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
Sector vs. all public SaaS
EV / Revenue5.0x vs 4.7x all-SaaS avg
Gross Margin73% vs 74% all-SaaS avg
Rule of 4038% vs 34% all-SaaS avg
Revenue Growth YoY29% vs 17% all-SaaS avg
At or above all-SaaS median
Below all-SaaS median
All-SaaS median
122 Companies
3S
3D SYSTEMS CORP
DDD
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
-44
Gross Margin
36%
8I
8X8 INC /DE/
EGHT
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
13
Gross Margin
64%
AW
ACI WORLDWIDE, INC.
ACIW
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Market Cap
$5.3B
EV / Rev
3.5x
Rule of 40
26
Gross Margin
46%
AH
Alarm.com Holdings, Inc.
ALRM
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
22
Gross Margin
66%
AI
AppFolio, Inc.
APPF
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Market Cap
$7.4B
EV / Rev
7.3x
Rule of 40
41
Gross Margin
87%
AD
Applied Digital Corp.
APLD
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
119
Gross Margin
1%
AI
Autodesk, Inc.
ADSK
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Market Cap
$44.8B
EV / Rev
6.0x
Rule of 40
59
Gross Margin
91%
AD
AUTOMATIC DATA PROCESSING INC
ADP
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Market Cap
$107.2B
EV / Rev
4.7x
Rule of 40
19
Gross Margin
6%
AI
AvePoint, Inc.
AVPT
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Market Cap
$2.7B
EV / Rev
5.3x
Rule of 40
44
Gross Margin
74%
BI
Backblaze, Inc.
BLZE
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Market Cap
$744.2M
EV / Rev
4.5x
Rule of 40
23
Gross Margin
62%
BS
BENTLEY SYSTEMS INC
BSY
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Market Cap
$9.1B
EV / Rev
6.6x
Rule of 40
66
Gross Margin
82%
BH
BigBear.ai Holdings, Inc.
BBAI-WT
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Market Cap
$591.7M
EV / Rev
5.0x
Rule of 40
-51
Gross Margin
29%
BH
BigBear.ai Holdings, Inc.
BBAI
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Market Cap
$1.4B
EV / Rev
10.7x
Rule of 40
-51
Gross Margin
29%
BI
BLACKBAUD INC
BLKB
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Market Cap
$2.1B
EV / Rev
2.7x
Rule of 40
10
Gross Margin
60%
BI
BLACKLINE, INC.
BL
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
32
Gross Margin
76%
BI
Block, Inc.
SQ
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Market Cap
$51.7B
EV / Rev
14.9x
Rule of 40
100
Gross Margin
352%
CI
C3.ai, Inc.
AI
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
-48
Gross Margin
33%
CD
CADENCE DESIGN SYSTEMS INC
CDNS
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
38
Gross Margin
99%
CI
CareCloud, Inc.
CCLD
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Market Cap
$87.1M
EV / Rev
0.7x
Rule of 40
19
Gross Margin
N/A
CI
CareCloud, Inc.
CCLDO
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Market Cap
$857.3M
EV / Rev
7.0x
Rule of 40
19
Gross Margin
N/A
CI
CarGurus, Inc.
CARG
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Market Cap
$3.3B
EV / Rev
3.1x
Rule of 40
44
Gross Margin
91%
CI
Cars.com Inc.
CARS
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Market Cap
$649.0M
EV / Rev
1.5x
Rule of 40
18
Gross Margin
87%
CI
CCC Intelligent Solutions Holdings Inc.
CCC
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
25
Gross Margin
73%
CI
Cerence Inc.
CRNC
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
6
Gross Margin
79%
CI
Certara, Inc.
CERT
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Market Cap
$1.2B
EV / Rev
3.1x
Rule of 40
16
Gross Margin
66%
CS
Clear Secure, Inc.
YOU
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Market Cap
$4.2B
EV / Rev
4.3x
Rule of 40
69
Gross Margin
N/A
CI
Cloudflare, Inc.
NET
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Market Cap
$108.8B
EV / Rev
45.1x
Rule of 40
53
Gross Margin
73%
CI
Commerce.com, Inc.
CMRC
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Market Cap
$289.2M
EV / Rev
1.2x
Rule of 40
16
Gross Margin
77%
CS
COMMVAULT SYSTEMS INC
CVLT
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Market Cap
$5.4B
EV / Rev
4.3x
Rule of 40
33
Gross Margin
81%
CC
Consensus Cloud Solutions, Inc.
CCSI
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Market Cap
$675.8M
EV / Rev
3.5x
Rule of 40
40
Gross Margin
80%
CI
CoreWeave, Inc.
