282 observations · 218 reports · 3 publishers

Free Cash Flow Margin.

Every Free Cash Flow Margin observation from our practitioner benchmark corpus. Latest: Clouded Judgement (2026).

← All benchmark reports
Observations
282
Reports
218
Publishers
3
Latest
Clouded Judgement
2026-03-27
19 percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: From GPU Hours to Token Dollars—Pricing AI Infrastructure for the Inference Era →
20 percent
Clouded Judgement
2026
median
Public SaaS companies in index
Clouded Judgement: Digital Twins as the Infrastructure Layer for AI Agents →
20 percent
Clouded Judgement
2026
median
SaaS public companies
Clouded Judgement: In Defense of Model Lab Profitability →
20 percent
Clouded Judgement
2026
median
Cloud SaaS companies
Get in the Token Path: Infrastructure Monetization in the AI Era →
20 percent
Clouded Judgement
2026
median
SaaS public companies
Clouded Judgement: The Poison of Inertia →
19 percent
Clouded Judgement
2026
median
SaaS companies in Jamin Ball's quarterly report sample
Clouded Judgement: The SSD/Memory Reckoning →
19 percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: Software Valuations in the Age of AI Disruption →
19 percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Compression and the Terminal Value Crisis →
20 percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: The Year of Multi-Modal AI and SaaS Valuation Analysis →
19 percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: Platform of Platforms →
19 percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: The Education Advantage in AI →
19% percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: Authority Is the AI Bottleneck →
19% percent
Clouded Judgement
2025
median
SaaS companies at scale
Clouded Judgement: Exuberance Returning to Venture Markets in 2026 →
19 percent
Clouded Judgement
2025
median
Public SaaS companies
Clouded Judgement: Systems of Record and the Battle for the AI Front Door →
20 percent
Clouded Judgement
2025
median
Public SaaS companies in sample
Clouded Judgement: Systems of Record in the Age of AI Agents →
19 percent
Clouded Judgement
2025
median
Public cloud SaaS companies
Clouded Judgement: The Irrational Equity Valuation Game in Startup Hiring →
19 percent
Clouded Judgement
2025
median
SaaS companies with positive FCF
Clouded Judgement: Q3 2025 SaaS Earnings Check-In →
18 percent
Clouded Judgement
2025
median
Public SaaS companies
Clouded Judgement: The AI Platform Wars →
18 percent
Clouded Judgement
2025
median
Public SaaS companies
Clouded Judgement: Cloud Giants Report Q3 2025 – Capacity, AI Demand, and SaaS Valuation Multiples →
-28% percent
OnlyCFO
2025
Netskope FY25 (year ended Jan 31, 2025)
Netskope IPO: Window Dressing or Real Growth — Pre-IPO Financial Optimization Tactics in SaaS →
28 percent
OnlyCFO
2025
LTM
Figma, approaching top-quartile
Figma S-1 | The IPO Bar is High →
-7 percent
OnlyCFO
2025
monday.com in November 2021
Asana vs monday.com: Why The Market Got The Valuation Wrong In 2021 →
-49 percent
OnlyCFO
2025
Asana in November 2021
Asana vs monday.com: Why The Market Got The Valuation Wrong In 2021 →
30 percent
OnlyCFO
2025
monday.com as of article date (2025)
Asana vs monday.com: Why The Market Got The Valuation Wrong In 2021 →
1 percent
OnlyCFO
2025
Asana as of article date (2025)
Asana vs monday.com: Why The Market Got The Valuation Wrong In 2021 →
39 percent
OnlyCFO
2025
monday.com Q1'25 performance
What it Takes to IPO in 2025 →
26 percent
OnlyCFO
2025
median
Top 10 public cloud companies
Will AI Change Profit Targets? The goalposts are shifting and you aren't ready →
23 percent
OnlyCFO
2025
average
Top 10 public cloud companies
Will AI Change Profit Targets? The goalposts are shifting and you aren't ready →
25 percent
OnlyCFO
2025
target
Expected long-term profit potential for scaled cloud companies
Will AI Change Profit Targets? The goalposts are shifting and you aren't ready →
