249 observations · 210 reports · 5 publishers

Operating Margin.

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

← All benchmark reports
Observations
249
Reports
210
Publishers
5
Latest
Clouded Judgement
2026-03-27
0 percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: From GPU Hours to Token Dollars—Pricing AI Infrastructure for the Inference Era →
40-50 %
Unknown
2026
including stock-based compensation
Path 2 - margin optimization strategy
The Software Sector's Binary Future: Growth or Margin, No Middle Ground →
0 percent
Clouded Judgement
2026
median
Public SaaS companies in index
Clouded Judgement: Digital Twins as the Infrastructure Layer for AI Agents →
-1 percent
Clouded Judgement
2026
median
SaaS public companies
Clouded Judgement: In Defense of Model Lab Profitability →
-1 percent
Clouded Judgement
2026
median
Cloud SaaS companies
Get in the Token Path: Infrastructure Monetization in the AI Era →
-1 percent
Clouded Judgement
2026
median
SaaS public companies
Clouded Judgement: The Poison of Inertia →
historical highs relative
a16z
2026
peak observation
coinciding with SG&A and COGS declines
Vertical SaaS Renaissance, LLM Retention Surge, and AI Hardware Demand Wave →
-1 percent
Clouded Judgement
2026
median
SaaS companies in Jamin Ball's quarterly report sample
Clouded Judgement: The SSD/Memory Reckoning →
-1 percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: Software Valuations in the Age of AI Disruption →
-1 percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Compression and the Terminal Value Crisis →
-1 percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: The Year of Multi-Modal AI and SaaS Valuation Analysis →
-1 percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: Platform of Platforms →
-1% percent
Clouded Judgement
2026
median
Public SaaS companies
Clouded Judgement: Authority Is the AI Bottleneck →
-1% percent
Clouded Judgement
2025
median
SaaS companies at scale
Clouded Judgement: Exuberance Returning to Venture Markets in 2026 →
-1 percent
Clouded Judgement
2025
median
Public SaaS companies
Clouded Judgement: Systems of Record and the Battle for the AI Front Door →
-1 percent
Clouded Judgement
2025
median
Public SaaS companies in sample
Clouded Judgement: Systems of Record in the Age of AI Agents →
-2 percent
Clouded Judgement
2025
median
Public cloud SaaS companies
Clouded Judgement: The Irrational Equity Valuation Game in Startup Hiring →
-2 percent
Clouded Judgement
2025
median
Overall SaaS industry
Clouded Judgement: Q3 2025 SaaS Earnings Check-In →
-14 percent
Clouded Judgement
2025
median
Top 10 SaaS companies by valuation
Clouded Judgement: Q3 2025 SaaS Earnings Check-In →
-2 percent
Clouded Judgement
2025
median
Public SaaS companies
Clouded Judgement: The AI Platform Wars →
2 percent
Clouded Judgement
2025
median
Public SaaS companies
Clouded Judgement: Cloud Giants Report Q3 2025 – Capacity, AI Demand, and SaaS Valuation Multiples →
-34% percent
OnlyCFO
2025
Netskope FY25 (year ended Jan 31, 2025)
Netskope IPO: Window Dressing or Real Growth — Pre-IPO Financial Optimization Tactics in SaaS →
-4 percent
OnlyCFO
2025
median
Top 10 public cloud companies
Will AI Change Profit Targets? The goalposts are shifting and you aren't ready →
-6 percent
Clouded Judgement
2025
median
SaaS public companies
Clouded Judgement: Bond Market Volatility, Treasury Auctions, and SaaS Valuation Multiples →
40-50 percent
OnlyCFO
2025
target
Low-growth SaaS companies pursuing profitability path, achievable in 12-18 months
The Only Path Left in Software: Accelerate or Die →
-6 percent
Clouded Judgement
2025
median
Public SaaS companies
Clouded Judgement: M&A Roars Back →
-7 percent
Clouded Judgement
2025
median
Public SaaS companies
Clouded Judgement: Q4 2024 Software Earnings & SaaS Valuation Analysis →
-22% percent
OnlyCFO
2025
Fastly at time of analysis (2020 top 10 comp average: -12%)
Fastly's Collapse: Lessons in Broken Unit Economics and SaaS Valuation Destruction →
7 percent
