We came across a bullish thesis on Procore Technologies, Inc. on Zenoble’s Substack by Zenoble Research. In this article, we will summarize the bulls’ thesis on PCOR. Procore Technologies, Inc.’s share was trading at $48.86 as of February 23rd. PCOR’s forward P/E was 42.73 according to Yahoo Finance.
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Procore Technologies sits at a critical inflection point that investors appear to be mispricing, creating what could be a compelling opportunity with substantial upside through 2027. The company’s valuation has compressed significantly, with its EV/Sales multiple declining from roughly 20x to about 5x despite improving fundamentals, as broader SaaS multiple contraction and higher interest rates have weighed on sentiment toward construction-exposed software companies.
Slowing commercial construction activity, reflected in weak Architecture Billings Index readings, has led the market to assume structurally impaired growth, even though early indicators suggest project demand may be stabilizing. Against this backdrop, Procore is executing a strategic transformation centered on Procore Helix, an AI-powered analytics and workflow engine designed to evolve the platform from a passive system of record into an autonomous construction intelligence layer.
By embedding generative AI, agentic workflows, and proprietary construction data across its ecosystem, Helix aims to automate complex tasks such as RFIs, scheduling risk analysis, and project coordination, positioning Procore as the operating system for construction rather than simply a software vendor. Strategic acquisitions, including Novorender, FlyPaper, and Datagrid, further strengthen this vision by enabling real-time model processing, automated design coordination, and autonomous workflow execution across third-party systems.
Procore’s competitive differentiation lies in its field-first data approach and construction-volume pricing model, which aligns customer growth with platform revenue while increasing switching costs and data capture.
Although consensus forecasts assume modest growth, the thesis anticipates reacceleration beginning in late 2026 as Helix commercialization, macro normalization, and leadership execution drive stronger revenue and margin expansion, potentially leading to multiple re-rating. Even under conservative assumptions, the company offers attractive risk-reward, with significant upside if Helix adoption establishes a durable competitive moat and construction activity recovers.
Previously, we covered a bullish thesis on Autodesk, Inc. (ADSK) by Francesco Ferrari in March 2025, which highlighted the company’s high recurring revenue, strong margins, and durable cash flow profile. Autodesk, Inc. ADSK’s stock price has depreciated by approximately 11.98% since our coverage. Francesco Ferrari shares an identical view but emphasizes on ARR visibility, financial strength, and resilience amid volatility.
Procore Technologies, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held PCOR at the end of the third quarter which was 46 in the previous quarter. While we acknowledge the risk and potential of PCOR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PCOR and that has 10,000% upside potential, check out our report about this cheapest AI stock.
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Disclosure: None.
