      cloudedjudgement.substack.com · 2020-11-13
      · 2029d
    

Clouded Judgement

Weekly SaaS valuation analysis covering earnings reports, revenue multiple benchmarks, and operating metrics across top public cloud companies. The article presents detailed multiples analysis showing median SaaS valuations at 14.7x NTM revenue, with high-growth companies commanding 30x multiples, alongside operating metrics benchmarks including gross margins, FCF, NRR, and CAC payback periods.

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Metrics in this report

CAC Payback Period

25months

median

Public SaaS companies

EV/NTM Revenue Multiple

14.7x

median

Overall SaaS market, public companies

EV/NTM Revenue Multiple

30.0x

median

High-growth SaaS (>30% NTM growth)

EV/NTM Revenue Multiple

17.3x

median

Mid-growth SaaS (15-30% NTM growth)

EV/NTM Revenue Multiple

8.2x

median

Low-growth SaaS (<15% NTM growth)

Free Cash Flow Margin

5percent

median

Public SaaS companies

G&A Spend

17percent of revenue

median

Public SaaS companies

Gross Margin

74percent

median

Public SaaS companies

LTM Revenue Growth Rate

31percent

median

Public SaaS companies

NTM Revenue Growth Rate

20percent

median

Public SaaS companies

Net Revenue Retention

116percent

median

Public SaaS companies

Operating Margin

-15percent

median

Public SaaS companies

R&D Spend

25percent of revenue

median

Public SaaS companies

Sales & Marketing Spend

43percent of revenue

median

Public SaaS companies