Valuation Gap Analysis
Comparison of our model's calculated valuation against the market cap for public SaaS companies, based on each company's most recently reported quarter. Two views are shown side by side: what the gap looked like when that quarter closed, and what it looks like today given the current share price and market multiple. A positive gap means our model values the company above the market cap; a negative gap means below it.
| Company | As of last quarter | As of today | AI Risk | ||||
|---|---|---|---|---|---|---|---|
| Market Cap | Calculated Valuation | Gap | Market Cap | Calculated Valuation | Gap | ||
8X8 INC /DE/(EGHT) | 281.6M | 2.6B | +806.8%↓ 53.4 pts | 317.6M | 1.8B | +474.9% | 17/100 |
Navan, Inc.(NAVN) | 4.4B | 29.0B | +563.2%↑ 641.2 pts | 7.1B | 31.3B | +342.2% | 14/100 |
FiscalNote Holdings, Inc.(NOTE) | 4.7M | 29.2M | +527.6%↑ 465.1 pts | 3.5M | 29.2M | +723.7% | 42/100 |
Atlassian Corp(TEAM) | 17.8B | 85.0B | +377.0%↑ 310.9 pts | 28.0B | 96.5B | +244.8% | 19/100 |
ASURE SOFTWARE INC(ASUR) | 228.3M | 921.6M | +303.7%↓ 44.5 pts | 254.4M | 1.1B | +331.9% | 31/100 |
Zeta Global Holdings Corp.(ZETA) | 5.0B | 19.9B | +294.6%↓ 139.1 pts | 6.0B | 22.4B | +270.3% | 40/100 |
Upland Software, Inc.(UPLD) | 19.4M | 74.5M | +283.6%↑ 72.0 pts | 13.4M | 74.5M | +456.4% | 19/100 |
LIVEPERSON INC(LPSN) | 30.8M | 100.3M | +226.1%↓ 284.2 pts | 27.0M | 153.4M | +468.0% | 8/100 |
Leidos Holdings, Inc.(LDOS) | 14.6B | 46.9B | +222.3%↑ 227.6 pts | 16.4B | 49.9B | +203.6% | 6/100 |
Sprout Social, Inc.(SPT) | 340.5M | 1.1B | +208.5%↓ 55.4 pts | 525.9M | 1.7B | +226.1% | 40/100 |
Toast, Inc.(TOST) | 16.4B | 45.2B | +175.3%↑ 67.4 pts | 19.6B | 54.3B | +176.9% | 19/100 |
Weave Communications, Inc.(WEAV) | 363.0M | 993.6M | +173.7%↓ 9.1 pts | 546.6M | 1.4B | +151.0% | 27/100 |
Braze, Inc.(BRZE) | 2.4B | 6.6B | +169.6%↓ 39.9 pts | 3.0B | 7.8B | +162.6% | 40/100 |
APPIAN CORP(APPN) | 1.8B | 4.7B | +163.4%↑ 23.8 pts | 2.1B | 5.9B | +182.3% | 19/100 |
Clearwater Analytics Holdings, Inc.(CWAN) | 7.0B | 17.3B | +147.6%↓ 48.0 pts | 7.3B | 19.2B | +162.5% | 9/100 |
N-able, Inc.(NABL) | 875.8M | 2.1B | +134.3%↓ 24.2 pts | 981.5M | 2.8B | +184.9% | 8/100 |
PROGRESS SOFTWARE CORP /MA(PRGS) | 1.4B | 3.2B | +131.6%↑ 194.2 pts | 1.7B | 3.3B | +93.1% | 13/100 |
PAR TECHNOLOGY CORP(PAR) | 546.5M | 1.2B | +115.8%↑ 73.6 pts | 718.9M | 1.9B | +165.3% | 26/100 |
HUBSPOT INC(HUBS) | 12.8B | 27.2B | +111.5%↑ 66.7 pts | 12.7B | 32.5B | +155.1% | 35/100 |
