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Jamf Holding (JAMF)
NASDAQ:JAMF
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Jamf Holding
(NASDAQ:JAMF)
61Neutral
Positive Factors
Acquisition Strategy
The acquisition of Identity Automation is seen as complementary and strategic, enhancing JAMF's cybersecurity portfolio.
Competitive Position
JAMF holds a strong competitive position in IT management and security for Apple devices.
Financial Performance
Non-GAAP operating margins of 18.2% exceeded the Street's ~16% target, leading to EPS of $0.17 ahead of $0.15 Street expectations.
Negative Factors
Demand Environment
The demand environment has softened due to layoffs and budget constraints, affecting the company's outlook.
Financial Guidance
The 2025 outlook fell short with total revenue and non-GAAP operating income guides below consensus estimates.
Market Challenges
JAMF's business remains constrained by macro-related challenges.
Jamf Holding (JAMF) vs. S&P 500 (SPY)
Market Cap
$1.70B
Dividend YieldN/A
Average Volume (3M)745.98K
Price to Earnings (P/E)―
Beta (1Y)1.09
Revenue Growth11.92%
EPS Growth39.34%
CountryUS
Employees2,595
SectorTechnology
Sector Strength51
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.54
Shares Outstanding129,390,600
10 Day Avg. Volume871,886
30 Day Avg. Volume745,975
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)2.72
Price to Cash Flow (P/CF)44.00
P/FCF Ratio22.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$19.80Price Target Upside50.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
Jamf Holding Business Overview & Revenue Model
Company DescriptionJamf Holding Corp. is a leader in Apple Enterprise Management, providing comprehensive solutions for organizations to deploy, manage, and secure Apple devices. Operating primarily in the software and technology sector, Jamf develops products that enable IT professionals to seamlessly manage Mac, iPad, iPhone, and Apple TV devices. Their core offerings include Jamf Pro, Jamf Now, Jamf School, and Jamf Connect, which are designed to enhance the Apple user experience in business, education, and government settings.
How the Company Makes MoneyJamf Holding Corp. generates revenue through a subscription-based model, where customers pay for access to its software solutions and services. The company's key revenue streams include subscriptions for Jamf Pro and other software products, which provide features such as device management, security, and identity management. Jamf also earns income from professional services, including training and support, which help organizations implement and optimize their use of Jamf solutions. Strategic partnerships with Apple and other technology companies enhance Jamf's offerings and market reach, thereby contributing to its earnings.
Jamf Holding Financial Statement Overview
Summary
Jamf Holding shows strong revenue growth and healthy gross profit margins, but ongoing net losses and negative profit margins indicate operational challenges. The balance sheet reflects moderate leverage, and while cash flow from operations is positive, overall free cash flow is declining.Income Statement
Jamf Holding's revenue growth has been strong, with a 12% increase from 2023 to 2024. The gross profit margin is healthy at 77.5% in 2024, reflecting good cost management. However, the company remains unprofitable with a negative net profit margin of -10.9% and EBIT margin of -11%, indicating ongoing operational challenges.72
Positive
Balance Sheet
The company's equity ratio is reasonable at 45.3%, indicating a balanced approach to financing. However, the debt-to-equity ratio is 0.52, showing moderate leverage. The return on equity remains negative due to continued net losses, posing a risk to shareholder returns.65
Positive
Cash Flow
Jamf Holding shows a positive operating cash flow to net income ratio, suggesting good cash generation relative to net losses. However, the free cash flow has decreased year-over-year, and the free cash flow to net income ratio is positive but constrained by the negative net income.68
Positive
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 423.32M | 627.40M | 560.57M | 478.78M | 366.39M | 269.13M | Gross Profit |
| 311.94M | 486.07M | 434.51M | 359.55M | 276.03M | 208.12M | EBIT |
| -141.53M | -69.10M | -115.25M | -138.87M | -76.20M | -17.36M | EBITDA |
| -64.74M | -69.10M | -64.95M | -84.04M | -29.13M | 23.17M | Net Income Common Stockholders |
| -142.90M | -68.45M | -110.09M | -141.30M | -75.19M | -24.08M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 224.68M | 224.68M | 243.58M | 224.34M | 177.15M | 194.87M | Total Assets |
| 1.58B | 1.58B | 1.59B | 1.53B | 1.48B | 1.07B | Total Debt |
| 369.51M | 369.51M | 367.00M | 364.50M | 362.03M | 0.00 | Net Debt |
| 144.83M | 144.83M | 123.42M | 140.17M | 184.88M | -194.87M | Total Liabilities |
| 864.25M | 864.25M | 872.11M | 828.20M | 741.99M | 263.27M | Stockholders Equity |
| 715.98M | 715.98M | 717.55M | 701.34M | 738.43M | 811.01M |
| Cash Flow | Free Cash Flow | ||||
| 36.06M | 22.18M | 33.03M | 82.28M | 55.41M | 48.43M | Operating Cash Flow |
| 43.48M | 31.19M | 35.96M | 90.00M | 65.17M | 52.80M | Investing Cash Flow |
| -386.17M | -11.80M | -22.48M | -34.78M | -387.42M | -6.88M | Financing Cash Flow |
| 300.07M | -41.60M | 5.32M | 261.00K | 305.53M | 115.96M |
Jamf Holding Technical Analysis
Negative
13.17
Price Trends
14.52
Negative
14.90
Negative
16.04
Negative
Market Momentum
-0.42
Negative
38.04
Neutral
53.66
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JAMF, the sentiment is Negative. The current price of 13.17 is below the 20-day moving average (MA) of 13.72, below the 50-day MA of 14.52, and below the 200-day MA of 16.04, indicating a bearish trend. The MACD of -0.42 indicates Negative momentum. The RSI at 38.04 is Neutral, neither overbought nor oversold. The STOCH value of 53.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JAMF.
