What is the rule of 40 in valuations?

Asked by: Prof. Anabelle Armstrong IV  |  Last update: June 19, 2025
Score: 4.2/5 (2 votes)

The Rule of 40 is a principle that states a software company's combined revenue growth rate and profit margin should equal or exceed 40%. SaaS companies above 40% are generating profit at a sustainable rate, whereas companies below 40% may face cash flow or liquidity issues.

Is the rule of 40 still valid?

This allows growing companies to focus on initiatives that are critical to their future growth and profitability, until they can strike a balance between the two. All in all, the Rule of 40 is not dead, but it should not be your only plan of action.

What is the 3 3 2 2 2 rule of SaaS?

The rule of thumb for growth rate expectations at a successful SaaS company being managed for aggressive growth is 3, 3, 2, 2, 2: starting from a material baseline (e.g., over $1 million in annual recurring revenue [ARR]), the business needs to triple annual revenues for two consecutive years and then double them for ...

Where did the rule of 40 come from?

The origins of the Rule of 40 are rooted in venture capitalists assessing SaaS businesses for potential investment. The rule is particularly useful in the context of venture capital or private equity investment, where investors often seek a balance between short-term financial health with long-term growth potential.

What is the rule of 40 in layman's terms?

The Rule of 40 is a principle that states a software company's combined revenue growth rate and profit margin should equal or exceed 40%. SaaS companies above 40% are generating profit at a sustainable rate, whereas companies below 40% may face cash flow or liquidity issues.

The SaaS “Rule of 40”: Valuation Indicator or Online Echo Chamber?

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How does the 40% rule work?

In it, Itzler describes how he hired a Navy SEAL to come live with him and his family for a month to teach them the lessons of mental toughness. The 40% rule is simple: When your mind is telling you that you're done, that you're exhausted, that you cannot possibly go any further, you're only actually 40% done.

What is the 80 20 rule in SaaS?

The 80/20 rule has applications in computing and social behavior but has also been observed in economics and business. When applying this principle to business, the common observation is that 20% of the activities in a business lead to 80% of the results.

What is the rule of 40 in private equity?

It suggests that the sum of a company's top line year over year growth rate (annual recurring revenue growth percentage) and its EBITDA margin should ideally be at least 40%. This rule helps buyers and investors evaluate whether a company is effectively balancing growth with profitability.

What is the 10x rule in SaaS?

The 10x rule in SaaS (Software as a Service) pricing strategy emphasizes that customers should receive a minimum of 10 times the value of the product in return on their investment. This rule guides SaaS companies in setting prices that align with the value delivered to customers.

What is the magic number in SaaS?

The SaaS Magic Number is a widely used formula to measure sales efficiency. It measures the output of a year's worth of revenue growth for every dollar spent on sales and marketing. To think of it another way, for every dollar in S&M spend, how many dollars of ARR do you create.

What is the EBITDA margin?

EBITDA margin = (earnings before interest and tax + depreciation + amortization) / total revenue. Because EBITDA is calculated before any interest, taxes, depreciation, and amortization, the EBITDA margin measures how much cash profit a company made in a given year.

What is the rule of 70?

The rule of 70 is used to determine the number of years it takes for a variable to double by dividing the number 70 by the variable's growth rate. The rule of 70 is generally used to determine how long it would take for an investment to double given the annual rate of return.

What is the alternative to the rule of 40?

Meritech Capital also has an alternative to the Rule of 40, which they call the “Meritech Rule of 40”. It applies the same principle by using a multiplier times the growth rate using a two-factor regression of NTM revenue growth and NTM FCF margin to the ARR multiple.

What is the difference between EBITDA and arr?

ARR – The company's annual recurring revenue. EBITDA – The company's earnings before interest, taxation, depreciation, and amortization; basically the same as operating cash flow, except it takes interest and taxes into account.

What is the Cramer rule of 40?

Rule of 40 Definition: In Software as a Service (SaaS) financial models, the “Rule of 40” states that a company's Revenue Growth + EBITDA Margin should equal or exceed 40% to be considered “healthy”; companies that exceed it by a wider margin may be valued more highly.

Is 60% EBITDA good?

A good EBITDA growth rate varies by industry, but a 60% growth rate in most industries would be a good sign.

What is the 80-20 rule in private equity?

In private equity, approximately 20% of portfolio companies are responsible for around 80% of the value generated. This allows investors to prioritize time and capital toward assessing these critical assets.

How do you calculate the rule of 40?

The rule of 40 formula requires just two inputs, growth and profit margin. To calculate this metric, you simply add your growth in percentage terms plus your profit margin. For example, if your revenue growth is 15% and your profit margin is 20%, your rule of 40 number is 35% (15 + 20) which is below the 40% target.

Is rule of 40 only for SaaS companies?

It should be noted that the Rule of 40 only applies to SaaS businesses. This is because software companies that leverage their services to other businesses are known to manage higher margins between 70% and 90%. However, this rule of thumb can still be applied as a useful benchmark for other subscription companies.

What is the Pareto rule in business?

The Pareto principle states 80% of outcomes are produced by 20% of causes. The 80/20 rule helps marketers prioritize the channels that do most of the work. The 80/20 rule is the key to unlocking maximum ROI across many business disciplines.

What is the Salesforce 80-20 rule?

Pareto Principle in Sales: 80% of your sales will come from 20% of your customers. I used to think that more = better. This philosophy meant that I spent a little bit of time with a lot of accounts, and was thinly spread. Less time invested also meant smaller deals.

How to use the 40 rule?

The 40 percent rule is simple. When your mind tells you that you're exhausted, fried, and totally tapped out, you're really only 40 percent done: You still have 60 percent left in your tank. So why do you (we) stop?

What is rule of 40 in financials?

The Rule of 40 – popularized by Brad Feld – states that an SaaS company's revenue growth rate plus profit margin should be equal to or exceed 40%. The Rule of 40 equation is the sum of the recurring revenue growth rate (%) and EBITDA margin (%).

What is the 40 rule money?

The 40/30/20/10 rule is a budgeting framework that separates what you earn into categories for spending your after-tax income: 40% for needs. The biggest category for most people is day-to-day needs. This includes housing, utilities, transportation, health care and groceries.