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Free Cash Flow Margin Benchmarks

Public SaaS Companies — 172 companies tracked

Median FCF Margin12.4%
Cash Flow +142
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FCF Margin — Top 20 Companies

Sorted highest to lowest. Red bars = negative FCF. Dashed line = median.

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Ranked FCF Margin Data

#CompanyTickerSectorFCF Marginvs. Median
1
BI
Block, Inc.		SQVertical SaaS54.8%+42.3pp
2
EG
Exzeo Group, Inc.		XZOVertical SaaS52.2%+39.7pp
3
QI
QUALYS, INC.		QLYSVertical SaaS51.9%+39.4pp
4
BS
BENTLEY SYSTEMS INC		BSYVertical SaaS50.7%+38.2pp
5
VS
VARONIS SYSTEMS INC		VRNSVertical SaaS49.9%+37.4pp
6
CS
Clear Secure, Inc.		YOUVertical SaaS44.4%+32.0pp
7
VS
Veeva Systems Inc.		VEEVVertical SaaS44.2%+31.7pp
8
BI
Box, Inc.		BOXCloud Storage44.0%+31.5pp
9
VA
Verisk Analytics, Inc.		VRSKData & Analytics40.4%+27.9pp
10
ZC
Zoom Communications, Inc.		ZMCommunications39.7%+27.3pp
11
CC
Consensus Cloud Solutions, Inc.		CCSIVertical SaaS39.1%+26.7pp
12
DI
Dynatrace, Inc.		DTDevTools & Observability39.0%+26.5pp
13
PI
Pegasystems Inc.		PEGALow-Code / No-Code38.6%+26.1pp
14
SI
Salesforce, Inc.		CRMCRM & Sales37.7%+25.3pp
15
SI
ServiceNow, Inc.		NOWIT Service Management36.7%+24.2pp
16
AI
Autodesk, Inc.		ADSKVertical SaaS36.7%+24.2pp
17
NI
nCino, Inc.		NCNOVertical SaaS35.9%+23.5pp
18
ZT
ZoomInfo Technologies Inc.		ZISales Intelligence35.6%+23.1pp
19
DI
Duolingo, Inc.		DUOLVertical SaaS35.0%+22.5pp
20
PI
Paychex, Inc.		PAYXHR Tech34.8%+22.3pp
21
RI
Reddit, Inc.		RDDTVertical SaaS34.2%+21.7pp
22
AI
Adobe Inc.		ADBEMarketing Tech33.8%+21.4pp
23
EA
ELECTRONIC ARTS INC.		EAVertical SaaS33.6%+21.1pp
24
DI
DOCUSIGN, INC.		DOCUVertical SaaS32.9%+20.4pp
25
PT
Palantir Technologies Inc.		PLTRData & Analytics32.0%+19.6pp
26
TT
The Trade Desk, Inc.		TTDMarketing Tech31.7%+19.3pp
27
PI
PTC INC.		PTCVertical SaaS31.3%+18.8pp
28
TC
TERADATA CORP /DE/		TDCVertical SaaS31.1%+18.6pp
29
OI
Okta, Inc.		OKTASecurity29.5%+17.1pp
30
PS
PROGRESS SOFTWARE CORP /MA		PRGSVertical SaaS28.8%+16.3pp
31
HH
Hinge Health, Inc.		HNGEVertical SaaS28.5%+16.0pp
32
CH
CrowdStrike Holdings, Inc.		CRWDVertical SaaS27.2%+14.8pp
33
RC
Roblox Corp		RBLXVertical SaaS26.4%+13.9pp
34
DI
Dropbox, Inc.		DBXCloud Storage26.3%+13.9pp
35
DI
Datadog, Inc.		DDOGDevTools & Observability26.1%+13.7pp
36
PS
Paycom Software, Inc.		PAYCHR Tech25.7%+13.2pp
37
TH
Tenable Holdings, Inc.		TENBVertical SaaS25.4%+12.9pp
