we are only examining the valuation metrics here, not comparing the companies themselves as investments.

you could decide that if you are a very large company, building software internally to replace a SaaS product is a path forward. Or replacing a premium software like DocuSign with a cheap one like Zoho sign. or just building your own proprietary electronic signature app

It is however impractical for big company to start manufacturing cars or designing competitive GPUs

so the earnings of tesla and nvidia is theoretically more 'stable' than a software application company like salesforce, adobe, etc.

this analysis ignores both the size of the company, and what it does, or whether or not any one of them is a good investment