Rule of 40 BenchmarkingAssessing changes in growth and profitability at Mid-Year 2023
Results (sample user)
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30 40 -35.5 5
Growth
FCF Margin
Growth + FCF Margin
ARR Growth vs. Selected Public SaaS
Chart
Bar chart with 2 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying Values. Data ranges from 20 to 28.
End of interactive chart.
Chart
Bar chart with 2 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying Values. Data ranges from 30 to 40.
End of interactive chart.
| Company | This Year | Last Year | Delta |
|---|---|---|---|
| Toast | 45 | 90 | -45 |
| GitlLab | 45 | 74 | -29 |
| Zscaler | 43 | 63 | -20 |
| Monday | 42 | 84 | -42 |
| MongoDB | 40 | 57 | -17 |
| Crowdstrike | 37 | 61 | -24 |
| Snowflake | 36 | 85 | -49 |
| Confluent | 36 | 64 | -28 |
| Paylocity | 35 | 32 | 3 |
| Braze | 34 | 54 | -20 |
| Procore | 33 | 40 | -7 |
| SmartSheet | 32 | 43 | -11 |
| Cloudflare | 32 | 54 | -22 |
| Shopify | 31 | 22 | 9 |
| YOU | 30 | 40 | -10 |
| Sprout Social | 29 | 41 | -12 |
| DigitalOcean | 27 | 36 | -9 |
| Paycom | 27 | 30 | -3 |
| HashiCorp | 26 | 51 | -25 |
| Datadog | 25 | 83 | -58 |
| HubSpot | 25 | 41 | -16 |
| AppFolio | 25 | 33 | -8 |
| Atlassian | 24 | 30 | -6 |
| JFrog | 24 | 41 | -17 |
| CyberArk | 24 | 13 | 11 |
| ServiceNow | 23 | 27 | -4 |
| Okta | 23 | 65 | -42 |
| ForgeRock | 22 | 18 | 4 |
| Clearwater Analytics | 22 | 24 | -2 |
| Olo | 21 | 18 | 3 |
| Lightspeed POS | 20 | 78 | -58 |
| BENCHSIGHTS MEDIAN | 20 | 27 | -7 |
| Fastly | 20 | 21 | -1 |
| SEMrush | 19 | 43 | -24 |
| Freshworks | 19 | 42 | -23 |
| UiPath | 19 | 32 | -13 |
| Tenable | 19 | 29 | -10 |
| PagerDuty | 19 | 34 | -15 |
| Sprinklr | 18 | 31 | -13 |
| nCino | 18 | 51 | -33 |
| Five9 | 18 | 33 | -15 |
| Elastic | 17 | 35 | -18 |
| Jamf | 17 | 33 | -16 |
| Amplitude | 17 | 60 | -43 |
| ZoomInfo | 16 | 58 | -42 |
| Workday | 16 | 22 | -6 |
| Squarespace | 16 | 16 | 0 |
| Qualys | 14 | 17 | -3 |
| BlackLine | 13 | 22 | -9 |
| Palantir | 13 | 31 | -18 |
| New Relic | 12 | 19 | -7 |
| C3.ai | 11 | 38 | -27 |
| DocuSign | 11 | 25 | -14 |
| Salesforce | 11 | 24 | -13 |
| BigCommerce | 11 | 42 | -31 |
| RingCentral | 11 | 33 | -22 |
| Q2 | 10 | 15 | -5 |
| Veeva | 10 | 16 | -6 |
| Twilio | 10 | 48 | -38 |
| WalkMe | 10 | 33 | -23 |
| Adobe | 10 | 9 | 1 |
| Dropbox | 9 | 10 | -1 |
| Zuora | 9 | 16 | -7 |
| Couchbase | 8 | 25 | -17 |
| Everbridge | 7 | 22 | -15 |
| Box | 6 | 18 | -12 |
| Domo | 5 | 24 | -19 |
| Alteryx | 4 | 33 | -29 |
| Zoom | 4 | 12 | -8 |
| Expensify | -10 | 36 | -46 |
*"This year" reflects most recently reported last 12 month (LTM) results for the publics and LTM ended ~6/30/23 for private companies behind the BenchSights median. "Last year" reflects the LTM period one year before.
