+23%

est. 2Y upside i

CybersecurityIPO

Rank

#1552

Sector

Cybersecurity

Est. Liquidity

~1Y

Data Quality

Data: Medium

The candidate's equity, priced at $4.5B secondary valuation, offers a probability-weighted 22.5% upside over two years.

Last updated: July 19, 2026

Bull (20%)+100%

If Armis maintains high growth and achieves category leadership, the revenue multiple expands to 15x on projected $599M revenue, implying an exit value of $9.0B, a 100% gain from secondary entry.

Base (35%)+33%

Multiple converges to 10x forward revenue, giving an exit value of $6.0B, a 33% upside from the $4.5B entry valuation.

Bear (45%)-20%

Intense competition from Microsoft and slower growth compress the multiple to 6x, leading to a $3.6B exit, a 20% loss from entry.

Est. time to liquidity~0.5 years

Preference Stack Risk

high

Funding Intensity

26%

Total funding of $1.17B represents 26% of entry valuation, creating a significant preference overhang for common stock.

Dilution Risk

low

No further dilution expected as acquisition provides liquidity.

Secondary Liquidity

limited

Secondary market implied a $4.5B valuation, 42% below the acquisition price, indicating limited liquidity.

Questions to Ask at the Interview

Strategic questions based on Armis's data — designed to show you've done your homework.

  • 1

    “How does Armis differentiate from Microsoft's security offerings?”

  • 2

    “What is the revenue mix between IT and OT?”

  • 3

    “Given the acquisition, how will equity grants be structured for new hires?”

Community

Valuation Sentiment

Our model estimates +23% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.