Annual ReportPublished April 2026
2026 State of Public SaaS Benchmarks
Rule of 40, EV/Revenue, Gross Margin, and sector breakdowns across 172 public SaaS companies. All data sourced from SEC EDGAR filings.
Key Findings
trending_upMedian Rule of 40
32.8across 172 public SaaS companiescheck_circleScoring above 40
54companies above the efficiency thresholdprice_changeMedian EV/Revenue
4.3xenterprise value multiplepercentMedian Gross Margin
74.6%across all tracked companiescategoryHighest R40 Sector
IT Service Managementmedian 59.4 Rule of 40Sector Breakdown
| Sector | Companies | Median Rule of 40 | Median EV/Rev |
|---|---|---|---|
| IT Service Management | 2 | 59.4 | 7.7x |
| DevTools & Observability | 5 | 52.2 | 6.4x |
| Cloud Storage | 2 | 52.0 | 3.4x |
| Low-Code / No-Code | 2 | 50.2 | 3.0x |
| CRM & Sales | 1 | 47.1 | — |
| HR Tech | 4 | 44.0 | 4.1x |
| Data & Analytics | 9 | 39.7 | 10.1x |
| Sales Intelligence | 1 | 37.7 | 3.6x |
| Marketing Tech | 6 | 37.2 | 3.5x |
| Security | 3 | 32.8 | 6.4x |
| Vertical SaaS | 122 | 30.5 | 5.0x |
| Fintech | 5 | 26.3 | 3.8x |
| Communications | 6 | 24.3 | 3.3x |
| Cloud Infrastructure | 3 | 22.4 | 23.9x |
| Project Management | 1 | 12.2 | — |
Top 10 Companies by Rule of 40
#1
View full Rule of 40 rankings →Gloo Holdings, Inc.Vertical SaaS
210.2GLOO#2INTUIT INC.Vertical SaaS
162.0INTU#3Applied Digital Corp.Vertical SaaS
118.6APLD#4Veeva Systems Inc.Vertical SaaS
105.9VEEV#5Block, Inc.Vertical SaaS
99.5SQ#6Reddit, Inc.Vertical SaaS
98.8RDDT#7Palantir Technologies Inc.Data & Analytics
96.1PLTR#8Exzeo Group, Inc.Vertical SaaS
95.7XZO#9FIRST ADVANTAGE CORPVertical SaaS
88.2FA#10Hinge Health, Inc.Vertical SaaS
82.0HNGEDownload the Full PDF Report
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