Apple device management company Jamf (NASDAQ: JAMF) reported Q3 CY2025 results exceeding the marketโs revenue expectations, with sales up 15.2% year on year to $183.5 million. Its non-GAAP profit of $0.25 per share was 7.7% above analystsโ consensus estimates.
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Jamf (JAMF) Q3 CY2025 Highlights:
- Revenue: $183.5 million vs analyst estimates of $177.4 million (15.2% year-on-year growth, 3.4% beat)
- Adjusted EPS: $0.25 vs analyst estimates of $0.23 (7.7% beat)
- Adjusted Operating Income: $47.24 million vs analyst estimates of $42.17 million (25.7% margin, 12% beat)
- Operating Margin: -1.9%, up from -10% in the same quarter last year
- Free Cash Flow Margin: 35.4%, up from 20.9% in the previous quarter
- Market Capitalization: $1.71 billion
Company Overview
With its name playfully derived from "Just Another Management Framework," Jamf (NASDAQ: JAMF) provides software that helps organizations deploy, manage, and secure Apple devices across their workforce while maintaining a seamless user experience.
Revenue Growth
A companyโs long-term performance is an indicator of its overall quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. Luckily, Jamfโs sales grew at a solid 22.5% compounded annual growth rate over the last five years. Its growth beat the average software company and shows its offerings resonate with customers.
We at StockStory place the most emphasis on long-term growth, but within software, a half-decade historical view may miss recent innovations or disruptive industry trends. Jamfโs recent performance shows its demand has slowed as its annualized revenue growth of 13.1% over the last two years was below its five-year trend. 
This quarter, Jamf reported year-on-year revenue growth of 15.2%, and its $183.5 million of revenue exceeded Wall Streetโs estimates by 3.4%.
Looking ahead, sell-side analysts expect revenue to grow 8.9% over the next 12 months, a deceleration versus the last two years. This projection doesn't excite us and suggests its products and services will face some demand challenges.
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Customer Acquisition Efficiency
The customer acquisition cost (CAC) payback period represents the months required to recover the cost of acquiring a new customer. Essentially, itโs the break-even point for sales and marketing investments. A shorter CAC payback period is ideal, as it implies better returns on investment and business scalability.
Jamf does a decent job acquiring new customers, and its CAC payback period checked in at 43.5 months this quarter. The companyโs relatively fast recovery of its customer acquisition costs gives it the option to accelerate growth by increasing its sales and marketing investments.
Key Takeaways from Jamfโs Q3 Results
We were impressed by how significantly Jamf blew past analystsโ EBITDA expectations this quarter. We were also happy its revenue outperformed Wall Streetโs estimates. Zooming out, we think this quarter featured some important positives. The stock remained flat at $12.87 immediately following the results.
Jamf put up rock-solid earnings, but one quarter doesnโt necessarily make the stock a buy. Letโs see if this is a good investment. If youโre making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here, itโs free for active Edge members.
