Toast

Toast leads restaurant SaaS with an IPO in September 2021 at $33B, now at a $16.8B market cap as of April 2026—a 49% drop from peak that is deeper than the average fintech decline. SMB adoption is slowing, with 40% fewer new restaurants joining in Q1 2026 versus a year ago. This deceleration makes it weaker than #2’s 31% growth, though its sustainable tech generates $1.2B in annual recurring revenue.