Median Rule of 40 rose 360 bps to 38.4 — the largest single-quarter expansion in five years. The median masks a real bifurcation between AI-native infra and legacy app SaaS.
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.
Vertical multiples compressed 80 bps faster than horizontal SaaS. We disaggregate by sub-vertical (legal, healthcare, construction, accounting) and find the compression is concentrated in two of those four.
Several enterprise SaaS names report NDR on a "gross expansion / no downsell" basis, which materially overstates the comparable figure. We rebuild seven names on the SaaSO standard.
A focused walk through the seven public DevTools names that listed since 2020. Where each sits on Rule of 40, NDR, and current vs. IPO multiple, with one private comp screened in.
We track 28 private rounds against the bench. Five priced rounds in Q1 imply a tightening of the public-to-private discount band. Round-by-round screen with our triangulated ARR.
Coverage decisions are public. We explain the two names dropped from the bench this quarter (one acquisition, one persistent reporting opacity) and add four to coverage.
We laid out a SecOps consolidation thesis in 2024. We update the screen against current multiples and named M&A activity, with revised price targets for the four largest names.
For the cohort with NDR ≥ 115%, we find gross retention has tightened to within 4 pp of net for the first time in three years. Implications for stickiness, churn, and the "share of wallet" thesis.
Top-quartile magic number (≥1.0) has held flat. Bottom-quartile (≤0.5) compressed another 8 bps. The divergence is widening, and we attribute it to specific go-to-market choices.
Six vertical SaaS names report TAM in a way that does not match our triangulated estimate. We provide our methodology for re-deriving vertical TAM, and apply it across the cohort.
Data infrastructure SaaS multiples have converged with horizontal app SaaS for the first time since 2020. We unpack which names benefit and which lose if the convergence holds.
Q4 earnings landed mixed. We grade every covered name on five axes (NDR, ARR, RoF, Magic, FCF) and rank the cohort. Eight beats, eleven misses, the rest in line.
We restate the OKTA financials on a "no breach-recovery one-off" basis and revisit our 2025 thesis. The path back to a healthy magic number is narrower than the consensus suggests.
We publish the private bench: 28 names from across the late-stage SaaS landscape, with our triangulated ARR, last-round price, and implied EV/Revenue. Cross-referenced against public comps.
The new-year outlook. Five calls at the bench level (median multiple, median NDR direction, median FCF margin band, magic-number distribution, and the consolidation count).