Bain: The SaaS Valuation Reset Is a Re-Rating, Not a Collapse — Market Will Reward 'AI-Native Efficiency' in Q2/Q3 Earnings
Bain & Company·low signal
Bain frames the 25% YTD compression in B2B software equities as a structural re-rating rather than a cyclical dip, arguing the market will reward vendors that demonstrate AI-native efficiency and a credible transition to usage-based revenue. Investors are explicitly watching Q2 and Q3 2026 earnings for seat-count declines as the tell. The read-through for operators: 'growth at any margin' is dead — proof-of-efficiency is the new valuation currency.