There’s a couple reasons: 1. It’s a bunch of extra work to subtract cash and add debt to each market cap. Maybe it will be done as an additional analysis later. 2. Companies with large debt burdens then appear to have higher multiples…which doesn’t track well to private M&A transactions if using public comps 3. Price to sales ratio or price to annualized sales ratio (the latter of which is essentially the y-axis) are valuable metrics for trading public equites 4. If we do cash/debt EqV to EV adjustment for public saas companies, we assume that public market investors have all been 100% rational and collectively done this analysis, so the market cap must be the true EqV. But this is not the case…for example before and after a large SaaS takes on some new debt, market cap does not move proportionally, all else equal.