The Great SaaS Reset: B2B Software Equities Plunge 25% YTD — Salesforce -30%, Adobe P/E Halved to 12x, EV/Sales Multiples Crater from 5.6x to 4.2x
FinancialContent·high signal
FinancialContent's March 26 analysis quantifies the SaaSpocalypse with company-level data: the iShares Expanded Tech-Software ETF (IGV) is down 21% since January 1, enterprise software EV/Sales multiples collapsed from 5.6x to 4.2x, Salesforce is down 30% YTD, Adobe's forward P/E cratered from its 30x five-year average to 12x, and ServiceNow dropped 21.6% YTD. CIO surveys reveal 40% of IT budgets are being reallocated from legacy SaaS to agentic platforms and LLM token usage, with one AI agent replacing roughly five human software seats. Oracle is weathering the storm better than peers thanks to database moats.