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When it comes to stock valuation—an admittedly flawed and volatile metric—the cohort has largely recovered from the early year beating, tracking with the broader market. Upland is the exception, but it’s no longer part of the group. Twilio and Sinch led the rebound, each increasing their market cap by about 40%.
How to Read the Comparison
The way to read this is simple: After all the cohort companies have reported earnings—Braze being annoyingly last—I take a snapshot of their stock prices as of the Friday close on the weekend I’m writing. The assumption is that by Friday, the market has had enough time to absorb whatever good, bad, or ugly each company has shared.
This is a lagging indicator. The Q1 2025 valuation comparison (as of April 11) reflected how the market responded to Q4 earnings. This current comparison (as of June 7) reflects the market’s reaction to Q1 2025 results.
It’s flawed, of course. But like everything else I write about, these are signals. And in a space evolving as fast as this one—where AI is reshaping business models—you need to catch every signal, then decide what’s real and what’s just noise.
And that includes thinking dispassionately about valuation multiples. You don’t get to claim Klaviyo’s multiple—9.3x trailing twelve-month revenue—unless you’ve also got its profile: 30%+ revenue growth, true software (not software-like) gross margins, and a GTM engine that’s as consistent as Max Verstappen on an F1 track (current year not withstanding).