CRWV
Most efficientarrow_outward
Market Cap
$48.6B
EV / Rev
7.6x
Rule of 40
177
Gross Margin
69%
CI
Coursera, Inc.
COUR
Lowest multiplearrow_outward
Market Cap
$958.5M
EV / Rev
0.3x
Rule of 40
34
Gross Margin
56%
CH
CrowdStrike Holdings, Inc.
CRWD
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Market Cap
$210.5B
EV / Rev
39.3x
Rule of 40
59
Gross Margin
75%
CD
CS Disco, Inc.
LAW
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
-15
Gross Margin
75%
CS
CSG SYSTEMS INTERNATIONAL INC
CSGS
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Market Cap
$2.3B
EV / Rev
2.2x
Rule of 40
-1
Gross Margin
49%
DH
Definitive Healthcare Corp.
DH
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Market Cap
$110.8M
EV / Rev
0.7x
Rule of 40
16
Gross Margin
75%
DI
DOCUSIGN, INC.
DOCU
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Market Cap
$12.5B
EV / Rev
3.6x
Rule of 40
41
Gross Margin
79%
DI
Duolingo, Inc.
DUOL
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Market Cap
$6.7B
EV / Rev
5.3x
Rule of 40
82
Gross Margin
73%
DT
DXC Technology Co
DXC
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Market Cap
$1.8B
EV / Rev
0.3x
Rule of 40
3
Gross Margin
N/A
EC
EGAIN Corp
EGAN
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
24
Gross Margin
73%
EA
ELECTRONIC ARTS INC.
EA
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Market Cap
$52.9B
EV / Rev
6.4x
Rule of 40
3
Gross Margin
80%
EI
EverCommerce Inc.
EVCM
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Market Cap
$1.1B
EV / Rev
2.5x
Rule of 40
19
Gross Margin
N/A
EI
EVERTEC, Inc.
EVTC
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
30
Gross Margin
100%
EG
Exzeo Group, Inc.
XZO
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Market Cap
$1.5B
EV / Rev
6.2x
Rule of 40
112
Gross Margin
61%
FI
Fastly, Inc.
FSLY
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Market Cap
$3.6B
EV / Rev
6.4x
Rule of 40
25
Gross Margin
60%
FI
Figma, Inc.
FIG
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Market Cap
$11.3B
EV / Rev
8.8x
Rule of 40
84
Gross Margin
80%
FA
FIRST ADVANTAGE CORP
FA
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Market Cap
$3.6B
EV / Rev
3.4x
Rule of 40
99
Gross Margin
N/A
FI
Freshworks Inc.
FRSH
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Market Cap
$3.3B
EV / Rev
3.0x
Rule of 40
42
Gross Margin
85%
GD
Gen Digital Inc.
GEN
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Market Cap
$18.1B
EV / Rev
5.0x
Rule of 40
55
Gross Margin
78%
GD
Gen Digital Inc.
GENVR
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Market Cap
$28.9B
EV / Rev
7.2x
Rule of 40
55
Gross Margin
78%
GH
Gloo Holdings, Inc.
GLOO
Fastest growtharrow_outward
Market Cap
N/A
EV / Rev
N/A
Rule of 40
430
Gross Margin
N/A
GH
GoodRx Holdings, Inc.
GDRX
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
12
Gross Margin
N/A
GD
GRID DYNAMICS HOLDINGS, INC.
GDYN
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
24
Gross Margin
35%
GS
Guidewire Software, Inc.
GWRE
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Market Cap
$11.7B
EV / Rev
8.7x
Rule of 40
-9
Gross Margin
63%
HH
Hinge Health, Inc.
HNGE
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
101
Gross Margin
82%
IV
i3 Verticals, Inc.
IIIV
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
38
Gross Margin
157%
IL
IBEX Ltd
IBEX
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Market Cap
$532.9M
EV / Rev
0.8x
Rule of 40
15
Gross Margin
N/A
II
INNODATA INC
INOD
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Market Cap
$1.7B
EV / Rev
5.6x
Rule of 40
94
Gross Margin
31%
IE
Inspired Entertainment, Inc.
INSE
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
17
Gross Margin
98%
IH
Instructure Holdings, Inc.
INST
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Market Cap
$3.5B
EV / Rev
5.9x
Rule of 40
-14
Gross Margin
65%
II
Intapp, Inc.
INTA
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Market Cap
$2.9B
EV / Rev
5.4x
Rule of 40
19
Gross Margin
75%
II
INTUIT INC.
