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Operating Leverage Benchmarks

Public SaaS Companies — 172 companies tracked

Median ScoreComing Soon

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Data availability note

Operating leverage requires multi-period operating income data to calculate the ratio of operating income growth to revenue growth. We are building the pipeline to compute this metric consistently across all reporting periods. Companies will appear here as data becomes available.

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Operating Leverage Data

Data pending

Company	Ticker	Sector	Operating Leverage
3S 3D SYSTEMS CORP	DDD	Vertical SaaS	N/A
8I 8X8 INC /DE/	EGHT	Vertical SaaS	N/A
AW ACI WORLDWIDE, INC.	ACIW	Vertical SaaS	N/A
AI Adobe Inc.	ADBE	Marketing Tech	N/A
AH Alarm.com Holdings, Inc.	ALRM	Vertical SaaS	N/A
AT Alkami Technology, Inc.	ALKT	Fintech	N/A
AI Amplitude, Inc.	AMPL	Data & Analytics	N/A
AI AppFolio, Inc.	APPF	Vertical SaaS	N/A
AC Appian Corporation	APPN	Low-Code / No-Code	N/A
AD Applied Digital Corp.	APLD	Vertical SaaS	N/A
AI Asana, Inc.	ASAN	Project Management	N/A
AI Autodesk, Inc.	ADSK	Vertical SaaS	N/A
AD AUTOMATIC DATA PROCESSING INC	ADP	Vertical SaaS	N/A
AI AvePoint, Inc.	AVPT	Vertical SaaS	N/A
BI Backblaze, Inc.	BLZE	Vertical SaaS	N/A
BI Bandwidth Inc.	BAND	Communications	N/A
BS BENTLEY SYSTEMS INC	BSY	Vertical SaaS	N/A
BH BigBear.ai Holdings, Inc.	BBAI	Vertical SaaS	N/A
BH BigBear.ai Holdings, Inc.	BBAI-WT	Vertical SaaS	N/A
BH Bill.com Holdings, Inc.	BILL	Fintech	N/A
BI BLACKBAUD INC	BLKB	Vertical SaaS	N/A
BI BLACKLINE, INC.	BL	Vertical SaaS	N/A
BI Block, Inc.	XYZ	Vertical SaaS	N/A
BI Box, Inc.	BOX	Cloud Storage	N/A
BI Braze, Inc.	BRZE	Marketing Tech	N/A
CI C3.ai, Inc.	AI	Vertical SaaS	N/A
CD CADENCE DESIGN SYSTEMS INC	CDNS	Vertical SaaS	N/A
CI CareCloud, Inc.	CCLD	Vertical SaaS	N/A
CI CareCloud, Inc.	CCLDO	Vertical SaaS	N/A
CI CarGurus, Inc.	CARG	Vertical SaaS	N/A
CI Cars.com Inc.	CARS	Vertical SaaS	N/A
CI CCC Intelligent Solutions Holdings Inc.	CCC	Vertical SaaS	N/A
CI Cerence Inc.	CRNC	Vertical SaaS	N/A
CI Certara, Inc.	CERT	Vertical SaaS	N/A
CS Clear Secure, Inc.	YOU	Vertical SaaS	N/A
CA Clearwater Analytics Holdings, Inc.	CWAN	Data & Analytics	N/A
CI Cloudflare, Inc.	NET	Vertical SaaS	N/A
CI Commerce.com, Inc.	CMRC	Vertical SaaS	N/A
CS COMMVAULT SYSTEMS INC	CVLT	Vertical SaaS	N/A
CI Confluent, Inc.	CFLT	Data & Analytics	N/A
CC Consensus Cloud Solutions, Inc.	CCSI	Vertical SaaS	N/A
CI CoreWeave, Inc.	CRWV	Vertical SaaS	N/A
CI Coursera, Inc.	COUR	Vertical SaaS	N/A
CH CrowdStrike Holdings, Inc.	CRWD	Vertical SaaS	N/A
CD CS Disco, Inc.	LAW	Vertical SaaS	N/A
CS CSG SYSTEMS INTERNATIONAL INC	CSGS	Vertical SaaS	N/A
DI Datadog, Inc.	DDOG	DevTools & Observability	N/A
DH Definitive Healthcare Corp.	DH	Vertical SaaS	N/A
DG DigitalBridge Group, Inc.	DBRG	Cloud Infrastructure	N/A
DH DigitalOcean Holdings, Inc.	DOCN	Cloud Infrastructure	N/A
DI DOCUSIGN, INC.	DOCU	Vertical SaaS	N/A
DI Domo, Inc.	DOMO	Data & Analytics	N/A