Clouded Judgement
2025
median
Public SaaS companies
Clouded Judgement: December Inflation Data & SaaS Valuation Multiples →
-7 percent
Clouded Judgement
2025
median
SaaS companies
Clouded Judgement: Rising Rates and SaaS Valuation Multiples in a High-Growth Environment →
-7 percent
Clouded Judgement
2024
median
Software universe
Clouded Judgement: Beat and No Raise? – SaaS Multiple Expansion Without Earnings Growth →
-7 percent
Clouded Judgement
2024
median
SaaS companies overall
Clouded Judgement: Are Software Valuations Cheap or Expensive? →
-25 percent
Clouded Judgement
2024
ServiceTitan LTM GAAP
ServiceTitan S-1 Filing: SaaS Benchmarking Analysis for Pre-IPO Home Services Platform →
-7 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Market Rotation from Profitability Back to Growth →
-9 percent
Clouded Judgement
2024
median
Public SaaS companies at scale
Clouded Judgement: AI, CapEx, and SaaS Valuation in the Era of Rising Rates →
-9 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Budget Flush and SaaS Valuation Dynamics →
29.73 %
Damodaran
2024
pre-tax
Current operating performance
Brand Name Economics: Analyzing Nike's Market Position and Competitive Advantages →
16.75 %
Damodaran
2024
weighted average
Beverage industry comparables
Brand Name Economics: Analyzing Nike's Market Position and Competitive Advantages →
-9 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Fed Rate Cuts and SaaS Valuation Implications →
-9% percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: 2024 SaaS Guidance Raises at Historic Lows →
8% percent
OnlyCFO
2024
NTM
Palantir (only profitable on GAAP basis among top peers)
Palantir Valuation Analysis: From Cult Stock to Justified Premium Multiple →
-4 percent
Clouded Judgement
2024
LTM GAAP
OneStream
OneStream: Benchmarking the S1 Data →
26% percent
OnlyCFO
2024
Wix, improved from 16% to 26% year-over-year
Software's Biggest Winners & Losers: Lessons from Valuation Changes Over the Past Year →
-10 percent
Clouded Judgement
2024
median
Public software companies
Clouded Judgement: Declining Growth in Public SaaS →
-10 percent
Clouded Judgement
2024
median
Public SaaS companies at scale
Clouded Judgement: Can Subscale Software Companies Go Public? →
-67 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 →
10 percent
Clouded Judgement
2024
median
All public SaaS companies
Clouded Judgement: Is Seat-Based Pricing Dead? →
-10 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Budget Bifurcation in Enterprise Software Procurement →
-7 percent
OnlyCFO
2024
median
Top 10 public cloud companies (average profitability challenge)
Winners Keep Winning: CrowdStrike's Path to #1 SaaS Revenue Multiple →
-10 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: SaaS Software Environment Remains Strained →
-10 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: April CPI Update & SaaS Valuation Analysis →
-11 percent
Clouded Judgement
2024
median
Public SaaS companies
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
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 →
-49 percent
Clouded Judgement
2024
Rubrik LTM GAAP
Clouded Judgement: Rubrik S-1 Benchmarking Analysis →
-49 percent
Clouded Judgement
2024
Rubrik LTM GAAP
Clouded Judgement: Rubrik S-1 Benchmarking Analysis →
-11 percent
Clouded Judgement
2024
median
Public SaaS companies
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 →
-7 percent
OnlyCFO
2024
average
Top 10 public cloud companies
How Profitable Should SaaS Be? →
-12 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: ERR vs ARR and the Conundrum of AI Revenue Streams →
-12 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 →
-12 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: 2024 SaaS Guidance vs. Consensus & Valuation Multiple Analysis →
-12 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Venture Market Froth and SaaS Valuation Reality Check →
-12 percent
Clouded Judgement
2024
median
Cloud software companies
