395 observations · 270 reports · 11 publishers
Gross Margin.
Every Gross Margin observation from our practitioner benchmark corpus. Latest: Clouded Judgement (2026).
Observations
395
Reports
270
Publishers
11
Latest
Clouded Judgement
2026-03-27
2026-03-27
76 percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: From GPU Hours to Token Dollars—Pricing AI Infrastructure for the Inference Era →
Public SaaS companies
Clouded Judgement: From GPU Hours to Token Dollars—Pricing AI Infrastructure for the Inference Era →
82.0 percent
OnlyCFO
2026
Q3FY24 for tracked SaaS company
OnlyCFO Newsletter: Revenue Durability, AI Disruption, and the SaaS Reckoning →
OnlyCFO Newsletter: Revenue Durability, AI Disruption, and the SaaS Reckoning →
76 percent
Clouded Judgement
2026
median
Public SaaS companies in index
Clouded Judgement: Digital Twins as the Infrastructure Layer for AI Agents →
Public SaaS companies in index
Clouded Judgement: Digital Twins as the Infrastructure Layer for AI Agents →
60 %
Tomasz Tunguz
2026
assumed
Hyperscaler AI services
The 12x Bet on AI: Understanding Hyperscaler Capital Expenditure and Revenue Growth Requirements →
Hyperscaler AI services
The 12x Bet on AI: Understanding Hyperscaler Capital Expenditure and Revenue Growth Requirements →
75 percent
Clouded Judgement
2026
median
SaaS public companies (quarterly reports dataset)
Clouded Judgement: In Defense of Model Lab Profitability →
SaaS public companies (quarterly reports dataset)
Clouded Judgement: In Defense of Model Lab Profitability →
40 percent
Clouded Judgement
2026
-94 percent
Clouded Judgement
2026
median
Anthropic in 2024 (reported by The Information)
Clouded Judgement: In Defense of Model Lab Profitability →
Anthropic in 2024 (reported by The Information)
Clouded Judgement: In Defense of Model Lab Profitability →
75 percent
Clouded Judgement
2026
median
Cloud SaaS companies at scale
Get in the Token Path: Infrastructure Monetization in the AI Era →
Cloud SaaS companies at scale
Get in the Token Path: Infrastructure Monetization in the AI Era →
76 percent
Clouded Judgement
2026
80 %
a16z
2026
75.0 percent
OnlyCFO
2026
minimum
SaaS companies deploying high S&M spend without alternative distribution channels
Praying for Distribution | AI Changes the Math →
SaaS companies deploying high S&M spend without alternative distribution channels
Praying for Distribution | AI Changes the Math →
76 percent
Clouded Judgement
2026
median
SaaS companies in Jamin Ball's quarterly report sample
Clouded Judgement: The SSD/Memory Reckoning →
SaaS companies in Jamin Ball's quarterly report sample
Clouded Judgement: The SSD/Memory Reckoning →
75.0 percent
OnlyCFO
2026
76 percent
Clouded Judgement
2026
10 percentage points
OnlyCFO
2026
increase from Q2 2025 to Q4 2025
AI software companies across segments
The Payroll Strategy Toolkit for 2026: AI Budget Dynamics, Vertical Moats & Pricing Changes →
AI software companies across segments
The Payroll Strategy Toolkit for 2026: AI Budget Dynamics, Vertical Moats & Pricing Changes →
50 percent
OnlyCFO
2026
Brex reported gross margins used in valuation analysis
OnlyCFO Newsletter: Brex's $5.15B Exit, Zoom's Anthropic Windfall, and Notion's Employee-Friendly Tender Offer →
OnlyCFO Newsletter: Brex's $5.15B Exit, Zoom's Anthropic Windfall, and Notion's Employee-Friendly Tender Offer →
76 percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Compression and the Terminal Value Crisis →
Public SaaS companies
Clouded Judgement: SaaS Valuation Compression and the Terminal Value Crisis →
76 percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: The Year of Multi-Modal AI and SaaS Valuation Analysis →
Public SaaS companies
Clouded Judgement: The Year of Multi-Modal AI and SaaS Valuation Analysis →
76 percent
Clouded Judgement
2026
76 percent
Clouded Judgement
2026
76% percent
Clouded Judgement
2026
52% %
ICONIQ
2026
74% percent
High Alpha
2025
77% percent
High Alpha
2025
80% percent
High Alpha
2025
78% percent
High Alpha
2025
79% percent
High Alpha
2025
76% percent
Clouded Judgement
2025
76 percent
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 →
20-40 percent
drive.google.com
2025
76 percent
Clouded Judgement
2025
median
Public SaaS companies in sample
Clouded Judgement: Systems of Record in the Age of AI Agents →
Public SaaS companies in sample
Clouded Judgement: Systems of Record in the Age of AI Agents →
76 percent
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 →
76 percent
Clouded Judgement
2025
76 percent
Clouded Judgement
2025
78 percent
KeyBanc
2025
median
Private SaaS companies in 2024; expected to reach 78% in 2025 and 79% in 2026
KeyBanc Capital Markets & Sapphire Ventures 2025 SaaS Survey: AI-Driven Growth & Profitability Focus →
Private SaaS companies in 2024; expected to reach 78% in 2025 and 79% in 2026
KeyBanc Capital Markets & Sapphire Ventures 2025 SaaS Survey: AI-Driven Growth & Profitability Focus →
76 percent
Clouded Judgement
2025
median
Public SaaS companies
Clouded Judgement: Cloud Giants Report Q3 2025 – Capacity, AI Demand, and SaaS Valuation Multiples →
Public SaaS companies
Clouded Judgement: Cloud Giants Report Q3 2025 – Capacity, AI Demand, and SaaS Valuation Multiples →
77.0 percent
OnlyCFO
2025
75.0 percent
OnlyCFO
2025
80% percent
drive.google.com
2025
top-quartile
Software companies at scale
State of Software 2025: Rethinking the Playbook - Annual Topline Growth and Operational Efficiency Report →
Software companies at scale
State of Software 2025: Rethinking the Playbook - Annual Topline Growth and Operational Efficiency Report →
69% percent
OnlyCFO
2025
Netskope non-GAAP FY25 (year ended Jan 31, 2025)
Netskope IPO: Window Dressing or Real Growth — Pre-IPO Financial Optimization Tactics in SaaS →
Netskope IPO: Window Dressing or Real Growth — Pre-IPO Financial Optimization Tactics in SaaS →
65% percent
OnlyCFO
2025
Netskope GAAP FY25 (year ended Jan 31, 2025)
Netskope IPO: Window Dressing or Real Growth — Pre-IPO Financial Optimization Tactics in SaaS →
Netskope IPO: Window Dressing or Real Growth — Pre-IPO Financial Optimization Tactics in SaaS →
75.0 percent
OnlyCFO
2025
average
Historical SaaS companies at scale
Answering the AI Gross Margin Debate: Terminal EBITDA Margin as the Real Measure of Long-Term Monopoly Power →
Historical SaaS companies at scale
Answering the AI Gross Margin Debate: Terminal EBITDA Margin as the Real Measure of Long-Term Monopoly Power →
50.0 percent
OnlyCFO
2025
average
Most current AI products
Answering the AI Gross Margin Debate: Terminal EBITDA Margin as the Real Measure of Long-Term Monopoly Power →
Most current AI products
Answering the AI Gross Margin Debate: Terminal EBITDA Margin as the Real Measure of Long-Term Monopoly Power →
60.0 percent
OnlyCFO
2025
average
Bessemer 'Shooting Stars' AI companies
Answering the AI Gross Margin Debate: Terminal EBITDA Margin as the Real Measure of Long-Term Monopoly Power →
Bessemer 'Shooting Stars' AI companies
Answering the AI Gross Margin Debate: Terminal EBITDA Margin as the Real Measure of Long-Term Monopoly Power →
25 percent
Bessemer
2025
average
AI Supernova archetype (often negative)
Bessemer Venture Partners: State of AI – The New $100M ARR Growth Curve for AI Startups →
AI Supernova archetype (often negative)
Bessemer Venture Partners: State of AI – The New $100M ARR Growth Curve for AI Startups →
60 percent
Bessemer
2025
average
AI Shooting Star archetype
Bessemer Venture Partners: State of AI – The New $100M ARR Growth Curve for AI Startups →
