      cloudedjudgement.substack.com · 2021-07-30
      · 1770d
    

Clouded Judgement

Weekly analysis of cloud software market trends featuring AWS's accelerating 37% YoY growth at $59B run rate and comparative cloud provider performance, alongside Q2 2021 SaaS earnings results and valuation multiple analysis. Article benchmarks the top 10 highest-valued SaaS companies, revealing a median EV/NTM revenue multiple of 38.5x with significant operating margin pressures despite strong growth expectations.

16 metrics· Cited 0× in the knowledge base ·Open source ↗

Metrics in this report

AWS Operating Margin

28percent

actual

Q2 2021 GAAP basis

AWS Revenue Run Rate

59billion dollars

actual

Q2 2021

AWS YoY Growth

37percent

actual

Q2 2021, accelerating from 32% prior quarter

CAC Payback Period

28months

median

Public SaaS companies on gross margin-adjusted basis

EV / NTM Revenue Multiple

38.5multiple

median

Top 10 highest-valued public SaaS companies

EV / NTM Revenue Multiple

29.4multiple

median

High-growth SaaS (>30% NTM growth)

EV / NTM Revenue Multiple

14.8multiple

median

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

EV / NTM Revenue Multiple

5.8multiple

median

Low-growth SaaS (<15% NTM growth)

FCF Margin

-4percent

median

Top 10 highest-valued SaaS companies

G&A % of Revenue

18percent

median

Public SaaS companies in sample

Gross Margin

74percent

median

Public SaaS companies in sample

NTM Revenue Growth

49percent

median

Top 10 highest-valued SaaS companies

Net Revenue Retention

118percent

median

Public SaaS companies in sample

Operating Margin

-44percent

median

Top 10 highest-valued SaaS companies

R&D % of Revenue

25percent

median

Public SaaS companies in sample

Sales & Marketing % of Revenue

44percent

median

Public SaaS companies in sample