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Operating Leverage Benchmarks

Public SaaS Companies — 164 companies with operating leverage data

Median Leverage4.5x
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
3S
3D SYSTEMS CORP		DDDVertical SaaS20.00x
2
AI
Asana, Inc.		ASANProject Management20.00x
3
AI
Autodesk, Inc.		ADSKVertical SaaS20.00x
4
AD
AUTOMATIC DATA PROCESSING INC		ADPVertical SaaS20.00x
5
BI
Backblaze, Inc.		BLZEVertical SaaS20.00x
6
BH
BigBear.ai Holdings, Inc.		BBAI-WTVertical SaaS20.00x
7
BH
BigBear.ai Holdings, Inc.		BBAIVertical SaaS20.00x
8
BI
BLACKBAUD INC		BLKBVertical SaaS20.00x
9
BI
Block, Inc.		SQVertical SaaS20.00x
10
CI
Cars.com Inc.		CARSVertical SaaS20.00x
11
CI
Cerence Inc.		CRNCVertical SaaS20.00x
12
CI
Commerce.com, Inc.		CMRCVertical SaaS20.00x
13
CD
CS Disco, Inc.		LAWVertical SaaS20.00x
14
CS
CSG SYSTEMS INTERNATIONAL INC		CSGSVertical SaaS20.00x
15
DG
DigitalBridge Group, Inc.		DBRGCloud Infrastructure20.00x
16
DI
DOCUSIGN, INC.		DOCUVertical SaaS20.00x
17
DI
Domo, Inc.		DOMOData & Analytics20.00x
18
EC
EGAIN Corp		EGANVertical SaaS20.00x
19
FI
Fastly, Inc.		FSLYVertical SaaS20.00x
20
FI
Figma, Inc.		FIGVertical SaaS20.00x
21
GI
GitLab Inc.		GTLBDevTools & Observability20.00x
22
GH
Gloo Holdings, Inc.		GLOOVertical SaaS20.00x
23
GS
Guidewire Software, Inc.		GWREVertical SaaS20.00x
24
HH
Hinge Health, Inc.		HNGEVertical SaaS20.00x
25
II
INTUIT INC.		INTUVertical SaaS20.00x
26
JH
Jamf Holding Corp.		JAMFIT Service Management20.00x
27
JL
JFrog Ltd		FROGVertical SaaS20.00x
28
LH
LiveRamp Holdings, Inc.		RAMPVertical SaaS20.00x
29
MI
Marqeta, Inc.		MQVertical SaaS20.00x
30
MI
MongoDB, Inc.		MDBData & Analytics20.00x
31
NI
nCino, Inc.		NCNOVertical SaaS20.00x
32
NR
New Relic, Inc.		NEWRDevTools & Observability20.00x
33
OI
Okta, Inc.		OKTASecurity20.00x
34
OI
OOMA INC		OOMAVertical SaaS20.00x
35
PI
PagerDuty, Inc.		PDVertical SaaS20.00x
36
PH
Paylocity Holding Corporation		PCTYHR Tech20.00x
37
PT
Procore Technologies, Inc.		PCORVertical SaaS20.00x
38
RI
RingCentral, Inc.		RNGCommunications20.00x
39
RC
Roblox Corp		RBLXVertical SaaS20.00x
40
RI
Rubrik, Inc.		RBRKVertical SaaS20.00x
41
SI
SentinelOne, Inc.		SSecurity20.00x
42
SI
ServiceTitan, Inc.		TTANVertical SaaS20.00x
43
SG
Silvaco Group, Inc.		SVCOVertical SaaS20.00x
44
SI
Skillz Inc.		SKLZVertical SaaS20.00x
45
SI
Snowflake Inc.		SNOWData & Analytics20.00x
46
SI
Sprinklr, Inc.		CXMMarketing Tech20.00x
47
SS
Sprout Social, Inc.		SPTMarketing Tech20.00x
48
TT
TAKE TWO INTERACTIVE SOFTWARE INC		TTWOVertical SaaS20.00x
49
TH
Tenable Holdings, Inc.		TENBVertical SaaS20.00x
50
TI
Trimble Inc.		TRMBVertical SaaS20.00x
51
UI
UiPath, Inc.		PATHVertical SaaS20.00x
52
VI
Veritone, Inc.		VERIVertical SaaS20.00x
53
WI
WEX Inc.		WEXFintech20.00x
54
WI
Workday, Inc.		WDAYHR Tech20.00x
55
WI
