972 observations · 217 reports · 8 publishers
EV / Revenue Multiple.
Every EV / Revenue Multiple observation from our practitioner benchmark corpus. Latest: Tomasz Tunguz (2026).
Observations
972
Reports
217
Publishers
8
Latest
Tomasz Tunguz
2026-04-07
2026-04-07
22 x
Tomasz Tunguz
2026
25 x
Tomasz Tunguz
2026
3.1 multiple
Clouded Judgement
2026
median
Overall public SaaS market
Clouded Judgement: From GPU Hours to Token Dollars—Pricing AI Infrastructure for the Inference Era →
Overall public SaaS market
Clouded Judgement: From GPU Hours to Token Dollars—Pricing AI Infrastructure for the Inference Era →
16.1 multiple
Clouded Judgement
2026
median
Top 5 highest-growth SaaS companies
Clouded Judgement: From GPU Hours to Token Dollars—Pricing AI Infrastructure for the Inference Era →
Top 5 highest-growth SaaS companies
Clouded Judgement: From GPU Hours to Token Dollars—Pricing AI Infrastructure for the Inference Era →
9.7 multiple
Clouded Judgement
2026
median
High-growth SaaS (>22% projected NTM growth)
Clouded Judgement: From GPU Hours to Token Dollars—Pricing AI Infrastructure for the Inference Era →
High-growth SaaS (>22% projected NTM growth)
Clouded Judgement: From GPU Hours to Token Dollars—Pricing AI Infrastructure for the Inference Era →
5.5 multiple
Clouded Judgement
2026
median
Mid-growth SaaS (15-22% projected NTM growth)
Clouded Judgement: From GPU Hours to Token Dollars—Pricing AI Infrastructure for the Inference Era →
Mid-growth SaaS (15-22% projected NTM growth)
Clouded Judgement: From GPU Hours to Token Dollars—Pricing AI Infrastructure for the Inference Era →
2.5 multiple
Clouded Judgement
2026
median
Low-growth SaaS (<15% projected NTM growth)
Clouded Judgement: From GPU Hours to Token Dollars—Pricing AI Infrastructure for the Inference Era →
Low-growth SaaS (<15% projected NTM growth)
Clouded Judgement: From GPU Hours to Token Dollars—Pricing AI Infrastructure for the Inference Era →
3.3 multiple
Clouded Judgement
2026
median
Overall public SaaS companies
Clouded Judgement: Digital Twins as the Infrastructure Layer for AI Agents →
Overall public SaaS companies
Clouded Judgement: Digital Twins as the Infrastructure Layer for AI Agents →
17.7 multiple
Clouded Judgement
2026
median
Top 5 public SaaS companies by valuation
Clouded Judgement: Digital Twins as the Infrastructure Layer for AI Agents →
Top 5 public SaaS companies by valuation
Clouded Judgement: Digital Twins as the Infrastructure Layer for AI Agents →
10.4 multiple
Clouded Judgement
2026
median
High-growth SaaS (>22% NTM growth)
Clouded Judgement: Digital Twins as the Infrastructure Layer for AI Agents →
High-growth SaaS (>22% NTM growth)
Clouded Judgement: Digital Twins as the Infrastructure Layer for AI Agents →
5.9 multiple
Clouded Judgement
2026
median
Mid-growth SaaS (15-22% NTM growth)
Clouded Judgement: Digital Twins as the Infrastructure Layer for AI Agents →
Mid-growth SaaS (15-22% NTM growth)
Clouded Judgement: Digital Twins as the Infrastructure Layer for AI Agents →
2.7 multiple
Clouded Judgement
2026
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Digital Twins as the Infrastructure Layer for AI Agents →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Digital Twins as the Infrastructure Layer for AI Agents →
3.3 multiple
Clouded Judgement
2026
18.2 multiple
Clouded Judgement
2026
10.8 multiple
Clouded Judgement
2026
median
High-growth SaaS (>22% NTM growth)
Clouded Judgement: In Defense of Model Lab Profitability →
High-growth SaaS (>22% NTM growth)
Clouded Judgement: In Defense of Model Lab Profitability →
6.4 multiple
Clouded Judgement
2026
median
Mid-growth SaaS (15-22% NTM growth)
Clouded Judgement: In Defense of Model Lab Profitability →
Mid-growth SaaS (15-22% NTM growth)
Clouded Judgement: In Defense of Model Lab Profitability →
2.6 multiple
Clouded Judgement
2026
3.5 x
Clouded Judgement
2026
median
Cloud SaaS companies overall
Get in the Token Path: Infrastructure Monetization in the AI Era →
Cloud SaaS companies overall
Get in the Token Path: Infrastructure Monetization in the AI Era →
17.7 x
Clouded Judgement
2026
median
Top 5 SaaS companies by valuation
Get in the Token Path: Infrastructure Monetization in the AI Era →
Top 5 SaaS companies by valuation
Get in the Token Path: Infrastructure Monetization in the AI Era →
10.4 x
Clouded Judgement
2026
median
High-growth SaaS (>22% NTM growth)
Get in the Token Path: Infrastructure Monetization in the AI Era →
High-growth SaaS (>22% NTM growth)
Get in the Token Path: Infrastructure Monetization in the AI Era →
6.5 x
Clouded Judgement
2026
median
Mid-growth SaaS (15-22% NTM growth)
Get in the Token Path: Infrastructure Monetization in the AI Era →
Mid-growth SaaS (15-22% NTM growth)
Get in the Token Path: Infrastructure Monetization in the AI Era →
2.7 x
Clouded Judgement
2026
median
Low-growth SaaS (<15% NTM growth)
Get in the Token Path: Infrastructure Monetization in the AI Era →
Low-growth SaaS (<15% NTM growth)
Get in the Token Path: Infrastructure Monetization in the AI Era →
4.1 percent
Clouded Judgement
2026
average
SaaS valuation multiple expansion
Get in the Token Path: Infrastructure Monetization in the AI Era →
SaaS valuation multiple expansion
Get in the Token Path: Infrastructure Monetization in the AI Era →
3.3 multiple
Clouded Judgement
2026
16.6 multiple
Clouded Judgement
2026
10.3 multiple
Clouded Judgement
2026
6.3 multiple
Clouded Judgement
2026
2.6 multiple
Clouded Judgement
2026
3.2 multiple
Clouded Judgement
2026
10.7 multiple
Clouded Judgement
2026
7.0 multiple
Clouded Judgement
2026
median
SaaS companies with 15-22% projected NTM growth
Clouded Judgement: The SSD/Memory Reckoning →
SaaS companies with 15-22% projected NTM growth
Clouded Judgement: The SSD/Memory Reckoning →
2.7 multiple
Clouded Judgement
2026
18.4 multiple
Clouded Judgement
2026
median
Top 5 highest-valued SaaS companies by multiple
Clouded Judgement: The SSD/Memory Reckoning →
Top 5 highest-valued SaaS companies by multiple
Clouded Judgement: The SSD/Memory Reckoning →
3.6 multiple
Clouded Judgement
2026
median
Public software companies, current period
Clouded Judgement: Software Valuations in the Age of AI Disruption →
Public software companies, current period
Clouded Judgement: Software Valuations in the Age of AI Disruption →
9.7 multiple
Clouded Judgement
2026
median
High-growth software (>22% NTM growth)
Clouded Judgement: Software Valuations in the Age of AI Disruption →
High-growth software (>22% NTM growth)
Clouded Judgement: Software Valuations in the Age of AI Disruption →
6.4 multiple
Clouded Judgement
2026
median
Mid-growth software (15-22% NTM growth)
Clouded Judgement: Software Valuations in the Age of AI Disruption →
Mid-growth software (15-22% NTM growth)
Clouded Judgement: Software Valuations in the Age of AI Disruption →
2.6 multiple
Clouded Judgement
2026
median
Low-growth software (<15% NTM growth)
Clouded Judgement: Software Valuations in the Age of AI Disruption →
Low-growth software (<15% NTM growth)
Clouded Judgement: Software Valuations in the Age of AI Disruption →
4.1 x
Clouded Judgement
2026
median
Cloud software universe (all public SaaS companies)
Clouded Judgement: SaaS Valuation Compression and the Terminal Value Crisis →
Cloud software universe (all public SaaS companies)
Clouded Judgement: SaaS Valuation Compression and the Terminal Value Crisis →
19.4 x
Clouded Judgement
2026
median
Top 5 SaaS companies by market cap
Clouded Judgement: SaaS Valuation Compression and the Terminal Value Crisis →
Top 5 SaaS companies by market cap
Clouded Judgement: SaaS Valuation Compression and the Terminal Value Crisis →
12.4 x
Clouded Judgement
2026
median
High-growth SaaS (>22% NTM growth)
Clouded Judgement: SaaS Valuation Compression and the Terminal Value Crisis →
High-growth SaaS (>22% NTM growth)
Clouded Judgement: SaaS Valuation Compression and the Terminal Value Crisis →
7.0 x
Clouded Judgement
2026
median
Mid-growth SaaS (15-22% NTM growth)
Clouded Judgement: SaaS Valuation Compression and the Terminal Value Crisis →
Mid-growth SaaS (15-22% NTM growth)
Clouded Judgement: SaaS Valuation Compression and the Terminal Value Crisis →
3.1 x
Clouded Judgement
2026
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation Compression and the Terminal Value Crisis →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation Compression and the Terminal Value Crisis →
0.35 x
Clouded Judgement
2026
median
Cloud software universe; EV/NTM revenue ÷ NTM growth rate
Clouded Judgement: SaaS Valuation Compression and the Terminal Value Crisis →
Cloud software universe; EV/NTM revenue ÷ NTM growth rate
Clouded Judgement: SaaS Valuation Compression and the Terminal Value Crisis →
4.5 x
Clouded Judgement
2026
median
All public SaaS companies
Clouded Judgement: The Year of Multi-Modal AI and SaaS Valuation Analysis →
All public SaaS companies
Clouded Judgement: The Year of Multi-Modal AI and SaaS Valuation Analysis →
13.0 x
Clouded Judgement
2026
median
High-growth SaaS (>22% NTM growth)
Clouded Judgement: The Year of Multi-Modal AI and SaaS Valuation Analysis →
High-growth SaaS (>22% NTM growth)
Clouded Judgement: The Year of Multi-Modal AI and SaaS Valuation Analysis →
7.7 x
Clouded Judgement
2026
median
Mid-growth SaaS (15-22% NTM growth)
Clouded Judgement: The Year of Multi-Modal AI and SaaS Valuation Analysis →
Mid-growth SaaS (15-22% NTM growth)
Clouded Judgement: The Year of Multi-Modal AI and SaaS Valuation Analysis →
3.3 x
Clouded Judgement
2026
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: The Year of Multi-Modal AI and SaaS Valuation Analysis →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: The Year of Multi-Modal AI and SaaS Valuation Analysis →
4.4 x
Clouded Judgement
2026
12.9 x
Clouded Judgement
2026
7.7 x
Clouded Judgement
2026
3.2 x
Clouded Judgement
2026
-42 percent
OnlyCFO
2026
average
52 cloud companies IPOed since 2018, QQQ-adjusted returns since Day 1
What Does It Take to IPO? A CFO's Playbook for IPO Readiness →
52 cloud companies IPOed since 2018, QQQ-adjusted returns since Day 1
What Does It Take to IPO? A CFO's Playbook for IPO Readiness →
13.9 multiple
Clouded Judgement
2026
median
SaaS companies with >22% NTM projected growth
Clouded Judgement: The Education Advantage in AI →
SaaS companies with >22% NTM projected growth
Clouded Judgement: The Education Advantage in AI →
7.7 multiple
Clouded Judgement
2026
median
SaaS companies with 15-22% NTM projected growth
Clouded Judgement: The Education Advantage in AI →
SaaS companies with 15-22% NTM projected growth
Clouded Judgement: The Education Advantage in AI →
3.5 multiple
Clouded Judgement
2026
median
SaaS companies with <15% NTM projected growth
Clouded Judgement: The Education Advantage in AI →
SaaS companies with <15% NTM projected growth
Clouded Judgement: The Education Advantage in AI →
4.7x multiple
Clouded Judgement
2026
14.2x multiple
Clouded Judgement
2026
14.6x multiple
Clouded Judgement
2026
median
High-growth SaaS companies (NTM growth >22%)
Clouded Judgement: Authority Is the AI Bottleneck →
High-growth SaaS companies (NTM growth >22%)
Clouded Judgement: Authority Is the AI Bottleneck →
7.7x multiple
Clouded Judgement
2026
median
Mid-growth SaaS companies (NTM growth 15-22%)
Clouded Judgement: Authority Is the AI Bottleneck →
Mid-growth SaaS companies (NTM growth 15-22%)
Clouded Judgement: Authority Is the AI Bottleneck →
3.7x multiple
Clouded Judgement
2026
median
Low-growth SaaS companies (NTM growth <15%)
Clouded Judgement: Authority Is the AI Bottleneck →
Low-growth SaaS companies (NTM growth <15%)
Clouded Judgement: Authority Is the AI Bottleneck →
4.7x multiple
Clouded Judgement
2025
14.2x multiple
Clouded Judgement
2025
14.6x multiple
Clouded Judgement
2025
median
High-growth SaaS (>22% NTM growth)
Clouded Judgement: Exuberance Returning to Venture Markets in 2026 →
High-growth SaaS (>22% NTM growth)
Clouded Judgement: Exuberance Returning to Venture Markets in 2026 →
7.7x multiple
Clouded Judgement
2025
median
Mid-growth SaaS (15-22% NTM growth)
Clouded Judgement: Exuberance Returning to Venture Markets in 2026 →
Mid-growth SaaS (15-22% NTM growth)
Clouded Judgement: Exuberance Returning to Venture Markets in 2026 →
3.7x multiple
Clouded Judgement
2025
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Exuberance Returning to Venture Markets in 2026 →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Exuberance Returning to Venture Markets in 2026 →
4.6 times
Clouded Judgement
2025
median
Public SaaS companies
Clouded Judgement: Systems of Record and the Battle for the AI Front Door →
Public SaaS companies
Clouded Judgement: Systems of Record and the Battle for the AI Front Door →
20.9 times
Clouded Judgement
2025
median
Top 10 highest-valued SaaS companies
Clouded Judgement: Systems of Record and the Battle for the AI Front Door →
Top 10 highest-valued SaaS companies
Clouded Judgement: Systems of Record and the Battle for the AI Front Door →
13.8 times
Clouded Judgement
2025
median
Public SaaS companies with NTM growth >22%
Clouded Judgement: Systems of Record and the Battle for the AI Front Door →
Public SaaS companies with NTM growth >22%
Clouded Judgement: Systems of Record and the Battle for the AI Front Door →
7.6 times
Clouded Judgement
2025
median
Public SaaS companies with NTM growth 15-22%
Clouded Judgement: Systems of Record and the Battle for the AI Front Door →
Public SaaS companies with NTM growth 15-22%
Clouded Judgement: Systems of Record and the Battle for the AI Front Door →
3.7 times
Clouded Judgement
2025
median
Public SaaS companies with NTM growth <15%
Clouded Judgement: Systems of Record and the Battle for the AI Front Door →
Public SaaS companies with NTM growth <15%
Clouded Judgement: Systems of Record and the Battle for the AI Front Door →
18.6 x
drive.google.com
2025
median 2025
Public companies with AI narrative vs. 4.6x for SaaS 1.0
The State of AI Report: December 2025 →
Public companies with AI narrative vs. 4.6x for SaaS 1.0
The State of AI Report: December 2025 →
4.8 x
Clouded Judgement
2025
median
Public cloud SaaS companies
Clouded Judgement: The Irrational Equity Valuation Game in Startup Hiring →
Public cloud SaaS companies
Clouded Judgement: The Irrational Equity Valuation Game in Startup Hiring →
15.1 x
Clouded Judgement
2025
median
Public SaaS companies with >22% projected NTM growth
Clouded Judgement: The Irrational Equity Valuation Game in Startup Hiring →
Public SaaS companies with >22% projected NTM growth
Clouded Judgement: The Irrational Equity Valuation Game in Startup Hiring →
4.6 multiple
Clouded Judgement
2025
15.2 multiple
Clouded Judgement
2025
median
High-growth SaaS companies (>22% NTM growth)
Clouded Judgement: Q3 2025 SaaS Earnings Check-In →
High-growth SaaS companies (>22% NTM growth)
Clouded Judgement: Q3 2025 SaaS Earnings Check-In →
6.6 multiple
Clouded Judgement
2025
median
Mid-growth SaaS companies (15-22% NTM growth)
Clouded Judgement: Q3 2025 SaaS Earnings Check-In →
Mid-growth SaaS companies (15-22% NTM growth)
Clouded Judgement: Q3 2025 SaaS Earnings Check-In →
3.6 multiple
Clouded Judgement
2025
median
Low-growth SaaS companies (<15% NTM growth)
Clouded Judgement: Q3 2025 SaaS Earnings Check-In →
Low-growth SaaS companies (<15% NTM growth)
Clouded Judgement: Q3 2025 SaaS Earnings Check-In →
14.7 x
Meritech
2025
median
Current vs 11.5x pre-ZIRP median; down 79% from 2021 high of 69.0x
Software Market Analysis: Share Performance, Valuation Multiples, and Growth-Profitability Dynamics →
Current vs 11.5x pre-ZIRP median; down 79% from 2021 high of 69.0x
Software Market Analysis: Share Performance, Valuation Multiples, and Growth-Profitability Dynamics →
0.30 x
Meritech
2025
median
Matches pre-ZIRP median; down 69% from 2021 high of 0.98x
Software Market Analysis: Share Performance, Valuation Multiples, and Growth-Profitability Dynamics →
Matches pre-ZIRP median; down 69% from 2021 high of 0.98x
Software Market Analysis: Share Performance, Valuation Multiples, and Growth-Profitability Dynamics →
0.70 x
Meritech
2025
median
20% above pre-ZIRP median
Software Market Analysis: Share Performance, Valuation Multiples, and Growth-Profitability Dynamics →
20% above pre-ZIRP median
Software Market Analysis: Share Performance, Valuation Multiples, and Growth-Profitability Dynamics →
4.5 multiple
Clouded Judgement
2025
23.1 multiple
Clouded Judgement
2025
13.3 multiple
Clouded Judgement
2025
6.0 multiple
Clouded Judgement
2025
3.4 multiple
Clouded Judgement
2025
13.1 multiple
OnlyCFO
2025
best-in-class
Rubrik (highest ranked, 8th position out of 75 cloud companies)
Cloud's Biggest Winners & Losers: Revenue Multiple Changes and Growth Importance in 2025 →
Rubrik (highest ranked, 8th position out of 75 cloud companies)
Cloud's Biggest Winners & Losers: Revenue Multiple Changes and Growth Importance in 2025 →
2.0 multiple
OnlyCFO
2025
Jamf (lowest ranked, 65th position out of 75 cloud companies)
Cloud's Biggest Winners & Losers: Revenue Multiple Changes and Growth Importance in 2025 →
Cloud's Biggest Winners & Losers: Revenue Multiple Changes and Growth Importance in 2025 →
7.4 x
drive.google.com
2025
median
Public SaaS companies, June 2025
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
Public SaaS companies, June 2025
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
4.6 x
drive.google.com
2025
median
Lower middle market SaaS transactions, June 2025
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
Lower middle market SaaS transactions, June 2025
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
7.8 x
drive.google.com
2025
median
Premium vertical SaaS, 2025
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
Premium vertical SaaS, 2025
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
3.2 x
drive.google.com
2025
median
SaaS transactions $5M–$10M EV, 2025
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
SaaS transactions $5M–$10M EV, 2025
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
4.1 x
drive.google.com
2025
median
SaaS transactions $10M–$25M EV, 2025
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
SaaS transactions $10M–$25M EV, 2025
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
5.3 x
drive.google.com
2025
median
SaaS transactions $25M–$50M EV, 2025
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
SaaS transactions $25M–$50M EV, 2025
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
6.7 x
drive.google.com
2025
median
SaaS transactions $50M–$100M EV, 2025
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
SaaS transactions $50M–$100M EV, 2025
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
4.0 x
OnlyCFO
2025
median
20%+ FCF margin, <5% revenue growth companies (Zoominfo, Zoom, Informatica, Dropbox)
Is ARR Growth Durable? Revenue growth is already low, but it's even weaker than most folks realize →
20%+ FCF margin, <5% revenue growth companies (Zoominfo, Zoom, Informatica, Dropbox)
Is ARR Growth Durable? Revenue growth is already low, but it's even weaker than most folks realize →
5.7 x
OnlyCFO
2025
median
20%+ FCF margin, 5-10% revenue growth companies (UiPath, Tenable, Salesforce, RingCentral, Okta, etc.)
