Clouded Judgement

This SaaS market update analyzes valuation multiples, operating metrics, and growth trends across public SaaS companies as of October 2020, highlighting the IAM market's TAM expansion driven by cloud adoption and providing benchmarking data on revenue multiples, profitability, and unit economics. The article presents Morgan Stanley's bullish $33.9B TAM thesis for identity and access management, contrasting with IDC's more conservative $7.9B estimate, and tracks top-performing stocks and their valuation metrics relative to growth rates.