Public SaaS Valuations
Valuation benchmarks for public SaaS companies. Data for Q1 2026.
| Company | Market Cap | ARR Multiple | Revenue | Growth | Gross Margin | Op. Margin | AI Risk |
|---|---|---|---|---|---|---|---|
Palantir Technologies Inc.(PLTR) | 351.9B | 53.9x | 1.6B↑ 225.8M | 16.1%↓ -3.1% | 86.8%↑ +2.1% | 46.2%↑ +5.3% | 19/100 |
CrowdStrike Holdings, Inc.(CRWD) | 173.0B | 31.2x | 1.4B↑ 80.3M | 6.2%↑ +0.4% | 75.3%↓ -0.8% | -2.2%↓ -3.3% | 8/100 |
Cloudflare, Inc.(NET) | 68.2B | 26.7x | 639.8M↑ 25.2M | 4.1%↓ -5.2% | 71.2%↓ -2.4% | -9.7%↓ -1.7% | 6/100 |
Datadog, Inc.(DDOG) | 73.8B | 18.3x | 1.0B↑ 53.2M | 5.6%↓ -2.0% | 79.2%↓ -1.2% | 0.7%↓ -0.3% | 22/100 |
Palo Alto Networks Inc(PANW) | 217.9B | 18.1x | 3.0B↑ 408.0M | 15.7%↑ +10.9% | 67.5%↓ -6.0% | -6.1%↓ -21.4% | 9/100 |
DigitalOcean Holdings, Inc.(DOCN) | 18.2B | 17.6x | 257.9M↑ 15.5M | 6.4%↑ +0.8% | 56.1%↓ -2.6% | 14.2%↓ -1.8% | 31/100 |
Snowflake Inc.(SNOW) | 82.3B | 14.8x | 1.4B↑ 107.0M | 8.3%↑ +2.5% | 66.6%↓ -0.2% | -23.4%↑ +1.3% | 26/100 |
JFrog Ltd(FROG) | 8.3B | 13.5x | 154.0M↑ 8.7M | 6.0%↓ -0.2% | 78.2%↑ +0.3% | -8.4%↑ +6.3% | 13/100 |
Fortinet, Inc.(FTNT) | 85.7B | 11.6x | 1.8B↓ -55.4M | -2.9%↓ -13.3% | 80.3%↑ +0.7% | 31.4%↓ -1.5% | 9/100 |
 SHOPIFY INC.(SHOP) | 133.6B | 10.5x | 3.2B↓ -502.0M | -13.7%↓ -42.8% | 48.8%↑ +2.7% | 12.1%↓ -5.1% | 39/100 |
MongoDB, Inc.(MDB) | 28.6B | 10.4x | 687.6M↓ -7.5M | -1.1%↓ -11.7% | 72.2%↓ -0.9% | -3.6%↓ -3.6% | 6/100 |
Rubrik, Inc.(RBRK) | 15.0B | 9.7x | 387.1M↑ 9.4M | 2.5%↓ -5.4% | 80.5%↓ -1.0% | -13.6%↑ +8.2% | 9/100 |
Samsara Inc.(IOT) | 15.2B | 8.6x | 444.3M↑ 28.3M | 6.8%↑ +0.6% | 76.2%↓ -0.5% | 2.0%↑ +2.4% | 23/100 |
Figma, Inc.(FIG) | 11.4B | 8.5x | 333.4M↑ 29.7M | 9.8%↓ -1.0% | 79.4%↓ -2.7% | -41.2%↑ +23.1% | 63/100 |
Confluent, Inc.(CFLT) | 10.7B | 8.5x | 314.8M↑ 16.3M | 5.5%↓ -0.3% | 74.7%↑ +0.5% | -31.5%↓ -3.6% | 6/100 |
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% | 9/100 |
VEEVA SYSTEMS INC(VEEV) | 28.7B | 8.1x | 882.9M↑ 47.0M | 5.6%↑ +2.6% | 75.0%↑ +0.5% | 30.9%↑ +1.5% | 11/100 |
