Vertical SaaS
Vertical SaaS companies build software for specific industries — healthcare, legal, real estate, construction, restaurants — rather than horizontal workflows. Because they own the workflow of record in their niche, the best vertical SaaS businesses achieve NRR above 110% and gross margins above 70%. This database tracks 122 publicly traded vertical SaaS companies by EV/Revenue, Rule of 40, and gross margin.
What drives multiples in Vertical SaaS
Vertical SaaS multiples are driven by workflow ownership and payment attachment. The best vertical SaaS businesses control the system of record for their niche — be it practice management for dentists or fleet dispatching for trucking — which creates NRR above 115% through embedded fintech and adjacent module expansion. Companies that add payments, insurance, or lending on top of their vertical platform consistently trade at 10–15x EV/Revenue even at moderate growth rates.
Top performers in this sector
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Sector vs. all public SaaS
EV / Revenue3.3x vs 3.5x all-SaaS avg
Gross Margin73% vs 75% all-SaaS avg
Rule of 4031% vs 33% all-SaaS avg
Revenue Growth YoY23% vs 15% all-SaaS avg
At or above all-SaaS median
Below all-SaaS median
All-SaaS median
122 Companies
3S
3D SYSTEMS CORP
DDD
arrow_outward
Market Cap
$524.6M
EV / Rev
1.5x
Rule of 40
-44
Gross Margin
35%
8I
8X8 INC /DE/
EGHT
arrow_outward
Market Cap
$292.3M
EV / Rev
0.7x
Rule of 40
10
Gross Margin
66%
AW
ACI WORLDWIDE, INC.
ACIW
arrow_outward
Market Cap
$4.4B
EV / Rev
3.0x
Rule of 40
24
Gross Margin
47%
AH
Alarm.com Holdings, Inc.
ALRM
arrow_outward
Market Cap
$2.2B
EV / Rev
1.1x
Rule of 40
19
Gross Margin
66%
AI
AppFolio, Inc.
APPF
arrow_outward
Market Cap
$5.8B
EV / Rev
6.0x
Rule of 40
33
Gross Margin
86%
AD
Applied Digital Corp.
APLD
arrow_outward
Market Cap
$13.5B
EV / Rev
36.5x
Rule of 40
119
Gross Margin
1%
AI
Autodesk, Inc.
ADSK
arrow_outward
Market Cap
$48.8B
EV / Rev
6.9x
Rule of 40
54
Gross Margin
91%
AD
AUTOMATIC DATA PROCESSING INC
ADP
arrow_outward
Market Cap
$88.7B
EV / Rev
3.9x
Rule of 40
26
Gross Margin
6%
AI
AvePoint, Inc.
AVPT
arrow_outward
Market Cap
$2.3B
EV / Rev
4.8x
Rule of 40
35
Gross Margin
74%
BI
Backblaze, Inc.
BLZE
arrow_outward
Market Cap
$496.9M
EV / Rev
3.1x
Rule of 40
16
Gross Margin
61%
BS
BENTLEY SYSTEMS INC
BSY
arrow_outward
Market Cap
$9.5B
EV / Rev
7.1x
Rule of 40
64
Gross Margin
82%
BH
BigBear.ai Holdings, Inc.
BBAI
arrow_outward
Market Cap
$1.8B
EV / Rev
14.1x
Rule of 40
-53
Gross Margin
26%
BH
BigBear.ai Holdings, Inc.
BBAI-WT
arrow_outward
Market Cap
$301.8M
EV / Rev
2.9x
Rule of 40
-53
Gross Margin
26%
BI
BLACKBAUD INC
BLKB
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Market Cap
$1.4B
EV / Rev
2.2x
Rule of 40
9
Gross Margin
59%
BI
BLACKLINE, INC.
BL
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Market Cap
$1.7B
EV / Rev
1.2x
Rule of 40
30
Gross Margin
75%
BI
Block, Inc.
SQ
arrow_outward
Market Cap
$51.7B
EV / Rev
14.9x
Rule of 40
100
Gross Margin
324%
CI
C3.ai, Inc.
AI
arrow_outward
Market Cap
$1.5B
EV / Rev
4.6x
Rule of 40
-34
Gross Margin
42%
CD
CADENCE DESIGN SYSTEMS INC
CDNS
arrow_outward
Market Cap
$103.4B
EV / Rev
18.9x
Rule of 40
38
Gross Margin
99%
CI
CareCloud, Inc.
CCLD
arrow_outward
Market Cap
$99.9M
EV / Rev
0.8x
Rule of 40
16
Gross Margin
N/A
CI
CareCloud, Inc.
