity automation and the launch of platform solutions. As John Strosahl, CFO, mentioned, "We saw strong results in Q2 with year-over-year revenue growth of 15% and non-GAAP operating income margin of 19%, exceeding the high end of our outlook for both metrics."

Publication Date: Aug -18

📋 Highlights
  • Revenue & ARR Growth:: Q2 revenue reached $176.5M (+15% YoY), with Total ARR at $710M (+14% YoY), driven by 40% YoY Security ARR growth to $203M.
  • Non-GAAP Margin Expansion:: Q2 non-GAAP operating margin hit 19% (exceeding guidance), with full-year 2025 guidance raised to 22% margin (+600 bps vs. 2024).
  • Strategic Platform Growth:: Android ecosystem expansion (launched July 1) and integrated Identity Automation into education business, boosting cross-sell and pipeline.
  • Q3 Guidance:: Revenue projected at $176–178M (+11% YoY), with non-GAAP operating income of $41.5–42.5M (24% margin, +52% YoY growth).
  • Seasonality Adjustments:: Q3 guidance reflects normalized seasonality (excluding one-time revenue), with Identity Automation’s Q3-heavy demand offsetting Q4 weakness.

Segment Performance

Security bookings were particularly strong, driving 40% year-over-year growth in Security ARR to $203 million. This is a significant achievement, given the increasing demand for security solutions, especially in the international market. The company's decision to support the broader ecosystem, including Android, is also expected to drive results, as customers have been requesting this support.

Guidance and Outlook

Jamf raised its outlook for the full year 2025, expecting total revenue of $701 million to $704 million, representing year-over-year growth of 12% at the midpoint. Non-GAAP operating income is expected to be $153.5 million to $155.5 million, representing a non-GAAP operating margin of 22% at the midpoint and approximately 600 basis point improvement over fiscal year 2024. The company's commitment to being a profitable growth company is evident in its strategic plan to realign the business, accelerate growth, and achieve a Rule of 40 by 2026.

Valuation

With a P/E Ratio of 23.15 and a P/S Ratio of 1.71, the stock appears to be fairly valued. However, the company's strong growth prospects and improving profitability may warrant a premium valuation. The Free Cash Flow Yield of 5.65% is also attractive, indicating that the company is generating significant cash flows.

Conclusion

Jamf's strong Q2 earnings report demonstrates the company's ability to execute on its growth strategy and improve profitability. With a solid balance sheet and a strong outlook, the stock is likely to remain a attractive investment opportunity. However, the valuation metrics suggest that the stock may be fairly valued, and investors may need to look for further catalysts to drive the stock higher.

3. NewsRoom

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USX Cyber® Announces New JAMF Log Ingestion to Expand macOS Security & Compliance Visibility

Dec -03

Source: globenewswire.com

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JAMF Alert: Monsey Firm of Wohl & Fruchter Renews Investigation Into the Proposed Sale of Jamf Holding to Francisco Partners

Dec -03

Source: globenewswire.com

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Jamf Partners With UberEther to Accelerate FedRAMP High and DoD IL5 Authorization

Dec -02

Source: businesswire.com

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Geode Capital Management LLC Sells 218,419 Shares of Jamf Holding Corp. $JAMF

Dec -02

Source: defenseworld.net

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JAMF INVESTMENT: Jamf Holding Corp. Shareholders are Reminded to Contact BFA Law about its Ongoing Investigation into the $13.05 Take Private Transaction

Nov -28

Source: newsfilecorp.com

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JAMF SECURITIES ALERT: BFA Law Notifies Jamf Holding Corp. Shareholders to Contact the Firm about the Pending Investigation into the $13.05 Take Private Deal

Nov -26

Source: newsfilecorp.com

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JAMF NOTICE: Jamf Holding Corp. Board Faces Investigation into $13.05 Take Private Deal, Investors Urged to Contact BFA Law

Nov -24

Source: newsfilecorp.com

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JAMF Investigation: Halper Sadeh LLC Continues to Investigate Whether the Sale of Jamf Holding Corp. is Fair to Shareholders

Nov -21

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.78%)

6. Segments

Software-as-a-Service Subscription and Support and Maintenance

Expected Growth: 13.93%

Jamf Holding Corp's 13.93% growth in Software-as-a-Service Subscription and Support and Maintenance is driven by increasing adoption of cloud-based IT management solutions, growing demand for Apple device management, and expansion into new markets and industries. Additionally, the company's strong customer retention rates and upselling opportunities contribute to the segment's growth.

