SaaS Index: The Major SaaS Valuation Indices in 2026
“The SaaS index” is not one number. Several independent indices track how the public market prices SaaS revenue, and each reports a different multiple. This is the directory: what each measures, its current reading, and which one applies to your decision.
The major SaaS indices at a glance
| Index | Statistic | Current | Universe & weighting | Cadence |
|---|---|---|---|---|
| SaaS Capital Index | Median ARR multiple | 3.4x (31 May 2026) | ~100 pure-play SaaS, equal-weighted | Monthly, since 2008 |
| BVP Nasdaq Emerging Cloud Index | Average revenue multiple | 6.1x (23 June 2026) | 60-80 cloud names, market-cap-weighted | Daily (FRED NASDAQEMCLOUD) |
| Aventis Advisors | Median EV/Revenue | 3.4x (March 2026) | ~70 pure-play SaaS, $1B+ cap | Quarterly |
| Meritech Software Pulse | Median NTM revenue multiple | 3.3x (March 2026) | ~100 public software cos, free comps tool | ~Biweekly |
What is a SaaS index?
A SaaS index tracks the valuation multiple, almost always EV/Revenue or EV/ARR, across a defined basket of publicly traded software-as-a-service companies. It compresses the whole public SaaS market into one benchmark number: how much investors will pay today for a dollar of recurring software revenue.
The catch is that there is no single “SaaS index.” Each publisher makes three choices that move the headline: which companies count as pure-play SaaS, how they are weighted (equal-weight vs market-cap weight), and which statistic they report (median vs average, trailing vs forward). That is why an equal-weighted pure-play median can read 3.4x while a market-cap-weighted cloud average reads 6.1x at the same moment. Neither is wrong; they answer different questions about different populations.
The four public-market SaaS indices
SaaS Capital Index (3.4x median ARR, 31 May 2026). The longest-running series, published monthly since 2008 as a free downloadable data file. Equal-weighted across roughly 100 pure-play public SaaS companies, so it tracks the typical company rather than the largest. The most widely cited general reference. Full breakdown →
BVP Nasdaq Emerging Cloud Index (6.1x average, 23 June 2026). A Bessemer Venture Partners and Nasdaq product covering 60-80 cloud names, market-cap-weighted and growth-tilted. It publishes an average, not a median, and is the only one updated daily, as FRED time series NASDAQEMCLOUD. Best for benchmarking against large-cap cloud leaders. Live cloud index →
Aventis Advisors (3.4x median EV/Revenue, March 2026). An M&A advisory firm tracking ~70 NASDAQ/NYSE pure-play SaaS companies with $1B+ market cap, plus 1,000+ private software transactions since 2015. An independently built median that corroborates SaaS Capital. How it reconciles →
Meritech Software Pulse (3.3x median NTM revenue, March 2026). A free comps tool covering ~100 public software companies, reporting a forward (next-twelve-months) revenue multiple. Because it is forward-looking, its number sits below the trailing/ARR figures for the same companies. A useful cross-check with a different statistic. Meritech Software Pulse ↗
For the full reconciliation of why the big three diverge and which figure applies to your decision, see three indices compared.
Related benchmarks (not valuation indices)
These are frequently confused with SaaS valuation indices but measure operating metrics (growth, retention, efficiency), not a public-market multiple. They are useful for benchmarking how your business runs, not what it is worth.
- KeyBanc KBCM SaaS Survey. An annual private-SaaS operating survey (growth, CAC, retention, Rule of 40). The source of the “every 10 points above Rule of 40 is worth ~1x of multiple” relationship we use on the Rule of 40 page.
- ICONIQ Growth (Compass). Operating benchmarks across thousands of private SaaS companies, growth, NRR, CAC payback, Rule of 40, by ARR stage. A benchmarking dataset, not a valuation index.
- Battery Ventures State of the OpenCloud. An annual cloud-software landscape report on market size, AI adoption and sector trends, rather than a tracked valuation multiple.
Which SaaS index applies to you
- Private SaaS preparing to sell ($5M-$50M ARR)
- The equal-weighted pure-play median (SaaS Capital 3.4x, Aventis 3.4x) is the sober anchor. Private deals historically price at a discount to public peers. The BVP 6.1x average rarely applies, it reflects large-cap cloud premium.
- Larger private SaaS ($50M-$500M ARR)
- SaaS Capital is the right reference; adjust for growth rate and NRR. Aventis' private-transaction dataset is the better anchor for what acquirers actually pay below the public tier.
- Public or pre-IPO SaaS
- BVP Cloud Index for benchmarking against cloud leaders; SaaS Capital or Meritech for the broader public SaaS universe.
- Pre-revenue or sub-$5M ARR
- None of the public indices applies. Use private-market data and our stage-by-stage fundraising multiples instead.