AI Shooting Star archetype
Bessemer Venture Partners: State of AI – The New $100M ARR Growth Curve for AI Startups →
75 percent
drive.google.com
2025
target
Industry standard for premium SaaS valuations
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
Industry standard for premium SaaS valuations
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
80 percent
drive.google.com
2025
best-in-class
Top decile SaaS companies
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
Top decile SaaS companies
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
72 percent
drive.google.com
2025
median
SaaS companies, 2025
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
SaaS companies, 2025
SaaS Valuation Multiples: 2025 – A Comprehensive Analysis of Current Market Trends →
87 percent
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 →
89 percent
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 →
77 percent
drive.google.com
2025
81 percent
drive.google.com
2025
30 percent
drive.google.com
2025
74 percent
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 →
70 percent
OnlyCFO
2025
minimum
Historical cloud company target
Will AI Change Profit Targets? The goalposts are shifting and you aren't ready →
Historical cloud company target
Will AI Change Profit Targets? The goalposts are shifting and you aren't ready →
86 percent
OnlyCFO
2025
top-quartile
SaaS companies with <$25M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
SaaS companies with <$25M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
73 percent
OnlyCFO
2025
median
SaaS companies with <$25M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
SaaS companies with <$25M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
78 percent
OnlyCFO
2025
top-quartile
SaaS companies with $25-50M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
SaaS companies with $25-50M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
71 percent
OnlyCFO
2025
median
SaaS companies with $25-50M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
SaaS companies with $25-50M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
80 percent
OnlyCFO
2025
top-quartile
SaaS companies with $50-100M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
SaaS companies with $50-100M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
72 percent
OnlyCFO
2025
median
SaaS companies with $50-100M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
SaaS companies with $50-100M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
83 percent
OnlyCFO
2025
top-quartile
SaaS companies with $100-200M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
SaaS companies with $100-200M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
74 percent
OnlyCFO
2025
median
SaaS companies with $100-200M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
SaaS companies with $100-200M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
83 percent
OnlyCFO
2025
top-quartile
SaaS companies with >$200M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
SaaS companies with >$200M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
77 percent
OnlyCFO
2025
median
SaaS companies with >$200M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
SaaS companies with >$200M ARR (ICONIQ Growth portfolio)
The True Cost of Churn: Quantifying Direct and Second-Order Revenue Impact in SaaS →
76 percent
Clouded Judgement
2025
median
SaaS public companies
Clouded Judgement: Bond Market Volatility, Treasury Auctions, and SaaS Valuation Multiples →
SaaS public companies
Clouded Judgement: Bond Market Volatility, Treasury Auctions, and SaaS Valuation Multiples →
12 months
Clouded Judgement
2025
best-in-class
Private SaaS companies
Clouded Judgement: Q4 '24 Public Cloud Software Earnings Analysis →
Private SaaS companies
Clouded Judgement: Q4 '24 Public Cloud Software Earnings Analysis →
24 months
Clouded Judgement
2025
maximum
Private SaaS companies (subpar threshold)
Clouded Judgement: Q4 '24 Public Cloud Software Earnings Analysis →
Private SaaS companies (subpar threshold)
Clouded Judgement: Q4 '24 Public Cloud Software Earnings Analysis →
30% percent
OnlyCFO
2025
Example reference point for lower-margin product comparison
2026 State of GTM | Benchmarks & Data →
2026 State of GTM | Benchmarks & Data →
75% percent
OnlyCFO
2025
Example reference point for high-margin product comparison
2026 State of GTM | Benchmarks & Data →
2026 State of GTM | Benchmarks & Data →
86 percent
OnlyCFO
2025
92 percent
OnlyCFO
2025
Figma pre-IPO baseline
How Low Can Figma Go? Post-IPO Performance and AI Investment Challenges →
How Low Can Figma Go? Post-IPO Performance and AI Investment Challenges →
20 percent
OnlyCFO
2025
minimum
Premium support offerings; ranges 20-50% depending on scale
The AI Growth Endurance Problem →
Premium support offerings; ranges 20-50% depending on scale
The AI Growth Endurance Problem →
-20 percent
OnlyCFO
2025
minimum
Billable services; ranges -20% to 50% depending on scale and monetization
The AI Growth Endurance Problem →
Billable services; ranges -20% to 50% depending on scale and monetization
The AI Growth Endurance Problem →
73 percent
OnlyCFO
2025
median
SaaS companies with <$25M ARR
Do Gross Margins Matter? When and why to care about gross margins. And what is AI's impact on gross margin →
SaaS companies with <$25M ARR
Do Gross Margins Matter? When and why to care about gross margins. And what is AI's impact on gross margin →
71 percent
OnlyCFO
2025
median
SaaS companies with $25-$50M ARR
Do Gross Margins Matter? When and why to care about gross margins. And what is AI's impact on gross margin →
SaaS companies with $25-$50M ARR
Do Gross Margins Matter? When and why to care about gross margins. And what is AI's impact on gross margin →
72 percent
OnlyCFO
2025
median
SaaS companies with $50-$100M ARR
Do Gross Margins Matter? When and why to care about gross margins. And what is AI's impact on gross margin →
SaaS companies with $50-$100M ARR
Do Gross Margins Matter? When and why to care about gross margins. And what is AI's impact on gross margin →
74 percent
OnlyCFO
2025
median
SaaS companies with $100-$200M ARR
Do Gross Margins Matter? When and why to care about gross margins. And what is AI's impact on gross margin →
SaaS companies with $100-$200M ARR
Do Gross Margins Matter? When and why to care about gross margins. And what is AI's impact on gross margin →
77 percent
OnlyCFO
2025
median
SaaS companies with >$200M ARR
Do Gross Margins Matter? When and why to care about gross margins. And what is AI's impact on gross margin →
SaaS companies with >$200M ARR
Do Gross Margins Matter? When and why to care about gross margins. And what is AI's impact on gross margin →
86 percent
OnlyCFO
2025
top-quartile
SaaS companies with <$25M ARR
Do Gross Margins Matter? When and why to care about gross margins. And what is AI's impact on gross margin →
SaaS companies with <$25M ARR
Do Gross Margins Matter? When and why to care about gross margins. And what is AI's impact on gross margin →
83 percent
OnlyCFO
2025
top-quartile
SaaS companies with >$200M ARR
Do Gross Margins Matter? When and why to care about gross margins. And what is AI's impact on gross margin →
SaaS companies with >$200M ARR
Do Gross Margins Matter? When and why to care about gross margins. And what is AI's impact on gross margin →
76 percent
Clouded Judgement
2025
median
Public SaaS companies