Is ARR Growth Durable? Revenue growth is already low, but it's even weaker than most folks realize →
20%+ FCF margin, 5-10% revenue growth companies (UiPath, Tenable, Salesforce, RingCentral, Okta, etc.)
Is ARR Growth Durable? Revenue growth is already low, but it's even weaker than most folks realize →
6.6 x
OnlyCFO
2025
median
20%+ FCF margin, 10-15% revenue growth companies (Workday, Wix, Veeva, Paloalto, Freshworks, etc.)
Is ARR Growth Durable? Revenue growth is already low, but it's even weaker than most folks realize →
20%+ FCF margin, 10-15% revenue growth companies (Workday, Wix, Veeva, Paloalto, Freshworks, etc.)
Is ARR Growth Durable? Revenue growth is already low, but it's even weaker than most folks realize →
9.2 x
OnlyCFO
2025
median
20%+ FCF margin, 15-20% revenue growth companies (ServiceNow, JFrog, HubSpot, Datadog, Atlassian, etc.)
Is ARR Growth Durable? Revenue growth is already low, but it's even weaker than most folks realize →
20%+ FCF margin, 15-20% revenue growth companies (ServiceNow, JFrog, HubSpot, Datadog, Atlassian, etc.)
Is ARR Growth Durable? Revenue growth is already low, but it's even weaker than most folks realize →
2.2 x
OnlyCFO
2025
median
<20% FCF margin, <5% revenue growth companies (Sprinklr, PayPal, Bigcommerce)
Is ARR Growth Durable? Revenue growth is already low, but it's even weaker than most folks realize →
<20% FCF margin, <5% revenue growth companies (Sprinklr, PayPal, Bigcommerce)
Is ARR Growth Durable? Revenue growth is already low, but it's even weaker than most folks realize →
3.8 x
OnlyCFO
2025
median
<20% FCF margin, 5-10% revenue growth companies (Twilio, Paycom, Asana, Block, etc.)
Is ARR Growth Durable? Revenue growth is already low, but it's even weaker than most folks realize →
<20% FCF margin, 5-10% revenue growth companies (Twilio, Paycom, Asana, Block, etc.)
Is ARR Growth Durable? Revenue growth is already low, but it's even weaker than most folks realize →
4.6 x
OnlyCFO
2025
median
<20% FCF margin, 10-15% revenue growth companies (MongoDB, Elastic, DigitalOcean, Amplitude, etc.)
Is ARR Growth Durable? Revenue growth is already low, but it's even weaker than most folks realize →
<20% FCF margin, 10-15% revenue growth companies (MongoDB, Elastic, DigitalOcean, Amplitude, etc.)
Is ARR Growth Durable? Revenue growth is already low, but it's even weaker than most folks realize →
5.5 x
OnlyCFO
2025
median
<20% FCF margin, 15-20% revenue growth companies (Workiva, Confluent, Braze)
Is ARR Growth Durable? Revenue growth is already low, but it's even weaker than most folks realize →
<20% FCF margin, 15-20% revenue growth companies (Workiva, Confluent, Braze)
Is ARR Growth Durable? Revenue growth is already low, but it's even weaker than most folks realize →
62 x
OnlyCFO
2025
Asana in November 2021
Asana vs monday.com: Why The Market Got The Valuation Wrong In 2021 →
Asana vs monday.com: Why The Market Got The Valuation Wrong In 2021 →
55 x
OnlyCFO
2025
monday.com in November 2021
Asana vs monday.com: Why The Market Got The Valuation Wrong In 2021 →
Asana vs monday.com: Why The Market Got The Valuation Wrong In 2021 →
4.6 x
OnlyCFO
2025
Asana as of article date (2025)
Asana vs monday.com: Why The Market Got The Valuation Wrong In 2021 →
Asana vs monday.com: Why The Market Got The Valuation Wrong In 2021 →
10.6 x
OnlyCFO
2025
monday.com as of article date (2025)
Asana vs monday.com: Why The Market Got The Valuation Wrong In 2021 →
Asana vs monday.com: Why The Market Got The Valuation Wrong In 2021 →
15 multiple
OnlyCFO
2025
median
Top 10 public cloud companies
Will AI Change Profit Targets? The goalposts are shifting and you aren't ready →
Top 10 public cloud companies
Will AI Change Profit Targets? The goalposts are shifting and you aren't ready →
22.1 multiple
OnlyCFO
2025
average
Top 10 public cloud companies
Will AI Change Profit Targets? The goalposts are shifting and you aren't ready →
Top 10 public cloud companies
Will AI Change Profit Targets? The goalposts are shifting and you aren't ready →
53 percent
OnlyCFO
2025
median
Vertical software companies versus broader cloud market, April 2025
Bullish: Vertical & Compound Software →
Vertical software companies versus broader cloud market, April 2025
Bullish: Vertical & Compound Software →
4.7 x
Clouded Judgement
2025
median
Overall SaaS public company universe
Clouded Judgement: Bond Market Volatility, Treasury Auctions, and SaaS Valuation Multiples →
Overall SaaS public company universe
Clouded Judgement: Bond Market Volatility, Treasury Auctions, and SaaS Valuation Multiples →
16.9 x
Clouded Judgement
2025
median
Top 10 highest-valued SaaS companies
Clouded Judgement: Bond Market Volatility, Treasury Auctions, and SaaS Valuation Multiples →
Top 10 highest-valued SaaS companies
Clouded Judgement: Bond Market Volatility, Treasury Auctions, and SaaS Valuation Multiples →
13.2 x
Clouded Judgement
2025
median
High-growth SaaS (>27% NTM growth)
Clouded Judgement: Bond Market Volatility, Treasury Auctions, and SaaS Valuation Multiples →
High-growth SaaS (>27% NTM growth)
Clouded Judgement: Bond Market Volatility, Treasury Auctions, and SaaS Valuation Multiples →
8.7 x
Clouded Judgement
2025
median
Mid-growth SaaS (15-27% NTM growth)
Clouded Judgement: Bond Market Volatility, Treasury Auctions, and SaaS Valuation Multiples →
Mid-growth SaaS (15-27% NTM growth)
Clouded Judgement: Bond Market Volatility, Treasury Auctions, and SaaS Valuation Multiples →
3.9 x
Clouded Judgement
2025
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Bond Market Volatility, Treasury Auctions, and SaaS Valuation Multiples →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Bond Market Volatility, Treasury Auctions, and SaaS Valuation Multiples →
2.7 times
OnlyCFO
2025
18.4 x
Clouded Judgement
2025
15.2 x
Clouded Judgement
2025
8.7 x
Clouded Judgement
2025
4.0 x
Clouded Judgement
2025
6.4 multiple
Clouded Judgement
2025
median
Public SaaS companies indexed in Clouded Judgement tracker
Clouded Judgement: Q4 2024 Software Earnings & SaaS Valuation Analysis →
Public SaaS companies indexed in Clouded Judgement tracker
Clouded Judgement: Q4 2024 Software Earnings & SaaS Valuation Analysis →
12.8 multiple
Clouded Judgement
2025
median
SaaS companies with >27% projected NTM growth
Clouded Judgement: Q4 2024 Software Earnings & SaaS Valuation Analysis →
SaaS companies with >27% projected NTM growth
Clouded Judgement: Q4 2024 Software Earnings & SaaS Valuation Analysis →
4.5 multiple
Clouded Judgement
2025
median
SaaS companies with <15% projected NTM growth
Clouded Judgement: Q4 2024 Software Earnings & SaaS Valuation Analysis →
SaaS companies with <15% projected NTM growth
Clouded Judgement: Q4 2024 Software Earnings & SaaS Valuation Analysis →
36.5x multiple
OnlyCFO
2025
Fastly in Oct 2020 (7th highest among public cloud companies)
Fastly's Collapse: Lessons in Broken Unit Economics and SaaS Valuation Destruction →
Fastly's Collapse: Lessons in Broken Unit Economics and SaaS Valuation Destruction →
4 x NTM Revenue
OnlyCFO
2025
bottom-quartile
Amplitude; was in top 10 highest in late 2021
Lessons From Amplitude's Fall: Direct Listings, Extended PTEPs, and NRR Death Spirals →
Amplitude; was in top 10 highest in late 2021
Lessons From Amplitude's Fall: Direct Listings, Extended PTEPs, and NRR Death Spirals →
50 x
OnlyCFO
2025
Palantir current valuation
DeepSeek's Impact on SaaS Valuation: Uncertainty, Long-Term Forecasts, and the Rule of 40 →
DeepSeek's Impact on SaaS Valuation: Uncertainty, Long-Term Forecasts, and the Rule of 40 →
10 x
OnlyCFO
2025
Monday.com with similar Rule of 40
DeepSeek's Impact on SaaS Valuation: Uncertainty, Long-Term Forecasts, and the Rule of 40 →
DeepSeek's Impact on SaaS Valuation: Uncertainty, Long-Term Forecasts, and the Rule of 40 →
20 x
OnlyCFO
2025
Crowdstrike with similar Rule of 40
DeepSeek's Impact on SaaS Valuation: Uncertainty, Long-Term Forecasts, and the Rule of 40 →
DeepSeek's Impact on SaaS Valuation: Uncertainty, Long-Term Forecasts, and the Rule of 40 →
11 x
OnlyCFO
2025
Zscaler with similar Rule of 40
DeepSeek's Impact on SaaS Valuation: Uncertainty, Long-Term Forecasts, and the Rule of 40 →
DeepSeek's Impact on SaaS Valuation: Uncertainty, Long-Term Forecasts, and the Rule of 40 →
0.30 R²
OnlyCFO
2025
SaaS valuation predictive power
DeepSeek's Impact on SaaS Valuation: Uncertainty, Long-Term Forecasts, and the Rule of 40 →
DeepSeek's Impact on SaaS Valuation: Uncertainty, Long-Term Forecasts, and the Rule of 40 →
7.4 x
aventis-advisors.com
2025
median
Listed SaaS companies, Q4 2024
SaaS Valuation Multiples: 2015-2025 Q4 2024 Update and 2025 Outlook →
Listed SaaS companies, Q4 2024
SaaS Valuation Multiples: 2015-2025 Q4 2024 Update and 2025 Outlook →
4.7 x
aventis-advisors.com
2025
median
SaaS M&A transactions, 2015-2024 historical average
SaaS Valuation Multiples: 2015-2025 Q4 2024 Update and 2025 Outlook →
SaaS M&A transactions, 2015-2024 historical average
SaaS Valuation Multiples: 2015-2025 Q4 2024 Update and 2025 Outlook →
2.8 x
aventis-advisors.com
2025
median
SaaS M&A transactions, 2024
SaaS Valuation Multiples: 2015-2025 Q4 2024 Update and 2025 Outlook →
SaaS M&A transactions, 2024
SaaS Valuation Multiples: 2015-2025 Q4 2024 Update and 2025 Outlook →
6.3 x
aventis-advisors.com
2025
median
SaaS M&A deals $50-100M, 2015-2024
SaaS Valuation Multiples: 2015-2025 Q4 2024 Update and 2025 Outlook →
SaaS M&A deals $50-100M, 2015-2024
SaaS Valuation Multiples: 2015-2025 Q4 2024 Update and 2025 Outlook →
3.9 x
aventis-advisors.com
2025
median
North American SaaS companies, January 2025
SaaS Valuation Multiples: 2015-2025 Q4 2024 Update and 2025 Outlook →
North American SaaS companies, January 2025
SaaS Valuation Multiples: 2015-2025 Q4 2024 Update and 2025 Outlook →
3.3 x
aventis-advisors.com
2025
median
European SaaS companies, January 2025
SaaS Valuation Multiples: 2015-2025 Q4 2024 Update and 2025 Outlook →
European SaaS companies, January 2025
SaaS Valuation Multiples: 2015-2025 Q4 2024 Update and 2025 Outlook →
6.3 x
Clouded Judgement
2025
median
All public SaaS companies
Clouded Judgement: December Inflation Data & SaaS Valuation Multiples →
All public SaaS companies
Clouded Judgement: December Inflation Data & SaaS Valuation Multiples →
19.1 x
Clouded Judgement
2025
median
Top 5 SaaS companies by market cap
Clouded Judgement: December Inflation Data & SaaS Valuation Multiples →
Top 5 SaaS companies by market cap
Clouded Judgement: December Inflation Data & SaaS Valuation Multiples →
9.2 x
Clouded Judgement
2025
median
High-growth SaaS (>27% NTM growth)
Clouded Judgement: December Inflation Data & SaaS Valuation Multiples →
High-growth SaaS (>27% NTM growth)
Clouded Judgement: December Inflation Data & SaaS Valuation Multiples →
11.5 x
Clouded Judgement
2025
median
Mid-growth SaaS (15-27% NTM growth)
Clouded Judgement: December Inflation Data & SaaS Valuation Multiples →
Mid-growth SaaS (15-27% NTM growth)
Clouded Judgement: December Inflation Data & SaaS Valuation Multiples →
4.5 x
Clouded Judgement
2025
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: December Inflation Data & SaaS Valuation Multiples →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: December Inflation Data & SaaS Valuation Multiples →
2.8 multiple
OnlyCFO
2025
median
Companies with FCF margin <40%
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
Companies with FCF margin <40%
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
4.8 multiple
OnlyCFO
2025
median
Companies with FCF margin 40-50%
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
Companies with FCF margin 40-50%
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
6.5 multiple
OnlyCFO
2025
median
Companies with FCF margin 50-60%
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
Companies with FCF margin 50-60%
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
7.1 multiple
OnlyCFO
2025
median
Companies with FCF margin 60-70%
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
Companies with FCF margin 60-70%
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
11.4 multiple
OnlyCFO
2025
median
Companies with FCF margin >70%
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
Companies with FCF margin >70%
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
6.2 x
Clouded Judgement
2025
median
Overall SaaS market
Clouded Judgement: Rising Rates and SaaS Valuation Multiples in a High-Growth Environment →
Overall SaaS market
Clouded Judgement: Rising Rates and SaaS Valuation Multiples in a High-Growth Environment →
18.8 x
Clouded Judgement
2025
median
Top 5 SaaS companies by valuation
Clouded Judgement: Rising Rates and SaaS Valuation Multiples in a High-Growth Environment →
Top 5 SaaS companies by valuation
Clouded Judgement: Rising Rates and SaaS Valuation Multiples in a High-Growth Environment →
50 x
OnlyCFO
2025
Palantir current valuation
Palantir Valuation Analysis: Expensive vs. Overvalued – A Rule of 40 Deep Dive →
Palantir Valuation Analysis: Expensive vs. Overvalued – A Rule of 40 Deep Dive →
6.2 x
OnlyCFO
2025
median
Median software company
Palantir Valuation Analysis: Expensive vs. Overvalued – A Rule of 40 Deep Dive →
Median software company
Palantir Valuation Analysis: Expensive vs. Overvalued – A Rule of 40 Deep Dive →
19 x
OnlyCFO
2025
Cloudflare (second-highest in peer set)
Palantir Valuation Analysis: Expensive vs. Overvalued – A Rule of 40 Deep Dive →
Palantir Valuation Analysis: Expensive vs. Overvalued – A Rule of 40 Deep Dive →
38 x
OnlyCFO
2025
Zoom at peak (2021)
Palantir Valuation Analysis: Expensive vs. Overvalued – A Rule of 40 Deep Dive →
Palantir Valuation Analysis: Expensive vs. Overvalued – A Rule of 40 Deep Dive →
3.7 x
OnlyCFO
2025
Zoom current (2025)
Palantir Valuation Analysis: Expensive vs. Overvalued – A Rule of 40 Deep Dive →
Palantir Valuation Analysis: Expensive vs. Overvalued – A Rule of 40 Deep Dive →
11 x
OnlyCFO
2024
current trading
ServiceTitan trading multiple relative to next-twelve-months revenue
ServiceTitan IPO Success Signals IPO Window Opening for Cloud SaaS in 2025 →
ServiceTitan trading multiple relative to next-twelve-months revenue
ServiceTitan IPO Success Signals IPO Window Opening for Cloud SaaS in 2025 →
6.7 x
OnlyCFO
2024
median
As of late 2024; up from 6.3x on Jan 1, 2024
ServiceTitan IPO Success Signals IPO Window Opening for Cloud SaaS in 2025 →
As of late 2024; up from 6.3x on Jan 1, 2024
ServiceTitan IPO Success Signals IPO Window Opening for Cloud SaaS in 2025 →
2 x
OnlyCFO
2024
comparative
EV/Revenue multiple ratio of >$1B ARR companies vs. <$1B ARR companies
ServiceTitan IPO Success Signals IPO Window Opening for Cloud SaaS in 2025 →
EV/Revenue multiple ratio of >$1B ARR companies vs. <$1B ARR companies
ServiceTitan IPO Success Signals IPO Window Opening for Cloud SaaS in 2025 →
6.7 x
Clouded Judgement
2024
median
Software universe as of mid-December 2024
Clouded Judgement: Beat and No Raise? – SaaS Multiple Expansion Without Earnings Growth →
Software universe as of mid-December 2024
Clouded Judgement: Beat and No Raise? – SaaS Multiple Expansion Without Earnings Growth →
19.2 x
Clouded Judgement
2024
median
Top 5 valued software companies
Clouded Judgement: Beat and No Raise? – SaaS Multiple Expansion Without Earnings Growth →
Top 5 valued software companies
Clouded Judgement: Beat and No Raise? – SaaS Multiple Expansion Without Earnings Growth →
0.56 multiple
Clouded Judgement
2024
median
Current SaaS market (as of December 2024)
Clouded Judgement: Are Software Valuations Cheap or Expensive? →
Current SaaS market (as of December 2024)
Clouded Judgement: Are Software Valuations Cheap or Expensive? →
0.20 multiple
Clouded Judgement
2024
average
Long-term historical average for SaaS
Clouded Judgement: Are Software Valuations Cheap or Expensive? →
Long-term historical average for SaaS
Clouded Judgement: Are Software Valuations Cheap or Expensive? →
6.4 multiple
Clouded Judgement
2024
5.9 x
Clouded Judgement
2024
median
Overall public SaaS market
Clouded Judgement: Market Rotation from Profitability Back to Growth →
Overall public SaaS market
Clouded Judgement: Market Rotation from Profitability Back to Growth →
19.0 x
Clouded Judgement
2024
median
Top 5 SaaS companies by valuation
Clouded Judgement: Market Rotation from Profitability Back to Growth →
Top 5 SaaS companies by valuation
Clouded Judgement: Market Rotation from Profitability Back to Growth →
8.7 x
Clouded Judgement
2024
median
High-growth SaaS (>27% NTM growth)
Clouded Judgement: Market Rotation from Profitability Back to Growth →
High-growth SaaS (>27% NTM growth)
Clouded Judgement: Market Rotation from Profitability Back to Growth →
10.6 x
Clouded Judgement
2024
median
Mid-growth SaaS (15-27% NTM growth)
Clouded Judgement: Market Rotation from Profitability Back to Growth →
Mid-growth SaaS (15-27% NTM growth)
Clouded Judgement: Market Rotation from Profitability Back to Growth →
4.7 x
Clouded Judgement
2024
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Market Rotation from Profitability Back to Growth →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Market Rotation from Profitability Back to Growth →
10.6 x
Clouded Judgement
2024
median
High growth SaaS companies
Clouded Judgement: AI, CapEx, and SaaS Valuation in the Era of Rising Rates →
High growth SaaS companies
Clouded Judgement: AI, CapEx, and SaaS Valuation in the Era of Rising Rates →
9.2 x
Clouded Judgement
2024
median
Mid-growth SaaS companies
Clouded Judgement: AI, CapEx, and SaaS Valuation in the Era of Rising Rates →
Mid-growth SaaS companies
Clouded Judgement: AI, CapEx, and SaaS Valuation in the Era of Rising Rates →
4.2 x
Clouded Judgement
2024
median
Low-growth SaaS companies
Clouded Judgement: AI, CapEx, and SaaS Valuation in the Era of Rising Rates →
Low-growth SaaS companies
Clouded Judgement: AI, CapEx, and SaaS Valuation in the Era of Rising Rates →
16.3 x
Clouded Judgement
2024
median
Top 5 companies by market cap
Clouded Judgement: AI, CapEx, and SaaS Valuation in the Era of Rising Rates →
Top 5 companies by market cap
Clouded Judgement: AI, CapEx, and SaaS Valuation in the Era of Rising Rates →
5.8 x
Clouded Judgement
2024
median
Public SaaS companies at scale
Clouded Judgement: AI, CapEx, and SaaS Valuation in the Era of Rising Rates →
Public SaaS companies at scale
Clouded Judgement: AI, CapEx, and SaaS Valuation in the Era of Rising Rates →
6.0 x
Meritech
2024
median
Current as of October 14, 2024
2024 Market Update: Public Markets, Private Markets, and AI's Impact on Software →
Current as of October 14, 2024
2024 Market Update: Public Markets, Private Markets, and AI's Impact on Software →
12.2-40.0 x
Meritech
2024
range
Top 10 median highest-valued SaaS companies
2024 Market Update: Public Markets, Private Markets, and AI's Impact on Software →
Top 10 median highest-valued SaaS companies
2024 Market Update: Public Markets, Private Markets, and AI's Impact on Software →
120 x
OnlyCFO
2024
peak
Snowflake 2020 peak valuation multiple
Snowflake's Fall from Grace: From 100x Oversubscribed IPO to Valuation Collapse →
Snowflake 2020 peak valuation multiple
Snowflake's Fall from Grace: From 100x Oversubscribed IPO to Valuation Collapse →
9.2 x
OnlyCFO
2024
Snowflake current valuation; down from 75x in November 2021
Snowflake's Fall from Grace: From 100x Oversubscribed IPO to Valuation Collapse →
Snowflake's Fall from Grace: From 100x Oversubscribed IPO to Valuation Collapse →
3 multiple
OnlyCFO
2024
bottom-quartile
Zuora at acquisition vs. public cloud companies median ~6x
A $1.7B Failure: PE Buys Zuora – Lessons from Zuora's IPO-to-Acquisition Decline →
Zuora at acquisition vs. public cloud companies median ~6x
A $1.7B Failure: PE Buys Zuora – Lessons from Zuora's IPO-to-Acquisition Decline →
5.6 x
Clouded Judgement
2024
17.3 x
Clouded Judgement
2024
median
Top 5 public SaaS companies by market cap
Clouded Judgement: Budget Flush and SaaS Valuation Dynamics →
Top 5 public SaaS companies by market cap
Clouded Judgement: Budget Flush and SaaS Valuation Dynamics →
10.2 x
Clouded Judgement
2024
median
