Public SaaS Valuation Multiples, 2026

The Three Public SaaS Indices Compared

Three primary indices report “median public SaaS EV/Revenue,” and they give materially different numbers. The divergence is methodology, not contradiction, each index measures a different constituent universe with a different weighting.

The SaaS Capital Index is the most widely cited reference for “the” public SaaS multiple because it uses an equal-weighted median across the broadest pure-play universe. The BVP figure runs higher because it is an average across growth-tilted, market-cap-weighted constituents, both of which pull the number up. After the Q1 2026 re-rating, SaaS Capital (3.2x, June) and Aventis (3.4x, March) independently land within a decimal of each other, which was not the case a year ago. None is wrong; they answer different questions.

How the Median Has Moved, 2018 to 2026

The chart plots the SaaS Capital Index median ARR multiple from Q4 2018, taken directly from the official index data file, with monthly granularity through 2026. The peak was 16.9x in August 2021. The 2022 rate cycle reset the median into a 5.6-7x band that held for three years; the Q1 2026 AI-disruption re-rating then cut it to 3.2x by June, the lowest reading since 2011. Bessemer does not publish a historical median series for the BVP cloud index, so it is not charted; their current average revenue multiple is 7.1x (6 July 2026).

Where Does Your SaaS Rank?

Enter your ARR, growth rate, and NRR to see which public SaaS cohort you'd fall in, the implied multiple range, and where you'd sit within the cohort. NRR adjustment is calibrated against SaaS Capital's research on the secondary multiple drivers.

Public SaaS Multiples by Growth Rate Cohort

Computed by joining the per-company multiple and trailing-growth sheets in the SaaS Capital Index data file for 30 June 2026. A striking feature of the current market: only 6 of the 58 constituents reporting both fields grew faster than 30% over the trailing year, too few to publish a band median. High growth has become scarce in public SaaS, which is itself part of why the index median sits at decade-plus lows.

Size Is Not the Driver, Growth Is

Larger public companies do not systematically command higher multiples. The dispersion within the June 2026 constituent set runs from 0.1x to 63x, and the variable that explains most of it is trailing growth rate, not revenue scale. The growth-cohort table above is the better mental model: a sub-10%-growth company trades at a 1.9x median regardless of whether it books $200M or $2B, while the scarce 20-30% growers hold a 5.5x median.

Notable Public SaaS Companies: Sort and Filter by Sector, Growth Tier, Multiple

17 named public SaaS constituents with approximate Q1 2026 EV/Revenue multiples. Filter by sector and growth tier; sort by company, multiple, sector, or tier. Pick the comp set that matches your business.

Notable 2024 to 2025 SaaS M&A Transactions

Public-market multiples reset when companies actually transact. Eight notable SaaS deals from this cycle, with multiples computed against disclosed ARR or LTM revenue at the time of announcement. Every row links to the closing press release or SEC filing.

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.

Neither SaaS Capital nor Bessemer publishes a median EV/EBITDA series for their index constituents, so we do not quote one. The direction of travel is what matters: as more of the constituent set turns profitable and growth medians sit near 13%, buyers increasingly sanity-check revenue multiples against earnings-based ones. See the historical trends page for how the revenue multiple evolved.