DI Dropbox, Inc.	DBX	Cloud Storage	N/A
DI Duolingo, Inc.	DUOL	Vertical SaaS	N/A
DT DXC Technology Co	DXC	Vertical SaaS	N/A
DI Dynatrace, Inc.	DT	DevTools & Observability	N/A
EC EGAIN Corp	EGAN	Vertical SaaS	N/A
EN Elastic N.V.	ESTC	DevTools & Observability	N/A
EA ELECTRONIC ARTS INC.	EA	Vertical SaaS	N/A
EI EverCommerce Inc.	EVCM	Vertical SaaS	N/A
EI EVERTEC, Inc.	EVTC	Vertical SaaS	N/A
EG Exzeo Group, Inc.	XZO	Vertical SaaS	N/A
FI Fastly, Inc.	FSLY	Vertical SaaS	N/A
FI Figma, Inc.	FIG	Vertical SaaS	N/A
FA FIRST ADVANTAGE CORP	FA	Vertical SaaS	N/A
FI Five9, Inc.	FIVN	Communications	N/A
FI Freshworks Inc.	FRSH	Vertical SaaS	N/A
GD Gen Digital Inc.	GENVR	Vertical SaaS	N/A
GD Gen Digital Inc.	GEN	Vertical SaaS	N/A
GI GitLab Inc.	GTLB	DevTools & Observability	N/A
GH Gloo Holdings, Inc.	GLOO	Vertical SaaS	N/A
GH GoodRx Holdings, Inc.	GDRX	Vertical SaaS	N/A
GD GRID DYNAMICS HOLDINGS, INC.	GDYN	Vertical SaaS	N/A
GS Guidewire Software, Inc.	GWRE	Vertical SaaS	N/A
HH Hinge Health, Inc.	HNGE	Vertical SaaS	N/A
HI HubSpot, Inc.	HUBS	Marketing Tech	N/A
IV i3 Verticals, Inc.	IIIV	Vertical SaaS	N/A
IL IBEX Ltd	IBEX	Vertical SaaS	N/A
II INNODATA INC	INOD	Vertical SaaS	N/A
IE Inspired Entertainment, Inc.	INSE	Vertical SaaS	N/A
IH Instructure Holdings, Inc.	INST	Vertical SaaS	N/A
II Intapp, Inc.	INTA	Vertical SaaS	N/A
II INTUIT INC.	INTU	Vertical SaaS	N/A
JH Jamf Holding Corp.	JAMF	IT Service Management	N/A
JL JFrog Ltd	FROG	Vertical SaaS	N/A
KI KALTURA INC	KLTR	Vertical SaaS	N/A
KI Klaviyo, Inc.	KVYO	Vertical SaaS	N/A
LI LEGALZOOM.COM, INC.	LZ	Vertical SaaS	N/A
LI Life360, Inc.	LIF	Vertical SaaS	N/A
LH LiveRamp Holdings, Inc.	RAMP	Vertical SaaS	N/A
MA MANHATTAN ASSOCIATES INC	MANH	Vertical SaaS	N/A
MI Marqeta, Inc.	MQ	Vertical SaaS	N/A
MC Microsoft Corporation	MSFT	Cloud Infrastructure	N/A
MN Model N, Inc.	MODN	Fintech	N/A
MG Momentive Global Inc.	MNTV	Data & Analytics	N/A
MI MongoDB, Inc.	MDB	Data & Analytics	N/A
NI N-able, Inc.	NABL	Vertical SaaS	N/A
NI Navan, Inc.	NAVN	Vertical SaaS	N/A
NI nCino, Inc.	NCNO	Vertical SaaS	N/A
NI NERDWALLET, INC.	NRDS	Vertical SaaS	N/A
NI Netskope Inc	NTSK	Vertical SaaS	N/A
NR New Relic, Inc.	NEWR	DevTools & Observability	N/A
NI Nutanix, Inc.	NTNX	Vertical SaaS	N/A
OI Okta, Inc.	OKTA	Security	N/A
OI OOMA INC	OOMA	Vertical SaaS	N/A
OC ORACLE CORP	ORCL	Vertical SaaS	N/A
PI PagerDuty, Inc.	PD	Vertical SaaS	N/A
PT Palantir Technologies Inc.	PLTR	Data & Analytics	N/A
PI Paychex, Inc.	PAYX	HR Tech	N/A
PS Paycom Software, Inc.	PAYC	HR Tech	N/A
PH Paylocity Holding Corporation	PCTY	HR Tech	N/A
PI Pegasystems Inc.	PEGA	Low-Code / No-Code	N/A
PG Porch Group, Inc.	PRCH	Vertical SaaS	N/A
PH PowerSchool Holdings, Inc.	PWSC	Vertical SaaS	N/A
PT Procore Technologies, Inc.	PCOR	Vertical SaaS	N/A
PS PROGRESS SOFTWARE CORP /MA	PRGS	Vertical SaaS	N/A
PI PTC INC.	PTC	Vertical SaaS	N/A
QH Q2 Holdings, Inc.	QTWO	Vertical SaaS	N/A
QI QUALYS, INC.	QLYS	Vertical SaaS	N/A
RI Rapid7, Inc.	RPD	Vertical SaaS	N/A
RV Red Violet, Inc.	RDVT	Vertical SaaS	N/A
RI Reddit, Inc.	RDDT	Vertical SaaS	N/A
