Public SaaS Valuations
Valuation benchmarks for public SaaS companies. Data for Q1 2026.
| Company | Market Cap | ARR Multiple | Revenue | Growth | Gross Margin | Op. Margin |
|---|---|---|---|---|---|---|
Palantir Technologies Inc.(PLTR) | 351.9B | 53.9x | 1.6B↑ 225.8M | 16.1%↓ -3.1% | 86.8%↑ +2.1% | 46.2%↑ +5.3% |
Cloudflare, Inc.(NET) | 68.2B | 26.7x | 639.8M↑ 25.2M | 4.1%↓ -5.2% | 71.2%↓ -2.4% | -9.7%↓ -1.7% |
CrowdStrike Holdings, Inc.(CRWD) | 99.9B | 19.1x | 1.3B↑ 71.1M | 5.8%↑ +0.2% | 76.1%↑ +1.1% | 1.1%↑ +6.7% |
Datadog, Inc.(DDOG) | 73.8B | 18.3x | 1.0B↑ 53.2M | 5.6%↓ -2.0% | 79.2%↓ -1.2% | 0.7%↓ -0.3% |
DigitalOcean Holdings, Inc.(DOCN) | 18.2B | 17.6x | 257.9M↑ 15.5M | 6.4%↑ +0.8% | 56.1%↓ -2.6% | 14.2%↓ -1.8% |
JFrog Ltd(FROG) | 8.3B | 13.5x | 154.0M↑ 8.7M | 6.0%↓ -0.2% | 78.2%↑ +0.3% | -8.4%↑ +6.3% |
Fortinet, Inc.(FTNT) | 85.7B | 11.6x | 1.8B↓ -55.4M | -2.9%↓ -13.3% | 80.3%↑ +0.7% | 31.4%↓ -1.5% |
Palo Alto Networks Inc(PANW) | 114.9B | 11.1x | 2.6B↑ 120.0M | 4.8%↑ +7.3% | 73.6%↓ -0.6% | 15.3%↑ +2.8% |
 SHOPIFY INC.(SHOP) | 133.6B | 10.5x | 3.2B↓ -502.0M | -13.7%↓ -42.8% | 48.8%↑ +2.7% | 12.1%↓ -5.1% |
Snowflake Inc.(SNOW) | 45.7B | 8.9x | 1.3B↑ 71.1M | 5.9%↓ -0.1% | 66.8%↓ -1.0% | -24.8%↑ +2.4% |
Samsara Inc.(IOT) | 15.2B | 8.6x | 444.3M↑ 28.3M | 6.8%↑ +0.6% | 76.2%↓ -0.5% | 2.0%↑ +2.4% |
Confluent, Inc.(CFLT) | 10.7B | 8.5x | 314.8M↑ 16.3M | 5.5%↓ -0.3% | 74.7%↑ +0.5% | -31.5%↓ -3.6% |
Clearwater Analytics Holdings, Inc.(CWAN) | 7.2B | 8.1x | 221.2M↑ 3.8M | 1.7%↓ -4.3% | 65.8%↓ -1.4% | 4.1%↑ +7.2% |
VEEVA SYSTEMS INC(VEEV) | 26.6B | 8.0x | 836.0M↑ 24.7M | 3.0%↑ +0.2% | 74.5%↓ -0.9% | 29.4%↓ -0.3% |
Guidewire Software, Inc.(GWRE) | 10.8B | 7.5x | 359.1M↑ 26.5M | 8.0%↑ +14.7% | 64.5%↑ +1.5% | 10.7%↑ +5.2% |
MANHATTAN ASSOCIATES INC(MANH) | 8.3B | 7.3x | 282.2M↑ 11.8M | 4.4%↑ +6.3% | 55.1%↑ +0.2% | 23.0%↓ -1.8% |
MongoDB, Inc.(MDB) | 19.0B | 6.8x | 695.1M↑ 66.8M | 10.6%↑ +4.4% | 73.0%↑ +1.6% | 0.0%↑ +3.0% |
