41 observations · 38 reports · 2 publishers

S&M as % of Revenue.

Every S&M as % of Revenue observation from our practitioner benchmark corpus. Latest: Clouded Judgement (2026).

← All benchmark reports
Observations
41
Reports
38
Publishers
2
Latest
Clouded Judgement
2026-03-20
35 percent
Clouded Judgement
2026
median
Public SaaS companies in index
Clouded Judgement: Digital Twins as the Infrastructure Layer for AI Agents →
37 percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: Software Valuations in the Age of AI Disruption →
37 percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Compression and the Terminal Value Crisis →
37 percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: The Education Advantage in AI →
37% percent
Clouded Judgement
2025
median
SaaS companies at scale
Clouded Judgement: Exuberance Returning to Venture Markets in 2026 →
40 percent
Clouded Judgement
2025
median
SaaS companies
Clouded Judgement: Rising Rates and SaaS Valuation Multiples in a High-Growth Environment →
40 percent
Clouded Judgement
2024
median
Software universe
Clouded Judgement: Beat and No Raise? – SaaS Multiple Expansion Without Earnings Growth →
41 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Azure AI Services Growth Signals Positive Infrastructure Software Outlook →
41 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: March CPI Update & SaaS Valuation Multiple Analysis →
41 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Hype Rounds vs Fundamental Rounds + Macro Update →
77 percent
Clouded Judgement
2024
Rubrik LTM
Clouded Judgement: Rubrik S-1 Benchmarking Analysis →
42 percent
Clouded Judgement
2024
median
Cloud software companies
Clouded Judgement: Rule of X and SaaS Valuation Multiplier Dynamics →
42 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: January Green Shoots, CPI Inflation, and SaaS Valuation Multiples →
43 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Cloud Giants Report Q4'23 →
43% percent
Clouded Judgement
2024
median
Public B2B SaaS companies
Clouded Judgement: Q4 Earnings Season Kicks Off with ServiceNow →
58% percent
OnlyCFO
2023
average
High R&D-focused companies (22% R&D + 36% S&M example)
Innovation or Distribution? Analyzing R&D vs S&M Spend in SaaS →
72% percent
OnlyCFO
2023
average
High S&M-focused companies
Innovation or Distribution? Analyzing R&D vs S&M Spend in SaaS →
43 percent
Clouded Judgement
2023
median
SaaS companies at scale
Clouded Judgement: November 2023 Macro Update & SaaS Valuation Multiples Analysis →
42 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Net New ARR Rebound & AWS ReInvent 2023 Implications →
42 percent
Clouded Judgement
2023
median
Public SaaS companies at scale
Clouded Judgement: Cloud Giants Q3 2023 Report & SaaS Valuation Reality Check →
42 percent
Clouded Judgement
2023
median
Public SaaS cohort
Clouded Judgement: Hyperscaler Cloud Growth & SaaS Valuation Multiples Analysis →
46 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Cloud Giants Q2 Update →
46 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Cloud Infrastructure Optimization Cycles & Soft Landing Macro Outlook →
46 percent
Clouded Judgement
2023
median
Public SaaS companies in basket
Clouded Judgement: Are Software Companies Bad Businesses? →
46% percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Q1 2023 SaaS Net New ARR Slowing & Demand Environment Divergence →
47 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
47 percent
Clouded Judgement
2023
median
SaaS companies in benchmark sample
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
45 percent
Clouded Judgement
2022
median
Public SaaS companies, April 2022
Clouded Judgement →
45 percent
Clouded Judgement
2022
median
Public SaaS cohort
Clouded Judgement →
44 percent
Clouded Judgement
2022
median
Public SaaS cohort
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
45 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
44 percent
Clouded Judgement
2021
median
SaaS cohort overall
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
44 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
43 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
44% percent
Clouded Judgement
2021
median
SaaS public companies
Clouded Judgement →
43 percent
Clouded Judgement
2021
median
Public SaaS companies as of July 2021
Clouded Judgement →
42 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
42 percent
Clouded Judgement
2021
median
Public SaaS companies in analysis set
Clouded Judgement →
42 percent
Clouded Judgement
2021
median
SaaS public company cohort
Clouded Judgement →
43 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
44 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples and Treasury Correlation Analysis →