Clouded Judgement: Q4 2024 Software Earnings & SaaS Valuation Analysis →
Public SaaS companies
Clouded Judgement: Q4 2024 Software Earnings & SaaS Valuation Analysis →
57% percent
OnlyCFO
2025
Fastly at time of analysis
Fastly's Collapse: Lessons in Broken Unit Economics and SaaS Valuation Destruction →
Fastly's Collapse: Lessons in Broken Unit Economics and SaaS Valuation Destruction →
70% percent
OnlyCFO
2025
median
Top 10 public cloud companies in Oct 2020
Fastly's Collapse: Lessons in Broken Unit Economics and SaaS Valuation Destruction →
Top 10 public cloud companies in Oct 2020
Fastly's Collapse: Lessons in Broken Unit Economics and SaaS Valuation Destruction →
75% percent
OnlyCFO
2025
average
Comparable SaaS companies (Amplitude cited at ~77%)
Fastly's Collapse: Lessons in Broken Unit Economics and SaaS Valuation Destruction →
Comparable SaaS companies (Amplitude cited at ~77%)
Fastly's Collapse: Lessons in Broken Unit Economics and SaaS Valuation Destruction →
76 percent
OnlyCFO
2025
median
Public B2B SaaS companies
Lessons From Amplitude's Fall: Direct Listings, Extended PTEPs, and NRR Death Spirals →
Public B2B SaaS companies
Lessons From Amplitude's Fall: Direct Listings, Extended PTEPs, and NRR Death Spirals →
90 percent
OnlyCFO
2025
Autodesk example of high-margin software moat
Lessons From Amplitude's Fall: Direct Listings, Extended PTEPs, and NRR Death Spirals →
Lessons From Amplitude's Fall: Direct Listings, Extended PTEPs, and NRR Death Spirals →
76 percent
Clouded Judgement
2025
median
Public SaaS companies
Clouded Judgement: December Inflation Data & SaaS Valuation Multiples →
Public SaaS companies
Clouded Judgement: December Inflation Data & SaaS Valuation Multiples →
65 percent
OnlyCFO
2025
median
Subscription SaaS companies with annual revenue <$1M
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
Subscription SaaS companies with annual revenue <$1M
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
80 percent
OnlyCFO
2025
median
Subscription SaaS companies with annual revenue $1M-$5M
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
Subscription SaaS companies with annual revenue $1M-$5M
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
80 percent
OnlyCFO
2025
median
Subscription SaaS companies with annual revenue $5M-$20M
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
Subscription SaaS companies with annual revenue $5M-$20M
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
79 percent
OnlyCFO
2025
median
Subscription SaaS companies with annual revenue $20M-$50M
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
Subscription SaaS companies with annual revenue $20M-$50M
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
78 percent
OnlyCFO
2025
median
Subscription SaaS companies with annual revenue $50M-$100M
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
Subscription SaaS companies with annual revenue $50M-$100M
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
75 percent
OnlyCFO
2025
median
Subscription SaaS companies with annual revenue >$100M
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
Subscription SaaS companies with annual revenue >$100M
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
3-8 percentage_points
OnlyCFO
2025
AI-heavy cloud companies introducing new AI products in 2025
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
OnlyCFO's 3 Predictions for 2025: Growth vs Profitability, Gross Margins, and M&A Environment →
76 percent
Clouded Judgement
2025
75.0 percent
OnlyCFO
2025
minimum
High-growth cloud companies where inefficiencies can be hidden
Driving Efficient Growth in 2025: Lessons from Ramp's High-Growth Finance Operations →
High-growth cloud companies where inefficiencies can be hidden
Driving Efficient Growth in 2025: Lessons from Ramp's High-Growth Finance Operations →
76 percent
Clouded Judgement
2024
median
Software universe
Clouded Judgement: Beat and No Raise? – SaaS Multiple Expansion Without Earnings Growth →
Software universe
Clouded Judgement: Beat and No Raise? – SaaS Multiple Expansion Without Earnings Growth →
75 percent
Clouded Judgement
2024
64 percent
Clouded Judgement
2024
ServiceTitan LTM GAAP
ServiceTitan S-1 Filing: SaaS Benchmarking Analysis for Pre-IPO Home Services Platform →
ServiceTitan S-1 Filing: SaaS Benchmarking Analysis for Pre-IPO Home Services Platform →
76 percent
Clouded Judgement
2024
75 percent
OnlyCFO
2024
median
Public company SaaS industry (historical baseline)
Annualized Gross Profit as the New North Star: Why ARR's Usefulness is Diminishing →
Public company SaaS industry (historical baseline)
Annualized Gross Profit as the New North Star: Why ARR's Usefulness is Diminishing →
75 percent
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 →
-29 percent
OnlyCFO
2024
Zuora FY24
Negative margin indicating services sold below cost
A $1.7B Failure: PE Buys Zuora – Lessons from Zuora's IPO-to-Acquisition Decline →
Negative margin indicating services sold below cost
A $1.7B Failure: PE Buys Zuora – Lessons from Zuora's IPO-to-Acquisition Decline →
-3 percent
OnlyCFO
2024
Zuora FY18
Break-even professional services margin at IPO time
A $1.7B Failure: PE Buys Zuora – Lessons from Zuora's IPO-to-Acquisition Decline →
Break-even professional services margin at IPO time
A $1.7B Failure: PE Buys Zuora – Lessons from Zuora's IPO-to-Acquisition Decline →
75 percent
Clouded Judgement
2024
72% percent
KeyBanc
2024
median
Private SaaS companies, 2024E
2024 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: Growth Deceleration and Profitability Focus →
Private SaaS companies, 2024E
2024 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: Growth Deceleration and Profitability Focus →
81% percent
KeyBanc
2024
top-quartile
Private SaaS companies, 2024E
2024 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: Growth Deceleration and Profitability Focus →
Private SaaS companies, 2024E
2024 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: Growth Deceleration and Profitability Focus →
78% percent
KeyBanc
2024
median
Private SaaS companies, subscription revenue only
2024 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: Growth Deceleration and Profitability Focus →
Private SaaS companies, subscription revenue only
2024 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: Growth Deceleration and Profitability Focus →
<12 months
Clouded Judgement
2024
best-in-class
Private SaaS companies
Clouded Judgement: Q2 2024 Public Cloud Software Earnings Analysis →
Private SaaS companies
Clouded Judgement: Q2 2024 Public Cloud Software Earnings Analysis →
12-24 months
Clouded Judgement
2024
>24 months
Clouded Judgement
2024
75 percent
Clouded Judgement
2024
75% percent
Clouded Judgement
2024
60 percent
OnlyCFO
2024
Lower-end SaaS business profile for valuation comparison
Dreams of Premium Revenue Multiples: Why Revenue Multiples Are Deceiving and How to Achieve Premium Valuations →
Dreams of Premium Revenue Multiples: Why Revenue Multiples Are Deceiving and How to Achieve Premium Valuations →
80 percent
OnlyCFO
2024
Higher-end SaaS business profile commanding premium multiples
Dreams of Premium Revenue Multiples: Why Revenue Multiples Are Deceiving and How to Achieve Premium Valuations →
Dreams of Premium Revenue Multiples: Why Revenue Multiples Are Deceiving and How to Achieve Premium Valuations →
20 percent
OnlyCFO
2024
historical
Typical profit margins for cloud companies in earlier era
Dreams of Premium Revenue Multiples: Why Revenue Multiples Are Deceiving and How to Achieve Premium Valuations →