High-growth SaaS (>27% NTM growth)
Clouded Judgement: Budget Flush and SaaS Valuation Dynamics →
High-growth SaaS (>27% NTM growth)
Clouded Judgement: Budget Flush and SaaS Valuation Dynamics →
9.3 x
Clouded Judgement
2024
median
Mid-growth SaaS (15-27% NTM growth)
Clouded Judgement: Budget Flush and SaaS Valuation Dynamics →
Mid-growth SaaS (15-27% NTM growth)
Clouded Judgement: Budget Flush and SaaS Valuation Dynamics →
4.2 x
Clouded Judgement
2024
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Budget Flush and SaaS Valuation Dynamics →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Budget Flush and SaaS Valuation Dynamics →
5.6 multiple
KeyBanc
2024
median
Software companies as of October 4, 2024
2024 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: Growth Deceleration and Profitability Focus →
Software companies as of October 4, 2024
2024 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: Growth Deceleration and Profitability Focus →
17 multiple
KeyBanc
2024
maximum
Software companies at all-time high in 2021
2024 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: Growth Deceleration and Profitability Focus →
Software companies at all-time high in 2021
2024 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: Growth Deceleration and Profitability Focus →
5.4 multiple
Clouded Judgement
2024
median
All public SaaS companies in dataset
Clouded Judgement: Fed Rate Cuts and SaaS Valuation Implications →
All public SaaS companies in dataset
Clouded Judgement: Fed Rate Cuts and SaaS Valuation Implications →
15.6 multiple
Clouded Judgement
2024
median
Top 5 highest-valued SaaS companies by multiple
Clouded Judgement: Fed Rate Cuts and SaaS Valuation Implications →
Top 5 highest-valued SaaS companies by multiple
Clouded Judgement: Fed Rate Cuts and SaaS Valuation Implications →
9.6 multiple
Clouded Judgement
2024
median
High-growth SaaS companies (>27% projected NTM growth)
Clouded Judgement: Fed Rate Cuts and SaaS Valuation Implications →
High-growth SaaS companies (>27% projected NTM growth)
Clouded Judgement: Fed Rate Cuts and SaaS Valuation Implications →
8.6 multiple
Clouded Judgement
2024
median
Mid-growth SaaS companies (15%-27% NTM growth)
Clouded Judgement: Fed Rate Cuts and SaaS Valuation Implications →
Mid-growth SaaS companies (15%-27% NTM growth)
Clouded Judgement: Fed Rate Cuts and SaaS Valuation Implications →
4.0 multiple
Clouded Judgement
2024
median
Low-growth SaaS companies (<15% NTM growth)
Clouded Judgement: Fed Rate Cuts and SaaS Valuation Implications →
Low-growth SaaS companies (<15% NTM growth)
Clouded Judgement: Fed Rate Cuts and SaaS Valuation Implications →
5.2x multiple
Clouded Judgement
2024
median
All public SaaS companies analyzed
Clouded Judgement: 2024 SaaS Guidance Raises at Historic Lows →
All public SaaS companies analyzed
Clouded Judgement: 2024 SaaS Guidance Raises at Historic Lows →
15.0x multiple
Clouded Judgement
2024
median
Top 5 highest-valued public SaaS companies
Clouded Judgement: 2024 SaaS Guidance Raises at Historic Lows →
Top 5 highest-valued public SaaS companies
Clouded Judgement: 2024 SaaS Guidance Raises at Historic Lows →
10 multiple
OnlyCFO
2024
target
Premium revenue multiple for scale-stage cloud companies with durable growth and strong margins
Dreams of Premium Revenue Multiples: Why Revenue Multiples Are Deceiving and How to Achieve Premium Valuations →
Premium revenue multiple for scale-stage cloud companies with durable growth and strong margins
Dreams of Premium Revenue Multiples: Why Revenue Multiples Are Deceiving and How to Achieve Premium Valuations →
19.4x multiple
OnlyCFO
2024
Palantir (NTM); highest in cloud software sector as of Aug 2024
Palantir Valuation Analysis: From Cult Stock to Justified Premium Multiple →
Palantir Valuation Analysis: From Cult Stock to Justified Premium Multiple →
15.3x multiple
OnlyCFO
2024
Samsara (2nd highest); NTM basis
Palantir Valuation Analysis: From Cult Stock to Justified Premium Multiple →
Palantir Valuation Analysis: From Cult Stock to Justified Premium Multiple →
5.1x multiple
OnlyCFO
2024
median
Overall software market median (not tech premium peers)
Palantir Valuation Analysis: From Cult Stock to Justified Premium Multiple →
Overall software market median (not tech premium peers)
Palantir Valuation Analysis: From Cult Stock to Justified Premium Multiple →
12.7x multiple
OnlyCFO
2024
median
Top 10 richly-valued cloud companies including Palantir, Samsara, ServiceNow, Cloudflare, Datadog, CrowdStrike
Palantir Valuation Analysis: From Cult Stock to Justified Premium Multiple →
Top 10 richly-valued cloud companies including Palantir, Samsara, ServiceNow, Cloudflare, Datadog, CrowdStrike
Palantir Valuation Analysis: From Cult Stock to Justified Premium Multiple →
21.5x multiple
OnlyCFO
2024
top-quartile
CrowdStrike, #1 ranked public cloud company as of July 2024
Software's Biggest Winners & Losers: Lessons from Valuation Changes Over the Past Year →
CrowdStrike, #1 ranked public cloud company as of July 2024
Software's Biggest Winners & Losers: Lessons from Valuation Changes Over the Past Year →
11.1x multiple
OnlyCFO
2024
top-10
HubSpot and Adobe, #9-10 ranked public cloud companies as of July 2024
Software's Biggest Winners & Losers: Lessons from Valuation Changes Over the Past Year →
HubSpot and Adobe, #9-10 ranked public cloud companies as of July 2024
Software's Biggest Winners & Losers: Lessons from Valuation Changes Over the Past Year →
57x multiple
OnlyCFO
2024
peak
Bill.com in 2021 when it held #1 revenue multiple ranking
Software's Biggest Winners & Losers: Lessons from Valuation Changes Over the Past Year →
Bill.com in 2021 when it held #1 revenue multiple ranking
Software's Biggest Winners & Losers: Lessons from Valuation Changes Over the Past Year →
5.2 multiple
Clouded Judgement
2024
16.3 multiple
Clouded Judgement
2024
10.7 multiple
Clouded Judgement
2024
median
Companies with projected NTM growth >27%
Clouded Judgement: Declining Growth in Public SaaS →
Companies with projected NTM growth >27%
Clouded Judgement: Declining Growth in Public SaaS →
7.9 multiple
Clouded Judgement
2024
median
Companies with projected NTM growth 15%-27%
Clouded Judgement: Declining Growth in Public SaaS →
Companies with projected NTM growth 15%-27%
Clouded Judgement: Declining Growth in Public SaaS →
3.8 multiple
Clouded Judgement
2024
median
Companies with projected NTM growth <15%
Clouded Judgement: Declining Growth in Public SaaS →
Companies with projected NTM growth <15%
Clouded Judgement: Declining Growth in Public SaaS →
57.8 x
OnlyCFO
2024
median
Top 10 highest-valued software companies by EV/Revenue November 2021
Winning Software Budgets in 2024: CFO Scrutiny, Vendor Selection, and Deal Approval Strategy →
Top 10 highest-valued software companies by EV/Revenue November 2021
Winning Software Budgets in 2024: CFO Scrutiny, Vendor Selection, and Deal Approval Strategy →
18.7 x
OnlyCFO
2024
best-in-class
CrowdStrike among top 10 public cloud companies, June 2024
Winners Keep Winning: CrowdStrike's Path to #1 SaaS Revenue Multiple →
CrowdStrike among top 10 public cloud companies, June 2024
Winners Keep Winning: CrowdStrike's Path to #1 SaaS Revenue Multiple →
13.3 x
OnlyCFO
2024
average
Top 10 public cloud companies average
Winners Keep Winning: CrowdStrike's Path to #1 SaaS Revenue Multiple →
Top 10 public cloud companies average
Winners Keep Winning: CrowdStrike's Path to #1 SaaS Revenue Multiple →
5.2 x
OnlyCFO
2024
median
All public cloud companies (broader market)
Winners Keep Winning: CrowdStrike's Path to #1 SaaS Revenue Multiple →
All public cloud companies (broader market)
Winners Keep Winning: CrowdStrike's Path to #1 SaaS Revenue Multiple →
5.7 x NTM Revenue
Clouded Judgement
2024
10.8 x NTM Revenue
Clouded Judgement
2024
median
SaaS companies with >27% projected NTM growth
Clouded Judgement: SaaS Software Environment Remains Strained →
SaaS companies with >27% projected NTM growth
Clouded Judgement: SaaS Software Environment Remains Strained →
7.9 x NTM Revenue
Clouded Judgement
2024
median
SaaS companies with 15-27% projected NTM growth
Clouded Judgement: SaaS Software Environment Remains Strained →
SaaS companies with 15-27% projected NTM growth
Clouded Judgement: SaaS Software Environment Remains Strained →
3.8 x NTM Revenue
Clouded Judgement
2024
median
SaaS companies with <15% projected NTM growth
Clouded Judgement: SaaS Software Environment Remains Strained →
SaaS companies with <15% projected NTM growth
Clouded Judgement: SaaS Software Environment Remains Strained →
5.8 multiple
Clouded Judgement
2024
15.9 multiple
Clouded Judgement
2024
10.0 multiple
Clouded Judgement
2024
median
High-growth SaaS (>27% NTM growth)
Clouded Judgement: April CPI Update & SaaS Valuation Analysis →
High-growth SaaS (>27% NTM growth)
Clouded Judgement: April CPI Update & SaaS Valuation Analysis →
7.9 multiple
Clouded Judgement
2024
median
Mid-growth SaaS (15%-27% NTM growth)
Clouded Judgement: April CPI Update & SaaS Valuation Analysis →
Mid-growth SaaS (15%-27% NTM growth)
Clouded Judgement: April CPI Update & SaaS Valuation Analysis →
4.1 multiple
Clouded Judgement
2024
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: April CPI Update & SaaS Valuation Analysis →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: April CPI Update & SaaS Valuation Analysis →
5.8 x
Clouded Judgement
2024
median
Public SaaS companies overall
Clouded Judgement: Hyperscaler Rebound vs. Software Guidance Misses in Q1 2024 →
Public SaaS companies overall
Clouded Judgement: Hyperscaler Rebound vs. Software Guidance Misses in Q1 2024 →
17.5 x
Clouded Judgement
2024
median
Top 5 public SaaS companies by valuation
Clouded Judgement: Hyperscaler Rebound vs. Software Guidance Misses in Q1 2024 →
Top 5 public SaaS companies by valuation
Clouded Judgement: Hyperscaler Rebound vs. Software Guidance Misses in Q1 2024 →
8.7 x
Clouded Judgement
2024
median
High-growth SaaS (>27% NTM growth)
Clouded Judgement: Hyperscaler Rebound vs. Software Guidance Misses in Q1 2024 →
High-growth SaaS (>27% NTM growth)
Clouded Judgement: Hyperscaler Rebound vs. Software Guidance Misses in Q1 2024 →
8.0 x
Clouded Judgement
2024
median
Mid-growth SaaS (15-27% NTM growth)
Clouded Judgement: Hyperscaler Rebound vs. Software Guidance Misses in Q1 2024 →
Mid-growth SaaS (15-27% NTM growth)
Clouded Judgement: Hyperscaler Rebound vs. Software Guidance Misses in Q1 2024 →
4.4 x
Clouded Judgement
2024
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Hyperscaler Rebound vs. Software Guidance Misses in Q1 2024 →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Hyperscaler Rebound vs. Software Guidance Misses in Q1 2024 →
5.8 x
Clouded Judgement
2024
median
All public SaaS companies
Clouded Judgement: Azure AI Services Growth Signals Positive Infrastructure Software Outlook →
All public SaaS companies
Clouded Judgement: Azure AI Services Growth Signals Positive Infrastructure Software Outlook →
8.6 x
Clouded Judgement
2024
median
SaaS companies with NTM growth >27%
Clouded Judgement: Azure AI Services Growth Signals Positive Infrastructure Software Outlook →
SaaS companies with NTM growth >27%
Clouded Judgement: Azure AI Services Growth Signals Positive Infrastructure Software Outlook →
4.2 x
Clouded Judgement
2024
median
SaaS companies with NTM growth <15%
Clouded Judgement: Azure AI Services Growth Signals Positive Infrastructure Software Outlook →
SaaS companies with NTM growth <15%
Clouded Judgement: Azure AI Services Growth Signals Positive Infrastructure Software Outlook →
6.2 x
Clouded Judgement
2024
median
Broad SaaS software companies
Clouded Judgement: March CPI Update & SaaS Valuation Multiple Analysis →
Broad SaaS software companies
Clouded Judgement: March CPI Update & SaaS Valuation Multiple Analysis →
17.7 x
Clouded Judgement
2024
median
Top 5 highest-valued SaaS companies
Clouded Judgement: March CPI Update & SaaS Valuation Multiple Analysis →
Top 5 highest-valued SaaS companies
Clouded Judgement: March CPI Update & SaaS Valuation Multiple Analysis →
9.4 x
Clouded Judgement
2024
median
Companies with >27% projected NTM growth
Clouded Judgement: March CPI Update & SaaS Valuation Multiple Analysis →
Companies with >27% projected NTM growth
Clouded Judgement: March CPI Update & SaaS Valuation Multiple Analysis →
9.0 x
Clouded Judgement
2024
median
Companies with 15%-27% projected NTM growth
Clouded Judgement: March CPI Update & SaaS Valuation Multiple Analysis →
Companies with 15%-27% projected NTM growth
Clouded Judgement: March CPI Update & SaaS Valuation Multiple Analysis →
4.3 x
Clouded Judgement
2024
median
Companies with <15% projected NTM growth
Clouded Judgement: March CPI Update & SaaS Valuation Multiple Analysis →
Companies with <15% projected NTM growth
Clouded Judgement: March CPI Update & SaaS Valuation Multiple Analysis →
6.4 multiple
Clouded Judgement
2024
median
Public SaaS companies in Q4 2024
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
Public SaaS companies in Q4 2024
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
10.7 multiple
Clouded Judgement
2024
median
SaaS companies with >27% projected NTM growth
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
SaaS companies with >27% projected NTM growth
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
9.2 multiple
Clouded Judgement
2024
median
SaaS companies with 15-27% projected NTM growth
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
SaaS companies with 15-27% projected NTM growth
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
4.5 multiple
Clouded Judgement
2024
median
SaaS companies with <15% projected NTM growth
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
SaaS companies with <15% projected NTM growth
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
10.7 x
Clouded Judgement
2024
median
Companies with >27% projected NTM growth, Q4 2023
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
Companies with >27% projected NTM growth, Q4 2023
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
9.2 x
Clouded Judgement
2024
median
Companies with 15-27% projected NTM growth, Q4 2023
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
Companies with 15-27% projected NTM growth, Q4 2023
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
4.5 x
Clouded Judgement
2024
median
Companies with <15% projected NTM growth, Q4 2023
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
Companies with <15% projected NTM growth, Q4 2023
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
6.4 x
Clouded Judgement
2024
median
All SaaS companies at scale in public markets, Q4 2023
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
All SaaS companies at scale in public markets, Q4 2023
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
17.8 x
Clouded Judgement
2024
median
Top 5 SaaS companies by market cap, Q4 2023
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
Top 5 SaaS companies by market cap, Q4 2023
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
15.6 multiple
OnlyCFO
2024
6.3 multiple
Clouded Judgement
2024
median
Public SaaS companies (as of March 2024)
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
Public SaaS companies (as of March 2024)
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
10.9 multiple
Clouded Judgement
2024
median
High-growth SaaS companies
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
High-growth SaaS companies
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
9.6 multiple
Clouded Judgement
2024
median
Mid-growth SaaS companies
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
Mid-growth SaaS companies
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
4.5 multiple
Clouded Judgement
2024
median
Low-growth SaaS companies
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
Low-growth SaaS companies
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
10.9 x
Clouded Judgement
2024
median
SaaS companies with >27% projected NTM growth
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
SaaS companies with >27% projected NTM growth
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
9.6 x
Clouded Judgement
2024
median
SaaS companies with 15-27% projected NTM growth
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
SaaS companies with 15-27% projected NTM growth
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
4.5 x
Clouded Judgement
2024
median
SaaS companies with <15% projected NTM growth
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
SaaS companies with <15% projected NTM growth
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
6.3 x
Clouded Judgement
2024
median
Entire public SaaS cohort (cohort analysis)
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
Entire public SaaS cohort (cohort analysis)
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
134 percent
OnlyCFO
2024
top performer
Largest software revenue multiple increases, past 12 months
Snowflake's Stock Crash: CEO Transition, Guidance Miss & Revenue Growth Endurance Analysis →
Largest software revenue multiple increases, past 12 months
Snowflake's Stock Crash: CEO Transition, Guidance Miss & Revenue Growth Endurance Analysis →
3.4 multiplier
OnlyCFO
2024
Difference between 80% and 65% growth endurance, starting from $100M at 150% growth
Snowflake's Stock Crash: CEO Transition, Guidance Miss & Revenue Growth Endurance Analysis →
Snowflake's Stock Crash: CEO Transition, Guidance Miss & Revenue Growth Endurance Analysis →
6.2 x
Clouded Judgement
2024
median
Overall public SaaS cohort, Q4 '23
Clouded Judgement: Q4 '23 SaaS Earnings Recap & Valuation Analysis →
Overall public SaaS cohort, Q4 '23
Clouded Judgement: Q4 '23 SaaS Earnings Recap & Valuation Analysis →
19.0 x
Clouded Judgement
2024
median
Top 5 highest-valued public SaaS companies, Q4 '23
Clouded Judgement: Q4 '23 SaaS Earnings Recap & Valuation Analysis →
Top 5 highest-valued public SaaS companies, Q4 '23
Clouded Judgement: Q4 '23 SaaS Earnings Recap & Valuation Analysis →
10.0 x
Clouded Judgement
2024
median
High-growth SaaS (>27% NTM growth), Q4 '23
Clouded Judgement: Q4 '23 SaaS Earnings Recap & Valuation Analysis →
High-growth SaaS (>27% NTM growth), Q4 '23
Clouded Judgement: Q4 '23 SaaS Earnings Recap & Valuation Analysis →
9.3 x
Clouded Judgement
2024
median
Mid-growth SaaS (15%-27% NTM growth), Q4 '23
Clouded Judgement: Q4 '23 SaaS Earnings Recap & Valuation Analysis →
Mid-growth SaaS (15%-27% NTM growth), Q4 '23
Clouded Judgement: Q4 '23 SaaS Earnings Recap & Valuation Analysis →
4.5 x
Clouded Judgement
2024
median
Low-growth SaaS (<15% NTM growth), Q4 '23
Clouded Judgement: Q4 '23 SaaS Earnings Recap & Valuation Analysis →
Low-growth SaaS (<15% NTM growth), Q4 '23
Clouded Judgement: Q4 '23 SaaS Earnings Recap & Valuation Analysis →
6.2 x
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: 2024 SaaS Guidance vs. Consensus & Valuation Multiple Analysis →
Public SaaS companies
Clouded Judgement: 2024 SaaS Guidance vs. Consensus & Valuation Multiple Analysis →
19.4 x
Clouded Judgement
2024
median
Top 5 SaaS companies by market cap
Clouded Judgement: 2024 SaaS Guidance vs. Consensus & Valuation Multiple Analysis →
Top 5 SaaS companies by market cap
Clouded Judgement: 2024 SaaS Guidance vs. Consensus & Valuation Multiple Analysis →
13.0 x
Clouded Judgement
2024
median
High-growth SaaS companies
Clouded Judgement: 2024 SaaS Guidance vs. Consensus & Valuation Multiple Analysis →
High-growth SaaS companies
Clouded Judgement: 2024 SaaS Guidance vs. Consensus & Valuation Multiple Analysis →
9.5 x
Clouded Judgement
2024
median
Mid-growth SaaS companies
Clouded Judgement: 2024 SaaS Guidance vs. Consensus & Valuation Multiple Analysis →
Mid-growth SaaS companies
Clouded Judgement: 2024 SaaS Guidance vs. Consensus & Valuation Multiple Analysis →
4.6 x
Clouded Judgement
2024
median
Low-growth SaaS companies
Clouded Judgement: 2024 SaaS Guidance vs. Consensus & Valuation Multiple Analysis →
Low-growth SaaS companies
Clouded Judgement: 2024 SaaS Guidance vs. Consensus & Valuation Multiple Analysis →
4.1 x