CCLDO
arrow_outward
Market Cap
$857.3M
EV / Rev
7.3x
Rule of 40
16
Gross Margin
N/A
CI
CarGurus, Inc.
CARG
arrow_outward
Market Cap
$2.9B
EV / Rev
2.7x
Rule of 40
42
Gross Margin
89%
CI
Cars.com Inc.
CARS
arrow_outward
Market Cap
$574.7M
EV / Rev
1.4x
Rule of 40
18
Gross Margin
87%
CI
CCC Intelligent Solutions Holdings Inc.
CCC
arrow_outward
Market Cap
$2.5B
EV / Rev
3.2x
Rule of 40
36
Gross Margin
73%
CI
Cerence Inc.
CRNC
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Market Cap
$581.1M
EV / Rev
2.7x
Rule of 40
8
Gross Margin
79%
CI
Certara, Inc.
CERT
arrow_outward
Market Cap
$905.4M
EV / Rev
2.4x
Rule of 40
19
Gross Margin
67%
CS
Clear Secure, Inc.
YOU
arrow_outward
Market Cap
$5.6B
EV / Rev
6.0x
Rule of 40
63
Gross Margin
N/A
CI
Cloudflare, Inc.
NET
arrow_outward
Market Cap
$85.5B
EV / Rev
38.9x
Rule of 40
41
Gross Margin
74%
CI
Commerce.com, Inc.
CMRC
arrow_outward
Market Cap
$258.3M
EV / Rev
1.1x
Rule of 40
14
Gross Margin
78%
CS
COMMVAULT SYSTEMS INC
CVLT
arrow_outward
Market Cap
$4.3B
EV / Rev
2.9x
Rule of 40
39
Gross Margin
81%
CC
Consensus Cloud Solutions, Inc.
CCSI
arrow_outward
Market Cap
$632.0M
EV / Rev
3.4x
Rule of 40
39
Gross Margin
80%
CI
CoreWeave, Inc.
CRWV
arrow_outward
Market Cap
$59.8B
EV / Rev
11.8x
Rule of 40
66
Gross Margin
71%
CI
Coursera, Inc.
COUR
arrow_outward
Market Cap
$912.5M
EV / Rev
0.3x
Rule of 40
19
Gross Margin
55%
CH
CrowdStrike Holdings, Inc.
CRWD
arrow_outward
Market Cap
$151.2B
EV / Rev
30.5x
Rule of 40
49
Gross Margin
75%
CD
CS Disco, Inc.
LAW
arrow_outward
Market Cap
$255.9M
EV / Rev
1.3x
Rule of 40
-21
Gross Margin
75%
CS
CSG SYSTEMS INTERNATIONAL INC
CSGS
arrow_outward
Market Cap
$2.3B
EV / Rev
2.2x
Rule of 40
-1
Gross Margin
49%
DH
Definitive Healthcare Corp.
DH
arrow_outward
Market Cap
$98.2M
EV / Rev
0.7x
Rule of 40
18
Gross Margin
75%
DI
DOCUSIGN, INC.
DOCU
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Market Cap
$9.3B
EV / Rev
2.7x
Rule of 40
41
Gross Margin
79%
DI
Duolingo, Inc.
DUOL
arrow_outward
Market Cap
$5.2B
EV / Rev
4.2x
Rule of 40
75
Gross Margin
72%
DT
DXC Technology Co
DXC
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Market Cap
$1.5B
EV / Rev
0.3x
Rule of 40
6
Gross Margin
N/A
EC
EGAIN Corp
EGAN
arrow_outward
Market Cap
$204.0M
EV / Rev
1.7x
Rule of 40
19
Gross Margin
73%
EA
ELECTRONIC ARTS INC.
EA
arrow_outward
Market Cap
$50.3B
EV / Rev
6.0x
Rule of 40
34
Gross Margin
79%
EI
EverCommerce Inc.
EVCM
arrow_outward
Market Cap
$2.0B
EV / Rev
4.1x
Rule of 40
18
Gross Margin
N/A
EI
EVERTEC, Inc.
EVTC
arrow_outward
Market Cap
$1.5B
EV / Rev
2.4x
Rule of 40
26
Gross Margin
100%
EG
Exzeo Group, Inc.
XZO
arrow_outward
Market Cap
$1.3B
EV / Rev
6.3x
Rule of 40
96
Gross Margin
55%
FI
Fastly, Inc.
FSLY
arrow_outward
Market Cap
$2.8B
EV / Rev
5.5x
Rule of 40
18
Gross Margin
57%
FI
Figma, Inc.