22 percentage points
OnlyCFO
2025
median
Public cloud companies over 3-year period
GTM Efficiency is Plummeting! FCF margins are improving...but efficiency is worsening? →
25 percent
OnlyCFO
2025
target
Public SaaS companies with healthy unit economics
GTM Efficiency is Plummeting! FCF margins are improving...but efficiency is worsening? →
16 percent
Clouded Judgement
2025
median
SaaS public companies
Clouded Judgement: Bond Market Volatility, Treasury Auctions, and SaaS Valuation Multiples →
22 percent
OnlyCFO
2025
median
Public SaaS companies, 2021
The Only Path Left in Software: Accelerate or Die →
41 percent
OnlyCFO
2025
Figma Q1 2025 (pre-IPO)
How Low Can Figma Go? Post-IPO Performance and AI Investment Challenges →
8 percent
OnlyCFO
2025
projected
Figma FY26 guidance
How Low Can Figma Go? Post-IPO Performance and AI Investment Challenges →
16 percent
Clouded Judgement
2025
median
Public SaaS companies
Clouded Judgement: M&A Roars Back →
16 percent
Clouded Judgement
2025
median
Public SaaS companies
Clouded Judgement: Q4 2024 Software Earnings & SaaS Valuation Analysis →
20 percent
OnlyCFO
2025
target
VC-backed SaaS companies; required profitability threshold
The NRR Death Spiral: Contextualizing Net Revenue Retention Against GTM Efficiency →
25 percent
OnlyCFO
2025
best-in-class
Historical SaaS expectation at scale before AI disruption
DeepSeek's Impact on SaaS Valuation: Uncertainty, Long-Term Forecasts, and the Rule of 40 →
16 percent
Clouded Judgement
2025
median
Public SaaS companies
Clouded Judgement: December Inflation Data & SaaS Valuation Multiples →
16 percent
Clouded Judgement
2025
median
SaaS companies
Clouded Judgement: Rising Rates and SaaS Valuation Multiples in a High-Growth Environment →
39 percent
OnlyCFO
2025
Palantir current
Palantir Valuation Analysis: Expensive vs. Overvalued – A Rule of 40 Deep Dive →
2 x
OnlyCFO
2024
comparative
FCF margins of >$1B ARR companies vs. <$1B ARR companies
ServiceTitan IPO Success Signals IPO Window Opening for Cloud SaaS in 2025 →
16 percent
Clouded Judgement
2024
median
Software universe
Clouded Judgement: Beat and No Raise? – SaaS Multiple Expansion Without Earnings Growth →
15 percent
Clouded Judgement
2024
median
SaaS companies overall
Clouded Judgement: Are Software Valuations Cheap or Expensive? →
25 percent
OnlyCFO
2024
target
Mature SaaS companies post-CAC payback
Building Sales Commission Plans →
-2 percent
Clouded Judgement
2024
ServiceTitan LTM
ServiceTitan S-1 Filing: SaaS Benchmarking Analysis for Pre-IPO Home Services Platform →
15 percent
Clouded Judgement
2024
median
Public SaaS companies (LTM)
Clouded Judgement: Market Rotation from Profitability Back to Growth →
15 percent
Clouded Judgement
2024
median
Public SaaS companies at scale
Clouded Judgement: AI, CapEx, and SaaS Valuation in the Era of Rising Rates →
28 percent
OnlyCFO
2024
current
Snowflake current; improved from -75% pre-IPO
Snowflake's Fall from Grace: From 100x Oversubscribed IPO to Valuation Collapse →
20 percent
OnlyCFO
2024
target
SaaS companies at mature scale; expected long-term profitability
With CSM vs Without CSM: Budgeting and ROI Analysis for Customer Success Teams →
15 percent
Clouded Judgement
2024
median
Public SaaS companies with positive FCF
Clouded Judgement: Budget Flush and SaaS Valuation Dynamics →
-5 percent
OnlyCFO
2024
median
Late-stage companies (>$100M), 2020 1H
Lies We Tell About Efficiency →
3 percent
OnlyCFO
2024
median
Late-stage companies (>$100M), 2023 2H
Lies We Tell About Efficiency →
-27 percent
OnlyCFO
2024
median
Growth-stage companies ($25-$100M), 2020 1H
Lies We Tell About Efficiency →
-56 percent
OnlyCFO
2024
median
Growth-stage companies ($25-$100M), 2023 2H
Lies We Tell About Efficiency →
20 percent
OnlyCFO
2024
target
Author's minimum threshold for sustainable profitability; companies improving from -50% to 0% are considered insufficiently profitable.
