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Operating Leverage Benchmarks

Public SaaS Companies — 162 companies with operating leverage data

Median Leverage1.2x
Top Quartile (P75)20.0x
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About Operating Leverage

Operating leverage measures the rate of change in operating income relative to the rate of change in revenue. It highlights how effectively a company converts growth into profitability, and is a key indicator of business scalability.

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Operating Leverage Data

#CompanyTickerSectorOperating Leverage
1
8I
8X8 INC /DE/		EGHTVertical SaaS20.00x
2
AI
Asana, Inc.		ASANProject Management20.00x
3
BH
BigBear.ai Holdings, Inc.		BBAIVertical SaaS20.00x
4
BH
BigBear.ai Holdings, Inc.		BBAI-WTVertical SaaS20.00x
5
BI
BLACKBAUD INC		BLKBVertical SaaS20.00x
6
BI
Block, Inc.		SQVertical SaaS20.00x
7
CI
Cerence Inc.		CRNCVertical SaaS20.00x
8
CI
Commerce.com, Inc.		CMRCVertical SaaS20.00x
9
CC
Consensus Cloud Solutions, Inc.		CCSIVertical SaaS20.00x
10
CI
Coursera, Inc.		COURVertical SaaS20.00x
11
CD
CS Disco, Inc.		LAWVertical SaaS20.00x
12
CS
CSG SYSTEMS INTERNATIONAL INC		CSGSVertical SaaS20.00x
13
DI
DOCUSIGN, INC.		DOCUVertical SaaS20.00x
14
DI
Domo, Inc.		DOMOData & Analytics20.00x
15
DI
Dropbox, Inc.		DBXCloud Storage20.00x
16
DI
Dynatrace, Inc.		DTDevTools & Observability20.00x
17
EC
EGAIN Corp		EGANVertical SaaS20.00x
18
FI
Figma, Inc.		FIGVertical SaaS20.00x
19
GI
GitLab Inc.		GTLBDevTools & Observability20.00x
20
GH
Gloo Holdings, Inc.		GLOOVertical SaaS20.00x
21
HH
Hinge Health, Inc.		HNGEVertical SaaS20.00x
22
JH
Jamf Holding Corp.		JAMFIT Service Management20.00x
23
JL
JFrog Ltd		FROGVertical SaaS20.00x
24
LH
LiveRamp Holdings, Inc.		RAMPVertical SaaS20.00x
25
NI
nCino, Inc.		NCNOVertical SaaS20.00x
26
NR
New Relic, Inc.		NEWRDevTools & Observability20.00x
27
OI
Okta, Inc.		OKTASecurity20.00x
28
OI
OOMA INC		OOMAVertical SaaS20.00x
29
PI
PagerDuty, Inc.		PDVertical SaaS20.00x
30
PT
Procore Technologies, Inc.		PCORVertical SaaS20.00x
31
RI
RingCentral, Inc.		RNGCommunications20.00x
32
RC
Roblox Corp		RBLXVertical SaaS20.00x
33
RI
Rubrik, Inc.		RBRKVertical SaaS20.00x
34
SI
Salesforce, Inc.		CRMCRM & Sales20.00x
35
SI
SentinelOne, Inc.		SSecurity20.00x
36
SI
ServiceTitan, Inc.		TTANVertical SaaS20.00x
37
SG
Silvaco Group, Inc.		SVCOVertical SaaS20.00x
38
SI
Skillz Inc.		SKLZVertical SaaS20.00x
39
SI
Snowflake Inc.		SNOWData & Analytics20.00x
40
TT
TAKE TWO INTERACTIVE SOFTWARE INC		TTWOVertical SaaS20.00x
41
TI
Trimble Inc.		TRMBVertical SaaS20.00x
42
UI
UiPath, Inc.		PATHVertical SaaS20.00x
43
VS
Veeva Systems Inc.		VEEVVertical SaaS20.00x
44
WI
WEX Inc.		WEXFintech20.00x
45
WI
Workday, Inc.		WDAYHR Tech20.00x
46
XI
Xperi Inc.		XPERVertical SaaS20.00x
47
YI
Yext, Inc.		YEXTVertical SaaS20.00x
48
ZC
Zoom Communications, Inc.		ZMCommunications20.00x
49
ZI
Zuora, Inc.		ZUOFintech20.00x
50
EN
Elastic N.V.		ESTCDevTools & Observability19.01x
