SaaS Is Dead? The Market Thinks So.

In this episode of Mostly Growth, the number one podcast in product monetization, CJ Gustafson and Kyle Poyar tackle the “SaaS-pocalypse.” With median EV/NTM revenue multiples grinding to a 10-year low and stocks like Salesforce, Oracle, Figma, and Asana sharply off their peaks, they break down the real bear case: collapsing retention, AI replacing SaaS, and startups outflanking incumbents. Then they explain why renewal rates, Rule of 40 profiles, and first-party data suggest SaaS isn’t dead—just repriced.SPONSORS:HockeyStack is an AI platform for modern go-to-market teams that unifies sales, marketing, and customer data into a single system of action. With AI agents that prospect accounts, support reps, improve forecasting, and automate what’s already working, HockeyStack helps teams move faster without guessing. Trusted by companies like RingCentral, Outreach, ActiveCampaign, and Fortune 100 teams—learn more at https://www.hockeystack.comRightRev is an automated revenue recognition platform built for modern pricing models like usage-based pricing, bundles, and mid-cycle upgrades. RightRev lets companies scale monetization without slowing down close or compliance. For RevRec that keeps growth moving, visit https://www.rightrev.comTropic is an intelligent spend management solution that consolidates your spend data and processes into one unified offering, enabling insights and decisive action. From spotting hidden optimization opportunities to automating painful procurement workflows and giving you the best market data to turn vendor negotiations in your favor, Tropic combines smart insights with real human expertise to keep you ahead of the curve. Visit https://www.tropicapp.io/mostlymetrics to learn how.—LINKS: Mostly Metrics: https://www.mostlymetrics.comCJ on LinkedIn: https://www.linkedin.com/in/cj-gustafson-13140948/Growth Unhinged: https://www.growthunhinged.com/Kyle on LinkedIn: https://www.linkedin.com/in/kyle-poyar/Slacker Stuff: https://www.slackerstuff.com/Ben on LinkedIn: https://www.linkedin.com/in/slackerstuff/https://www.mostlymetrics.com/p/the-era-of-capital-intensive-ipos-and-the-14b-ipo-you-probably-forgot-about—RELATED EPISODES:Pricing Strategy Guide: 7 Pricing Models Every Operator Should Knowhttps://youtu.be/5nxETc2IhrA—TIMESTAMPS:00:00 Snowstorm Banter And Shovel Debate 01:47 Is SaaS Dead? 03:27 Zombie Or Thriving 05:15 AI Threat To Project Tools 06:48 Flexible Use Cases As Moat 07:11 DocuSign Debate 08:09 Contract Data As Strategic Asset 08:32 AI Update Spooks Security Stocks 09:06 Sponsors — HockeyStack | RightRev | Tropic 12:47 Market Panic Or Rational? 13:17 SaaS Multiples Hit 3x 15:27 From Revenue To EBITDA Multiples 17:37 DCF And Terminal Value Risk 19:43 Biggest SaaS Selloffs 20:28 Figma Down 80% 21:00 PLG Tools Hit Hardest 21:46 Seat Based Pricing Risk 23:12 Bear Case 3 Assumptions 25:16 AI Still SaaS Delivery 27:32 Incumbents Win With Data 29:48 Adoption Beats Vibe Coding 30:25 Reinventing SaaS In The AI Era 31:09 Build Vs Buy Accountability 32:06 Centralized Data Vs SaaS Stack 33:20 SaaS Sprawl And DIY Chaos 35:24 Vibe Coding Vs Enterprise Compliance 35:42 Cluely Interview Meltdown 37:35 Inside The AI Startup Chaos #MostlyGrowthPodcast #SaaS #AIinBusiness #ProductLedGrowth #TechStrategy