GTM Efficiency is Plummeting! FCF margins are improving...but efficiency is worsening?

While public SaaS companies are achieving all-time high FCF margins, this masks deteriorating GTM unit economics and sales efficiency over the past 3 years. The article reveals that current FCF improvements are primarily from high-efficiency customers acquired years ago, and without corrective action, churn and CAC headwinds will erode margin sustainability. Rising S&M spend per dollar of new ARR signals broken unit economics that must be addressed before FCF margins compress.