Burn Multiple

Net cash burned divided by net new ARR added — how much cash is consumed to produce a unit of recurring revenue.

Why it is unusually hard to game

It uses cash burn, which includes everything: product, general and administrative, and all the costs a sales-efficiency metric excludes. A company can look efficient on CAC and still burn heavily elsewhere; burn multiple catches that.

Lower is better

It answers the blunt question a board asks: how much money does it take you to add a dollar of recurring revenue.

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