Guidewire Software, Inc.(GWRE) | 11.6B | 7.8x | 372.5M↑ 13.4M | 3.7%↓ -4.2% | 63.5%↓ -0.9% | 8.2%↓ -2.5% | 9/100 |
MANHATTAN ASSOCIATES INC(MANH) | 8.3B | 7.3x | 282.2M↑ 11.8M | 4.4%↑ +6.3% | 55.1%↑ +0.2% | 23.0%↓ -1.8% | 23/100 |
Okta, Inc.(OKTA) | 21.1B | 6.9x | 765.0M↑ 4.0M | 0.5%↓ -2.0% | 77.8%↓ -0.1% | 7.3%↑ +1.3% | 9/100 |
ServiceNow, Inc.(NOW) | 95.1B | 6.3x | 3.8B↑ 202.0M | 5.7%↑ +0.9% | 75.1%↓ -1.6% | 13.3%↑ +0.9% | 19/100 |
Autodesk, Inc.(ADSK) | 48.8B | 6.3x | 1.9B↓ -23.0M | -1.2%↓ -6.8% | 91.0%↓ -0.6% | 28.0%↑ +6.0% | 13/100 |
BENTLEY SYSTEMS INC(BSY) | 10.5B | 6.2x | 424.2M↑ 32.6M | 8.3%↑ +4.0% | 82.6%↑ +0.7% | 29.8%↑ +9.7% | 82/100 |
Zscaler, Inc.(ZS) | 21.0B | 6.2x | 850.5M↑ 34.7M | 4.3%↑ +0.8% | 77.3%↑ +0.8% | -3.5%↑ +2.9% | 9/100 |
Zoom Communications, Inc.(ZM) | 30.5B | 6.2x | 1.2B↓ -8.0M | -0.6%↓ -2.0% | 77.9%↑ +1.6% | 25.1%↑ +5.0% | 13/100 |
Dynatrace, Inc.(DT) | 12.8B | 6.0x | 531.7M↑ 16.2M | 3.1%↓ -1.2% | 80.9%↓ -0.5% | 7.0%↓ -7.1% | 22/100 |
C3.ai, Inc.(AI) | 1.2B | 5.6x | 53.3M↓ -21.9M | -29.1%↓ -36.1% | 17.3%↓ -23.1% | -263.6%↓ -114.4% | 9/100 |
TWILIO INC(TWLO) | 31.3B | 5.6x | 1.4B↑ 41.0M | 3.0%↓ -2.0% | 48.6%↑ +0.1% | 7.7%↑ +3.5% | 11/100 |
TYLER TECHNOLOGIES INC(TYL) | 13.5B | 5.5x | 613.5M↑ 38.3M | 6.7%↑ +10.1% | 48.3%↑ +2.8% | 16.3%↑ +3.2% | 12/100 |
APPFOLIO INC(APPF) | 5.7B | 5.5x | 262.2M↑ 14.0M | 5.7%↑ +6.1% | 0.0%↑ +0.0% | 19.4%↑ +1.8% | 12/100 |
PROCORE TECHNOLOGIES, INC.(PCOR) | 7.6B | 5.3x | 359.3M↑ 10.2M | 2.9%↓ -0.1% | 80.1%↓ -0.0% | -4.4%↑ +7.9% | 23/100 |
Gitlab Inc.(GTLB) | 5.3B | 5.0x | 264.2M↑ 3.8M | 1.4%↓ -5.1% | 85.8%↓ -0.8% | -6.0%↓ -4.0% | 9/100 |
SentinelOne, Inc.(S) | 5.4B | 4.9x | 276.7M↑ 5.5M | 2.0%↓ -2.7% | 71.8%↓ -0.8% | -28.8%↑ +0.7% | 8/100 |
VARONIS SYSTEMS INC(VRNS) | 3.2B | 4.7x | 173.1M↓ -243.0K | -0.1%↓ -7.4% | 76.0%↓ -2.9% | -25.7%↓ -8.2% | 9/100 |
QUALYS, INC.(QLYS) | 3.3B | 4.7x | 175.6M↑ 356.0K | 0.2%↓ -3.0% | 82.9%↓ -0.4% | 34.7%↑ +1.1% | 9/100 |
