Aventis Advisors SaaS Valuation Multiples
The median EV/Revenue multiple across roughly 70 publicly traded pure-play SaaS companies, tracked by Aventis Advisors since 2015. Currently 3.4x, a decade-plus low.
What the Aventis Advisors Series Measures
Aventis Advisors is an M&A advisory firm that publishes a periodic SaaS valuation-multiples report. Its headline public-market figure is the median EV/Revenue multiple across roughly 70 publicly traded pure-play SaaS companies listed on NASDAQ and NYSE with market capitalisations above $1B. The report also draws on more than 1,000 private software transactions Aventis has tracked since 2015, which is what makes it a useful cross-check on the public series for founders benchmarking a private-company exit.
Two design choices give the number its meaning. It is a median, so a handful of premium-multiple names cannot pull the headline upward, and the sample is pure-play SaaS, excluding diversified tech, hardware, and payments-led businesses that broader cloud baskets include. Both choices push the reading toward the typical software company rather than the largest cloud leaders.
That is why Aventis (3.4x) lands so close to the SaaS Capital Index median (3.4x), and roughly half the BVP Nasdaq Emerging Cloud Index average (6.8x). Two independently constructed medians agreeing is a stronger signal than either alone.
The 2026 Re-Rating: 6.0x to 3.4x
Aventis last read around 6.0x in July 2025 after a brief climb to 7.3x in early 2025. By March 2026 the median had fallen to 3.4x. Aventis frames the trajectory as a “boom-and-bust cycle” and attributes the 2026 leg to investor concern that AI could disrupt the SaaS business model, compounded by slowing growth, with much of the sector now guiding to under 10% for 2026, which makes high revenue multiples harder to justify.
Notably, Aventis observes that this is a sentiment and growth-expectation move, not a fundamentals move: EBITDA margins across the sample have been improving, so the re-rating reflects the market re-weighting growth over profitability rather than a deterioration in the underlying businesses. For a founder, the practical read is that the discount is applied to the whole category, so relative positioning, growth durability, and Rule of 40 matter more than ever inside the median.
Aventis Advisors Terms
- Median EV/Revenue
- The middle value of enterprise value divided by revenue across Aventis's public SaaS sample. Currently 3.4x (March 2026). A median, not an average, so outliers do not distort the headline.
- Pure-play SaaS sample
- Roughly 70 NASDAQ/NYSE-listed companies with $1B+ market cap whose revenue is predominantly recurring software subscriptions. Diversified tech, hardware, and payments-led businesses are excluded.
- Private-transaction data
- Aventis supplements the public series with data from 1,000+ private software M&A transactions tracked since 2015, giving it a view on private-market multiples that a public-only index cannot provide.
- Publisher
- Aventis Advisors, an M&A advisory firm, publishes the report periodically (not on a fixed monthly cadence), which is why the public series is sparser than the monthly SaaS Capital Index.
Aventis vs the Other Two References
| Source | Statistic | Current | Sample |
|---|---|---|---|
| Aventis Advisors | Median EV/Revenue | 3.4x (March 2026) | ~70 NASDAQ/NYSE pure-play SaaS, $1B+ cap |
| SaaS Capital Index | Median ARR multiple | 3.4x (31 May 2026) | Equal-weighted, ~100 pure-play SaaS |
| BVP Nasdaq Emerging Cloud Index | Average revenue multiple | 6.8x (30 June 2026) | Market-cap-weighted, 60-80 cloud names |
The two median-based references agree: Aventis (3.4x) and SaaS Capital (3.4x). The BVP headline (6.8x) sits roughly twice as high because it is a market-cap-weighted average whose large cloud beneficiaries held premium multiples through the sell-off. We walk through the full reconciliation, and which figure applies to your decision, on the three indices page.