      cloudedjudgement.substack.com · 2021-01-29
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Clouded Judgement

Weekly SaaS valuation and earnings analysis highlighting Azure's 48% YoY growth acceleration, top 10 public SaaS company valuations ranging from 39.7x to 75.4x NTM revenue multiples, and median operating metrics across the cohort. The article documents a sharp expansion in SaaS valuation multiples from 8.0x in January 2020 to 18.4x in January 2021, with growth-stage companies commanding premiums of 34.9x versus low-growth peers at 7.6x.

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Metrics in this report

Azure Run Rate Revenue

28billions

Microsoft Azure estimated run rate, Q2 FY2021

Azure YoY Growth Rate

48percent

reported

Microsoft Azure, Q2 FY2021

CAC Payback Period

24months

median

Public SaaS companies, January 2021

EV / NTM Revenue Multiple

18.4x

median

Public SaaS companies, January 2021

EV / NTM Revenue Multiple

49.7x

average

Top 10 highest-valued public SaaS companies, January 2021

EV / NTM Revenue Multiple

34.9x

median

High-growth SaaS (>30% NTM growth), January 2021

EV / NTM Revenue Multiple

19.2x

median

Mid-growth SaaS (15-30% NTM growth), January 2021

EV / NTM Revenue Multiple

7.6x

median

Low-growth SaaS (<15% NTM growth), January 2021

FCF Margin

5percent

median

Public SaaS companies, January 2021

G&A % of Revenue

18percent

median

Public SaaS companies, January 2021

Gross Margin

74percent

median

Public SaaS companies, January 2021

LTM Revenue Growth Rate

30percent

median

Public SaaS companies, January 2021

NTM Revenue Growth Rate

23percent

median

Public SaaS companies, January 2021

Net Revenue Retention

115percent

median

Public SaaS companies, January 2021

Operating Margin

-15percent

median

Public SaaS companies, January 2021

R&D % of Revenue

25percent

median

Public SaaS companies, January 2021

S&M % of Revenue

44percent

median

Public SaaS companies, January 2021