kellblog.com · 2022-10-30 · 1313d

Key Takeaways from the 2022 KeyBanc SaaS Metrics Survey

This article analyzes the 2022 KeyBanc Capital Markets private SaaS company survey, providing median benchmarks across 13 key metrics including ARR growth (31%), NDR (109%), CAC ratio (1.2), and gross margins (73-77%). The author emphasizes the importance of matching benchmarks to company aspirations and introduces the Rule of 56789, which maps SaaS growth trajectories from $10M to $100M ARR over 5-9 years.

17 metrics· Cited 0× in the knowledge base ·Open source ↗

Metrics in this report

ARR Growth Rate

31percent

median

Private SaaS companies in 2022 KeyBanc survey

ARR per FTE

143thousands_USD

median

Private SaaS companies

Blended Gross Margin

73percent

median

Private SaaS companies

CAC Ratio (Blended)

1.2ratio

median

Private SaaS companies

CAC Ratio (Expansion)

0.6ratio

median

Private SaaS companies

CAC Ratio (New Customer)

1.8ratio

median

Private SaaS companies

Expansion ARR

46percent

median

Private SaaS companies

Free Cash Flow Margin

-5percent

median

Private SaaS companies

Gross Churn Rate

14percent

median

Private SaaS companies

Net Dollar Retention

109percent

median

Private SaaS companies

New ARR Per Seller

673thousands_USD

median

Private SaaS companies

S&M Spend (30-40% Growth)

17percent_of_revenue

median

Private SaaS companies growing 30-40%

S&M Spend (80%+ Growth)

59percent_of_revenue

median

Private SaaS companies growing faster than 80%

S&M Spend (Sub-20% Growth)

27percent_of_revenue

median

Private SaaS companies growing less than 20%

Sales and Marketing Expense

40percent_of_revenue

median

Private SaaS companies

Subscription Gross Margin

77percent

median

Private SaaS companies

Valuation Multiple

6.1multiple_of_ARR

median

Private SaaS companies at most recent funding round (2021 or later)