      onlycfo.io · 2025-06-26
      · 343d
    

Cloud's Biggest Winners & Losers: Revenue Multiple Changes and Growth Importance in 2025

The article analyzes YoY revenue multiple shifts across 75 public cloud companies, identifying Rubrik as the biggest winner (jumping from 32nd to 8th in valuation rank) and Braze as the biggest loser. The author argues that high revenue growth remains the dominant driver of SaaS valuations, with growth being 2.7x more important than profitability for late-stage companies, especially as market uncertainty decreases.

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

Metrics in this report

Growth vs. Profitability Importance Ratio

2.7multiple

Relative importance weight in late-stage SaaS valuation determination

High-Growth SaaS Company Prevalence

5percent

Percentage of public SaaS companies with >25% revenue growth

Revenue Multiple (NTM EV/Revenue)

13.1multiple

best-in-class

Rubrik (highest ranked, 8th position out of 75 cloud companies)

Revenue Multiple (NTM EV/Revenue)

2.0multiple

Jamf (lowest ranked, 65th position out of 75 cloud companies)