{
  "$schema": "https://saasvaluationmultiple.com/api/schema.json",
  "lastUpdated": "2026-05-06",
  "site": {
    "url": "https://saasvaluationmultiple.com",
    "name": "SaaSValuationMultiple.com",
    "operator": "Digital Signet",
    "author": "Oliver Wakefield-Smith",
    "editorialIndependence": "Independent reference site. Not affiliated with SaaS Capital, Bessemer Venture Partners, KeyBanc Capital Markets, Aventis Advisors, or any M&A advisory firm.",
    "license": "Quote freely with attribution to the underlying primary source named in each figure."
  },
  "publicSaas": {
    "median": {
      "value": 6.4,
      "unit": "EV/Revenue",
      "asOf": "2026-Q1",
      "source": "SaaS Capital Index",
      "sourceUrl": "https://www.saas-capital.com/the-saas-capital-index/",
      "sourceMethodology": "Median EV/Revenue across approximately 100 publicly traded pure-play SaaS companies, equally-weighted, monthly update."
    },
    "topQuartile": {
      "value": 13.8,
      "unit": "EV/Revenue",
      "asOf": "2026-Q1",
      "source": "SaaS Capital Index"
    },
    "bottomQuartile": {
      "value": 1.8,
      "unit": "EV/Revenue",
      "asOf": "2026-Q1",
      "source": "SaaS Capital Index"
    },
    "medianEvEbitda": {
      "value": 26.6,
      "unit": "EV/EBITDA",
      "asOf": "2026-Q1",
      "source": "SaaS Capital Index"
    },
    "alternativeIndices": [
      {
        "name": "BVP Nasdaq Emerging Cloud Index",
        "tickerOrSeries": "NASDAQEMCLOUD",
        "median": 8.0,
        "unit": "EV/Revenue",
        "asOf": "2026-Q1",
        "constituents": "60-80 cloud and SaaS companies, market-cap weighted",
        "source": "Bessemer Venture Partners + Nasdaq",
        "sourceUrl": "https://cloudindex.bvp.com/",
        "fredSeries": "https://fred.stlouisfed.org/series/NASDAQEMCLOUD",
        "note": "Skews higher than SaaS Capital due to growth-tilted constituents and market-cap weighting."
      },
      {
        "name": "Aventis Advisors SaaS Valuation Multiples",
        "median": 3.4,
        "unit": "EV/Revenue",
        "asOf": "2026-Q1",
        "source": "Aventis Advisors",
        "sourceUrl": "https://aventis-advisors.com/saas-valuation-multiples/",
        "note": "Lower than SaaS Capital due to a narrower constituent set that excludes some growth-stage outliers."
      }
    ]
  },
  "privateSaas": {
    "median": {
      "value": 4.5,
      "unit": "EV/ARR",
      "asOf": "2026-Q1",
      "source": "SaaS Capital private market data + KeyBanc KBCM Annual SaaS Survey 2025",
      "note": "Lower middle market private SaaS. Includes a 20-40% premium for EBITDA-positive companies."
    },
    "byArrSize": [
      { "arrRange": "$1M-$5M", "multipleRange": "2.5-5.0x", "asOf": "2026-Q1", "source": "SaaS Capital + Empire Flippers comp data" },
      { "arrRange": "$5M-$25M", "multipleRange": "3.5-7.0x", "asOf": "2026-Q1", "source": "SaaS Capital + KeyBanc KBCM" },
      { "arrRange": "$25M-$100M", "multipleRange": "5.0-10.0x", "asOf": "2026-Q1", "source": "SaaS Capital + KeyBanc KBCM" },
      { "arrRange": "$100M+", "multipleRange": "6.0-15.0x", "asOf": "2026-Q1", "source": "SaaS Capital + KeyBanc KBCM" }
    ]
  },
  "growthCohorts": {
    "asOf": "2026-Q1",
    "source": "SaaS Capital Index Q4 2025 + BVP EMCLOUD constituent data",
    "bands": [
      { "yoyGrowth": "60%+", "medianMultiple": "11-18x", "p25": "8x", "p75": "22x" },
      { "yoyGrowth": "40-60%", "medianMultiple": "8-11x", "p25": "6x", "p75": "14x" },
      { "yoyGrowth": "20-40%", "medianMultiple": "5-8x", "p25": "3.5x", "p75": "10x" },
      { "yoyGrowth": "10-20%", "medianMultiple": "3-5x", "p25": "2x", "p75": "6x" },
      { "yoyGrowth": "Under 10%", "medianMultiple": "1-3x", "p25": "1x", "p75": "4x" }
    ]
  },
  "ruleOf40": {
    "asOf": "2026-Q1",
    "source": "KeyBanc KBCM Annual SaaS Survey 2025",
    "formula": "Revenue Growth Rate (%) + EBITDA Margin (%) >= 40",
    "multipleImpact": "Each 10-point improvement above 40 = +1.0 to +1.5x ARR multiple. Each 10-point shortfall below 40 = -0.5 to -1.0x.",
    "scoreToMultiple": [
      { "score": "70+", "evArrImpact": "+3.0 to +5.0x above baseline", "typicalMultiple": "12-18x+", "framing": "Top decile" },
      { "score": "60-70", "evArrImpact": "+2.0 to +3.0x above baseline", "typicalMultiple": "9-12x", "framing": "Premium tier" },
      { "score": "50-60", "evArrImpact": "+1.0 to +2.0x above baseline", "typicalMultiple": "7-9x", "framing": "Above average" },
      { "score": "40-50", "evArrImpact": "Baseline (0 adjustment)", "typicalMultiple": "5-7x", "framing": "Meets the rule" },
      { "score": "30-40", "evArrImpact": "-0.5 to -1.0x below baseline", "typicalMultiple": "4-6x", "framing": "Below expectation" },
