Procore Technologies, Inc. (PCOR): A Bull Case Theory 

We came across a bullish thesis on Procore Technologies, Inc. on Value investing subreddit by vek999. In this article, we will summarize the bulls’ thesis on PCOR. Procore Technologies, Inc.’s share was trading at $75.26 as of December 2nd. PCOR’s forward P/E was 40.49 according to Yahoo Finance.

Procore Technologies, Inc., together with its subsidiaries, provides a cloud-based construction management platform and related products and services in the United States and internationally valued at $10.7B and managing over 3 million projects globally, remains overlooked despite its scale, 21% revenue growth to $1.15B, and three simultaneous catalysts—a new AWS partnership, a CEO transition, and the launch of its Groundbreak AI suite—converging ahead of November 2025 earnings. Procore’s differentiated business model drives recurring expansion through a per-stakeholder pricing structure, monetizing each participant in a construction project—owners, contractors, and architects—without incremental user fees.

This creates embedded network effects and operational lock-in through 500+ integrations across accounting and scheduling tools, resulting in 95% gross revenue retention despite construction cyclicality. With only 60–65% of revenue from the U.S., geographic expansion into Europe and Asia remains an untapped growth lever absent from consensus models. The August 2025 AWS collaboration makes Procore available through AWS Marketplace, integrating Amazon Bedrock’s AI to automate workflows and analytics—an overlooked catalyst that expands its addressable market.

Incoming CEO Dr. Ajei Gopal, who led Ansys through multi-fold growth before its $35B Synopsys acquisition, signals institutional confidence, while the AI-driven Groundbreak suite directly addresses labor shortages and efficiency gaps. Despite repeated earnings beats and expanding margins, Procore suffers from limited analyst coverage and sector headwinds tied to construction cyclicality.

Yet, its high retention, 10% short interest, and multiple near-term catalysts set up a contrarian opportunity. Trading at 7.7× forward P/S—below SaaS peers despite improving profitability—Procore’s Q3 2025 earnings inflection could trigger a sharp rerating as Wall Street’s visibility inevitably catches up to fundamentals.

Previously we covered a bullish thesis on Autodesk, Inc. (ADSK) by Francesco Ferrari in March 2025, which highlighted its strong recurring revenue, high margins, and resilient cash flow. The stock has appreciated approximately 24.89% since coverage as the thesis played out with ARR stability supporting investor confidence. Vek999 shares a similar view on Procore Technologies, Inc. (PCOR) but emphasizes AI, AWS partnership, and untapped global expansion.

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Disclosure: None.