SaaS companies are very asset-light. Take a look at Salesforce, for example: $17.5 billion dollars of assets on the balance sheet... of which ~$6 billion is cash, $7 billion is goodwill, and only about $141 million is capitalized software.
(Most of their expenditures to produce software are expensed rather than capitalized.)
On the lower end of the scale, liabilities of SaaS companies exceed assets (as measured formally for a balance sheet) quite frequently. The shareholder equity for both of my businesses was negative when I sold them.
(Most of their expenditures to produce software are expensed rather than capitalized.)
On the lower end of the scale, liabilities of SaaS companies exceed assets (as measured formally for a balance sheet) quite frequently. The shareholder equity for both of my businesses was negative when I sold them.