Clouded Judgement: Q1 2023 SaaS Earnings Trends and Valuation Multiple Analysis

Analysis of Q1 2023 SaaS earnings reveals accelerating growth deceleration, declining net retention driven by compressed expansion revenue, and deteriorating sales efficiency despite improving FCF margins. The article provides comprehensive SaaS valuation benchmarks and operating metrics across a cohort of public companies, with median EV/NTM revenue multiple of 6.0x and highlighting growth-to-valuation correlation patterns.