moderate-to-high - Yext's customer base includes discretionary spending categories like retail and hospitality where digital marketing budgets contract during recessions. SMB customers (historically significant portion) are particularly sensitive to economic downturns. Enterprise software spending generally correlates with GDP growth and corporate profit margins, though mission-critical systems see more resilience. The -33% three-month return suggests investors are pricing in recession risk or deteriorating fundamentals.

High sensitivity through multiple channels: (1) Valuation compression - SaaS multiples contract sharply as risk-free rates rise, with Price/Sales of 1.5x well below historical SaaS averages of 5-10x during zero-rate era; (2) Customer budget pressure - rising rates reduce corporate spending on non-essential software; (3) Competitive dynamics - well-capitalized competitors can sustain losses longer. The company's negative operating margins make profitability timeline more uncertain in higher-rate environment, pressuring equity value.

growth-at-reasonable-price (GARP) investors seeking SaaS recovery plays, though recent performance suggests momentum investors have exited. The 1.5x Price/Sales and negative margins position this as a 'show-me' story requiring fundamental improvement rather than pure growth narrative. Value investors may find 7.1% FCF yield attractive if profitability inflects, but execution risk remains high. Not suitable for dividend or income investors given no dividend and cash consumption risk.