We came across a bullish thesis on Procore Technologies, Inc. on vek999’s value investing subreddit. In this article, we will summarize the bulls’ thesis on PCOR. Procore Technologies, Inc. stock was trading at $75.26 as of December 2. PCOR’s forward P/E was 40.49 according to Yahoo Finance.
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Procore Technologies, Inc., along with its subsidiaries, provides a cloud-based construction management platform and related products and services in the United States and internationally, valued at $10.7 billion and managing more than 3 million projects worldwide, remains overlooked despite its scale, 21% revenue growth to $1.15 billion and three simultaneous catalysts: a new AWS partnership, a CEO transition and the launch of its Groundbreak AI suite — converging ahead of November 2025 results. Procore’s differentiated business model drives recurring expansion through a stakeholder pricing structure, monetizing every participant in a construction project (owners, contractors and architects) with no additional usage fees.
This creates built-in network effects and operational lock-in through 500+ integrations into accounting and planning tools, resulting in 95% gross revenue retention despite construction cyclicality. With only 60 to 65% of turnover generated in the United States, geographic expansion in 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 AI to automate workflows and analytics, an overlooked enabler that expands its addressable market.
New CEO Dr. Ajei Gopal, who led Ansys through multiple growth before its $35 billion acquisition of Synopsys, demonstrates institutional confidence, while the AI-powered Groundbreak suite directly addresses workforce shortages and efficiency gaps. Despite repeatedly topping profits and expanding margins, Procore suffers from limited analyst coverage and industry headwinds related to construction cyclicality.
Yet its high retention, 10% short interest, and multiple near-term catalysts create a contrarian opportunity. Trading at 7.7× Forward P/S – below its SaaS peers despite improving profitability – Procore’s earnings inflection in Q3 2025 could trigger a sharp rerating as Wall Street visibility inevitably catches up with 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, with the thesis playing out with stable ARR supporting investor confidence. Vek999 shares a similar view on Procore Technologies, Inc. (PCOR), but emphasizes AI, the AWS partnership, and untapped global expansion.
