Economics
SaaS tracker
Twenty-three public SaaS companies (software as a service, sold as a subscription), grouped by sector and tracked every Friday since 10 Oct 2025.
Prices: week of Fri 23 Oct 2026, Yahoo Finance closes. Filings: each company's latest 10-Q or 10-K, from SEC EDGAR. 55 weeks stored.
How the basket moved
The basket index is our own, not a vendor's: every company counts the same (equal weight), and each line starts at 100 on 10 Oct 2025. A line at 120 means its companies are up about 20% since then, on average.1
Equal-weight price index by sector, base 100 on 10 Oct 2025
- All 23 (basket)
- Front office
- Back office
- HR and finance
- Security
- Data and infrastructure
- Developer tools
- Collaboration
- Creative and vertical
Source: Yahoo Finance daily closes; rycode math · as of 23 Oct 2026
Since week of 16 Oct 2026: basket +9.6%; Security +13.2%; Creative and vertical +3.2%; Front office +8.1%.
See the numbers
| Sector | Index · Fri 23 Oct 2026 |
|---|---|
| Security | 172.9 |
| Developer tools | 141.8 |
| Data and infrastructure | 140.8 |
| All 23 (basket) | 122.3 |
| Creative and vertical | 100.9 |
| Collaboration | 100.5 |
| HR and finance | 95.9 |
| Back office | 89.4 |
| Front office | 82.2 |
Sectors
Each sector figure is a median, the middle value of its companies, so one giant does not tilt it. Growth is revenue in the latest quarter against the same quarter a year earlier. Free cash flow (FCF) margin is cash from operations minus spending on equipment, as a share of revenue, over the last four quarters.2 The Rule of 40 adds those two percentages; 40 or more is the common bar for a healthy software company.3 Stock pay (SBC, stock-based compensation) is pay in shares, as a share of revenue. Market cap is the stock market value of the whole company.
| Sector | Names | Index23 Oct 2026, base 100 | Median growthlatest qtr, y/y | Median FCF marginlast 4 qtrs | Median Rule of 40 | Median SBC% of revenue | Market capsum, 23 Oct 2026 |
|---|---|---|---|---|---|---|---|
| Front officeCRM, sales, service | 2CRM HUBS | 82.2 | 15.3% | 28.8% | 44.1 | 11.1% | $217.5B |
| Back officeIT and business workflow | 1NOW | 89.4 | 24.0% | 31.1% | 55.1 | 16.4% | $163.9B |
| HR and financepayroll, HR, accounting, payments | 4WDAY PAYC INTU BILL | 95.9 | 13.3% | 27.5% | 39.8 | 11.9% | $163.9B |
| Securityendpoint, network, identity | 5CRWD PANW ZS OKTA NET | 172.9 | 25.8% | 29.8% | 50.3 | 23.0% | $761.0B |
| Data and infrastructuredata platforms, monitoring, databases | 3SNOW DDOG MDB | 140.8 | 35.1% | 23.7% | 57.1 | 19.6% | $239.6B |
| Developer toolscode, planning, delivery | 2TEAM GTLB | 141.8 | 24.5% | 20.2% | 44.7 | 24.3% | $68.9B |
| Collaborationmeetings, work management, e-signature | 3ZM MNDY DOCU | 100.5 | 9.4% | 35.7% | 43.7 | 14.1% | $49.0B |
| Creative and verticaldesign, life sciences, commerce | 3ADBE VEEV SHOP | 100.9 | 17.6% | 40.8% | 53.7 | 8.0% | $375.1B |
| All 23 | 23 | 122.3 | 21.3% | 28.0% | 49.8 | 14.7% | $2.04T |
Back office has one company today, so its median is ServiceNow's own number.
Companies
Market cap is the Friday close times weighted average shares from the latest quarterly filing.4 RPO (remaining performance obligations) is revenue already signed in contracts but not yet earned. Small text in a cell says which week or which quarter end the number is from.
