Market Intel

Twelve B2B SaaS companies now trade below 2x revenue, some below cash

Twelve public B2B companies including RingCentral, LivePerson, and Teladoc now trade below 2.5x revenue. Combined they generate $10 billion in ARR but market cap sits under $10 billion. Growth has stalled, AI narratives are weak, and profitability remains elusive. This is not a broad market problem, it is structural.

Feb 19, 2026 · 4 min