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Rule of 40 BenchmarkingAssessing changes in growth and profitability over the past year

Results

Growth
FCF Margin
Growth + FCF Margin

ARR Growth vs. Selected Public SaaS

Company This Year Last Year Delta logos
GitlLab 45 74 -29
Toast 45 90 -45
Zscaler 43 63 -20
Monday 42 84 -42 https://www.dropbox.com/scl/fi/wwm5xvr3v3i8i9hrwlrol/Logo-monday.com-2.png?rlkey=y6nxt9deopaqeai4rcbsry6au&dl=0
MongoDB 40 57 -17
Crowdstrike 37 61 -24
Snowflake 36 85 -49 https://www.dropbox.com/scl/fi/7mj542aj5m3mm1nqckike/Snowflake.png?rlkey=l82m3tvr0uqn6c7p8pfkukccl&dl=0
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
Sprout Social 29 41 -12
Paycom 27 30 -3
DigitalOcean 27 36 -9
HashiCorp 26 51 -25
AppFolio 25 33 -8
HubSpot 25 41 -16
Datadog 25 83 -58
JFrog 24 41 -17
CyberArk 24 13 11
Atlassian 24 30 -6
Okta 23 65 -42
ServiceNow 23 27 -4
ForgeRock 22 18 4
Clearwater Analytics 22 24 -2
Olo 21 18 3
Lightspeed POS 20 78 -58
BENCHSIGHTS MEDIAN 20 28 -8
Fastly 20 21 -1
Freshworks 19 42 -23
Tenable 19 29 -10
UiPath 19 32 -13
PagerDuty 19 34 -15
SEMrush 19 43 -24
Five9 18 33 -15
Sprinklr 18 31 -13
nCino 18 51 -33
Jamf 17 33 -16
Amplitude 17 60 -43
Elastic 17 35 -18
Workday 16 22 -6
Squarespace 16 16 0
ZoomInfo 16 58 -42
YOU 15 30 -15
Qualys 14 17 -3
BlackLine 13 22 -9
Palantir 13 31 -18
New Relic 12 19 -7
BigCommerce 11 42 -31
DocuSign 11 25 -14
C3.ai 11 38 -27
RingCentral 11 33 -22
Salesforce 11 24 -13
Q2 10 15 -5
Veeva 10 16 -6
Adobe 10 9 1
Twilio 10 48 -38
WalkMe 10 33 -23
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
Metric Median cnt My Data
LTM to Jun-2022 28.0 205 30.0
LTM to Jun-2023 20.0 205 15.0
*"This year" reflects LTM ended ~3/31/23 for the publics and ~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

Company This Year Last Year Delta logos
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 https://www.dropbox.com/scl/fi/7mj542aj5m3mm1nqckike/Snowflake.png?rlkey=l82m3tvr0uqn6c7p8pfkukccl&dl=0
Workday 23 21 2
Salesforce 23 19 4
Datadog 22 26 -4
Monday 21 -6 27 https://www.dropbox.com/scl/fi/wwm5xvr3v3i8i9hrwlrol/Logo-monday.com-2.png?rlkey=y6nxt9deopaqeai4rcbsry6au&dl=0
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
YOU 3 -5 7
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
C3.ai -52 -55 3
Metric Median cnt My Data
LTM to Jun-2022 0.0 193 -4.5
LTM to Jun-2023 5.0 193 2.5
*"This year" reflects LTM ended ~3/31/23 for the publics and ~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

Company This Year Last Year Delta logos
Crowdstrike 67 91 -24
Zscaler 64 84 -20
Monday 63 78 -15 https://www.dropbox.com/scl/fi/wwm5xvr3v3i8i9hrwlrol/Logo-monday.com-2.png?rlkey=y6nxt9deopaqeai4rcbsry6au&dl=0
Snowflake 60 103 -43 https://www.dropbox.com/scl/fi/7mj542aj5m3mm1nqckike/Snowflake.png?rlkey=l82m3tvr0uqn6c7p8pfkukccl&dl=0
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
GitlLab 31 53 -22
Palantir 31 46 -15
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
YOU 18 26 -8
Q2 16 13 3
HashiCorp 16 23 -7
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
BigCommerce -11 17 -28
Couchbase -15 -5 -10
C3.ai -41 -17 -24
Metric Median cnt My Data
LTM to Jun-2022 32 193 25
LTM to Jun-2023 27 193 17
Note that median growth plus FCF margin is not necessarily equal to median growth plus median FCF margin
*"This year" reflects LTM ended ~3/31/23 for the publics and ~6/30/23 for private companies behind the BenchSights median. "Last year" reflects the LTM period one year before.
SummaryRanking vs. Publics
N=210
N=210
FiltersFilter the Results Click filter button below after selecting
Filter by ARR
All <$5M $5M-$20M $20M-$60M $60M-$100M $100M-$250M >$250M NA
Filter by Avg. Deal Size
All ~$5k or less ~$20k ~$50k ~$100k ~$250k or more NA
Filter by Location
All U.S. Only Outside of U.S. NA
Filter by Year
All NA
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Rule of 40 – Non ParticipantsHabib Ullah2023-08-03T11:38:10+00:00
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