Clouded Judgement: SaaS Valuation and Earnings Analysis (November 2020)

Weekly analysis of SaaS company earnings, valuation multiples, and operating metrics showing median EV/NTM revenue multiple of 16.5x with significant dispersion based on growth rates. Presents detailed benchmarks across 16 public SaaS companies with performance data, highlights top valuation multiples, and discusses M&A activity including Coupa's acquisition of Llamasoft and Ping Identity's acquisition of Symphonic Software. Demonstrates divergence between high-growth premium multiples (32.5x median for >30% growth) and low-growth valuations (8.1x median for <15% growth).