Zeta Global's contracted revenue gives growth more visibility. RPO expected to be recognized within 12 months reached $218.7M, up from $71.3M in Q3 2025. Management makes a compelling comparison with Salesforce's $5.66B Braze deal: Zeta has about twice Braze's forward revenue, higher guided FY26 free cash flow than Braze's FY26 actual, and a lower revenue multiple. That gap alone does not prove Zeta is undervalued; management sees a chance to win customers during integration. x.com  x.com 

Braze's premium looks unjustified at 7x EV/sales against 20% year-over-year revenue growth. It is a great company with a great product, but that does not make the stock worth the premium. x.com  x.com 

Salesforce is fully priced, even a little more than worth paying, for roughly 12% annual growth: trailing revenue of $43B is expected to reach $63B by 2030. A lower price would be needed for a long-term position, and it is not a buy-and-forget stock. x.com  x.com 

Bloomberg Intelligence sees fragmented enterprise-software markets as runway for large vendors to buy share, enter adjacent areas and strengthen AI, data and platforms. Serious software M&A is expected: Guidewire's $1.7B purchase of hyperexponential adds another deal after Salesforce's acquisition of Braze, which opened the gates. x.com  x.com 

Salesforce's poor M&A is literally half the reason its multiple stays low. Slack and Informatica are cited as examples, with Braze raised as a question; AI making Tableau obsolete in a few years would be a separate risk, not itself poor M&A. x.com 

Okta, Salesforce and Atlassian look insanely expensive at nine times forward revenue against roughly 10% year-over-year growth. Many SaaS firms also have high sales and marketing costs. A commenter flags inference spending, which SaaS investors worry could compress margins; if free cash flow, growth, retention or gross margins weaken, their price-to-sales multiples could collapse. x.com  x.com  x.com  x.com 

Salesforce's strong free cash flow and healthy balance sheet support its setup as enterprise AI adoption, Agentforce and AI-driven workflow automation advance. Its earnings gap on four times average volume has been followed by a tightening formation. x.com  x.com 

Salesforce at a 52-week low trades like a broken business at about 11x forward earnings, yet it is 95% subscription with 77%-plus gross margins and $72 billion of RPO, up 14%. Marc Benioff has repurchased $27.1 billion, cutting diluted shares 10%, and says AI makes Salesforce stronger and the latest quarter had a record volume of large deals. A roughly 1% Anthropic stake bought for about $330 million is now worth over $8 billion, value the market is giving away free. x.com 

Salesforce is no longer cheap enough given how much wallet share core CRM is losing. Organic growth only matches nominal GDP despite a massive increase in agentic spending, and large enterprises increasingly see Salesforce as a data pipe for their own custom agents, an ex-growth business that deserves a low multiple. The Informatica acquisition doubles down on that weak model. Salesforce was too cheap at 12x non-GAAP earnings, but near high-teens it is fair, and terminal risks have not abated. … Show more

Braze is an AI winner the market is pricing like a loser: organic growth is accelerating, yet it trades at about 2.5 times forward sales. Revenue grew 24% year over year, another quarter of acceleration, with net retention up, bookings up 50%, and AI products generally available ahead of schedule. The bar for a public SaaS company to count as an AI winner is very high right now, but Braze is delivering the revenue acceleration the market says it wants. x.com  x.com