cloudedjudgement.substack.com · 2025-04-11 · 419d

Clouded Judgement: Bond Market Volatility, Treasury Auctions, and SaaS Valuation Multiples

This article analyzes the week's bond market turbulence, Treasury auction risks, and their implications for SaaS company valuations and forward guidance. It provides comprehensive SaaS valuation benchmarks showing median EV/NTM revenue multiples of 4.7x overall and 16.9x for top 10 companies, with analysis of how growth rates correlate to valuation multiples and operating metrics.

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Metrics in this report

10-Year Treasury Yield

4.5percent

Following bond market volatility on April 8, 2025

Customer Acquisition Cost Payback

43months

median

SaaS public companies

EV/NTM Revenue Multiple

4.7x

median

Overall SaaS public company universe

EV/NTM Revenue Multiple

16.9x

median

Top 10 highest-valued SaaS companies

EV/NTM Revenue Multiple

13.2x

median

High-growth SaaS (>27% NTM growth)

EV/NTM Revenue Multiple

8.7x

median

Mid-growth SaaS (15-27% NTM growth)

EV/NTM Revenue Multiple

3.9x

median

Low-growth SaaS (<15% NTM growth)

FCF Margin

16percent

median

SaaS public companies

G&A Spend

16percent of revenue

median

SaaS public companies

Gross Margin

76percent

median

SaaS public companies

NTM Revenue Growth Rate

11percent

median

SaaS public companies

Net Retention Rate

108percent

median

SaaS public companies

Operating Margin

-6percent

median

SaaS public companies

R&D Spend

24percent of revenue

median

SaaS public companies

Sales & Marketing Spend

39percent of revenue

median

SaaS public companies