I don't think the business of DWS, MLB or DTL is similar to TNE...

I don't think the business of DWS, MLB or DTL is similar to TNE at anything more than a superficial level (they all involve computers).

DWS is consulting, so there is almost no fixed cost and all the costs are variable (they are resellers of staff hours).

Data3 is a mix, but again they are basically resellers (either of software or consulting). Its not immediately obvious since their business is so varied, but I suspect their costs are almost all variable too.

MLB sells domain names - which is a like selling a commodity.


TNE write software. The magic with writing software is that you can write it once (fixed cost) and each sale adds almost no marginal cost (ditto with maintenance). That means there is potential massive economies of scale if they continue to grow. That potential is what drives the larger P/E ratio.