Clouded Judgement
2024
median
10-year historical SaaS median
Clouded Judgement: 2024 SaaS Guidance vs. Consensus & Valuation Multiple Analysis →
10-year historical SaaS median
Clouded Judgement: 2024 SaaS Guidance vs. Consensus & Valuation Multiple Analysis →
6.2 x
Clouded Judgement
2024
median
Overall public SaaS companies
Clouded Judgement: Venture Market Froth and SaaS Valuation Reality Check →
Overall public SaaS companies
Clouded Judgement: Venture Market Froth and SaaS Valuation Reality Check →
19.6 x
Clouded Judgement
2024
median
Top 5 highest-valued SaaS companies by multiple
Clouded Judgement: Venture Market Froth and SaaS Valuation Reality Check →
Top 5 highest-valued SaaS companies by multiple
Clouded Judgement: Venture Market Froth and SaaS Valuation Reality Check →
13.6 x
Clouded Judgement
2024
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Venture Market Froth and SaaS Valuation Reality Check →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Venture Market Froth and SaaS Valuation Reality Check →
10.1 x
Clouded Judgement
2024
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Venture Market Froth and SaaS Valuation Reality Check →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Venture Market Froth and SaaS Valuation Reality Check →
4.3 x
Clouded Judgement
2024
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Venture Market Froth and SaaS Valuation Reality Check →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Venture Market Froth and SaaS Valuation Reality Check →
6.1 multiple
Clouded Judgement
2024
median
Cloud software companies (overall index)
Clouded Judgement: Rule of X and SaaS Valuation Multiplier Dynamics →
Cloud software companies (overall index)
Clouded Judgement: Rule of X and SaaS Valuation Multiplier Dynamics →
19.6 multiple
Clouded Judgement
2024
median
Top 5 highest-multiple cloud software companies
Clouded Judgement: Rule of X and SaaS Valuation Multiplier Dynamics →
Top 5 highest-multiple cloud software companies
Clouded Judgement: Rule of X and SaaS Valuation Multiplier Dynamics →
15.4 multiple
Clouded Judgement
2024
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Rule of X and SaaS Valuation Multiplier Dynamics →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Rule of X and SaaS Valuation Multiplier Dynamics →
9.8 multiple
Clouded Judgement
2024
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Rule of X and SaaS Valuation Multiplier Dynamics →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Rule of X and SaaS Valuation Multiplier Dynamics →
4.3 multiple
Clouded Judgement
2024
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Rule of X and SaaS Valuation Multiplier Dynamics →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Rule of X and SaaS Valuation Multiplier Dynamics →
52 x
OnlyCFO
2024
peak
Software valuation multiples January 2022
Weave's 150% Stock Gain: Lessons in SMB SaaS Valuation, Margin Expansion, and Growth Deceleration →
Software valuation multiples January 2022
Weave's 150% Stock Gain: Lessons in SMB SaaS Valuation, Margin Expansion, and Growth Deceleration →
16 x
OnlyCFO
2024
current
Software valuation multiples October 2023
Weave's 150% Stock Gain: Lessons in SMB SaaS Valuation, Margin Expansion, and Growth Deceleration →
Software valuation multiples October 2023
Weave's 150% Stock Gain: Lessons in SMB SaaS Valuation, Margin Expansion, and Growth Deceleration →
6.4 x
Clouded Judgement
2024
median
Public SaaS companies overall
Clouded Judgement: January Green Shoots, CPI Inflation, and SaaS Valuation Multiples →
Public SaaS companies overall
Clouded Judgement: January Green Shoots, CPI Inflation, and SaaS Valuation Multiples →
16.6 x
Clouded Judgement
2024
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: January Green Shoots, CPI Inflation, and SaaS Valuation Multiples →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: January Green Shoots, CPI Inflation, and SaaS Valuation Multiples →
10.3 x
Clouded Judgement
2024
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: January Green Shoots, CPI Inflation, and SaaS Valuation Multiples →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: January Green Shoots, CPI Inflation, and SaaS Valuation Multiples →
4.6 x
Clouded Judgement
2024
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: January Green Shoots, CPI Inflation, and SaaS Valuation Multiples →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: January Green Shoots, CPI Inflation, and SaaS Valuation Multiples →
6.3 x
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Multiple Expansion Without Estimate Growth & SBC Dilution Trends →
Public SaaS companies
Clouded Judgement: Multiple Expansion Without Estimate Growth & SBC Dilution Trends →
16.2 x
Clouded Judgement
2024
median
High-growth SaaS companies
Clouded Judgement: Multiple Expansion Without Estimate Growth & SBC Dilution Trends →
High-growth SaaS companies
Clouded Judgement: Multiple Expansion Without Estimate Growth & SBC Dilution Trends →
10.0 x
Clouded Judgement
2024
median
Mid-growth SaaS companies
Clouded Judgement: Multiple Expansion Without Estimate Growth & SBC Dilution Trends →
Mid-growth SaaS companies
Clouded Judgement: Multiple Expansion Without Estimate Growth & SBC Dilution Trends →
4.4 x
Clouded Judgement
2024
median
Low-growth SaaS companies
Clouded Judgement: Multiple Expansion Without Estimate Growth & SBC Dilution Trends →
Low-growth SaaS companies
Clouded Judgement: Multiple Expansion Without Estimate Growth & SBC Dilution Trends →
14.9 x
Clouded Judgement
2024
9.9 x
Clouded Judgement
2024
4.3 x
Clouded Judgement
2024
6.0 x
Clouded Judgement
2024
14.7 x
Clouded Judgement
2024
9.2 x
Clouded Judgement
2024
4.4 x
Clouded Judgement
2024
15.9 x
Clouded Judgement
2024
average
Top 10 public SaaS companies by market cap
Clouded Judgement: Q4 Earnings Season Kicks Off with ServiceNow →
Top 10 public SaaS companies by market cap
Clouded Judgement: Q4 Earnings Season Kicks Off with ServiceNow →
17.8x multiple
OnlyCFO
2024
top-quartile
CrowdStrike among public SaaS companies (Dec 2023)
CrowdStrike - 'Rule of X' Winner! From 30% Gross Margins to Most Efficient Public SaaS →
CrowdStrike among public SaaS companies (Dec 2023)
CrowdStrike - 'Rule of X' Winner! From 30% Gross Margins to Most Efficient Public SaaS →
15.0 x
Clouded Judgement
2024
8.9 x
Clouded Judgement
2024
4.2 x
Clouded Judgement
2024
6.0 x
Clouded Judgement
2024
15.7 x NTM revenue
Clouded Judgement
2024
median
Companies with >30% projected NTM growth
Clouded Judgement: The 2021 Funding Reckoning and Path to Founder-Friendly Venture →
Companies with >30% projected NTM growth
Clouded Judgement: The 2021 Funding Reckoning and Path to Founder-Friendly Venture →
8.6 x NTM revenue
Clouded Judgement
2024
median
Companies with 15-30% projected NTM growth
Clouded Judgement: The 2021 Funding Reckoning and Path to Founder-Friendly Venture →
Companies with 15-30% projected NTM growth
Clouded Judgement: The 2021 Funding Reckoning and Path to Founder-Friendly Venture →
4.3 x NTM revenue
Clouded Judgement
2024
median
Companies with <15% projected NTM growth
Clouded Judgement: The 2021 Funding Reckoning and Path to Founder-Friendly Venture →
Companies with <15% projected NTM growth
Clouded Judgement: The 2021 Funding Reckoning and Path to Founder-Friendly Venture →
5.9 x NTM revenue
Clouded Judgement
2024
median
All public SaaS companies
Clouded Judgement: The 2021 Funding Reckoning and Path to Founder-Friendly Venture →
All public SaaS companies
Clouded Judgement: The 2021 Funding Reckoning and Path to Founder-Friendly Venture →
17.5 x NTM revenue
Clouded Judgement
2024
median
Top 5 highest-valued public SaaS companies
Clouded Judgement: The 2021 Funding Reckoning and Path to Founder-Friendly Venture →
Top 5 highest-valued public SaaS companies
Clouded Judgement: The 2021 Funding Reckoning and Path to Founder-Friendly Venture →
6.0 x
Clouded Judgement
2024
median
Broad portfolio of 80 public SaaS companies
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
Broad portfolio of 80 public SaaS companies
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
15.3 x
Clouded Judgement
2024
median
Top 5 highest-valued SaaS companies by multiple
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
Top 5 highest-valued SaaS companies by multiple
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
6.0x multiple
Clouded Judgement
2024
median
Overall SaaS basket (80 companies)
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
Overall SaaS basket (80 companies)
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
15.3x multiple
Clouded Judgement
2024
median
Top 5 highest-valued SaaS companies
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
Top 5 highest-valued SaaS companies
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
14.2x multiple
Clouded Judgement
2024
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
8.2x multiple
Clouded Judgement
2024
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
4.0x multiple
Clouded Judgement
2024
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
6.5 multiple
Clouded Judgement
2023
median
~80 public cloud software companies, 2023 year-end
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
~80 public cloud software companies, 2023 year-end
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
16.12 multiple
Clouded Judgement
2023
median
Top 5 highest-multiple SaaS companies, 2023 year-end
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
Top 5 highest-multiple SaaS companies, 2023 year-end
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
16.0 multiple
Clouded Judgement
2023
median
SaaS companies with >30% projected NTM growth
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
SaaS companies with >30% projected NTM growth
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
9.1 multiple
Clouded Judgement
2023
median
SaaS companies with 15-30% projected NTM growth
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
SaaS companies with 15-30% projected NTM growth
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
4.3 multiple
Clouded Judgement
2023
median
SaaS companies with <15% projected NTM growth
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
SaaS companies with <15% projected NTM growth
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
10.7 multiple
Clouded Judgement
2023
median
Top 10 highest-multiple SaaS companies, 2022 year-end
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
Top 10 highest-multiple SaaS companies, 2022 year-end
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
12.4 multiple
Clouded Judgement
2023
median
Top 10 highest-multiple SaaS companies, 2021 year-end
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
Top 10 highest-multiple SaaS companies, 2021 year-end
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
3.8 multiple
Clouded Judgement
2023
average
Public SaaS companies, 10-year historical baseline
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
Public SaaS companies, 10-year historical baseline
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
18.6 multiple
Clouded Judgement
2023
Top-performing SaaS company, 2023 year-end
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
7.2 multiple
OnlyCFO
2023
average
Overall public cloud company population
Innovation or Distribution? Analyzing R&D vs S&M Spend in SaaS →
Overall public cloud company population
Innovation or Distribution? Analyzing R&D vs S&M Spend in SaaS →
4.9 multiple
OnlyCFO
2023
average
Top 10 companies with highest S&M-to-R&D ratio (2.80x average)
Innovation or Distribution? Analyzing R&D vs S&M Spend in SaaS →
Top 10 companies with highest S&M-to-R&D ratio (2.80x average)
Innovation or Distribution? Analyzing R&D vs S&M Spend in SaaS →
8.7 multiple
OnlyCFO
2023
average
Companies spending more on R&D than S&M (lowest S&M-to-R&D ratio)
Innovation or Distribution? Analyzing R&D vs S&M Spend in SaaS →
Companies spending more on R&D than S&M (lowest S&M-to-R&D ratio)
Innovation or Distribution? Analyzing R&D vs S&M Spend in SaaS →
6.3 multiple
Clouded Judgement
2023
median
Broad SaaS cohort
Clouded Judgement: November 2023 Macro Update & SaaS Valuation Multiples Analysis →
Broad SaaS cohort
Clouded Judgement: November 2023 Macro Update & SaaS Valuation Multiples Analysis →
16.9 multiple
Clouded Judgement
2023
median
Top 5 SaaS companies
Clouded Judgement: November 2023 Macro Update & SaaS Valuation Multiples Analysis →
Top 5 SaaS companies
Clouded Judgement: November 2023 Macro Update & SaaS Valuation Multiples Analysis →
15.8 multiple
Clouded Judgement
2023
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: November 2023 Macro Update & SaaS Valuation Multiples Analysis →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: November 2023 Macro Update & SaaS Valuation Multiples Analysis →
9.3 multiple
Clouded Judgement
2023
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: November 2023 Macro Update & SaaS Valuation Multiples Analysis →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: November 2023 Macro Update & SaaS Valuation Multiples Analysis →
4.1 multiple
Clouded Judgement
2023
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: November 2023 Macro Update & SaaS Valuation Multiples Analysis →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: November 2023 Macro Update & SaaS Valuation Multiples Analysis →
14.6 times
Clouded Judgement
2023
median
Companies with >30% projected NTM growth
Clouded Judgement: Q3 2023 SaaS Earnings Preview & Valuation Analysis →
Companies with >30% projected NTM growth
Clouded Judgement: Q3 2023 SaaS Earnings Preview & Valuation Analysis →
8.4 times
Clouded Judgement
2023
median
Companies with 15-30% projected NTM growth
Clouded Judgement: Q3 2023 SaaS Earnings Preview & Valuation Analysis →
Companies with 15-30% projected NTM growth
Clouded Judgement: Q3 2023 SaaS Earnings Preview & Valuation Analysis →
3.8 times
Clouded Judgement
2023
median
Companies with <15% projected NTM growth
Clouded Judgement: Q3 2023 SaaS Earnings Preview & Valuation Analysis →
Companies with <15% projected NTM growth
Clouded Judgement: Q3 2023 SaaS Earnings Preview & Valuation Analysis →
5.9 times
Clouded Judgement
2023
median
All public SaaS companies
Clouded Judgement: Q3 2023 SaaS Earnings Preview & Valuation Analysis →
All public SaaS companies
Clouded Judgement: Q3 2023 SaaS Earnings Preview & Valuation Analysis →
16.0 times
Clouded Judgement
2023
median
Top 5 highest-valued public SaaS companies
Clouded Judgement: Q3 2023 SaaS Earnings Preview & Valuation Analysis →
Top 5 highest-valued public SaaS companies
Clouded Judgement: Q3 2023 SaaS Earnings Preview & Valuation Analysis →
5.8 x
Clouded Judgement
2023
median
Public SaaS companies overall
Clouded Judgement: Net New ARR Rebound & AWS ReInvent 2023 Implications →
Public SaaS companies overall
Clouded Judgement: Net New ARR Rebound & AWS ReInvent 2023 Implications →
16.6 x
Clouded Judgement
2023
median
Top 5 SaaS companies by market cap
Clouded Judgement: Net New ARR Rebound & AWS ReInvent 2023 Implications →
Top 5 SaaS companies by market cap
Clouded Judgement: Net New ARR Rebound & AWS ReInvent 2023 Implications →
13.9 x
Clouded Judgement
2023
median
High growth SaaS (>30% projected NTM growth)
Clouded Judgement: Net New ARR Rebound & AWS ReInvent 2023 Implications →
High growth SaaS (>30% projected NTM growth)
Clouded Judgement: Net New ARR Rebound & AWS ReInvent 2023 Implications →
8.7 x
Clouded Judgement
2023
median
Mid growth SaaS (15-30% projected NTM growth)
Clouded Judgement: Net New ARR Rebound & AWS ReInvent 2023 Implications →
Mid growth SaaS (15-30% projected NTM growth)
Clouded Judgement: Net New ARR Rebound & AWS ReInvent 2023 Implications →
4.0 x
Clouded Judgement
2023
median
Low growth SaaS (<15% projected NTM growth)
Clouded Judgement: Net New ARR Rebound & AWS ReInvent 2023 Implications →
Low growth SaaS (<15% projected NTM growth)
Clouded Judgement: Net New ARR Rebound & AWS ReInvent 2023 Implications →
4.3 x
Clouded Judgement
2023
median
Public SaaS companies (historical)
Clouded Judgement: Net New ARR Rebound & AWS ReInvent 2023 Implications →
Public SaaS companies (historical)
Clouded Judgement: Net New ARR Rebound & AWS ReInvent 2023 Implications →
6 multiple
KeyBanc
2023
median
Public SaaS companies, 2023
2023 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: A Shift Towards Efficient Execution and Profitability →
Public SaaS companies, 2023
2023 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: A Shift Towards Efficient Execution and Profitability →
17 multiple
KeyBanc
2023
peak
Public SaaS companies, 2021
2023 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: A Shift Towards Efficient Execution and Profitability →
Public SaaS companies, 2021
2023 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: A Shift Towards Efficient Execution and Profitability →
5.5 x
OnlyCFO
2023
average
Public cloud SaaS companies as of November 2023, down from 20x at November 2021 peak
Monday.com Deep-Dive: Power of Efficiency Lessons from Gross Margins, Free Cash Flow, and Rule of 40 →
Public cloud SaaS companies as of November 2023, down from 20x at November 2021 peak
Monday.com Deep-Dive: Power of Efficiency Lessons from Gross Margins, Free Cash Flow, and Rule of 40 →
5.0 multiple
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: AI Monetization Layers & SaaS Valuation Inflection →
Public SaaS companies
Clouded Judgement: AI Monetization Layers & SaaS Valuation Inflection →
11.8 multiple
Clouded Judgement
2023
median
High-growth SaaS (>30% projected NTM growth)
Clouded Judgement: AI Monetization Layers & SaaS Valuation Inflection →
High-growth SaaS (>30% projected NTM growth)
Clouded Judgement: AI Monetization Layers & SaaS Valuation Inflection →
7.4 multiple
Clouded Judgement
2023
median
Mid-growth SaaS (15-30% projected NTM growth)
Clouded Judgement: AI Monetization Layers & SaaS Valuation Inflection →
Mid-growth SaaS (15-30% projected NTM growth)
Clouded Judgement: AI Monetization Layers & SaaS Valuation Inflection →
3.9 multiple
Clouded Judgement
2023
median
Low-growth SaaS (<15% projected NTM growth)
Clouded Judgement: AI Monetization Layers & SaaS Valuation Inflection →
Low-growth SaaS (<15% projected NTM growth)
Clouded Judgement: AI Monetization Layers & SaaS Valuation Inflection →
9.7 x
Battery Ventures
2023
mean
Cloud software companies since 2016
State of the OpenCloud 2023: AI Driving Cloud Growth Amid Economic Headwinds →
Cloud software companies since 2016
State of the OpenCloud 2023: AI Driving Cloud Growth Amid Economic Headwinds →
6.6 x
Battery Ventures
2023
mean
Cloud software companies
State of the OpenCloud 2023: AI Driving Cloud Growth Amid Economic Headwinds →
Cloud software companies
State of the OpenCloud 2023: AI Driving Cloud Growth Amid Economic Headwinds →
16.4 x
Battery Ventures
2023
mean
Cloud software companies
State of the OpenCloud 2023: AI Driving Cloud Growth Amid Economic Headwinds →
Cloud software companies
State of the OpenCloud 2023: AI Driving Cloud Growth Amid Economic Headwinds →
6.0 x
Battery Ventures
2023
mean
Cloud software companies
State of the OpenCloud 2023: AI Driving Cloud Growth Amid Economic Headwinds →
Cloud software companies
State of the OpenCloud 2023: AI Driving Cloud Growth Amid Economic Headwinds →
5.4 x
Clouded Judgement
2023
7.8 x
Clouded Judgement
2023
average
Public SaaS companies, historical baseline
Clouded Judgement: No Sign of Re-Acceleration in Software →
Public SaaS companies, historical baseline
Clouded Judgement: No Sign of Re-Acceleration in Software →
5.4 x
Clouded Judgement
2023
median
Broad SaaS public company universe
Clouded Judgement: Cloud Giants Q3 2023 Report & SaaS Valuation Reality Check →
Broad SaaS public company universe
Clouded Judgement: Cloud Giants Q3 2023 Report & SaaS Valuation Reality Check →
12.6 x
Clouded Judgement
2023
median
Top 5 SaaS companies by valuation
Clouded Judgement: Cloud Giants Q3 2023 Report & SaaS Valuation Reality Check →
Top 5 SaaS companies by valuation
