Clouded Judgement: SaaS Valuation Multiples & Operating Metrics Analysis (July 2025)

This weekly update provides comprehensive benchmarking data on cloud software company valuations, showing median EV/NTM revenue multiples of 5.5x overall and 21.6x for high-growth companies (>25% growth). The article presents operating metrics across the SaaS ecosystem including gross margin (76% median), net retention (108% median), and CAC payback periods (72 months median), demonstrating the relationship between growth rates and valuation multiples.