ServiceNow, Inc.(NOW) | 95.1B | 6.3x | 3.8B↑ 202.0M | 5.7%↑ +0.9% | 75.1%↓ -1.6% | 13.3%↑ +0.9% |
Autodesk, Inc.(ADSK) | 49.1B | 6.3x | 2.0B↑ 104.0M | 5.6%↑ +0.5% | 91.5%↑ +0.4% | 22.0%↓ -3.3% |
Rubrik, Inc.(RBRK) | 9.4B | 6.3x | 377.7M↑ 27.5M | 7.9%↓ -5.2% | 81.5%↑ +1.0% | -21.8%↓ -0.3% |
BENTLEY SYSTEMS INC(BSY) | 10.5B | 6.2x | 424.2M↑ 32.6M | 8.3%↑ +4.0% | 82.6%↑ +0.7% | 29.8%↑ +9.7% |
Zscaler, Inc.(ZS) | 19.6B | 6.0x | 815.8M↑ 27.6M | 3.5%↓ -6.1% | 76.5%↓ -0.0% | -6.3%↓ -1.7% |
C3.ai, Inc.(AI) | 1.2B | 5.6x | 53.3M↓ -21.9M | -29.1%↓ -36.1% | 17.3%↓ -23.1% | -263.6%↓ -114.4% |
TWILIO INC(TWLO) | 31.3B | 5.6x | 1.4B↑ 41.0M | 3.0%↓ -2.0% | 48.6%↑ +0.1% | 7.7%↑ +3.5% |
INTUIT INC.(INTU) | 102.7B | 5.5x | 4.7B↑ 766.0M | 19.7%↑ +18.3% | 0.0%↑ +0.0% | 18.4%↑ +4.6% |
TYLER TECHNOLOGIES INC(TYL) | 13.5B | 5.5x | 613.5M↑ 38.3M | 6.7%↑ +10.1% | 48.3%↑ +2.8% | 16.3%↑ +3.2% |
APPFOLIO INC(APPF) | 5.7B | 5.5x | 262.2M↑ 14.0M | 5.7%↑ +6.1% | 0.0%↑ +0.0% | 19.4%↑ +1.8% |
PROCORE TECHNOLOGIES, INC.(PCOR) | 7.6B | 5.3x | 359.3M↑ 10.2M | 2.9%↓ -0.1% | 80.1%↓ -0.0% | -4.4%↑ +7.9% |
Figma, Inc.(FIG) | 6.2B | 5.1x | 303.8M↑ 29.6M | 10.8%↑ +1.0% | 82.1%↑ +12.7% | -64.4%↑ +350.3% |
Zoom Communications, Inc.(ZM) | 25.3B | 5.1x | 1.2B↑ 17.2M | 1.4%↑ +0.4% | 76.3%↓ -1.6% | 20.0%↓ -5.2% |
Dynatrace, Inc.(DT) | 10.1B | 4.9x | 515.5M↑ 21.6M | 4.4%↑ +0.9% | 81.4%↓ -0.4% | 14.1%↓ -0.7% |
VARONIS SYSTEMS INC(VRNS) | 3.2B | 4.7x | 173.1M↓ -243.0K | -0.1%↓ -7.4% | 76.0%↓ -2.9% | -25.7%↓ -8.2% |
QUALYS, INC.(QLYS) | 3.3B | 4.7x | 175.6M↑ 356.0K | 0.2%↓ -3.0% | 82.9%↓ -0.4% | 34.7%↑ +1.1% |
SentinelOne, Inc.(S) | 4.2B | 3.9x | 271.2M↑ 12.2M | 4.7%↓ -2.2% | 72.6%↓ -1.2% | -29.5%↓ -1.2% |
ADOBE INC.(ADBE) | 96.9B | 3.8x | 6.4B↑ 204.0M | 3.3%↓ -0.1% | 89.6%↑ +0.1% | 37.8%↑ +1.3% |
Okta, Inc.(OKTA) | 11.5B | 3.8x | 761.0M↑ 19.0M | 2.6%↑ +0.6% | 77.9%↑ +0.8% | 6.0%↑ +2.9% |
