cloudedjudgement.substack.com · 2020-12-11 · 2001d

Clouded Judgement

Weekly SaaS earnings and valuation update showing strong earnings beats across major cloud software companies with significant multiple expansion. The article documents median SaaS EV/NTM revenue multiples of 17.4x overall and 47.6x for top 5 companies, reflecting elevated valuations driven by high growth rates and strong gross margins. Operating metrics reveal median NRR of 116%, 21% NTM growth, and 74% gross margins, with significant variance between high-growth (34.1x) and low-growth (6.9x) segments.

15 metrics· Cited 0× in the knowledge base ·Open source ↗

Metrics in this report

CAC Payback Period

24months

median

SaaS cohort

EV/NTM Revenue Multiple

17.4multiple

median

SaaS cohort as of August 2020

EV/NTM Revenue Multiple

47.6multiple

median

Top 5 SaaS companies by valuation

EV/NTM Revenue Multiple - High Growth

34.1multiple

median

SaaS companies with >30% NTM growth

EV/NTM Revenue Multiple - Low Growth

6.9multiple

median

SaaS companies with <15% NTM growth

EV/NTM Revenue Multiple - Mid Growth

18.1multiple

median

SaaS companies with 15%-30% NTM growth

FCF Margin

5percent

median

SaaS cohort

G&A Expense Ratio

18percent

median

SaaS cohort as % of revenue

Gross Margin

74percent

median

SaaS cohort

LTM Revenue Growth Rate

30percent

median

SaaS cohort

NTM Revenue Growth Rate

21percent

median

SaaS cohort

Net Revenue Retention

116percent

median

SaaS cohort

Operating Margin

-15percent

median

SaaS cohort

R&D Expense Ratio

25percent

median

SaaS cohort as % of revenue

S&M Expense Ratio

45percent

median

SaaS cohort as % of revenue