Lies We Tell About Efficiency →
25.0 percent
OnlyCFO
2024
target
SaaS companies at scale with high retention rates
Cloud Unit Economics in 2024: What Operators and Investors Need to Understand →
16 percent
Clouded Judgement
2024
median
Public SaaS companies with positive FCF
Clouded Judgement: Fed Rate Cuts and SaaS Valuation Implications →
14% percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: 2024 SaaS Guidance Raises at Historic Lows →
25 percent
OnlyCFO
2024
minimum
Expected FCF margin for mature scale-stage cloud companies
Dreams of Premium Revenue Multiples: Why Revenue Multiples Are Deceiving and How to Achieve Premium Valuations →
27% percent
OnlyCFO
2024
Palantir; implied from table and ~35% analyst estimates
Palantir Valuation Analysis: From Cult Stock to Justified Premium Multiple →
11 percent
Clouded Judgement
2024
LTM
OneStream
OneStream: Benchmarking the S1 Data →
14 percent
Clouded Judgement
2024
median
Public software companies with positive FCF
Clouded Judgement: Declining Growth in Public SaaS →
14 percent
Clouded Judgement
2024
median
Public SaaS companies at scale
Clouded Judgement: Can Subscale Software Companies Go Public? →
14 percent
Clouded Judgement
2024
median
All public SaaS companies
Clouded Judgement: Is Seat-Based Pricing Dead? →
14 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Budget Bifurcation in Enterprise Software Procurement →
35 percent
OnlyCFO
2024
best-in-class
CrowdStrike Q1 2025; top-tier cloud company benchmark
Winners Keep Winning: CrowdStrike's Path to #1 SaaS Revenue Multiple →
13 percent
Clouded Judgement
2024
median
Public SaaS companies with positive FCF
Clouded Judgement: SaaS Software Environment Remains Strained →
13 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: April CPI Update & SaaS Valuation Analysis →
20.0 percent
OnlyCFO
2024
target
Software companies at scale (aspirational)
Blinded by Metrics: How Financial Metrics Can Deceive Investors and Operators →
1.0 percent
OnlyCFO
2024
actual
Fastly current expected margin
Blinded by Metrics: How Financial Metrics Can Deceive Investors and Operators →
11 percent
Clouded Judgement
2024
median
Public SaaS companies with positive FCF
Clouded Judgement: Hyperscaler Rebound vs. Software Guidance Misses in Q1 2024 →
11 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Azure AI Services Growth Signals Positive Infrastructure Software Outlook →
11 percent
Clouded Judgement
2024
median
Public SaaS companies with positive FCF
Clouded Judgement: March CPI Update & SaaS Valuation Multiple Analysis →
11 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Hype Rounds vs Fundamental Rounds + Macro Update →
-4 percent
Clouded Judgement
2024
Rubrik LTM
Clouded Judgement: Rubrik S-1 Benchmarking Analysis →
-4 percent
Clouded Judgement
2024
Rubrik LTM
Clouded Judgement: Rubrik S-1 Benchmarking Analysis →
25 percent
OnlyCFO
2024
target
Mature SaaS companies with strong retention
Is SaaS Math Broken? Adapting Unit Economics to New Churn Realities →
11 percent
Clouded Judgement
2024
median
Public SaaS companies with positive FCF
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
11 percent
Clouded Judgement
2024
median
SaaS companies at scale in public markets, Q4 2023
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
21 percent
OnlyCFO
2024
median
Top 10 public cloud companies
How Profitable Should SaaS Be? →
10 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
10 percent
Clouded Judgement
2024
median
Public SaaS companies at scale (cohort analysis)
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
11 percent
Clouded Judgement
2024
median
Public SaaS companies, Q4 '23
Clouded Judgement: Q4 '23 SaaS Earnings Recap & Valuation Analysis →
10 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: 2024 SaaS Guidance vs. Consensus & Valuation Multiple Analysis →
10 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Venture Market Froth and SaaS Valuation Reality Check →
10 percent
Clouded Judgement
2024
median
Cloud software companies
Clouded Judgement: Rule of X and SaaS Valuation Multiplier Dynamics →
20 percent
OnlyCFO
2024
target
Long-term software company expectation
Weave's 150% Stock Gain: Lessons in SMB SaaS Valuation, Margin Expansion, and Growth Deceleration →
