Public SaaS Valuation Multiples -- April 2026
Current EV/Revenue multiples for publicly traded SaaS companies. Median 6.4x ARR, top quartile 13.8x, bottom quartile 1.8x.
What Is the SaaS Capital Index?
The SaaS Capital Index tracks approximately 100 publicly traded pure-play SaaS companies and reports the monthly median EV/Revenue multiple. It was launched in 2013 and is the most consistently cited primary data source for public SaaS valuations. Unlike indices weighted by market cap, the SaaS Capital Index uses the median, which is less skewed by the largest outliers.
The BVP Nasdaq Emerging Cloud Index (EMCLOUD) is an alternative benchmark maintained by Bessemer Venture Partners and Nasdaq. It tracks 60-80 cloud/SaaS companies weighted by market cap and tends to show higher multiples than the SaaS Capital Index because it skews toward faster-growing companies. As of Q1 2026, EMCLOUD median EV/Revenue is approximately 8-9x.
Public SaaS Multiples by Growth Rate Cohort
| YoY Growth Band | Median EV/Revenue | P25 Multiple | P75 Multiple |
|---|---|---|---|
| 60%+ (high growth) | 11-18x | 8x | 22x |
| 40-60% | 8-11x | 6x | 14x |
| 20-40% | 5-8x | 3.5x | 10x |
| 10-20% | 3-5x | 2x | 6x |
| Under 10% | 1-3x | 1x | 4x |
Public SaaS Multiples by ARR Size
Larger public companies do not always command higher multiples. The law of large numbers typically means that at $1B+ ARR, growth rates naturally decelerate, compressing multiples. The premium tier belongs to mid-sized companies ($200M-$1B ARR) that are still growing rapidly while showing improving margins.
| ARR Range | Typical EV/Revenue | Key Dynamics |
|---|---|---|
| Under $500M ARR | 5-12x | High growth if still scaling; wide range |
| $500M-$2B ARR | 6-15x | Prime growth stage, best multiples |
| $2B+ ARR | 4-9x | Growth deceleration begins; margin focus |
Notable Public SaaS Companies: Approximate Q1 2026 Multiples
Multiples shown are approximate and change daily. See company investor relations pages for exact current figures. EV/Revenue based on trailing 12-month revenue.
| Company | Approx. EV/Revenue | Growth Profile |
|---|---|---|
| Snowflake | ~15x | High growth, usage-based, data cloud |
| Datadog | ~16x | Observability, strong NRR |
| Monday.com | ~8x | Work management, growth + profitable |
| HubSpot | ~6x | CRM, moderate growth, improving margins |
| Salesforce | ~5x | Mature, high revenue, profitability focus |
| Braze | ~6x | Customer engagement, growing |
| Asana | ~4x | Lower growth, path to profitability |
| Veeva Systems | ~9x | Vertical SaaS (pharma), high NRR |
| Paycom | ~6x | HR SaaS, profitable, moderate growth |
| Zendesk (private) | ~5x | Taken private 2022 at ~7x; comparable |
Why EV/EBITDA Is Gaining Relevance for Mature SaaS
As a cohort of public SaaS companies has matured and reached profitability, institutional investors are increasingly applying EV/EBITDA alongside EV/Revenue. A company with $1B ARR and 20% EBITDA margin has a different risk profile than a company with $200M ARR burning cash at 30% margin. EV/EBITDA captures that difference; EV/Revenue does not.
As of Q1 2026, the median EV/EBITDA for the broad public SaaS index is approximately 26.6x. This compares to the S&P 500 at roughly 22x EV/EBITDA, suggesting that even profitable SaaS still commands a modest premium for software economics (high margins, predictable recurring revenue). See the historical trends page for how this evolved.