Public SaaS Valuations
Valuation benchmarks for public SaaS companies. Data for Q3 2025.
| Company | Market Cap | ARR Multiple | Revenue | Growth | Gross Margin | Op. Margin |
|---|---|---|---|---|---|---|
Palantir(PLTR) | 307.0B | 75.0x | 1.0B↑ 79.1M | 8.4%↑ +1.6% | 81.3%↑ +0.7% | 27.3%↑ +3.7% |
Cloudflare(NET) | 57.4B | 27.7x | 517.8M↑ 22.1M | 4.5%↑ +1.0% | 74.9%↓ -0.5% | -10.2%↑ +2.0% |
CrowdStrike(CRWD) | 88.3B | 18.9x | 1.2B↑ 32.7M | 2.9%↓ -0.1% | 74.1%↑ +0.5% | -8.8%↑ +1.7% |
 Shopify(SHOP) | 152.2B | 14.5x | 2.6B↑ 108.0M | 4.3%↓ -2.5% | 49.0%↓ -0.0% | 10.6%↑ +0.8% |
Figma(FIG) | 13.6B | 13.6x | 250.7M↑ 11.8M | 4.9%↓ -24.9% | 82.5%↓ -7.5% | -145.6%↓ -154.3% |
Samsara(IOT) | 20.4B | 13.0x | 391.4M↑ 12.3M | 3.2%↓ -0.1% | 77.0%↓ -0.1% | -5.3%↑ +2.6% |
Snowflake(SNOW) | 55.1B | 12.2x | 1.1B↑ 39.8M | 3.6%↓ -1.3% | 67.3%↑ +0.3% | -32.9%↑ +3.2% |
Datadog(DDOG) | 36.6B | 11.1x | 824.7M↑ 30.5M | 3.8%↓ -0.4% | 79.8%↑ +0.2% | -2.2%↑ +0.8% |
MongoDB(MDB) | 25.4B | 10.8x | 589.6M↑ 19.4M | 3.4%↓ -0.5% | 71.2%↑ +0.1% | -7.8%↑ +2.7% |
Palo Alto Networks(PANW) | 98.7B | 9.7x | 2.5B↑ 60.0M | 2.4%↓ -8.6% | 73.9%↓ -0.3% | 13.9%↑ +1.4% |
Confluent(CFLT) | 10.9B | 9.6x | 284.0M↑ 7.3M | 2.6%↑ +0.6% | 74.2%↑ +0.0% | -33.0%↑ +2.7% |
Veeva Systems(VEEV) | 28.9B | 9.2x | 786.5M↑ 12.4M | 1.6%↓ -0.4% | 75.9%↓ -0.3% | 28.4%↑ +0.7% |
ServiceNow(NOW) | 107.2B | 8.3x | 3.2B↑ 85.2M | 2.7%↑ +0.6% | 77.9%↓ -0.3% | 14.2%↑ +1.4% |
Zscaler(ZS) | 26.4B | 8.2x | 801.9M↑ 13.8M | 1.8%↓ -19.3% | 76.6%↑ +0.0% | -5.5%↓ -0.9% |
Bentley Systems(BSY) | 12.1B | 8.1x | 370.1M↑ 2.7M | 0.8%↑ +1.6% | 81.4%↓ -0.3% | 25.6%↓ -1.6% |
Intuit(INTU) | 133.1B | 7.8x | 4.3B↑ 383.0M | 9.9%↑ +32.2% | 78.5%↑ +0.1% | 16.3%↑ +2.5% |
AppFolio(APPF) | 6.9B | 7.3x | 234.2M↑ 7.6M | 3.3%↓ -0.8% | 0.0%↑ +0.0% | 15.6%↓ -0.8% |
Procore(PCOR) | 8.8B | 6.8x | 324.5M↑ 7.2M | 2.3%↑ +0.1% | 79.3%↑ +0.2% | -8.4%↑ +2.1% |
Autodesk(ADSK) | 46.8B | 6.7x | 1.7B↑ 51.7M | 3.0%↓ -0.9% | 90.8%↑ +0.2% | 21.9%↑ +1.9% |
Klaviyo(KVYO) | 6.4B | 5.4x | 294.6M↑ 8.1M | 2.8%↑ +0.5% | 75.7%↓ -0.1% | -7.5%↑ +2.1% |
Zoom Video Communications(ZM) | 25.9B | 5.4x | 1.2B↑ 11.3M | 0.9%↓ -0.9% | 77.3%↑ +0.3% | 24.1%↑ +0.6% |
Dynatrace(DT) | 10.3B | 5.2x | 495.6M↑ 10.0M | 2.0%↑ +0.3% | 81.8%↓ -0.2% | 14.0%↑ +0.1% |
SentinelOne(S) | 4.8B | 5.0x | 243.4M↑ 7.8M | 3.3%↑ +0.4% | 74.7%↓ -0.5% | -33.1%↑ +2.6% |