9 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: January Green Shoots, CPI Inflation, and SaaS Valuation Multiples →
9 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Multiple Expansion Without Estimate Growth & SBC Dilution Trends →
1 percent
OnlyCFO
2024
AppFolio 2022
AppFolio - If you invested $1,000 at IPO: Lessons from a Boring but Durable SaaS Winner →
12 percent
OnlyCFO
2024
AppFolio 2023
AppFolio - If you invested $1,000 at IPO: Lessons from a Boring but Durable SaaS Winner →
17 percent
OnlyCFO
2024
forecast
AppFolio 2024
AppFolio - If you invested $1,000 at IPO: Lessons from a Boring but Durable SaaS Winner →
8 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Cloud Giants Report Q4'23 →
8% percent
Clouded Judgement
2024
median
Public B2B SaaS companies
Clouded Judgement: Q4 Earnings Season Kicks Off with ServiceNow →
30% percent
OnlyCFO
2024
CrowdStrike current (article context ~2023-2024)
CrowdStrike - 'Rule of X' Winner! From 30% Gross Margins to Most Efficient Public SaaS →
30% percent
OnlyCFO
2024
top-quartile
CrowdStrike ranked #8 among all public SaaS companies by FCF margin
CrowdStrike - 'Rule of X' Winner! From 30% Gross Margins to Most Efficient Public SaaS →
25-30 percent
Clouded Judgement
2024
best-in-class
Top-tier public SaaS companies (CrowdStrike, Snowflake, Datadog, Zscaler)
Clouded Judgement: The Bar for Going Public →
8 percent
Clouded Judgement
2024
median
Public SaaS companies (comprehensive benchmark set)
Clouded Judgement: The Bar for Going Public →
25 percent
OnlyCFO
2024
target
Cash flow target post-CAC payback period
Creating a Sales Commission Plan: Best Practices for SaaS →
8 percent
Clouded Judgement
2024
median
SaaS companies at scale (public comps)
Clouded Judgement: The 2021 Funding Reckoning and Path to Founder-Friendly Venture →
8 percent
Clouded Judgement
2024
median
SaaS public companies
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
8% percent
Clouded Judgement
2024
median
SaaS basket (80 companies)
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
8 percent
Clouded Judgement
2023
median
Public SaaS companies in tracked index
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
8 percent
Clouded Judgement
2023
median
SaaS companies at scale
Clouded Judgement: November 2023 Macro Update & SaaS Valuation Multiples Analysis →
20 percent
OnlyCFO
2023
minimum
Cloud companies at scale
Is Customer Success COGS or OpEx? Understanding Gross Margin Accounting Classification →
8 percent
Clouded Judgement
2023
median
Public SaaS companies, Q3 2023
Clouded Judgement: Q3 2023 SaaS Earnings Preview & Valuation Analysis →
8 percent
Clouded Judgement
2023
median
Public SaaS companies with positive FCF
Clouded Judgement: Net New ARR Rebound & AWS ReInvent 2023 Implications →
8 percent
Clouded Judgement
2023
median
Public SaaS companies with positive FCF
Clouded Judgement: AI Monetization Layers & SaaS Valuation Inflection →
2 percentage points
OnlyCFO
2023
Confluent Q3 2023; $4M absolute miss
Confluent's Valuation Plunge: A Cautionary Tale for High-Growth Companies →
8 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: No Sign of Re-Acceleration in Software →
7 percent
Clouded Judgement
2023
median
Public SaaS companies at scale
Clouded Judgement: Cloud Giants Q3 2023 Report & SaaS Valuation Reality Check →
5 rank
OnlyCFO
2023
best-in-class
ZoomInfo ranked #5 in FCF margins among public software companies despite multiple compression
Drivers of Valuation: DCF Models vs. Revenue Multiples in SaaS →
7 percent
Clouded Judgement
2023
median
Public SaaS cohort
Clouded Judgement: Hyperscaler Cloud Growth & SaaS Valuation Multiples Analysis →
7 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: 2024 Budget Expectations & SaaS Valuation Multiples →
7 percent
Clouded Judgement
2023
median
Public SaaS companies with positive NTM FCF
Clouded Judgement: Fed Rate Projections & SaaS Valuation Multiples →
7 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Interest Rate Risk & SaaS Valuation Compression →
2% percent
OnlyCFO
2023
median
Q1 2020, cloud software companies
Are IPOs Good Investments? Historical Performance of Software IPOs and Retail Investor Returns →
13% percent
OnlyCFO
2023
median
Q1 2023, cloud software companies
Are IPOs Good Investments? Historical Performance of Software IPOs and Retail Investor Returns →
