cloudedjudgement.substack.com · 2026-01-16 · 139d

Clouded Judgement: Platform of Platforms

The article explores how AI agents are fundamentally changing software architecture by operating as a connective layer across multiple systems of record, rather than within a single domain. Legacy SaaS vendors face a strategic challenge: they may be reduced to simple data stores unless they can build products that span beyond their traditional domains. The piece includes detailed valuation multiples and operating metrics for top 10 public SaaS companies.

13 metrics· Cited 0× in the knowledge base ·Open source ↗

Metrics in this report

CAC Payback Period

36months

median

Public SaaS companies

EV / NTM Revenue Multiple

4.4x

median

Overall public SaaS market

EV / NTM Revenue Multiple

12.9x

median

High-growth SaaS companies (>22% NTM growth)

EV / NTM Revenue Multiple

7.7x

median

Mid-growth SaaS companies (15-22% NTM growth)

EV / NTM Revenue Multiple

3.2x

median

Low-growth SaaS companies (<15% NTM growth)

FCF Margin

19percent

median

Public SaaS companies

G&A Spend as % of Revenue

15percent

median

Public SaaS companies

Gross Margin

76percent

median

Public SaaS companies

NTM Growth Rate

12percent

median

Public SaaS companies

Net Dollar Retention

108percent

median

Public SaaS companies

Operating Margin

-1percent

median

Public SaaS companies

R&D Spend as % of Revenue

23percent

median

Public SaaS companies

S&M Spend as % of Revenue

37percent

median

Public SaaS companies