FIG
arrow_outward
Market Cap
$12.4B
EV / Rev
11.0x
Rule of 40
68
Gross Margin
82%
FA
FIRST ADVANTAGE CORP
FA
arrow_outward
Market Cap
$2.7B
EV / Rev
3.0x
Rule of 40
88
Gross Margin
N/A
FI
Freshworks Inc.
FRSH
arrow_outward
Market Cap
$2.7B
EV / Rev
2.4x
Rule of 40
37
Gross Margin
85%
GD
Gen Digital Inc.
GENVR
arrow_outward
Market Cap
$1.1B
EV / Rev
1.8x
Rule of 40
43
Gross Margin
79%
GD
Gen Digital Inc.
GEN
arrow_outward
Market Cap
$15.5B
EV / Rev
4.8x
Rule of 40
43
Gross Margin
79%
GH
Gloo Holdings, Inc.
GLOO
Fastest growtharrow_outward
Market Cap
$124.6M
EV / Rev
1.1x
Rule of 40
221
Gross Margin
N/A
GH
GoodRx Holdings, Inc.
GDRX
arrow_outward
Market Cap
$1.0B
EV / Rev
1.3x
Rule of 40
12
Gross Margin
N/A
GD
GRID DYNAMICS HOLDINGS, INC.
GDYN
arrow_outward
Market Cap
$602.1M
EV / Rev
0.7x
Rule of 40
22
Gross Margin
35%
GS
Guidewire Software, Inc.
GWRE
arrow_outward
Market Cap
$13.0B
EV / Rev
10.1x
Rule of 40
7
Gross Margin
63%
HH
Hinge Health, Inc.
HNGE
arrow_outward
Market Cap
$4.3B
EV / Rev
6.8x
Rule of 40
82
Gross Margin
80%
IV
i3 Verticals, Inc.
IIIV
arrow_outward
Market Cap
$486.5M
EV / Rev
1.8x
Rule of 40
42
Gross Margin
150%
IL
IBEX Ltd
IBEX
arrow_outward
Market Cap
$423.6M
EV / Rev
0.6x
Rule of 40
25
Gross Margin
N/A
II
INNODATA INC
INOD
arrow_outward
Market Cap
$3.4B
EV / Rev
12.6x
Rule of 40
76
Gross Margin
35%
IE
Inspired Entertainment, Inc.
INSE
arrow_outward
Market Cap
$205.4M
EV / Rev
1.7x
Rule of 40
17
Gross Margin
98%
IH
Instructure Holdings, Inc.
INST
arrow_outward
Market Cap
$3.5B
EV / Rev
5.9x
Rule of 40
-14
Gross Margin
65%
II
Intapp, Inc.
INTA
arrow_outward
Market Cap
$1.8B
EV / Rev
3.3x
Rule of 40
38
Gross Margin
75%
II
INTUIT INC.
INTU
Most efficientarrow_outward
Market Cap
$90.7B
EV / Rev
3.8x
Rule of 40
162
Gross Margin
99%
JL
JFrog Ltd
FROG
arrow_outward
Market Cap
$9.6B
EV / Rev
17.7x
Rule of 40
41
Gross Margin
77%
KI
KALTURA INC
KLTR
arrow_outward
Market Cap
$230.1M
EV / Rev
1.3x
Rule of 40
-5
Gross Margin
70%
KI
Klaviyo, Inc.
KVYO
arrow_outward
Market Cap
$4.7B
EV / Rev
3.1x
Rule of 40
38
Gross Margin
76%
LI
LEGALZOOM.COM, INC.
LZ
arrow_outward
Market Cap
$1.1B
EV / Rev
1.9x
Rule of 40
30
Gross Margin
65%
LI
Life360, Inc.
LIF
arrow_outward
Market Cap
$3.4B
EV / Rev
6.8x
Rule of 40
37
Gross Margin
78%
LH
LiveRamp Holdings, Inc.
RAMP
arrow_outward
Market Cap
$2.3B
EV / Rev
2.7x
Rule of 40
3
Gross Margin
71%
MA
MANHATTAN ASSOCIATES INC
MANH
arrow_outward
Market Cap
$8.9B
EV / Rev
7.9x
Rule of 40
29
Gross Margin
78%
MI
Marqeta, Inc.
MQ
arrow_outward
Market Cap
$1.7B
EV / Rev
1.3x
Rule of 40
21
Gross Margin
70%
NI
N-able, Inc.
NABL
arrow_outward
Market Cap
$697.0M
EV / Rev
1.8x
Rule of 40
18
Gross Margin
77%
NI
Navan, Inc.
NAVN
arrow_outward
Market Cap
$5.1B
EV / Rev
6.6x
Rule of 40
35
Gross Margin
71%
NI
nCino, Inc.
