Sub‑5% SaaS Growth Signals a New End‑Game for Annuities
A wave of public SaaS firms—Dropbox, Zoom, DocuSign, PagerDuty—are now stuck below 5% growth, turning the once‑safe annuity model into a terminal‑value gamble. With net dollar retention slipping below 100%, investors are questioning whether these cash‑rich businesses can sustain durable revenue streams.