Clouded Judgement

The article analyzes SaaS valuation multiples and operating metrics across 15+ public companies following market volatility driven by Snowflake's disappointing guidance despite strong revenue. The author explores downside risks to software spending, including potential shifts from growth-at-all-costs to cost discipline amid macro uncertainty, and provides benchmarking data on median SaaS metrics including 120% NRR, 9.2x EV/NTM revenue multiples, and -22% operating margins.