cloudedjudgement.substack.com · 2024-05-17 · 748d

Clouded Judgement: April CPI Update & SaaS Valuation Analysis

Weekly analysis of cloud software valuation trends following April 2024 CPI data, showing inflation moderating to 3.4% YoY and providing detailed SaaS benchmarking metrics across revenue multiples, operating margins, and unit economics. The article establishes median valuation and operational baselines for public SaaS companies, including 5.8x EV/NTM revenue multiple, 75% gross margins, and 110% net revenue retention.

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Metrics in this report

10-Year Treasury Yield

4.35percent

As of article publication date

April CPI YoY

3.4percent

U.S. inflation, April 2024

April Core CPI YoY

3.6percent

U.S. core inflation (ex food/energy), April 2024

CAC Payback Period

45months

median

Public SaaS companies, fully-burdened basis

EV/NTM Revenue Multiple

5.8multiple

median

Overall public SaaS cohort

EV/NTM Revenue Multiple

15.9multiple

median

Top 5 public SaaS companies

EV/NTM Revenue Multiple

10.0multiple

median

High-growth SaaS (>27% NTM growth)

EV/NTM Revenue Multiple

7.9multiple

median

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

EV/NTM Revenue Multiple

4.1multiple

median

Low-growth SaaS (<15% NTM growth)

Free Cash Flow Margin

13percent

median

Public SaaS companies

G&A % Revenue

15percent

median

Public SaaS companies

Gross Margin

75percent

median

Public SaaS companies

LTM Growth Rate

17percent

median

Public SaaS companies

NTM Growth Rate

13percent

median

Public SaaS companies

Net Revenue Retention

110percent

median

Public SaaS companies

Operating Margin

-10percent

median

Public SaaS companies

R&D % Revenue

25percent

median

Public SaaS companies

Sales & Marketing % Revenue

40percent

median

Public SaaS companies