Gitlab Inc.(GTLB) | 3.8B | 7.8B | +106.5%↑ 46.2 pts | 6.2B | 9.2B | +49.7% | 9/100 |
RingCentral, Inc.(RNG) | 3.4B | 6.8B | +101.4%↑ 27.9 pts | 5.1B | 9.5B | +86.7% | 8/100 |
Klaviyo, Inc.(KVYO) | 6.0B | 11.8B | +98.8%↑ 30.0 pts | 5.7B | 14.1B | +146.3% | 40/100 |
KALTURA INC(KLTR) | 191.9M | 379.1M | +97.6%↑ 149.9 pts | 210.5M | 571.0M | +171.2% | 26/100 |
CS Disco, Inc.(LAW) | 243.8M | 468.1M | +92.0%↑ 13.3 pts | 267.4M | 657.7M | +145.9% | 11/100 |
AvePoint, Inc.(AVPT) | 2.2B | 3.7B | +74.0%↓ 3.6 pts | 2.9B | 4.5B | +56.1% | 15/100 |
ADOBE INC.(ADBE) | 104.2B | 178.0B | +70.8%↑ 37.1 pts | 102.4B | 180.6B | +76.5% | 47/100 |
UiPath, Inc.(PATH) | 5.4B | 9.0B | +65.4%↓ 0.2 pts | 7.3B | 11.2B | +53.2% | 19/100 |
Amplitude, Inc.(AMPL) | 909.1M | 1.5B | +64.7%↑ 5.9 pts | 1.3B | 2.0B | +55.3% | 26/100 |
Five9, Inc.(FIVN) | 1.3B | 2.1B | +63.7%↓ 96.6 pts | 2.3B | 3.8B | +65.9% | 8/100 |
Freshworks Inc.(FRSH) | 2.8B | 4.5B | +62.1%↓ 15.4 pts | 3.3B | 5.5B | +66.7% | 19/100 |
OPEN TEXT CORP(OTEX) | 5.5B | 8.9B | +61.7%↓ 46.9 pts | 6.4B | 15.4B | +139.8% | 26/100 |
Rubrik, Inc.(RBRK) | 10.8B | 17.5B | +61.1%↓ 50.2 pts | 16.7B | 19.9B | +19.1% | 8/100 |
Asana, Inc.(ASAN) | 1.5B | 2.3B | +53.2%↑ 23.1 pts | 2.1B | 3.3B | +59.3% | 31/100 |
TWILIO INC(TWLO) | 19.8B | 30.4B | +53.0%↑ 15.2 pts | 29.5B | 38.7B | +31.3% | 11/100 |
Salesforce, Inc.(CRM) | 153.8B | 228.0B | +48.3%↑ 12.9 pts | 156.4B | 284.5B | +81.8% | 35/100 |
Elastic N.V.(ESTC) | 5.0B | 7.3B | +46.9%↓ 21.9 pts | 7.4B | 9.7B | +29.7% | 22/100 |
Zscaler, Inc.(ZS) | 21.0B | 30.2B | +43.9%↑ 36.2 pts | 26.4B | 35.0B | +32.6% | 9/100 |
Figma, Inc.(FIG) | 11.1B | 15.9B | +43.4%↓ 5.7 pts | 14.3B | 18.3B | +27.4% | 13/100 |
Rapid7, Inc.(RPD) | 368.6M | 524.8M | +42.4%↓ 114.8 pts | 720.4M | 1.6B | +115.7% | 9/100 |
BLACKBAUD INC(BLKB) | 1.3B | 1.9B | +40.7%↑ 56.7 pts | 2.1B | 3.0B | +47.0% | 12/100 |
Health Catalyst, Inc.(HCAT) | 92.2M | 126.1M | +36.8%↑ 25.3 pts | 168.5M | 126.1M | -25.1% | 16/100 |
Paycom Software, Inc.(PAYC) | 6.2B | 8.4B | +34.5%↓ 27.0 pts | 8.2B | 11.4B | +39.5% | 17/100 |
ServiceNow, Inc.(NOW) | 102.7B | 136.8B | +33.2%↑ 19.4 pts | 122.1B | 156.0B | +27.7% | 19/100 |
BOX INC(BOX) | 3.4B | 4.4B | +30.6%↓ 24.2 pts | 4.4B | 5.9B | +35.1% | 8/100 |
BILL Holdings, Inc.(BILL) | 4.3B | 5.6B | +29.0%↓ 51.9 pts | 4.8B | 7.8B | +62.0% | 22/100 |
DoubleVerify Holdings, Inc.(DV) | 1.6B | 2.0B | +26.4%↓ 77.5 pts | 1.8B | 2.9B | +60.9% | 40/100 |
