SaaS dilution check: growth is strong, but SBC is the hidden tax👇

This chart maps SBC/Revenue vs NTM growth

• Red → SBC exceeds FCF margin (value leakage) • Yellow → moderate dilution • Green → disciplined compensation

Market is starting to price efficiency, not just growth

High growth + controlled dilution (best setups):

$APP → 36% growth, 5% SBC $SHOP → 24% growth, 3% SBC $FICO → strong growth with sub-10% SBC $MSFT → scale + low SBC intensity

High growth but heavy dilution:

$SNOW →27% growth, 32% SBC $CFLT → 22% growth, 33% SBC $TEAM → 20% growth, 28% SBC

Which SaaS names balance growth and dilution best right now?