Clouded Judgement: Cloud Giants Q3 2023 Report & SaaS Valuation Reality Check →
11.0 x
Clouded Judgement
2023
median
High-growth SaaS (>30% projected NTM growth)
Clouded Judgement: Cloud Giants Q3 2023 Report & SaaS Valuation Reality Check →
High-growth SaaS (>30% projected NTM growth)
Clouded Judgement: Cloud Giants Q3 2023 Report & SaaS Valuation Reality Check →
7.5 x
Clouded Judgement
2023
median
Mid-growth SaaS (15-30% projected NTM growth)
Clouded Judgement: Cloud Giants Q3 2023 Report & SaaS Valuation Reality Check →
Mid-growth SaaS (15-30% projected NTM growth)
Clouded Judgement: Cloud Giants Q3 2023 Report & SaaS Valuation Reality Check →
3.4 x
Clouded Judgement
2023
median
Low-growth SaaS (<15% projected NTM growth)
Clouded Judgement: Cloud Giants Q3 2023 Report & SaaS Valuation Reality Check →
Low-growth SaaS (<15% projected NTM growth)
Clouded Judgement: Cloud Giants Q3 2023 Report & SaaS Valuation Reality Check →
7.1x multiple
OnlyCFO
2023
current
Public SaaS companies; C3 ranked 27th in October 2023, up 51 spots year-over-year
Drivers of Valuation: DCF Models vs. Revenue Multiples in SaaS →
Public SaaS companies; C3 ranked 27th in October 2023, up 51 spots year-over-year
Drivers of Valuation: DCF Models vs. Revenue Multiples in SaaS →
8.4x multiple
OnlyCFO
2023
current
Public SaaS companies; Shopify ranked 20th in October 2023, up 38 spots year-over-year
Drivers of Valuation: DCF Models vs. Revenue Multiples in SaaS →
Public SaaS companies; Shopify ranked 20th in October 2023, up 38 spots year-over-year
Drivers of Valuation: DCF Models vs. Revenue Multiples in SaaS →
14.1x multiple
OnlyCFO
2023
current
Public SaaS companies; Palantir ranked 4th in October 2023, up 26 spots year-over-year
Drivers of Valuation: DCF Models vs. Revenue Multiples in SaaS →
Public SaaS companies; Palantir ranked 4th in October 2023, up 26 spots year-over-year
Drivers of Valuation: DCF Models vs. Revenue Multiples in SaaS →
6.0x multiple
OnlyCFO
2023
current
Public SaaS companies; ZoomInfo ranked 36th in October 2023, down 34 spots year-over-year from 2nd place
Drivers of Valuation: DCF Models vs. Revenue Multiples in SaaS →
Public SaaS companies; ZoomInfo ranked 36th in October 2023, down 34 spots year-over-year from 2nd place
Drivers of Valuation: DCF Models vs. Revenue Multiples in SaaS →
1.8x multiple
OnlyCFO
2023
historical
C3 revenue multiple in October 2022; one of lowest software revenue multiples at that time
Drivers of Valuation: DCF Models vs. Revenue Multiples in SaaS →
C3 revenue multiple in October 2022; one of lowest software revenue multiples at that time
Drivers of Valuation: DCF Models vs. Revenue Multiples in SaaS →
12.3 x
Clouded Judgement
2023
median
SaaS companies with >30% projected NTM growth
Clouded Judgement: 2024 Budget Expectations & SaaS Valuation Multiples →
SaaS companies with >30% projected NTM growth
Clouded Judgement: 2024 Budget Expectations & SaaS Valuation Multiples →
8.5 x
Clouded Judgement
2023
median
SaaS companies with 15-30% projected NTM growth
Clouded Judgement: 2024 Budget Expectations & SaaS Valuation Multiples →
SaaS companies with 15-30% projected NTM growth
Clouded Judgement: 2024 Budget Expectations & SaaS Valuation Multiples →
3.7 x
Clouded Judgement
2023
median
SaaS companies with <15% projected NTM growth
Clouded Judgement: 2024 Budget Expectations & SaaS Valuation Multiples →
SaaS companies with <15% projected NTM growth
Clouded Judgement: 2024 Budget Expectations & SaaS Valuation Multiples →
5.6 multiple
Clouded Judgement
2023
11.2 multiple
Clouded Judgement
2023
median
High-growth SaaS companies projecting >30% NTM growth
Clouded Judgement: Interest Rate Risk & SaaS Valuation Compression →
High-growth SaaS companies projecting >30% NTM growth
Clouded Judgement: Interest Rate Risk & SaaS Valuation Compression →
8.1 multiple
Clouded Judgement
2023
median
Mid-growth SaaS companies projecting 15-30% NTM growth
Clouded Judgement: Interest Rate Risk & SaaS Valuation Compression →
Mid-growth SaaS companies projecting 15-30% NTM growth
Clouded Judgement: Interest Rate Risk & SaaS Valuation Compression →
3.8 multiple
Clouded Judgement
2023
median
Low-growth SaaS companies projecting <15% NTM growth
Clouded Judgement: Interest Rate Risk & SaaS Valuation Compression →
Low-growth SaaS companies projecting <15% NTM growth
Clouded Judgement: Interest Rate Risk & SaaS Valuation Compression →
6.0 x
Clouded Judgement
2023
14.7 x
Clouded Judgement
2023
median
Top 5 highest-valued SaaS companies
Clouded Judgement: Medium-Term Software Valuation Setup →
Top 5 highest-valued SaaS companies
Clouded Judgement: Medium-Term Software Valuation Setup →
12.9 x
Clouded Judgement
2023
8.6 x
Clouded Judgement
2023
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Medium-Term Software Valuation Setup →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Medium-Term Software Valuation Setup →
3.9 x
Clouded Judgement
2023
1.4 multiple
OnlyCFO
2023
Domo current (as of article date Sep 2023); one of lowest among public SaaS
Domo: Cautionary Tale of Hype & Inefficiency →
Domo: Cautionary Tale of Hype & Inefficiency →
6.0 x
Clouded Judgement
2023
median
Broad SaaS software index, March 2023
Clouded Judgement: Are Software Companies Over or Undervalued? →
Broad SaaS software index, March 2023
Clouded Judgement: Are Software Companies Over or Undervalued? →
7.8 x
Clouded Judgement
2023
average
Long-term pre-COVID SaaS average
Clouded Judgement: Are Software Companies Over or Undervalued? →
Long-term pre-COVID SaaS average
Clouded Judgement: Are Software Companies Over or Undervalued? →
11.1 x
Clouded Judgement
2023
median
High-growth SaaS companies (>30% NTM growth)
Clouded Judgement: Are Software Companies Over or Undervalued? →
High-growth SaaS companies (>30% NTM growth)
Clouded Judgement: Are Software Companies Over or Undervalued? →
8.9 x
Clouded Judgement
2023
median
Mid-growth SaaS companies (15-30% NTM growth)
Clouded Judgement: Are Software Companies Over or Undervalued? →
Mid-growth SaaS companies (15-30% NTM growth)
Clouded Judgement: Are Software Companies Over or Undervalued? →
3.8 x
Clouded Judgement
2023
median
Low-growth SaaS companies (<15% NTM growth)
Clouded Judgement: Are Software Companies Over or Undervalued? →
Low-growth SaaS companies (<15% NTM growth)
Clouded Judgement: Are Software Companies Over or Undervalued? →
0.81 x
Clouded Judgement
2023
median
EV/NTM Revenue/NTM Growth, March 2023
Clouded Judgement: Are Software Companies Over or Undervalued? →
EV/NTM Revenue/NTM Growth, March 2023
Clouded Judgement: Are Software Companies Over or Undervalued? →
0.29 x
Clouded Judgement
2023
average
Long-term pre-COVID average, EV/NTM Revenue/NTM Growth
Clouded Judgement: Are Software Companies Over or Undervalued? →
Long-term pre-COVID average, EV/NTM Revenue/NTM Growth
Clouded Judgement: Are Software Companies Over or Undervalued? →
6.4 multiple
Clouded Judgement
2023
16.1 multiple
Clouded Judgement
2023
9.4 multiple
Clouded Judgement
2023
8.7 multiple
Clouded Judgement
2023
3.7 multiple
Clouded Judgement
2023
6.4 x
Clouded Judgement
2023
16.1 x
Clouded Judgement
2023
9.4 x
Clouded Judgement
2023
8.7 x
Clouded Judgement
2023
3.7 x
Clouded Judgement
2023
6.3 x
Clouded Judgement
2023
median
Broad SaaS market across growth stages
Clouded Judgement: Cloud Infrastructure Optimization Cycles & Soft Landing Macro Outlook →
Broad SaaS market across growth stages
Clouded Judgement: Cloud Infrastructure Optimization Cycles & Soft Landing Macro Outlook →
10.0 x
Clouded Judgement
2023
median
SaaS companies with >30% projected NTM growth
Clouded Judgement: Cloud Infrastructure Optimization Cycles & Soft Landing Macro Outlook →
SaaS companies with >30% projected NTM growth
Clouded Judgement: Cloud Infrastructure Optimization Cycles & Soft Landing Macro Outlook →
15.6 x
Clouded Judgement
2023
median
Top 5 highest-valued public SaaS companies by valuation multiple
Clouded Judgement: Cloud Infrastructure Optimization Cycles & Soft Landing Macro Outlook →
Top 5 highest-valued public SaaS companies by valuation multiple
Clouded Judgement: Cloud Infrastructure Optimization Cycles & Soft Landing Macro Outlook →
9.9 multiple
Clouded Judgement
2023
median
Companies with >30% projected NTM growth
Clouded Judgement: Are Software Companies Bad Businesses? →
Companies with >30% projected NTM growth
Clouded Judgement: Are Software Companies Bad Businesses? →
6.6 x
Clouded Judgement
2023
median
Overall public SaaS companies
Clouded Judgement: IPO Readiness Metrics & Software Market Drought →
Overall public SaaS companies
Clouded Judgement: IPO Readiness Metrics & Software Market Drought →
10.3 x
Clouded Judgement
2023
median
Public SaaS with >30% projected NTM growth
Clouded Judgement: IPO Readiness Metrics & Software Market Drought →
Public SaaS with >30% projected NTM growth
Clouded Judgement: IPO Readiness Metrics & Software Market Drought →
9.6 x
Clouded Judgement
2023
median
Public SaaS with 15-30% projected NTM growth
Clouded Judgement: IPO Readiness Metrics & Software Market Drought →
Public SaaS with 15-30% projected NTM growth
Clouded Judgement: IPO Readiness Metrics & Software Market Drought →
3.5 x
Clouded Judgement
2023
median
Public SaaS with <15% projected NTM growth
Clouded Judgement: IPO Readiness Metrics & Software Market Drought →
Public SaaS with <15% projected NTM growth
Clouded Judgement: IPO Readiness Metrics & Software Market Drought →
4.9 x revenue
OnlyCFO
2023
median
Tech company PE acquisitions
Praying for Growth & Exits: How to Achieve the Best Possible Financial Outcome →
Tech company PE acquisitions
Praying for Growth & Exits: How to Achieve the Best Possible Financial Outcome →
65.0 x revenue
OnlyCFO
2023
AI-space strategic acquisition (MosaicML/Databricks example)
Praying for Growth & Exits: How to Achieve the Best Possible Financial Outcome →
Praying for Growth & Exits: How to Achieve the Best Possible Financial Outcome →
6.0 times
Clouded Judgement
2023
15.2 times
Clouded Judgement
2023
median
Top 5 SaaS companies by growth
Clouded Judgement: Rising Rates and SaaS Valuation Multiples →
Top 5 SaaS companies by growth
Clouded Judgement: Rising Rates and SaaS Valuation Multiples →
9.3 times
Clouded Judgement
2023
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Rising Rates and SaaS Valuation Multiples →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Rising Rates and SaaS Valuation Multiples →
8.4 times
Clouded Judgement
2023
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Rising Rates and SaaS Valuation Multiples →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Rising Rates and SaaS Valuation Multiples →
3.5 times
Clouded Judgement
2023
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Rising Rates and SaaS Valuation Multiples →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Rising Rates and SaaS Valuation Multiples →
6.0 x
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Q1 2023 SaaS Earnings Trends and Valuation Multiple Analysis →
Public SaaS companies
Clouded Judgement: Q1 2023 SaaS Earnings Trends and Valuation Multiple Analysis →
15.7 x
Clouded Judgement
2023
median
Top 5 by market cap SaaS companies
Clouded Judgement: Q1 2023 SaaS Earnings Trends and Valuation Multiple Analysis →
Top 5 by market cap SaaS companies
Clouded Judgement: Q1 2023 SaaS Earnings Trends and Valuation Multiple Analysis →
10.1 x
Clouded Judgement
2023
median
High-growth SaaS companies
Clouded Judgement: Q1 2023 SaaS Earnings Trends and Valuation Multiple Analysis →
High-growth SaaS companies
Clouded Judgement: Q1 2023 SaaS Earnings Trends and Valuation Multiple Analysis →
8.5 x
Clouded Judgement
2023
median
Mid-growth SaaS companies
Clouded Judgement: Q1 2023 SaaS Earnings Trends and Valuation Multiple Analysis →
Mid-growth SaaS companies
Clouded Judgement: Q1 2023 SaaS Earnings Trends and Valuation Multiple Analysis →
3.5 x
Clouded Judgement
2023
median
Low-growth SaaS companies
Clouded Judgement: Q1 2023 SaaS Earnings Trends and Valuation Multiple Analysis →
Low-growth SaaS companies
Clouded Judgement: Q1 2023 SaaS Earnings Trends and Valuation Multiple Analysis →
6.0 x
Clouded Judgement
2023
median
Current SaaS market (Jun 2023)
Clouded Judgement: Growth-Adjusted Software Multiples and Valuation Reset →
Current SaaS market (Jun 2023)
Clouded Judgement: Growth-Adjusted Software Multiples and Valuation Reset →
7.8 x
Clouded Judgement
2023
median
SaaS 10-year historical average (2010-2020, excluding 2020-present)
Clouded Judgement: Growth-Adjusted Software Multiples and Valuation Reset →
SaaS 10-year historical average (2010-2020, excluding 2020-present)
Clouded Judgement: Growth-Adjusted Software Multiples and Valuation Reset →
16.6 x
Clouded Judgement
2023
median
Top 5 highest-valued SaaS companies
Clouded Judgement: Growth-Adjusted Software Multiples and Valuation Reset →
Top 5 highest-valued SaaS companies
Clouded Judgement: Growth-Adjusted Software Multiples and Valuation Reset →
9.0 x
Clouded Judgement
2023
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Growth-Adjusted Software Multiples and Valuation Reset →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Growth-Adjusted Software Multiples and Valuation Reset →
9.2 x
Clouded Judgement
2023
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Growth-Adjusted Software Multiples and Valuation Reset →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Growth-Adjusted Software Multiples and Valuation Reset →
3.7 x
Clouded Judgement
2023
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Growth-Adjusted Software Multiples and Valuation Reset →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Growth-Adjusted Software Multiples and Valuation Reset →
15.6 multiple
Clouded Judgement
2023
median
Highest valued SaaS companies by market cap
Clouded Judgement: Q1 2023 Cloud Software Consumption Trends →
Highest valued SaaS companies by market cap
Clouded Judgement: Q1 2023 Cloud Software Consumption Trends →
5.7 multiple
Clouded Judgement
2023
9.4x multiple
Clouded Judgement
2023
median
Public SaaS companies with >30% NTM growth
Clouded Judgement: Q1 2023 SaaS Net New ARR Slowing & Demand Environment Divergence →
Public SaaS companies with >30% NTM growth
Clouded Judgement: Q1 2023 SaaS Net New ARR Slowing & Demand Environment Divergence →
8.4x multiple
Clouded Judgement
2023
median
Public SaaS companies with 15-30% NTM growth
Clouded Judgement: Q1 2023 SaaS Net New ARR Slowing & Demand Environment Divergence →
Public SaaS companies with 15-30% NTM growth
Clouded Judgement: Q1 2023 SaaS Net New ARR Slowing & Demand Environment Divergence →
3.6x multiple
Clouded Judgement
2023
median
Public SaaS companies with <15% NTM growth
Clouded Judgement: Q1 2023 SaaS Net New ARR Slowing & Demand Environment Divergence →
Public SaaS companies with <15% NTM growth
Clouded Judgement: Q1 2023 SaaS Net New ARR Slowing & Demand Environment Divergence →
5.5 multiple
Clouded Judgement
2023
13.0 multiple
Clouded Judgement
2023
median
Top 5 highest-growth SaaS companies
Clouded Judgement: May 2023 Cloud Software Consumption Trends →
Top 5 highest-growth SaaS companies
Clouded Judgement: May 2023 Cloud Software Consumption Trends →
9.6 multiple
Clouded Judgement
2023
median
High-growth SaaS (>30% projected NTM growth)
Clouded Judgement: May 2023 Cloud Software Consumption Trends →
High-growth SaaS (>30% projected NTM growth)
Clouded Judgement: May 2023 Cloud Software Consumption Trends →
7.4 multiple
Clouded Judgement
2023
median
Mid-growth SaaS (15%-30% projected NTM growth)
Clouded Judgement: May 2023 Cloud Software Consumption Trends →
Mid-growth SaaS (15%-30% projected NTM growth)
Clouded Judgement: May 2023 Cloud Software Consumption Trends →
3.2 multiple
Clouded Judgement
2023
median
Low-growth SaaS (<15% projected NTM growth)
Clouded Judgement: May 2023 Cloud Software Consumption Trends →
Low-growth SaaS (<15% projected NTM growth)
Clouded Judgement: May 2023 Cloud Software Consumption Trends →
5.8 x
Clouded Judgement
2023
9.0 x
Clouded Judgement
2023
median
SaaS companies with >30% projected NTM growth
Clouded Judgement: Q1 2023 SaaS Earnings Reflections →
SaaS companies with >30% projected NTM growth
Clouded Judgement: Q1 2023 SaaS Earnings Reflections →
3.3 x
Clouded Judgement
2023
median
SaaS companies with <15% projected NTM growth
Clouded Judgement: Q1 2023 SaaS Earnings Reflections →
SaaS companies with <15% projected NTM growth
Clouded Judgement: Q1 2023 SaaS Earnings Reflections →
5.4 x
Clouded Judgement
2023
median
Overall SaaS software universe
Clouded Judgement: 2023 Full Year Guidance Update & SaaS Valuation Analysis →
Overall SaaS software universe
Clouded Judgement: 2023 Full Year Guidance Update & SaaS Valuation Analysis →
12.0 x
Clouded Judgement
2023
median
Top 5 high-growth SaaS companies
Clouded Judgement: 2023 Full Year Guidance Update & SaaS Valuation Analysis →
Top 5 high-growth SaaS companies
Clouded Judgement: 2023 Full Year Guidance Update & SaaS Valuation Analysis →
32.4 x revenue
OnlyCFO
2023
6.8 x
Clouded Judgement
2023
median
High-growth SaaS companies
Clouded Judgement: Consumption Software Slowdown & Q1 2023 Reacceleration Signals →
High-growth SaaS companies
Clouded Judgement: Consumption Software Slowdown & Q1 2023 Reacceleration Signals →
5.6 x
Clouded Judgement
2023
median
Mid-growth SaaS companies
Clouded Judgement: Consumption Software Slowdown & Q1 2023 Reacceleration Signals →
Mid-growth SaaS companies
Clouded Judgement: Consumption Software Slowdown & Q1 2023 Reacceleration Signals →
3.0 x
Clouded Judgement
2023
median
Low-growth SaaS companies
Clouded Judgement: Consumption Software Slowdown & Q1 2023 Reacceleration Signals →
Low-growth SaaS companies
Clouded Judgement: Consumption Software Slowdown & Q1 2023 Reacceleration Signals →
5.0 x
Clouded Judgement
2023
median
All public SaaS companies
Clouded Judgement: Consumption Software Slowdown & Q1 2023 Reacceleration Signals →
All public SaaS companies
Clouded Judgement: Consumption Software Slowdown & Q1 2023 Reacceleration Signals →
10.7 x
Clouded Judgement
2023
median
Top 5 SaaS companies by market cap
Clouded Judgement: Consumption Software Slowdown & Q1 2023 Reacceleration Signals →
Top 5 SaaS companies by market cap
Clouded Judgement: Consumption Software Slowdown & Q1 2023 Reacceleration Signals →
5.1x multiple
Clouded Judgement
2023
median
Overall public SaaS universe
Clouded Judgement: Hyperscaler Q1 Reports & The AWS April Growth Cliff →
Overall public SaaS universe
Clouded Judgement: Hyperscaler Q1 Reports & The AWS April Growth Cliff →
7.8x multiple
Clouded Judgement
2023
median
SaaS companies with >30% projected NTM growth
Clouded Judgement: Hyperscaler Q1 Reports & The AWS April Growth Cliff →
SaaS companies with >30% projected NTM growth
Clouded Judgement: Hyperscaler Q1 Reports & The AWS April Growth Cliff →
5.9x multiple
Clouded Judgement
2023
median
SaaS companies with 15-30% projected NTM growth
Clouded Judgement: Hyperscaler Q1 Reports & The AWS April Growth Cliff →
SaaS companies with 15-30% projected NTM growth
Clouded Judgement: Hyperscaler Q1 Reports & The AWS April Growth Cliff →
3.2x multiple
Clouded Judgement
2023
median
SaaS companies with <15% projected NTM growth
Clouded Judgement: Hyperscaler Q1 Reports & The AWS April Growth Cliff →
SaaS companies with <15% projected NTM growth
Clouded Judgement: Hyperscaler Q1 Reports & The AWS April Growth Cliff →
5.6 x
Clouded Judgement
2023
median
Overall public SaaS cohort
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
Overall public SaaS cohort
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
11.5 x
Clouded Judgement
2023
median
Top 10 high-growth SaaS companies
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
Top 10 high-growth SaaS companies
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
8.1 x
Clouded Judgement
2023
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
6.4 x
Clouded Judgement
2023
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
3.3 x
Clouded Judgement
2023
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