Clouded Judgement: Rule of X and SaaS Valuation Multiplier Dynamics →
-13 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: January Green Shoots, CPI Inflation, and SaaS Valuation Multiples →
-13 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Multiple Expansion Without Estimate Growth & SBC Dilution Trends →
-13 percent
Clouded Judgement
2024
median
Public SaaS companies
Clouded Judgement: Cloud Giants Report Q4'23 →
-13% percent
Clouded Judgement
2024
median
Public B2B SaaS companies
Clouded Judgement: Q4 Earnings Season Kicks Off with ServiceNow →
-13 percent
Clouded Judgement
2024
median
Public SaaS companies (comprehensive benchmark set)
Clouded Judgement: The Bar for Going Public →
13 percent
Clouded Judgement
2024
median
SaaS companies at scale (public comps)
Clouded Judgement: The 2021 Funding Reckoning and Path to Founder-Friendly Venture →
-13 percent
Clouded Judgement
2024
median
SaaS public companies
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
-13% percent
Clouded Judgement
2024
median
SaaS basket (80 companies)
Clouded Judgement: SaaS Valuation Multiples and Fed Rate Sensitivity (January 2024) →
-13 percent
Clouded Judgement
2023
median
Public SaaS companies in tracked index
Clouded Judgement: 2023 Year-End SaaS Valuation & Performance Analysis →
1% percent
OnlyCFO
2023
average
Illustrative SaaS company model (S&M 40%, R&D 21%, G&A 14%)
Innovation or Distribution? Analyzing R&D vs S&M Spend in SaaS →
-13 percent
Clouded Judgement
2023
median
SaaS companies at scale
Clouded Judgement: November 2023 Macro Update & SaaS Valuation Multiples Analysis →
-14 percent
Clouded Judgement
2023
median
Public SaaS companies, Q3 2023
Clouded Judgement: Q3 2023 SaaS Earnings Preview & Valuation Analysis →
-15 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Net New ARR Rebound & AWS ReInvent 2023 Implications →
-18 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: AI Monetization Layers & SaaS Valuation Inflection →
-16 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: No Sign of Re-Acceleration in Software →
-18 percent
Clouded Judgement
2023
median
Public SaaS companies at scale
Clouded Judgement: Cloud Giants Q3 2023 Report & SaaS Valuation Reality Check →
-17 percent
Clouded Judgement
2023
median
Public SaaS cohort
Clouded Judgement: Hyperscaler Cloud Growth & SaaS Valuation Multiples Analysis →
-17 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: 2024 Budget Expectations & SaaS Valuation Multiples →
-17 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Fed Rate Projections & SaaS Valuation Multiples →
-17 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Interest Rate Risk & SaaS Valuation Compression →
-18 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Medium-Term Software Valuation Setup →
-18 percent
Clouded Judgement
2023
median
Median NTM operating margin for SaaS software index
Clouded Judgement: Are Software Companies Over or Undervalued? →
4 percent
Clouded Judgement
2023
Klaviyo LTM; recent quarters showed 1% and 4% positive margins
Clouded Judgement: Klaviyo S-1 Benchmarking Analysis →
-18 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Q2 SaaS Earnings Review & Valuation Multiple Analysis →
-19 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Cloud Giants Q2 Update →
-19 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Cloud Giants Q2 Update →
-20 percent
Clouded Judgement
2023
median
Public SaaS companies across growth stages
Clouded Judgement: Cloud Infrastructure Optimization Cycles & Soft Landing Macro Outlook →
-20 percent
Clouded Judgement
2023
median
Public SaaS companies in basket
Clouded Judgement: Are Software Companies Bad Businesses? →
-20 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: IPO Readiness Metrics & Software Market Drought →
-20 percent
Clouded Judgement
2023
median
SaaS companies
Clouded Judgement: Rising Rates and SaaS Valuation Multiples →
-20 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Q1 2023 SaaS Earnings Trends and Valuation Multiple Analysis →