-3% percent
OnlyCFO
2023
median
Q2 2022, cloud software companies
Are IPOs Good Investments? Historical Performance of Software IPOs and Retail Investor Returns →
24% percent
OnlyCFO
2023
Company IPO profile, demonstrating profitability at scale
Are IPOs Good Investments? Historical Performance of Software IPOs and Retail Investor Returns →
7 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Medium-Term Software Valuation Setup →
30% percent
OnlyCFO
2023
best-in-class
Best-in-class software companies at scale
Death From Benchmarking →
12 percent
Clouded Judgement
2023
median
Median NTM FCF margin for SaaS software index, current
Clouded Judgement: Are Software Companies Over or Undervalued? →
6 percent
Clouded Judgement
2023
average
Long-term pre-COVID average FCF margin
Clouded Judgement: Are Software Companies Over or Undervalued? →
20 percent
Clouded Judgement
2023
minimum
High-quality SaaS companies (Crowdstrike, Zscaler, Snowflake)
Clouded Judgement: Are Software Companies Over or Undervalued? →
8 percent
Clouded Judgement
2023
last twelve months
Klaviyo LTM
Clouded Judgement: Klaviyo S-1 Benchmarking Analysis →
30 percent
OnlyCFO
2023
target
Mature SaaS companies at scale; aspirational cloud company terminal margin
Cloud Unit Economics: Why High Cash-Burning Cloud Companies Might Make Sense →
6 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Q2 SaaS Earnings Review & Valuation Multiple Analysis →
6 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Cloud Giants Q2 Update →
6 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Cloud Giants Q2 Update →
34 percent
OnlyCFO
2023
2nd_highest
Public SaaS companies; ZoomInfo vs. Adobe (40%), Veeva (37%), CrowdStrike (32%), ServiceNow (28%)
ZoomInfo Deep Dive: Lessons from Efficiency-Driven Growth and Profitability →
38 percent
OnlyCFO
2023
2nd_best
Public SaaS companies; projected improvement of 4 percentage points; peer range 28-41%
ZoomInfo Deep Dive: Lessons from Efficiency-Driven Growth and Profitability →
5 percent
Clouded Judgement
2023
median
Public SaaS companies at scale
Clouded Judgement: Cloud Infrastructure Optimization Cycles & Soft Landing Macro Outlook →
5 percent
Clouded Judgement
2023
median
80 tracked software companies, LTM basis
Clouded Judgement: Are Software Companies Bad Businesses? →
13 percent
Clouded Judgement
2023
median
Q1 2023, most recent quarter in dataset
Clouded Judgement: Are Software Companies Bad Businesses? →
30 percent
Clouded Judgement
2023
target
Software companies in maturity mode at 10% revenue growth
Clouded Judgement: Are Software Companies Bad Businesses? →
-11 percent
Clouded Judgement
2023
median
LTM FCF margin prior to software IPO
Clouded Judgement: IPO Readiness Metrics & Software Market Drought →
5 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: IPO Readiness Metrics & Software Market Drought →
5 percent
Clouded Judgement
2023
median
SaaS companies
Clouded Judgement: Rising Rates and SaaS Valuation Multiples →
5 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Q1 2023 SaaS Earnings Trends and Valuation Multiple Analysis →
3 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Growth-Adjusted Software Multiples and Valuation Reset →
3 percent
Clouded Judgement
2023
median
Public SaaS companies analyzed in cohort
Clouded Judgement: Q1 2023 Cloud Software Consumption Trends →
3% percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Q1 2023 SaaS Net New ARR Slowing & Demand Environment Divergence →
3 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: May 2023 Cloud Software Consumption Trends →
10 percent
Clouded Judgement
2023
median
Public cloud software companies, approaching this level in Q1 2023
Clouded Judgement: Q1 2023 SaaS Earnings Reflections →
2 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: 2023 Full Year Guidance Update & SaaS Valuation Analysis →
3 percent
Clouded Judgement
2023
median
Public SaaS companies (NTM)
Clouded Judgement: Consumption Software Slowdown & Q1 2023 Reacceleration Signals →
2% percent
Clouded Judgement
2023
median
Public SaaS companies tracked in article
Clouded Judgement: Hyperscaler Q1 Reports & The AWS April Growth Cliff →
-10 percent
OnlyCFO
2023
median
Top 10 public SaaS companies (November 2021)
