SAAS/Tech Unit Economics Models
Can anyone point me in the direction of a primer or resources on building unit economics models for tech companies? Everything I've found so far is pretty theoretical and hasn't been too useful in practice. I'm trying to get a better understanding on how to value public tech/SAAS companies with negative or barely positive operating margins,, , etc. I know revenue growth (and TAM) is a huge part of the story but I'm looking for something that will incorporate ARR/CAC/churn/etc and build out a valuation from there. I've done most previous valuation work using traditional financial methods (largely DCFs) so I have some experience but I can't understand how people are looking at these companies and saying one is a buy but the other isn't when they're both at nosebleed valuations with largely similar operating metrics.
Also for anyone with real experience: is the end goal for these companies ever to be profitable on a GAAP basis? Right now it seems like the market doesn't care about that at all so it's not a priority but what about a few years later?