On-premise Subscription

Expected Growth: 12.15%

Jamf Holding Corp.'s on-premise subscription growth of 12.15% is driven by increasing demand for Apple device management, expansion into new markets, and growing adoption of cloud-based services. Additionally, the company's strategic partnerships, innovative product offerings, and strong customer retention rates contribute to its robust growth.

Professional Services

Expected Growth: 11.38%

Jamf Holding Corp.'s Professional Services segment growth of 11.38% is driven by increasing demand for cloud-based IT management solutions, expansion into new markets, and strategic partnerships. Additionally, the company's focus on customer success and adoption of its products, such as Jamf Now and Jamf Pro, contributes to the growth.

Perpetual Licenses

Expected Growth: 11.67%

Jamf Holding Corp.'s Perpetual Licenses growth of 11.67% is driven by increasing adoption of Apple devices in the enterprise, growing demand for unified endpoint management, and expansion into new markets. Additionally, the company's strong partnerships, innovative products, and strategic acquisitions contribute to its growth momentum.

7. Detailed Products

Jamf Pro

A comprehensive mobile device management (MDM) solution that helps IT administrators to manage Apple devices, including iPads, iPhones, and Macs.

Jamf Now

A cloud-based MDM solution designed for small to medium-sized businesses to manage Apple devices.

Jamf School

A purpose-built MDM solution designed specifically for education, helping teachers and IT administrators to manage Apple devices in the classroom.

Jamf Protect

A cloud-based endpoint security solution that provides advanced threat prevention and detection for Macs.

Jamf Connect

A solution that integrates with Jamf Pro to provide a seamless, password-free login experience for users, while maintaining enterprise security standards.

8. Jamf Holding Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Jamf Holding Corp. faces moderate threat from substitutes, as customers have limited alternatives for its endpoint management and security solutions.

Bargaining Power Of Customers

Jamf Holding Corp. has a diverse customer base, which reduces the bargaining power of individual customers, and the company's solutions are often critical to customers' operations.

Bargaining Power Of Suppliers

Jamf Holding Corp. has a diversified supplier base, and the company's scale and negotiating power reduce the bargaining power of its suppliers.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the endpoint management and security markets, including the need for significant investments in research and development.

Intensity Of Rivalry

The endpoint management and security markets are highly competitive, with several established players, which increases the intensity of rivalry for Jamf Holding Corp.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 34.19%
Debt Cost 3.95%
Equity Weight 65.81%
Equity Cost 6.31%
WACC 5.50%
Leverage 51.95%

11. Quality Control: Jamf Holding Corp. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Olo

A-Score: 5.4/10

Value: 3.5

Growth: 8.3

Quality: 5.2

Yield: 0.0

Momentum: 9.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
WM Technology

A-Score: 4.5/10

Value: 7.5

Growth: 3.0

Quality: 7.0

Yield: 0.0

Momentum: 8.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
ShotSpotter

A-Score: 4.1/10

Value: 5.3

Growth: 5.8

Quality: 4.4

Yield: 0.0

Momentum: 6.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
PagerDuty

A-Score: 3.8/10

Value: 3.9

Growth: 7.8

Quality: 3.5

Yield: 0.0

Momentum: 3.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Bumble

A-Score: 3.7/10

Value: 9.2

Growth: 4.0

Quality: 3.4

Yield: 0.0

Momentum: 3.5

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Jamf

A-Score: 3.3/10

Value: 4.2

Growth: 5.8

Quality: 4.8

Yield: 0.0

Momentum: 0.5

Volatility: 4.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

12.96$

Current Price

12.96$

Potential

-0.00%

Expected Cash-Flows