| Company | CloseFri 23 Oct 2026 | 52-week change | Market cap | Revenuelatest qtr | Growthy/y | FCF marginlast 4 qtrs | Rule of 40 | SBC% of rev, qtr | RPO |
|---|---|---|---|---|---|---|---|---|---|
| Front office | |||||||||
| SalesforceCRM | $248.57 | -2.5% | $203.8B | $11.3BJul 2026 | 10.8%Jul 2026 | 34.5%Jul 2026 | 45.3Jul 2026 | 8.0%Jul 2026 | $66.3BJul 2026 |
| HubSpotHUBS | $270.88 | -42.3% | $13.7B | $912MJun 2026 | 19.8%Jun 2026 | 23.1%Jun 2026 | 42.9Jun 2026 | 14.1%Jun 2026 | $1.7BJun 2026 |
| Back office | |||||||||
| ServiceNowNOW | $158.96 | -14.6% | $163.9B | $4.0BJun 2026 | 24.0%Jun 2026 | 31.1%Jun 2026 | 55.1Jun 2026 | 16.4%Jun 2026 | $29.0BJun 2026 |
| HR and finance | |||||||||
| WorkdayWDAY | $209.99 | -13.5% | $51.5B | $2.6BJul 2026 | 12.8%Jul 2026 | 28.0%Jul 2026 | 40.8Jul 2026 | 17.4%Jul 2026 | - |
| PaycomPAYC | $274.59 | +37.6% | $12.6B | $531MJun 2026 | 9.8%Jun 2026 | 26.9%Jun 2026 | 36.7Jun 2026 | 3.3%Jun 2026 | - |
| IntuitINTU | $343.39 | -49.7% | $94.8B | $4.4BJul 2026 | 13.7%Jul 2026 | 40.4%Jul 2026 | 54.1Jul 2026 | 11.6%Jul 2026 | - |
| Bill HoldingsBILL | $50.70 | -1.0% | $5.0B | $436MJun 2026 | 13.8%Jun 2026 | 25.0%Jun 2026 | 38.8Jun 2026 | 12.1%Jun 2026 | $56MJun 2026 |
| Security | |||||||||
| CrowdStrikeCRWD | $257.57 | +95.4% | $262.6B | $1.5BJul 2026 | 25.8%Jul 2026 | 29.8%Jul 2026 | 55.6Jul 2026 | 25.6%Jul 2026 | $10.7BJul 2026 |
| Palo Alto NetworksPANW | $380.55 | +75.3% | $304.8B | $3.4BJul 2026 | 34.5%Jul 2026 | 35.8%Jul 2026 | 70.3Jul 2026 | 13.5%Jul 2026 | $21.2BJul 2026 |
| ZscalerZS | $255.15 | -21.0% | $41.0B | $898MJul 2026 | 24.9%Jul 2026 | 25.4%Jul 2026 | 50.3Jul 2026 | 23.6%Jul 2026 | $7.4BJul 2026 |
| OktaOKTA | $213.05 | +139.2% | $37.1B | $805MJul 2026 | 10.6%Jul 2026 | 31.9%Jul 2026 | 42.5Jul 2026 | 14.2%Jul 2026 | $4.9BJul 2026 |
| CloudflareNET | $325.73 | +49.5% | $115.4B | $696MJun 2026 | 35.9%Jun 2026 | 13.9%Jun 2026 | 49.8Jun 2026 | 23.0%Jun 2026 | $2.7BJun 2026 |
| Data and infrastructure | |||||||||
| SnowflakeSNOW | $325.43 | +26.2% | $113.7B | $1.5BJul 2026 | 35.1%Jul 2026 | 22.0%Jul 2026 | 57.1Jul 2026 | 27.4%Jul 2026 | $9.0BJul 2026 |
| DatadogDDOG | $269.65 | +72.3% | $96.1B | $1.1BJun 2026 | 35.6%Jun 2026 | 29.8%Jun 2026 | 65.4Jun 2026 | 19.6%Jun 2026 | $3.5BJun 2026 |
| MongoDBMDB | $371.09 | +11.2% | $29.9B | $772MJul 2026 | 30.5%Jul 2026 | 23.7%Jul 2026 | 54.2Jul 2026 | 19.3%Jul 2026 | $1.5BJul 2026 |
| Developer tools | |||||||||
| AtlassianTEAM | $227.61 | +39.9% | $59.4B | $1.8BJun 2026 | 27.6%Jun 2026 | 20.1%Jun 2026 | 47.7Jun 2026 | 22.3%Jun 2026 | $4.8BJun 2026 |
| GitLabGTLB | $56.28 | +16.0% | $9.5B | $286MJul 2026 | 21.3%Jul 2026 | 20.3%Jul 2026 | 41.6Jul 2026 | 26.2%Jul 2026 | $1.2BJul 2026 |
| Collaboration | |||||||||
| ZoomZM | $95.77 | +13.6% | $28.0B | $1.3BJul 2026 | 4.9%Jul 2026 | 38.6%Jul 2026 | 43.5Jul 2026 | 14.1%Jul 2026 | $4.5BJul 2026 |
