cloudedjudgement.substack.com · 2025-08-22 · 286d

Clouded Judgement: Workflows Are the New Databases

The article argues that durable workflow engines are becoming essential infrastructure for AI agents and applications, analogous to how relational databases became foundational for SaaS. It includes detailed SaaS valuation multiples, operating metrics benchmarks, and Rule of 40 analysis across public cloud software companies.

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

Metrics in this report

CAC Payback Period

38months

median

Public SaaS companies

EV/NTM Revenue Multiple

4.8x

median

All public SaaS companies

EV/NTM Revenue Multiple

28.1x

median

Top 5 SaaS companies by market cap

EV/NTM Revenue Multiple

29.3x

median

High-growth SaaS (>25% NTM growth)

EV/NTM Revenue Multiple

6.8x

median

Mid-growth SaaS (15-25% NTM growth)

EV/NTM Revenue Multiple

3.8x

median

Low-growth SaaS (<15% NTM growth)

FCF Margin

18percent

median

Public SaaS companies

G&A Spend

16percent of revenue

median

Public SaaS companies

Gross Margin

76percent

median

Public SaaS companies

LTM Revenue Growth Rate

14percent

median

Public SaaS companies

NTM Revenue Growth Rate

12percent

median

Public SaaS companies

Net Dollar Retention

108percent

median

Public SaaS companies

Operating Margin

-4percent

median

Public SaaS companies

R&D Spend

24percent of revenue

median

Public SaaS companies

Sales & Marketing Spend

38percent of revenue

median

Public SaaS companies