Typical profit margins for cloud companies in earlier era
Dreams of Premium Revenue Multiples: Why Revenue Multiples Are Deceiving and How to Achieve Premium Valuations →
81% percent
OnlyCFO
2024
70 percent
Clouded Judgement
2024
75 percent
Clouded Judgement
2024
75 percent
Clouded Judgement
2024
median
Public SaaS companies at scale
Clouded Judgement: Can Subscale Software Companies Go Public? →
Public SaaS companies at scale
Clouded Judgement: Can Subscale Software Companies Go Public? →
77 percent
OnlyCFO
2024
median
Top 10 highest-valued software companies November 2021
Winning Software Budgets in 2024: CFO Scrutiny, Vendor Selection, and Deal Approval Strategy →
Top 10 highest-valued software companies November 2021
Winning Software Budgets in 2024: CFO Scrutiny, Vendor Selection, and Deal Approval Strategy →
12 months
Clouded Judgement
2024
best-in-class
Private SaaS companies
Clouded Judgement: Q1 2024 Public Cloud Software Earnings Analysis →
Private SaaS companies
Clouded Judgement: Q1 2024 Public Cloud Software Earnings Analysis →
24 months
Clouded Judgement
2024
76 percent
Clouded Judgement
2024
76 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Budget Bifurcation in Enterprise Software Procurement →
Public SaaS companies
Clouded Judgement: Budget Bifurcation in Enterprise Software Procurement →
75 percent
OnlyCFO
2024
median
Top 10 public cloud companies
Winners Keep Winning: CrowdStrike's Path to #1 SaaS Revenue Multiple →
Top 10 public cloud companies
Winners Keep Winning: CrowdStrike's Path to #1 SaaS Revenue Multiple →
75 percent
Clouded Judgement
2024
75 percent
Clouded Judgement
2024
75.0 percent
OnlyCFO
2024
target
Software companies historically expected at scale
Blinded by Metrics: How Financial Metrics Can Deceive Investors and Operators →
Software companies historically expected at scale
Blinded by Metrics: How Financial Metrics Can Deceive Investors and Operators →
75 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Hyperscaler Rebound vs. Software Guidance Misses in Q1 2024 →
Public SaaS companies
Clouded Judgement: Hyperscaler Rebound vs. Software Guidance Misses in Q1 2024 →
75 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Azure AI Services Growth Signals Positive Infrastructure Software Outlook →
Public SaaS companies
Clouded Judgement: Azure AI Services Growth Signals Positive Infrastructure Software Outlook →
75 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: March CPI Update & SaaS Valuation Multiple Analysis →
Public SaaS companies
Clouded Judgement: March CPI Update & SaaS Valuation Multiple Analysis →
12 months
Clouded Judgement
2024
best-in-class
Early-to-growth stage private SaaS companies
Clouded Judgement: A Look Back at Q4 '23 Public Cloud Software Earnings →
Early-to-growth stage private SaaS companies
Clouded Judgement: A Look Back at Q4 '23 Public Cloud Software Earnings →
24 months
Clouded Judgement
2024
minimum
Private SaaS companies at acceptable performance threshold
Clouded Judgement: A Look Back at Q4 '23 Public Cloud Software Earnings →
Private SaaS companies at acceptable performance threshold
Clouded Judgement: A Look Back at Q4 '23 Public Cloud Software Earnings →
75 percent
Clouded Judgement
2024
77 percent
Clouded Judgement
2024
Rubrik LTM GAAP
Clouded Judgement: Rubrik S-1 Benchmarking Analysis →
Clouded Judgement: Rubrik S-1 Benchmarking Analysis →
77 percent
Clouded Judgement
2024
Rubrik LTM GAAP, cybersecurity SaaS
Clouded Judgement: Rubrik S-1 Benchmarking Analysis →
Clouded Judgement: Rubrik S-1 Benchmarking Analysis →
75 percent
OnlyCFO
2024
target
B2B SaaS at scale; example used in article
Is SaaS Math Broken? Adapting Unit Economics to New Churn Realities →
B2B SaaS at scale; example used in article
Is SaaS Math Broken? Adapting Unit Economics to New Churn Realities →
75 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
Public SaaS companies
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
75 percent
Clouded Judgement
2024
median
SaaS companies at scale in public markets, Q4 2023
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
SaaS companies at scale in public markets, Q4 2023
Clouded Judgement: Q4 2023 SaaS Earnings Analysis & Valuation Multiples →
75 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
Public SaaS companies
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
75 percent
Clouded Judgement
2024
median
Public SaaS companies at scale (cohort analysis)
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
Public SaaS companies at scale (cohort analysis)
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
76 percent
Clouded Judgement
2024
median
Public SaaS companies, Q4 '23
Clouded Judgement: Q4 '23 SaaS Earnings Recap & Valuation Analysis →
Public SaaS companies, Q4 '23
Clouded Judgement: Q4 '23 SaaS Earnings Recap & Valuation Analysis →
75 percent
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 →
75 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Venture Market Froth and SaaS Valuation Reality Check →
Public SaaS companies
Clouded Judgement: Venture Market Froth and SaaS Valuation Reality Check →
75 percent
Clouded Judgement
2024
median
Cloud software companies
Clouded Judgement: Rule of X and SaaS Valuation Multiplier Dynamics →
Cloud software companies
Clouded Judgement: Rule of X and SaaS Valuation Multiplier Dynamics →
75 percent
OnlyCFO
2024
average
Public B2B SaaS companies at scale
Weave's 150% Stock Gain: Lessons in SMB SaaS Valuation, Margin Expansion, and Growth Deceleration →
Public B2B SaaS companies at scale
Weave's 150% Stock Gain: Lessons in SMB SaaS Valuation, Margin Expansion, and Growth Deceleration →
58 percent
OnlyCFO
2024
Weave Communications at November 2021 IPO
Weave's 150% Stock Gain: Lessons in SMB SaaS Valuation, Margin Expansion, and Growth Deceleration →
Weave's 150% Stock Gain: Lessons in SMB SaaS Valuation, Margin Expansion, and Growth Deceleration →
69 percent
OnlyCFO
2024
Weave Communications as of article date Feb 2024
Weave's 150% Stock Gain: Lessons in SMB SaaS Valuation, Margin Expansion, and Growth Deceleration →
Weave's 150% Stock Gain: Lessons in SMB SaaS Valuation, Margin Expansion, and Growth Deceleration →
75 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: January Green Shoots, CPI Inflation, and SaaS Valuation Multiples →
Public SaaS companies
Clouded Judgement: January Green Shoots, CPI Inflation, and SaaS Valuation Multiples →
77 percent
OnlyCFO
2024
average
Top 10 highest-valuation cloud SaaS companies
Reading Income Statements: What You Must Know About Finance and Accounting for Software Companies →
Top 10 highest-valuation cloud SaaS companies
Reading Income Statements: What You Must Know About Finance and Accounting for Software Companies →
75 percent
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 →
75 percent
Clouded Judgement
2024
75% percent
Clouded Judgement
2024
75% percent
OnlyCFO
2024
median
Public B2B SaaS companies at scale
CrowdStrike - 'Rule of X' Winner! From 30% Gross Margins to Most Efficient Public SaaS →
Public B2B SaaS companies at scale
CrowdStrike - 'Rule of X' Winner! From 30% Gross Margins to Most Efficient Public SaaS →
30% percent
OnlyCFO
2024
CrowdStrike before June 2019 IPO
CrowdStrike - 'Rule of X' Winner! From 30% Gross Margins to Most Efficient Public SaaS →
CrowdStrike - 'Rule of X' Winner! From 30% Gross Margins to Most Efficient Public SaaS →
36% percent
OnlyCFO