INTU
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Market Cap
$88.0B
EV / Rev
3.7x
Rule of 40
36
Gross Margin
99%
JL
JFrog Ltd
FROG
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Market Cap
$10.6B
EV / Rev
18.1x
Rule of 40
50
Gross Margin
78%
KI
KALTURA INC
KLTR
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Market Cap
$212.0M
EV / Rev
1.2x
Rule of 40
-5
Gross Margin
72%
KI
Klaviyo, Inc.
KVYO
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
48
Gross Margin
75%
LI
LEGALZOOM.COM, INC.
LZ
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Market Cap
$1.0B
EV / Rev
1.8x
Rule of 40
33
Gross Margin
66%
LI
Life360, Inc.
LIF
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Market Cap
$3.5B
EV / Rev
6.1x
Rule of 40
52
Gross Margin
78%
LH
LiveRamp Holdings, Inc.
RAMP
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Market Cap
$2.3B
EV / Rev
2.6x
Rule of 40
12
Gross Margin
71%
MA
MANHATTAN ASSOCIATES INC
MANH
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Market Cap
$11.8B
EV / Rev
10.2x
Rule of 40
32
Gross Margin
78%
MI
Marqeta, Inc.
MQ
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Market Cap
$1.6B
EV / Rev
1.0x
Rule of 40
28
Gross Margin
70%
NI
N-able, Inc.
NABL
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Market Cap
$727.1M
EV / Rev
1.7x
Rule of 40
62
Gross Margin
77%
NI
Navan, Inc.
NAVN
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Market Cap
$5.0B
EV / Rev
6.7x
Rule of 40
57
Gross Margin
73%
NI
nCino, Inc.
NCNO
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Market Cap
$2.3B
EV / Rev
3.5x
Rule of 40
50
Gross Margin
62%
NI
NERDWALLET, INC.
NRDS
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
32
Gross Margin
93%
NI
Netskope Inc
NTSK
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Market Cap
$5.9B
EV / Rev
7.4x
Rule of 40
46
Gross Margin
70%
NI
Nutanix, Inc.
NTNX
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
46
Gross Margin
87%
OI
OOMA INC
OOMA
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
18
Gross Margin
160%
OC
ORACLE CORP
ORCL
Largest in sectorarrow_outward
Market Cap
$432.5B
EV / Rev
6.3x
Rule of 40
25
Gross Margin
34%
PI
PagerDuty, Inc.
PD
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
31
Gross Margin
85%
PG
Porch Group, Inc.
PRCH
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
45
Gross Margin
75%
PH
PowerSchool Holdings, Inc.
PWSC
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Market Cap
$3.8B
EV / Rev
6.2x
Rule of 40
-21
Gross Margin
59%
PT
Procore Technologies, Inc.
PCOR
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Market Cap
$8.0B
EV / Rev
5.4x
Rule of 40
38
Gross Margin
80%
PS
PROGRESS SOFTWARE CORP /MA
PRGS
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Market Cap
N/A
EV / Rev
N/A
Rule of 40
60
Gross Margin
81%
PI
PTC INC.
PTC
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Market Cap
$15.1B
EV / Rev
5.9x
Rule of 40
49
Gross Margin
83%
QH
Q2 Holdings, Inc.
QTWO
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Market Cap
$3.8B
EV / Rev
4.1x
Rule of 40
33
Gross Margin
57%
QI
QUALYS, INC.
QLYS
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Market Cap
$5.3B
EV / Rev
7.3x
Rule of 40
64
Gross Margin
83%
RI
Rapid7, Inc.
RPD
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Market Cap
$689.0M
EV / Rev
0.4x
Rule of 40
13
Gross Margin
70%
RV
Red Violet, Inc.
RDVT
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Market Cap
$1.1B
EV / Rev
10.5x
Rule of 40
47
Gross Margin
N/A
RI
Reddit, Inc.
RDDT
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Market Cap
$30.4B
EV / Rev
11.7x
Rule of 40
130
Gross Margin
91%
RC
Roblox Corp
RBLX
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Market Cap
$32.5B
EV / Rev
6.2x
Rule of 40
73
Gross Margin
92%
RI
Rubrik, Inc.
RBRK
arrow_outward
Market Cap
$17.8B
EV / Rev
12.2x
Rule of 40
70
Gross Margin
80%
SI
SailPoint, Inc.
SAIL
arrow_outward
Market Cap
N/A
EV / Rev
N/A
Rule of 40
37
Gross Margin
66%
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
$5.2B
EV / Rev
4.5x
Rule of 40
46
Gross Margin
71%
SI
Shopify Inc.
SHOP
arrow_outward
Market Cap
$167.1B
EV / Rev
13.5x
Rule of 40
55
Gross Margin
48%
SI
Shutterstock, Inc.