38
PI
PagerDuty, Inc.		PDVertical SaaS25.3%+12.9pp
39
IV
i3 Verticals, Inc.		IIIVVertical SaaS24.6%+12.1pp
40
OC
ORACLE CORP		ORCLVertical SaaS24.2%+11.8pp
41
MA
MANHATTAN ASSOCIATES INC		MANHVertical SaaS24.2%+11.8pp
42
CI
CCC Intelligent Solutions Holdings Inc.		CCCVertical SaaS24.1%+11.6pp
43
DH
Definitive Healthcare Corp.		DHVertical SaaS24.0%+11.6pp
44
TI
Trimble Inc.		TRMBVertical SaaS23.8%+11.4pp
45
CI
CarGurus, Inc.		CARGVertical SaaS23.6%+11.2pp
46
GD
Gen Digital Inc.		GENVertical SaaS23.4%+11.0pp
47
GD
Gen Digital Inc.		GENVRVertical SaaS23.4%+11.0pp
48
GI
GitLab Inc.		GTLBDevTools & Observability23.2%+10.8pp
49
CD
CADENCE DESIGN SYSTEMS INC		CDNSVertical SaaS22.8%+10.4pp
50
FI
Figma, Inc.		FIGVertical SaaS22.7%+10.2pp
51
BI
BLACKLINE, INC.		BLVertical SaaS22.3%+9.9pp
52
EC
EGAIN Corp		EGANVertical SaaS22.0%+9.5pp
53
SI
Snowflake Inc.		SNOWData & Analytics21.9%+9.4pp
54
UI
UiPath, Inc.		PATHVertical SaaS21.9%+9.4pp
55
MC
Microsoft Corporation		MSFTCloud Infrastructure21.7%+9.2pp
56
VS
Verint Systems Inc.		VRNTSecurity21.6%+9.2pp
57
CS
COMMVAULT SYSTEMS INC		CVLTVertical SaaS20.0%+7.6pp
58
WI
Workday, Inc.		WDAYHR Tech20.0%+7.6pp
59
FI
Freshworks Inc.		FRSHVertical SaaS19.7%+7.2pp
60
RI
RingCentral, Inc.		RNGCommunications19.5%+7.1pp
61
RI
Rubrik, Inc.		RBRKVertical SaaS19.2%+6.8pp
62
RV
Red Violet, Inc.		RDVTVertical SaaS18.6%+6.1pp
63
NI
Nutanix, Inc.		NTNXVertical SaaS18.4%+6.0pp
64
SI
Sprinklr, Inc.		CXMMarketing Tech18.4%+6.0pp
65
II
INNODATA INC		INODVertical SaaS18.1%+5.7pp
66
CI
Cars.com Inc.		CARSVertical SaaS17.9%+5.5pp
67
IE
Inspired Entertainment, Inc.		INSEVertical SaaS17.5%+5.0pp
68
AW
ACI WORLDWIDE, INC.		ACIWVertical SaaS17.3%+4.9pp
69
PT
Procore Technologies, Inc.		PCORVertical SaaS17.3%+4.8pp
70
MI
MongoDB, Inc.		MDBData & Analytics17.3%+4.8pp
71
SC
SPS Commerce, Inc.		SPSCVertical SaaS17.2%+4.8pp
72
HI
HubSpot, Inc.		HUBSMarketing Tech16.8%+4.3pp
73
LI
LEGALZOOM.COM, INC.		LZVertical SaaS16.7%+4.2pp
74
NR
New Relic, Inc.		NEWRDevTools & Observability16.2%+3.7pp
75
BH
Bill.com Holdings, Inc.		BILLFintech16.1%+3.7pp
76
SI
Shopify Inc.		SHOPVertical SaaS16.0%+3.5pp
77
ST
SS&C Technologies Holdings Inc		SSNCVertical SaaS15.5%+3.1pp
78
EI
EVERTEC, Inc.		EVTCVertical SaaS15.2%+2.7pp
79
JL
JFrog Ltd		FROGVertical SaaS14.9%+2.5pp
80
PH
Paylocity Holding Corporation		PCTYHR Tech14.7%+2.2pp
81
EI
EverCommerce Inc.		EVCMVertical SaaS13.5%+1.1pp
82
QH
Q2 Holdings, Inc.		QTWOVertical SaaS13.4%+0.9pp
83
SH