SummaryRanking vs. Publics
FCF Margin vs. Selected Public SaaS
Chart
Bar chart with 2 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying Values. Data ranges from -40 to 5.
End of interactive chart.
Chart
Bar chart with 2 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying Values. Data ranges from -35.5 to 5.
End of interactive chart.
| Company | This Year | Last Year | Delta |
|---|---|---|---|
| Veeva | 44 | 37 | 7 |
| Adobe | 40 | 41 | -1 |
| Qualys | 35 | 40 | -5 |
| ZoomInfo | 34 | 32 | 2 |
| Dropbox | 31 | 32 | -1 |
| Crowdstrike | 30 | 30 | 0 |
| ServiceNow | 29 | 31 | -2 |
| Box | 29 | 23 | 6 |
| Zoom | 25 | 30 | -5 |
| Atlassian | 24 | 29 | -5 |
| Snowflake | 24 | 18 | 6 |
| Workday | 23 | 21 | 2 |
| Salesforce | 23 | 19 | 4 |
| Datadog | 22 | 26 | -4 |
| Monday | 21 | -6 | 27 |
| DocuSign | 21 | 19 | 2 |
| Zscaler | 21 | 21 | 0 |
| Squarespace | 20 | 16 | 4 |
| Paycom | 19 | 17 | 2 |
| Palantir | 18 | 15 | 3 |
| Paylocity | 18 | 12 | 6 |
| Tenable | 17 | 15 | 2 |
| Clearwater Analytics | 17 | 14 | 3 |
| DigitalOcean | 16 | 6 | 10 |
| UiPath | 15 | -13 | 28 |
| Okta | 12 | 1 | 11 |
| BlackLine | 12 | 3 | 9 |
| HubSpot | 11 | 12 | -1 |
| SmartSheet | 11 | 0 | 11 |
| PagerDuty | 11 | -1 | 12 |
| Jamf | 10 | 9 | 1 |
| Five9 | 9 | -4 | 13 |
| RingCentral | 9 | -10 | 19 |
| JFrog | 8 | 2 | 6 |
| Everbridge | 7 | -4 | 11 |
| Elastic | 7 | -3 | 10 |
| New Relic | 7 | 2 | 5 |
| Sprinklr | 6 | -5 | 11 |
| Q2 | 6 | -2 | 8 |
| Cloudflare | 6 | -12 | 18 |
| Sprout Social | 6 | 5 | 1 |
| Expensify | 5 | 2 | 3 |
| BENCHSIGHTS MEDIAN | 5 | 0 | 5 |
| Freshworks | 4 | -3 | 7 |
| MongoDB | 3 | -3 | 6 |
| Shopify | 3 | 1 | 2 |
| CyberArk | 3 | 5 | -2 |
| Olo | 1 | -4 | 5 |
| nCino | 1 | -13 | 14 |
| Amplitude | 1 | -14 | 15 |
| Procore | 0 | -8 | 8 |
| AppFolio | 0 | -1 | 1 |
| Zuora | -3 | 1 | -4 |
| Toast | -4 | -6 | 2 |
| Braze | -6 | -12 | 6 |
| Domo | -6 | -3 | -3 |
| Twilio | -7 | -7 | 0 |
| Alteryx | -8 | -7 | -1 |
| WalkMe | -9 | -29 | 20 |
| SEMrush | -9 | 4 | -13 |
| HashiCorp | -10 | -28 | 18 |
| GitlLab | -14 | -21 | 7 |
| Fastly | -16 | -31 | 15 |
| ForgeRock | -17 | -18 | 1 |
| Lightspeed POS | -17 | -20 | 3 |
| BigCommerce | -22 | -25 | 3 |
| Couchbase | -23 | -30 | 7 |
| Confluent | -28 | -29 | 1 |
| YOU | -36 | 5 | -41 |
| C3.ai | -52 | -55 | 3 |
*"This year" reflects most recently reported last 12 month (LTM) results for the publics and LTM ended ~6/30/23 for private companies behind the BenchSights median. "Last year" reflects the LTM period one year before.
