Live Dataset · 71 Companies

The Era of
Valuation Compression

How 71 public tech companies went from peak ZIRP multiples to the efficiency era — and which sectors are winning the recovery.

8.1xMedian EV/Rev
8 SectorsTracked
+26%YoY Change
00

Key Takeaways

Auto-generated insights from the dataset. These update dynamically as the data changes.

01

The median SaaS multiple compressed 54% from 17.4x in 2021 to 8.1x today.

02

SMCI is up 1108% since 2020 — the best performer in the dataset.

03

34 companies now pass the Rule of 40, up from 3 in 2022.

04

Cloud Infrastructure commands the highest median multiple at 17.8x.

05

18 companies went from unprofitable to profitable since 2022.

06

AI beneficiaries trade at a 145% premium to non-AI companies (17.1x vs 7.0x).

07

LYFT is the worst performer at -68% since 2020.

Median EV / Revenue

x

+25.5% YoY

Median Revenue Growth

%

Median Rule of 40

Median Op. Margin

%

Median FCF Margin

%

Companies Tracked

-54%

Median multiple compression since 2021

Peak: 17.4x → Now: 8.1x

+1108%

SMCI since Jan 2020

Best performing stock

100

HOOD Rule of 40

Highest efficiency score

34/67

Pass the Rule of 40

51% hit the benchmark

01

The Valuation Compression Story

Median EV/Revenue multiple across all 73 companies. Key market events annotated. The ZIRP era inflated multiples to historic highs — rate hikes brought them crashing back.

In 2021, the median public SaaS company traded at 17.4x revenue. Today it's 8.1x. A 54% decline — the most dramatic valuation reset in cloud software history.

02

Compression by Sector

Not all sectors compressed equally. Each line shows the median EV/Revenue for companies in that sector.

Biggest Losers

Steepest decline from peak EV/Revenue

Beat the Compression

Companies that expanded multiples

03

The AI Premium

Companies riding the AI wave trade at a significant premium. We split the universe into AI beneficiaries (NVDA, CRWD, DDOG, SNOW, MSFT, etc.) vs everyone else to quantify the gap.

17.1x

AI median EV/Revenue

17 companies

7.0x

Non-AI median EV/Revenue

54 companies

145%

AI Premium

How much more the market pays for AI exposure

+180pp

Return gap since 2020

AI vs Non-AI median stock return

AI vs Non-AI Median EV/Revenue Over Time

04

The Efficiency Era

Post-2022, the market stopped rewarding growth at all costs. These companies expanded operating margins the most — many going from deeply negative to profitable.

Biggest Margin Improvers

Op margin change from FY2022 to latest

+118pp

HOOD margin swing

From -71% to 47%

18

Went from unprofitable to profitable

Crossed 0% op margin since 2022

Profitability Turnaround Leaders

HOOD
-71%→47%
COIN
-61%→20%
AFRM
-59%→10%
TWLO
-27%→3%
SHOP
-12%→16%
RELY
-19%→5%
05

Sector Benchmarks

Median metrics by sector for FY2023. Use these to benchmark private companies against public comps.

Median EV / Revenue

Median Revenue Growth

Best in Class by Sector

Application SaaS
Highest EV/RevNOW (16.0x)
Fastest GrowthBILL (65%)
Best Ro40BILL (80)
Best MarginVEEV (21%)
Cloud Infrastructure
Highest EV/RevSNOW (31.3x)
Fastest GrowthSNOW (69%)
Best Ro40SNOW (93)
Best MarginDT (8%)
Consumer Internet
Highest EV/RevRBLX (10.2x)
Fastest GrowthU (57%)
Best Ro40U (65)
Best MarginMETA (35%)
Cybersecurity
Highest EV/RevCRWD (27.8x)
Fastest GrowthS (106%)
Best Ro40CRWD (85)
Best MarginQLYS (29%)
E-Commerce
Highest EV/RevSHOP (12.8x)
Fastest GrowthMELI (40%)
Best Ro40MELI (71)
Best MarginMELI (15%)
Fintech
Highest EV/RevCOIN (11.3x)
Fastest GrowthRELY (44%)
Best Ro40HOOD (100)
Best MarginPYPL (17%)
Legacy Tech
Highest EV/RevMSFT (12.8x)
Fastest GrowthORCL (18%)
Best Ro40ADBE (46)
Best MarginMSFT (42%)
Semiconductors
Highest EV/RevNVDA (43.4x)
Fastest GrowthSMCI (37%)
Best Ro40AVGO (57)
Best MarginAVGO (46%)
SectorCos.EV/RevRev GrowthOp MarginFCF MarginRule of 40
Application SaaS
1510.7x24.9%-4.8%20.6%46.3
Cloud Infrastructure
917.8x32.6%-27.0%3.1%45.4
Consumer Internet
115.0x13.0%-4.1%9.0%28.8
Cybersecurity
914.5x25.3%-6.0%20.6%55.8
E-Commerce
64.0x22.3%2.3%16.3%35.1
Fintech
75.2x34.0%-9.8%6.1%22.4
Legacy Tech
85.7x6.3%27.4%22.8%28.9
Semiconductors
612.0x20.3%15.7%16.1%48.3
06