SEMrush Holdings, Inc.		SEMRVertical SaaS13.0%+0.6pp
84
SS
Sprout Social, Inc.		SPTMarketing Tech12.8%+0.4pp
85
FI
Five9, Inc.		FIVNCommunications12.7%+0.2pp
86
WI
WORKIVA INC		WKVertical SaaS12.7%+0.2pp
87
TT
TYLER TECHNOLOGIES INC		TYLVertical SaaS12.4%+0.0pp
—
Median Benchmark
—All Sectors12.4%—
88
TI
TaskUs, Inc.		TASKVertical SaaS12.2%-0.2pp
89
ZI
Zuora, Inc.		ZUOFintech12.2%-0.3pp
90
BI
BLACKBAUD INC		BLKBVertical SaaS12.1%-0.3pp
91
NI
NERDWALLET, INC.		NRDSVertical SaaS12.1%-0.4pp
92
YI
Yext, Inc.		YEXTVertical SaaS11.9%-0.5pp
93
AI
AppFolio, Inc.		APPFVertical SaaS11.9%-0.6pp
94
CI
Commerce.com, Inc.		CMRCVertical SaaS11.9%-0.6pp
95
GH
GoodRx Holdings, Inc.		GDRXVertical SaaS11.8%-0.6pp
96
RI
Rapid7, Inc.		RPDVertical SaaS11.8%-0.7pp
97
BI
Braze, Inc.		BRZEMarketing Tech11.7%-0.8pp
98
CI
Cerence Inc.		CRNCVertical SaaS11.6%-0.9pp
99
AD
AUTOMATIC DATA PROCESSING INC		ADPVertical SaaS11.4%-1.0pp
100
AC
Appian Corporation		APPNLow-Code / No-Code11.0%-1.4pp
101
SI
ServiceTitan, Inc.		TTANVertical SaaS11.0%-1.5pp
102
EN
Elastic N.V.		ESTCDevTools & Observability11.0%-1.5pp
103
AH
Alarm.com Holdings, Inc.		ALRMVertical SaaS10.7%-1.8pp
104
SI
SentinelOne, Inc.		SSecurity10.2%-2.2pp
105
CI
CareCloud, Inc.		CCLDVertical SaaS9.9%-2.5pp
106
CI
CareCloud, Inc.		CCLDOVertical SaaS9.9%-2.5pp
107
CI
Certara, Inc.		CERTVertical SaaS9.7%-2.7pp
108
CI
Cloudflare, Inc.		NETVertical SaaS9.7%-2.7pp
109
CI
Coursera, Inc.		COURVertical SaaS9.7%-2.8pp
110
AT
Alkami Technology, Inc.		ALKTFintech9.3%-3.1pp
111
FA
FIRST ADVANTAGE CORP		FAVertical SaaS9.2%-3.2pp
112
II
Intapp, Inc.		INTAVertical SaaS8.9%-3.5pp
113
WC
Weave Communications, Inc.		WEAVCommunications8.9%-3.6pp
114
ZG
Zeta Global Holdings Corp.		ZETAVertical SaaS8.6%-3.8pp
115
8I
8X8 INC /DE/		EGHTVertical SaaS8.3%-4.2pp
116
DT
DXC Technology Co		DXCVertical SaaS8.2%-4.3pp
117
SI
SYNOPSYS INC		SNPSVertical SaaS8.2%-4.3pp
118
TI
Twilio Inc.		TWLOCommunications8.1%-4.3pp
119
UI
UPWORK, INC		UPWKVertical SaaS7.8%-4.6pp
120
NI
N-able, Inc.		NABLVertical SaaS7.8%-4.6pp
121
AI
AvePoint, Inc.		AVPTVertical SaaS7.2%-5.3pp
122
SI
Shutterstock, Inc.		SSTKVertical SaaS7.1%-5.4pp
123
CA
Clearwater Analytics Holdings, Inc.		CWANData & Analytics6.7%-5.8pp
124
LI
Life360, Inc.		LIFVertical SaaS6.3%-6.2pp
125
SI
SailPoint, Inc.		SAILVertical SaaS6.0%-6.4pp
126
KI
Klaviyo, Inc.		KVYOVertical SaaS6.0%-6.5pp
127
CI
Confluent, Inc.		CFLTData & Analytics5.2%-7.2pp
128
GD
GRID DYNAMICS HOLDINGS, INC.		GDYNVertical SaaS5.0%-7.4pp
