Gap Analysis

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
FiscalNote Holdings, Inc.FiscalNote Holdings, Inc.NOTE · Vertical SaaS
3.3M
33.0M
+910.9%↑ 420.7 pts
1.7M
33.0M
+1854.3%48/100
Upland Software, Inc.Upland Software, Inc.UPLD · Productivity
13.8M
90.5M
+555.3%↑ 271.1 pts
13.7M
90.5M
+561.0%35/100
Navan, Inc.Navan, Inc.NAVN · Back Office
4.4B
26.9B
+508.0%↑ 599.4 pts
7.7B
29.3B
+278.8%9/100
LIVEPERSON INCLIVEPERSON INCLPSN · Front Office
23.4M
92.5M
+294.6%↑ 69.6 pts
34.4M
92.5M
+168.8%8/100
Zeta Global Holdings Corp.Zeta Global Holdings Corp.ZETA · Front Office
4.9B
17.7B
+260.1%↓ 120.1 pts
7.6B
20.2B
+166.8%40/100
Atlassian CorpAtlassian CorpTEAM · Productivity
19.7B
69.2B
+251.2%↓ 102.6 pts
47.0B
77.9B
+65.6%19/100
ASURE SOFTWARE INCASURE SOFTWARE INCASUR · Back Office
228.9M
716.1M
+212.9%↓ 71.5 pts
258.6M
891.7M
+244.9%31/100
Toast, Inc.Toast, Inc.TOST · Vertical SaaS
16.1B
37.6B
+134.4%↑ 43.2 pts
20.3B
46.6B
+129.9%19/100
Clearwater Analytics Holdings, Inc.Clearwater Analytics Holdings, Inc.CWAN · Back Office
7.1B
16.5B
+133.2%↓ 7.8 pts
7.3B
17.8B
+143.3%9/100
Klaviyo, Inc.Klaviyo, Inc.KVYO · Front Office
4.4B
9.8B
+124.6%↑ 37.2 pts
5.7B
11.6B
+104.7%40/100
Braze, Inc.Braze, Inc.BRZE · Front Office
2.5B
5.5B
+123.1%↓ 24.4 pts
3.8B
6.8B
+77.6%44/100
HUBSPOT INCHUBSPOT INCHUBS · Front Office
9.1B
19.0B
+109.9%↑ 14.0 pts
12.7B
23.2B
+82.8%53/100
OPEN TEXT CORPOPEN TEXT CORPOTEX · Back Office
5.4B
10.4B
+93.7%↑ 44.5 pts
6.1B
15.7B
+157.9%19/100
Leidos Holdings, Inc.Leidos Holdings, Inc.LDOS · Enterprise Platform
14.5B
27.6B
+90.3%↑ 141.7 pts
17.6B
37.6B
+114.0%13/100
Sprout Social, Inc.Sprout Social, Inc.SPT · Front Office
457.4M
826.3M
+80.7%↓ 42.5 pts
668.8M
1.4B
+102.3%52/100
APPIAN CORPAPPIAN CORPAPPN · Productivity
1.6B
3.0B
+80.0%↓ 55.1 pts
3.0B
3.9B
+30.9%26/100
Gitlab Inc.Gitlab Inc.GTLB · Productivity
3.7B
6.6B
+76.1%↑ 40.7 pts
7.6B
8.1B
+7.0%16/100
Figma, Inc.Figma, Inc.FIG · Productivity
9.6B
16.9B
+75.7%↑ 57.1 pts
16.2B
19.0B
+16.8%35/100
8X8 INC /DE/8X8 INC /DE/EGHT · Front Office
246.2M
402.6M
+63.5%↓ 42.5 pts
289.4M
1.2B
+303.7%13/100
Rubrik, Inc.Rubrik, Inc.RBRK · Infrastructure
10.9B
15.5B
+41.9%↓ 44.0 pts
22.0B
18.0B
-18.1%8/100
BILL Holdings, Inc.BILL Holdings, Inc.BILL · Back Office
3.3B
4.6B
+38.4%↑ 18.1 pts
4.5B
6.5B
+44.8%40/100
Weave Communications, Inc.Weave Communications, Inc.WEAV · Vertical SaaS
478.7M
661.8M
+38.3%↓ 97.3 pts
583.4M
961.4M
+64.8%27/100
