---
title: "The Most Profitable Software Company in Q1 2024"
description: "Discover how Ethereum leads software profitability with 45% margins, outperforming tech giants like Microsoft and Adobe. Key revenue and market cap analysis for investors."
categories: ["crypto","web3"]
keywords: ["Ethereum","software profitability","web3","blockchain revenue","Microsoft","Adobe","venture capital","SaaS profitability","crypto market cap","Tomasz Tunguz"]
ai_summary: "Ethereum leads software profitability in Q1 2024 with 45% margins, surpassing traditional tech giants."
date: 2024-04-18
lastmod: 2026-07-23
canonical_url: https://www.tomtunguz.com/ethereum-profit-token-terminal/
author: "Tomasz Tunguz"
---

[![image](https://res.cloudinary.com/dzawgnnlr/image/upload/mz09sazvc43s0wkyw3rx.jpg)](https://res.cloudinary.com/dzawgnnlr/image/upload/mz09sazvc43s0wkyw3rx.jpg)

Ethereum generated $370m in profit on $825m in revenue for about a 45% net income margin.

The chart above shows both the historical performance & also explains how web3 blockchains like Ethereum generate revenue & profits.

How does Ethereum compare to other software companies?

[![image](https://res.cloudinary.com/dzawgnnlr/image/upload/nb022cza2vwkytnufrbg.png)](https://res.cloudinary.com/dzawgnnlr/image/upload/nb022cza2vwkytnufrbg.png)

If Ethereum were to trade on the New York Stock Exchange or the NASDAQ, it would top the net income margin (%) charts, with Microsoft, Adobe and Veeva thereafter.

[![image](https://res.cloudinary.com/dzawgnnlr/image/upload/zvse1hgwjlupuwxxhpod.png)](https://res.cloudinary.com/dzawgnnlr/image/upload/zvse1hgwjlupuwxxhpod.png)

In terms of aggregate dollars across all publicly traded software companies, the Ethereum would be sixth. Note the profit scale in the chart above is logarithmic.

Ethereum's market cap is roughly $350b today, which is on par with Salesforce & worth 7 Snowflakes. 

| Company | Market Cap | Multiple | 
| --- | ---: | ---: | 
| Ethereum | 360b |  1.0x | 
| Salesforce | 268b | 1.34x | 
| Snowflake | 49b | 7.3x | 


There are many important caveats here.  Ethereum's historical profitability hasn't been nearly this strong.  The second is Ethereum isn't organized as a corporation akin to others in this peer set. The third is the Ethereum token is both utility & "equity." Last, Ethereum trades at 100x revenue compared to 7-17x for Salesforce & Snowflake.

But Ethereum demonstrates the compelling value that web3 blockchains can create.