5.6 x
Clouded Judgement
2023
median
Overall SaaS market as of April 2023
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
Overall SaaS market as of April 2023
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
11.5 x
Clouded Judgement
2023
median
Top 10 SaaS companies by market cap as of April 2023
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
Top 10 SaaS companies by market cap as of April 2023
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
8.1 x
Clouded Judgement
2023
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
6.4 x
Clouded Judgement
2023
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
3.3 x
Clouded Judgement
2023
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
5.9 multiple
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Q4 '22 Net New ARR Slowdown & Cloud Optimization Headwinds →
Public SaaS companies
Clouded Judgement: Q4 '22 Net New ARR Slowdown & Cloud Optimization Headwinds →
8.4 multiple
Clouded Judgement
2023
median
High-growth SaaS companies
Clouded Judgement: Q4 '22 Net New ARR Slowdown & Cloud Optimization Headwinds →
High-growth SaaS companies
Clouded Judgement: Q4 '22 Net New ARR Slowdown & Cloud Optimization Headwinds →
6.3 multiple
Clouded Judgement
2023
median
Mid-growth SaaS companies
Clouded Judgement: Q4 '22 Net New ARR Slowdown & Cloud Optimization Headwinds →
Mid-growth SaaS companies
Clouded Judgement: Q4 '22 Net New ARR Slowdown & Cloud Optimization Headwinds →
3.3 multiple
Clouded Judgement
2023
median
Low-growth SaaS companies
Clouded Judgement: Q4 '22 Net New ARR Slowdown & Cloud Optimization Headwinds →
Low-growth SaaS companies
Clouded Judgement: Q4 '22 Net New ARR Slowdown & Cloud Optimization Headwinds →
6.0 multiple
Clouded Judgement
2023
median
Entire SaaS public company cohort
Clouded Judgement: IT Budget Sentiment Stabilizing Amid SaaS Growth Deceleration →
Entire SaaS public company cohort
Clouded Judgement: IT Budget Sentiment Stabilizing Amid SaaS Growth Deceleration →
8.1 multiple
Clouded Judgement
2023
median
High-growth SaaS segment
Clouded Judgement: IT Budget Sentiment Stabilizing Amid SaaS Growth Deceleration →
High-growth SaaS segment
Clouded Judgement: IT Budget Sentiment Stabilizing Amid SaaS Growth Deceleration →
6.3 multiple
Clouded Judgement
2023
median
Mid-growth SaaS segment
Clouded Judgement: IT Budget Sentiment Stabilizing Amid SaaS Growth Deceleration →
Mid-growth SaaS segment
Clouded Judgement: IT Budget Sentiment Stabilizing Amid SaaS Growth Deceleration →
3.4 multiple
Clouded Judgement
2023
median
Low-growth SaaS segment
Clouded Judgement: IT Budget Sentiment Stabilizing Amid SaaS Growth Deceleration →
Low-growth SaaS segment
Clouded Judgement: IT Budget Sentiment Stabilizing Amid SaaS Growth Deceleration →
6.0-11.2 x
Clouded Judgement
2023
median and average
Public SaaS companies
Clouded Judgement: How Will AI Effect Software Business Models? →
Public SaaS companies
Clouded Judgement: How Will AI Effect Software Business Models? →
7.8 x
Clouded Judgement
2022
21.5 x
Clouded Judgement
2022
9.7 x
Clouded Judgement
2022
7.2 x
Clouded Judgement
2022
20.1 x
Clouded Judgement
2022
8.2 x
Clouded Judgement
2022
median
All public SaaS companies, April 2022
Clouded Judgement: Q1 GDP Recession Signals & SaaS Valuation Resilience →
All public SaaS companies, April 2022
Clouded Judgement: Q1 GDP Recession Signals & SaaS Valuation Resilience →
26.0 x
Clouded Judgement
2022
median
Top 5 highest-valued SaaS companies by EV/NTM revenue, April 2022
Clouded Judgement: Q1 GDP Recession Signals & SaaS Valuation Resilience →
Top 5 highest-valued SaaS companies by EV/NTM revenue, April 2022
Clouded Judgement: Q1 GDP Recession Signals & SaaS Valuation Resilience →
21.0 x
Clouded Judgement
2022
median
SaaS companies with >30% projected NTM growth, April 2022
Clouded Judgement: Q1 GDP Recession Signals & SaaS Valuation Resilience →
SaaS companies with >30% projected NTM growth, April 2022
Clouded Judgement: Q1 GDP Recession Signals & SaaS Valuation Resilience →
7.1 x
Clouded Judgement
2022
median
SaaS companies with <15% projected NTM growth, April 2022
Clouded Judgement: Q1 GDP Recession Signals & SaaS Valuation Resilience →
SaaS companies with <15% projected NTM growth, April 2022
Clouded Judgement: Q1 GDP Recession Signals & SaaS Valuation Resilience →
8.3 x
Clouded Judgement
2022
median
Public SaaS companies, Jan 2022
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
Public SaaS companies, Jan 2022
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
24.8 x
Clouded Judgement
2022
median
Top 5 highest-valued SaaS companies by multiple, Jan 2022
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
Top 5 highest-valued SaaS companies by multiple, Jan 2022
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
10.6 x
Clouded Judgement
2022
median
SaaS companies with >30% projected NTM growth, Jan 2022
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
SaaS companies with >30% projected NTM growth, Jan 2022
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
8.2 x
Clouded Judgement
2022
median
SaaS companies with 15-30% projected NTM growth, Jan 2022
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
SaaS companies with 15-30% projected NTM growth, Jan 2022
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
3.8 x
Clouded Judgement
2022
median
SaaS companies with <15% projected NTM growth, Jan 2022
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
SaaS companies with <15% projected NTM growth, Jan 2022
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
13.5 x
Clouded Judgement
2022
average
Public SaaS companies, 12-month rolling average through Jan 2022
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
Public SaaS companies, 12-month rolling average through Jan 2022
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
9.4 x
Clouded Judgement
2022
average
Public SaaS companies, 3-month rolling average through Jan 2022
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
Public SaaS companies, 3-month rolling average through Jan 2022
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
11.5 x
Clouded Judgement
2022
8.6 x
Clouded Judgement
2022
4.0 x
Clouded Judgement
2022
28.9x multiple
Clouded Judgement
2022
9.0 x
Clouded Judgement
2022
28.9 x
Clouded Judgement
2022
12.3 x
Clouded Judgement
2022
8.9 x
Clouded Judgement
2022
4.0 x
Clouded Judgement
2022
9.5 x
Clouded Judgement
2022
median
Public SaaS cohort overall
Clouded Judgement: Inflation, Rate Risk, and SaaS Valuation Multiples →
Public SaaS cohort overall
Clouded Judgement: Inflation, Rate Risk, and SaaS Valuation Multiples →
32.8 x
Clouded Judgement
2022
median
Top 10 public SaaS companies by EV
Clouded Judgement: Inflation, Rate Risk, and SaaS Valuation Multiples →
Top 10 public SaaS companies by EV
Clouded Judgement: Inflation, Rate Risk, and SaaS Valuation Multiples →
13.7 x
Clouded Judgement
2022
median
High-growth SaaS (>30% projected NTM growth)
Clouded Judgement: Inflation, Rate Risk, and SaaS Valuation Multiples →
High-growth SaaS (>30% projected NTM growth)
Clouded Judgement: Inflation, Rate Risk, and SaaS Valuation Multiples →
9.5 x
Clouded Judgement
2022
median
Mid-growth SaaS (15–30% projected NTM growth)
Clouded Judgement: Inflation, Rate Risk, and SaaS Valuation Multiples →
Mid-growth SaaS (15–30% projected NTM growth)
Clouded Judgement: Inflation, Rate Risk, and SaaS Valuation Multiples →
4.1 x
Clouded Judgement
2022
median
Low-growth SaaS (<15% projected NTM growth)
Clouded Judgement: Inflation, Rate Risk, and SaaS Valuation Multiples →
Low-growth SaaS (<15% projected NTM growth)
Clouded Judgement: Inflation, Rate Risk, and SaaS Valuation Multiples →
8.9 x
Clouded Judgement
2022
median
Public SaaS companies, March 2022
Clouded Judgement: SaaS Valuation Multiples & Market Risk-Off Dynamics →
Public SaaS companies, March 2022
Clouded Judgement: SaaS Valuation Multiples & Market Risk-Off Dynamics →
25.2 x
Clouded Judgement
2022
median
Top 10 highest-growth SaaS companies by NTM growth rate
Clouded Judgement: SaaS Valuation Multiples & Market Risk-Off Dynamics →
Top 10 highest-growth SaaS companies by NTM growth rate
Clouded Judgement: SaaS Valuation Multiples & Market Risk-Off Dynamics →
8.7 multiple
Clouded Judgement
2022
median
Overall public SaaS cohort (Feb 2022)
Clouded Judgement: COVID Pull Forward vs. Durable Trend in Cloud Software Valuations →
Overall public SaaS cohort (Feb 2022)
Clouded Judgement: COVID Pull Forward vs. Durable Trend in Cloud Software Valuations →
31.3 multiple
Clouded Judgement
2022
median
Top 5 highest-valued public SaaS companies
Clouded Judgement: COVID Pull Forward vs. Durable Trend in Cloud Software Valuations →
Top 5 highest-valued public SaaS companies
Clouded Judgement: COVID Pull Forward vs. Durable Trend in Cloud Software Valuations →
14.0 multiple
Clouded Judgement
2022
median
Public SaaS with >30% projected NTM growth
Clouded Judgement: COVID Pull Forward vs. Durable Trend in Cloud Software Valuations →
Public SaaS with >30% projected NTM growth
Clouded Judgement: COVID Pull Forward vs. Durable Trend in Cloud Software Valuations →
8.4 multiple
Clouded Judgement
2022
median
Public SaaS with 15-30% projected NTM growth
Clouded Judgement: COVID Pull Forward vs. Durable Trend in Cloud Software Valuations →
Public SaaS with 15-30% projected NTM growth
Clouded Judgement: COVID Pull Forward vs. Durable Trend in Cloud Software Valuations →
3.3 multiple
Clouded Judgement
2022
median
Public SaaS with <15% projected NTM growth
Clouded Judgement: COVID Pull Forward vs. Durable Trend in Cloud Software Valuations →
Public SaaS with <15% projected NTM growth
Clouded Judgement: COVID Pull Forward vs. Durable Trend in Cloud Software Valuations →
9.2x multiple
Clouded Judgement
2022
17.9x multiple
Clouded Judgement
2022
8.5x multiple
Clouded Judgement
2022
3.5x multiple
Clouded Judgement
2022
33.5x multiple
Clouded Judgement
2022
15% percent
Clouded Judgement
2022
10.6 multiple
Clouded Judgement
2022
median
Public SaaS companies (overall market, Feb 2022)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
Public SaaS companies (overall market, Feb 2022)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
38.8 multiple
Clouded Judgement
2022
median
Top 5 SaaS companies by valuation (Feb 2022)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
Top 5 SaaS companies by valuation (Feb 2022)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
21.0 multiple
Clouded Judgement
2022
median
High-growth SaaS (>30% NTM growth, Feb 2022)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
High-growth SaaS (>30% NTM growth, Feb 2022)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
13.8 multiple
Clouded Judgement
2022
median
Mid-growth SaaS (15-30% NTM growth, Feb 2022)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
Mid-growth SaaS (15-30% NTM growth, Feb 2022)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
7.1 multiple
Clouded Judgement
2022
median
Low-growth SaaS (<15% NTM growth, Feb 2022)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
Low-growth SaaS (<15% NTM growth, Feb 2022)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
10.6 x
Clouded Judgement
2022
median
Broad public SaaS cohort
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
Broad public SaaS cohort
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
38.8 x
Clouded Judgement
2022
median
Top 5 SaaS companies by market cap
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
Top 5 SaaS companies by market cap
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
14.9 x
Clouded Judgement
2022
average
3-month trailing average across cohort
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
3-month trailing average across cohort
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
21.0 x
Clouded Judgement
2022
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
13.8 x
Clouded Judgement
2022
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
7.1 x
Clouded Judgement
2022
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
9.4 multiple
Clouded Judgement
2022
median
Overall public SaaS companies
Clouded Judgement: Cloud SaaS Valuation Multiple Compression & Fundamental Performance Disconnect →
Overall public SaaS companies
Clouded Judgement: Cloud SaaS Valuation Multiple Compression & Fundamental Performance Disconnect →
30.5 multiple
Clouded Judgement
2022
median
Top 5 highest-valued SaaS companies
Clouded Judgement: Cloud SaaS Valuation Multiple Compression & Fundamental Performance Disconnect →
Top 5 highest-valued SaaS companies
Clouded Judgement: Cloud SaaS Valuation Multiple Compression & Fundamental Performance Disconnect →
17.9 multiple
Clouded Judgement
2022
median
High growth SaaS (>30% NTM growth)
Clouded Judgement: Cloud SaaS Valuation Multiple Compression & Fundamental Performance Disconnect →
High growth SaaS (>30% NTM growth)
Clouded Judgement: Cloud SaaS Valuation Multiple Compression & Fundamental Performance Disconnect →
8.7 multiple
Clouded Judgement
2022
median
Mid growth SaaS (15-30% NTM growth)
Clouded Judgement: Cloud SaaS Valuation Multiple Compression & Fundamental Performance Disconnect →
Mid growth SaaS (15-30% NTM growth)
Clouded Judgement: Cloud SaaS Valuation Multiple Compression & Fundamental Performance Disconnect →
4.2 multiple
Clouded Judgement
2022
median
Low growth SaaS (<15% NTM growth)
Clouded Judgement: Cloud SaaS Valuation Multiple Compression & Fundamental Performance Disconnect →
Low growth SaaS (<15% NTM growth)
Clouded Judgement: Cloud SaaS Valuation Multiple Compression & Fundamental Performance Disconnect →
10.2 x NTM revenue
Clouded Judgement
2022
median
All public SaaS companies in cohort
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
All public SaaS companies in cohort
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
21.0 x NTM revenue
Clouded Judgement
2022
median
SaaS companies with >30% NTM growth
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
SaaS companies with >30% NTM growth
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
9.0 x NTM revenue
Clouded Judgement
2022
median
SaaS companies with 15-30% NTM growth
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
SaaS companies with 15-30% NTM growth
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
4.4 x NTM revenue
Clouded Judgement
2022
median
SaaS companies with <15% NTM growth
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
SaaS companies with <15% NTM growth
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
32.6 x NTM revenue
Clouded Judgement
2022
median
Top 5 highest-valuation SaaS companies
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
Top 5 highest-valuation SaaS companies
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
33.1 multiple
Clouded Judgement
2022
22.0 multiple
Clouded Judgement
2022
9.5 multiple
Clouded Judgement
2022
4.5 multiple
Clouded Judgement
2022
11.1 x
Clouded Judgement
2022
median
Overall SaaS public company cohort, January 2022
Clouded Judgement: SaaS Valuation Multiple Compression & Growth-Adjusted Analysis (Jan 2022) →
Overall SaaS public company cohort, January 2022
Clouded Judgement: SaaS Valuation Multiple Compression & Growth-Adjusted Analysis (Jan 2022) →
22.2 x
Clouded Judgement
2022
median
High-growth SaaS (>30% projected NTM growth), January 2022
Clouded Judgement: SaaS Valuation Multiple Compression & Growth-Adjusted Analysis (Jan 2022) →
High-growth SaaS (>30% projected NTM growth), January 2022
Clouded Judgement: SaaS Valuation Multiple Compression & Growth-Adjusted Analysis (Jan 2022) →
10.4 x
Clouded Judgement
2022
median
Mid-growth SaaS (15-30% projected NTM growth), January 2022
Clouded Judgement: SaaS Valuation Multiple Compression & Growth-Adjusted Analysis (Jan 2022) →
Mid-growth SaaS (15-30% projected NTM growth), January 2022
Clouded Judgement: SaaS Valuation Multiple Compression & Growth-Adjusted Analysis (Jan 2022) →
4.8 x
Clouded Judgement
2022
median
Low-growth SaaS (<15% projected NTM growth), January 2022
Clouded Judgement: SaaS Valuation Multiple Compression & Growth-Adjusted Analysis (Jan 2022) →
Low-growth SaaS (<15% projected NTM growth), January 2022
Clouded Judgement: SaaS Valuation Multiple Compression & Growth-Adjusted Analysis (Jan 2022) →
34.2 x
Clouded Judgement
2022
median
Top 5 SaaS companies by market cap, January 2022
Clouded Judgement: SaaS Valuation Multiple Compression & Growth-Adjusted Analysis (Jan 2022) →
Top 5 SaaS companies by market cap, January 2022
Clouded Judgement: SaaS Valuation Multiple Compression & Growth-Adjusted Analysis (Jan 2022) →
12.4 x
Clouded Judgement
2021
median
Overall SaaS market
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
Overall SaaS market
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
43.5 x
Clouded Judgement
2021
average
Top 10 highest-multiple SaaS companies
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
Top 10 highest-multiple SaaS companies
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
27.2 x
Clouded Judgement
2021
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
11.6 x
Clouded Judgement
2021
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
5.5 x
Clouded Judgement
2021
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
12.4 x
Clouded Judgement
2021
median
Overall SaaS cohort
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
Overall SaaS cohort
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
42.4 x
Clouded Judgement
2021
median
Top 5 highest-valuation SaaS companies
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
Top 5 highest-valuation SaaS companies
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
27.2 x
Clouded Judgement
2021
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
11.6 x
Clouded Judgement
2021
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
5.5 x
Clouded Judgement
2021
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
56.5 x
Clouded Judgement
2021
top-quartile
Snowflake (highest valuation in cohort)
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
Snowflake (highest valuation in cohort)
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
91.5 x
Clouded Judgement
2021
best-in-class
Snowflake end of 2020
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
Snowflake end of 2020
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
35 percent
Clouded Judgement
2021
median
Snowflake multiple compression from end 2020 to end 2021
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
Snowflake multiple compression from end 2020 to end 2021
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
12.7 x
Clouded Judgement
2021
median
All public cloud software companies, Q3 2021
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
All public cloud software companies, Q3 2021
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
26.6 x
Clouded Judgement
2021
median
High-growth SaaS companies (>30% projected NTM growth), September 2021
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
High-growth SaaS companies (>30% projected NTM growth), September 2021
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
11.9 x
Clouded Judgement
2021
median
Mid-growth SaaS companies (15-30% projected NTM growth), September 2021
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
Mid-growth SaaS companies (15-30% projected NTM growth), September 2021
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
5.5 x
Clouded Judgement
2021
median
Low-growth SaaS companies (<15% projected NTM growth), September 2021
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
Low-growth SaaS companies (<15% projected NTM growth), September 2021
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
12.7 multiple
Clouded Judgement
2021
42.7 multiple
Clouded Judgement
2021
12.1x multiple
Clouded Judgement
2021
39.0x multiple
Clouded Judgement
2021
24.9x multiple
Clouded Judgement
2021
11.2x multiple
Clouded Judgement
2021
5.3x multiple
Clouded Judgement
2021
74.7 multiple
Clouded Judgement
2021
median
Top 10 highest-multiple SaaS companies (Cloudflare, Snowflake, SentinelOne, etc.)