SummaryRanking vs. Publics
Growth + FCF Margin vs. Selected Public SaaS
Chart
Bar chart with 2 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying Values. Data ranges from 26 to 32.
End of interactive chart.
Chart
Bar chart with 2 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying Values. Data ranges from -5 to 45.
End of interactive chart.
| Company | This Year | Last Year | Delta |
|---|---|---|---|
| Crowdstrike | 67 | 91 | -24 |
| Zscaler | 64 | 84 | -20 |
| Monday | 63 | 78 | -15 |
| Snowflake | 60 | 103 | -43 |
| Veeva | 54 | 53 | 1 |
| Paylocity | 53 | 44 | 9 |
| ServiceNow | 52 | 58 | -6 |
| Adobe | 50 | 50 | 0 |
| ZoomInfo | 50 | 90 | -40 |
| Qualys | 49 | 57 | -8 |
| Atlassian | 48 | 59 | -11 |
| Datadog | 47 | 109 | -62 |
| Paycom | 46 | 47 | -1 |
| SmartSheet | 43 | 43 | 0 |
| DigitalOcean | 43 | 42 | 1 |
| MongoDB | 43 | 54 | -11 |
| Toast | 41 | 84 | -43 |
| Dropbox | 40 | 42 | -2 |
| Clearwater Analytics | 39 | 38 | 1 |
| Workday | 39 | 43 | -4 |
| Cloudflare | 38 | 42 | -4 |
| HubSpot | 36 | 53 | -17 |
| Tenable | 36 | 44 | -8 |
| Squarespace | 36 | 32 | 4 |
| Sprout Social | 35 | 46 | -11 |
| Box | 35 | 41 | -6 |
| Okta | 35 | 66 | -31 |
| Shopify | 34 | 23 | 11 |
| Salesforce | 34 | 43 | -9 |
| UiPath | 34 | 19 | 15 |
| Procore | 33 | 32 | 1 |
| DocuSign | 32 | 44 | -12 |
| JFrog | 32 | 43 | -11 |
| Palantir | 31 | 46 | -15 |
| GitlLab | 31 | 53 | -22 |
| PagerDuty | 30 | 33 | -3 |
| Zoom | 29 | 42 | -13 |
| Braze | 28 | 42 | -14 |
| Five9 | 27 | 29 | -2 |
| Jamf | 27 | 42 | -15 |
| BENCHSIGHTS MEDIAN | 27 | 33 | -6 |
| CyberArk | 27 | 18 | 9 |
| AppFolio | 25 | 32 | -7 |
| BlackLine | 25 | 25 | 0 |
| Elastic | 24 | 32 | -8 |
| Sprinklr | 24 | 26 | -2 |
| Freshworks | 23 | 39 | -16 |
| Olo | 22 | 14 | 8 |
| RingCentral | 20 | 23 | -3 |
| New Relic | 19 | 21 | -2 |
| nCino | 19 | 38 | -19 |
| Amplitude | 18 | 46 | -28 |
| HashiCorp | 16 | 23 | -7 |
| Q2 | 16 | 13 | 3 |
| Everbridge | 14 | 18 | -4 |
| SEMrush | 10 | 47 | -37 |
| Confluent | 8 | 35 | -27 |
| Zuora | 6 | 17 | -11 |
| ForgeRock | 5 | 0 | 5 |
| Fastly | 4 | -10 | 14 |
| Twilio | 3 | 41 | -38 |
| Lightspeed POS | 3 | 58 | -55 |
| WalkMe | 1 | 4 | -3 |
| Domo | -1 | 21 | -22 |
| Alteryx | -4 | 26 | -30 |
| Expensify | -5 | 38 | -43 |
| YOU | -6 | 45 | -51 |
| BigCommerce | -11 | 17 | -28 |
| Couchbase | -15 | -5 | -10 |
| C3.ai | -41 | -17 | -24 |
Note that median growth plus FCF margin is not necessarily equal to median growth plus median FCF margin
*"This year" reflects most recently reported last 12 month (LTM) results for the publics and LTM ended ~6/30/23 for private companies behind the BenchSights median. "Last year" reflects the LTM period one year before.
SummaryRanking vs. Publics
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N=211
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