Two midcap software picks: DV and FIVN compared

Two midcap software stocks, DV and FIVN, were examined for their growth potential. DoubleVerify Holdings (DV) and Five9 (FIVN) emerged as the top candidates from a group of 77 U.S. software midcaps valued between $2B and $10B.

DV's revenue grew from $332.74M in 2021 to $748.29M in 2025, while its free cash flow (FCF) per share increased from $73.35M to $172.65M over the same period. The company aims for around $810M–$826M in revenue and a 34% adjusted EBITDA margin in 2026. DV's AI expansion into streaming TV and closed advertising platforms could broaden its market.

FIVN, on the other hand, showed an 8.9% revenue growth, rising from $609.59M in 2021 to $1.15B in 2025. Its FCF per share improved from negative $13.22M to $201.24M. FIVN's management expects AI revenue growth of at least 60% and targets $175M in 2026 FCF. FIVN's AI opportunity is larger, but its execution risks are higher compared to DV.

While both stocks are under-followed, DV offers a steadier value candidate with a stronger FCF profile, while FIVN presents a higher upside potential with its AI-driven growth.