2024
75 percent
Clouded Judgement
2024
median
Public SaaS companies (comprehensive benchmark set)
Clouded Judgement: The Bar for Going Public →
Public SaaS companies (comprehensive benchmark set)
Clouded Judgement: The Bar for Going Public →
75 percent
Clouded Judgement
2024
median
SaaS companies at scale (public comps)
Clouded Judgement: The 2021 Funding Reckoning and Path to Founder-Friendly Venture →
SaaS companies at scale (public comps)
Clouded Judgement: The 2021 Funding Reckoning and Path to Founder-Friendly Venture →
75 percent
Clouded Judgement
2024
median
SaaS public companies
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
SaaS public companies
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
75% percent
Clouded Judgement
2024
median
SaaS basket (80 companies)
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
SaaS basket (80 companies)
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
75 percent
Clouded Judgement
2023
median
Public SaaS companies in tracked index
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
Public SaaS companies in tracked index
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
12 months
Clouded Judgement
2023
best-in-class
Private SaaS companies
Clouded Judgement: A Look Back at Q3 '23 Public Cloud Software Earnings →
Private SaaS companies
Clouded Judgement: A Look Back at Q3 '23 Public Cloud Software Earnings →
24 months
Clouded Judgement
2023
good
Private SaaS companies
Clouded Judgement: A Look Back at Q3 '23 Public Cloud Software Earnings →
Private SaaS companies
Clouded Judgement: A Look Back at Q3 '23 Public Cloud Software Earnings →
76% percent
OnlyCFO
2023
average
Illustrative SaaS company model (COGS 24% of revenue)
Innovation or Distribution? Analyzing R&D vs S&M Spend in SaaS →
Illustrative SaaS company model (COGS 24% of revenue)
Innovation or Distribution? Analyzing R&D vs S&M Spend in SaaS →
75 percent
Clouded Judgement
2023
median
SaaS companies at scale
Clouded Judgement: November 2023 Macro Update & SaaS Valuation Multiples Analysis →
SaaS companies at scale
Clouded Judgement: November 2023 Macro Update & SaaS Valuation Multiples Analysis →
75% percent
OnlyCFO
2023
Example of well-structured SaaS company in article comparison
Is Customer Success COGS or OpEx? Understanding Gross Margin Accounting Classification →
Is Customer Success COGS or OpEx? Understanding Gross Margin Accounting Classification →
75 percent
OnlyCFO
2023
best-in-class
SaaS companies at scale (implied from comparison)
Is Customer Success COGS or OpEx? Understanding Gross Margin Accounting Classification →
SaaS companies at scale (implied from comparison)
Is Customer Success COGS or OpEx? Understanding Gross Margin Accounting Classification →
75 percent
Clouded Judgement
2023
median
Public SaaS companies, Q3 2023
Clouded Judgement: Q3 2023 SaaS Earnings Preview & Valuation Analysis →
Public SaaS companies, Q3 2023
Clouded Judgement: Q3 2023 SaaS Earnings Preview & Valuation Analysis →
75 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Net New ARR Rebound & AWS ReInvent 2023 Implications →
Public SaaS companies
Clouded Judgement: Net New ARR Rebound & AWS ReInvent 2023 Implications →
75 percent
KeyBanc
2023
median
Private SaaS companies, 2022
2023 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: A Shift Towards Efficient Execution and Profitability →
Private SaaS companies, 2022
2023 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: A Shift Towards Efficient Execution and Profitability →
5 percent_points
KeyBanc
2023
average_premium
Subscription gross margin vs. total gross margin across all company sizes
2023 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: A Shift Towards Efficient Execution and Profitability →
Subscription gross margin vs. total gross margin across all company sizes
2023 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: A Shift Towards Efficient Execution and Profitability →
89.0 percent
OnlyCFO
2023
top-quartile
Monday.com among public cloud SaaS companies
Monday.com Deep-Dive: Power of Efficiency Lessons from Gross Margins, Free Cash Flow, and Rule of 40 →
Monday.com among public cloud SaaS companies
Monday.com Deep-Dive: Power of Efficiency Lessons from Gross Margins, Free Cash Flow, and Rule of 40 →
74.0 percent
OnlyCFO
2023
average
All public cloud SaaS companies
Monday.com Deep-Dive: Power of Efficiency Lessons from Gross Margins, Free Cash Flow, and Rule of 40 →
All public cloud SaaS companies
Monday.com Deep-Dive: Power of Efficiency Lessons from Gross Margins, Free Cash Flow, and Rule of 40 →
87.0 percent
OnlyCFO
2023
average
Top 10 gross margin public cloud companies
Monday.com Deep-Dive: Power of Efficiency Lessons from Gross Margins, Free Cash Flow, and Rule of 40 →
Top 10 gross margin public cloud companies
Monday.com Deep-Dive: Power of Efficiency Lessons from Gross Margins, Free Cash Flow, and Rule of 40 →
75 percent
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 →
75 percent
Clouded Judgement
2023
75 percent
Clouded Judgement
2023
median
Public SaaS companies at scale
Clouded Judgement: Cloud Giants Q3 2023 Report & SaaS Valuation Reality Check →
Public SaaS companies at scale
Clouded Judgement: Cloud Giants Q3 2023 Report & SaaS Valuation Reality Check →
75 percent
Clouded Judgement
2023
median
Public SaaS cohort
Clouded Judgement: Hyperscaler Cloud Growth & SaaS Valuation Multiples Analysis →
Public SaaS cohort
Clouded Judgement: Hyperscaler Cloud Growth & SaaS Valuation Multiples Analysis →
75 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: 2024 Budget Expectations & SaaS Valuation Multiples →
Public SaaS companies
Clouded Judgement: 2024 Budget Expectations & SaaS Valuation Multiples →
75 percent
Clouded Judgement
2023
75 percent
Clouded Judgement
2023
75 percent
Clouded Judgement
2023
12 months
Clouded Judgement
2023
best-in-class
All SaaS companies
Clouded Judgement: A Look Back at Q2 '23 Public Cloud Software Earnings →
All SaaS companies
Clouded Judgement: A Look Back at Q2 '23 Public Cloud Software Earnings →
24 months
Clouded Judgement
2023
good
All SaaS companies (maximum threshold)
Clouded Judgement: A Look Back at Q2 '23 Public Cloud Software Earnings →
All SaaS companies (maximum threshold)
Clouded Judgement: A Look Back at Q2 '23 Public Cloud Software Earnings →
75 percent
Clouded Judgement
2023
75 percent
Clouded Judgement
2023
75 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Q2 SaaS Earnings Review & Valuation Multiple Analysis →
Public SaaS companies
Clouded Judgement: Q2 SaaS Earnings Review & Valuation Multiple Analysis →
75 percent
Clouded Judgement
2023
75 percent
Clouded Judgement
2023
84 percent
OnlyCFO
2023
tied_for_4th
Public SaaS companies with higher EV/Rev multiples; peer range 84-88%
ZoomInfo Deep Dive: Lessons from Efficiency-Driven Growth and Profitability →
Public SaaS companies with higher EV/Rev multiples; peer range 84-88%
ZoomInfo Deep Dive: Lessons from Efficiency-Driven Growth and Profitability →
75 percent
Clouded Judgement
2023
median
Public SaaS companies at scale
Clouded Judgement: Cloud Infrastructure Optimization Cycles & Soft Landing Macro Outlook →
Public SaaS companies at scale
Clouded Judgement: Cloud Infrastructure Optimization Cycles & Soft Landing Macro Outlook →
75 percent
Clouded Judgement
2023
75 percent
Clouded Judgement
2023
75 percent
Clouded Judgement
2023
75 percent
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 →
12 months
Clouded Judgement
2023