WORKIVA INC		WKVertical SaaS20.00x
56
XI
Xperi Inc.		XPERVertical SaaS20.00x
57
YI
Yext, Inc.		YEXTVertical SaaS20.00x
58
ZC
Zoom Communications, Inc.		ZMCommunications20.00x
59
ZI
Zuora, Inc.		ZUOFintech20.00x
60
QH
Q2 Holdings, Inc.		QTWOVertical SaaS18.46x
61
SI
Salesforce, Inc.		CRMCRM & Sales17.81x
62
8I
8X8 INC /DE/		EGHTVertical SaaS16.07x
63
DI
Dynatrace, Inc.		DTDevTools & Observability15.51x
64
BH
Bill.com Holdings, Inc.		BILLFintech15.34x
65
VS
Veeva Systems Inc.		VEEVVertical SaaS15.27x
66
BI
Braze, Inc.		BRZEMarketing Tech15.17x
67
VT
Via Transportation, Inc.		VIAVertical SaaS14.12x
68
AT
Alkami Technology, Inc.		ALKTFintech12.97x
69
MC
Microsoft Corporation		MSFTCloud Infrastructure12.96x
70
BI
Box, Inc.		BOXCloud Storage11.11x
71
IL
IBEX Ltd		IBEXVertical SaaS9.60x
72
SI
SailPoint, Inc.		SAILVertical SaaS7.63x
73
EN
Elastic N.V.		ESTCDevTools & Observability7.34x
74
KI
Klaviyo, Inc.		KVYOVertical SaaS7.28x
75
NI
Navan, Inc.		NAVNVertical SaaS6.75x
76
PI
Paychex, Inc.		PAYXHR Tech6.68x
77
TI
Twilio Inc.		TWLOCommunications6.53x
78
RV
Red Violet, Inc.		RDVTVertical SaaS6.42x
79
AD
Applied Digital Corp.		APLDVertical SaaS5.97x
80
BI
BLACKLINE, INC.		BLVertical SaaS5.57x
81
HI
HubSpot, Inc.		HUBSMarketing Tech5.14x
82
CA
Clearwater Analytics Holdings, Inc.		CWANData & Analytics4.45x
—
Median Benchmark
—All Sectors4.45x
83
NI
Nutanix, Inc.		NTNXVertical SaaS4.43x
84
OC
ORACLE CORP		ORCLVertical SaaS3.41x
85
DI
Datadog, Inc.		DDOGDevTools & Observability2.12x
86
AI
Amplitude, Inc.		AMPLData & Analytics2.03x
87
RI
Rapid7, Inc.		RPDVertical SaaS1.88x
88
TI
Toast, Inc.		TOSTVertical SaaS1.28x
89
FI
Five9, Inc.		FIVNCommunications1.23x
90
CS
Clear Secure, Inc.		YOUVertical SaaS1.17x
91
NI
NERDWALLET, INC.		NRDSVertical SaaS0.86x
92
CI
CoreWeave, Inc.		CRWVVertical SaaS0.26x
93
AC
Appian Corporation		APPNLow-Code / No-Code-0.50x
94
GD
GRID DYNAMICS HOLDINGS, INC.		GDYNVertical SaaS-0.63x
95
ZG
Zeta Global Holdings Corp.		ZETAVertical SaaS-0.87x
96
MN
Model N, Inc.		MODNFintech-1.66x
97
CS
COMMVAULT SYSTEMS INC		CVLTVertical SaaS-2.12x
98
EI
EverCommerce Inc.		EVCMVertical SaaS-2.56x
99
DI
Dropbox, Inc.		DBXCloud Storage-4.02x
100
AI
AvePoint, Inc.		AVPTVertical SaaS-4.23x
101
IH
Instructure Holdings, Inc.		INSTVertical SaaS-4.86x
102
CH
CrowdStrike Holdings, Inc.		CRWDVertical SaaS-5.25x
103
FA
FIRST ADVANTAGE CORP		FAVertical SaaS-5.51x
104
TT
TYLER TECHNOLOGIES INC		TYLVertical SaaS-6.02x
105
AI
AppFolio, Inc.		APPFVertical SaaS-6.16x
106
CI
Cloudflare, Inc.		NETVertical SaaS-6.85x
107
ST
SS&C Technologies Holdings Inc		SSNCVertical SaaS-7.96x
108
PS
PROGRESS SOFTWARE CORP /MA		PRGSVertical SaaS-8.74x
109
PT
Palantir Technologies Inc.		PLTRData & Analytics-8.80x
110
BI
Bandwidth Inc.		BANDCommunications-9.33x
111
LI
LEGALZOOM.COM, INC.		LZVertical SaaS-9.38x
112
PH