Clouded Judgement →
Top 10 highest-multiple SaaS companies (Cloudflare, Snowflake, SentinelOne, etc.)
Clouded Judgement →
13.8 multiple
Clouded Judgement
2021
67 multiple
Clouded Judgement
2021
target
CY22/FY23 forward estimates on Street; UBS raised PT to $440 implying 50x CY23/FY24
Clouded Judgement →
CY22/FY23 forward estimates on Street; UBS raised PT to $440 implying 50x CY23/FY24
Clouded Judgement →
30.8 multiple
Clouded Judgement
2021
14.5 multiple
Clouded Judgement
2021
7.1 multiple
Clouded Judgement
2021
57.3 multiple
Clouded Judgement
2021
53.0 multiple
Clouded Judgement
2021
62.0 multiple
Clouded Judgement
2021
34.1 multiple
Clouded Judgement
2021
14.7 multiple
Clouded Judgement
2021
6.4 multiple
Clouded Judgement
2021
63.9 x
Clouded Judgement
2021
32.8 x
Clouded Judgement
2021
14.6 x
Clouded Judgement
2021
6.4 x
Clouded Judgement
2021
51.8 multiple
Clouded Judgement
2021
57.2 x
Clouded Judgement
2021
32.1 x
Clouded Judgement
2021
13.6 x
Clouded Judgement
2021
14.7 x
Clouded Judgement
2021
median
Broad SaaS market, October 2021
Clouded Judgement: Interest Rate Impact on Cloud Software Valuation & SaaS Benchmarks →
Broad SaaS market, October 2021
Clouded Judgement: Interest Rate Impact on Cloud Software Valuation & SaaS Benchmarks →
51.0 x
Clouded Judgement
2021
median
Top 5 SaaS companies by valuation
Clouded Judgement: Interest Rate Impact on Cloud Software Valuation & SaaS Benchmarks →
Top 5 SaaS companies by valuation
Clouded Judgement: Interest Rate Impact on Cloud Software Valuation & SaaS Benchmarks →
31.0 x
Clouded Judgement
2021
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Interest Rate Impact on Cloud Software Valuation & SaaS Benchmarks →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Interest Rate Impact on Cloud Software Valuation & SaaS Benchmarks →
14.1 x
Clouded Judgement
2021
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Interest Rate Impact on Cloud Software Valuation & SaaS Benchmarks →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Interest Rate Impact on Cloud Software Valuation & SaaS Benchmarks →
5.4 x
Clouded Judgement
2021
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Interest Rate Impact on Cloud Software Valuation & SaaS Benchmarks →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Interest Rate Impact on Cloud Software Valuation & SaaS Benchmarks →
15.8 x
Clouded Judgement
2021
median
Overall public SaaS market
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
Overall public SaaS market
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
57.1 x
Clouded Judgement
2021
median
Top 5 highest-valued SaaS companies
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
Top 5 highest-valued SaaS companies
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
35.4 x
Clouded Judgement
2021
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
14.5 x
Clouded Judgement
2021
median
Mid-growth SaaS (15%-30% NTM growth)
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
Mid-growth SaaS (15%-30% NTM growth)
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
5.7 x
Clouded Judgement
2021
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
16 x
Clouded Judgement
2021
median
Public cloud software companies, Q2 2021
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
Public cloud software companies, Q2 2021
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
32 x
Clouded Judgement
2021
median
Public SaaS with >30% projected NTM growth, Sep 2021
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
Public SaaS with >30% projected NTM growth, Sep 2021
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
15 x
Clouded Judgement
2021
median
Public SaaS with 15-30% projected NTM growth, Sep 2021
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
Public SaaS with 15-30% projected NTM growth, Sep 2021
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
12 x
Clouded Judgement
2021
median
Public SaaS with <15% projected NTM growth, Sep 2021
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
Public SaaS with <15% projected NTM growth, Sep 2021
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
49.1 multiple
Clouded Judgement
2021
15.6 x
Clouded Judgement
2021
median
Public SaaS companies overall cohort as of Q3 2021
Clouded Judgement: Cloud SaaS Valuation Multiples & Operating Metrics Analysis →
Public SaaS companies overall cohort as of Q3 2021
Clouded Judgement: Cloud SaaS Valuation Multiples & Operating Metrics Analysis →
33.5 x
Clouded Judgement
2021
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Cloud SaaS Valuation Multiples & Operating Metrics Analysis →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: Cloud SaaS Valuation Multiples & Operating Metrics Analysis →
15.1 x
Clouded Judgement
2021
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Cloud SaaS Valuation Multiples & Operating Metrics Analysis →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: Cloud SaaS Valuation Multiples & Operating Metrics Analysis →
5.5 x
Clouded Judgement
2021
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Cloud SaaS Valuation Multiples & Operating Metrics Analysis →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: Cloud SaaS Valuation Multiples & Operating Metrics Analysis →
15.1 x
Clouded Judgement
2021
15.0 x
Clouded Judgement
2021
median
Public SaaS companies as of August 2021
Clouded Judgement: Q2 2021 SaaS Growth Acceleration & Valuation Analysis →
Public SaaS companies as of August 2021
Clouded Judgement: Q2 2021 SaaS Growth Acceleration & Valuation Analysis →
61.5 x
Clouded Judgement
2021
top-quartile
High-growth SaaS companies (Snowflake, Sentinel One, Bill.com) as of August 2021
Clouded Judgement: Q2 2021 SaaS Growth Acceleration & Valuation Analysis →
High-growth SaaS companies (Snowflake, Sentinel One, Bill.com) as of August 2021
Clouded Judgement: Q2 2021 SaaS Growth Acceleration & Valuation Analysis →
31.4 x
Clouded Judgement
2021
median
SaaS companies with >30% projected NTM growth
Clouded Judgement: Q2 2021 SaaS Growth Acceleration & Valuation Analysis →
SaaS companies with >30% projected NTM growth
Clouded Judgement: Q2 2021 SaaS Growth Acceleration & Valuation Analysis →
13.9 x
Clouded Judgement
2021
median
Mid-growth SaaS companies (15%-30% projected growth)
Clouded Judgement: Q2 2021 SaaS Growth Acceleration & Valuation Analysis →
Mid-growth SaaS companies (15%-30% projected growth)
Clouded Judgement: Q2 2021 SaaS Growth Acceleration & Valuation Analysis →
5.3 x
Clouded Judgement
2021
median
Low-growth SaaS companies (<15% projected growth)
Clouded Judgement: Q2 2021 SaaS Growth Acceleration & Valuation Analysis →
Low-growth SaaS companies (<15% projected growth)
Clouded Judgement: Q2 2021 SaaS Growth Acceleration & Valuation Analysis →
16.3 x
Clouded Judgement
2021
median
Public SaaS companies overall
Clouded Judgement: SaaS Valuation Multiples & Growth Correlation Analysis →
Public SaaS companies overall
Clouded Judgement: SaaS Valuation Multiples & Growth Correlation Analysis →
32.2 x
Clouded Judgement
2021
median
High-growth SaaS companies (>30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Growth Correlation Analysis →
High-growth SaaS companies (>30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Growth Correlation Analysis →
13.9 x
Clouded Judgement
2021
median
Mid-growth SaaS companies (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Growth Correlation Analysis →
Mid-growth SaaS companies (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Growth Correlation Analysis →
5.4 x
Clouded Judgement
2021
median
Low-growth SaaS companies (<15% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Growth Correlation Analysis →
Low-growth SaaS companies (<15% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Growth Correlation Analysis →
63.0 x
Clouded Judgement
2021
median
Top 5 SaaS companies by valuation
Clouded Judgement: SaaS Valuation Multiples & Growth Correlation Analysis →
Top 5 SaaS companies by valuation
Clouded Judgement: SaaS Valuation Multiples & Growth Correlation Analysis →
33.3 x
Clouded Judgement
2021
14.6 x
Clouded Judgement
2021
5.4 x
Clouded Judgement
2021
38.5 multiple
Clouded Judgement
2021
27.8 x
Clouded Judgement
2021
14.5 x
Clouded Judgement
2021
5.7 x
Clouded Judgement
2021
26.4 x
Clouded Judgement
2021
13.7 x
Clouded Judgement
2021
5.3 x
Clouded Judgement
2021
39.4 x
Clouded Judgement
2021
26.4 x
Clouded Judgement
2021
13.7 x
Clouded Judgement
2021
5.3 x
Clouded Judgement
2021
16.5 x
Clouded Judgement
2021
median
Public SaaS companies (50+ company peer set)
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis →
Public SaaS companies (50+ company peer set)
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis →
49.9 x
Clouded Judgement
2021
median
Top 5 highest-valued SaaS companies by multiple (Cloudflare, Bill.com, Snowflake, UiPath, CrowdStrike)
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis →
Top 5 highest-valued SaaS companies by multiple (Cloudflare, Bill.com, Snowflake, UiPath, CrowdStrike)
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis →
27.9 x
Clouded Judgement
2021
median
High-growth SaaS (>30% projected NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis →
High-growth SaaS (>30% projected NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis →
13.8 x
Clouded Judgement
2021
median
Mid-growth SaaS (15-30% projected NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis →
Mid-growth SaaS (15-30% projected NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis →
5.7 x
Clouded Judgement
2021
median
Low-growth SaaS (<15% projected NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis →
Low-growth SaaS (<15% projected NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis →
28.0 multiple
Clouded Judgement
2021
13.5 multiple
Clouded Judgement
2021
5.6 multiple
Clouded Judgement
2021
47.8 multiple
Clouded Judgement
2021
26 x
Clouded Judgement
2021
median
High-growth (>30%) public cloud software, May 2021
Clouded Judgement: A Look Back at Q1 '21 Public Cloud Earnings →
High-growth (>30%) public cloud software, May 2021
Clouded Judgement: A Look Back at Q1 '21 Public Cloud Earnings →
15.5 x
Clouded Judgement
2021
median
Mid-growth (15%-30%) public cloud software, May 2021
Clouded Judgement: A Look Back at Q1 '21 Public Cloud Earnings →
Mid-growth (15%-30%) public cloud software, May 2021
Clouded Judgement: A Look Back at Q1 '21 Public Cloud Earnings →
5.5 x
Clouded Judgement
2021
median
Low-growth (<15%) public cloud software, May 2021
Clouded Judgement: A Look Back at Q1 '21 Public Cloud Earnings →
Low-growth (<15%) public cloud software, May 2021
Clouded Judgement: A Look Back at Q1 '21 Public Cloud Earnings →
54.5 x
Clouded Judgement
2021
14.7 x
Clouded Judgement
2021
median
All public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
All public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
46.7 x
Clouded Judgement
2021
median
Top 5 SaaS companies by valuation
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
Top 5 SaaS companies by valuation
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
23.7 x
Clouded Judgement
2021
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
12.3 x
Clouded Judgement
2021
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
4.8 x
Clouded Judgement
2021
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
14.7 x
Clouded Judgement
2021
median
Overall cloud software companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
Overall cloud software companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
23.7 x
Clouded Judgement
2021
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
12.3 x
Clouded Judgement
2021
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
4.8 x
Clouded Judgement
2021
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
41.2 x
Clouded Judgement
2021
25.0 x
Clouded Judgement
2021
12.3 x
Clouded Judgement
2021
5.2 x
Clouded Judgement
2021
14.2 x
Clouded Judgement
2021
23.5 times
Clouded Judgement
2021
12.2 times
Clouded Judgement
2021
5.1 times
Clouded Judgement
2021
14.2 times
Clouded Judgement
2021
13.2 x
Clouded Judgement
2021
median
Cloud software companies as of May 2021
Clouded Judgement: SaaS Valuation Multiples Analysis (May 2021) →
Cloud software companies as of May 2021
Clouded Judgement: SaaS Valuation Multiples Analysis (May 2021) →
20.6 x
Clouded Judgement
2021
median
High-growth SaaS companies (>30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples Analysis (May 2021) →
High-growth SaaS companies (>30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples Analysis (May 2021) →
12.1 x
Clouded Judgement
2021
median
Mid-growth SaaS companies (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples Analysis (May 2021) →
Mid-growth SaaS companies (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples Analysis (May 2021) →
4.8 x
Clouded Judgement
2021
median
Low-growth SaaS companies (<15% NTM growth)
Clouded Judgement: SaaS Valuation Multiples Analysis (May 2021) →
Low-growth SaaS companies (<15% NTM growth)
Clouded Judgement: SaaS Valuation Multiples Analysis (May 2021) →
18.0 x
Clouded Judgement
2021
median
Cloud software companies as of January 2021 (peak of cycle)
Clouded Judgement: SaaS Valuation Multiples Analysis (May 2021) →
Cloud software companies as of January 2021 (peak of cycle)
Clouded Judgement: SaaS Valuation Multiples Analysis (May 2021) →
9.5 x
Clouded Judgement
2021
median
Cloud software companies as of January 2020 (pre-COVID)
Clouded Judgement: SaaS Valuation Multiples Analysis (May 2021) →
Cloud software companies as of January 2020 (pre-COVID)
Clouded Judgement: SaaS Valuation Multiples Analysis (May 2021) →
15.4 multiple
Clouded Judgement
2021
median
Overall SaaS public companies as of January 2021
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
Overall SaaS public companies as of January 2021
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
26.8 multiple
Clouded Judgement
2021
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
15.4 multiple
Clouded Judgement
2021
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
6.5 multiple
Clouded Judgement
2021
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
43.6 multiple
Clouded Judgement
2021
median
Top 5 most highly valued SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
Top 5 most highly valued SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
16.5 multiple
Clouded Judgement
2021
average
SaaS market as of April 2021
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
SaaS market as of April 2021
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
14.8 multiple
Clouded Judgement
2021
average
SaaS market as of April 2021
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
SaaS market as of April 2021
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
26.3 x
Clouded Judgement
2021
15.1 x
Clouded Judgement
2021
37.5 x
Clouded Judgement
2021
33.9 x
Clouded Judgement
2021
16.4 x NTM Revenue
Clouded Judgement
2021
median
Overall SaaS market as of April 2021
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
Overall SaaS market as of April 2021
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
14.5 x NTM Revenue
Clouded Judgement
2021
average
SaaS market January 2020 - January 2021
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
SaaS market January 2020 - January 2021
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
39.8 x NTM Revenue
Clouded Judgement
2021
median
Top 5 highest-valued SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
Top 5 highest-valued SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
27.1 x NTM Revenue
Clouded Judgement
2021
median
SaaS companies with >30% projected NTM growth
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
SaaS companies with >30% projected NTM growth
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
16.1 x NTM Revenue
Clouded Judgement
2021
median
SaaS companies with 15-30% projected NTM growth
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
SaaS companies with 15-30% projected NTM growth
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
6.7 x NTM Revenue
Clouded Judgement
2021
median
SaaS companies with <15% projected NTM growth
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
SaaS companies with <15% projected NTM growth
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
16.4 x
Clouded Judgement
2021
median
SaaS cohort as of April 2021
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
SaaS cohort as of April 2021
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
24.7 x
Clouded Judgement
2021
15.3 x
Clouded Judgement
2021
6.4 x
Clouded Judgement
2021
31.3 multiple
Clouded Judgement
2021
median
Top 10 cloud SaaS companies by valuation
Clouded Judgement: SaaS Valuation Multiples and Treasury Correlation Analysis →
Top 10 cloud SaaS companies by valuation
Clouded Judgement: SaaS Valuation Multiples and Treasury Correlation Analysis →
35.7 multiple
Clouded Judgement
2021
average
Top 10 cloud SaaS companies by valuation
Clouded Judgement: SaaS Valuation Multiples and Treasury Correlation Analysis →
Top 10 cloud SaaS companies by valuation
Clouded Judgement: SaaS Valuation Multiples and Treasury Correlation Analysis →
15.0 multiple
Clouded Judgement
2021
median
Overall SaaS market cohort
Clouded Judgement: SaaS Valuation Multiples and Treasury Correlation Analysis →
Overall SaaS market cohort
Clouded Judgement: SaaS Valuation Multiples and Treasury Correlation Analysis →
28.4 multiple
Clouded Judgement
2021
13.8 multiple
Clouded Judgement
2021
6.4 multiple
Clouded Judgement
2021
15.4 multiple
Clouded Judgement
2021
16.6 x
Clouded Judgement
2021
median
Overall SaaS market (as of Mar 2021)
Clouded Judgement: SaaS Valuation Analysis & Okta-Auth0 M&A (Mar 2021) →
Overall SaaS market (as of Mar 2021)
Clouded Judgement: SaaS Valuation Analysis & Okta-Auth0 M&A (Mar 2021) →
28.9 x
Clouded Judgement
2021
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation Analysis & Okta-Auth0 M&A (Mar 2021) →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation Analysis & Okta-Auth0 M&A (Mar 2021) →
16.0 x
Clouded Judgement
2021
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Analysis & Okta-Auth0 M&A (Mar 2021) →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Analysis & Okta-Auth0 M&A (Mar 2021) →
5.0 x
Clouded Judgement
2021
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation Analysis & Okta-Auth0 M&A (Mar 2021) →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation Analysis & Okta-Auth0 M&A (Mar 2021) →
17.9 x
Clouded Judgement
2021
median
Public SaaS companies, Jan 2021
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Feb 2021) →
Public SaaS companies, Jan 2021
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Feb 2021) →
32.3 x
Clouded Judgement
2021
median
SaaS companies with >30% NTM growth
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Feb 2021) →
SaaS companies with >30% NTM growth
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Feb 2021) →
17.7 x
Clouded Judgement
2021
median
SaaS companies with 15-30% NTM growth
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Feb 2021) →
SaaS companies with 15-30% NTM growth
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Feb 2021) →
6.5 x
Clouded Judgement
2021
median
SaaS companies with <15% NTM growth
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Feb 2021) →
SaaS companies with <15% NTM growth
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Feb 2021) →
50.7 x
Clouded Judgement
2021
median
Top 5 highest-valued SaaS companies by valuation multiple
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Feb 2021) →
Top 5 highest-valued SaaS companies by valuation multiple
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Feb 2021) →
20.0 x
Clouded Judgement
2021
median
Public SaaS companies, February 2021
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
Public SaaS companies, February 2021
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
35.8 x
Clouded Judgement
2021
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
21.8 x
Clouded Judgement
2021
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
7.7 x
Clouded Judgement
2021
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
58.3 x
Clouded Judgement
2021
median
Top 5 highest-valued SaaS companies by multiple
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
