cloudedjudgement.substack.com · 2021-05-21 · 1840d

Clouded Judgement

Weekly update on SaaS valuation multiples showing an 8% rebound in median cloud software multiples and 15% gains in high-growth software, with analysis of recent IPOs including Procore and detailed benchmarking data across operating metrics. The article provides comprehensive comparative analysis of top 10 public cloud companies by EV/NTM revenue multiple, growth rates, margins, and operational efficiency metrics.

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Metrics in this report

CAC Payback Period

22months

median

Public SaaS companies (gross margin adjusted)

CAC Payback Period (Gross Margin Adjusted)

22months

median

Public SaaS companies

EV/NTM Revenue Multiple

14.2x

median

Overall public SaaS companies as of May 21, 2021

EV/NTM Revenue Multiple

40.7x

median

Top 5 highest-valued public SaaS companies

EV/NTM Revenue Multiple

23.5x

median

High-growth SaaS (>30% NTM growth)

EV/NTM Revenue Multiple

12.2x

median

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

EV/NTM Revenue Multiple

5.1x

median

Low-growth SaaS (<15% NTM growth)

EV/NTM Revenue Multiple - High Growth

23.5times

median

Public SaaS companies with >30% projected NTM growth

EV/NTM Revenue Multiple - Low Growth

5.1times

median

Public SaaS companies with <15% projected NTM growth

EV/NTM Revenue Multiple - Mid Growth

12.2times

median

Public SaaS companies with 15-30% projected NTM growth

FCF Margin

10percent

median

Public SaaS companies

Free Cash Flow Margin

10percent

median

Public SaaS companies

G&A as % of Revenue

18percent

median

Public SaaS companies

General & Administrative Spend

18percent of revenue

median

Public SaaS companies

Gross Margin

74percent

median

Public SaaS companies

Gross Margin

74percent

median

Public SaaS companies

LTM Growth Rate

30percent

median

Public SaaS companies

LTM Revenue Growth Rate

30percent

median

Public SaaS companies (last twelve months)

NTM Growth Rate

24percent

median

Public SaaS companies

NTM Revenue Growth Rate

24percent

median

Public SaaS companies (forward-looking consensus)

Net Revenue Retention

119percent

median

Public SaaS companies

Net Revenue Retention

119percent

median

Public SaaS companies

Operating Margin

-13percent

median

Public SaaS companies

Operating Margin

-13percent

median

Public SaaS companies

Overall SaaS EV/NTM Revenue Multiple

14.2times

median

Broad public SaaS cohort as of May 2021

Procore IPO Valuation Multiple

22x NTM revenue

Fully diluted market cap at ~$12.5B

Procore IPO Valuation Multiple

22times

target

Procore IPO at ~$12.5B market cap on NTM revenue

R&D as % of Revenue

25percent

median

Public SaaS companies

Research & Development Spend

25percent of revenue

median

Public SaaS companies

Sales & Marketing Spend

42percent of revenue

median

Public SaaS companies

Sales & Marketing as % of Revenue

42percent

median

Public SaaS companies

Top 5 SaaS EV/NTM Revenue Multiple

40.7times

median

Highest-valued 5 public SaaS companies