Growth vs Valuation

Does the market reward growth? Each dot is a company. Upper-right = high-growth + expensive. Lower-left = slow-growth + cheap. Upper-left outliers may be overvalued.

Application SaaS
Cloud Infrastructure
Consumer Internet
Cybersecurity
E-Commerce
Fintech
Legacy Tech
Semiconductors
07

Rule of 40 Rankings

Revenue Growth % + FCF Margin %. Above 40 = efficient growth. The best companies score 60+. This separates real businesses from 'growth at all costs' stories.

Top 15 — Elite

Bottom 15 — Red Flags

08

The Scoreboard: Stock Performance

Total return from Jan 2020 to today. Captures the full pandemic cycle. The gap between winners and losers is staggering.

+1108%

SMCI — #1

-68%

LYFT — worst

42

Positive since 2020

129%

Average return

Best 15

Worst 15

09

Valuation Heatmap

Every company × every year. Cells colored by EV/Revenue multiple. Blue = cheap, yellow = moderate, red = expensive. Click any column header to sort.

The Great Compression

SaaS and Cloud got hit hardest. BILL dropped 78%, SentinelOne 74%, GitLab 73%. Cloud Infrastructure median fell from 14.4x to 8.0x — nearly cut in half.

Fintech & Consumer Expansion

The opposite story. Spotify went from 1.4x to 7.0x (+401%), Robinhood 4.7x to 20x (+322%), META tripled from 2.2x to 7.2x. Execution rewarded.

Semis Became the New Premium

NVDA has been the most expensive company since 2023 (peaking at 54x). Semiconductors median went from 5.8x to 19.3x — a 3x expansion driven by AI.

EV/Revenue:
<4x
4-7x
7-10x
10-15x
15-25x
25-40x
40x+
Ticker ↑2022 2023 2024 2025
AAPL5x7x9x10x
ADBE8x12x8x6x
AFRM2x9x8x7x
AMD4x10x8x10x
ARM—27x41x29x
AVGO8x14x21x26x
BILL17x7x7x4x
CFLT12x9x9x8x
COIN2x11x8x7x
CPNG1x1x1x1x
CRM—7x9x6x
CRWD18x28x28x30x
CSCO3x3x4x5x
CYBR11x15x17x—
DASH3x5x6x7x
DDOG14x18x17x13x
DOCU5x5x7x5x
DT12x14x11x8x
ESTC6x10x8x5x
ETSY4x3x2x2x
FROG9x11x8x14x
FSLY3x5x3x2x
FTNT8x8x12x9x
GLBE9x12x12x—
GOOGL2x3x3x5x
GTLB27x21x15x7x
HOOD5x5x10x20x
HUBS9x13x14x7x
IBM2x2x3x4x
INTC2x4x2x3x
LYFT1x1x1x1x
MDB18x24x11x17x
MELI4x5x4x4x
META2x6x8x7x
MNDY12x13x12x—
MRVL7x9x17x13x
MSFT9x13x13x13x
NET15x19x20x29x
NFLX4x6x10x9x
NOW11x16x20x12x
NVDA—43x54x35x
OKTA9x8x6x6x
ORCL5x6x9x10x
PANW10x17x19x16x
PCOR10x11x10x8x
PINS5x7x5x4x
PYPL2x2x2x2x
QLYS8x12x8x7x
RBLX8x10x11x11x
RELY4x4x4x2x
RPD3x5x3x1x
S24x20x12x6x
SAP4x5x8x8x
SE2x2x3x—
SHOP8x13x15x17x
SMCI1x2x1x1x
SNAP3x5x3x2x
SNOW40x31x19x21x
SOFI4x6x8x9x
SPOT1x3x6x7x
TEAM8x11x9x5x
TENB6x6x5x—
TOST3x2x4x3x
TTD12x16x21x6x
TWLO2x3x4x4x
U9x8x5x10x
UBER2x3x3x3x
VEEV14x14x15x13x
WDAY7x9x8x5x
ZM—4x5x5x
ZS16x21x13x14x
10

Company Comparison

Select up to 3 companies to compare side-by-side. See how their valuations tracked over time and how their fundamentals stack up.