| Monday.comMNDY5 | $106.53 | -46.0% | $4.7Bshares from release | $365MJun 2026, release | 21.9%Jun 2026, release | 21.8%Jun 2026, release | 43.7Jun 2026, release | 11.3%Jun 2026, release | $937MJun 2026, release |
| DocuSignDOCU | $85.27 | +19.3% | $16.3B | $876MJul 2026 | 9.4%Jul 2026 | 35.7%Jul 2026 | 45.1Jul 2026 | 17.0%Jul 2026 | $2.3BJul 2026 |
| Creative and vertical | |||||||||
| AdobeADBE | $263.82 | -25.4% | $104.2B | $6.8BAug 2026 | 12.9%Aug 2026 | 40.8%Aug 2026 | 53.7Aug 2026 | 8.0%Aug 2026 | $22.2BAug 2026 |
| Veeva SystemsVEEV | $323.04 | +10.2% | $52.4B | $928MJul 2026 | 17.6%Jul 2026 | 47.4%Jul 2026 | 65.0Jul 2026 | 14.7%Jul 2026 | - |
| ShopifySHOP | $168.68 | -2.5% | $218.5B | $3.6BJun 2026 | 33.7%Jun 2026 | 17.7%Jun 2026 | 51.4Jun 2026 | 3.6%Jun 2026 | - |
Growth, last five quarters
Revenue growth against the same quarter a year earlier, oldest on the left. Fiscal years differ, so each cell names the month its quarter ended.6
| Company | Q-4 | Q-3 | Q-2 | Q-1 | Latest |
|---|---|---|---|---|---|
| Salesforce | 9.8%Jul 2025 | 8.6%Oct 2025 | 12.1%Jan 2026 | 13.3%Apr 2026 | 10.8%Jul 2026 |
| HubSpot | 19.4%Jun 2025 | 20.9%Sep 2025 | 20.4%Dec 2025 | 23.4%Mar 2026 | 19.8%Jun 2026 |
| ServiceNow | 22.4%Jun 2025 | 21.8%Sep 2025 | 20.7%Dec 2025 | 22.1%Mar 2026 | 24.0%Jun 2026 |
| Workday | 12.6%Jul 2025 | 12.6%Oct 2025 | 14.5%Jan 2026 | 13.5%Apr 2026 | 12.8%Jul 2026 |
| Paycom | 10.5%Jun 2025 | 9.2%Sep 2025 | 10.2%Dec 2025 | 7.8%Mar 2026 | 9.8%Jun 2026 |
| Intuit | 20.3%Jul 2025 | 18.3%Oct 2025 | 17.4%Jan 2026 | 10.4%Apr 2026 | 13.7%Jul 2026 |
| Bill Holdings | 11.5%Jun 2025 | 10.4%Sep 2025 | 14.4%Dec 2025 | 13.5%Mar 2026 | 13.8%Jun 2026 |
| CrowdStrike | 21.3%Jul 2025 | 22.2%Oct 2025 | 23.3%Jan 2026 | 25.6%Apr 2026 | 25.8%Jul 2026 |
| Palo Alto Networks | 15.9%Jul 2025 | 15.7%Oct 2025 | 14.9%Jan 2026 | 31.1%Apr 2026 | 34.5%Jul 2026 |
| Zscaler | 21.3%Jul 2025 | 25.5%Oct 2025 | 25.9%Jan 2026 | 25.4%Apr 2026 | 24.9%Jul 2026 |
| Okta | 12.7%Jul 2025 | 11.6%Oct 2025 | 11.6%Jan 2026 | 11.2%Apr 2026 | 10.6%Jul 2026 |
| Cloudflare | 27.8%Jun 2025 | 30.7%Sep 2025 | 33.6%Dec 2025 | 33.5%Mar 2026 | 35.9%Jun 2026 |
| Snowflake | 31.8%Jul 2025 | 28.7%Oct 2025 | 30.1%Jan 2026 | 33.5%Apr 2026 | 35.1%Jul 2026 |
| Datadog | 28.1%Jun 2025 | 28.4%Sep 2025 | 29.2%Dec 2025 | 32.2%Mar 2026 | 35.6%Jun 2026 |
| MongoDB | 23.7%Jul 2025 | 18.7%Oct 2025 | 26.7%Jan 2026 | 25.2%Apr 2026 | 30.5%Jul 2026 |
| Atlassian | 22.3%Jun 2025 | 20.6%Sep 2025 | 23.3%Dec 2025 | 31.7%Mar 2026 | 27.6%Jun 2026 |
| GitLab | 29.2%Jul 2025 | 24.6%Oct 2025 | 23.2%Jan 2026 | 23.1%Apr 2026 | 21.3%Jul 2026 |
| Zoom | 4.7%Jul 2025 | 4.4%Oct 2025 | 5.3%Jan 2026 | 5.5%Apr 2026 | 4.9%Jul 2026 |
| Monday.com | 26.6%Jun 2025, release | 26.2%Sep 2025, release | 24.6%Dec 2025, release | 24.5%Mar 2026, release | 21.9%Jun 2026, release |
| DocuSign | 8.8%Jul 2025 | 8.4%Oct 2025 | 7.8%Jan 2026 | 8.7%Apr 2026 | 9.4%Jul 2026 |
