Guidewire Software, Inc.
GWRE 6.5Price and target zones价格与目标区间
What the company does公司做什么
Guidewire makes the core software that property-and-casualty insurers run on — the system that records their policies, handles their claims, and does their billing. It is the insurer's system of record, now delivered mostly as a cloud subscription.Guidewire 制造财产和意外险公司赖以运转的核心软件——记录保单、处理理赔、办理账单的那套系统。它是保险公司的"记录系统"，如今主要以云订阅的方式交付。
Earns from营收来源 cloud subscriptions, plus older licences and setup services.云订阅，外加较老的软件许可和实施服务。
Read the full description查看完整介绍
Guidewire Software, Inc. provides a platform for property and casualty (P&C) insurers the United States, Canada, other Americas, Europe, the Middle East, Africa, and Asia-Pacific. It offers Guidewire InsuranceSuite, such as PolicyCenter, ClaimCenter, BillingCenter, PricingCenter, and UnderwritingCente applications. The company also provides Guidewire InsuranceNow, a cloud-based application that offers policy administration, claims management, and billing functionality, plus pre-integrated document production, analytics, and other capabilities. In addition, it offers Guidewire Rating Management to manage the pricing of insurance services and products; Guidewire Reinsurance Management to use rules-based logic to execute reinsurance strategy through underwriting and claims processes; Guidewire Client Data Management that helps P&C insurers to capitalize on customer information; Guidewire Advanced Product Designer, a cloud-native application for insurance product design and management; Guidewire Product Content Management provides software tools and standards-based, line-of-business templates; and Guidewire ProNavigator, an AI-powered intelligent assistant. Further, the company provides Guidewire Digital Engagement Applications, which enable insurers to provide digital experiences; Guidewire HazardHub that allows insurers to understand, assess, price, and manage property risk; Guidewire Predict, a P&C-specific machine-learning platform; Guidewire Data Studio, Guidewire Canvas, Guidewire Compare, Guidewire industry Intel, and Guidewire Explore, an cloud-native applications; Guidewire Cyence, a cyber-risk economic modeling product; Guidewire DataHub, an operational data store; and Guidewire InfoCenter, a business intelligence warehouse for P&C insurers. The company was incorporated in 2001 and is headquartered in San Mateo, California.
Revenue breakdown营收构成 share of revenue营收占比
Guidewire's cloud-delivered insurance software, sold as a recurring fee instead of a one-time license. It is now the company's largest revenue stream, and it grows as insurers migrate their policy, claims, and billing systems off older on-site installs and onto Guidewire's cloud. Annual recurring revenue passed $1 billion for the first time in fiscal 2025.Guidewire 的云端保险软件，以经常性费用而非一次性授权费的形式销售。这已是公司最大的收入来源，并随着保险公司把保单、理赔和账单系统从旧的本地部署迁移到 Guidewire 云端而持续增长。2025 财年，年度经常性收入（ARR）首次突破 10 亿美元。
- PolicyCenter — Records and manages insurance policies from quote to renewal.从报价到续保，记录和管理保险保单。
- ClaimCenter — Handles claims from first notice to settlement.处理从首次报案到理赔结案的理赔流程。
- BillingCenter — Automates billing, payment plans, and agent commissions.把账单、付款计划和代理佣金自动化。
