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R&D Spend % of Revenue Benchmarks

Research & Development Investment — 142companies with R&D data

Median R&D %20.4%
Top Quartile (P75)28.2%
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About R&D Spend % of Revenue

Research and development (R&D) spend as a percentage of revenue measures product investment intensity. Software companies with large engineering requirements or complex infrastructure typically maintain higher R&D spend ratios to drive technical moats and future growth.

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R&D % of Revenue Data

#CompanyTickerSectorR&D % of Revenue
1
BI
Block, Inc.		SQVertical SaaS101.0%
2
FI
Figma, Inc.		FIGVertical SaaS92.8%
3
CI
C3.ai, Inc.		AIVertical SaaS81.1%
4
NI
Netskope Inc		NTSKVertical SaaS73.1%
5
HH
Hinge Health, Inc.		HNGEVertical SaaS61.0%
6
US
Unity Software Inc.		UVertical SaaS50.4%
7
SG
Silvaco Group, Inc.		SVCOVertical SaaS45.7%
8
OI
OOMA INC		OOMAVertical SaaS45.5%
9
DI
Datadog, Inc.		DDOGDevTools & Observability45.0%
10
SI
Snowflake Inc.		SNOWData & Analytics41.6%
11
VI
Veritone, Inc.		VERIVertical SaaS39.6%
12
AI
Asana, Inc.		ASANProject Management37.3%
13
RI
Reddit, Inc.		RDDTVertical SaaS37.0%
14
JL
JFrog Ltd		FROGVertical SaaS35.8%
15
CD
CS Disco, Inc.		LAWVertical SaaS35.8%
16
CD
CADENCE DESIGN SYSTEMS INC		CDNSVertical SaaS34.0%
17
CI
Cerence Inc.		CRNCVertical SaaS33.0%
18
EC
EGAIN Corp		EGANVertical SaaS33.0%
19
SI
SentinelOne, Inc.		SSecurity32.8%
20
SI
SYNOPSYS INC		SNPSVertical SaaS32.3%
21
RC
Roblox Corp		RBLXVertical SaaS32.1%
22
SI
ServiceTitan, Inc.		TTANVertical SaaS31.6%
23
BI
Backblaze, Inc.		BLZEVertical SaaS31.5%
24
NR
New Relic, Inc.		NEWRDevTools & Observability30.2%
25
MI
MongoDB, Inc.		MDBData & Analytics29.6%
26
DI
Duolingo, Inc.		DUOLVertical SaaS29.6%
27
CH
CrowdStrike Holdings, Inc.		CRWDVertical SaaS29.4%
28
MG
Momentive Global Inc.		MNTVData & Analytics29.4%
29
RI
Rubrik, Inc.		RBRKVertical SaaS29.1%
30
HI
HubSpot, Inc.		HUBSMarketing Tech29.0%
31
DI
Dropbox, Inc.		DBXCloud Storage29.0%
32
GI
GitLab Inc.		GTLBDevTools & Observability28.9%
33
AI
Amplitude, Inc.		AMPLData & Analytics28.8%
34
II
Intapp, Inc.		INTAVertical SaaS28.6%
35
XI
Xperi Inc.		XPERVertical SaaS28.3%
36
NI
Nutanix, Inc.		NTNXVertical SaaS28.2%
37
WI
Workday, Inc.		WDAYHR Tech28.2%
38
LI
Life360, Inc.		LIFVertical SaaS27.6%
39
AH
Alarm.com Holdings, Inc.		ALRMVertical SaaS27.2%
40
CA
Clearwater Analytics Holdings, Inc.		CWANData & Analytics26.7%
41
PT
Procore Technologies, Inc.		PCORVertical SaaS26.3%
42
FI
Fastly, Inc.		FSLYVertical SaaS26.1%
43
KI
KALTURA INC		KLTRVertical SaaS25.5%
44
EN
Elastic N.V.		ESTCDevTools & Observability25.4%
45
PI
PagerDuty, Inc.		PDVertical SaaS25.4%
46
BI
Box, Inc.		BOXCloud Storage25.0%
47
UI
UiPath, Inc.		PATHVertical SaaS24.7%
48
