Know what you’re comparing.
Public financial disclosures become useful benchmarks when definitions, fiscal dates, and the original source stay attached to the number.
Current coverage
The universe contains 95 companies supplied for this project. The dataset has 18443 sourced observations covering 95 companies. It is a partial research collection, not a complete or continuously updated market feed. Quarterly and trailing-12-month coverage varies by metric. Latest collected means the newest observation collected for that company and metric, not necessarily its latest filing.
Source and review process
Sources are company filings, annual reports, and investor-relations earnings releases. Published observations retain a source URL, publication date, fiscal end date, and calculation or disclosure notes. Automated SEC XBRL collection produces candidates for review; it does not publish numbers automatically. Missing observations remain blank until verified. Select a dash in the table to see the reason; issuer-specific review notes link to the filing where available.
Fiscal periods and peer medians
Annual, quarterly, and trailing-12-month metrics are kept separate. Choose an exact fiscal end date for a strict period comparison. Latest-available views can compare different fiscal years and always show the selected metric’s end date. Scatterplots pair both metrics from the same company period. Medians use only available numeric observations and show the sample size. Policy ranges are counted as disclosed coverage but excluded from numeric medians and plots.
Accounting policies deserve their own context
Software useful lives apply to capitalized internal-use software, not automatically to software sold externally, acquired technology, or purchased licenses. Commission amortization reflects a company’s estimated period of benefit, which may differ between initial contracts and renewals. We preserve ranges and exceptions in notes and never infer a useful life from amortization expense divided by an asset balance.
Calculated metrics and table statistics
LTM measures use four consecutive verified quarters, or an exact annual-plus-current-YTD-minus-prior-YTD bridge covering the same twelve months. Inputs must have comparable currency, accounting scope and fiscal boundaries. A standalone annual value is never substituted for a different LTM period. ARR uses the latest collected quarter’s subscription revenue multiplied by four, excluding separately disclosed professional services and other revenue. Where a separate subscription amount is not disclosed, it uses total quarterly revenue. Source details identify the revenue basis and any combined lines. Company-reported ARR remains a separate metric.
Mean and median rows describe the visible companies, with equal weight per company. Missing values and disclosed ranges are excluded; each summary cell lists its numeric sample size on hover. Latest collected dates can differ across companies. Monetary values retain their reported currency: dollar amounts use USD; other currencies are labelled beside the number, for example GBP. M denotes millions. No currency conversion is implied, and monetary peer comparisons do not mix currencies. Monetary sorting groups values by currency before sorting amounts.
Free cash flow definitions can vary. We preserve calculation scope and sources, consistent with the SEC’s guidance on non-GAAP measures. Standardized FCF subtracts reviewed cash capital expenditures from operating cash flow. Reported FCF margin preserves the issuer’s definition and is excluded from peer statistics and Rule of 40.
Annual free cash flow coverage
The October 9, 2026 review covers the latest available annual filing for all 95 companies. FCF margin uses operating cash flow less disclosed cash PP&E and separately disclosed capitalized software, divided by revenue for the same period and operating scope. Acquisitions, financing principal and management-adjusted addbacks are excluded. Combined cash-capex lines are retained as disclosed and explained in issuer notes.
A dagger (†) flags a disclosure-scope limitation: Adobe, AppLovin, Doximity, UiPath, Veeva and Zoom have combined or unallocated spending that cannot be completely separated from their public disclosures. The source note identifies the included and excluded amounts; absence of a separate software line does not mean software spending was zero. These are disclosed-capex calculations, not assurances of identical accounting classifications across issuers.
AppLovin and EverCommerce use total-operations revenue to match cash flows that include discontinued businesses; Blend uses continuing operations. Sage’s monetary values are labelled GBP, and its ratios use GBP inputs consistently. Annual coverage does not imply complete quarterly, LTM or earlier-year coverage. Every FCF value links to the inputs and filing used.
Financial and operating disclosures
Sales and marketing, research and development, general and administrative expenses, and stock-based compensation are divided by revenue from the same period and operating scope. Gross and operating margins use reported accounting results, rather than management-adjusted measures. IFRS reporters are identified in source notes. Combined expense categories are not arbitrarily split to fill a column.
Basic weighted-average share growth compares equivalent annual periods; IPOs, preferred-share conversions and reorganizations can make it very different from ongoing equity-award dilution. Customer counts, company-reported ARR, retention and employees retain the issuer’s definition and reporting date. A customer threshold is not a total customer count, and employee headcount is not automatically a full-time-equivalent denominator.
Quarterly cash flows may be calculated by subtracting consecutive year-to-date disclosures with the same start date. LTM observations retain exact quarter inputs or the reviewed annual and YTD bridge, with their sources. Filings that omit a separate line, use an incompatible definition, or lack enough comparable periods leave an explicit coverage gap; a blank is never zero.
Metric dictionary
RevenueUSD millions
Reported total revenue, in millions of the labelled currency (USD unless otherwise stated). Not ARR or product-only revenue.
Revenue growth%
Year-over-year growth in reported revenue for an equivalent fiscal period. Excludes constant-currency growth.
Reported gross margin%
Reported GAAP or IFRS gross profit divided by same-scope revenue, including expensed stock-based compensation. Excludes adjusted/non-GAAP gross profit; accounting classifications can differ by issuer.
