Clouded Judgement

SaaS valuations have reached all-time highs with median forward revenue multiples at ~14x, driven by exceptional growth and margin profiles across the sector. IPO underpricing is evident when measured from IPO price to post-lockup expiration, with companies like Bill.com seeing 241% appreciation. The article provides comprehensive benchmarking data on SaaS operating metrics, valuation multiples by growth tier, and notable M&A/product announcements in the ecosystem.