DOCUSIGN, INC.(DOCU) | 9.0B | 11.4B | +25.7%↓ 10.0 pts | 11.0B | 15.4B | +40.2% | 23/100 |
Autodesk, Inc.(ADSK) | 50.2B | 62.8B | +25.1%↓ 18.3 pts | 50.1B | 73.1B | +45.9% | 13/100 |
Snowflake Inc.(SNOW) | 47.1B | 56.0B | +18.8%↑ 32.8 pts | 109.8B | 64.3B | -41.4% | 26/100 |
Samsara Inc.(IOT) | 16.9B | 19.9B | +17.9%↓ 4.3 pts | 22.5B | 22.7B | +0.9% | 23/100 |
SentinelOne, Inc.(S) | 4.8B | 5.3B | +11.6%↓ 26.8 pts | 7.2B | 6.8B | -4.8% | 8/100 |
PagerDuty, Inc.(PD) | 528.4M | 588.1M | +11.3%↓ 32.3 pts | 865.4M | 1.1B | +31.2% | 19/100 |
Datadog, Inc.(DDOG) | 43.1B | 47.6B | +10.7%↑ 6.8 pts | 102.6B | 54.2B | -47.2% | 22/100 |
PROCORE TECHNOLOGIES, INC.(PCOR) | 6.2B | 6.9B | +10.5%↑ 44.0 pts | 8.5B | 8.5B | +0.6% | 19/100 |
Paylocity Holding Corp(PCTY) | 5.7B | 6.3B | +9.9%↓ 23.8 pts | 7.7B | 8.2B | +6.9% | 17/100 |
MongoDB, Inc.(MDB) | 20.5B | 22.0B | +7.6%↑ 9.1 pts | 30.6B | 25.9B | -15.3% | 6/100 |
Alarm.com Holdings, Inc.(ALRM) | 2.4B | 2.6B | +7.2%↓ 42.9 pts | 2.8B | 4.1B | +46.8% | 33/100 |
Guidewire Software, Inc.(GWRE) | 11.8B | 12.4B | +4.9%↑ 3.2 pts | 13.3B | 14.5B | +8.4% | 9/100 |
LiveRamp Holdings, Inc.(RAMP) | 1.7B | 1.8B | +3.4%↓ 114.0 pts | 2.3B | 2.9B | +25.6% | 37/100 |
DOMO, INC.(DOMO) | 154.6M | 157.4M | +1.8%↓ 186.1 pts | 180.6M | 477.9M | +164.6% | 22/100 |
SS&C Technologies Holdings Inc(SSNC) | 15.0B | 15.1B | +0.7%↑ 29.6 pts | 19.0B | 22.4B | +17.7% | 9/100 |
PEGASYSTEMS INC(PEGA) | 5.1B | 5.2B | +0.6%↑ 90.4 pts | 5.2B | 7.0B | +33.4% | 19/100 |
Nutanix, Inc.(NTNX) | 11.8B | 11.4B | -2.6%↓ 38.7 pts | 16.6B | 14.9B | -10.3% | 6/100 |
 SHOPIFY INC.(SHOP) | 148.2B | 142.6B | -3.8%↑ 15.4 pts | 160.0B | 161.2B | +0.7% | 35/100 |
Okta, Inc.(OKTA) | 13.1B | 12.3B | -6.2%↓ 17.3 pts | 25.9B | 16.1B | -37.9% | 9/100 |
Blend Labs, Inc.(BLND) | 434.6M | 406.0M | -6.6%↑ 81.1 pts | 481.8M | 580.9M | +20.6% | 9/100 |
Sprinklr, Inc.(CXM) | 1.2B | 1.1B | -7.8%↓ 81.1 pts | 1.6B | 2.2B | +37.8% | 40/100 |
nCino, Inc.(NCNO) | 1.9B | 1.8B | -7.9%↑ 31.1 pts | 2.1B | 2.6B | +19.5% | 9/100 |
Palo Alto Networks Inc(PANW) | 143.6B | 130.7B | -9.0%↑ 32.6 pts | 298.6B | 148.3B | -50.3% | 8/100 |
Workday, Inc.(WDAY) | 31.1B | 28.0B | -10.1%↓ 2.1 pts | 42.3B | 40.9B | -3.3% | 13/100 |
F5, INC.(FFIV) | 16.6B | 14.7B | -11.2%↓ 44.6 pts | 23.4B | 19.2B | -18.2% | 9/100 |
INTUIT INC.(INTU) | 107.2B | 95.2B | -11.2%↑ 13.5 pts | 88.5B | 137.5B | +55.4% | 9/100 |
