cloudedjudgement.substack.com · 2025-12-12 · 174d

Clouded Judgement: Systems of Record in the Age of AI Agents

The article argues that while the form of systems of record is evolving with AI agents, the fundamental need for a canonical source of truth is increasing rather than diminishing. As workflows become more automated and agent-driven, enterprises must establish explicit data governance, semantic layers, and conflict resolution rules to ensure agents operate on accurate, consistent information across fragmented operational systems.

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

Metrics in this report

High Growth Median EV / NTM Revenue

14.5x

median

SaaS companies with >22% projected NTM growth

Low Growth Median EV / NTM Revenue

3.7x

median

SaaS companies with <15% projected NTM growth

Median CAC Payback Period

36months

median

Public SaaS companies in sample

Median FCF Margin

20percent

median

Public SaaS companies in sample

Median G&A as Percent of Revenue

15percent

median

Public SaaS companies in sample

Median Gross Margin

76percent

median

Public SaaS companies in sample

Median NTM Revenue Growth Rate

12percent

median

Public SaaS companies in sample

Median Net Retention Rate (NRR)

108percent

median

Public SaaS companies in sample

Median Operating Margin

-1percent

median

Public SaaS companies in sample

Median R&D as Percent of Revenue

23percent

median

Public SaaS companies in sample

Median S&M as Percent of Revenue

37percent

median

Public SaaS companies in sample

Mid Growth Median EV / NTM Revenue

7.5x

median

SaaS companies with 15%-22% projected NTM growth

Overall Median EV / NTM Revenue

4.9x

median

Overall public SaaS market

Top 5 Companies Median EV / NTM Revenue

22.7x

median

Top 5 highest-valued SaaS companies in sample