SentinelOne and the 2021 SaaS Valuation Bubble: Growth vs. Profitability Trade-off in Market Reset →
-47 percent
OnlyCFO
2023
SentinelOne current state
SentinelOne and the 2021 SaaS Valuation Bubble: Growth vs. Profitability Trade-off in Market Reset →
-27 percent
OnlyCFO
2023
SentinelOne forecast
SentinelOne and the 2021 SaaS Valuation Bubble: Growth vs. Profitability Trade-off in Market Reset →
2 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
2 percent
Clouded Judgement
2023
median
SaaS companies in benchmark sample
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
2 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Q4 '22 Net New ARR Slowdown & Cloud Optimization Headwinds →
2 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: IT Budget Sentiment Stabilizing Amid SaaS Growth Deceleration →
2 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: How Will AI Effect Software Business Models? →
-137% percent
OnlyCFO
2023
median
SaaS companies at $10M ARR (0 quarters post-$10M milestone)
How to Read Cash Flow Statements →
-85% percent
OnlyCFO
2023
top-quartile
SaaS companies at $10M ARR (0 quarters post-$10M milestone)
How to Read Cash Flow Statements →
0% percent
OnlyCFO
2023
top-quartile
SaaS companies 16 quarters after $10M ARR
How to Read Cash Flow Statements →
-19% percent
OnlyCFO
2023
median
SaaS companies 16 quarters after $10M ARR
How to Read Cash Flow Statements →
25-30% percent
OnlyCFO
2023
target
Mature/scale-stage SaaS companies
How to Read Cash Flow Statements →
-5 percent
KeyBanc
2022
median
2021, private SaaS companies
2022 Private SaaS Company Survey Results - KeyBanc Capital Markets →
-20 percent
KeyBanc
2022
median
Companies targeting public listing
2022 Private SaaS Company Survey Results - KeyBanc Capital Markets →
9 percent
KeyBanc
2022
median
Companies targeting sponsor acquisition
2022 Private SaaS Company Survey Results - KeyBanc Capital Markets →
3 percent
Clouded Judgement
2022
median
Public cloud software companies
Clouded Judgement →
3 percent
Clouded Judgement
2022
median
Top 10 SaaS companies by market cap, April 2022
Clouded Judgement: Q1 GDP Recession Signals & SaaS Valuation Resilience →
3 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
3 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement →
-4 percent
Clouded Judgement
2022
median
Q4 2021 public cloud software
Clouded Judgement: Q4 '21 Public Cloud Software Earnings Analysis →
29 percent
Clouded Judgement
2022
top-decile
Q4 2021 public cloud software
Clouded Judgement: Q4 '21 Public Cloud Software Earnings Analysis →
4% percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement →
4 percent
Clouded Judgement
2022
median
Public SaaS companies, April 2022
Clouded Judgement →
8 percent
Clouded Judgement
2022
median
Top 10 public SaaS companies
Clouded Judgement →
2 percent
Clouded Judgement
2022
median
Public SaaS cohort
Clouded Judgement: Inflation, Rate Risk, and SaaS Valuation Multiples →
3 percent
Clouded Judgement
2022
median
Public SaaS median across all cohorts
Clouded Judgement: SaaS Valuation Multiples & Market Risk-Off Dynamics →
4 percent
Clouded Judgement
2022
median
Public SaaS cohort
Clouded Judgement →
3 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement: COVID Pull Forward vs. Durable Trend in Cloud Software Valuations →
3% percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement →
4 percent
Clouded Judgement
2022
median
Public SaaS companies (Feb 2022)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
4 percent
Clouded Judgement
2022
median
Public SaaS cohort
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
3 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement →
3 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement →
4 percent
Clouded Judgement
2022
median
Overall public SaaS companies
Clouded Judgement: Cloud SaaS Valuation Multiple Compression & Fundamental Performance Disconnect →
-10 percent
Clouded Judgement
2022
median
Top 10 highest-valued SaaS companies
Clouded Judgement: Cloud SaaS Valuation Multiple Compression & Fundamental Performance Disconnect →
3 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
3 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement →
4 percent
Clouded Judgement
2022
median
Public SaaS companies, January 2022
