Homechevron_rightBenchmarkschevron_rightOperating Leverage

Operating Leverage Benchmarks

Public SaaS Companies — 158 companies with operating leverage data

Median Leverage0.1x
Top Quartile (P75)20.0x
info

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.

electric_bolt

Track SaaS efficiency metrics

BriefStock monitors earnings releases and SEC filings for all public SaaS companies, flagging changes in operating margin trajectory as they happen.

Try BriefStock Free

Advertisement

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.		BBAI-WTVertical SaaS20.00x
4
BH
BigBear.ai Holdings, Inc.		BBAIVertical SaaS20.00x
5
BI
Block, Inc.		SQVertical SaaS20.00x
6
CI
Cerence Inc.		CRNCVertical SaaS20.00x
7
CI
Commerce.com, Inc.		CMRCVertical SaaS20.00x
8
CC
Consensus Cloud Solutions, Inc.		CCSIVertical SaaS20.00x
9
CI
Coursera, Inc.		COURVertical SaaS20.00x
10
CD
CS Disco, Inc.		LAWVertical SaaS20.00x
11
CS
CSG SYSTEMS INTERNATIONAL INC		CSGSVertical SaaS20.00x
12
DI
DOCUSIGN, INC.		DOCUVertical SaaS20.00x
13
DI
Dropbox, Inc.		DBXCloud Storage20.00x
14
DI
Dynatrace, Inc.		DTDevTools & Observability20.00x
15
EC
EGAIN Corp		EGANVertical SaaS20.00x
16
FI
Figma, Inc.		FIGVertical SaaS20.00x
17
GI
GitLab Inc.		GTLBDevTools & Observability20.00x
18
GH
Gloo Holdings, Inc.		GLOOVertical SaaS20.00x
19
HH
Hinge Health, Inc.		HNGEVertical SaaS20.00x
20
JH
Jamf Holding Corp.		JAMFIT Service Management20.00x
21
JL
JFrog Ltd		FROGVertical SaaS20.00x
22
LH
LiveRamp Holdings, Inc.		RAMPVertical SaaS20.00x
23
NI
nCino, Inc.		NCNOVertical SaaS20.00x
24
NR
New Relic, Inc.		NEWRDevTools & Observability20.00x
25
OI
Okta, Inc.		OKTASecurity20.00x
26
OI
OOMA INC		OOMAVertical SaaS20.00x
27
PI
PagerDuty, Inc.		PDVertical SaaS20.00x
28
PT
Procore Technologies, Inc.		PCORVertical SaaS20.00x
29
RC
Roblox Corp		RBLXVertical SaaS20.00x
30
RI
Rubrik, Inc.		RBRKVertical SaaS20.00x
31
SI
Salesforce, Inc.		CRMCRM & Sales20.00x
32
SI
SentinelOne, Inc.		SSecurity20.00x
33
SI
ServiceTitan, Inc.		TTANVertical SaaS20.00x
34
SG
Silvaco Group, Inc.		SVCOVertical SaaS20.00x
35
SI
Skillz Inc.		SKLZVertical SaaS20.00x
36
SI
Snowflake Inc.		SNOWData & Analytics20.00x
37
TT
TAKE TWO INTERACTIVE SOFTWARE INC		TTWOVertical SaaS20.00x
38
TI
Trimble Inc.		TRMBVertical SaaS20.00x
39
UI
UiPath, Inc.		PATHVertical SaaS20.00x
40
VS
Veeva Systems Inc.		VEEVVertical SaaS20.00x
41
WI
Workday, Inc.		WDAYHR Tech20.00x
42
XI
Xperi Inc.		XPERVertical SaaS20.00x
43
YI
Yext, Inc.		YEXTVertical SaaS20.00x
44
ZC
Zoom Communications, Inc.		ZMCommunications20.00x
45
ZI
Zuora, Inc.		ZUOFintech20.00x
46
EN
Elastic N.V.		ESTCDevTools & Observability19.01x
47
MI
MongoDB, Inc.		MDBData & Analytics18.59x
48
SS
Sprout Social, Inc.		SPTMarketing Tech17.91x
49
SI
Sprinklr, Inc.		CXMMarketing Tech16.94x
50
MI
Marqeta, Inc.		MQVertical SaaS15.12x
51
VT
Via Transportation, Inc.		VIAVertical SaaS14.57x
52
AI
Amplitude, Inc.		AMPLData & Analytics14.41x
53
BI