PowerSchool Holdings, Inc.		PWSCVertical SaaS-9.82x
113
RI
Reddit, Inc.		RDDTVertical SaaS-10.04x
114
DI
Duolingo, Inc.		DUOLVertical SaaS-10.07x
115
PS
Paycom Software, Inc.		PAYCHR Tech-10.52x
116
CI
CCC Intelligent Solutions Holdings Inc.		CCCVertical SaaS-10.62x
117
SI
Shopify Inc.		SHOPVertical SaaS-11.19x
118
LI
Life360, Inc.		LIFVertical SaaS-11.22x
119
PG
Porch Group, Inc.		PRCHVertical SaaS-11.26x
120
SI
SYNOPSYS INC		SNPSVertical SaaS-11.98x
121
II
INNODATA INC		INODVertical SaaS-12.95x
122
AH
Alarm.com Holdings, Inc.		ALRMVertical SaaS-13.04x
123
VI
Vertex, Inc.		VERXVertical SaaS-13.46x
124
TI
TaskUs, Inc.		TASKVertical SaaS-13.52x
125
BS
BENTLEY SYSTEMS INC		BSYVertical SaaS-14.84x
126
EI
EVERTEC, Inc.		EVTCVertical SaaS-15.68x
127
CC
Consensus Cloud Solutions, Inc.		CCSIVertical SaaS-16.21x
128
FI
Freshworks Inc.		FRSHVertical SaaS-16.87x
129
IV
i3 Verticals, Inc.		IIIVVertical SaaS-17.07x
130
SI
ServiceNow, Inc.		NOWIT Service Management-17.85x
131
CI
Coursera, Inc.		COURVertical SaaS-18.93x
132
QI
QUALYS, INC.		QLYSVertical SaaS-19.34x
133
DH
DigitalOcean Holdings, Inc.		DOCNCloud Infrastructure-19.90x
134
AW
ACI WORLDWIDE, INC.		ACIWVertical SaaS-20.00x
135
AI
Adobe Inc.		ADBEMarketing Tech-20.00x
136
CI
C3.ai, Inc.		AIVertical SaaS-20.00x
137
CD
CADENCE DESIGN SYSTEMS INC		CDNSVertical SaaS-20.00x
138
CI
CareCloud, Inc.		CCLDVertical SaaS-20.00x
139
CI
CareCloud, Inc.		CCLDOVertical SaaS-20.00x
140
CI
CarGurus, Inc.		CARGVertical SaaS-20.00x
141
CI
Certara, Inc.		CERTVertical SaaS-20.00x
142
DH
Definitive Healthcare Corp.		DHVertical SaaS-20.00x
143
DT
DXC Technology Co		DXCVertical SaaS-20.00x
144
EA
ELECTRONIC ARTS INC.		EAVertical SaaS-20.00x
145
EG
Exzeo Group, Inc.		XZOVertical SaaS-20.00x
146
GD
Gen Digital Inc.		GENVertical SaaS-20.00x
147
GD
Gen Digital Inc.		GENVRVertical SaaS-20.00x
148
GH
GoodRx Holdings, Inc.		GDRXVertical SaaS-20.00x
149
II
Intapp, Inc.		INTAVertical SaaS-20.00x
150
KI
KALTURA INC		KLTRVertical SaaS-20.00x
151
MA
MANHATTAN ASSOCIATES INC		MANHVertical SaaS-20.00x
152
MG
Momentive Global Inc.		MNTVData & Analytics-20.00x
153
NI
Netskope Inc		NTSKVertical SaaS-20.00x
154
PI
Pegasystems Inc.		PEGALow-Code / No-Code-20.00x
155
PI
PTC INC.		PTCVertical SaaS-20.00x
156
SI
Shutterstock, Inc.		SSTKVertical SaaS-20.00x
157
SC
SPS Commerce, Inc.		SPSCVertical SaaS-20.00x
158
TC
TERADATA CORP /DE/		TDCVertical SaaS-20.00x
159
TT
The Trade Desk, Inc.		TTDMarketing Tech-20.00x
160
US
Unity Software Inc.		UVertical SaaS-20.00x
161
UI
UPWORK, INC		UPWKVertical SaaS-20.00x
162
VS
Verint Systems Inc.		VRNTSecurity-20.00x
163
VA
Verisk Analytics, Inc.		VRSKData & Analytics-20.00x
164
ZT
ZoomInfo Technologies Inc.		ZISales Intelligence-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 2026-08-10

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