VS
Veeva Systems Inc.		VEEVVertical SaaS24.0%
49
WI
WORKIVA INC		WKVertical SaaS23.9%
50
CI
Cloudflare, Inc.		NETVertical SaaS23.8%
51
GS
Guidewire Software, Inc.		GWREVertical SaaS23.8%
52
KI
Klaviyo, Inc.		KVYOVertical SaaS23.7%
53
AC
Appian Corporation		APPNLow-Code / No-Code23.2%
54
UI
UPWORK, INC		UPWKVertical SaaS23.2%
55
ZI
Zuora, Inc.		ZUOFintech23.1%
56
DI
Dynatrace, Inc.		DTDevTools & Observability23.0%
57
AI
Autodesk, Inc.		ADSKVertical SaaS22.9%
58
BI
Braze, Inc.		BRZEMarketing Tech22.6%
59
TH
Tenable Holdings, Inc.		TENBVertical SaaS22.4%
60
RI
Rapid7, Inc.		RPDVertical SaaS22.3%
61
SI
ServiceNow, Inc.		NOWIT Service Management22.3%
62
OI
Okta, Inc.		OKTASecurity21.8%
63
SS
Sprout Social, Inc.		SPTMarketing Tech21.8%
64
VT
Via Transportation, Inc.		VIAVertical SaaS21.8%
65
JH
Jamf Holding Corp.		JAMFIT Service Management21.7%
66
SI
SailPoint, Inc.		SAILVertical SaaS21.6%
67
CI
Commerce.com, Inc.		CMRCVertical SaaS21.5%
68
NI
Navan, Inc.		NAVNVertical SaaS21.4%
69
NI
nCino, Inc.		NCNOVertical SaaS20.9%
70
BH
Bill.com Holdings, Inc.		BILLFintech20.6%
71
DI
DOCUSIGN, INC.		DOCUVertical SaaS20.4%
—
Median Benchmark
—All Sectors20.4%
72
FI
Freshworks Inc.		FRSHVertical SaaS20.2%
73
YI
Yext, Inc.		YEXTVertical SaaS20.2%
74
BS
BENTLEY SYSTEMS INC		BSYVertical SaaS20.2%
75
AI
AppFolio, Inc.		APPFVertical SaaS20.1%
76
TI
Twilio Inc.		TWLOCommunications20.0%
77
NI
N-able, Inc.		NABLVertical SaaS19.7%
78
TT
The Trade Desk, Inc.		TTDMarketing Tech19.6%
79
SI
Skillz Inc.		SKLZVertical SaaS19.5%
80
QH
Q2 Holdings, Inc.		QTWOVertical SaaS19.4%
81
MN
Model N, Inc.		MODNFintech19.2%
82
LH
LiveRamp Holdings, Inc.		RAMPVertical SaaS19.1%
83
PI
Pegasystems Inc.		PEGALow-Code / No-Code18.8%
84
DH
DigitalOcean Holdings, Inc.		DOCNCloud Infrastructure18.1%
85
TI
Trimble Inc.		TRMBVertical SaaS18.1%
86
VS
Verint Systems Inc.		VRNTSecurity18.0%
87
BI
Bandwidth Inc.		BANDCommunications17.7%
88
IH
Instructure Holdings, Inc.		INSTVertical SaaS17.6%
89
QI
QUALYS, INC.		QLYSVertical SaaS17.5%
90
ZC
Zoom Communications, Inc.		ZMCommunications17.5%
91
PI
PTC INC.		PTCVertical SaaS17.2%
92
3S
3D SYSTEMS CORP		DDDVertical SaaS16.7%
93
TC
TERADATA CORP /DE/		TDCVertical SaaS16.6%
94
OC
ORACLE CORP		ORCLVertical SaaS16.2%
95
BI
BLACKLINE, INC.		BLVertical SaaS15.9%
96
CI
Coursera, Inc.		COURVertical SaaS15.9%
97
PH
PowerSchool Holdings, Inc.		PWSCVertical SaaS15.7%
98
8I
8X8 INC /DE/		EGHTVertical SaaS15.5%
99
CI
CarGurus, Inc.		CARGVertical SaaS15.4%
100
GH
GoodRx Holdings, Inc.		GDRXVertical SaaS15.4%
101
ZT
ZoomInfo Technologies Inc.		ZISales Intelligence14.7%
102
SI
Salesforce, Inc.		CRMCRM & Sales14.5%
103
SI
Shopify Inc.		SHOPVertical SaaS14.3%
104
EI
EverCommerce Inc.		EVCMVertical SaaS13.7%
105
CS
CSG SYSTEMS INTERNATIONAL INC		CSGSVertical SaaS13.6%
106
FI
Five9, Inc.		FIVNCommunications13.5%
107
