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
33.3across 172 public SaaS companiescheck_circleScoring above 40
65companies above the efficiency thresholdprice_changeMedian EV/Revenue
5.4xenterprise value multiplepercentMedian Gross Margin
74.4%across all tracked companiescategoryHighest R40 Sector
IT Service Managementmedian 65.3 Rule of 40Sector Breakdown
| Sector | Companies | Median Rule of 40 | Median EV/Rev |
|---|---|---|---|
| IT Service Management | 2 | 65.3 | 11.3x |
| DevTools & Observability | 5 | 62.8 | 8.8x |
| Cloud Storage | 2 | 54.5 | 4.7x |
| Low-Code / No-Code | 2 | 48.2 | 5.1x |
| Data & Analytics | 9 | 47.1 | 10.8x |
| Marketing Tech | 6 | 46.6 | 3.9x |
| Security | 3 | 39.8 | 7.5x |
| Sales Intelligence | 1 | 38.0 | 3.6x |
| CRM & Sales | 1 | 37.7 | — |
| HR Tech | 4 | 37.2 | 5.8x |
| Vertical SaaS | 122 | 32.8 | 5.4x |
| Cloud Infrastructure | 3 | 31.1 | 12.6x |
| Communications | 6 | 28.8 | 2.9x |
| Fintech | 5 | 23.8 | 4.4x |
| Project Management | 1 | 16.2 | 3.1x |
Top 10 Companies by Rule of 40
#1
View full Rule of 40 rankings →Gloo Holdings, Inc.Vertical SaaS
429.7GLOO#2Applied Digital Corp.Vertical SaaS
312.2APLD#3CoreWeave, Inc.Vertical SaaS
177.3CRWV#4Reddit, Inc.Vertical SaaS
130.3RDDT#5Palantir Technologies Inc.Data & Analytics
126.9PLTR#6Exzeo Group, Inc.Vertical SaaS
112.3XZO#7Veeva Systems Inc.Vertical SaaS
107.7VEEV#8Hinge Health, Inc.Vertical SaaS
101.1HNGE#9Block, Inc.Vertical SaaS
99.5SQ#10FIRST ADVANTAGE CORPVertical SaaS
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