EV/Revenue Over Time

MetricNVDACRMCRWD
Revenue$27.0B$31.4B$2.2B
Rev Growth——54.4%
Gross Margin56.9%73.3%73.2%
Op Margin20.7%5.9%-8.5%
FCF Margin14.1%20.1%30.1%
EV/Revenue43.4x7.5x27.8x
Rule of 40——84.5
Return Since 2020706%53%399%
11

Full Company Dataset

Every company for FY2023. Search and sort the raw data.

71 companies
TickerCompanySectorRevenueGrowthGM%OpM%FCF%EV/Rev↓P/ERo40Ret '20
NVDANVIDIASemiconductors$27.0B—56.9%20.7%14.1%43.4x267.8—706%
SNOWSnowflakeCloud Infrastructure$2.1B69.4%65.3%-40.8%24.0%31.3x—93.4—
CRWDCrowdStrikeCybersecurity$2.2B54.4%73.2%-8.5%30.1%27.8x—84.5399%
ARMArm HoldingsSemiconductors$2.7B—96.0%25.3%24.1%27.3x139.7——
MDBMongoDBCloud Infrastructure$1.3B47.0%72.8%-27.0%-1.6%24.3x—45.4186%
GTLBGitLabCloud Infrastructure$424M68.0%87.8%-49.8%-19.7%21.2x—48.3—
ZSZscalerCybersecurity$1.6B48.2%77.6%-14.5%20.6%21.1x—68.8349%
SSentinelOneCybersecurity$422M106.1%65.8%-95.4%-50.2%20.4x—55.9—
NETCloudflareCloud Infrastructure$1.3B33.0%76.3%-14.3%9.2%19.4x—42.2366%
DDOGDatadogCloud Infrastructure$2.1B27.1%80.7%-1.6%28.1%17.8x777.855.1214%
PANWPalo Alto NetworksCybersecurity$6.9B25.3%72.3%5.6%38.2%17.1x268.163.5268%
NOWServiceNowApplication SaaS$9.0B23.8%78.6%8.5%30.1%16.0x83.153.9136%
TTDThe Trade DeskApplication SaaS$1.9B23.3%81.2%10.3%27.9%15.7x170.851.3160%
CYBRCyberArkCybersecurity$752M27.1%79.2%-15.5%6.8%14.5x—33.982%
VEEVVeeva SystemsApplication SaaS$2.2B16.4%71.7%21.3%36.2%14.4x63.852.732%
AVGOBroadcomSemiconductors$35.8B7.9%68.9%45.9%49.2%14.1x35.757.1283%
DTDynatraceCloud Infrastructure$1.2B24.6%80.8%8.0%28.8%13.6x145.953.4103%
HUBSHubSpotApplication SaaS$2.2B25.4%84.4%-4.8%11.6%13.3x—36.9237%
SHOPShopifyE-Commerce$7.1B26.1%49.8%1.1%12.8%12.8x685.838.981%
MSFTMicrosoftLegacy Tech$211.9B6.9%68.9%41.8%28.1%12.8x37.435.0140%
MNDYMonday.comApplication SaaS$730M40.6%89.0%-5.3%28.1%12.6x—68.7—
QLYSQualysCybersecurity$554M13.2%80.6%29.4%42.5%12.3x45.255.8128%
ADBEAdobeLegacy Tech$19.4B10.2%87.9%34.3%35.8%12.3x43.946.073%
GLBEGlobal-e OnlineE-Commerce$570M39.3%41.0%-24.1%18.7%11.5x—58.0—
FROGJFrogApplication SaaS$350M24.9%78.0%-21.5%20.6%11.5x—45.6—
COINCoinbaseFintech$3.1B-2.7%63.5%-1.7%21.7%11.3x368.819.0—
TEAMAtlassianApplication SaaS$3.5B26.1%82.1%-9.8%23.8%10.9x—49.984%
PCORProcore TechnologiesApplication SaaS$950M31.9%81.6%-22.7%5.0%10.7x—36.9—
ESTCElasticCloud Infrastructure$1.1B24.0%72.3%-17.6%3.1%10.4x—27.062%
RBLXRobloxConsumer Internet$2.8B25.8%76.8%-45.0%4.4%10.2x—30.2—
AMDAMDSemiconductors$22.7B-3.9%46.1%1.8%4.9%10.0x264.61.0182%
