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 | ||
PROGRESS SOFTWARE CORP /MA(PRGS) | 1.4B | 7.7B | +454.1%↑ 73.3 pts | 1.6B | 7.3B | +366.3% | 19/100 |
Sprout Social, Inc.(SPT) | 340.5M | 1.7B | +395.4%↑ 58.9 pts | 509.7M | 2.1B | +317.7% | 56/100 |
Atlassian Corp(TEAM) | 17.8B | 68.5B | +284.5%↑ 220.2 pts | 22.6B | 75.7B | +234.9% | 19/100 |
Five9, Inc.(FIVN) | 1.3B | 4.2B | +223.8%↓ 89.1 pts | 2.0B | 5.3B | +171.7% | 8/100 |
APPIAN CORP(APPN) | 1.8B | 5.4B | +201.4%↑ 60.5 pts | 1.8B | 6.2B | +232.8% | 19/100 |
Toast, Inc.(TOST) | 16.0B | 40.3B | +152.8%↓ 18.6 pts | 17.4B | 46.9B | +169.3% | 19/100 |
PagerDuty, Inc.(PD) | 528.4M | 1.3B | +144.4%↑ 24.4 pts | 847.6M | 1.6B | +93.8% | 19/100 |
Gitlab Inc.(GTLB) | 3.8B | 8.9B | +136.9%↑ 49.7 pts | 5.6B | 9.8B | +76.6% | 9/100 |
Tenable Holdings, Inc.(TENB) | 2.0B | 4.7B | +134.0%↓ 22.8 pts | 4.7B | 5.6B | +19.1% | 9/100 |
Clearwater Analytics Holdings, Inc.(CWAN) | 7.0B | 16.3B | +133.0%↓ 35.3 pts | 7.3B | 17.5B | +139.6% | 9/100 |
RingCentral, Inc.(RNG) | 3.2B | 7.5B | +131.7%↓ 271.3 pts | 3.5B | 9.7B | +179.7% | 13/100 |
Freshworks Inc.(FRSH) | 2.3B | 5.1B | +125.7%↑ 1.8 pts | 2.9B | 6.0B | +107.1% | 25/100 |
Elastic N.V.(ESTC) | 5.0B | 10.9B | +119.0%↑ 20.5 pts | 6.5B | 12.4B | +91.1% | 22/100 |
Braze, Inc.(BRZE) | 2.4B | 5.3B | +118.1%↓ 47.3 pts | 2.9B | 6.1B | +105.9% | 44/100 |
Klaviyo, Inc.(KVYO) | 6.0B | 12.6B | +112.0%↑ 39.1 pts | 5.2B | 14.1B | +169.6% | 40/100 |
Amplitude, Inc.(AMPL) | 909.1M | 1.9B | +109.6%↑ 35.5 pts | 1.3B | 2.3B | +75.7% | 38/100 |
Leidos Holdings, Inc.(LDOS) | 19.1B | 39.8B | +108.6%↓ 49.8 pts | 13.4B | 52.4B | +291.1% | 6/100 |
HUBSPOT INC(HUBS) | 12.8B | 26.3B | +105.3%↑ 53.3 pts | 10.7B | 29.8B | +177.6% | 53/100 |
DoubleVerify Holdings, Inc.(DV) | 1.6B | 3.1B | +101.9%↓ 130.3 pts | 1.8B | 3.8B | +113.8% | 40/100 |
INTUIT INC.(INTU) | 107.2B | 207.5B | +93.5%↑ 97.7 pts | 79.3B | 235.1B | +196.6% | 9/100 |
Rubrik, Inc.(RBRK) | 10.8B | 20.6B | +90.0%↓ 23.3 pts | 18.1B | 22.2B | +22.3% | 9/100 |
UiPath, Inc.(PATH) | 5.4B | 10.2B | +88.1%↓ 8.3 pts | 6.2B | 11.6B | +87.1% | 19/100 |
BILL Holdings, Inc.(BILL) | 4.3B | 7.7B | +78.2%↓ 28.7 pts | 4.1B | 9.2B | +122.6% | 24/100 |
