Benchmarks

Public SaaS Valuations

Valuation benchmarks for public SaaS companies. Compare ARR multiples, growth, margins and AI risk across the market.

MULTIPLE PERIODS
Companies tracked
120
Median ARR multiple
3.5x
Highest multiple
41.7x
Median AI risk
16/100
Company Market Cap ARR Multiple Revenue Growth Gross Margin Op. Margin AI Risk
Palantir Technologies Inc.Palantir Technologies Inc.PLTR · Enterprise Platform$322.8B41.7x$1.9B+18.6%84.7%47.1%16/100
CrowdStrike Holdings, Inc.CrowdStrike Holdings, Inc.CRWD · Infrastructure$173.0B31.2x$1.4B+6.2%75.3%-2.2%8/100
Cloudflare, Inc.Cloudflare, Inc.NET · Infrastructure$68.2B26.7x$639.8M+4.1%71.2%-9.7%6/100
Datadog, Inc.Datadog, Inc.DDOG · Infrastructure$73.8B18.3x$1.0B+5.6%79.2%0.7%22/100
Palo Alto Networks IncPalo Alto Networks IncPANW · Infrastructure$217.9B18.1x$3.0B+15.7%67.5%-6.1%8/100
SOUNDHOUND AI, INC.SOUNDHOUND AI, INC.SOUN · Front Office$2.8B15.8x$44.2M-19.7%31.1%-51.3%8/100
Snowflake Inc.Snowflake Inc.SNOW · Infrastructure$82.3B14.8x$1.4B+8.3%66.6%-23.4%26/100
Fortinet, Inc.Fortinet, Inc.FTNT · Infrastructure$120.8B14.7x$2.0B+10.7%80.2%33.7%9/100
DigitalOcean Holdings, Inc.DigitalOcean Holdings, Inc.DOCN · Infrastructure$16.1B14.3x$281.2M+9.0%55.0%10.4%19/100
JFrog LtdJFrog LtdFROG · Infrastructure$8.3B13.5x$154.0M+6.0%78.2%-8.4%13/100
Samsara Inc.Samsara Inc.IOT · Vertical SaaS$21.7B11.3x$478.8M+7.8%75.4%1.5%23/100
SHOPIFY INC.SHOPIFY INC.SHOP · Vertical SaaS$160.0B11.2x$3.6B+13.0%47.7%13.6%35/100
MongoDB, Inc.MongoDB, Inc.MDB · Infrastructure$28.6B10.4x$687.6M-1.1%72.2%-3.6%6/100
Rubrik, Inc.Rubrik, Inc.RBRK · Infrastructure$15.0B9.7x$387.1M+2.5%80.5%-13.6%8/100
BigBear.ai Holdings, Inc.BigBear.ai Holdings, Inc.BBAI · Enterprise Platform$1.4B9.3x$36.7M+6.7%32.8%-77.7%19/100
MANHATTAN ASSOCIATES INCMANHATTAN ASSOCIATES INCMANH · Vertical SaaS$11.0B9.3x$297.8M+5.5%56.5%22.2%22/100
AGILYSYS INCAGILYSYS INCAGYS · Vertical SaaS$3.2B9.0x$87.7M+5.7%63.5%11.1%28/100
Figma, Inc.Figma, Inc.FIG · Productivity$11.4B8.5x$333.4M+9.8%79.4%-41.2%13/100
Confluent, Inc.Confluent, Inc.CFLT · Infrastructure$10.7B8.5x$314.8M+5.5%74.7%-31.5%6/100
Clearwater Analytics Holdings, Inc.Clearwater Analytics Holdings, Inc.CWAN · Back Office$7.2B8.1x$221.2M+1.7%65.8%4.1%9/100
VEEVA SYSTEMS INCVEEVA SYSTEMS INCVEEV · Vertical SaaS$28.7B8.1x$882.9M+5.6%75.0%30.9%11/100
Navan, Inc.Navan, Inc.NAVN · Back Office$7.0B7.9x$220.2M+23.8%74.0%-8.2%14/100
Guidewire Software, Inc.Guidewire Software, Inc.GWRE · Vertical SaaS$11.6B7.8x$372.5M+3.7%63.5%8.2%9/100
Doximity, Inc.Doximity, Inc.DOCS · Vertical SaaS$4.4B7.5x$145.4M-21.4%86.7%17.1%9/100
QUALYS, INC.QUALYS, INC.QLYS · Infrastructure$5.4B7.5x$182.2M+3.7%83.4%34.0%9/100
F5, INC.F5, INC.FFIV · Infrastructure$23.6B7.3x$811.7M-1.3%81.4%22.1%9/100