Jamf Holding Risk Analysis
Jamf Holding disclosed 69 risk factors in its most recent earnings report. Jamf Holding reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Jamf Holding Peers Comparison
Overall Rating
UnderperformOutperform
Sector (58)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $2.91T | 31.51 | 34.29% | 0.81% | 15.04% | 12.38% | |
73 Outperform | $89.79B | 721.64 | -0.69% | ― | 29.39% | -119.62% | |
72 Outperform | $170.52B | 121.01 | 16.53% | ― | 22.44% | -18.31% | |
63 Neutral | $1.72B | ― | -36.13% | ― | 8.54% | 33.36% | |
61 Neutral | $1.70B | ― | -9.55% | ― | 11.92% | 39.34% | |
58 Neutral | $21.97B | 10.49 | -18.75% | 2.40% | 4.80% | -25.17% |
* Technology Sector Average
Performance Comparison
JAMF
Jamf Holding
13.28
-4.40
-24.89%
MSFT
Microsoft
393.08
-26.58
-6.33%
NOW
ServiceNow
849.73
75.09
9.69%
PD
PagerDuty
19.34
-2.96
-13.27%
CRWD
CrowdStrike Holdings
372.64
47.88
14.74%
Jamf Holding Earnings Call Summary
Earnings Call Date: Feb 27, 2025 | % Change Since: -10.59% | Next Earnings Date: May 13, 2025
Earnings Call Sentiment Positive
The earnings call reflects a generally positive outlook for Jamf, with strong revenue growth, particularly in security and international markets. While there are some challenges like a slight decline in net retention rate and delayed collections, the company's future prospects, driven by new partnerships and an improved financial outlook for 2025, remain strong.Highlights
Strong Revenue Growth
Jamf reported year-over-year revenue growth of 8% in Q4 and 12% for the full fiscal year 2024. Non-GAAP operating income margin was 18% for Q4 and 16% for the full year, exceeding the high end of their outlook.
Security Segment Expansion
Security ARR grew 17% year-over-year to $156 million, accounting for 24% of Jamf's total ARR, with continued demand for Jamf's Apple-first security platform.
International Revenue Growth
Revenue from geographies outside the U.S. grew 17% in 2024, now representing over a third of the company's total revenue.
Positive Outlook for 2025
Jamf expects total revenue growth of 8.1% for full year 2025, with a non-GAAP operating income margin improvement of 500 basis points.
New Partnerships and Channel Success
Jamf launched a new partner program and saw increased partner-led deal registrations, suggesting strong future growth potential.
Lowlights
Net Retention Rate Decline
The net retention rate decreased slightly to 104% in Q4 from 105% in Q3, indicating lower upsell and expansion within existing customers.
Delayed Billings and Collections
Unlevered free cash flow margin was lower than expected due to delayed billings and collections associated with a comprehensive systems update.
Company Guidance
During Jamf's Fourth Quarter 2024 earnings call, the company reported a year-over-year revenue growth of 8% for Q4, with a non-GAAP operating income margin of 18%, surpassing their high-end outlook. For the full year 2024, revenue growth was 12% with a non-GAAP operating income margin of 16%. The Annual Recurring Revenue (ARR) grew by 10% to $646 million, with security ARR rising 17% to $156 million, representing 24% of the total ARR. The company saw strong performance across its four key growth vectors: security, mobile, international, and channel. They also announced their 2025 outlook, expecting total revenues to grow by 8.1% to a range of $675.5 million to $680.5 million, with a non-GAAP operating income margin projected at 21%. Jamf aims to reach a Rule of 40 run rate by the end of 2026, combining revenue growth with improved free cash flow margins. Despite some challenges, such as a slight decrease in the net retention rate to 104% in Q4, they anticipate an improvement in this area as macroeconomic conditions stabilize.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.