Clouded Judgement: SaaS Valuation Multiple Compression & Growth-Adjusted Analysis (Jan 2022) →
-8% percent
Clouded Judgement
2021
median
Top 10 highest-multiple SaaS companies
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
4 percent
Clouded Judgement
2021
median
SaaS cohort overall
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
-1 percent
Clouded Judgement
2021
median
Public cloud software companies, Q3 2021
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
23 percent
Clouded Judgement
2021
top-decile
Public cloud software companies, Q3 2021
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
4 percent
Clouded Judgement
2021
median
Overall SaaS market
Clouded Judgement →
-7 percent
Clouded Judgement
2021
median
Top 10 highest-valued SaaS companies
Clouded Judgement →
4% percent
Clouded Judgement
2021
median
Public SaaS cohort free cash flow margin
Clouded Judgement →
5 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-18 percent
Clouded Judgement
2021
median
Top 10 high-growth SaaS companies
Clouded Judgement →
5 percent
Clouded Judgement
2021
median
Overall SaaS market
Clouded Judgement →
5 percent
Clouded Judgement
2021
median
Public SaaS cohort
Clouded Judgement →
5 percent
Clouded Judgement
2021
median
Public SaaS companies in cohort
Clouded Judgement →
6 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
6 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
6 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
6% percent
Clouded Judgement
2021
median
Public cloud software companies (Q3 2021)
Clouded Judgement →
6 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
6 percent
Clouded Judgement
2021
median
Public SaaS companies at scale
Clouded Judgement →
6 percent
Clouded Judgement
2021
median
SaaS market broad benchmark
Clouded Judgement: Interest Rate Impact on Cloud Software Valuation & SaaS Benchmarks →
6% percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
6 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
6 percent
Clouded Judgement
2021
median
Public SaaS companies, Q2 2021
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
31 percent
Clouded Judgement
2021
top-decile
Public SaaS companies, Q2 2021
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
9 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
8 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: Cloud SaaS Valuation Multiples & Operating Metrics Analysis →
-10 percent
Clouded Judgement
2021
median
Top 10 highest-valued SaaS companies by EV/NTM revenue
Clouded Judgement: Cloud SaaS Valuation Multiples & Operating Metrics Analysis →
8 percent
Clouded Judgement
2021
median
Public SaaS companies at scale
Clouded Judgement →
9 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: Q2 2021 SaaS Growth Acceleration & Valuation Analysis →
9 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Growth Correlation Analysis →
9 percent
Clouded Judgement
2021
median
Public SaaS companies as of Aug 2021
Clouded Judgement →
-4 percent
Clouded Judgement
2021
median
Top 10 highest-valued SaaS companies
Clouded Judgement →
9 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
9% percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
9% percent
Clouded Judgement
2021
median
SaaS public companies
Clouded Judgement →
9 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis →
10 percent
Clouded Judgement
2021
median
Public SaaS companies as of July 2021
Clouded Judgement →
10 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
11 percent
Clouded Judgement
2021
median
Public cloud/SaaS companies Q1 2021
Clouded Judgement: A Look Back at Q1 '21 Public Cloud Earnings →
46 percent
Clouded Judgement
2021
top-decile
Public cloud/SaaS companies Q1 2021
Clouded Judgement: A Look Back at Q1 '21 Public Cloud Earnings →
10 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
9 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
9 percent
Clouded Judgement
2021
median
SaaS companies at scale
Clouded Judgement →
10 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
10 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
10 percent
Clouded Judgement
2021
median
Public SaaS companies in analysis set
Clouded Judgement →
10 percent
Clouded Judgement
2021
median
SaaS public company cohort
Clouded Judgement →
10 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
