Within the model, SG&A spending drives revenue with an elasticity of about 0.96% per 1% increase, while R&D spending has a negative elasticity of -0.20%, implying higher R&D is associated with slightly lower revenue.

Fiserv Inc

FISV

FY Rev: $21B

[AI commentary unavailable].

Paypal Holdings, Inc.

PYPL

FY Rev: $18B

Revenue growth is driven by operating spend, with SG&A elasticity at 0.91 and R&D elasticity at 0.48 in a log-log model, meaning SG&A investments yield nearly 1% revenue lift per 1% spend—more leverage than R&D.

Coinbase Global, Inc.

COIN

FY Rev: $10B

Within a log-log framework, revenue sensitivity favors cost structure over R&D intensity: a 1% increase in R&D is associated with a 1.26% decline in revenue, while a 1% rise in SG&A correlates with a 0.21% revenue uptick.

Global Payments Inc.

GPN

FY Rev: $8.5B

[AI commentary unavailable].

Paychex, Inc.

PAYX

FY Rev: $6.7B

Revenue is driven by SG&A efficiency, with every $1 of SG&A spending generating $3.80 in long-run revenue.

Interactive Brokers Group, Inc.

IBKR

FY Rev: $2.7B

[AI commentary unavailable].

Fair Isaac Corp

FICO

FY Rev: $2.6B

Revenue growth is driven primarily by SG&A spending, with a 1% increase in SG&A raising revenue by 0.80%, while a 1% increase in R&D reduces revenue by 0.51% in the model, implying ROI favors SG&A efficiency over R&D in the near term.

Paycom Software, Inc.

PAYC

FY Rev: $2.1B

Revenue is driven modestly by R&D and more by SG&A investments, with elasticities of 0.05 and 0.21 per 1% spending, respectively, in a log-log model.