Backblaze, Inc.		BLZEVertical SaaS12.95x
54
UI
UPWORK, INC		UPWKVertical SaaS11.49x
55
FI
Fastly, Inc.		FSLYVertical SaaS9.55x
56
WI
WORKIVA INC		WKVertical SaaS8.74x
57
BH
Bill.com Holdings, Inc.		BILLFintech8.68x
58
AI
Autodesk, Inc.		ADSKVertical SaaS8.25x
59
CI
Cloudflare, Inc.		NETVertical SaaS7.59x
60
PH
Paylocity Holding Corporation		PCTYHR Tech7.34x
61
GS
Guidewire Software, Inc.		GWREVertical SaaS6.73x
62
KI
Klaviyo, Inc.		KVYOVertical SaaS6.34x
63
NI
Navan, Inc.		NAVNVertical SaaS4.94x
64
BI
Braze, Inc.		BRZEMarketing Tech4.83x
65
CA
Clearwater Analytics Holdings, Inc.		CWANData & Analytics4.45x
66
NI
Nutanix, Inc.		NTNXVertical SaaS4.43x
67
QH
Q2 Holdings, Inc.		QTWOVertical SaaS3.86x
68
3S
3D SYSTEMS CORP		DDDVertical SaaS3.79x
69
TI
Twilio Inc.		TWLOCommunications3.77x
70
RV
Red Violet, Inc.		RDVTVertical SaaS3.64x
71
WI
WEX Inc.		WEXFintech3.46x
72
IV
i3 Verticals, Inc.		IIIVVertical SaaS2.90x
73
AC
Appian Corporation		APPNLow-Code / No-Code2.89x
74
RI
RingCentral, Inc.		RNGCommunications1.42x
75
IL
IBEX Ltd		IBEXVertical SaaS1.16x
76
DI
Datadog, Inc.		DDOGDevTools & Observability1.09x
77
TH
Tenable Holdings, Inc.		TENBVertical SaaS0.79x
78
CI
CoreWeave, Inc.		CRWVVertical SaaS0.32x
79
AD
AUTOMATIC DATA PROCESSING INC		ADPVertical SaaS0.12x
—
Median Benchmark
—All Sectors0.12x
80
BS
BENTLEY SYSTEMS INC		BSYVertical SaaS-0.37x
81
BI
BLACKBAUD INC		BLKBVertical SaaS-1.19x
82
MN
Model N, Inc.		MODNFintech-1.66x
83
PS
Paycom Software, Inc.		PAYCHR Tech-2.78x
84
TI
Toast, Inc.		TOSTVertical SaaS-3.07x
85
HI
HubSpot, Inc.		HUBSMarketing Tech-3.37x
86
NI
NERDWALLET, INC.		NRDSVertical SaaS-3.41x
87
FI
Five9, Inc.		FIVNCommunications-3.52x
88
II
Intapp, Inc.		INTAVertical SaaS-3.98x
89
ZT
ZoomInfo Technologies Inc.		ZISales Intelligence-4.46x
90
IH
Instructure Holdings, Inc.		INSTVertical SaaS-4.86x
91
BI
BLACKLINE, INC.		BLVertical SaaS-4.88x
92
TT
TYLER TECHNOLOGIES INC		TYLVertical SaaS-5.43x
93
GD
GRID DYNAMICS HOLDINGS, INC.		GDYNVertical SaaS-5.56x
94
PI
Paychex, Inc.		PAYXHR Tech-5.78x
95
BI
Box, Inc.		BOXCloud Storage-6.94x
96
NI
N-able, Inc.		NABLVertical SaaS-8.64x
97
VI
Vertex, Inc.		VERXVertical SaaS-8.77x
98
BI
Bandwidth Inc.		BANDCommunications-9.33x
99
AI
AvePoint, Inc.		AVPTVertical SaaS-9.37x
100
FA
FIRST ADVANTAGE CORP		FAVertical SaaS-9.53x
101
PH
PowerSchool Holdings, Inc.		PWSCVertical SaaS-9.82x
102
ZG
Zeta Global Holdings Corp.		ZETAVertical SaaS-9.82x
103
SI
ServiceNow, Inc.		NOWIT Service Management-11.56x
104
PG
Porch Group, Inc.		PRCHVertical SaaS-12.20x
105
AI
AppFolio, Inc.		APPFVertical SaaS-12.40x
106
DI
Duolingo, Inc.		DUOLVertical SaaS-12.71x
107
LI
LEGALZOOM.COM, INC.		LZVertical SaaS-12.80x
108
PS
PROGRESS SOFTWARE CORP /MA		PRGSVertical SaaS-12.89x
109
EI
EverCommerce Inc.		EVCMVertical SaaS-13.15x
110
SI
SYNOPSYS INC		SNPSVertical SaaS-13.38x
111
TI
TaskUs, Inc.		TASKVertical SaaS-13.75x
112
II
INNODATA INC		INODVertical SaaS-14.49x
113
LI