NCNO
arrow_outward
Market Cap
$1.8B
EV / Rev
2.7x
Rule of 40
48
Gross Margin
61%
NI
NERDWALLET, INC.
NRDS
arrow_outward
Market Cap
$626.1M
EV / Rev
0.7x
Rule of 40
33
Gross Margin
92%
NI
Netskope Inc
NTSK
arrow_outward
Market Cap
$4.9B
EV / Rev
6.2x
Rule of 40
34
Gross Margin
68%
NI
Nutanix, Inc.
NTNX
arrow_outward
Market Cap
$13.8B
EV / Rev
4.8x
Rule of 40
46
Gross Margin
87%
OI
OOMA INC
OOMA
arrow_outward
Market Cap
$484.9M
EV / Rev
4.5x
Rule of 40
13
Gross Margin
140%
OC
ORACLE CORP
ORCL
Largest in sectorarrow_outward
Market Cap
$649.4B
EV / Rev
10.3x
Rule of 40
42
Gross Margin
37%
PI
PagerDuty, Inc.
PD
arrow_outward
Market Cap
$905.7M
EV / Rev
2.0x
Rule of 40
30
Gross Margin
85%
PG
Porch Group, Inc.
PRCH
arrow_outward
Market Cap
$1.1B
EV / Rev
3.3x
Rule of 40
30
Gross Margin
77%
PH
PowerSchool Holdings, Inc.
PWSC
arrow_outward
Market Cap
$3.8B
EV / Rev
6.2x
Rule of 40
-21
Gross Margin
59%
PT
Procore Technologies, Inc.
PCOR
arrow_outward
Market Cap
$7.5B
EV / Rev
5.3x
Rule of 40
33
Gross Margin
80%
PS
PROGRESS SOFTWARE CORP /MA
PRGS
arrow_outward
Market Cap
$1.4B
EV / Rev
2.9x
Rule of 40
58
Gross Margin
81%
PI
PTC INC.
PTC
arrow_outward
Market Cap
$16.0B
EV / Rev
6.2x
Rule of 40
51
Gross Margin
84%
QH
Q2 Holdings, Inc.
QTWO
arrow_outward
Market Cap
$3.0B
EV / Rev
3.2x
Rule of 40
29
Gross Margin
55%
QI
QUALYS, INC.
QLYS
arrow_outward
Market Cap
$3.8B
EV / Rev
5.4x
Rule of 40
62
Gross Margin
83%
RI
Rapid7, Inc.
RPD
arrow_outward
Market Cap
$560.0M
EV / Rev
0.3x
Rule of 40
13
Gross Margin
70%
RV
Red Violet, Inc.
RDVT
arrow_outward
Market Cap
$802.0M
EV / Rev
8.3x
Rule of 40
42
Gross Margin
N/A
RI
Reddit, Inc.
RDDT
arrow_outward
Market Cap
$33.9B
EV / Rev
15.6x
Rule of 40
99
Gross Margin
91%
RC
Roblox Corp
RBLX
arrow_outward
Market Cap
$33.7B
EV / Rev
7.0x
Rule of 40
63
Gross Margin
92%
RI
Rubrik, Inc.
RBRK
arrow_outward
Market Cap
$12.9B
EV / Rev
9.7x
Rule of 40
68
Gross Margin
80%
SI
SailPoint, Inc.
SAIL
arrow_outward
Market Cap
$7.7B
EV / Rev
6.8x
Rule of 40
30
Gross Margin
64%
SH
SEMrush Holdings, Inc.
SEMR
arrow_outward
Market Cap
$1.8B
EV / Rev
3.5x
Rule of 40
31
Gross Margin
81%
SI
ServiceTitan, Inc.
TTAN
arrow_outward
Market Cap
$5.6B
EV / Rev
5.3x
Rule of 40
35
Gross Margin
70%
SI
Shopify Inc.
SHOP
arrow_outward
Market Cap
$154.0B
EV / Rev
13.8x
Rule of 40
40
Gross Margin
49%
SI
Shutterstock, Inc.
SSTK
arrow_outward
Market Cap
$547.0M
EV / Rev
0.6x
Rule of 40
11
Gross Margin
58%
SG
Silvaco Group, Inc.
SVCO
arrow_outward
Market Cap
$315.7M
EV / Rev
4.7x
Rule of 40
-18
Gross Margin
79%
SI
Skillz Inc.
SKLZ
Lowest multiplearrow_outward
Market Cap
$146.2M
EV / Rev
0.0x
Rule of 40
-25
Gross Margin
87%
SA
SOUNDHOUND AI, INC.
