# A Winner in Every Category > Source: > Published: 2026-08-11 00:00:00+00:00 The collapse in SaaS has depressed multiples. But in nearly every category, a leader thrives. CrowdStrike trades at 3.9x the security median ; Cloudflare at 3.4x infrastructure ; & Shopify at 8.1x Commerce median. Each of them has carved out an AI focused path. **CrowdStrike** at 34.4x forward revenue. Palo Alto trades at 22x. Every AI agent an enterprise deploys is a new endpoint to defend, & defending it requires the trillion security events a day CrowdStrike’s Threat Graph already correlates 1. **Cloudflare** at 32.6x. The nearest peer, Snowflake, trades at 17.5x. More than half the traffic crossing its network is no longer human 2, so every agent that reaches a customer becomes a request Cloudflare routes, inspects & eventually bills for. **Shopify** at 11.3x. Its Commerce peers trade at a 1.4x median. Shopping agents send orders that convert new buyers at twice the rate of other channels, & because they write straight into Shopify, that demand lands at the take rate Shopify already charges 3. **Samsara** at 10.8x. Vertical SaaS’s median is 4.0x. The 25 trillion data points a year crossing its platform, dashcam imagery & maintenance workflows that, as Sanjit Biswas put it, aren’t found on the Internet 4, are the training data no foundation model can buy. **ServiceNow** at 7.4x. The Productivity & Collaboration median is 3.4x, & Atlassian trades at 5.1x. Enterprises buying agents need somewhere to govern them, which is why ServiceNow’s AI book crossed $1b in annual contract value & is targeted at 30% of total ACV by 2030 5. **Figma** at 6.7x. GitLab, the only other Developer & Design name here, trades at 4.6x. As AI commoditizes the code, judgment about what to build becomes the scarce input, & more than 80% of Figma’s customers above $10k in ARR now consume AI credits weekly 6. **Twilio** at 5.6x. RingCentral in Communications trades at 2.4x. Voice agents have to reach humans over someone’s network, & that pull accelerated Twilio’s voice revenue past 20% for a sixth consecutive quarter 7. **Salesforce** at 4.0x. The Marketing & Sales median is 2.3x. Agents are only as useful as the customer record they act on, which is how Agentforce reached $1.2b ARR & grew 205%, more than half of it sold back into the installed base 8. None of these are the fastest-growing name in their category. CrowdStrike grows 23% & trades at 34.4x, while Rubrik grows 46% in the same category & trades at 10.4x. Salesforce grows 11%, slower than almost everyone. But the market believes in the AI story, the harness, the inference revenue, the durability. Also violating the narrative : nearly every category in public software rallied last quarter, & in Security & Developer & Design every name gained. Since 2021, the ceiling has fallen from 100x 9 to 34x, & only eleven names now clear 10x. But the top of the market is rosying. See that little elbow at the very bottom right? - [https://www.fool.com/earnings/call-transcripts/2026/03/03/crowdstrike-crwd-q4-2026-earnings-transcript/](https://www.fool.com/earnings/call-transcripts/2026/03/03/crowdstrike-crwd-q4-2026-earnings-transcript/)[↩︎](#fnref:1) - [https://www.fool.com/investing/2026/08/07/more-than-half-of-cloudflares-network-traffic-is-n/](https://www.fool.com/investing/2026/08/07/more-than-half-of-cloudflares-network-traffic-is-n/)[↩︎](#fnref:2) - [https://www.fool.com/earnings/call-transcripts/2026/05/05/shopify-shop-q1-2026-earnings-transcript/](https://www.fool.com/earnings/call-transcripts/2026/05/05/shopify-shop-q1-2026-earnings-transcript/)[↩︎](#fnref:3) - [https://s29.q4cdn.com/853855404/files/doc_financials/2026/q4/CORRECTED-TRANSCRIPT_-Samsara-Inc-IOT-US-Q4-2026-Earnings-Call-5-March-2026-5_00-PM-ET.pdf](https://s29.q4cdn.com/853855404/files/doc_financials/2026/q4/CORRECTED-TRANSCRIPT_-Samsara-Inc-IOT-US-Q4-2026-Earnings-Call-5-March-2026-5_00-PM-ET.pdf)[↩︎](#fnref:4) - [https://finance.yahoo.com/markets/stocks/articles/servicenow-reports-second-quarter-2026-201000482.html](https://finance.yahoo.com/markets/stocks/articles/servicenow-reports-second-quarter-2026-201000482.html)[↩︎](#fnref:5) - [https://s206.q4cdn.com/973901332/files/doc_financials/2026/q2/Figma-Q2-26-Prepared-Remarks.pdf](https://s206.q4cdn.com/973901332/files/doc_financials/2026/q2/Figma-Q2-26-Prepared-Remarks.pdf)[↩︎](#fnref:6) - [https://www.fool.com/earnings/call-transcripts/2026/04/30/twilio-twlo-q1-2026-earnings-transcript/](https://www.fool.com/earnings/call-transcripts/2026/04/30/twilio-twlo-q1-2026-earnings-transcript/)[↩︎](#fnref:7) - [https://www.sec.gov/Archives/edgar/data/0001108524/000110852426000125/crm-q1fy27xexhibit991.htm](https://www.sec.gov/Archives/edgar/data/0001108524/000110852426000125/crm-q1fy27xexhibit991.htm)[↩︎](#fnref:8)