SEMrush Holdings, Inc.(SEMR) | 1.8B | 3.8x | 117.7M↑ 5.6M | 5.0%↑ +2.1% | 80.4%↑ +0.2% | -11.8%↓ -7.8% |
Q2 Holdings, Inc.(QTWO) | 3.2B | 3.7x | 216.5M↑ 8.3M | 4.0%↑ +0.8% | 59.1%↑ +3.7% | 12.8%↑ +4.7% |
Salesforce, Inc.(CRM) | 163.8B | 3.7x | 11.2B↑ 942.0M | 9.2%↑ +9.0% | 77.6%↓ -0.4% | 16.7%↓ -4.6% |
nCino, Inc.(NCNO) | 2.0B | 3.3x | 149.7M↓ -2.5M | -1.6%↓ -3.9% | 61.4%↓ -0.2% | 1.9%↓ -5.8% |
Klaviyo, Inc.(KVYO) | 4.7B | 3.3x | 358.0M↑ 7.8M | 2.2%↓ -10.4% | 75.1%↑ +2.9% | 0.5%↑ +1.0% |
Gitlab Inc.(GTLB) | 3.3B | 3.2x | 260.4M↑ 16.0M | 6.6%↑ +3.0% | 86.6%↓ -0.2% | -2.0%↑ +3.1% |
Intapp, Inc.(INTA) | 1.9B | 3.2x | 146.0M↑ 5.8M | 4.2%↑ +3.3% | 75.7%↑ +0.7% | -9.8%↓ -4.6% |
Atlassian Corp(TEAM) | 22.8B | 3.2x | 1.8B↑ 200.7M | 12.7%↑ +1.9% | 85.3%↑ +0.3% | -3.1%↓ -0.1% |
Workday, Inc.(WDAY) | 31.6B | 3.1x | 2.5B↑ 100.0M | 4.1%↑ +0.5% | 0.0%↑ +0.0% | 6.9%↓ -3.8% |
Paycom Software, Inc.(PAYC) | 7.1B | 3.1x | 571.9M↑ 27.6M | 5.1%↓ -5.3% | 84.7%↑ +0.8% | 36.8%↑ +7.9% |
Paylocity Holding Corp(PCTY) | 6.0B | 3.0x | 502.3M↑ 86.2M | 20.7%↑ +18.8% | 72.3%↑ +4.5% | 31.3%↑ +14.3% |
BILL Holdings, Inc.(BILL) | 4.7B | 2.9x | 406.6M↓ -8.1M | -2.0%↓ -6.7% | 81.6%↑ +1.8% | -0.1%↑ +4.3% |
HUBSPOT INC(HUBS) | 10.1B | 2.9x | 881.0M↑ 34.2M | 4.0%↓ -0.6% | 83.5%↓ -0.3% | 3.2%↓ -2.5% |
UiPath, Inc.(PATH) | 5.5B | 2.8x | 481.1M↑ 70.0M | 17.0%↑ +3.4% | 84.6%↑ +1.4% | 16.7%↑ +13.5% |
DOCUSIGN, INC.(DOCU) | 9.3B | 2.8x | 836.9M↑ 18.5M | 2.3%↑ +0.1% | 79.7%↑ +0.6% | 10.5%↑ +0.1% |
BOX INC(BOX) | 3.3B | 2.7x | 305.9M↑ 4.8M | 1.6%↓ -0.8% | 80.1%↑ +0.6% | 10.2%↑ +1.9% |
Braze, Inc.(BRZE) | 2.2B | 2.7x | 205.2M↑ 14.3M | 7.5%↑ +1.6% | 65.5%↓ -1.7% | -13.8%↑ +5.9% |
Elastic N.V.(ESTC) | 4.8B | 2.7x | 449.9M↑ 26.4M | 6.2%↑ +4.3% | 76.3%↑ +0.4% | 0.1%↑ +2.1% |
Freshworks Inc.(FRSH) | 2.4B | 2.7x | 228.6M↑ 5.9M | 2.6%↓ -0.9% | 84.8%↓ -0.7% | -3.5%↓ -21.4% |
SS&C Technologies Holdings Inc(SSNC) | 16.6B | 2.5x | 1.6B↓ -6.4M | -0.4%↓ -5.8% | 48.7%↑ +0.9% | 24.2%↑ +1.9% |
