      cloudedjudgement.substack.com · 2020-10-16
      · 2057d
    

Clouded Judgement

A weekly SaaS market analysis covering Zoom's Zoomtopia announcements (OnZoom, Zaaps, UCaaS updates, SDK expansion, and end-to-end encryption), valuation multiples across top 10 public SaaS companies, and key industry news including Twilio's Segment acquisition. The article provides detailed benchmarking of SaaS operating metrics and multiples, showing median NTM revenue multiples of 15.5x with significant variation by growth profile.

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Metrics in this report

CAC Payback Period

29months

median

Public SaaS companies, October 2020

EV/NTM Revenue Multiple

16.6multiple

median

Public SaaS companies, October 2020

EV/NTM Revenue Multiple

35.7multiple

median

High-growth SaaS companies (>30% NTM growth), October 2020

EV/NTM Revenue Multiple

18.1multiple

median

Mid-growth SaaS companies (15-30% NTM growth), October 2020

EV/NTM Revenue Multiple

9.6multiple

median

Low-growth SaaS companies (<15% NTM growth), October 2020

Free Cash Flow Margin

4percent

median

Public SaaS companies, October 2020

G&A as % of Revenue

17percent

median

Public SaaS companies, October 2020

Gross Margin

73percent

median

Public SaaS companies, October 2020

LTM Revenue Growth Rate

31percent

median

Public SaaS companies, October 2020

NTM Revenue Growth Rate

19percent

median

Public SaaS companies, October 2020

Net Revenue Retention

117percent

median

Public SaaS companies, October 2020

Operating Margin

-16percent

median

Public SaaS companies, October 2020

R&D as % of Revenue

25percent

median

Public SaaS companies, October 2020

Sales & Marketing as % of Revenue

43percent

median

Public SaaS companies, October 2020