A working analyst bench. We track 144 public SaaS companies and 28 private rounds across NDR, ARR growth, Rule of 40, magic number, and forward EV/Revenue multiples. Subscribers receive the weekly research and the live bench data. Three reports are open to the public.
Median Rule of 40 across the bench rose 360 bps to 38.4 — the largest single-quarter expansion in five years. But the median masks a real bifurcation between AI-native infra names and legacy app SaaS.
We name three companies whose disclosed numbers conceal compounding net-revenue churn that would, if surfaced, drop them out of the band entirely.
Net new ARR in Q1 carried a meaningful contribution from prepaid AI consumption credits. We strip those out of nine bench names and recompute the magic number on a normalised basis — the picture changes.
Three names move from healthy (≥0.75) to caution (≤0.50) once credits are excluded. One name moves the other direction.
Vertical SaaS multiples compressed 80 bps faster than horizontal SaaS over the last twelve months. We disaggregate the bench by sub-vertical (legal, healthcare, construction, accounting) and find the compression is concentrated in two of those four.
Detailed regression on TAM, NDR, and gross margin against forward multiple, with a one-page screener for institutional subscribers.
We publish the math we use, line by line. The bench is rebuilt every Monday at 06:00 UTC from filed-quarter data. No hand-wavy heuristics. If the number isn't reproducible from the formula on the right, we don't publish it.
Subscribers receive the weekly research note in their inbox Monday at 09:00 UTC, full access to the public-comp bench (144 names, weekly refresh), and a downloadable CSV of every metric we track. Three reports remain open to the public.