SOUN
arrow_outward
Market Cap
$3.6B
EV / Rev
20.4x
Rule of 40
41
Gross Margin
42%
SA
SOUNDHOUND AI, INC.
SOUNW
arrow_outward
Market Cap
$1.1B
EV / Rev
5.4x
Rule of 40
41
Gross Margin
42%
SC
SPS Commerce, Inc.
SPSC
arrow_outward
Market Cap
$2.1B
EV / Rev
2.5x
Rule of 40
35
Gross Margin
69%
ST
SS&C Technologies Holdings Inc
SSNC
arrow_outward
Market Cap
$16.3B
EV / Rev
2.7x
Rule of 40
22
Gross Margin
48%
SI
SYNOPSYS INC
SNPS
arrow_outward
Market Cap
$91.1B
EV / Rev
12.5x
Rule of 40
39
Gross Margin
76%
TT
TAKE TWO INTERACTIVE SOFTWARE INC
TTWO
arrow_outward
Market Cap
$41.6B
EV / Rev
6.6x
Rule of 40
8
Gross Margin
57%
TI
TaskUs, Inc.
TASK
arrow_outward
Market Cap
$571.1M
EV / Rev
0.5x
Rule of 40
31
Gross Margin
N/A
TH
Tenable Holdings, Inc.
TENB
arrow_outward
Market Cap
$3.1B
EV / Rev
2.8x
Rule of 40
37
Gross Margin
78%
TC
TERADATA CORP /DE/
TDC
arrow_outward
Market Cap
$3.2B
EV / Rev
1.9x
Rule of 40
27
Gross Margin
60%
TI
Toast, Inc.
TOST
arrow_outward
Market Cap
$15.1B
EV / Rev
2.3x
Rule of 40
26
Gross Margin
26%
TI
Trimble Inc.
TRMB
arrow_outward
Market Cap
$13.1B
EV / Rev
3.9x
Rule of 40
20
Gross Margin
68%
TT
TYLER TECHNOLOGIES INC
TYL
arrow_outward
Market Cap
$13.2B
EV / Rev
5.5x
Rule of 40
23
Gross Margin
47%
UI
UiPath, Inc.
PATH
arrow_outward
Market Cap
$5.5B
EV / Rev
2.9x
Rule of 40
35
Gross Margin
83%
US
Unity Software Inc.
U
arrow_outward
Market Cap
$13.3B
EV / Rev
6.3x
Rule of 40
4
Gross Margin
62%
UI
UPWORK, INC
UPWK
arrow_outward
Market Cap
$1.1B
EV / Rev
1.4x
Rule of 40
10
Gross Margin
78%
VS
VARONIS SYSTEMS INC
VRNS
arrow_outward
Market Cap
$3.3B
EV / Rev
11.6x
Rule of 40
75
Gross Margin
182%
VS
Veeva Systems Inc.
VEEV
arrow_outward
Market Cap
$25.9B
EV / Rev
7.7x
Rule of 40
61
Gross Margin
76%
VI
Veritone, Inc.
VERI
arrow_outward
Market Cap
$107.1M
EV / Rev
2.4x
Rule of 40
-137
Gross Margin
68%
VI
Vertex, Inc.
VERX
arrow_outward
Market Cap
$2.2B
EV / Rev
2.9x
Rule of 40
17
Gross Margin
64%
VT
Via Transportation, Inc.
VIA
arrow_outward
Market Cap
$1.2B
EV / Rev
2.6x
Rule of 40
16
Gross Margin
39%
WI
WORKIVA INC
WK
arrow_outward
Market Cap
$2.8B
EV / Rev
2.8x
Rule of 40
34
Gross Margin
78%
XI
Xperi Inc.
XPER
arrow_outward
Market Cap
$383.8M
EV / Rev
0.6x
Rule of 40
-41
Gross Margin
N/A
YI
Yext, Inc.
YEXT
arrow_outward
Market Cap
$426.8M
EV / Rev
0.8x
Rule of 40
18
Gross Margin
74%
ZG
Zeta Global Holdings Corp.
ZETA
arrow_outward
Market Cap
$5.7B
EV / Rev
4.3x
Rule of 40
39
Gross Margin
60%
Sector Insights
Below-average efficiency
The Vertical SaaS sector averages a Rule of 40 score of 31, below the 35-point threshold that distinguishes efficient SaaS businesses. Higher go-to-market intensity or infrastructure costs relative to growth are common drivers.
Applied Digital Corp. is the outlier
Applied Digital Corp. (APLD) posts a Rule of 40 of 119, more than 20 points above the sector average of 31. This efficiency standout pulls the sector mean higher.
Related Benchmarks