-21 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Growth-Adjusted Software Multiples and Valuation Reset →
-21 percent
Clouded Judgement
2023
median
Public SaaS companies analyzed in cohort
Clouded Judgement: Q1 2023 Cloud Software Consumption Trends →
-21% percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Q1 2023 SaaS Net New ARR Slowing & Demand Environment Divergence →
-21 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: May 2023 Cloud Software Consumption Trends →
-21 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Q1 2023 SaaS Earnings Reflections →
-21 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: 2023 Full Year Guidance Update & SaaS Valuation Analysis →
-21 percent
Clouded Judgement
2023
median
Public SaaS companies (NTM)
Clouded Judgement: Consumption Software Slowdown & Q1 2023 Reacceleration Signals →
-21% percent
Clouded Judgement
2023
median
Public SaaS companies tracked in article
Clouded Judgement: Hyperscaler Q1 Reports & The AWS April Growth Cliff →
-60 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 →
-21 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
-21 percent
Clouded Judgement
2023
median
SaaS companies in benchmark sample
Clouded Judgement: Hyperscaler Q1 2023 Preview & SaaS Valuation Multiple Analysis →
-21 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: Q4 '22 Net New ARR Slowdown & Cloud Optimization Headwinds →
-21 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: IT Budget Sentiment Stabilizing Amid SaaS Growth Deceleration →
-22 percent
Clouded Judgement
2023
median
Public SaaS companies
Clouded Judgement: How Will AI Effect Software Business Models? →
-23 percent
Clouded Judgement
2022
median
Public cloud software companies
Clouded Judgement →
-23 percent
Clouded Judgement
2022
median
Top 10 SaaS companies by market cap, April 2022
Clouded Judgement: Q1 GDP Recession Signals & SaaS Valuation Resilience →
-23 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement: Q1 2022 SaaS Valuation Compression and Forward Guidance Risk →
-23 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement →
-19% percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement →
-19 percent
Clouded Judgement
2022
median
Public SaaS companies, April 2022
Clouded Judgement →
-35 percent
Clouded Judgement
2022
median
Top 10 public SaaS companies
Clouded Judgement →
-22 percent
Clouded Judgement
2022
median
Overall SaaS market
Clouded Judgement →
-22 percent
Clouded Judgement
2022
median
Public SaaS cohort
Clouded Judgement: Inflation, Rate Risk, and SaaS Valuation Multiples →
-22 percent
Clouded Judgement
2022
median
Public SaaS median across all cohorts
Clouded Judgement: SaaS Valuation Multiples & Market Risk-Off Dynamics →
-22 percent
Clouded Judgement
2022
median
Public SaaS cohort
Clouded Judgement →
-22 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement: COVID Pull Forward vs. Durable Trend in Cloud Software Valuations →
-19% percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement →
-19 percent
Clouded Judgement
2022
median
Public SaaS companies (Feb 2022)
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
-19 percent
Clouded Judgement
2022
median
Public SaaS cohort
Clouded Judgement: SaaS Valuation in the Face of Fed Rate Hikes and Inflation →
-19 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement →
-19 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement →
-19 percent
Clouded Judgement
2022
median
Overall public SaaS companies
Clouded Judgement: Cloud SaaS Valuation Multiple Compression & Fundamental Performance Disconnect →
-44 percent
Clouded Judgement
2022
median
Top 10 highest-valued SaaS companies
Clouded Judgement: Cloud SaaS Valuation Multiple Compression & Fundamental Performance Disconnect →
-19 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
-44 percent
Clouded Judgement
2022
median
Top 10 highest EV/NTM revenue multiples
Clouded Judgement: SaaS Multiple Compression & Earnings Season Risk in Rising Rate Environment →