51
MI
MongoDB, Inc.		MDBData & Analytics18.59x
52
QH
Q2 Holdings, Inc.		QTWOVertical SaaS18.46x
53
SS
Sprout Social, Inc.		SPTMarketing Tech17.91x
54
SI
Sprinklr, Inc.		CXMMarketing Tech16.94x
55
MI
Marqeta, Inc.		MQVertical SaaS15.12x
56
VT
Via Transportation, Inc.		VIAVertical SaaS14.57x
57
AI
Amplitude, Inc.		AMPLData & Analytics14.41x
58
AT
Alkami Technology, Inc.		ALKTFintech12.97x
59
MC
Microsoft Corporation		MSFTCloud Infrastructure12.96x
60
BI
Backblaze, Inc.		BLZEVertical SaaS12.95x
61
UI
UPWORK, INC		UPWKVertical SaaS11.49x
62
FI
Fastly, Inc.		FSLYVertical SaaS9.55x
63
WI
WORKIVA INC		WKVertical SaaS8.74x
64
BH
Bill.com Holdings, Inc.		BILLFintech8.68x
65
AI
Autodesk, Inc.		ADSKVertical SaaS8.25x
66
CI
Cloudflare, Inc.		NETVertical SaaS7.59x
67
PH
Paylocity Holding Corporation		PCTYHR Tech7.34x
68
GS
Guidewire Software, Inc.		GWREVertical SaaS6.73x
69
PI
Paychex, Inc.		PAYXHR Tech6.68x
70
KI
Klaviyo, Inc.		KVYOVertical SaaS6.34x
71
AD
Applied Digital Corp.		APLDVertical SaaS5.97x
72
NI
Navan, Inc.		NAVNVertical SaaS4.94x
73
BI
Braze, Inc.		BRZEMarketing Tech4.83x
74
CA
Clearwater Analytics Holdings, Inc.		CWANData & Analytics4.45x
75
NI
Nutanix, Inc.		NTNXVertical SaaS4.43x
76
3S
3D SYSTEMS CORP		DDDVertical SaaS3.79x
77
TI
Twilio Inc.		TWLOCommunications3.77x
78
RV
Red Violet, Inc.		RDVTVertical SaaS3.64x
79
IV
i3 Verticals, Inc.		IIIVVertical SaaS2.90x
80
AC
Appian Corporation		APPNLow-Code / No-Code2.89x
81
IL
IBEX Ltd		IBEXVertical SaaS1.16x
—
Median Benchmark
—All Sectors1.16x
82
DI
Datadog, Inc.		DDOGDevTools & Observability1.09x
83
TH
Tenable Holdings, Inc.		TENBVertical SaaS0.79x
84
CI
CoreWeave, Inc.		CRWVVertical SaaS0.32x
85
AD
AUTOMATIC DATA PROCESSING INC		ADPVertical SaaS0.12x
86
BS
BENTLEY SYSTEMS INC		BSYVertical SaaS-0.37x
87
GD
GRID DYNAMICS HOLDINGS, INC.		GDYNVertical SaaS-0.63x
88
MN
Model N, Inc.		MODNFintech-1.66x
89
PS
Paycom Software, Inc.		PAYCHR Tech-2.78x
90
TI
Toast, Inc.		TOSTVertical SaaS-3.07x
91
HI
HubSpot, Inc.		HUBSMarketing Tech-3.37x
92
NI
NERDWALLET, INC.		NRDSVertical SaaS-3.41x
93
FI
Five9, Inc.		FIVNCommunications-3.52x
94
II
Intapp, Inc.		INTAVertical SaaS-3.98x
95
ZT
ZoomInfo Technologies Inc.		ZISales Intelligence-4.46x
96
IH
Instructure Holdings, Inc.		INSTVertical SaaS-4.86x
97
BI
BLACKLINE, INC.		BLVertical SaaS-4.88x
98
TT
TYLER TECHNOLOGIES INC		TYLVertical SaaS-6.02x
99
AI
AppFolio, Inc.		APPFVertical SaaS-6.16x
100
OC
ORACLE CORP		ORCLVertical SaaS-6.77x
101
BI
Box, Inc.		BOXCloud Storage-6.94x
102
ST
SS&C Technologies Holdings Inc		SSNCVertical SaaS-7.96x
103
NI
N-able, Inc.		NABLVertical SaaS-8.64x
104
PS
PROGRESS SOFTWARE CORP /MA		PRGSVertical SaaS-8.74x
105
VI
Vertex, Inc.		VERXVertical SaaS-8.77x
106
BI
Bandwidth Inc.		BANDCommunications-9.33x
107
AI
AvePoint, Inc.		AVPTVertical SaaS-9.37x
108
FA
FIRST ADVANTAGE CORP		FAVertical SaaS-9.53x
109
PH
PowerSchool Holdings, Inc.		PWSCVertical SaaS-9.82x
110
ZG
Zeta Global Holdings Corp.		ZETAVertical SaaS-9.82x
111
RI
Reddit, Inc.		RDDTVertical SaaS-10.04x