SSTK
arrow_outward
Market Cap
N/A
EV / Rev
N/A
Rule of 40
9
Gross Margin
58%
SG
Silvaco Group, Inc.
SVCO
arrow_outward
Market Cap
N/A
EV / Rev
N/A
Rule of 40
-11
Gross Margin
81%
SI
Skillz Inc.
SKLZ
arrow_outward
Market Cap
N/A
EV / Rev
N/A
Rule of 40
-13
Gross Margin
88%
SA
SOUNDHOUND AI, INC.
SOUNW
arrow_outward
Market Cap
$1.1B
EV / Rev
5.4x
Rule of 40
41
Gross Margin
42%
SA
SOUNDHOUND AI, INC.
SOUN
arrow_outward
Market Cap
$3.6B
EV / Rev
20.4x
Rule of 40
41
Gross Margin
42%
SC
SPS Commerce, Inc.
SPSC
arrow_outward
Market Cap
$3.0B
EV / Rev
3.6x
Rule of 40
37
Gross Margin
69%
ST
SS&C Technologies Holdings Inc
SSNC
arrow_outward
Market Cap
$18.8B
EV / Rev
3.0x
Rule of 40
25
Gross Margin
48%
SI
SYNOPSYS INC
SNPS
arrow_outward
Market Cap
$76.1B
EV / Rev
9.6x
Rule of 40
53
Gross Margin
74%
TT
TAKE TWO INTERACTIVE SOFTWARE INC
TTWO
arrow_outward
Market Cap
N/A
EV / Rev
N/A
Rule of 40
8
Gross Margin
58%
TI
TaskUs, Inc.
TASK
arrow_outward
Market Cap
N/A
EV / Rev
N/A
Rule of 40
33
Gross Margin
N/A
TH
Tenable Holdings, Inc.
TENB
arrow_outward
Market Cap
N/A
EV / Rev
N/A
Rule of 40
39
Gross Margin
78%
TC
TERADATA CORP /DE/
TDC
arrow_outward
Market Cap
$2.6B
EV / Rev
1.6x
Rule of 40
27
Gross Margin
60%
TI
Toast, Inc.
TOST
arrow_outward
Market Cap
$18.6B
EV / Rev
2.6x
Rule of 40
37
Gross Margin
27%
TI
Trimble Inc.
TRMB
arrow_outward
Market Cap
$13.4B
EV / Rev
3.8x
Rule of 40
23
Gross Margin
69%
TT
TYLER TECHNOLOGIES INC
TYL
arrow_outward
Market Cap
$13.8B
EV / Rev
5.6x
Rule of 40
27
Gross Margin
47%
UI
UiPath, Inc.
PATH
arrow_outward
Market Cap
$7.3B
EV / Rev
4.0x
Rule of 40
37
Gross Margin
82%
US
Unity Software Inc.
U
arrow_outward
Market Cap
$19.2B
EV / Rev
9.0x
Rule of 40
10
Gross Margin
65%
UI
UPWORK, INC
UPWK
arrow_outward
Market Cap
$1.1B
EV / Rev
1.4x
Rule of 40
10
Gross Margin
77%
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
$42.6B
EV / Rev
12.2x
Rule of 40
108
Gross Margin
75%
VI
Veritone, Inc.
VERI
arrow_outward
Market Cap
N/A
EV / Rev
N/A
Rule of 40
-60
Gross Margin
41%
VI
Vertex, Inc.
VERX
arrow_outward
Market Cap
$2.0B
EV / Rev
2.6x
Rule of 40
21
Gross Margin
64%
VT
Via Transportation, Inc.
VIA
arrow_outward
Market Cap
N/A
EV / Rev
N/A
Rule of 40
35
Gross Margin
40%
WI
WORKIVA INC
WK
arrow_outward
Market Cap
$3.9B
EV / Rev
3.8x
Rule of 40
49
Gross Margin
79%
XI
Xperi Inc.
XPER
arrow_outward
Market Cap
N/A
EV / Rev
N/A
Rule of 40
-41
Gross Margin
N/A
YI
Yext, Inc.
YEXT
arrow_outward
Market Cap
N/A
EV / Rev
N/A
Rule of 40
36
Gross Margin
74%
ZG
Zeta Global Holdings Corp.
ZETA
arrow_outward
Market Cap
$7.5B
EV / Rev
5.0x
Rule of 40
55
Gross Margin
60%
Sector Insights
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 38. This efficiency standout pulls the sector mean higher.
High-growth sector
Average revenue growth of 29% YoY places Vertical SaaS among the fastest-expanding SaaS categories. Strong demand tailwinds, expanding TAM, and displacement of legacy software all contribute.
Related Benchmarks