SaaS valuations based on the Forward EV/Sales multiple relative to their projected NTM revenue growth.

Companies with strong operating leverage are consistently trading above the trendline.

• $NET sits far above the curve — 29% growth but trading at 26x Forward EV/Sales. Market pricing in AI + platform dominance.

• $APP combines high growth 38% with strong margins → premium justified.

• $ZETA 35% growth but 2x EV/Sales → massive disconnect

• $SNOW, $MDB, $CRWD, and $DDOG cluster near fair value despite strong AI positioning

• $RBRK and $ZS showing solid growth