best-in-class
Private SaaS companies
Clouded Judgement: Q1 2023 Public Cloud Software Earnings Analysis →
Private SaaS companies
Clouded Judgement: Q1 2023 Public Cloud Software Earnings Analysis →
24 months
Clouded Judgement
2023
maximum
Private SaaS companies (subpar if exceeded)
Clouded Judgement: Q1 2023 Public Cloud Software Earnings Analysis →
Private SaaS companies (subpar if exceeded)
Clouded Judgement: Q1 2023 Public Cloud Software Earnings Analysis →
75 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Growth-Adjusted Software Multiples and Valuation Reset →
Public SaaS companies
Clouded Judgement: Growth-Adjusted Software Multiples and Valuation Reset →
75 percent
Clouded Judgement
2023
median
Public SaaS companies analyzed in cohort
Clouded Judgement: Q1 2023 Cloud Software Consumption Trends →
Public SaaS companies analyzed in cohort
Clouded Judgement: Q1 2023 Cloud Software Consumption Trends →
75% percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Q1 2023 SaaS Net New ARR Slowing & Demand Environment Divergence →
Public SaaS companies
Clouded Judgement: Q1 2023 SaaS Net New ARR Slowing & Demand Environment Divergence →
75 percent
Clouded Judgement
2023
75 percent
Clouded Judgement
2023
75 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: 2023 Full Year Guidance Update & SaaS Valuation Analysis →
Public SaaS companies
Clouded Judgement: 2023 Full Year Guidance Update & SaaS Valuation Analysis →
75 percent
Clouded Judgement
2023
median
Public SaaS companies (NTM)
Clouded Judgement: Consumption Software Slowdown & Q1 2023 Reacceleration Signals →
Public SaaS companies (NTM)
Clouded Judgement: Consumption Software Slowdown & Q1 2023 Reacceleration Signals →
75% percent
Clouded Judgement
2023
median
Public SaaS companies tracked in article
Clouded Judgement: Hyperscaler Q1 Reports & The AWS April Growth Cliff →
Public SaaS companies tracked in article
Clouded Judgement: Hyperscaler Q1 Reports & The AWS April Growth Cliff →
75 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 →
Top 10 public SaaS companies (November 2021)
SentinelOne and the 2021 SaaS Valuation Bubble: Growth vs. Profitability Trade-off in Market Reset →
75 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
Public SaaS companies
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
75 percent
Clouded Judgement
2023
median
SaaS companies in benchmark sample
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
SaaS companies in benchmark sample
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
75 percent
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 →
12 months
Clouded Judgement
2023
best-in-class
Private SaaS companies
Clouded Judgement: A Look Back at Q4 '22 Public Cloud Software Earnings →
Private SaaS companies
Clouded Judgement: A Look Back at Q4 '22 Public Cloud Software Earnings →
24 months
Clouded Judgement
2023
target
Good performance for private SaaS companies
Clouded Judgement: A Look Back at Q4 '22 Public Cloud Software Earnings →
Good performance for private SaaS companies
Clouded Judgement: A Look Back at Q4 '22 Public Cloud Software Earnings →
75 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: IT Budget Sentiment Stabilizing Amid SaaS Growth Deceleration →
Public SaaS companies
Clouded Judgement: IT Budget Sentiment Stabilizing Amid SaaS Growth Deceleration →
80-85 percent
Clouded Judgement
2023
typical
Application software companies
Clouded Judgement: How Will AI Effect Software Business Models? →
Application software companies
Clouded Judgement: How Will AI Effect Software Business Models? →
70 percent
Clouded Judgement
2023
typical
Infrastructure software companies
Clouded Judgement: How Will AI Effect Software Business Models? →
Infrastructure software companies
Clouded Judgement: How Will AI Effect Software Business Models? →
74-76 percent
Clouded Judgement
2023
median
Public SaaS companies (Top 10 EV/NTM Revenue)
Clouded Judgement: How Will AI Effect Software Business Models? →
Public SaaS companies (Top 10 EV/NTM Revenue)
Clouded Judgement: How Will AI Effect Software Business Models? →
74 percent
OnlyCFO
2023
average
Highest valuation multiple SaaS companies
How to Read Income Statements - Software Edition →
Highest valuation multiple SaaS companies
How to Read Income Statements - Software Edition →
33 percent
OnlyCFO
2023
best-in-class
CrowdStrike example; most SaaS companies break even or negative on PS
How to Read Income Statements - Software Edition →
CrowdStrike example; most SaaS companies break even or negative on PS
How to Read Income Statements - Software Edition →
77 percent
KeyBanc
2022
median
2021, private SaaS companies with $5MM+ ARR
2022 Private SaaS Company Survey Results - KeyBanc Capital Markets →
2021, private SaaS companies with $5MM+ ARR
2022 Private SaaS Company Survey Results - KeyBanc Capital Markets →
73 percent
KeyBanc
2022
median
2021, including customer support in COGS
2022 Private SaaS Company Survey Results - KeyBanc Capital Markets →
2021, including customer support in COGS
2022 Private SaaS Company Survey Results - KeyBanc Capital Markets →
74 percent
Clouded Judgement
2022
median
Top 10 SaaS companies by market cap, April 2022
Clouded Judgement: Q1 GDP Recession Signals & SaaS Valuation Resilience →
Top 10 SaaS companies by market cap, April 2022
Clouded Judgement: Q1 GDP Recession Signals & SaaS Valuation Resilience →
74 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
Public SaaS companies
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
19 months
Clouded Judgement
2022
median
Q4 2021 public cloud software
Clouded Judgement: Q4 '21 Public Cloud Software Earnings Analysis →
Q4 2021 public cloud software
Clouded Judgement: Q4 '21 Public Cloud Software Earnings Analysis →
17 months
Clouded Judgement
2022
top-quartile
Q4 2021 public cloud software
Clouded Judgement: Q4 '21 Public Cloud Software Earnings Analysis →
Q4 2021 public cloud software
Clouded Judgement: Q4 '21 Public Cloud Software Earnings Analysis →
12 months
Clouded Judgement
2022
top-decile
Q4 2021 public cloud software
Clouded Judgement: Q4 '21 Public Cloud Software Earnings Analysis →
Q4 2021 public cloud software
Clouded Judgement: Q4 '21 Public Cloud Software Earnings Analysis →
74 percent
Clouded Judgement
2022
74 percent
Clouded Judgement
2022
median
Public SaaS median across all cohorts
Clouded Judgement: SaaS Valuation Multiples & Market Risk-Off Dynamics →
Public SaaS median across all cohorts
Clouded Judgement: SaaS Valuation Multiples & Market Risk-Off Dynamics →
75 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement: COVID Pull Forward vs. Durable Trend in Cloud Software Valuations →
Public SaaS companies
Clouded Judgement: COVID Pull Forward vs. Durable Trend in Cloud Software Valuations →
74 percent
Clouded Judgement
2022
median
Public SaaS companies (Feb 2022)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
Public SaaS companies (Feb 2022)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
74 percent
Clouded Judgement
2022
median
Public SaaS cohort
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
Public SaaS cohort
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
74 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement: Cloud SaaS Valuation Multiple Compression & Fundamental Performance Disconnect →
Public SaaS companies
Clouded Judgement: Cloud SaaS Valuation Multiple Compression & Fundamental Performance Disconnect →
74 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