10 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-22 percent
Clouded Judgement
2021
Monday.com LTM; significant cash burn despite high gross margins and growth
Monday.com S-1 Analysis: Benchmarking Growth, Margins, and Unit Economics Against Public SaaS Peers →
-22 percent
Clouded Judgement
2021
Monday.com LTM pre-IPO
Monday.com S-1 Analysis: Benchmarking Growth, Margins, and Unit Economics Against Public SaaS Peers →
11 percent
Clouded Judgement
2021
median
SaaS public company peer set
Clouded Judgement: SaaS Valuation Multiples Analysis (May 2021) →
8 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
8 percent
Clouded Judgement
2021
median
Top 10 SaaS companies by valuation multiple
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
8 percent
Clouded Judgement
2021
median
Public SaaS companies in top 10 by valuation
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
9 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
9 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
9 percent
Clouded Judgement
2021
median
Public SaaS companies in cohort
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
9 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
15 percent
Clouded Judgement
2021
median
Top 10 cloud SaaS companies
Clouded Judgement: SaaS Valuation Multiples and Treasury Correlation Analysis →
9% percent
Clouded Judgement
2021
median
Public SaaS cohort (April 2021)
Clouded Judgement: SaaS Valuation Multiples and Treasury Correlation Analysis →
9 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
9 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
9 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
8 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Analysis & Okta-Auth0 M&A (Mar 2021) →
5 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Feb 2021) →
6 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
6 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
5 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Quarterly Performance Analysis (Feb 2021) →
5 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (Feb 5, 2021) →
5 percent
Clouded Judgement
2021
median
Public SaaS companies, January 2021
Clouded Judgement →
5 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Jan 2021) →
5 percent
Clouded Judgement
2021
median
Public SaaS cohort
Clouded Judgement →
-14 percent
Clouded Judgement
2020
Qualtrics LTM after adjusting for acquisition and IPO costs
Clouded Judgement: Qualtrics S-1 Benchmarking & IPO Valuation Analysis →
5 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement: SaaS Valuation & Acceleration Analysis (Q3 2020) →
5 percent
Clouded Judgement
2020
median
SaaS cohort
Clouded Judgement →
5 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement →
5 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement: SaaS Growth Trajectories and Valuation Multiples Analysis →
5 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement →
5 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement: SaaS Valuation and Earnings Analysis (November 2020) →
4 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement: Q3 2020 SaaS Earnings & Valuation Multiple Analysis →
4 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement →
4 percent
Clouded Judgement
2020
median
Public SaaS companies, October 2020
Clouded Judgement →
10 percent
Clouded Judgement
2020
median
Top 10 SaaS companies by valuation
Clouded Judgement →
4 percent
Clouded Judgement
2020
median
SaaS benchmarking cohort
Clouded Judgement →
9 percent
Clouded Judgement
2020
median
Top 10 highest-valued SaaS companies
Clouded Judgement →
4 percent
Clouded Judgement
2020
median
SaaS benchmarks overall
Clouded Judgement →
4 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement →
4% percent
Clouded Judgement
2020
median
SaaS cohort
Clouded Judgement →
4 percent
Clouded Judgement
2020
median
SaaS cohort
Clouded Judgement →
4 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Trends & Direct Listing Reform →
4 percent
Clouded Judgement
2020
median
SaaS cohort, August 2020
Clouded Judgement →
5% percent
Clouded Judgement
2020
median
SaaS cohort August 2020
Clouded Judgement →
10 percent
Clouded Judgement
2020
median
Top 10 SaaS companies by valuation (Q2 2020)
Clouded Judgement →