Clouded Judgement

This analysis examines SaaS valuation multiples and operating metrics across a cohort of high-growth public companies, revealing significant valuation expansion (median 14.7x NTM revenue) with wide dispersion between growth rates and profitability. The article benchmarks key metrics including gross margins (75% median), operating margins (-19% median), and net retention (119% median), while highlighting the tension between growth expectations and realized unit economics.