VEEVA SYSTEMS INC(VEEV) | 25.9B | 22.8B | -12.1%↑ 13.1 pts | 34.4B | 27.4B | -20.5% | 11/100 |
Dynatrace, Inc.(DT) | 12.9B | 11.3B | -12.3%↓ 28.8 pts | 13.3B | 13.8B | +3.7% | 22/100 |
EGAIN Corp(EGAN) | 222.0M | 189.2M | -14.8%↓ 10.7 pts | 199.8M | 307.8M | +54.0% | 36/100 |
JFrog Ltd(FROG) | 5.6B | 4.8B | -15.0%↑ 5.5 pts | 10.4B | 5.7B | -45.0% | 13/100 |
Fortinet, Inc.(FTNT) | 113.7B | 94.4B | -17.0%↓ 22.4 pts | 123.5B | 104.4B | -15.5% | 9/100 |
Q2 Holdings, Inc.(QTWO) | 3.1B | 2.6B | -18.7%↓ 0.4 pts | 4.0B | 3.5B | -11.8% | 9/100 |
Intapp, Inc.(INTA) | 2.0B | 1.6B | -19.1%↓ 12.7 pts | 2.5B | 2.5B | -2.9% | 9/100 |
Spok Holdings, Inc(SPOK) | 215.9M | 174.5M | -19.2%↑ 54.4 pts | 234.5M | 307.7M | +31.2% | 10/100 |
Expensify, Inc.(EXFY) | 81.5M | 64.0M | -21.5%↓ 89.1 pts | 186.1M | 77.9M | -58.1% | 22/100 |
ZoomInfo Technologies Inc.(GTM) | 1.8B | 1.4B | -22.5%↓ 67.2 pts | 1.1B | 3.0B | +176.5% | — |
GoDaddy Inc.(GDDY) | 11.1B | 8.4B | -24.0%↑ 23.4 pts | 11.3B | 13.8B | +22.5% | — |
Tenable Holdings, Inc.(TENB) | 4.2B | 3.2B | -24.1%↓ 75.8 pts | 4.0B | 4.3B | +8.9% | 8/100 |
DROPBOX, INC.(DBX) | 5.4B | 3.9B | -26.8%↓ 38.1 pts | 8.1B | 7.1B | -12.4% | 23/100 |
QUALYS, INC.(QLYS) | 4.8B | 3.4B | -28.7%↓ 20.7 pts | 5.7B | 4.2B | -25.6% | 9/100 |
APPFOLIO INC(APPF) | 5.7B | 4.0B | -29.8%↑ 3.5 pts | 7.1B | 5.3B | -25.1% | 26/100 |
Palantir Technologies Inc.(PLTR) | 299.7B | 208.7B | -30.4%↑ 26.3 pts | 390.9B | 223.2B | -42.9% | 16/100 |
SPS COMMERCE INC(SPSC) | 2.1B | 1.4B | -30.9%↑ 2.8 pts | 2.7B | 2.3B | -15.6% | 26/100 |
Backblaze, Inc.(BLZE) | 964.2M | 629.0M | -34.8%↓ 58.7 pts | 1.2B | 824.0M | -32.7% | 19/100 |
Intellicheck, Inc.(IDN) | 145.7M | 89.4M | -38.7%↓ 231.7 pts | 78.6M | 120.1M | +52.9% | 24/100 |
Zoom Communications, Inc.(ZM) | 29.2B | 17.4B | -40.4%↓ 22.2 pts | 29.9B | 23.2B | -22.4% | 8/100 |
 Fastly, Inc.(FSLY) | 4.5B | 2.6B | -41.0%↓ 311.9 pts | 3.9B | 3.7B | -6.5% | 7/100 |
Yext, Inc.(YEXT) | 436.0M | 239.1M | -45.2%↓ 38.0 pts | 572.4M | 715.7M | +25.0% | 50/100 |
VARONIS SYSTEMS INC(VRNS) | 4.8B | 2.6B | -46.3%↓ 151.4 pts | 5.0B | 3.4B | -31.4% | 9/100 |
OneSpan Inc.(OSPN) | 547.3M | 283.9M | -48.1%↓ 77.7 pts | 601.0M | 521.0M | -13.3% | 18/100 |
CrowdStrike Holdings, Inc.(CRWD) | 115.0B | 52.7B | -54.1%↓ 2.8 pts | 215.1B | 60.5B | -71.9% | 8/100 |
BENTLEY SYSTEMS INC(BSY) | 11.3B | 5.2B | -54.2%↓ 10.1 pts | 11.0B | 7.6B | -30.9% | 82/100 |
 AKAMAI TECHNOLOGIES INC(AKAM) | 17.2B | 7.9B | -54.4%↓ 116.3 pts | 17.9B | 13.4B | -25.0% | 6/100 |