129
DH
DigitalOcean Holdings, Inc.		DOCNCloud Infrastructure4.9%-7.5pp
130
VI
Vertex, Inc.		VERXVertical SaaS4.8%-7.6pp
131
NI
Navan, Inc.		NAVNVertical SaaS4.7%-7.8pp
132
II
INTUIT INC.		INTUVertical SaaS4.0%-8.4pp
133
OI
OOMA INC		OOMAVertical SaaS3.4%-9.1pp
134
IL
IBEX Ltd		IBEXVertical SaaS3.4%-9.1pp
135
FI
Fastly, Inc.		FSLYVertical SaaS3.2%-9.3pp
136
AI
Asana, Inc.		ASANProject Management3.1%-9.4pp
137
NI
Netskope Inc		NTSKVertical SaaS2.1%-10.3pp
138
US
Unity Software Inc.		UVertical SaaS2.1%-10.3pp
139
TI
Toast, Inc.		TOSTVertical SaaS1.9%-10.5pp
140
MG
Momentive Global Inc.		MNTVData & Analytics1.6%-10.8pp
141
BI
Backblaze, Inc.		BLZEVertical SaaS1.3%-11.1pp
142
DG
DigitalBridge Group, Inc.		DBRGCloud Infrastructure0.0%-12.4pp
143
DI
Domo, Inc.		DOMOData & Analytics-0.6%-13.1pp
144
MI
Marqeta, Inc.		MQVertical SaaS-1.3%-13.7pp
145
BI
Bandwidth Inc.		BANDCommunications-1.4%-13.9pp
146
CS
CSG SYSTEMS INTERNATIONAL INC		CSGSVertical SaaS-1.9%-14.4pp
147
PG
Porch Group, Inc.		PRCHVertical SaaS-3.0%-15.4pp
148
TT
TAKE TWO INTERACTIVE SOFTWARE INC		TTWOVertical SaaS-4.2%-16.6pp
149
LH
LiveRamp Holdings, Inc.		RAMPVertical SaaS-4.4%-16.8pp
150
KI
KALTURA INC		KLTRVertical SaaS-5.7%-18.2pp
151
JH
Jamf Holding Corp.		JAMFIT Service Management-6.9%-19.4pp
152
AI
Amplitude, Inc.		AMPLData & Analytics-7.6%-20.1pp
153
VT
Via Transportation, Inc.		VIAVertical SaaS-7.8%-20.2pp
154
MN
Model N, Inc.		MODNFintech-10.5%-23.0pp
155
SG
Silvaco Group, Inc.		SVCOVertical SaaS-23.2%-35.6pp
156
GS
Guidewire Software, Inc.		GWREVertical SaaS-23.3%-35.7pp
157
3S
3D SYSTEMS CORP		DDDVertical SaaS-29.6%-42.0pp
158
CI
C3.ai, Inc.		AIVertical SaaS-29.7%-42.2pp
159
CD
CS Disco, Inc.		LAWVertical SaaS-29.8%-42.3pp
160
XI
Xperi Inc.		XPERVertical SaaS-31.6%-44.1pp
161
SI
Skillz Inc.		SKLZVertical SaaS-36.8%-49.3pp
162
PH
PowerSchool Holdings, Inc.		PWSCVertical SaaS-37.1%-49.6pp
163
BH
BigBear.ai Holdings, Inc.		BBAIVertical SaaS-38.2%-50.6pp
164
BH
BigBear.ai Holdings, Inc.		BBAI-WTVertical SaaS-38.2%-50.6pp
165
IH
Instructure Holdings, Inc.		INSTVertical SaaS-47.8%-60.3pp
166
AD
Applied Digital Corp.		APLDVertical SaaS-52.5%-64.9pp
167
WI
WEX Inc.		WEXFintech-58.3%-70.7pp
168
SA
SOUNDHOUND AI, INC.		SOUNVertical SaaS-58.7%-71.1pp
169
SA
SOUNDHOUND AI, INC.		SOUNWVertical SaaS-58.7%-71.1pp
170
GH
Gloo Holdings, Inc.		GLOOVertical SaaS-86.3%-98.8pp
171
VI
Veritone, Inc.		VERIVertical SaaS-95.6%-108.1pp
172
CI
CoreWeave, Inc.		CRWVVertical SaaS-128.6%-141.1pp