Asana, Inc.(ASAN) | 1.5B | 2.7B | +78.2%↑ 27.0 pts | 1.7B | 3.3B | +92.5% | 49/100 |
CrowdStrike Holdings, Inc.(CRWD) | 28.7B | 51.1B | +77.7%↓ 22.5 pts | 214.6B | 55.8B | -74.0% | 8/100 |
Paycom Software, Inc.(PAYC) | 6.2B | 10.7B | +71.8%↑ 7.7 pts | 6.7B | 12.7B | +89.8% | 17/100 |
Paylocity Holding Corp(PCTY) | 5.9B | 10.1B | +71.4%↑ 29.0 pts | 6.6B | 11.9B | +79.9% | 17/100 |
BOX INC(BOX) | 3.4B | 5.4B | +57.9%↓ 14.4 pts | 4.2B | 6.3B | +51.5% | 8/100 |
Intapp, Inc.(INTA) | 2.0B | 3.2B | +56.7%↑ 30.7 pts | 2.1B | 3.7B | +74.2% | 11/100 |
TWILIO INC(TWLO) | 19.8B | 30.9B | +55.8%↓ 20.7 pts | 33.1B | 36.2B | +9.5% | 6/100 |
Workday, Inc.(WDAY) | 31.1B | 46.3B | +48.7%↑ 24.4 pts | 34.5B | 54.4B | +57.4% | 13/100 |
DOCUSIGN, INC.(DOCU) | 9.0B | 13.3B | +47.0%↓ 13.3 pts | 9.4B | 15.8B | +67.6% | 23/100 |
Alarm.com Holdings, Inc.(ALRM) | 2.4B | 3.6B | +46.4%↓ 44.3 pts | 2.6B | 4.5B | +74.0% | 23/100 |
Zscaler, Inc.(ZS) | 21.0B | 30.7B | +46.1%↑ 41.8 pts | 24.6B | 33.7B | +36.9% | 9/100 |
Autodesk, Inc.(ADSK) | 50.2B | 73.3B | +45.8%↓ 4.0 pts | 44.8B | 79.7B | +77.8% | 13/100 |
Nutanix, Inc.(NTNX) | 11.8B | 17.0B | +44.3%↓ 74.9 pts | 15.0B | 19.2B | +27.9% | 7/100 |
 SHOPIFY INC.(SHOP) | 154.6B | 221.5B | +43.3%↓ 130.4 pts | 163.1B | 239.4B | +46.8% | 35/100 |
SS&C Technologies Holdings Inc(SSNC) | 16.7B | 23.3B | +39.0%↓ 28.5 pts | 16.4B | 29.0B | +76.8% | 9/100 |
SentinelOne, Inc.(S) | 4.8B | 6.5B | +36.1%↓ 41.8 pts | 6.8B | 7.4B | +8.9% | 8/100 |
Dynatrace, Inc.(DT) | 11.2B | 15.3B | +36.0%↓ 18.1 pts | 13.1B | 17.3B | +32.0% | 22/100 |
Figma, Inc.(FIG) | 11.1B | 14.9B | +34.8%↓ 7.0 pts | 12.6B | 16.5B | +30.8% | 13/100 |
VARONIS SYSTEMS INC(VRNS) | 2.5B | 3.3B | +34.6%↑ 3.2 pts | 5.7B | 4.0B | -29.5% | 9/100 |
nCino, Inc.(NCNO) | 1.9B | 2.5B | +31.7%↑ 4.3 pts | 1.9B | 3.0B | +56.7% | 9/100 |
Q2 Holdings, Inc.(QTWO) | 3.2B | 4.1B | +28.8%↑ 5.7 pts | 3.2B | 4.9B | +51.9% | 9/100 |
ServiceNow, Inc.(NOW) | 108.7B | 138.1B | +27.1%↑ 23.6 pts | 108.1B | 153.0B | +41.5% | 19/100 |
ADOBE INC.(ADBE) | 104.2B | 132.0B | +26.7%↑ 36.5 pts | 91.7B | 122.3B | +33.4% | 86/100 |
Okta, Inc.(OKTA) | 13.1B | 16.2B | +23.4%↓ 11.5 pts | 26.9B | 18.6B | -31.0% | 9/100 |
Certara, Inc.(CERT) | 899.2M | 1.0B | +15.1%↓ 34.4 pts | 1.0B | 1.4B | +35.3% | 11/100 |