DH
Definitive Healthcare Corp.		DHVertical SaaS13.3%
108
MA
MANHATTAN ASSOCIATES INC		MANHVertical SaaS13.2%
109
PH
Paylocity Holding Corporation		PCTYHR Tech13.1%
110
PS
Paycom Software, Inc.		PAYCHR Tech13.1%
111
II
INTUIT INC.		INTUVertical SaaS13.0%
112
BH
BigBear.ai Holdings, Inc.		BBAI-WTVertical SaaS13.0%
113
BH
BigBear.ai Holdings, Inc.		BBAIVertical SaaS13.0%
114
RI
RingCentral, Inc.		RNGCommunications12.8%
115
BI
BLACKBAUD INC		BLKBVertical SaaS12.7%
116
AI
AvePoint, Inc.		AVPTVertical SaaS12.6%
117
PT
Palantir Technologies Inc.		PLTRData & Analytics12.2%
118
VI
Vertex, Inc.		VERXVertical SaaS11.4%
119
SI
Sprinklr, Inc.		CXMMarketing Tech11.0%
120
MC
Microsoft Corporation		MSFTCloud Infrastructure10.8%
121
ZG
Zeta Global Holdings Corp.		ZETAVertical SaaS10.1%
122
CI
Certara, Inc.		CERTVertical SaaS10.0%
123
SC
SPS Commerce, Inc.		SPSCVertical SaaS9.3%
124
SI
Shutterstock, Inc.		SSTKVertical SaaS8.5%
125
GD
Gen Digital Inc.		GENVRVertical SaaS8.3%
126
GD
Gen Digital Inc.		GENVertical SaaS8.3%
127
CS
Clear Secure, Inc.		YOUVertical SaaS8.2%
128
ST
SS&C Technologies Holdings Inc		SSNCVertical SaaS8.2%
129
NI
NERDWALLET, INC.		NRDSVertical SaaS8.1%
130
IE
Inspired Entertainment, Inc.		INSEVertical SaaS7.2%
131
FA
FIRST ADVANTAGE CORP		FAVertical SaaS6.7%
132
CI
CoreWeave, Inc.		CRWVVertical SaaS6.2%
133
GD
GRID DYNAMICS HOLDINGS, INC.		GDYNVertical SaaS6.1%
134
TI
Toast, Inc.		TOSTVertical SaaS6.1%
135
CI
CareCloud, Inc.		CCLDOVertical SaaS5.3%
136
CI
CareCloud, Inc.		CCLDVertical SaaS5.3%
137
AW
ACI WORLDWIDE, INC.		ACIWVertical SaaS4.6%
138
AD
AUTOMATIC DATA PROCESSING INC		ADPVertical SaaS4.6%
139
EG
Exzeo Group, Inc.		XZOVertical SaaS4.5%
140
CC
Consensus Cloud Solutions, Inc.		CCSIVertical SaaS2.1%
141
VA
Verisk Analytics, Inc.		VRSKData & Analytics1.3%
142
TT
TAKE TWO INTERACTIVE SOFTWARE INC		TTWOVertical SaaS1.0%

What is R&D Spend as % of Revenue?

Research and development spend as a percentage of revenue measures how much a company invests in product innovation relative to its revenue base. High R&D intensity is characteristic of early-stage and infrastructure SaaS companies building deep technical moats; lower ratios are typical of mature, go-to-market-driven businesses.

Formula:R&D Ratio = Annual Research & Development Expense / Trailing 12-Month Revenue × 100

Interpretation:Public SaaS companies typically spend 15–30% of revenue on R&D. DevTools, data infrastructure, and cybersecurity companies tend to run the highest ratios. Investors use R&D ratio trends alongside gross margin to assess whether investment intensity is generating defensible product differentiation over time.

Related benchmarks

Gross Margin benchmarks →SBC Ratio benchmarks →Operating Leverage 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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