# The SaaS Market Is Pricing In Its Own Disruption

By Ricky Bureau. Published 2026-03-19.

> EV/Revenue multiples across 40 major software companies are diverging dramatically. The pattern reveals which moats AI will erode — and which ones it won't.

The SaaS market is doing something it's never done before: pricing in the possibility that many of these companies simply shouldn't exist in five years.

I've been tracking EV/Revenue multiples across 40 major software companies since Q1 2025. The divergence is staggering.

- **Palantir:** 28x → 80x
- **Cloudflare:** holding at 30x
- **CrowdStrike:** bounced back to 22x
- **Adobe:** 11.5x → 4.2x
- **ServiceNow:** 18x → 8.6x
- **DocuSign:** 4.8x → 3.0x

![EV/Revenue multiples divergence across major SaaS companies](https://cdn.gxbsites.com/blobs/cedfeca86529edb1d148aaa3768718b18e26af4926477a619b47cfabbc1e0a35/asset.jpg)

EV/Revenue multiples across 40 major software companies, Q1 2025 – Q1 2026

The pattern is simple. If your moat is proprietary data that's hard to acquire, infrastructure that's expensive to replicate, or security where failure isn't an option — you're fine. If your moat is "we built the workflow first" — the market is starting to ask what happens when an LLM can build it in a weekend.

Not all SaaS is created equal anymore.

The [full interactive visualization is available here](https://bit.ly/4sOnvgb). You can toggle the valuation used for March before and after Iran really started impacting markets.