Deals underwritten on 20–30% growth and multiple expansion are now facing slower growth, tighter budgets, and lower exit comps.
The gap between assumptions and performance is clear.
Underperforming assets look the same:
- Weak net revenue retention
- CAC that doesn’t pay back
- Margins that don’t scale
Growth isn’t enough anymore. It’s about the quality of growth — repeatability, pricing discipline, and cash conversion.
The fix is operational:
- Improve retention and expansion
- Tighten go-to-market efficiency
- Cut spend that doesn’t drive revenue or cash flow
Product strategy is shifting too. Tools need to become platforms that control workflows and data. AI only matters if it drives measurable results.
The market isn’t pricing potential. It’s pricing performance.
Most SaaS portfolios don’t need more time — they need change.