ADOBE INC.(ADBE) | 96.9B | 3.8x | 6.4B↑ 204.0M | 3.3%↓ -0.1% | 89.6%↑ +0.1% | 37.8%↑ +1.3% | 61/100 |
SEMrush Holdings, Inc.(SEMR) | 1.8B | 3.8x | 117.7M↑ 5.6M | 5.0%↑ +2.1% | 80.4%↑ +0.2% | -11.8%↓ -7.8% | 40/100 |
Q2 Holdings, Inc.(QTWO) | 3.2B | 3.7x | 216.5M↑ 8.3M | 4.0%↑ +0.8% | 59.1%↑ +3.7% | 12.8%↑ +4.7% | 9/100 |
Salesforce, Inc.(CRM) | 161.7B | 3.6x | 11.1B↓ -68.0M | -0.6%↓ -9.8% | 76.9%↓ -0.7% | 21.1%↑ +4.4% | 35/100 |
Workday, Inc.(WDAY) | 36.7B | 3.6x | 2.5B↑ 10.0M | 0.4%↓ -3.7% | 0.0%↑ +0.0% | 13.3%↑ +6.4% | 13/100 |
UiPath, Inc.(PATH) | 5.9B | 3.5x | 418.4M↓ -62.7M | -13.0%↓ -30.1% | 81.6%↓ -3.0% | 6.7%↓ -10.0% | 19/100 |
Klaviyo, Inc.(KVYO) | 4.7B | 3.3x | 358.0M↑ 7.8M | 2.2%↓ -10.4% | 75.1%↑ +2.9% | 0.5%↑ +1.0% | 43/100 |
Intapp, Inc.(INTA) | 1.9B | 3.2x | 146.0M↑ 5.8M | 4.2%↑ +3.3% | 75.7%↑ +0.7% | -9.8%↓ -4.6% | 19/100 |
Atlassian Corp(TEAM) | 22.8B | 3.2x | 1.8B↑ 200.7M | 12.7%↑ +1.9% | 85.3%↑ +0.3% | -3.1%↓ -0.1% | 23/100 |
Paycom Software, Inc.(PAYC) | 7.1B | 3.1x | 571.9M↑ 27.6M | 5.1%↓ -5.3% | 84.7%↑ +0.8% | 36.8%↑ +7.9% | 17/100 |
BOX INC(BOX) | 3.7B | 3.1x | 305.9M↑ 66.0K | 0.0%↓ -1.6% | 79.5%↓ -0.6% | 9.0%↓ -1.2% | 8/100 |
Braze, Inc.(BRZE) | 2.5B | 3.0x | 211.0M↑ 5.8M | 2.8%↓ -4.7% | 65.7%↑ +0.2% | -13.0%↑ +0.7% | 40/100 |
Paylocity Holding Corp(PCTY) | 6.0B | 3.0x | 502.3M↑ 86.2M | 20.7%↑ +18.8% | 72.3%↑ +4.5% | 31.3%↑ +14.3% | 17/100 |
BILL Holdings, Inc.(BILL) | 4.7B | 2.9x | 406.6M↓ -8.1M | -2.0%↓ -6.7% | 81.6%↑ +1.8% | -0.1%↑ +4.3% | 40/100 |
HUBSPOT INC(HUBS) | 10.1B | 2.9x | 881.0M↑ 34.2M | 4.0%↓ -0.6% | 83.5%↓ -0.3% | 3.2%↓ -2.5% | 58/100 |
DOCUSIGN, INC.(DOCU) | 9.3B | 2.8x | 830.2M↓ -6.6M | -0.8%↓ -3.0% | 79.4%↓ -0.3% | 13.4%↑ +2.9% | 29/100 |
Elastic N.V.(ESTC) | 4.8B | 2.7x | 449.9M↑ 26.4M | 6.2%↑ +4.3% | 76.3%↑ +0.4% | 0.1%↑ +2.1% | 22/100 |
Freshworks Inc.(FRSH) | 2.4B | 2.7x | 228.6M↑ 5.9M | 2.6%↓ -0.9% | 84.8%↓ -0.7% | -3.5%↓ -21.4% | 19/100 |
nCino, Inc.(NCNO) | 1.6B | 2.6x | 159.4M↑ 9.7M | 6.5%↑ +8.2% | 63.3%↑ +1.9% | 13.3%↑ +11.4% | 9/100 |
