Annual ReportPublished April 2026
2026 State of Public SaaS Benchmarks
Rule of 40, EV/Revenue, Gross Margin, and sector breakdowns across 57 public SaaS companies. All data sourced from SEC EDGAR filings.
Key Findings
trending_upMedian Rule of 40
37.0across 57 public SaaS companiescheck_circleScoring above 40
24companies above the efficiency thresholdprice_changeMedian EV/Revenue
4.1xenterprise value multiplepercentMedian Gross Margin
74.4%across all tracked companiescategoryHighest R40 Sector
IT Service Managementmedian 55.3 Rule of 40Sector Breakdown
| Sector | Companies | Median Rule of 40 | Median EV/Rev |
|---|---|---|---|
| IT Service Management | 2 | 55.3 | 7.6x |
| Low-Code / No-Code | 2 | 44.7 | 4.1x |
| DevTools & Observability | 5 | 44.3 | 6.1x |
| CRM & Sales | 1 | 44.3 | 4.4x |
| HR Tech | 4 | 42.2 | 3.7x |
| Marketing Tech | 6 | 41.8 | 3.6x |
| Vertical SaaS | 10 | 41.4 | 6.2x |
| Cloud Infrastructure | 3 | 40.4 | 11.3x |
| Sales Intelligence | 1 | 39.0 | 3.6x |
| Cloud Storage | 2 | 37.8 | 3.0x |
| Security | 3 | 29.5 | 4.1x |
| Communications | 5 | 28.1 | 2.0x |
| Data & Analytics | 7 | 26.3 | 8.3x |
| Fintech | 5 | 23.1 | 4.1x |
| Project Management | 1 | 20.2 | 1.6x |
Top 10 Companies by Rule of 40
#1
View full Rule of 40 rankings →DigitalBridge Group, Inc.Cloud Infrastructure
190.1DBRG#2Palantir Technologies Inc.Data & Analytics
103.1PLTR#3Duolingo, Inc.Vertical SaaS
74.3DUOL#4Veeva Systems Inc.Vertical SaaS
60.5VEEV#5Datadog, Inc.DevTools & Observability
56.9DDOG#6ServiceNow, Inc.IT Service Management
55.3NOW#7Snowflake Inc.Data & Analytics
53.1SNOW#8Adobe Inc.Marketing Tech
52.0ADBE#9GitLab Inc.DevTools & Observability
49.0GTLB#10Shopify Inc.Vertical SaaS
47.5SHOPDownload the Full PDF Report
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