112
CI
CCC Intelligent Solutions Holdings Inc.		CCCVertical SaaS-10.62x
113
PG
Porch Group, Inc.		PRCHVertical SaaS-11.26x
114
DI
Duolingo, Inc.		DUOLVertical SaaS-12.71x
115
LI
LEGALZOOM.COM, INC.		LZVertical SaaS-12.80x
116
EI
EverCommerce Inc.		EVCMVertical SaaS-13.15x
117
SI
SYNOPSYS INC		SNPSVertical SaaS-13.38x
118
TI
TaskUs, Inc.		TASKVertical SaaS-13.75x
119
II
INNODATA INC		INODVertical SaaS-14.49x
120
LI
Life360, Inc.		LIFVertical SaaS-15.16x
121
CS
Clear Secure, Inc.		YOUVertical SaaS-15.64x
122
CH
CrowdStrike Holdings, Inc.		CRWDVertical SaaS-16.66x
123
AH
Alarm.com Holdings, Inc.		ALRMVertical SaaS-17.31x
124
CI
Certara, Inc.		CERTVertical SaaS-17.67x
125
SI
ServiceNow, Inc.		NOWIT Service Management-17.85x
126
EI
EVERTEC, Inc.		EVTCVertical SaaS-18.44x
127
DH
DigitalOcean Holdings, Inc.		DOCNCloud Infrastructure-18.50x
128
AW
ACI WORLDWIDE, INC.		ACIWVertical SaaS-20.00x
129
AI
Adobe Inc.		ADBEMarketing Tech-20.00x
130
CI
C3.ai, Inc.		AIVertical SaaS-20.00x
131
CD
CADENCE DESIGN SYSTEMS INC		CDNSVertical SaaS-20.00x
132
CI
CareCloud, Inc.		CCLDVertical SaaS-20.00x
133
CI
CareCloud, Inc.		CCLDOVertical SaaS-20.00x
134
CI
CarGurus, Inc.		CARGVertical SaaS-20.00x
135
CI
Cars.com Inc.		CARSVertical SaaS-20.00x
136
DH
Definitive Healthcare Corp.		DHVertical SaaS-20.00x
137
DG
DigitalBridge Group, Inc.		DBRGCloud Infrastructure-20.00x
138
DT
DXC Technology Co		DXCVertical SaaS-20.00x
139
EG
Exzeo Group, Inc.		XZOVertical SaaS-20.00x
140
FI
Freshworks Inc.		FRSHVertical SaaS-20.00x
141
GD
Gen Digital Inc.		GENVertical SaaS-20.00x
142
GD
Gen Digital Inc.		GENVRVertical SaaS-20.00x
143
GH
GoodRx Holdings, Inc.		GDRXVertical SaaS-20.00x
144
KI
KALTURA INC		KLTRVertical SaaS-20.00x
145
MA
MANHATTAN ASSOCIATES INC		MANHVertical SaaS-20.00x
146
MG
Momentive Global Inc.		MNTVData & Analytics-20.00x
147
NI
Netskope Inc		NTSKVertical SaaS-20.00x
148
PT
Palantir Technologies Inc.		PLTRData & Analytics-20.00x
149
PI
Pegasystems Inc.		PEGALow-Code / No-Code-20.00x
150
PI
PTC INC.		PTCVertical SaaS-20.00x
151
QI
QUALYS, INC.		QLYSVertical SaaS-20.00x
152
RI
Rapid7, Inc.		RPDVertical SaaS-20.00x
153
SI
SailPoint, Inc.		SAILVertical SaaS-20.00x
154
SI
Shopify Inc.		SHOPVertical SaaS-20.00x
155
SI
Shutterstock, Inc.		SSTKVertical SaaS-20.00x
156
SC
SPS Commerce, Inc.		SPSCVertical SaaS-20.00x
157
TC
TERADATA CORP /DE/		TDCVertical SaaS-20.00x
158
TT
The Trade Desk, Inc.		TTDMarketing Tech-20.00x
159
US
Unity Software Inc.		UVertical SaaS-20.00x
160
VS
Verint Systems Inc.		VRNTSecurity-20.00x
161
VA
Verisk Analytics, Inc.		VRSKData & Analytics-20.00x
162
VI
Veritone, Inc.		VERIVertical SaaS-20.00x

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 →
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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.

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format_quoteCite This Data

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

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