DROPBOX, INC.(DBX) | 6.3B | 2.5x | 629.5M↓ -6.7M | -1.1%↓ -1.3% | 79.7%↑ +0.4% | 27.4%↑ +1.9% |
Tenable Holdings, Inc.(TENB) | 2.5B | 2.4x | 262.1M↑ 1.5M | 0.6%↓ -2.6% | 78.4%↓ -0.4% | 3.3%↓ -0.1% |
DoubleVerify Holdings, Inc.(DV) | 1.7B | 2.4x | 180.8M↓ -24.8M | -12.0%↓ -21.0% | 81.7%↓ -0.9% | 8.7%↓ -9.7% |
Alarm.com Holdings, Inc.(ALRM) | 2.5B | 2.3x | 265.2M↑ 3.5M | 1.4%↓ -0.7% | 65.9%↓ -0.1% | 11.9%↓ -1.4% |
Amplitude, Inc.(AMPL) | 847.8M | 2.3x | 93.5M↑ 2.1M | 2.3%↓ -1.0% | 73.0%↓ -1.6% | 0.0%↑ +0.0% |
Toast, Inc.(TOST) | 14.6B | 2.2x | 1.6B↓ -3.0M | -0.2%↓ -0.2% | 27.4%↑ +1.5% | 6.8%↑ +1.5% |
Certara, Inc.(CERT) | 809.3M | 1.9x | 106.9M↑ 3.3M | 3.1%↑ +4.1% | 0.0%↑ +0.0% | -4.0%↓ -4.8% |
APPIAN CORP(APPN) | 1.5B | 1.9x | 202.2M↓ -687.0K | -0.3%↓ -8.8% | 73.1%↑ +8.3% | 1.6%↑ +1.9% |
Asana, Inc.(ASAN) | 1.3B | 1.6x | 205.6M↑ 4.5M | 2.3%↑ +0.2% | 87.8%↓ -1.1% | -16.5%↑ +18.3% |
Five9, Inc.(FIVN) | 1.8B | 1.5x | 305.3M↑ 5.0M | 1.7%↓ -3.4% | 55.9%↑ +0.4% | 6.1%↓ -0.5% |
RingCentral, Inc.(RNG) | 3.9B | 1.5x | 644.2M↑ 166.0K | 0.0%↓ -0.8% | 72.2%↑ +0.6% | 7.8%↑ +1.2% |
BLACKBAUD INC(BLKB) | 1.6B | 1.4x | 281.1M↓ -14.1M | -4.8%↓ -9.8% | 59.2%↑ +0.9% | 18.3%↓ -1.7% |
PROGRESS SOFTWARE CORP /MA(PRGS) | 1.2B | 1.2x | 247.8M↓ -4.9M | -1.9%↓ -3.1% | 82.3%↑ +0.7% | 18.8%↑ +3.6% |
PagerDuty, Inc.(PD) | 542.2M | 1.1x | 124.8M↑ 240.0K | 0.2%↓ -0.7% | 85.9%↑ +0.6% | 3.6%↓ -2.9% |
Sprout Social, Inc.(SPT) | 391.9M | 0.8x | 121.5M↑ 610.0K | 0.5%↓ -4.1% | 77.0%↓ -0.6% | -4.8%↑ +4.1% |
Nutanix, Inc.(NTNX) | 10.8M | 0.0x | 722.8M↑ 52.2M | 7.8%↑ +5.1% | 87.4%↑ +0.4% | 11.6%↑ +4.3% |
Jamf Holding Corp.(JAMF) | — | — | — | — | — | — |
Vertex, Inc.(VERX) | — | — | — | — | — | — |
SEC filings often mix pure quarterly figures (3 months) with year-to-date (YTD) figures (6 months in Q2, 9 months in Q3) in their 10-Q reports. In this case, the results are normalized to a 3-month period.