SBC vs Revenue Growth

Are companies earning their SBC? High SBC + high growth = justified. High SBC + low growth = problem.

✓ Earning It (High Growth, Lower SBC %)
Growth justifies dilution. Shareholders are getting something in return.
✗ Danger Zone (Low Growth, High SBC %)
Diluting shareholders without delivering growth. This is where Snap lives.
2026 Data Points
Ticker Company Sector SBC % Rev Rev Growth SBC ($) Revenue ($)
SNOW Snowflake SaaS 34.1% 29.2% $1.6B $4.7B
CRWD CrowdStrike SaaS 22.8% 21.7% $1.1B $4.8B
GTLB GitLab SaaS 22.5% 25.8% $215M $955M
MDB MongoDB SaaS 22.3% 22.8% $550M $2.5B
OKTA Okta SaaS 18.6% 11.8% $544M $2.9B
WDAY Workday SaaS 17.0% 13.1% $1.6B $9.6B
ZM Zoom SaaS 15.6% 4.4% $761M $4.9B
CRM Salesforce SaaS 8.5% 9.6% $3.5B $41.5B