cloudedjudgement.substack.com · 2021-11-22 · 1655d

Clouded Judgement: Samsara S-1 Benchmarking Analysis

This article analyzes Samsara's S-1 filing by benchmarking its Connected Operations Cloud business model and key financial metrics against public SaaS peers. Samsara demonstrates strong revenue growth (76% YoY) and net revenue retention (>115%) with healthy gross margins (72%), but operates at a loss with negative operating margins (-36%) and a Rule of 40 score of 31%, indicating growth-stage capital efficiency constraints.

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Metrics in this report

CAC Payback Period

18months

gross margin adjusted

Samsara LTM S&M expense basis

Connected Fleet TAM

32.9billions USD

2021 market size (Gartner)

Samsara largest application category

Gross Margin

72percent

GAAP LTM

Samsara Connected Operations Cloud

LTM Revenue

379millions USD

Samsara (IoT SaaS, growth-stage)

LTM Revenue Growth

76percent

last 12 months

Samsara YoY growth

Net Revenue Retention

>115percent

Samsara cohort retention (exact figure not disclosed in S-1)

Operating Margin

-36percent

GAAP LTM

Samsara growth-stage profitability

Rule of 40

31percent

Samsara LTM revenue growth + FCF margin

S&M Expense as % of Revenue

56percent

LTM

Samsara go-to-market efficiency

TAM (Total Addressable Market)

54.6billions USD

2021 estimate

Samsara Connected Operations Cloud market opportunity

TAM Projection

96.9billions USD

2024 projection

Samsara TAM at 21% CAGR growth