Reported operating margin%
Reported GAAP or IFRS operating income divided by same-scope revenue; includes expensed stock-based compensation and restructuring charges. Excludes adjusted/non-GAAP operating income; accounting classifications can differ by issuer.
Free cash flow margin%
Operating cash flow less disclosed cash PP&E and separately disclosed capitalized software, divided by same-period, same-scope revenue. Excludes acquisitions, financing principal and adjusted-FCF addbacks. Combined capex lines and disclosure limitations are explained in source notes; † marks a scope limitation.
Issuer-reported FCF margin%
Free cash flow under the issuer's disclosed definition, divided by same-period revenue. May include different capex deductions or investment cash flows; inspect the source definition before comparing companies. Excludes separately labeled adjusted FCF. Excluded from peer averages, medians and charts because issuer definitions differ. Does not replace standardized FCF margin or feed Rule of 40.
Rule of 40%
Revenue growth plus free cash flow margin in percentage points, using the same fiscal period.
S&M / revenue%
Reported GAAP or IFRS sales and marketing expense divided by same-period, same-scope revenue. Excludes adjusted expense measures; review issuer classifications and scope notes.
R&D / revenue%
Reported GAAP or IFRS research and development expense divided by same-period, same-scope revenue. Excludes adjusted expense measures; review issuer classifications and scope notes.
G&A / revenue%
Reported GAAP or IFRS general and administrative expense divided by same-period, same-scope revenue. Excludes adjusted expense measures; review issuer classifications and scope notes.
Stock-based compensation / revenue%
Stock-based compensation expense divided by revenue for the same fiscal period.
Weighted-average share growth%
Year-over-year change in basic weighted-average shares. This is not an equity-award dilution estimate.
Capitalized internal-use software amortization periodYears
Disclosed useful life of capitalized internal-use software. Preserve ranges and asset classes; exclude acquired software and software sold externally.
Capitalized commission amortization periodYears
Disclosed period of benefit for capitalized contract acquisition costs. Initial and renewal commissions may differ; ranges and exceptions remain in the source note.
Implied ARR YoY growth%
Year-over-year change in implied ARR using the same recurring or subscription revenue basis.
Quarter net new implied ARRUSD millions
Current implied ARR less prior-quarter implied ARR, on a consistent revenue basis.
Annual net new implied ARRUSD millions
Current implied ARR less the same quarter a year earlier, on a consistent revenue basis.
LTM free cash flowUSD millions
Operating cash flow less capital expenditures over four consecutive fiscal quarters, with scope documented.
LTM OpEx / revenue%
GAAP total operating expenses, excluding cost of revenue, / LTM revenue. Include separately reported operating expense categories. Four verified consecutive fiscal quarters are required; adjusted measures are not substituted.
SBC expenseUSD millions
GAAP/IFRS income-statement stock-based compensation expense; excludes capitalized amounts.
Gross grant rate%
Annual or TTM organic equity grants / beginning common shares. Award-unit measure; only complete compatible award coverage.
Net grant rate%
Annual or TTM grants less forfeitures and cancellations / beginning common shares. Options measured as award units, not treasury-stock equivalents.
Compensation issuance rate%
Annual or TTM net shares delivered through compensation / beginning common shares. Excludes acquisition issuance and capital raises.
Blended compensation dilution%
Arithmetic mean of compatible net grant and compensation issuance rates. Our transparent methodology, not proprietary Aeronaut replication.
Dilution acceleration%
Net grant rate minus compensation issuance rate, in percentage points.
Gross award overhang%
Outstanding unvested awards and options / ending common shares. Potential award units; not forecast realized dilution.
SBC / FCF%
Same-period income SBC / standardized FCF. Not meaningful when FCF is nonpositive.
Grant value / employeeUSD
Annual or TTM grant-date award value / disclosed headcount, no more than 366 days old.
Net grant value / employeeUSD
Grant-date grants less grant-date forfeiture/cancellation values / eligible headcount. Not a cohort retention measure.
SBC / employeeUSD
Annual or TTM income SBC / eligible disclosed headcount. Source retains headcount date.
Revenue / employeeUSD
Annual or TTM revenue / eligible disclosed headcount.
FCF / employeeUSD
Annual or TTM standardized FCF / eligible disclosed headcount.
Repurchase offset%
Repurchased shares / compensation shares delivered. Does not assert repurchases were undertaken for compensation.
RSUs grantedCount
Disclosed RSU grants in the exact fiscal period. Excludes separately disclosed performance awards.
Options grantedCount
Disclosed option grants in the exact fiscal period. Excludes SARs.
RSUs forfeitedCount
Separately disclosed RSU forfeitures. Combined cancellations/forfeitures are retained in award activity, not assumed equal.
Unrecognized SBCUSD millions
Disclosed unrecognized compensation cost; only issuer-total compatible scope.
Exports and reproducibility
CSV and Excel include all available metrics for the filtered or selected peer group, including fiscal periods, raw numeric values, policy ranges, and citations. Chart images include axes and comparison context. Share links preserve metric, axes, category, search, period and selected companies. They reference the current dataset; archive an export when you need an unchanging reporting snapshot. Restatements and definition changes require a new reviewed observation and source note.