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% | 9/100 |
DROPBOX, INC.(DBX) | 6.3B | 2.5x | 629.5M↓ -6.7M | -1.1%↓ -1.3% | 79.7%↑ +0.4% | 27.4%↑ +1.9% | 23/100 |
INTUIT INC.(INTU) | 81.9B | 2.4x | 8.6B↑ 3.9B | 84.0%↑ +64.3% | 0.0%↑ +0.0% | 47.0%↑ +28.6% | 9/100 |
Tenable Holdings, Inc.(TENB) | 2.5B | 2.4x | 262.1M↑ 1.5M | 0.6%↓ -2.6% | 78.4%↓ -0.4% | 3.3%↓ -0.1% | 8/100 |
DoubleVerify Holdings, Inc.(DV) | 1.7B | 2.4x | 180.8M↓ -24.8M | -12.0%↓ -21.0% | 81.7%↓ -0.9% | 8.7%↓ -9.7% | 40/100 |
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% | 21/100 |
Asana, Inc.(ASAN) | 1.9B | 2.3x | 205.1M↓ -475.0K | -0.2%↓ -2.5% | 87.6%↓ -0.2% | -7.4%↑ +9.1% | 49/100 |
Amplitude, Inc.(AMPL) | 847.8M | 2.3x | 93.5M↑ 2.1M | 2.3%↓ -1.0% | 73.0%↓ -1.6% | 0.0%↑ +0.0% | 28/100 |
Toast, Inc.(TOST) | 14.6B | 2.2x | 1.6B↓ -3.0M | -0.2%↓ -0.2% | 27.4%↑ +1.5% | 6.8%↑ +1.5% | 19/100 |
Certara, Inc.(CERT) | 809.3M | 1.9x | 106.9M↑ 3.3M | 3.1%↑ +4.1% | 0.0%↑ +0.0% | -4.0%↓ -4.8% | 16/100 |
APPIAN CORP(APPN) | 1.5B | 1.9x | 202.2M↓ -687.0K | -0.3%↓ -8.8% | 73.1%↑ +8.3% | 1.6%↑ +1.9% | 19/100 |
PagerDuty, Inc.(PD) | 735.0M | 1.5x | 121.0M↓ -3.8M | -3.1%↓ -3.3% | 84.3%↓ -1.6% | 7.6%↑ +4.0% | 19/100 |
Five9, Inc.(FIVN) | 1.8B | 1.5x | 305.3M↑ 5.0M | 1.7%↓ -3.4% | 55.9%↑ +0.4% | 6.1%↓ -0.5% | 15/100 |
RingCentral, Inc.(RNG) | 3.9B | 1.5x | 644.2M↑ 166.0K | 0.0%↓ -0.8% | 72.2%↑ +0.6% | 7.8%↑ +1.2% | 8/100 |
BLACKBAUD INC(BLKB) | 1.6B | 1.4x | 281.1M↓ -14.1M | -4.8%↓ -9.8% | 59.2%↑ +0.9% | 18.3%↓ -1.7% | 16/100 |
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% | 6/100 |
Sprout Social, Inc.(SPT) | 391.9M | 0.8x | 121.5M↑ 610.0K | 0.5%↓ -4.1% | 77.0%↓ -0.6% | -4.8%↑ +4.1% | 46/100 |
Nutanix, Inc.(NTNX) | 15.4M | 0.0x | 703.1M↓ -19.8M | -2.7%↓ -10.5% | 86.9%↓ -0.5% | 10.0%↓ -1.6% | 6/100 |
Jamf Holding Corp.(JAMF) | — | — | — | — | — | — | 12/100 |
Vertex, Inc.(VERX) | — | — | — | — | — | — | 9/100 |
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.