-19 percent
Clouded Judgement
2022
median
Public SaaS companies
Clouded Judgement →
-19 percent
Clouded Judgement
2022
median
Public SaaS companies, January 2022
Clouded Judgement: SaaS Valuation Multiple Compression & Growth-Adjusted Analysis (Jan 2022) →
-51% percent
Clouded Judgement
2021
average
Top 10 highest-multiple SaaS companies
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
-19 percent
Clouded Judgement
2021
median
SaaS cohort overall
Clouded Judgement: Q3 2021 SaaS Earnings Recap & Valuation Multiple Analysis →
-19 percent
Clouded Judgement
2021
median
Overall SaaS market
Clouded Judgement →
-53 percent
Clouded Judgement
2021
median
Top 10 highest-valued SaaS companies
Clouded Judgement →
-19% percent
Clouded Judgement
2021
median
Public SaaS cohort operating profit margin
Clouded Judgement →
-19 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-65 percent
Clouded Judgement
2021
median
Top 10 high-growth SaaS companies
Clouded Judgement →
-19 percent
Clouded Judgement
2021
median
Overall SaaS market
Clouded Judgement →
-36 percent
Clouded Judgement
2021
GAAP LTM
Samsara growth-stage profitability
Clouded Judgement: Samsara S-1 Benchmarking Analysis →
-19 percent
Clouded Judgement
2021
median
Public SaaS cohort
Clouded Judgement →
-19 percent
Clouded Judgement
2021
median
Public SaaS companies in cohort
Clouded Judgement →
-16 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-22 percent
Clouded Judgement
2021
HashiCorp, pre-IPO growth-stage SaaS
HashiCorp: Benchmarking the S-1 Data →
-22 percent
Clouded Judgement
2021
LTM
HashiCorp at IPO filing (Nov 2021)
HashiCorp: Benchmarking the S-1 Data →
-16 percent
Clouded Judgement
2021
median
Public SaaS companies at growth stage
Clouded Judgement →
-16 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-24 percent
Clouded Judgement
2021
Braze LTM GAAP operating margin
Braze: Benchmarking the S-1 Data →
-16% percent
Clouded Judgement
2021
median
Public cloud software companies (Q3 2021)
Clouded Judgement →
-24 percent
Clouded Judgement
2021
Braze LTM, stable across quarters
Braze: Benchmarking the S-1 Data →
-59 percent
Clouded Judgement
2021
median
Top 10 highest-valued SaaS companies
Clouded Judgement →
-16 percent
Clouded Judgement
2021
median
Broad SaaS cohort
Clouded Judgement →
-16 percent
Clouded Judgement
2021
median
Public SaaS companies at scale
Clouded Judgement →
-16 percent
Clouded Judgement
2021
median
SaaS market broad benchmark
Clouded Judgement: Interest Rate Impact on Cloud Software Valuation & SaaS Benchmarks →
-16% percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
-16 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SBC Benchmarking and SaaS Valuation Multiples Analysis →
-50 percent
Clouded Judgement
2021
quarterly GAAP
GitLab pre-IPO normalized quarterly operations
Clouded Judgement: GitLab S-1 Benchmarking Analysis →
-17 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-50 percent GAAP
Clouded Judgement
2021
GitLab quarterly average at S-1 filing (LTM -106% distorted by SBC)
Clouded Judgement: GitLab S-1 Benchmarking Analysis →
-18 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: Cloud SaaS Valuation Multiples & Operating Metrics Analysis →
-58 percent
Clouded Judgement
2021
median
Top 10 highest-valued SaaS companies by EV/NTM revenue
Clouded Judgement: Cloud SaaS Valuation Multiples & Operating Metrics Analysis →
-18 percent
Clouded Judgement
2021
median
Public SaaS companies at scale
Clouded Judgement →
-18 percent
Clouded Judgement
2021
Amplitude pre-IPO; August 2021
Amplitude S-1 Analysis: Benchmarking Digital Optimization SaaS Metrics →
-17 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: Q2 2021 SaaS Growth Acceleration & Valuation Analysis →
-16 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Growth Correlation Analysis →
-14 percent
Clouded Judgement
2021
median
Public SaaS companies as of Aug 2021
Clouded Judgement →
-44 percent
Clouded Judgement
2021
median
Top 10 highest-valued SaaS companies