Paycom Software, Inc.Paycom Software, Inc.PAYC · Back Office
5.6B
7.5B
+34.9%↑ 10.2 pts
10.5B
9.7B
-7.2%17/100
UiPath, Inc.UiPath, Inc.PATH · Productivity
5.4B
7.2B
+34.4%↓ 1.0 pts
9.5B
9.5B
-0.6%19/100
Amplitude, Inc.Amplitude, Inc.AMPL · Productivity
954.8M
1.3B
+33.3%↓ 11.9 pts
1.8B
1.7B
-2.3%28/100
CS Disco, Inc.CS Disco, Inc.LAW · Vertical SaaS
245.2M
326.4M
+33.1%↓ 13.6 pts
286.0M
514.0M
+79.7%9/100
Freshworks Inc.Freshworks Inc.FRSH · Front Office
2.7B
3.5B
+29.9%↓ 21.8 pts
3.6B
4.5B
+25.4%23/100
RingCentral, Inc.RingCentral, Inc.RNG · Front Office
3.3B
4.2B
+28.6%↑ 1.4 pts
5.7B
6.9B
+19.8%26/100
Salesforce, Inc.Salesforce, Inc.CRM · Front Office
144.6B
182.1B
+25.9%↑ 12.4 pts
206.4B
240.6B
+16.5%35/100
Zscaler, Inc.Zscaler, Inc.ZS · Infrastructure
21.1B
26.3B
+24.7%↑ 30.5 pts
30.3B
31.3B
+3.3%9/100
Fastly, Inc.Fastly, Inc.FSLY · Infrastructure
2.9B
3.6B
+23.6%↑ 76.4 pts
3.9B
4.5B
+14.2%7/100
ADOBE INC.ADOBE INC.ADBE · Productivity
103.4B
125.3B
+21.1%↑ 9.7 pts
115.4B
148.2B
+28.5%53/100
PROGRESS SOFTWARE CORP /MAPROGRESS SOFTWARE CORP /MAPRGS · Productivity
1.4B
1.6B
+19.5%↑ 90.3 pts
1.9B
2.5B
+31.4%13/100
Intellicheck, Inc.Intellicheck, Inc.IDN · Vertical SaaS
83.0M
98.5M
+18.6%↑ 65.6 pts
57.5M
124.9M
+117.2%21/100
ServiceNow, Inc.ServiceNow, Inc.NOW · Back Office
102.7B
121.3B
+18.1%↑ 11.1 pts
143.1B
140.3B
-2.0%19/100
AvePoint, Inc.AvePoint, Inc.AVPT · Infrastructure
2.4B
2.8B
+16.6%↓ 56.9 pts
3.0B
3.3B
+10.7%9/100
Snowflake Inc.Snowflake Inc.SNOW · Infrastructure
47.3B
52.1B
+10.2%↑ 32.1 pts
114.1B
60.7B
-46.8%26/100
Autodesk, Inc.Autodesk, Inc.ADSK · Productivity
50.0B
54.5B
+9.0%↓ 18.8 pts
57.1B
65.1B
+14.1%13/100
KALTURA INCKALTURA INCKLTR · Infrastructure
197.3M
211.6M
+7.3%↑ 60.8 pts
242.8M
401.5M
+65.4%8/100
Samsara Inc.Samsara Inc.IOT · Vertical SaaS
16.7B
17.6B
+5.3%↓ 1.2 pts
24.4B
20.5B
-15.8%19/100
TWILIO INCTWILIO INCTWLO · Infrastructure
31.7B
31.4B
-1.0%↓ 37.7 pts
37.1B
38.4B
+3.6%11/100
DOMO, INC.DOMO, INC.DOMO · Productivity
160.7M
157.4M
-2.1%↓ 49.6 pts
176.5M
204.0M
+15.6%22/100
MongoDB, Inc.MongoDB, Inc.MDB · Infrastructure
20.2B
19.3B
-4.2%↑ 6.7 pts
35.5B
23.3B
-34.2%6/100
Guidewire Software, Inc.Guidewire Software, Inc.GWRE · Vertical SaaS
11.5B
10.6B
-7.7%↑ 3.9 pts
16.7B
12.8B
-23.4%9/100
PAR TECHNOLOGY CORPPAR TECHNOLOGY CORPPAR · Vertical SaaS
720.5M
656.7M
-8.9%↓ 58.4 pts
795.4M
1.3B
+59.0%26/100
DOCUSIGN, INC.DOCUSIGN, INC.DOCU · Back Office
8.9B
8.1B