Public SaaS companies
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
75 percent
Clouded Judgement
2022
median
Top 10 highest EV/NTM revenue multiples
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
Top 10 highest EV/NTM revenue multiples
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
74 percent
Clouded Judgement
2022
median
Public SaaS companies, January 2022
Clouded Judgement: SaaS Valuation Multiple Compression & Growth-Adjusted Analysis (Jan 2022) →
Public SaaS companies, January 2022
Clouded Judgement: SaaS Valuation Multiple Compression & Growth-Adjusted Analysis (Jan 2022) →
74% percent
Clouded Judgement
2021
median
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 →
74 percent
Clouded Judgement
2021
median
SaaS cohort overall
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
SaaS cohort overall
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
26 months
Clouded Judgement
2021
median
Public cloud software companies, Q3 2021
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
Public cloud software companies, Q3 2021
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
17 months
Clouded Judgement
2021
top-quartile
Public cloud software companies, Q3 2021
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
Public cloud software companies, Q3 2021
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
9 months
Clouded Judgement
2021
top-decile
Public cloud software companies, Q3 2021
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
Public cloud software companies, Q3 2021
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
12 months
Clouded Judgement
2021
best-in-class
Private SaaS companies
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
Private SaaS companies
Clouded Judgement: Q3 2021 Public Cloud Software Earnings Analysis →
74% percent
Clouded Judgement
2021
72 percent
Clouded Judgement
2021
82 percent
Clouded Judgement
2021
HashiCorp, cloud infrastructure SaaS
HashiCorp: Benchmarking the S-1 Data →
HashiCorp: Benchmarking the S-1 Data →
82 percent
Clouded Judgement
2021
74% percent
Clouded Judgement
2021
74 percent
Clouded Judgement
2021
median
SaaS market broad benchmark
Clouded Judgement: Interest Rate Impact on Cloud Software Valuation & SaaS Benchmarks →
SaaS market broad benchmark
Clouded Judgement: Interest Rate Impact on Cloud Software Valuation & SaaS Benchmarks →
74% percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
Public SaaS companies
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
74 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
Public SaaS companies
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
19 months
Clouded Judgement
2021
median
Public SaaS companies, Q2 2021
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
Public SaaS companies, Q2 2021
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
17 months
Clouded Judgement
2021
top-quartile
Public SaaS companies, Q2 2021
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
Public SaaS companies, Q2 2021
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
9 months
Clouded Judgement
2021
top-decile
Public SaaS companies, Q2 2021
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
Public SaaS companies, Q2 2021
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
12 months
Clouded Judgement
2021
maximum
Private SaaS benchmark target
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
Private SaaS benchmark target
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
24 months
Clouded Judgement
2021
maximum
Private SaaS benchmark target
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
Private SaaS benchmark target
Clouded Judgement: Q2 2021 Public Cloud Software Earnings Analysis →
88 percent
Clouded Judgement
2021
88 percent GAAP
Clouded Judgement
2021
GitLab LTM at S-1 filing
Clouded Judgement: GitLab S-1 Benchmarking Analysis →
Clouded Judgement: GitLab S-1 Benchmarking Analysis →
18 months
Clouded Judgement
2021
GitLab most recent quarter prior to IPO
Clouded Judgement: GitLab S-1 Benchmarking Analysis →
Clouded Judgement: GitLab S-1 Benchmarking Analysis →
74 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: Cloud SaaS Valuation Multiples & Operating Metrics Analysis →
Public SaaS companies
Clouded Judgement: Cloud SaaS Valuation Multiples & Operating Metrics Analysis →
79 percent
Clouded Judgement
2021
Freshworks LTM; consistent across trailing four quarters
Freshworks: Benchmarking the S-1 Data →
Freshworks: Benchmarking the S-1 Data →
69 percent
Clouded Judgement
2021
Amplitude pre-IPO; August 2021
Amplitude S-1 Analysis: Benchmarking Digital Optimization SaaS Metrics →
Amplitude S-1 Analysis: Benchmarking Digital Optimization SaaS Metrics →
74 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: Q2 2021 SaaS Growth Acceleration & Valuation Analysis →
Public SaaS companies
Clouded Judgement: Q2 2021 SaaS Growth Acceleration & Valuation Analysis →
74 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Growth Correlation Analysis →
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Growth Correlation Analysis →
74 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis →
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis →
12 months
Clouded Judgement
2021
best-in-class
Private SaaS companies
Clouded Judgement: A Look Back at Q1 '21 Public Cloud Earnings →
Private SaaS companies
Clouded Judgement: A Look Back at Q1 '21 Public Cloud Earnings →
24 months
Clouded Judgement
2021
maximum
Good performance for private SaaS before subpar classification
Clouded Judgement: A Look Back at Q1 '21 Public Cloud Earnings →
Good performance for private SaaS before subpar classification
Clouded Judgement: A Look Back at Q1 '21 Public Cloud Earnings →
15 months
Clouded Judgement
2021
top-quartile
Public cloud/SaaS companies Q1 2021
Clouded Judgement: A Look Back at Q1 '21 Public Cloud Earnings →
Public cloud/SaaS companies Q1 2021
Clouded Judgement: A Look Back at Q1 '21 Public Cloud Earnings →
8 months
Clouded Judgement
2021
top-decile
Public cloud/SaaS companies Q1 2021
Clouded Judgement: A Look Back at Q1 '21 Public Cloud Earnings →
Public cloud/SaaS companies Q1 2021
Clouded Judgement: A Look Back at Q1 '21 Public Cloud Earnings →
56 percent
Clouded Judgement
2021
SentinelOne; benchmarked as low-end for public cloud businesses
SentinelOne: Benchmarking the S-1 Data →
SentinelOne: Benchmarking the S-1 Data →
74 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
74 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
69 percent
Clouded Judgement
2021
74 percent
Clouded Judgement
2021
WalkMe; typical for established SaaS vendors at scale
WalkMe S-1 Filing Analysis: Benchmarking Pre-IPO SaaS Metrics →
WalkMe S-1 Filing Analysis: Benchmarking Pre-IPO SaaS Metrics →
86 percent
Clouded Judgement
2021
best-in-class
Monday.com LTM; exceptional for SaaS
Monday.com S-1 Analysis: Benchmarking Growth, Margins, and Unit Economics Against Public SaaS Peers →
Monday.com LTM; exceptional for SaaS
Monday.com S-1 Analysis: Benchmarking Growth, Margins, and Unit Economics Against Public SaaS Peers →
86 percent
Clouded Judgement
2021
best-in-class
SaaS businesses with PLG model
Monday.com S-1 Analysis: Benchmarking Growth, Margins, and Unit Economics Against Public SaaS Peers →
SaaS businesses with PLG model
Monday.com S-1 Analysis: Benchmarking Growth, Margins, and Unit Economics Against Public SaaS Peers →
74 percent
Clouded Judgement
2021
median
SaaS public company peer set