Fees from the older on-site version of Guidewire's software, bought outright rather than rented as a subscription. Growth here has essentially stalled, since almost every new customer now signs up for the cloud product instead, and this line exists mainly because some longtime customers have not yet converted.来自 Guidewire 旧版本地部署软件的授权费，客户一次性买断，而非按订阅方式租用。这部分收入的增长已基本停滞，因为几乎所有新客户现在都选择云端产品，这条业务线的存在主要是因为部分老客户尚未完成迁移。
Fees for the setup and configuration work Guidewire performs to get an insurer's policy, claims, and billing systems running. It is a project-based, one-time charge tied to each new deployment, distinct from the recurring subscription revenue that follows once a customer goes live.Guidewire 为让保险公司的保单、理赔和账单系统上线运行而提供的实施与配置服务费用。这是与每次新部署挂钩的一次性、按项目收取的费用，不同于客户上线后产生的经常性订阅收入。
Company facts公司资料
- Founded成立时间
- 2001
- Headquarters总部
- San Mateo, California
- Employees员工人数
- 4,174
- Industry行业
- Software - Application
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
What's working
- RE-ANALYZED 9/06 post-print — HOLD→ACCUMULATE. The Sep 3 print resolved the binary event to the upside on every actual number: ARR $1,242M BEAT the $1,229-1,237M guide (the line that dropped it 10% in June did NOT miss), FY26 revenue $1.475B +23%, GAAP op income $149.9M (3.6× FY25), OCF $389.7M (~26% of rev), adj EPS $0.99 beat. Yet the stock fell ~20% ($203→$162) purely on the FY27 ARR guide of 18% cc growth (from 19%) — multiple compression, not a fundamentals break. 🔍 The FY27 OCF guide of $445-465M CONFIRMS the ~$425M FY27 FCF the pre-print report modeled — the cash thesis is intact, only the growth rate settled (18%) and the multiple de-rated (EV/FCF 52x→31x fwd). Cloud transition financially DONE (GM 46%→64%→67% guide); ~25% P&C core-systems share; AI layer now MONETIZING — ProNavigator 28 wins FY, PricingCenter tier-1 landmark with Nationwide. At $162 the stock sits at the bottom of the re-derived $165-215 fair value for the first time this year — not priced ahead of itself. FV $165-215 (central ~$190). Entry $150-175 add on weakness. Trim 135x ttm (~$250) (anchored on ttm to dodge [[pitfall-vendor-forward-eps-is-the-wrong-fiscal-year]]). ⏳ Q1 FY27 ~early Dec — first test of whether 18% holds.
9/06 财报后重新分析——持有→增持 [6.5]。 9/3 财报在每一项实际数字上都向上兑现了这个二元事件：ARR $1,242M 超过 $1,229-1,237M 指引（6 月曾让它下跌 10% 的那条线并未落空），FY26 营收 $1.475B +23%，GAAP 经营利润 $149.9M（FY25 的 3.6 倍），OCF $389.7M（约营收 26%），调整后 EPS $0.99 超预期。 然而股价下跌约 20%（$203→$162），纯粹因为 FY27 ARR 指引为 18% 恒定汇率增长（从 19% 下降）——是估值压缩，而非基本面破裂。 🔍 FY27 OCF 指引 $445-465M 证实了发布前报告所建模的约 $425M FY27 FCF——现金逻辑完好，只是增速稳定在（18%）而倍数下调（EV/FCF 52x→31x 前瞻）。 云转型财务上已完成（毛利率 46%→64%→67% 指引）；约 25% P&C 核心系统份额；AI 层现已变现——ProNavigator 全年 28 个成交，PricingCenter 与 Nationwide 达成一级里程碑。 $162 时，该股今年首次落在重新推导的 $165-215 公允价值底部——不再领先于自身定价。 FV $165-215（中枢约 $190）。 入场 $150-175，逢弱加仓。 减持 135x ttm（约 $250）。 ⏳ Q1 FY27 约 12 月初——首次检验 18% 是否守住。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 11%
- Revenue growth营收增长
- +15%
Competitors竞争对手
Why customers stay客户为什么留下
The highest switching cost of its peers — its software runs an insurer's live policy, claims, and billing operations, so replacing it is a multi-year re-platforming of mission-critical systems. Cloud contracts run for a decade.在同行中拥有最高的转换成本——它的软件运行着一家保险公司实时的保单、理赔和账单业务，所以要替换它，就等于对关键任务系统做一场长达数年的重新搭建。云合同一签就是十年。