SaaS and fintech equities have rallied over the past month yet remain laggards to the broader market over the past year. Despite the choppy stock performance, the fundamentals tell a story of continued strength. Average revenue growth accelerated slightly, and gross profit margins continued to expand in the most recent quarter, marking the 11th straight quarter.
1. Stock Market Performance
(select equities; stock price % change to July 14, 2026)
2. Valuation Metrics
(select equities; as of July 14, 2026)
Restaurant and Retail
- Toast: Launched new marketing agent, Toast IG Grow, with pilot customers showing an average 8% lift in sales. Total monetization (recurring gross profit divided by gross payment volume) reached 1% for the first time
- Shift4: Gross revenue less network fees grew 11% organically and 49% including recent acquisition. Payment volume reached $56 billion in Q1 (+24% YoY)
- Lightspeed: AI is now resolving 80% of customer support tickets. Divested Upserve U.S. hospitality segment to focus on core.
- Block: Square international GPV grew 35% YoY; U.S. GPV grew 8% YoY; total Square GPV reached $61 billion. Cash App primary banking actives hit 9.7 million (+18% YoY)
E-Commerce
- Shopify: Shopify Payments GMV grew 41% YoY to $67 billion in Q1 (67% of total GMV, up from 64% YoY). Q4 offline GMV grew 33% YoY; B2B GMV grew 80% YoY
- Wix: Completed a $1.6 billion tender offer to repurchase nearly 30% of shares outstanding. Base44’s vibe coding platform reached $150 million ARR in mid-May, up from $100 million in early March
- BigCommerce: GMV grew 14% YoY to $8.3 billion
- GoDaddy: Airo.AI Builder has scaled to $10 million annualized bookings within weeks of beta launch.
B2B
- Bill: AR/AP transaction revenue grew 13% YoY to $122 million. Spend and expense revenue grew 21% YoY to $167 million.
- Intuit: Total online payments volume grew 30% YoY (incl. Bill Pay). Intuit Enterprise Suite contracts grew 38% QoQ
Other Verticals
- Tyler Technologies: Announced expectation that by 2030, 80% of customers who were still on-premise in 2023 will move to cloud.
- ServiceTitan: Gross transaction volume grew 25% YoY to $21.7 billion. Customers with >$100k billings reached over 2,000
- Blackbaud: Organic revenue grew 4% YoY to $281 million. Repurchased approx. 4.5% of shares outstanding in Q1
Please do not hesitate to contact Peter Taylor at Peter@FlagshipAP.com or Tim Gallagher at Tim@FlagshipAP.com with comments and questions.