      cloudedjudgement.substack.com · 2021-02-12
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Clouded Judgement: SaaS Valuation Multiples & Quarterly Performance Analysis (Feb 2021)

Weekly SaaS valuation and earnings analysis tracking 10 public companies with detailed comparison of reported vs. consensus revenue, forward guidance, and EV/NTM revenue multiples. The article benchmarks SaaS operating metrics (gross margin, FCF margin, CAC payback, NRR) and introduces growth-adjusted valuation methodology to assess relative valuation richness across the cohort.

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Metrics in this report

CAC Payback Period

23months

median

Public SaaS companies (gross profit basis)

Free Cash Flow Margin

5percent

median

Public SaaS companies

G&A % of Revenue

18percent

median

Public SaaS companies

Gross Margin

74percent

median

Public SaaS companies

LTM Revenue Growth Rate

29percent

median

Public SaaS companies

NTM Revenue Growth Rate

23percent

median

Public SaaS companies

Net Revenue Retention

115percent

median

Public SaaS companies

Operating Margin

-15percent

median

Public SaaS companies

R&D % of Revenue

25percent

median

Public SaaS companies

SaaS Valuation Multiple (High-Growth >30%)

40.8x NTM Revenue

median

High-growth SaaS cohort (>30% NTM growth)

SaaS Valuation Multiple (Low-Growth <15%)

8.0x NTM Revenue

median

Low-growth SaaS cohort (<15% NTM growth)

SaaS Valuation Multiple (Median)

20.8x NTM Revenue

median

Public SaaS companies, January 2021

SaaS Valuation Multiple (Mid-Growth 15-30%)

21.6x NTM Revenue

median

Mid-growth SaaS cohort (15-30% NTM growth)

Sales & Marketing % of Revenue

44percent

median

Public SaaS companies