One Thing Miro + Airtable Show: Getting Cash Flow Positive Isn't Magical

2026-09-14

Miro and Airtable both got cash-flow positive and both sold this month for about 2.5 times revenue. Miro had about $600M in ARR and sold for $1.355B. Airtable had about $480M growing over 20% and sold for $1.285B. Between them, they held about $1.4B in cash, and buyers paid nothing extra for it. Growth rate was the only thing priced. The cash sat there earning the worst multiple on the cap table.