Life360, Inc.		LIFVertical SaaS-15.16x
114
CS
Clear Secure, Inc.		YOUVertical SaaS-15.64x
115
ST
SS&C Technologies Holdings Inc		SSNCVertical SaaS-15.73x
116
CH
CrowdStrike Holdings, Inc.		CRWDVertical SaaS-16.66x
117
AH
Alarm.com Holdings, Inc.		ALRMVertical SaaS-17.31x
118
CI
Certara, Inc.		CERTVertical SaaS-17.67x
119
AD
Applied Digital Corp.		APLDVertical SaaS-17.70x
120
OC
ORACLE CORP		ORCLVertical SaaS-17.91x
121
EI
EVERTEC, Inc.		EVTCVertical SaaS-18.44x
122
DH
DigitalOcean Holdings, Inc.		DOCNCloud Infrastructure-18.50x
123
MC
Microsoft Corporation		MSFTCloud Infrastructure-19.91x
124
AW
ACI WORLDWIDE, INC.		ACIWVertical SaaS-20.00x
125
AI
Adobe Inc.		ADBEMarketing Tech-20.00x
126
CI
C3.ai, Inc.		AIVertical SaaS-20.00x
127
CD
CADENCE DESIGN SYSTEMS INC		CDNSVertical SaaS-20.00x
128
CI
CareCloud, Inc.		CCLDOVertical SaaS-20.00x
129
CI
CareCloud, Inc.		CCLDVertical SaaS-20.00x
130
CI
CarGurus, Inc.		CARGVertical SaaS-20.00x
131
CI
Cars.com Inc.		CARSVertical SaaS-20.00x
132
DH
Definitive Healthcare Corp.		DHVertical SaaS-20.00x
133
DG
DigitalBridge Group, Inc.		DBRGCloud Infrastructure-20.00x
134
EG
Exzeo Group, Inc.		XZOVertical SaaS-20.00x
135
FI
Freshworks Inc.		FRSHVertical SaaS-20.00x
136
GD
Gen Digital Inc.		GENVRVertical SaaS-20.00x
137
GD
Gen Digital Inc.		GENVertical SaaS-20.00x
138
GH
GoodRx Holdings, Inc.		GDRXVertical SaaS-20.00x
139
KI
KALTURA INC		KLTRVertical SaaS-20.00x
140
MA
MANHATTAN ASSOCIATES INC		MANHVertical SaaS-20.00x
141
MG
Momentive Global Inc.		MNTVData & Analytics-20.00x
142
NI
Netskope Inc		NTSKVertical SaaS-20.00x
143
PT
Palantir Technologies Inc.		PLTRData & Analytics-20.00x
144
PI
Pegasystems Inc.		PEGALow-Code / No-Code-20.00x
145
PI
PTC INC.		PTCVertical SaaS-20.00x
146
QI
QUALYS, INC.		QLYSVertical SaaS-20.00x
147
RI
Rapid7, Inc.		RPDVertical SaaS-20.00x
148
RI
Reddit, Inc.		RDDTVertical SaaS-20.00x
149
SI
SailPoint, Inc.		SAILVertical SaaS-20.00x
150
SI
Shopify Inc.		SHOPVertical SaaS-20.00x
151
SI
Shutterstock, Inc.		SSTKVertical SaaS-20.00x
152
SC
SPS Commerce, Inc.		SPSCVertical SaaS-20.00x
153
TC
TERADATA CORP /DE/		TDCVertical SaaS-20.00x
154
TT
The Trade Desk, Inc.		TTDMarketing Tech-20.00x
155
US
Unity Software Inc.		UVertical SaaS-20.00x
156
VS
Verint Systems Inc.		VRNTSecurity-20.00x
157
VA
Verisk Analytics, Inc.		VRSKData & Analytics-20.00x
158
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 →
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

Plain text
SaaSDB (2026). Operating Leverage Benchmarks — Public SaaS Companies. Retrieved 2026-06-21 from https://saasdb.app/benchmarks/operating-leverage/
HTML
<a href="https://saasdb.app/benchmarks/operating-leverage/">Operating Leverage Benchmarks — Public SaaS Companies — SaaSDB</a>
Markdown
[Operating Leverage Benchmarks — Public SaaS Companies](https://saasdb.app/benchmarks/operating-leverage/)
mail
Free weekly

SaaS benchmarks digest

NRR trends, Rule of 40 movers & insider trades — every Monday.