-9.1%↓ 17.5 pts
12.3B
12.3B
-0.4%19/100
Asana, Inc.Asana, Inc.ASAN · Productivity
1.5B
1.3B
-13.0%↑ 3.6 pts
2.3B
2.3B
-1.5%31/100
PROCORE TECHNOLOGIES, INC.PROCORE TECHNOLOGIES, INC.PCOR · Vertical SaaS
6.2B
5.4B
-13.1%↑ 30.5 pts
9.7B
7.0B
-27.3%23/100
BOX INCBOX INCBOX · Productivity
4.3B
3.7B
-14.2%↓ 9.5 pts
4.8B
4.4B
-7.0%8/100
SHOPIFY INC.SHOPIFY INC.SHOP · Vertical SaaS
147.2B
126.1B
-14.3%↑ 10.6 pts
199.0B
144.5B
-27.4%35/100
SentinelOne, Inc.SentinelOne, Inc.S · Infrastructure
4.8B
4.1B
-15.0%↓ 22.4 pts
7.8B
5.7B
-27.0%8/100
Health Catalyst, Inc.Health Catalyst, Inc.HCAT · Vertical SaaS
148.5M
123.1M
-17.1%↓ 51.7 pts
118.6M
123.1M
+3.8%22/100
Paylocity Holding CorpPaylocity Holding CorpPCTY · Back Office
5.6B
4.6B
-17.5%↓ 32.7 pts
8.4B
6.5B
-23.0%17/100
Palo Alto Networks IncPalo Alto Networks IncPANW · Infrastructure
145.8B
116.4B
-20.2%↑ 30.5 pts
311.3B
134.6B
-56.8%8/100
Nutanix, Inc.Nutanix, Inc.NTNX · Infrastructure
10.9B
8.7B
-20.3%↓ 39.5 pts
18.6B
12.3B
-34.1%6/100
Five9, Inc.Five9, Inc.FIVN · Front Office
1.6B
1.2B
-21.8%↓ 49.0 pts
2.6B
2.6B
-0.6%8/100
Rapid7, Inc.Rapid7, Inc.RPD · Infrastructure
545.3M
415.2M
-23.9%↓ 37.5 pts
908.8M
696.5M
-23.4%9/100
Fortinet, Inc.Fortinet, Inc.FTNT · Infrastructure
112.7B
85.5B
-24.1%↓ 22.9 pts
126.8B
95.4B
-24.7%9/100
VEEVA SYSTEMS INCVEEVA SYSTEMS INCVEEV · Vertical SaaS
25.4B
19.0B
-25.2%↑ 10.3 pts
46.0B
23.8B
-48.3%11/100
Alarm.com Holdings, Inc.Alarm.com Holdings, Inc.ALRM · Vertical SaaS
2.3B
1.7B
-25.9%↓ 32.1 pts
2.8B
2.9B
+1.4%23/100
ZoomInfo Technologies Inc.ZoomInfo Technologies Inc.GTM · Front Office
856.5M
628.3M
-26.6%↑ 31.9 pts
1.2B
1.1B
-11.4%—
PEGASYSTEMS INCPEGASYSTEMS INCPEGA · Back Office
4.9B
3.6B
-27.0%↑ 62.1 pts
5.9B
5.4B
-9.1%19/100
Dynatrace, Inc.Dynatrace, Inc.DT · Infrastructure
12.7B
9.1B
-28.6%↓ 36.4 pts
15.5B
11.6B
-25.4%22/100
N-able, Inc.N-able, Inc.NABL · Infrastructure
693.3M
494.3M
-28.7%↓ 124.4 pts
746.2M
1.1B
+41.2%9/100
Okta, Inc.Okta, Inc.OKTA · Back Office
12.9B
9.2B
-28.9%↓ 18.4 pts
30.3B
13.1B
-56.7%9/100
Palantir Technologies Inc.Palantir Technologies Inc.PLTR · Enterprise Platform
280.3B
196.7B
-29.8%↑ 25.3 pts
446.8B
211.1B
-52.8%16/100
Intapp, Inc.Intapp, Inc.INTA · Vertical SaaS
1.9B
1.4B
-29.8%↑ 17.3 pts
3.3B
2.0B
-39.7%19/100
BENTLEY SYSTEMS INCBENTLEY SYSTEMS INCBSY · Vertical SaaS
9.0B
6.2B
-30.9%↓ 6.9 pts
11.3B
8.0B
-29.4%6/100
Elastic N.V.Elastic N.V.ESTC · Infrastructure
4.9B
3.3B
-32.9%↓ 201.3 pts