RI RingCentral, Inc.	RNG	Communications	N/A
RC Roblox Corp	RBLX	Vertical SaaS	N/A
RI Rubrik, Inc.	RBRK	Vertical SaaS	N/A
SI SailPoint, Inc.	SAIL	Vertical SaaS	N/A
SI Salesforce, Inc.	CRM	CRM & Sales	N/A
SH SEMrush Holdings, Inc.	SEMR	Vertical SaaS	N/A
SI SentinelOne, Inc.	S	Security	N/A
SI ServiceNow, Inc.	NOW	IT Service Management	N/A
SI ServiceTitan, Inc.	TTAN	Vertical SaaS	N/A
SI Shopify Inc.	SHOP	Vertical SaaS	N/A
SI Shutterstock, Inc.	SSTK	Vertical SaaS	N/A
SG Silvaco Group, Inc.	SVCO	Vertical SaaS	N/A
SI Skillz Inc.	SKLZ	Vertical SaaS	N/A
SI Snowflake Inc.	SNOW	Data & Analytics	N/A
SA SOUNDHOUND AI, INC.	SOUN	Vertical SaaS	N/A
SA SOUNDHOUND AI, INC.	SOUNW	Vertical SaaS	N/A
SI Sprinklr, Inc.	CXM	Marketing Tech	N/A
SS Sprout Social, Inc.	SPT	Marketing Tech	N/A
SC SPS Commerce, Inc.	SPSC	Vertical SaaS	N/A
ST SS&C Technologies Holdings Inc	SSNC	Vertical SaaS	N/A
SI SYNOPSYS INC	SNPS	Vertical SaaS	N/A
TT TAKE TWO INTERACTIVE SOFTWARE INC	TTWO	Vertical SaaS	N/A
TI TaskUs, Inc.	TASK	Vertical SaaS	N/A
TH Tenable Holdings, Inc.	TENB	Vertical SaaS	N/A
TC TERADATA CORP /DE/	TDC	Vertical SaaS	N/A
TT The Trade Desk, Inc.	TTD	Marketing Tech	N/A
TI Toast, Inc.	TOST	Vertical SaaS	N/A
TI Trimble Inc.	TRMB	Vertical SaaS	N/A
TI Twilio Inc.	TWLO	Communications	N/A
TT TYLER TECHNOLOGIES INC	TYL	Vertical SaaS	N/A
UI UiPath, Inc.	PATH	Vertical SaaS	N/A
US Unity Software Inc.	U	Vertical SaaS	N/A
UI UPWORK, INC	UPWK	Vertical SaaS	N/A
VS VARONIS SYSTEMS INC	VRNS	Vertical SaaS	N/A
VS Veeva Systems Inc.	VEEV	Vertical SaaS	N/A
VS Verint Systems Inc.	VRNT	Security	N/A
VA Verisk Analytics, Inc.	VRSK	Data & Analytics	N/A
VI Veritone, Inc.	VERI	Vertical SaaS	N/A
VI Vertex, Inc.	VERX	Vertical SaaS	N/A
VT Via Transportation, Inc.	VIA	Vertical SaaS	N/A
WC Weave Communications, Inc.	WEAV	Communications	N/A
WI WEX Inc.	WEX	Fintech	N/A
WI Workday, Inc.	WDAY	HR Tech	N/A
WI WORKIVA INC	WK	Vertical SaaS	N/A
XI Xperi Inc.	XPER	Vertical SaaS	N/A
YI Yext, Inc.	YEXT	Vertical SaaS	N/A
ZG Zeta Global Holdings Corp.	ZETA	Vertical SaaS	N/A
ZC Zoom Communications, Inc.	ZM	Communications	N/A
ZT ZoomInfo Technologies Inc.	ZI	Sales Intelligence	N/A
ZI Zuora, Inc.	ZUO	Fintech	N/A

What is Operating Leverage?

Operating leverage in SaaS measures how efficiently a company converts incremental revenue into operating income improvement. High operating leverage means each additional dollar of revenue produces a disproportionately large improvement in operating margin — a defining characteristic of mature, scalable software businesses.

Formula: Operating Leverage = Change in Operating Income (%) / Change in Revenue (%)

Interpretation: A company with 2x operating leverage grows operating income at twice the rate of revenue. Investors use this to identify SaaS companies on a path to structurally higher margins as they scale, distinguishing between genuinely improving unit economics and growth funded by dilutive spending.

Related benchmarks

Rule of 40 — growth and profitability combined →FCF Margin benchmarks →Gross Margin benchmarks →