WDAYWorkdayApplication SaaS$6.2B21.0%72.5%-2.9%20.8%9.2x—41.760%
CFLTConfluentCloud Infrastructure$777M32.6%70.4%-57.1%-16.0%9.0x—16.6—
AFRMAffirmFintech$1.6B17.7%45.0%-61.8%-6.8%8.6x—10.8—
MRVLMarvell TechnologySemiconductors$5.9B32.7%50.5%6.1%18.1%8.5x—50.8117%
FTNTFortinetCybersecurity$5.3B20.1%76.7%23.4%32.6%8.1x37.352.7163%
OKTAOktaApplication SaaS$1.9B42.9%70.6%-42.1%3.4%7.9x—46.3-26%
UUnity SoftwareConsumer Internet$2.2B57.3%66.5%-38.1%8.2%7.7x—65.4—
CRMSalesforceApplication SaaS$31.4B—73.3%5.9%20.1%7.5x1123.0—53%
BILLBill HoldingsApplication SaaS$1.1B64.9%81.7%-27.9%14.8%7.2x—79.7100%
AAPLAppleLegacy Tech$383.3B-2.8%44.1%29.8%26.0%7.0x27.823.2154%
PINSPinterestConsumer Internet$3.1B9.0%77.5%-4.1%19.8%6.9x—28.893%
TENBTenableCybersecurity$799M16.9%77.0%-6.0%17.7%6.3x—34.680%
NFLXNetflixConsumer Internet$33.7B6.7%41.5%20.6%20.5%5.9x36.727.242%
SOFISoFi TechnologiesFintech$2.1B34.0%——-348.6%5.8x—-314.6—
ORCLOracleLegacy Tech$50.0B17.7%72.8%27.6%17.0%5.8x34.334.7106%
METAMeta PlatformsConsumer Internet$134.9B15.7%80.8%34.7%32.7%5.6x19.248.465%
SAPSAPLegacy Tech$31.2B5.7%72.2%19.3%17.5%5.5x27.923.218%
FSLYFastlyCloud Infrastructure$506M16.9%52.6%-38.3%-6.3%5.3x—10.6-19%
HOODRobinhoodFintech$1.9B37.3%92.2%-28.7%62.2%5.2x—99.5—
MELIMercadoLibreE-Commerce$15.1B40.1%50.2%14.6%30.6%5.1x78.570.8151%
SNAPSnapConsumer Internet$4.6B0.1%54.1%-30.4%0.8%5.0x—0.8-4%
RPDRapid7Cybersecurity$778M13.5%70.2%-4.0%10.8%4.7x—24.3-5%
DASHDoorDashConsumer Internet$8.6B31.2%46.9%-6.7%15.6%4.6x—46.8—
DOCUDocuSignApplication SaaS$2.5B19.4%78.7%-2.4%17.1%4.5x—36.5-25%
INTCIntelLegacy Tech$54.2B-14.0%40.0%0.1%-26.3%4.3x139.5-40.3-12%
RELYRemitlyFintech$944M44.5%56.4%-12.1%6.1%4.2x—50.6—
ZMZoomApplication SaaS$4.4B—75.0%5.6%26.8%4.2x177.3—1%
CSCOCiscoLegacy Tech$57.0B10.6%62.7%27.3%33.4%3.3x14.844.017%
UBERUberConsumer Internet$37.3B16.9%39.8%3.0%9.0%3.2x63.726.088%
SPOTSpotifyConsumer Internet$13.2B13.0%25.6%-3.4%5.1%2.9x—18.125%
ETSYEtsyE-Commerce$2.7B7.1%69.8%12.7%24.2%2.8x25.431.379%
GOOGLAlphabetConsumer Internet$307.4B8.7%56.6%27.4%22.6%2.6x10.831.3102%
TWLOTwilioApplication SaaS$4.2B8.6%49.2%-9.4%8.8%2.6x—17.3-31%
TOSTToastFintech$3.9B41.5%21.6%-7.4%2.4%2.5x—43.9—
SMCISuper Micro ComputerSemiconductors$7.1B37.1%18.0%10.7%8.8%2.4x26.745.91108%
IBMIBMLegacy Tech$61.9B2.2%55.5%15.9%19.6%2.3x18.921.852%
PYPLPayPalFintech$29.8B8.2%46.0%16.6%14.2%1.9x13.322.4-45%
SESea LimitedE-Commerce$13.1B4.9%44.7%2.6%13.9%1.6x139.418.9-4%
LYFTLyftConsumer Internet$4.4B7.5%42.2%-10.8%-5.6%1.3x—1.9-68%
CPNGCoupangE-Commerce$24.4B18.5%25.4%1.9%7.2%1.1x19.325.7—