Clouded Judgement

A comprehensive analysis of cloud software valuation multiples in May 2022, showing that despite severe market corrections with many companies down 50-80%, the median EV/NTM revenue multiple of 7.4x remains only 5% below the 2015-2020 pre-COVID average of 7.8x. The article provides detailed quarterly earnings summaries, operating metrics benchmarks (median NRR 120%, CAC payback 27 months, FCF margin 3%), and valuation multiples across the SaaS universe, with top-10 companies trading at 20.1x median multiples driven by 45% median growth rates.