Apr. 4 at 1:12 PM
SaaS isn’t priced randomly — it’s a system built on growth + profitability.
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When you map forward EV/Gross Profit vs NTM growth, the pattern is clear:
• Faster growth earns higher multiples — that part is obvious
This is where the leaders stand out:
$NET — ~48x EV/GP with ~29% growth
→ Market is pricing in long-term category dominance + infrastructure-level demand
$APP — ~38% growth with a premium multiple
→ AI + advertising monetization narrative is driving a rerating
$SHOP — ~28x with strong growth + expanding margins
→ Ecosystem scale + merchant lock-in continues to compound
$CRWD — premium valuation supported by profitability + relentless cybersecurity demand
→ One of the clearest “quality + necessity” plays in the market
Meanwhile, high-growth names pushing the right side of the chart:
$ZETA — ~35% growth but still trading at a relatively lower multiple
→ Market hasn’t fully priced in the upside yet