Clouded Judgement: SaaS Valuation Multiples Analysis (May 2021) →
SaaS public company peer set
Clouded Judgement: SaaS Valuation Multiples Analysis (May 2021) →
74 percent
Clouded Judgement
2021
median
Top 10 SaaS companies by valuation multiple
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
Top 10 SaaS companies by valuation multiple
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
74 percent
Clouded Judgement
2021
median
Public SaaS companies in top 10 by valuation, April 2021
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
Public SaaS companies in top 10 by valuation, April 2021
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
74 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
74 percent
Clouded Judgement
2021
median
Public SaaS companies in cohort
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
Public SaaS companies in cohort
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
74 percent
Clouded Judgement
2021
median
Top 10 cloud SaaS companies
Clouded Judgement: SaaS Valuation Multiples and Treasury Correlation Analysis →
Top 10 cloud SaaS companies
Clouded Judgement: SaaS Valuation Multiples and Treasury Correlation Analysis →
74% percent
Clouded Judgement
2021
median
Public SaaS cohort (April 2021)
Clouded Judgement: SaaS Valuation Multiples and Treasury Correlation Analysis →
Public SaaS cohort (April 2021)
Clouded Judgement: SaaS Valuation Multiples and Treasury Correlation Analysis →
89 percent
Clouded Judgement
2021
LTM GAAP
UiPath; exceptional relative to public SaaS peers
UiPath S-1 Financial Benchmarking Analysis: Pre-IPO Metrics & Cloud SaaS Comparison →
UiPath; exceptional relative to public SaaS peers
UiPath S-1 Financial Benchmarking Analysis: Pre-IPO Metrics & Cloud SaaS Comparison →
82 percent
Clouded Judgement
2021
73 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Analysis & Okta-Auth0 M&A (Mar 2021) →
Public SaaS companies
Clouded Judgement: SaaS Valuation Analysis & Okta-Auth0 M&A (Mar 2021) →
74 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Feb 2021) →
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Feb 2021) →
54 percent
Clouded Judgement
2021
DigitalOcean LTM at S-1 filing
DigitalOcean S-1 Analysis: Benchmarking Cloud Infrastructure Economics at IPO →
DigitalOcean S-1 Analysis: Benchmarking Cloud Infrastructure Economics at IPO →
75 percent
Clouded Judgement
2021
median
SaaS public company peer set (50+ companies)
DigitalOcean S-1 Analysis: Benchmarking Cloud Infrastructure Economics at IPO →
SaaS public company peer set (50+ companies)
DigitalOcean S-1 Analysis: Benchmarking Cloud Infrastructure Economics at IPO →
81 percent
Clouded Judgement
2021
Olo LTM GAAP gross margin compared to public SaaS peers
Olo: Benchmarking the S-1 Data →
Olo: Benchmarking the S-1 Data →
Exceptional months
Clouded Judgement
2021
74 percent
Clouded Judgement
2021
74 percent
Clouded Judgement
2021
74 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Quarterly Performance Analysis (Feb 2021) →
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Quarterly Performance Analysis (Feb 2021) →
74 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (Feb 5, 2021) →
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (Feb 5, 2021) →
74 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Jan 2021) →
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Jan 2021) →
72 percent
Clouded Judgement
2020
median
Qualtrics vs. public SaaS peers; top quartile is ~78%, median ~73%
Clouded Judgement: Qualtrics S-1 Benchmarking & IPO Valuation Analysis →
Qualtrics vs. public SaaS peers; top quartile is ~78%, median ~73%
Clouded Judgement: Qualtrics S-1 Benchmarking & IPO Valuation Analysis →
74 percent
Clouded Judgement
2020
74 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement: SaaS Growth Trajectories and Valuation Multiples Analysis →
Public SaaS companies
Clouded Judgement: SaaS Growth Trajectories and Valuation Multiples Analysis →
75 percent
Clouded Judgement
2020
median
C3.ai GAAP gross margin; median relative to SaaS peer universe
C3.ai S-1 Financial Benchmarking Analysis: Growth Deceleration & Valuation Prediction →
C3.ai GAAP gross margin; median relative to SaaS peer universe
C3.ai S-1 Financial Benchmarking Analysis: Growth Deceleration & Valuation Prediction →
75 percent
Clouded Judgement
2020
median
C3.ai LTM GAAP gross margin; in-line with SaaS peer universe
C3.ai S-1 Financial Benchmarking Analysis: Growth Deceleration & Valuation Prediction →
C3.ai LTM GAAP gross margin; in-line with SaaS peer universe
C3.ai S-1 Financial Benchmarking Analysis: Growth Deceleration & Valuation Prediction →
73 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement: SaaS Valuation and Earnings Analysis (November 2020) →
Public SaaS companies
Clouded Judgement: SaaS Valuation and Earnings Analysis (November 2020) →
73 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement: Q3 2020 SaaS Earnings & Valuation Multiple Analysis →
Public SaaS companies
Clouded Judgement: Q3 2020 SaaS Earnings & Valuation Multiple Analysis →
73 percent
Clouded Judgement
2020
12 months
Clouded Judgement
2020
best-in-class
Private SaaS companies; threshold for best-in-class
Clouded Judgement: A Look Back at Q2 Public SaaS Earnings →
Private SaaS companies; threshold for best-in-class
Clouded Judgement: A Look Back at Q2 Public SaaS Earnings →
24 months
Clouded Judgement
2020
minimum
Private SaaS companies; above this is subpar
Clouded Judgement: A Look Back at Q2 Public SaaS Earnings →
Private SaaS companies; above this is subpar
Clouded Judgement: A Look Back at Q2 Public SaaS Earnings →
22 months
Clouded Judgement
2020
median
Public SaaS companies reporting subscription revenue
Clouded Judgement: A Look Back at Q2 Public SaaS Earnings →
Public SaaS companies reporting subscription revenue
Clouded Judgement: A Look Back at Q2 Public SaaS Earnings →
73 percent
Clouded Judgement
2020
71 percent
Clouded Judgement
2020
75 percent
Clouded Judgement
2020
BigCommerce subscription revenue
BigCommerce revenue composition
BigCommerce S-1 Benchmarking: Pre-IPO Financial Analysis vs. Public SaaS Peers →
BigCommerce revenue composition
BigCommerce S-1 Benchmarking: Pre-IPO Financial Analysis vs. Public SaaS Peers →
73% percent
Clouded Judgement
2020
55 percent
Clouded Judgement
2020
25 months
Clouded Judgement
2020
target
SaaS companies at IPO; best-in-class under 12 months
What It Takes to Become a Public SaaS Company: Part 1 – IPO Readiness Metrics & Benchmarks →
SaaS companies at IPO; best-in-class under 12 months
What It Takes to Become a Public SaaS Company: Part 1 – IPO Readiness Metrics & Benchmarks →
72 percent
Clouded Judgement
2020
median
SaaS companies at IPO
What It Takes to Become a Public SaaS Company: Part 1 – IPO Readiness Metrics & Benchmarks →
SaaS companies at IPO
What It Takes to Become a Public SaaS Company: Part 1 – IPO Readiness Metrics & Benchmarks →
12 months
Clouded Judgement
2020
24 months
Clouded Judgement
2020
good
Private SaaS companies (upper bound)
Clouded Judgement: A Look Back at Q1 Public SaaS Earnings →
Private SaaS companies (upper bound)
Clouded Judgement: A Look Back at Q1 Public SaaS Earnings →
22 months
Clouded Judgement
2020
60% %
Kellblog
2007
47% %
Kellblog
2007
calculated
Netezza appliance adjustment
Netezza IPO Filing: Special-Purpose DBMS Market Validation →
Netezza appliance adjustment
Netezza IPO Filing: Special-Purpose DBMS Market Validation →
76 %
Tomasz Tunguz
—