Snowflake Inc.(SNOW) | 47.1B | 52.4B | +11.1%↑ 27.7 pts | 95.6B | 57.5B | -39.9% | 6/100 |
QUALYS, INC.(QLYS) | 3.1B | 3.5B | +10.1%↑ 4.6 pts | 5.8B | 4.1B | -29.5% | 9/100 |
MongoDB, Inc.(MDB) | 20.5B | 22.4B | +9.5%↑ 19.5 pts | 27.7B | 24.8B | -10.6% | 10/100 |
Samsara Inc.(IOT) | 16.9B | 18.4B | +8.9%↓ 15.5 pts | 21.5B | 20.1B | -6.4% | 19/100 |
VEEVA SYSTEMS INC(VEEV) | 25.9B | 27.2B | +5.1%↑ 15.8 pts | 31.4B | 30.1B | -4.1% | 11/100 |
BLACKBAUD INC(BLKB) | 1.8B | 1.8B | +0.6%↓ 41.4 pts | 1.4B | 2.7B | +89.8% | 16/100 |
Datadog, Inc.(DDOG) | 43.1B | 42.4B | -1.5%↑ 1.8 pts | 96.4B | 46.6B | -51.6% | 26/100 |
Guidewire Software, Inc.(GWRE) | 11.8B | 11.6B | -1.5%↓ 11.2 pts | 11.7B | 12.9B | +10.4% | 9/100 |
Fortinet, Inc.(FTNT) | 60.7B | 59.3B | -2.3%↓ 25.1 pts | 117.7B | 66.2B | -43.7% | 9/100 |
PROCORE TECHNOLOGIES, INC.(PCOR) | 8.6B | 7.7B | -10.4%↓ 7.3 pts | 6.5B | 9.0B | +39.3% | 23/100 |
APPFOLIO INC(APPF) | 5.7B | 4.9B | -12.4%↑ 4.9 pts | 6.2B | 6.0B | -3.1% | 20/100 |
DROPBOX, INC.(DBX) | 5.4B | 4.6B | -14.0%↓ 46.9 pts | 7.0B | 6.7B | -4.9% | 29/100 |
JFrog Ltd(FROG) | 5.6B | 4.7B | -16.1%↑ 4.9 pts | 11.0B | 5.4B | -51.5% | 13/100 |
Palo Alto Networks Inc(PANW) | 143.6B | 89.7B | -37.6%↓ 9.8 pts | 287.6B | 99.7B | -65.3% | 8/100 |
Zoom Communications, Inc.(ZM) | 29.2B | 17.9B | -38.6%↓ 22.3 pts | 26.7B | 21.5B | -19.4% | 8/100 |
DigitalOcean Holdings, Inc.(DOCN) | 9.6B | 5.2B | -45.5%↓ 86.5 pts | 13.2B | 6.2B | -52.8% | 25/100 |
TYLER TECHNOLOGIES INC(TYL) | 14.8B | 7.8B | -47.2%↓ 10.7 pts | 12.9B | 10.0B | -23.0% | 19/100 |
BENTLEY SYSTEMS INC(BSY) | 11.3B | 5.7B | -49.5%↓ 12.2 pts | 9.5B | 7.3B | -23.4% | 82/100 |
Palantir Technologies Inc.(PLTR) | 376.1B | 135.9B | -63.9%↑ 9.2 pts | 320.6B | 144.8B | -54.8% | 19/100 |
MANHATTAN ASSOCIATES INC(MANH) | 8.0B | 2.8B | -64.8%↓ 11.3 pts | 9.4B | 3.8B | -59.8% | 19/100 |
Cloudflare, Inc.(NET) | 72.8B | 24.6B | -66.2%↓ 10.2 pts | 100.0B | 27.4B | -72.6% | 6/100 |
C3.ai, Inc.(AI) | 1.2B | 127.3M | -89.7%↓ 15.3 pts | 1.4B | 220.3M | -84.5% | 19/100 |
BigBear.ai Holdings, Inc.(BBAI) | 1.7B | 86.6M | -94.8%↓ 8.3 pts | 1.5B | 175.5M | -88.2% | 22/100 |
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.