Clouded Judgement →
28 percent
Clouded Judgement
2021
actual
Q2 2021 GAAP basis
Clouded Judgement →
-14 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-14% percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-14% percent
Clouded Judgement
2021
median
SaaS public companies
Clouded Judgement →
-13 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis →
-13 percent
Clouded Judgement
2021
median
Public SaaS companies as of July 2021
Clouded Judgement →
-13 percent
Clouded Judgement
2021
median
Public SaaS companies (negative)
Clouded Judgement →
-13 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-13 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-13 percent
Clouded Judgement
2021
median
SaaS companies at scale
Clouded Judgement →
-134 percent
Clouded Judgement
2021
SentinelOne; described as lowest among all public cloud businesses
SentinelOne: Benchmarking the S-1 Data →
-14 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
-14 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (June 2021) →
-93 percent
Clouded Judgement
2021
Confluent LTM (author suggests Non-GAAP ~-50% is more appropriate)
Confluent S-1 IPO Analysis: SaaS Benchmarking & Unit Economics →
-14 percent
Clouded Judgement
2021
median
Public SaaS companies in analysis set
Clouded Judgement →
-14 percent
Clouded Judgement
2021
median
SaaS public company cohort
Clouded Judgement →
-13 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-13 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-29 percent
Clouded Judgement
2021
WalkMe; indicates growth investment mode with negative operating leverage
WalkMe S-1 Filing Analysis: Benchmarking Pre-IPO SaaS Metrics →
-86 percent
Clouded Judgement
2021
Monday.com LTM; among lowest in public cloud universe due to S&M spending
Monday.com S-1 Analysis: Benchmarking Growth, Margins, and Unit Economics Against Public SaaS Peers →
-86 percent
Clouded Judgement
2021
Monday.com LTM pre-IPO
Monday.com S-1 Analysis: Benchmarking Growth, Margins, and Unit Economics Against Public SaaS Peers →
-13 percent
Clouded Judgement
2021
median
SaaS public company peer set
Clouded Judgement: SaaS Valuation Multiples Analysis (May 2021) →
-12 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-12 percent
Clouded Judgement
2021
median
Top 10 SaaS companies by valuation multiple
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
-12 percent
Clouded Judgement
2021
median
Public SaaS companies in top 10 by valuation
Clouded Judgement: SaaS Valuation Multiples & Earnings Season Analysis (April 30, 2021) →
-11 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-12 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
-12 percent
Clouded Judgement
2021
median
Public SaaS companies in cohort
Clouded Judgement: SaaS Valuation Multiples & Treasury Yield Correlation →
-12 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-18 percent
Clouded Judgement
2021
median
Top 10 cloud SaaS companies
Clouded Judgement: SaaS Valuation Multiples and Treasury Correlation Analysis →
-12% percent
Clouded Judgement
2021
median
Public SaaS cohort (April 2021)
Clouded Judgement: SaaS Valuation Multiples and Treasury Correlation Analysis →
-18 percent
Clouded Judgement
2021
LTM GAAP
UiPath; negative due to growth investments
UiPath S-1 Financial Benchmarking Analysis: Pre-IPO Metrics & Cloud SaaS Comparison →
-12 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-13 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-13 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement →
-15 percent
Clouded Judgement
2021
average
Procore LTM GAAP
Clouded Judgement: Procore S-1 Benchmarking Analysis →
-15 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Analysis & Okta-Auth0 M&A (Mar 2021) →
-16 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Feb 2021) →
-5 percent
Clouded Judgement
2021
DigitalOcean GAAP LTM at S-1 filing
DigitalOcean S-1 Analysis: Benchmarking Cloud Infrastructure Economics at IPO →
Positive percent
