THEMATIC

10X NTM REVENUE MULTIPLE INDEX

TENNTM

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Index Performance

+8.63%
TENNTM
+6.11%
SKYY
+10.87%
QTEC

Overview

Description

Based on the research by Jamin Ball (@jaminball) on his Clouded Judgement Substack where he analyzed cloud software companies that at one point in time were trading at >10x NTM revenue. This is an Index that tracks the 22 companies that hit >10x NTM revenue at some point, 33% ended up with a CAGR >20% from the time they hit 10x to today.

  • TickerTENNTM
  • Inception Date11/18/2022
  • WeightingEqual
  • # of holdings21
What's inside?

Holdings

All holdings as of June 20, 2025
CSV download
Five9, Inc. (FIVN)4.76%$2.05B13.24%54.03%2.43
Okta, Inc. (OKTA)4.76%$17.41B11.51%77.47%7.30
Bill Holdings, Inc. (BILL)4.76%$4.50B10.89%78.17%2.95
Paylocity Holding Corp. (PCTY)4.76%$9.76B13.27%70.34%6.74
Dynatrace, Inc. (DT)4.76%$16.30B18.75%80.35%7.82
HubSpot, Inc. (HUBS)4.76%$28.19B15.67%83.88%10.43
BlackLine, Inc. (BL)4.76%$3.41B6.01%75.48%4.87
MongoDB, Inc. (MDB)4.76%$16.47B21.85%70.65%5.50
Datadog, Inc. (DDOG)4.76%$44.03B24.59%79.28%11.80
Shopify, Inc. (SHOP)4.76%$138.53B26.81%49.28%12.67
Atlassian Corp. (TEAM)4.76%$49.89B14.09%83.62%10.88
Adobe, Inc. (ADBE)4.76%$160.64B10.62%88.44%7.92
AppFolio, Inc. (APPF)4.76%$8.04B16.15%60.61%9.57
Qualys, Inc. (QLYS)4.76%$4.93B9.33%81.94%6.81
Zscaler, Inc. (ZS)4.76%$47.17B22.57%77.01%13.06
Cloudflare, Inc. (NET)4.76%$62.15B26.54%75.88%21.76
Paycom Software, Inc. (PAYC)4.76%$13.42B6.13%76.66%6.20
Veeva Systems, Inc. (VEEV)4.76%$45.77B16.71%76.73%11.51
Autodesk, Inc. (ADSK)4.76%$63.59B15.08%82.52%9.45
CrowdStrike Holdings, Inc. (CRWD)4.76%$118.72B19.80%73.80%24.84
ServiceNow, Inc. (NOW)4.76%$201.23B18.63%78.92%14.17
Market data by FactSet

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