Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (Jan 2021)

This article provides comprehensive analysis of SaaS valuation multiples, operating metrics, and benchmarks across public companies as of January 2021, showing median EV/NTM revenue multiples of 19.0x overall and 47.7x for top 5 companies, with detailed breakdowns by growth rates and operating performance. The analysis reveals significant expansion in multiples over the prior year (from 13.2x in Jan 2020 to 19.0x in Jan 2021) and shows correlation between growth rates and valuation premiums. Key operating benchmarks include 21% NTM growth, 74% gross margin, and 115% net retention across the median public SaaS company.