GitLab(GTLB) | 4.2B | 4.5x | 231.6M↑ 6.4M | 2.8%↓ -2.2% | 87.7%↓ -0.5% | -9.4%↑ +2.4% |
Adobe(ADBE) | 104.7B | 4.5x | 5.9B↑ 64.8M | 1.1%↓ -0.3% | 89.2%↑ +0.1% | 36.7%↓ -0.2% |
Okta(OKTA) | 12.6B | 4.4x | 719.3M↑ 11.3M | 1.6%↓ -1.3% | 77.2%↓ -0.0% | 4.8%↓ -0.9% |
Salesforce(CRM) | 173.7B | 4.3x | 10.1B↑ 75.5M | 0.8%↓ -1.3% | 77.7%↑ +0.2% | 21.3%↑ +0.0% |
HubSpot(HUBS) | 12.2B | 4.0x | 761.5M↑ 24.0M | 3.3%↓ -0.0% | 83.8%↓ -0.1% | -1.8%↑ +1.7% |
Paylocity(PCTY) | 6.5B | 3.9x | 412.2M↑ 4.0M | 1.0%↓ -1.5% | 68.2%↓ -0.4% | 17.5%↓ -0.6% |
Workday(WDAY) | 34.3B | 3.7x | 2.3B↑ 46.0M | 2.0%↓ -0.4% | 75.6%↑ +0.0% | 7.8%↑ +1.5% |
Paycom(PAYC) | 7.3B | 3.6x | 502.5M↓ -4.6M | -0.9%↑ +3.5% | 82.9%↓ -0.1% | 27.2%↓ -2.1% |
UiPath(PATH) | 5.4B | 3.6x | 376.5M↑ 17.3M | 4.8%↑ +4.1% | 82.5%↑ +0.4% | -2.1%↑ +3.0% |
Twilio(TWLO) | 17.3B | 3.5x | 1.2B↑ 33.3M | 2.8%↑ +0.4% | 49.1%↓ -0.3% | 2.7%↑ +0.2% |
nCino(NCNO) | 1.9B | 3.3x | 148.4M↑ 1.9M | 1.3%↓ -0.3% | 60.3%↑ +0.7% | 0.2%↑ +3.9% |
Braze(BRZE) | 2.3B | 3.2x | 177.7M↑ 6.6M | 3.9%↓ -1.7% | 67.8%↓ -0.3% | -21.9%↑ +1.2% |
Elastic(ESTC) | 5.5B | 3.2x | 429.6M↑ 10.2M | 2.4%↑ +1.4% | 76.3%↑ +0.0% | -1.3%↑ +0.8% |
Box(BOX) | 3.7B | 3.2x | 290.5M↑ 5.3M | 1.9%↓ -1.3% | 78.9%↑ +0.3% | 6.0%↑ +1.3% |
Atlassian(TEAM) | 18.8B | 3.1x | 1.5B↑ 76.9M | 5.4%↓ -6.8% | 83.6%↑ +1.6% | -4.8%↑ +1.9% |
Freshworks(FRSH) | 2.5B | 3.0x | 205.4M↑ 4.9M | 2.4%↑ +0.3% | 84.8%↓ -0.0% | -4.3%↑ +0.5% |
Appian(APPN) | 2.0B | 2.8x | 174.7M↑ 6.2M | 3.6%↑ +2.4% | 75.5%↑ +0.1% | 0.3%↑ +3.8% |
DocuSign(DOCU) | 8.6B | 2.7x | 794.2M↑ 12.1M | 1.5%↓ -0.9% | 79.3%↓ -0.1% | 8.8%↑ +0.8% |
BILL(BILL) | 4.2B | 2.6x | 405.2M↑ 9.5M | 2.4%↓ -7.6% | 80.2%↓ -0.4% | -4.8%↑ +0.5% |
Toast(TOST) | 15.0B | 2.5x | 1.5B↑ 63.2M | 4.4%↓ -3.6% | 25.9%↑ +0.3% | 4.6%↑ +0.3% |
Dropbox(DBX) | 6.2B | 2.5x | 628.3M↑ 3.1M | 0.5%↑ +0.4% | 80.4%↓ -0.3% | 28.0%↓ -0.2% |
Asana(ASAN) | 1.9B | 2.4x | 195.1M↑ 3.0M | 1.6%↓ -1.0% | 89.5%↓ -0.3% | -27.9%↓ -3.6% |
Blackbaud(BLKB) | 2.3B | 2.1x | 277.7M↑ 1.7M | 0.6%↓ -1.4% | 58.9%↑ +0.3% | 15.8%↑ +1.8% |
RingCentral(RNG) | 3.5B | 1.4x | 623.7M↑ 7.5M | 1.2%↑ +0.5% | 71.2%↑ +0.3% | 4.2%↑ +0.3% |
Five9(FIVN) | 1.4B | 1.2x | 282.9M↑ 1.4M | 0.5%↓ -0.1% | 55.0%↑ +0.0% | 1.1%↑ +2.3% |
Sprout Social(SPT) | 384.2M | 0.9x | 112.2M↑ 1.7M | 1.5%↑ +0.4% | 77.6%↑ +0.1% | -9.7%↑ +0.9% |
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.