8.8B
5.7B
-35.2%22/100
EGAIN CorpEGAIN CorpEGAN · Front Office
216.6M
143.6M
-33.7%↑ 16.8 pts
205.3M
229.4M
+11.7%25/100
BLACKBAUD INCBLACKBAUD INCBLKB · Vertical SaaS
1.3B
879.5M
-34.8%↑ 13.5 pts
2.2B
2.0B
-8.1%12/100
Vertex, Inc.Vertex, Inc.VERX · Back Office
1.9B
1.2B
-35.3%↑ 1.8 pts
2.3B
2.1B
-10.6%9/100
Workday, Inc.Workday, Inc.WDAY · Back Office
38.6B
24.6B
-36.3%↑ 6.3 pts
46.7B
30.7B
-34.2%13/100
LiveRamp Holdings, Inc.LiveRamp Holdings, Inc.RAMP · Front Office
2.3B
1.4B
-37.2%↓ 19.2 pts
2.3B
2.3B
+1.9%37/100
SS&C Technologies Holdings IncSS&C Technologies Holdings IncSSNC · Back Office
14.6B
8.7B
-40.3%↑ 9.9 pts
19.6B
15.9B
-18.9%9/100
nCino, Inc.nCino, Inc.NCNO · Vertical SaaS
1.9B
1.1B
-41.1%↑ 24.0 pts
2.5B
1.9B
-23.6%9/100
F5, INC.F5, INC.FFIV · Infrastructure
23.6B
13.8B
-41.8%↓ 19.9 pts
23.3B
17.4B
-25.2%9/100
QUALYS, INC.QUALYS, INC.QLYS · Infrastructure
4.8B
2.7B
-42.5%↓ 22.2 pts
6.5B
3.5B
-46.2%9/100
INTUIT INC.INTUIT INC.INTU · Back Office
106.3B
60.8B
-42.7%↓ 3.0 pts
95.2B
104.7B
+10.0%9/100
Datadog, Inc.Datadog, Inc.DDOG · Infrastructure
93.5B
53.4B
-42.9%↓ 49.6 pts
87.2B
59.2B
-32.1%22/100
Q2 Holdings, Inc.Q2 Holdings, Inc.QTWO · Vertical SaaS
3.0B
1.7B
-43.1%↓ 13.6 pts
4.1B
2.7B
-35.1%9/100
MITEK SYSTEMS INCMITEK SYSTEMS INCMITK · Vertical SaaS
908.1M
502.5M
-44.7%↑ 36.2 pts
866.6M
747.7M
-13.7%8/100
Yext, Inc.Yext, Inc.YEXT · Front Office
386.5M
212.7M
-45.0%↑ 5.0 pts
676.9M
369.3M
-45.4%40/100
Tenable Holdings, Inc.Tenable Holdings, Inc.TENB · Infrastructure
4.1B
2.2B
-46.3%↓ 75.5 pts
4.1B
3.3B
-20.3%9/100
APPFOLIO INCAPPFOLIO INCAPPF · Vertical SaaS
5.7B
3.0B
-46.5%↓ 5.5 pts
8.2B
4.3B
-47.4%12/100
SOUNDHOUND AI, INC.SOUNDHOUND AI, INC.SOUN · Front Office
2.8B
1.4B
-51.2%↑ 6.5 pts
3.1B
1.7B
-45.3%29/100
DigitalOcean Holdings, Inc.DigitalOcean Holdings, Inc.DOCN · Infrastructure
16.5B
7.9B
-52.0%↓ 8.7 pts
12.8B
9.3B
-27.3%19/100
JFrog LtdJFrog LtdFROG · Infrastructure
11.2B
5.3B
-52.3%↓ 28.4 pts
12.8B
6.1B
-52.0%13/100
PagerDuty, Inc.PagerDuty, Inc.PD · Productivity
512.9M
244.3M
-52.4%↓ 52.4 pts
974.1M
710.2M
-27.1%19/100
Zoom Communications, Inc.Zoom Communications, Inc.ZM · Productivity
28.5B
13.0B
-54.3%↓ 21.4 pts
29.4B
19.1B
-35.1%13/100
DROPBOX, INC.DROPBOX, INC.DBX · Productivity
6.0B
2.6B
-56.5%↓ 8.6 pts
7.9B
5.1B
-35.6%23/100
Doximity, Inc.Doximity, Inc.DOCS · Vertical SaaS
3.7B
1.6B
-57.4%↑ 20.9 pts
4.6B
2.2B
-51.4%8/100
Sprinklr, Inc.Sprinklr, Inc.CXM · Front Office
