Salesforce's proposed Braze acquisition opens another avenue for growth. The $5.7 billion all-cash price raises questions, though quality growth companies command a premium; whether this deal proves worthwhile remains to be seen. Closing is subject to Braze shareholder and regulatory approvals. x.com 

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 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 

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 

Arm is still expensive at about 40x revenue with only 20% growth, so it has not fallen enough. x.com 

Braze's post-earnings selloff over falling gross margins may reverse, as happened at Twilio. Twilio's gross margin fell from 55% to 48% as messaging volumes rose, yet the stock nearly tripled once growth reached the mid-teens. A post the author replies to argues Braze is a complex infrastructure tool for microtargeting customers, not a messaging app that can be vibe-coded, and that it is taking share from Salesforce and Adobe with reaccelerating organic growth. x.com 

Arm Holdings looks unattractive because its nearly 300 P/E ratio is difficult to justify against only 22% year-over-year revenue growth. x.com 

Elastic looks cheap against its sales, trading at 5x sales and 4x next year's when software companies usually get 5x. Fair value is $103.24-$131.39, about 5x next year's sales give or take 12%, so at $86.68 it trades 16% below where fair value starts. This is a levels-only view based on reported earnings and revenue estimates, with no fundamental work. x.com 

Datadog's multiple, not its earnings, is the problem: at a P/E in the 600s, it only works if growth keeps accelerating for the next eight quarters. x.com  x.com 

ServiceNow has room for valuation expansion. Based on the historical link between its revenue growth and EV/Sales, 11.9x NTM sales is fair for a 20% three-year revenue CAGR, implying $205 a share, 44% above $142.35. Q2 subscription revenue rose 23% in constant currency to $3.9B, beating the top of guidance, and AI contract value crossed $1B. The offset: GAAP operating income fell from $358M to $162M and gross margin slipped on hyperscaler and frontier-model costs. x.com  x.com  x.com  x.com  x.com  … Show more