SOUNDHOUND AI, INC.(SOUN) | 3.0B | 1.3B | -54.5%↓ 43.1 pts | 2.8B | 1.7B | -41.0% | 8/100 |
DigitalOcean Holdings, Inc.(DOCN) | 19.9B | 9.0B | -54.8%↓ 13.1 pts | 15.1B | 10.4B | -31.1% | 19/100 |
AGILYSYS INC(AGYS) | 3.0B | 1.2B | -60.4%↑ 0.6 pts | 3.1B | 1.6B | -50.2% | 28/100 |
Cloudflare, Inc.(NET) | 72.8B | 27.4B | -62.4%↓ 12.1 pts | 107.0B | 31.6B | -70.5% | 6/100 |
ALKAMI TECHNOLOGY, INC.(ALKT) | 1.9B | 722.5M | -62.7%↓ 167.7 pts | 2.0B | 1.3B | -35.4% | 8/100 |
MANHATTAN ASSOCIATES INC(MANH) | 8.2B | 3.0B | -63.4%↑ 10.8 pts | 11.0B | 4.3B | -61.4% | 22/100 |
TYLER TECHNOLOGIES INC(TYL) | 12.2B | 4.0B | -67.4%↑ 9.5 pts | 12.8B | 6.7B | -47.8% | 16/100 |
Doximity, Inc.(DOCS) | 4.6B | 1.3B | -73.0%↓ 19.8 pts | 3.9B | 2.0B | -49.1% | 9/100 |
AWARE INC /MA/(AWRE) | 29.2M | 5.4M | -81.5%↓ 5.2 pts | 27.9M | 5.4M | -80.7% | 9/100 |
MITEK SYSTEMS INC(MITK) | 655.2M | 115.8M | -82.3%↓ 181.1 pts | 800.2M | 200.6M | -74.9% | 11/100 |
Certara, Inc.(CERT) | 1.0B | 166.4M | -83.5%↓ 7.5 pts | 1.2B | 166.4M | -86.0% | 9/100 |
EverCommerce Inc.(EVCM) | 2.1B | 305.7M | -85.2%↑ 1.1 pts | 2.1B | 654.2M | -69.1% | 56/100 |
BigBear.ai Holdings, Inc.(BBAI) | 1.8B | 83.2M | -95.3%↑ 0.6 pts | 1.5B | 154.6M | -89.8% | 19/100 |
C3.ai, Inc.(AI) | 1.2B | 49.0M | -96.0%↑ 0.3 pts | 1.6B | 49.0M | -96.9% | 9/100 |
Both views use the same reported financials from the company's most recent quarter (revenue, growth, margins, and AI risk score) run through our valuation model. They differ only in which share price and market multiple are applied.
"As of last quarter" uses the closing share price and share count from the end of that quarter, together with the SaaSValuation.io Multiple Index reading from that same month. It answers how our model's read on the company compared to what the market actually paid at the time.
"As of today" uses the current share price and share count, together with the current Multiple Index reading, the same base multiple used for auto-valuations on individual company pages. It answers how our model's read on the most recently reported results compares to what the market is paying right now, which is the more relevant view for a current investment decision.
Each gap is the difference between the calculated valuation and the market cap in that view, expressed as a percentage of the market cap. The delta below the "as of last quarter" gap is the change versus the previous quarter's gap.