Markets
Market bubbles →Universe-wide trends mirroring the Meritech Pulse format: top movers, tag-group indices, Rule of 40 composition, and quarterly SaaS KPIs. Latest snapshot: 2026-08-04.
Top movers
Top movers
Top 5 gainers & losers across the universe over the chosen window.
Gainers
| PAYPaymentus Holdings, Inc. | +59.9% |
| BLKBBlackbaud, Inc. | +53.6% |
| RNGRingCentral, Inc. | +53.6% |
| FSLYFastly, Inc. | +34.8% |
| WIXWix.com Ltd. | +33.0% |
Losers
| BETRBetter Home & Finance Holding Company | -42.3% |
| RBLXRoblox Corporation | -33.3% |
| TDOCTeladoc Health, Inc. | -29.7% |
| MTZMasTec, Inc. | -28.2% |
| APPAppLovin Corporation | -23.5% |
Tag indices
AI Tailwinds vs. Others
15 tagged tickers vs 207 others, equal-weighted; each ticker rebased to 100 at its first close in window.
AI Tailwinds
249.0%
Others
55.0%
Consumer Subscription vs. Others
5 tagged tickers vs 217 others, equal-weighted; each ticker rebased to 100 at its first close in window.
Consumer Subscription
67.2%
Others
67.4%
Developer Infra vs. Others
14 tagged tickers vs 208 others, equal-weighted; each ticker rebased to 100 at its first close in window.
Developer Infra
138.7%
Others
63.5%
Rule of 40 composition
Rule of 40 Composition
Median EV/LTM Revenue by NTM Growth × LTM FCF Margin bucket.
FCF Margin ↓ / Growth → | <10% | 10–20% | 20–30% | >30% |
|---|---|---|---|---|
| <10% | 1.8x n=20 | 3.1x n=11 | 4.3x n=11 | 4.7x n=22 |
| 10–20% | 2.2x n=17 | 2.5x n=21 | 3.8x n=11 | 6.4x n=16 |
| 20–30% | 3.5x n=12 | 4.3x n=12 | 5.6x n=10 | 8.8x n=16 |
| >30% | 4.5x n=8 | 5.6x n=11 | 7.1x n=10 | 17.2x n=13 |
Hover a cell to see member tickers. Buckets without companies show "—".
SaaS operating KPIs (quarterly)
Median CAC Payback Period
18 quarters · 136 reporters in latest
Prior-Q LTM S&M × current-Q LTM gross margin ÷ NNARR × 12. Universe median per quarter.
Latest (2026-03-31)
14.2 mo
vs. 1 year ago
-2.7 mo
Median YoY Implied ARR Growth
21 quarters · 215 reporters in latest
Implied ARR = revenue × 4; growth is Q vs Q−4. Universe median per quarter.
Latest (2026-03-31)
14.3%
vs. 1 year ago
+2.3%
Leaderboards
Highest EV / LTM Revenue
| 1 | PLTRPalantir Technologies Inc. | 81.4x |
| 2 | NETCloudflare, Inc. | 49.2x |
| 3 | CRWDCrowdStrike Holdings, Inc. | 43.5x |
| 4 | LITELumentum Holdings Inc. | 40.8x |
| 5 | PANWPalo Alto Networks, Inc. | 31.7x |
| 6 | DDOGDatadog, Inc. | 28.9x |
| 7 | APPAppLovin Corporation | 25.7x |
| 8 | SNOWSnowflake Inc. | 23.7x |
| 9 | HOODRobinhood Markets, Inc. | 23.6x |
| 10 | GHGuardant Health, Inc. | 22.4x |
Largest Market Cap
| 1 | GOOGLAlphabet Inc. | $4.59T |
| 2 | AAPLApple Inc. | $4.55T |
| 3 | MSFTMicrosoft Corporation | $3.69T |
| 4 | AMZNAmazon.com, Inc. | $2.99T |
| 5 | METAMeta Platforms, Inc. | $1.50T |
| 6 | TSLATesla, Inc. | $1.29T |
| 7 | VVisa Inc. | $692.19B |
| 8 | ASMLASML Holding N.V. | $654.82B |
| 9 | XOMExxon Mobil Corporation | $639.90B |
| 10 | MAMastercard Incorporated | $502.05B |
Fastest NTM Growth
| 1 | LITELumentum Holdings Inc. | 264.4% |
| 2 | PLTRPalantir Technologies Inc. | 124.5% |
| 3 | COMPCompass, Inc. | 110.7% |
| 4 | COURCoursera, Inc. | 86.6% |
| 5 | RKTRocket Companies, Inc. | 77.6% |
| 6 | APPAppLovin Corporation | 77.0% |
| 7 | HYPRHyperfine, Inc. | 75.5% |
| 8 | COHRCoherent, Inc. | 73.6% |
| 9 | DOCNDigitalOcean Holdings, Inc. | 68.4% |
| 10 | AFRMAffirm Holdings, Inc. | 67.6% |