Clouded Judgement

This article analyzes valuation multiples and operating metrics across top 10 public SaaS companies, revealing a median EV/NTM revenue multiple of 51.8x for high-growth companies despite significant operating losses. The analysis benchmarks key SaaS metrics including gross margins (75% median), net retention (120% median), CAC payback (25 months median), and introduces growth-adjusted valuation frameworks to assess relative valuation efficiency.