| Adobe | 10.7%Aug 2025 | 10.5%Nov 2025 | 12.0%Feb 2026 | 12.7%May 2026 | 12.9%Aug 2026 |
| Veeva Systems | 16.7%Jul 2025 | 16.0%Oct 2025 | 16.0%Jan 2026 | 16.3%Apr 2026 | 17.6%Jul 2026 |
| Shopify | 31.1%Jun 2025 | 31.5%Sep 2025 | 30.6%Dec 2025 | 34.3%Mar 2026 | 33.7%Jun 2026 |
Notes
- Index: rycode's own basket of these 23 names, equal weight, base 100 on 10 Oct 2025. Each week is 100 times the average of (that week's close / the 10 Oct 2025 close). Not a vendor index. Closes are split adjusted (ServiceNow split 5 for 1 in Dec 2025).
- FCF here is our formula: net cash from operating activities minus purchases of property and equipment, both from the filings. A company's own "free cash flow" can differ (some also subtract capitalized software), so our FCF can be higher or lower than the company's own figure. Veeva reports no equipment-purchase line under the standard tag, so its FCF subtracts its capital spending line, which its filing data tags as PaymentsForSoftware ($8.0M in the quarter ended Jul 2026, the same figure in its earnings release).
- Rule of 40 here: latest quarter's growth plus FCF margin over the last four quarters. Quarterly FCF swings with the season, so the four-quarter margin is used.
- Shares are the weighted average basic shares for the latest quarter in a 10-Q filed by that Friday; it covers every share class. It can differ slightly from the count on the cover of the filing. A 10-K gives only a full-year average, so the prior 10-Q count is used after a 10-K.
- Monday.com is a foreign filer without quarterly SEC data, so its numbers are entered by hand from its quarterly earnings releases (linked in Sources). Cells marked "release" come from those releases. Its June 2025 RPO is the year-earlier figure printed in its release for the quarter ended June 2026 (10 Aug 2026).
- Quarters are the company's own fiscal quarters, labeled by the month they ended. When the same quarter is reported twice, the later filing wins. Fourth quarters come from the 10-K full year minus the first nine months. Dash means the filing has no fact under the standard tag (RPO for Workday, Paycom, Intuit, Veeva, Shopify).
- When Friday is a market holiday, the week uses the last trading day before it (3 Apr 2026, 19 Jun 2026, 3 Jul 2026 weeks).
Sources
- SEC EDGAR XBRL companyfacts API, checked 23 Oct 2026
- Yahoo Finance daily closes, through Fri 23 Oct 2026
- monday.com Announces Second Quarter 2025 Results, 11 Aug 2025 (SEC 6-K exhibit 99.1)
- monday.com Announces Third Quarter 2025 Results, 10 Nov 2025 (SEC 6-K exhibit 99.1)
- monday.com Announces Fourth Quarter and Fiscal Year 2025 Results, 9 Feb 2026 (SEC 6-K exhibit 99.1)
- monday.com Announces First Quarter 2026 Results, 11 May 2026 (SEC 6-K exhibit 99.1)
- monday.com Announces Second Quarter 2026 Results, 10 Aug 2026 (SEC 6-K exhibit 99.1)
- Data files: saas-tracker.json (snapshot) and saas-history.json (every week and quarter)