Given $8bn valuation, I think Qualtrics is spending heavily on marketing which keeps their net profit low. I think their operating margin is near 50% (being a s

Given $8bn valuation, I think Qualtrics is spending heavily on marketing which keeps their net profit low. I think their operating margin is near 50% (being a software company it is possible), which means about $200mm in operating income. If their growth rate is expected to remain at the same level (40%) for the next two years, $8bn valuation can be justified. It's hard to know whether this is the case, but seems likely.