cloudedjudgement.substack.com · 2021-02-26 · 1924d

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

Weekly SaaS valuation analysis tracking NTM revenue multiples, earnings beats/misses, and operating metrics across 50+ public companies. The article documents a sharp expansion in SaaS valuations (median 17.9x NTM revenue, up from 8.0x in Jan 2020) and provides benchmarked operating metrics (median 74% gross margin, 115% NRR, 23-month CAC payback) to contextualize pricing relative to growth expectations.

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Metrics in this report

CAC Payback Period

23months

median

Public SaaS companies, gross-profit-adjusted

EV / NTM Revenue Multiple

17.9x

median

Public SaaS companies, Jan 2021

EV / NTM Revenue Multiple (High Growth)

32.3x

median

SaaS companies with >30% NTM growth

EV / NTM Revenue Multiple (Low Growth)

6.5x

median

SaaS companies with <15% NTM growth

EV / NTM Revenue Multiple (Mid Growth)

17.7x

median

SaaS companies with 15-30% NTM growth

EV / NTM Revenue Multiple (Top 5)

50.7x

median

Top 5 highest-valued SaaS companies by valuation multiple

Free Cash Flow Margin

5percent

median

Public SaaS companies

General & Administrative % of Revenue

18percent

median

Public SaaS companies

Gross Margin

74percent

median

Public SaaS companies

LTM Revenue Growth Rate

31percent

median

Public SaaS companies

NTM Revenue Growth Rate

23percent

median

Public SaaS companies

Net Revenue Retention

115percent

median

Public SaaS companies

Operating Margin

-16percent

median

Public SaaS companies

Research & Development % of Revenue

25percent

median

Public SaaS companies

Sales & Marketing % of Revenue

45percent

median

Public SaaS companies