Related guides & definitions

FCF Margin: full definition →Cloud Storage — highest FCF margin sector →

Frequently Asked Questions

What is a good Free Cash Flow margin for a SaaS company?

A good FCF margin for a SaaS company is 15% or above, with best-in-class mature companies like Veeva and Palantir reaching 20–30%+. During hypergrowth phases, negative FCF margin is acceptable if the Rule of 40 score is positive. FCF margin above 20% is exceptional for companies still growing at double-digit rates.

How is Free Cash Flow margin calculated?

FCF Margin = (Operating Cash Flow − Capital Expenditures) / Revenue × 100. Operating cash flow is taken from the statement of cash flows. CapEx is typically minimal for pure-software companies but can be material for companies with significant data center infrastructure.

What does negative FCF margin mean for a SaaS company?

Negative FCF margin means the company is burning cash. This is acceptable during hypergrowth phases (50%+ revenue growth), where investors fund the burn in exchange for future market share. At slower growth rates, negative FCF becomes harder to justify and typically leads to multiple compression.

AH
Author

Ara Housepian

Founder & Lead SaaS Analyst, Araho Digital

Ara is the founder of Araho Digital and SaaSDB. He has spent over a decade in software development, SaaS operating metrics modeling, and investment data analysis. Ara holds a degree in Computer Science and focuses on building financial tooling and data pipelines that make institutional-grade SaaS benchmarking accessible to growth operators.

languageWebsite|mailContact|verifiedVerified Expert

format_quoteCite This Data

Data sourced from SEC EDGAR filings · Updated daily · As of 2026-04-25

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SaaSDB (2026). Free Cash Flow Margin Benchmarks — Public SaaS Companies. Retrieved 2026-06-05 from https://saasdb.app/benchmarks/fcf-margin/
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[Free Cash Flow Margin Benchmarks — Public SaaS Companies](https://saasdb.app/benchmarks/fcf-margin/)

What is Free Cash Flow Margin?

Free cash flow (FCF) margin is the percentage of revenue a company converts into free cash flow — operating cash flow minus capital expenditures. Unlike GAAP net income, FCF excludes non-cash charges and reflects the actual cash a company generates, making it the preferred profitability metric for SaaS investors evaluating long-term sustainability.

Formula: FCF Margin = (Operating Cash Flow − Capital Expenditures) / Revenue × 100

What good looks like: A FCF margin above 15% is considered strong for growth-stage SaaS companies. Mature SaaS businesses (Salesforce, ServiceNow) consistently generate 20–30%+ FCF margins. Negative FCF is expected during hypergrowth phases — investors typically accept this if revenue growth is high enough that the combined Rule of 40 score is positive.

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