      { "score": "Below 30", "evArrImpact": "-1.0 to -2.0x below baseline", "typicalMultiple": "2-4x", "framing": "Concern; requires explanation" }
    ]
  },
  "nrr": {
    "asOf": "2026-Q1",
    "source": "KeyBanc KBCM 2025 + SaaS Capital private market data",
    "impactBands": [
      { "nrr": "130%+", "multipleAdjustment": "+2.0 to +3.0x", "framing": "Best-in-class; commands premium" },
      { "nrr": "120-130%", "multipleAdjustment": "+1.0 to +2.0x", "framing": "Strong" },
      { "nrr": "110-120%", "multipleAdjustment": "+0.5 to +1.5x", "framing": "Healthy" },
      { "nrr": "100-110%", "multipleAdjustment": "0 to +0.5x", "framing": "Baseline" },
      { "nrr": "90-100%", "multipleAdjustment": "-0.5 to -1.5x", "framing": "Weak; investor concern" },
      { "nrr": "Below 90%", "multipleAdjustment": "-1.5 to -3.0x", "framing": "Significant discount applied" }
    ]
  },
  "verticals": [
    { "vertical": "Healthcare/MedTech", "evArrRange": "5-12x", "premium": "Regulatory moat (HIPAA), compliance lock-in", "examples": ["Veeva", "Phreesia", "Epic"], "asOf": "2026-Q1" },
    { "vertical": "Fintech/Payments", "evArrRange": "6-14x", "premium": "Network effects, PCI compliance, data value", "examples": ["nCino", "Blend"], "asOf": "2026-Q1" },
    { "vertical": "DevTools/Observability", "evArrRange": "8-15x", "premium": "Usage-based scaling, technical lock-in", "examples": ["Datadog", "Snowflake"], "asOf": "2026-Q1" },
    { "vertical": "Legal Tech", "evArrRange": "4-8x", "premium": "Workflow integration, billing critical path", "examples": ["Clio", "MyCase"], "asOf": "2026-Q1" },
    { "vertical": "HR/Workforce", "evArrRange": "4-8x", "premium": "Payroll compliance, benefits complexity", "examples": ["Rippling", "Gusto"], "asOf": "2026-Q1" },
    { "vertical": "Construction/Field Service", "evArrRange": "3-7x", "premium": "Project management dependency", "examples": ["Procore", "ServiceTitan"], "asOf": "2026-Q1" },
    { "vertical": "Restaurant/Retail", "evArrRange": "3-6x", "premium": "POS dependency; SMB churn risk caps multiples", "examples": ["Toast", "Lightspeed"], "asOf": "2026-Q1" },
    { "vertical": "Real Estate", "evArrRange": "3-6x", "premium": "Market cyclicality creates churn risk", "examples": ["CoStar", "Yardi"], "asOf": "2026-Q1" }
  ],
  "fundraisingMultiples": {
    "asOf": "2026-Q1",
    "source": "Carta State of Private Markets + Crunchbase deal data + KeyBanc KBCM",
    "byStage": [
      { "stage": "Seed", "multipleRange": "15-30x ARR", "note": "Pre-revenue or sub-$1M ARR; multiples reflect potential, not realised value" },
      { "stage": "Series A", "multipleRange": "10-20x ARR", "note": "Typical $2-10M ARR" },
      { "stage": "Series B", "multipleRange": "8-15x ARR", "note": "Typical $10-25M ARR" },
      { "stage": "Series C", "multipleRange": "6-12x ARR", "note": "Typical $25-75M ARR" },
      { "stage": "Series D+", "multipleRange": "5-10x ARR", "note": "Late-stage; convergence with public market multiples" }
    ]
  },
  "historicalPeak": {
    "value": 18.6,
    "unit": "EV/Revenue",
    "asOf": "2021-Q4",
    "source": "SaaS Capital Index historical archive",
    "context": "Late-2021 peak; subsequent compression to 6-7x by 2023-2024 driven by rate-hiking cycle and growth deceleration."
  },
  "definitions": {
    "ARR": "Annual Recurring Revenue: annualised contracted recurring SaaS revenue, excluding one-time fees and professional services.",
    "EV/Revenue": "Enterprise Value divided by trailing-twelve-month revenue. Standard public SaaS valuation multiple.",
    "EV/ARR": "Enterprise Value divided by Annual Recurring Revenue. Standard private SaaS valuation multiple.",
    "NRR": "Net Revenue Retention: year-on-year revenue retention from existing customers, including expansion, downgrade, and churn.",
    "RuleOf40": "Revenue Growth Rate (%) + EBITDA Margin (%) >= 40. Dominant SaaS valuation benchmark balancing growth and capital efficiency.",
    "MagicNumber": "Net new ARR / sales-and-marketing spend (prior period). > 1.0 indicates efficient sales motion.",
    "BurnMultiple": "Net cash burn / net new ARR. < 1.0x is efficient; > 2.0x is concerning.",
    "LtvCac": "Customer Lifetime Value / Customer Acquisition Cost. > 3.0 is the rule-of-thumb threshold for healthy unit economics."
  },
  "notes": [
    "All figures are reference ranges. Actual deal multiples depend on growth rate, NRR, gross margin, burn efficiency, market position, and deal-specific dynamics not captured in any index.",
    "The divergence between Aventis Advisors (3.4x), SaaS Capital (6.4x), and BVP Cloud Index (8.0x) on 'median public SaaS EV/Revenue' is a methodology difference, not a contradiction. See /three-indices/ for the full reconciliation.",
    "We do not provide investment advice. Consult a qualified M&A advisor before making any financing or exit decisions."
  ]
}