1.2B
468.8M
-59.3%↓ 77.8 pts
1.9B
1.3B
-28.1%34/100
Backblaze, Inc.Backblaze, Inc.BLZE · Infrastructure
980.2M
398.4M
-59.4%↓ 15.8 pts
941.9M
591.4M
-37.2%28/100
Expensify, Inc.Expensify, Inc.EXFY · Back Office
164.5M
64.1M
-61.0%↓ 37.3 pts
235.3M
64.1M
-72.8%32/100
VARONIS SYSTEMS INCVARONIS SYSTEMS INCVRNS · Infrastructure
4.8B
1.9B
-61.5%↓ 149.4 pts
5.1B
2.7B
-48.0%8/100
SPS COMMERCE INCSPS COMMERCE INCSPSC · Vertical SaaS
2.1B
727.6M
-64.8%↑ 12.8 pts
3.0B
1.5B
-49.8%23/100
Spok Holdings, IncSpok Holdings, IncSPOK · Vertical SaaS
214.1M
68.7M
-67.9%↑ 5.4 pts
216.6M
188.2M
-13.1%10/100
Cloudflare, Inc.Cloudflare, Inc.NET · Infrastructure
87.3B
26.9B
-69.2%↓ 4.3 pts
109.7B
30.5B
-72.2%6/100
AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INCAKAM · Infrastructure
17.0B
5.1B
-70.1%↓ 2.7 pts
16.0B
9.5B
-40.4%6/100
AGILYSYS INCAGILYSYS INCAGYS · Vertical SaaS
2.9B
830.4M
-71.8%↓ 1.3 pts
3.4B
1.2B
-64.2%22/100
CrowdStrike Holdings, Inc.CrowdStrike Holdings, Inc.CRWD · Infrastructure
195.4B
54.4B
-72.2%↓ 13.2 pts
233.4B
58.2B
-75.1%8/100
GoDaddy Inc.GoDaddy Inc.GDDY · Infrastructure
10.8B
2.8B
-74.3%↑ 1.2 pts
12.3B
4.1B
-66.4%72/100
DoubleVerify Holdings, Inc.DoubleVerify Holdings, Inc.DV · Front Office
1.7B
397.4M
-76.3%↓ 83.5 pts
2.1B
953.1M
-53.9%37/100
Blend Labs, Inc.Blend Labs, Inc.BLND · Vertical SaaS
404.4M
93.7M
-76.8%↓ 58.4 pts
364.2M
233.2M
-36.0%9/100
OneSpan Inc.OneSpan Inc.OSPN · Infrastructure
527.8M
122.2M
-76.8%↓ 75.4 pts
605.4M
315.1M
-48.0%18/100
MANHATTAN ASSOCIATES INCMANHATTAN ASSOCIATES INCMANH · Vertical SaaS
8.1B
1.7B
-78.5%↑ 5.1 pts
13.0B
3.0B
-77.0%22/100
AWARE INC /MA/AWARE INC /MA/AWRE · Infrastructure
29.3M
5.4M
-81.6%↓ 5.3 pts
26.7M
5.4M
-79.8%15/100
EverCommerce Inc.EverCommerce Inc.EVCM · Vertical SaaS
1.8B
312.3M
-82.4%↑ 2.5 pts
1.6B
312.3M
-81.1%44/100
Certara, Inc.Certara, Inc.CERT · Vertical SaaS
998.9M
166.4M
-83.3%↓ 8.0 pts
1.3B
166.4M
-87.0%9/100
ALKAMI TECHNOLOGY, INC.ALKAMI TECHNOLOGY, INC.ALKT · Vertical SaaS
1.9B
310.5M
-84.0%↓ 174.7 pts
2.2B
888.2M
-59.2%26/100
TYLER TECHNOLOGIES INCTYLER TECHNOLOGIES INCTYL · Vertical SaaS
12.0B
1.6B
-86.7%↓ 0.6 pts
15.1B
4.3B
-71.8%19/100
BigBear.ai Holdings, Inc.BigBear.ai Holdings, Inc.BBAI · Enterprise Platform
1.8B
83.2M
-95.3%↑ 0.7 pts
1.5B
83.2M
-94.6%33/100
C3.ai, Inc.C3.ai, Inc.AI · Enterprise Platform
1.3B
49.0M
-96.3%↑ 0.2 pts
1.5B
49.0M
-96.8%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.