Figma Grows 46% and Trades at 6x. Everyone Else Growing 30%+ Trades at 15-36x.
Figma went public on July 31, 2025 at $33 a share, popped 250% on day one to close at $115.50, and got valued near $68 billion. It peaked at $142.92. This week it trades around $19, with a market cap near $10 billion. That is down roughly 87% from the high. Down about...
Why Navan Is Up +30% in 2026. When So Many Other Public Software Leaders Are Down.
Pull up a chart of public B2B software in 2026 and it is a sea of red. IGV, the iShares software ETF, is down more -15% year-to-date and off roughly 30% from its September 2025 peak. For the first time in history, software forward multiples dropped below the S&P...
Salesforce at 2.8x ARR, HubSpot Down 56%, Adobe at 11x Earnings: Are They Just Too Oversold Now?
Four months ago the markets decided B2B software was dead. In a 48-hour stretch in February, roughly $285 billion in software market cap evaporated. The trigger was the fear that AI agents would make per-seat licensing obsolete, that the entire model of charging...
Shopify Turns 20! 5 Interesting Learnings from Shopify at $13B+ in ARR. And Accelerating
hopify just turned 20. The company Tobi Lütke spun out of a snowboard shop called Snowdevil in 2006 is now processing more than $100 billion of merchant sales in a single quarter and running at a $13B+ revenue run rate. Most software companies that old are coasting on...
Entrata at $575m ARR Growing 23% Is First of the Next Wave of PE-Backed Software IPOs. The Catch: Almost None of Them Are Accelerating.
Entrata filed its S-1 on May 28 to list on the NYSE under the ticker “ENT.” It’s the multifamily property management Operating System out of Lehi, Utah, founded way back in 2003, with Silver Lake holding majority control since 2022. The numbers are...
Salesforce Just Reaccelerated Growth at $45B+ ARR. It Took the Entire Kitchen Sink. 5 Learnings.
Reaccelerating growth at scale is the hardest thing in B2B. Almost no one does it. The law of large numbers is tough to defeat: the bigger you get, the more new revenue you need just to hold the same growth rate, and eventually the math wins. HubSpot, Workday, even...
Datadog Stock Is Up +66%. Here Are 5 Reasons Why, And Why It’s the Cleanest AI Beneficiary in B2B
Guess whose stock Is up +66% year-to-date? And trades at 20x ARR? In the midst of the most challenging run for software stocks … ever? Datadog. As of May 22, 2026: $222.32 per share, +66.20% year-to-date. Market cap: $79B. 52-week low was $98.01 just months...
5 Interesting Learnings from HubSpot at $3.5B in ARR: 23% Reported Growth, $211M in Buybacks, and a 16% Stock Drop
On paper, this was a strong quarter for HubSpot. Maybe not epic, but strong. HubSpot reported Q1 ’26 with revenue of $881M, up 23% … as reported. Subscription revenue alone hit $862.3M, putting ARR run-rate around $3.45B. They beat consensus by $18M....
Figma Beats, Raises and Accelerates! Boom! Stock Rockets 12%! But … It Still Trades for Less than 10X ARR
Figma reported Q1, and the results were the cleanest “beat and raise and accelerate” you’ll see all earnings season in B2B + AI. Revenue accelerated for the second quarter in a row. NDR ripped to a 2+ year high. AI monetization, which everyone on the...
5 Interesting Learnings from Monday at $1.4 Billion in ARR: Guidance Raised, Stock Crushes, NDR Up to 116%, But Real AI Revenue Still Ahead
Monday.com (MNDY) reported Q1 2026 this morning. The stock popped 28%+ in pre-market trading. In the same week, HubSpot reported a clean beat, and the stock dropped 16%. Both companies are application-layer B2B incumbents. Both have 250K+ customers. Both have AI...
Palantir Q1 2026 Has Broken the Enterprise Software Mold. Again. Revenue Growth Accelerates to 85% at $6.5B+ ARR
Three months ago we asked if Palantir might be the greatest enterprise software company ever built. The data said the question was at least worth asking. Today the question got harder to dismiss (especially if we don’t deem Anthropic an enterprise software...
Atlassian and Twilio Crush the Quarter, Accelerate. Is the SaaSpocalypse Over?
So this week two of the more important bellwether names in B2B software reported earnings. And neither of them just “beat.” Both accelerated. Materially. At $7B and $5.6B+ run rates respectively. They crushed the quarter, in fact. This really matters...
5 Interesting Learnings from ServiceNow at $14.7B in ARR: 22% Growth, Rule of 54, and the Paradox of Beat-and-Lose
Coming into Q1 2026 earnings, the narrative on ServiceNow was ugly. Stock down 32% year-to-date. Trading near the $100 support level, 46% off the peak. Cramer was hedging. Seeking Alpha was calling the valuation unsustainable. The bear case had three legs: AI would...
5 Interesting Learnings from Klaviyo at $1.2 Billion in ARR: 32% Growth, 110% NRR, and Somehow Only 4x Revenue
Possibly the most mispriced public B2B leader right now. Klaviyo reported its latest FY2025 results, and the numbers are genuinely top decile. It should be a hot stock: $1.234 billion in revenue for the full year Up 32% year-over-year, with Q4 alone hitting $350...
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