But you're also waging that the worst over. Besides, investors can't be comfortable with single-digit license growth, while Citrix, which has been stealing market share, recently posted earnings that included a 17% jump in product and license revenue. This means that VMware, Inc. (NYSE:VMW)'s market leverage is also diminishing. Why, then, when comparing their price-to-earnings ratios, does VMware deserve such a premium to Citrix (48 vs. 39), especially when Citrix outperforms in gross margin and earnings per share? VMware's management believes it can remain a force. But is there enough virtualization demand to go around? That roughly 65% to 70% of VMware's addressable server market is already virtualized is a concern.