Clouded Judgement: Declining Growth in Public SaaS

SaaS median NTM growth rates have declined ~50% over two years from ~25% to ~12%, with zero companies now projected to grow >30% compared to eight a year ago. Revenue multiples remain the primary valuation framework for unprofitable software companies, with significant variation based on growth buckets (10.7x for high growth vs. 3.8x for low growth). Operating metrics reveal a median 110% net retention, 75% gross margin, and 53-month CAC payback, suggesting growing valuation pressure as growth deceleration continues.