Clouded Judgement
2021
Olo GAAP operating margin (positive, rare for early-stage public SaaS)
Olo: Benchmarking the S-1 Data →
-15 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
-15 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Metrics & Weekly Earnings Summary →
-15 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Quarterly Performance Analysis (Feb 2021) →
-15 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Earnings Analysis (Feb 5, 2021) →
-15 percent
Clouded Judgement
2021
median
Public SaaS companies, January 2021
Clouded Judgement →
-14 percent
Clouded Judgement
2021
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Jan 2021) →
-14 percent
Clouded Judgement
2021
median
Public SaaS cohort
Clouded Judgement →
-14 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement: SaaS Valuation & Acceleration Analysis (Q3 2020) →
-15 percent
Clouded Judgement
2020
median
SaaS cohort
Clouded Judgement →
-16 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement →
-15 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement: SaaS Growth Trajectories and Valuation Multiples Analysis →
-15 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement →
-15 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement: SaaS Valuation and Earnings Analysis (November 2020) →
-23 percent
Clouded Judgement
2020
median
Top 10 highest-valued SaaS companies by EV/NTM revenue multiple
Clouded Judgement: SaaS Valuation and Earnings Analysis (November 2020) →
-15 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement: Q3 2020 SaaS Earnings & Valuation Multiple Analysis →
-16 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement →
-16 percent
Clouded Judgement
2020
median
Public SaaS companies, October 2020
Clouded Judgement →
-11 percent
Clouded Judgement
2020
median
Top 10 SaaS companies by valuation
Clouded Judgement →
-15 percent
Clouded Judgement
2020
median
SaaS benchmarking cohort
Clouded Judgement →
-15 percent
Clouded Judgement
2020
median
Top 10 highest-valued SaaS companies
Clouded Judgement →
-14 percent
Clouded Judgement
2020
median
Top 10 public SaaS companies
Clouded Judgement →
-15 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement →
-15% percent
Clouded Judgement
2020
median
SaaS cohort
Clouded Judgement →
-16 percent
Clouded Judgement
2020
median
SaaS cohort
Clouded Judgement →
-16 percent
Clouded Judgement
2020
median
Public SaaS companies
Clouded Judgement: SaaS Valuation Trends & Direct Listing Reform →
-16 percent
Clouded Judgement
2020
median
SaaS cohort, August 2020
Clouded Judgement →
-15 percent
Clouded Judgement
2020
median
Median across public SaaS cohort
Clouded Judgement →
-15% percent
Clouded Judgement
2020
median
SaaS cohort August 2020
Clouded Judgement →
-12 percent
Clouded Judgement
2020
median
Top 10 SaaS companies by valuation (Q2 2020)
Clouded Judgement →
-15 percent
Clouded Judgement
2020
median
SaaS market as of July 2020
Clouded Judgement →
-15% percent
Clouded Judgement
2020
median
Public SaaS companies as of July 2020
Clouded Judgement →
-32 percent
Clouded Judgement
2020
BigCommerce
Public SaaS companies; BigCommerce negative 32% vs. median ~15%
BigCommerce S-1 Benchmarking: Pre-IPO Financial Analysis vs. Public SaaS Peers →
-15 percent
Clouded Judgement
2020
median
SaaS companies in analyzed cohort
Clouded Judgement →
-14 percent
Clouded Judgement
2020
average
Top 10 high-growth SaaS companies (Jul 2020)
Clouded Judgement →
-17 percent
Clouded Judgement
2020
median
Top 10 high-growth SaaS companies (Jul 2020)
Clouded Judgement →
-31% percent
Clouded Judgement
2020
median
SaaS IPO candidates (36 companies)
Clouded Judgement →
-16% percent
Clouded Judgement
2020
median
Public SaaS companies (week of June 26, 2020)
Clouded Judgement →
-31 percent
Clouded Judgement
2020
median
SaaS companies at IPO
What It Takes to Become a Public SaaS Company: Part 1 – IPO Readiness Metrics & Benchmarks →
-15 percent
Clouded Judgement
2020
median
SaaS market overall
Clouded Judgement →