Top 5 highest-valued SaaS companies by multiple
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
18.0 x
Clouded Judgement
2021
3-month trailing average
Public SaaS, as of Feb 2021
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
Public SaaS, as of Feb 2021
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
13.9 x
Clouded Judgement
2021
1-year trailing average
Public SaaS, as of Feb 2021
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
Public SaaS, as of Feb 2021
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
20.0 x
Clouded Judgement
2021
median
Public SaaS companies, February 2021
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
Public SaaS companies, February 2021
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
35.8 x
Clouded Judgement
2021
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
21.8 x
Clouded Judgement
2021
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
7.7 x
Clouded Judgement
2021
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
52.4 x
Clouded Judgement
2021
average
Top 10 highest-valued SaaS companies
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
Top 10 highest-valued SaaS companies
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
19.8 x
Clouded Judgement
2021
median
Public SaaS companies, January 2021
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (Feb 5, 2021) →
Public SaaS companies, January 2021
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (Feb 5, 2021) →
37.4 x
Clouded Judgement
2021
median
High-growth SaaS (>30% NTM growth), January 2021
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (Feb 5, 2021) →
High-growth SaaS (>30% NTM growth), January 2021
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (Feb 5, 2021) →
20.6 x
Clouded Judgement
2021
median
Mid-growth SaaS (15-30% NTM growth), January 2021
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (Feb 5, 2021) →
Mid-growth SaaS (15-30% NTM growth), January 2021
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (Feb 5, 2021) →
7.8 x
Clouded Judgement
2021
median
Low-growth SaaS (<15% NTM growth), January 2021
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (Feb 5, 2021) →
Low-growth SaaS (<15% NTM growth), January 2021
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (Feb 5, 2021) →
49.7 x
Clouded Judgement
2021
34.9 x
Clouded Judgement
2021
19.2 x
Clouded Judgement
2021
7.6 x
Clouded Judgement
2021
19.0 x
Clouded Judgement
2021
median
Public SaaS companies, January 2021
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Jan 2021) →
Public SaaS companies, January 2021
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Jan 2021) →
47.7 x
Clouded Judgement
2021
median
Top 5 public SaaS companies by valuation, January 2021
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Jan 2021) →
Top 5 public SaaS companies by valuation, January 2021
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Jan 2021) →
33.4 x
Clouded Judgement
2021
median
High growth SaaS (>30% NTM growth), January 2021
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Jan 2021) →
High growth SaaS (>30% NTM growth), January 2021
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Jan 2021) →
20.0 x
Clouded Judgement
2021
median
Mid growth SaaS (15-30% NTM growth), January 2021
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Jan 2021) →
Mid growth SaaS (15-30% NTM growth), January 2021
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Jan 2021) →
7.8 x
Clouded Judgement
2021
median
Low growth SaaS (<15% NTM growth), January 2021
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Jan 2021) →
Low growth SaaS (<15% NTM growth), January 2021
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Jan 2021) →
32.5 x
Clouded Judgement
2021
18.8 x
Clouded Judgement
2021
30 x NTM revenue
Clouded Judgement
2020
average
Companies growing >30% NTM in current market conditions
Clouded Judgement: Qualtrics S-1 Benchmarking & IPO Valuation Analysis →
Companies growing >30% NTM in current market conditions
Clouded Judgement: Qualtrics S-1 Benchmarking & IPO Valuation Analysis →
18 x NTM revenue
Clouded Judgement
2020
average
Companies growing 15-30% NTM in current market conditions
Clouded Judgement: Qualtrics S-1 Benchmarking & IPO Valuation Analysis →
Companies growing 15-30% NTM in current market conditions
Clouded Judgement: Qualtrics S-1 Benchmarking & IPO Valuation Analysis →
7 x NTM revenue
Clouded Judgement
2020
average
Companies growing <15% NTM in current market conditions
Clouded Judgement: Qualtrics S-1 Benchmarking & IPO Valuation Analysis →
Companies growing <15% NTM in current market conditions
Clouded Judgement: Qualtrics S-1 Benchmarking & IPO Valuation Analysis →
17.7 x
Clouded Judgement
2020
median
Broad SaaS cohort as of Q3 2020
Clouded Judgement: SaaS Valuation & Acceleration Analysis (Q3 2020) →
Broad SaaS cohort as of Q3 2020
Clouded Judgement: SaaS Valuation & Acceleration Analysis (Q3 2020) →
33.7 x
Clouded Judgement
2020
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation & Acceleration Analysis (Q3 2020) →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation & Acceleration Analysis (Q3 2020) →
19.1 x
Clouded Judgement
2020
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation & Acceleration Analysis (Q3 2020) →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation & Acceleration Analysis (Q3 2020) →
7.9 x
Clouded Judgement
2020
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation & Acceleration Analysis (Q3 2020) →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation & Acceleration Analysis (Q3 2020) →
45.9 x
Clouded Judgement
2020
top-quartile
Top 5 SaaS companies by multiple
Clouded Judgement: SaaS Valuation & Acceleration Analysis (Q3 2020) →
Top 5 SaaS companies by multiple
Clouded Judgement: SaaS Valuation & Acceleration Analysis (Q3 2020) →
15.7 x
Clouded Judgement
2020
average
3-month trailing average
Clouded Judgement: SaaS Valuation & Acceleration Analysis (Q3 2020) →
3-month trailing average
Clouded Judgement: SaaS Valuation & Acceleration Analysis (Q3 2020) →
12.4 x
Clouded Judgement
2020
average
1-year trailing average
Clouded Judgement: SaaS Valuation & Acceleration Analysis (Q3 2020) →
1-year trailing average
Clouded Judgement: SaaS Valuation & Acceleration Analysis (Q3 2020) →
18.1 multiple
Clouded Judgement
2020
98.3 x
Clouded Judgement
2020
15.5 x
Clouded Judgement
2020
median
Public SaaS companies overall (November 2020)
Clouded Judgement: SaaS Growth Trajectories and Valuation Multiples Analysis →
Public SaaS companies overall (November 2020)
Clouded Judgement: SaaS Growth Trajectories and Valuation Multiples Analysis →
40.5 x
Clouded Judgement
2020
median
Top 5 most expensive SaaS companies by EV/NTM revenue
Clouded Judgement: SaaS Growth Trajectories and Valuation Multiples Analysis →
Top 5 most expensive SaaS companies by EV/NTM revenue
Clouded Judgement: SaaS Growth Trajectories and Valuation Multiples Analysis →
30.6 x
Clouded Judgement
2020
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Growth Trajectories and Valuation Multiples Analysis →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Growth Trajectories and Valuation Multiples Analysis →
16.0 x
Clouded Judgement
2020
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Growth Trajectories and Valuation Multiples Analysis →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Growth Trajectories and Valuation Multiples Analysis →
7.3 x
Clouded Judgement
2020
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Growth Trajectories and Valuation Multiples Analysis →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Growth Trajectories and Valuation Multiples Analysis →
88.3 x
Clouded Judgement
2020
top decile
Highest-valued public SaaS company in the article (November 2020)
Clouded Judgement: SaaS Growth Trajectories and Valuation Multiples Analysis →
Highest-valued public SaaS company in the article (November 2020)
Clouded Judgement: SaaS Growth Trajectories and Valuation Multiples Analysis →
16.5 multiple
Clouded Judgement
2020
median
Public SaaS companies as of November 2020
Clouded Judgement: SaaS Valuation and Earnings Analysis (November 2020) →
Public SaaS companies as of November 2020
Clouded Judgement: SaaS Valuation and Earnings Analysis (November 2020) →
32.5 multiple
Clouded Judgement
2020
median
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation and Earnings Analysis (November 2020) →
High-growth SaaS (>30% NTM growth)
Clouded Judgement: SaaS Valuation and Earnings Analysis (November 2020) →
16.6 multiple
Clouded Judgement
2020
median
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation and Earnings Analysis (November 2020) →
Mid-growth SaaS (15-30% NTM growth)
Clouded Judgement: SaaS Valuation and Earnings Analysis (November 2020) →
8.1 multiple
Clouded Judgement
2020
median
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation and Earnings Analysis (November 2020) →
Low-growth SaaS (<15% NTM growth)
Clouded Judgement: SaaS Valuation and Earnings Analysis (November 2020) →
44.2 x
Clouded Judgement
2020
35.7 multiple
Clouded Judgement
2020
18.1 multiple
Clouded Judgement
2020
9.6 multiple
Clouded Judgement
2020
39.6 multiple
Clouded Judgement
2020
37.9 x
Clouded Judgement
2020
31.6 x
Clouded Judgement
2020
16.8 x
Clouded Judgement
2020
8.8 x
Clouded Judgement
2020
13.6 x
Clouded Judgement
2020
34.5 x
Clouded Judgement
2020
14.1x revenue multiple
Clouded Judgement
2020
31.9x revenue multiple
Clouded Judgement
2020
15.4x revenue multiple
Clouded Judgement
2020
9.0x revenue multiple
Clouded Judgement
2020
13.7x revenue multiple
Clouded Judgement
2020
11.0x revenue multiple
Clouded Judgement
2020
15.1 x
Clouded Judgement
2020
median
Public SaaS companies (mixed growth rates)
Clouded Judgement: SaaS Valuation Trends & Direct Listing Reform →
Public SaaS companies (mixed growth rates)
Clouded Judgement: SaaS Valuation Trends & Direct Listing Reform →
31.8 x
Clouded Judgement
2020
median
SaaS companies with >30% NTM growth
Clouded Judgement: SaaS Valuation Trends & Direct Listing Reform →
SaaS companies with >30% NTM growth
Clouded Judgement: SaaS Valuation Trends & Direct Listing Reform →
17.5 x
Clouded Judgement
2020
median
SaaS companies with 15-30% NTM growth
Clouded Judgement: SaaS Valuation Trends & Direct Listing Reform →
SaaS companies with 15-30% NTM growth
Clouded Judgement: SaaS Valuation Trends & Direct Listing Reform →
9.4 x
Clouded Judgement
2020
median
SaaS companies with <15% NTM growth
Clouded Judgement: SaaS Valuation Trends & Direct Listing Reform →
SaaS companies with <15% NTM growth
Clouded Judgement: SaaS Valuation Trends & Direct Listing Reform →
37.1 x
Clouded Judgement
2020
average
Highest-valued SaaS companies (Bill.com, Coupa, Shopify, Zoom, etc.)
Clouded Judgement: SaaS Valuation Trends & Direct Listing Reform →
Highest-valued SaaS companies (Bill.com, Coupa, Shopify, Zoom, etc.)
Clouded Judgement: SaaS Valuation Trends & Direct Listing Reform →
37.6 x
Clouded Judgement
2020
median
Highest-valued SaaS companies
Clouded Judgement: SaaS Valuation Trends & Direct Listing Reform →
Highest-valued SaaS companies
Clouded Judgement: SaaS Valuation Trends & Direct Listing Reform →
25-30 x
Clouded Judgement
2020
Asana predicted first-day trading multiple (vs. 20-25x fundamental range)
Asana: Benchmarking the S-1 Data →
Asana: Benchmarking the S-1 Data →
13 times revenue
Clouded Judgement
2020
target
Splunk comparable observability vendor
Sumo Logic S-1 Analysis: Pre-IPO Benchmarking & Valuation Prediction →
Splunk comparable observability vendor
Sumo Logic S-1 Analysis: Pre-IPO Benchmarking & Valuation Prediction →
16 times revenue
Clouded Judgement
2020
target
Elastic comparable observability vendor
Sumo Logic S-1 Analysis: Pre-IPO Benchmarking & Valuation Prediction →
Elastic comparable observability vendor
Sumo Logic S-1 Analysis: Pre-IPO Benchmarking & Valuation Prediction →
38 times revenue
Clouded Judgement
2020
best-in-class
Datadog high-growth SaaS observability leader
Sumo Logic S-1 Analysis: Pre-IPO Benchmarking & Valuation Prediction →
Datadog high-growth SaaS observability leader
Sumo Logic S-1 Analysis: Pre-IPO Benchmarking & Valuation Prediction →
15.0 x
Clouded Judgement
2020
27.2 x
Clouded Judgement
2020
15.5 x
Clouded Judgement
2020
8.2 x
Clouded Judgement
2020
14.0x multiple
Clouded Judgement
2020
38.8x multiple
Clouded Judgement
2020
33.1x multiple
Clouded Judgement
2020
16.3x multiple
Clouded Judgement
2020
8.6x multiple
Clouded Judgement
2020
36.3 x
Clouded Judgement
2020
29.9 x
Clouded Judgement
2020
16.0 x
Clouded Judgement
2020
8.3 x
Clouded Judgement
2020
13.3 x
Clouded Judgement
2020
median
All public SaaS companies, July 2020
BigCommerce IPO Valuation Analysis: $1.4B Implied Valuation at $18-$20 Price Range →
All public SaaS companies, July 2020
BigCommerce IPO Valuation Analysis: $1.4B Implied Valuation at $18-$20 Price Range →
14.0 x
Clouded Judgement
2020
median
Mid-growth SaaS (20s% growth) companies, July 2020
BigCommerce IPO Valuation Analysis: $1.4B Implied Valuation at $18-$20 Price Range →
Mid-growth SaaS (20s% growth) companies, July 2020
BigCommerce IPO Valuation Analysis: $1.4B Implied Valuation at $18-$20 Price Range →
28.1 x
Clouded Judgement
2020
median
High-growth SaaS companies, July 2020
BigCommerce IPO Valuation Analysis: $1.4B Implied Valuation at $18-$20 Price Range →
High-growth SaaS companies, July 2020
BigCommerce IPO Valuation Analysis: $1.4B Implied Valuation at $18-$20 Price Range →
8.0 x
Clouded Judgement
2020
median
Low-growth SaaS companies, July 2020
BigCommerce IPO Valuation Analysis: $1.4B Implied Valuation at $18-$20 Price Range →
Low-growth SaaS companies, July 2020
BigCommerce IPO Valuation Analysis: $1.4B Implied Valuation at $18-$20 Price Range →
9.3 x
Clouded Judgement
2020
BigCommerce at $18-$20 IPO price range midpoint, assuming 20% NTM growth
BigCommerce IPO Valuation Analysis: $1.4B Implied Valuation at $18-$20 Price Range →
BigCommerce IPO Valuation Analysis: $1.4B Implied Valuation at $18-$20 Price Range →
13.3x multiple
Clouded Judgement
2020
median
Public SaaS companies as of July 2020
Clouded Judgement: Q2 SaaS Earnings Preview & Valuation Sustainability Analysis →
Public SaaS companies as of July 2020
Clouded Judgement: Q2 SaaS Earnings Preview & Valuation Sustainability Analysis →
10.5x multiple
Clouded Judgement
2020
average
Public SaaS companies (1-year average) as of July 2020
Clouded Judgement: Q2 SaaS Earnings Preview & Valuation Sustainability Analysis →
Public SaaS companies (1-year average) as of July 2020
Clouded Judgement: Q2 SaaS Earnings Preview & Valuation Sustainability Analysis →
28.1x multiple
Clouded Judgement
2020
median
High-growth SaaS companies (projected 30%+ growth) as of July 2020
Clouded Judgement: Q2 SaaS Earnings Preview & Valuation Sustainability Analysis →
High-growth SaaS companies (projected 30%+ growth) as of July 2020
Clouded Judgement: Q2 SaaS Earnings Preview & Valuation Sustainability Analysis →
18.0x multiple
Clouded Judgement
2020
median
High-growth SaaS companies as of July 2019
Clouded Judgement: Q2 SaaS Earnings Preview & Valuation Sustainability Analysis →
High-growth SaaS companies as of July 2019
Clouded Judgement: Q2 SaaS Earnings Preview & Valuation Sustainability Analysis →
14.0x multiple
Clouded Judgement
2020
median
Mid-growth SaaS companies as of July 2020
Clouded Judgement: Q2 SaaS Earnings Preview & Valuation Sustainability Analysis →
Mid-growth SaaS companies as of July 2020
Clouded Judgement: Q2 SaaS Earnings Preview & Valuation Sustainability Analysis →
8.0x multiple
Clouded Judgement
2020
median
Low-growth SaaS companies as of July 2020
Clouded Judgement: Q2 SaaS Earnings Preview & Valuation Sustainability Analysis →
Low-growth SaaS companies as of July 2020
Clouded Judgement: Q2 SaaS Earnings Preview & Valuation Sustainability Analysis →
37.9 x
Clouded Judgement
2020
median
Top 5 SaaS companies by valuation (Shopify, Coupa, Datadog, Zoom, ZoomInfo)
Clouded Judgement →
Top 5 SaaS companies by valuation (Shopify, Coupa, Datadog, Zoom, ZoomInfo)
Clouded Judgement →
25.2 x
Clouded Judgement
2020
13.3 x
Clouded Judgement
2020
12.9x revenue multiple
Clouded Judgement
2020
38.0x revenue multiple
Clouded Judgement
2020
24.3x revenue multiple
Clouded Judgement
2020
13.0x revenue multiple
Clouded Judgement
2020
8.6x revenue multiple
Clouded Judgement
2020
14 multiple
Clouded Judgement
2020
median
Medium-growth SaaS businesses; Wix.com trading at upper bound
BigCommerce S-1 Benchmarking: Pre-IPO Financial Analysis vs. Public SaaS Peers →
Medium-growth SaaS businesses; Wix.com trading at upper bound
BigCommerce S-1 Benchmarking: Pre-IPO Financial Analysis vs. Public SaaS Peers →
10 multiple
Clouded Judgement
2020
predicted for BigCommerce
Analyst prediction based on discount to peer median due to lower margins and unit economics
BigCommerce S-1 Benchmarking: Pre-IPO Financial Analysis vs. Public SaaS Peers →
Analyst prediction based on discount to peer median due to lower margins and unit economics
BigCommerce S-1 Benchmarking: Pre-IPO Financial Analysis vs. Public SaaS Peers →
13.5 x
Clouded Judgement
2020
median
All public SaaS companies, Jan-15 to Jan-20
Clouded Judgement: nCino IPO Valuation Analysis at $22-24 Price Range →
All public SaaS companies, Jan-15 to Jan-20
Clouded Judgement: nCino IPO Valuation Analysis at $22-24 Price Range →
24.2 x
Clouded Judgement
2020
median
High-growth public SaaS companies, Jun-19 to Jun-20
Clouded Judgement: nCino IPO Valuation Analysis at $22-24 Price Range →
High-growth public SaaS companies, Jun-19 to Jun-20
Clouded Judgement: nCino IPO Valuation Analysis at $22-24 Price Range →
14.8 x
Clouded Judgement
2020
median
Mid-growth public SaaS companies, Jun-19 to Jun-20
Clouded Judgement: nCino IPO Valuation Analysis at $22-24 Price Range →
Mid-growth public SaaS companies, Jun-19 to Jun-20
Clouded Judgement: nCino IPO Valuation Analysis at $22-24 Price Range →
9.0 x
Clouded Judgement
2020
median
Low-growth public SaaS companies, Jun-19 to Jun-20
Clouded Judgement: nCino IPO Valuation Analysis at $22-24 Price Range →
Low-growth public SaaS companies, Jun-19 to Jun-20
Clouded Judgement: nCino IPO Valuation Analysis at $22-24 Price Range →
11.7 x
Clouded Judgement
2020
median
Financial services vertical software companies (AppFolio, BlackLine, Temenos, etc.)
Clouded Judgement: nCino IPO Valuation Analysis at $22-24 Price Range →
Financial services vertical software companies (AppFolio, BlackLine, Temenos, etc.)
Clouded Judgement: nCino IPO Valuation Analysis at $22-24 Price Range →
-42% to 1% percent
Clouded Judgement
2020
range across 37 companies
SaaS IPOs 2018-2020
What It Takes to Become a Public SaaS Company: Part 2 - The IPO Process Demystified →
SaaS IPOs 2018-2020
What It Takes to Become a Public SaaS Company: Part 2 - The IPO Process Demystified →
34.7 multiple
Clouded Judgement
2020
36.5 multiple
Clouded Judgement
2020
36.7 multiple
Clouded Judgement
2020
27.3 multiple
Clouded Judgement
2020
15.6 multiple
Clouded Judgement
2020
9.0 multiple
Clouded Judgement
2020
17 multiple
Clouded Judgement
2020
15 multiple
Clouded Judgement
2020
Agora assigned valuation multiple
Agora: Benchmarking the F1 Data →
Agora: Benchmarking the F1 Data →
25 x revenue
Clouded Judgement
2020
13 x revenue
Clouded Judgement
2020
11 x revenue
Clouded Judgement
2020
median
Vertical software providers serving financial services (Q2, Fiserv, FIS, Temenos, Black Knight, Jack Henry, Blackline, Guidewire, AppFolio) as of Q2 2020
nCino: Benchmarking the S-1 Data →
Vertical software providers serving financial services (Q2, Fiserv, FIS, Temenos, Black Knight, Jack Henry, Blackline, Guidewire, AppFolio) as of Q2 2020
nCino: Benchmarking the S-1 Data →
18 x revenue
Clouded Judgement
2020
13.0 multiple
Clouded Judgement
2020
median
SaaS companies, June 2020 (elevated vs. 10.0x historical average)
What It Takes to Become a Public SaaS Company: Part 1 – IPO Readiness Metrics & Benchmarks →
SaaS companies, June 2020 (elevated vs. 10.0x historical average)
What It Takes to Become a Public SaaS Company: Part 1 – IPO Readiness Metrics & Benchmarks →
34.1 x
Clouded Judgement
2020
median
Top 5 SaaS companies by valuation (Shopify, Datadog, Zoom, Coupa, Bill.com)
Clouded Judgement →
Top 5 SaaS companies by valuation (Shopify, Datadog, Zoom, Coupa, Bill.com)
Clouded Judgement →
12 times
Clouded Judgement
2020