Backblaze, Inc.Backblaze, Inc.BLZE · Infrastructure$1.2B7.0x$42.7M+10.5%62.8%-9.8%19/100
Okta, Inc.Okta, Inc.OKTA · Back Office$21.1B6.9x$765.0M+0.5%77.8%7.3%9/100
ServiceNow, Inc.ServiceNow, Inc.NOW · Back Office$109.2B6.8x$4.0B+5.8%70.7%4.1%19/100
VARONIS SYSTEMS INCVARONIS SYSTEMS INCVRNS · Infrastructure$4.7B6.6x$180.0M+4.0%75.3%-22.6%9/100
AvePoint, Inc.AvePoint, Inc.AVPT · Infrastructure$3.1B6.5x$117.2M+2.2%72.8%10.9%15/100
Autodesk, Inc.Autodesk, Inc.ADSK · Productivity$48.8B6.3x$1.9B-1.2%91.0%28.0%13/100
BENTLEY SYSTEMS INCBENTLEY SYSTEMS INCBSY · Vertical SaaS$10.5B6.2x$424.2M+8.3%82.6%29.8%82/100
Zscaler, Inc.Zscaler, Inc.ZS · Infrastructure$21.0B6.2x$850.5M+4.3%77.3%-3.5%9/100
Zoom Communications, Inc.Zoom Communications, Inc.ZM · Productivity$30.5B6.2x$1.2B-0.6%77.9%25.1%8/100
C3.ai, Inc.C3.ai, Inc.AI · Enterprise Platform$1.3B6.1x$51.6M-3.1%21.9%-234.8%9/100
Dynatrace, Inc.Dynatrace, Inc.DT · Infrastructure$13.4B6.0x$554.5M+4.3%81.3%12.9%22/100
PROCORE TECHNOLOGIES, INC.PROCORE TECHNOLOGIES, INC.PCOR · Vertical SaaS$8.4B5.6x$375.2M+4.4%79.9%1.1%19/100
TWILIO INCTWILIO INCTWLO · Infrastructure$31.3B5.6x$1.4B+3.0%48.6%7.7%11/100
Fastly, Inc.Fastly, Inc.FSLY · Infrastructure$3.8B5.5x$173.0M+0.2%62.5%-13.8%7/100
APPFOLIO INCAPPFOLIO INCAPPF · Vertical SaaS$6.0B5.3x$281.1M+7.2%0.0%18.8%26/100
Gitlab Inc.Gitlab Inc.GTLB · Productivity$5.3B5.0x$264.2M+1.4%85.8%-6.0%9/100
TYLER TECHNOLOGIES INCTYLER TECHNOLOGIES INCTYL · Vertical SaaS$12.8B5.0x$645.1M+5.2%47.6%14.7%16/100
SentinelOne, Inc.SentinelOne, Inc.S · Infrastructure$5.4B4.9x$276.7M+2.0%71.8%-28.8%8/100
Q2 Holdings, Inc.Q2 Holdings, Inc.QTWO · Vertical SaaS$4.1B4.7x$219.8M+1.5%59.3%13.3%9/100
Paylocity Holding CorpPaylocity Holding CorpPCTY · Back Office$7.8B4.4x$444.7M-11.5%67.5%19.0%17/100
AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INCAKAM · Infrastructure$18.5B4.3x$1.1B-1.9%56.1%10.7%6/100
Blend Labs, Inc.Blend Labs, Inc.BLND · Vertical SaaS$508.7M4.1x$30.8M-4.9%75.8%-16.4%9/100
MITEK SYSTEMS INCMITEK SYSTEMS INCMITK · Vertical SaaS$860.0M3.9x$54.8M+23.9%0.0%24.7%11/100
ALKAMI TECHNOLOGY, INC.ALKAMI TECHNOLOGY, INC.ALKT · Vertical SaaS$2.0B3.9x$129.8M+2.9%56.9%-5.9%8/100
SEMrush Holdings, Inc.SEMrush Holdings, Inc.SEMR · Front Office$1.8B3.8x$117.7M+5.0%80.4%-11.8%46/100
Tenable Holdings, Inc.Tenable Holdings, Inc.TENB · Infrastructure$4.0B3.7x$268.5M+2.5%77.5%4.6%8/100
Elastic N.V.Elastic N.V.ESTC · Infrastructure$6.7B3.7x$450.7M+0.2%75.4%-3.6%22/100
EverCommerce Inc.EverCommerce Inc.EVCM · Vertical SaaS$2.2B3.7x$147.5M-2.4%0.0%8.5%56/100
Intellicheck, Inc.Intellicheck, Inc.IDN · Vertical SaaS$80.9M3.7x$5.5M-8.2%91.0%9.8%24/100
Salesforce, Inc.Salesforce, Inc.CRM · Front Office$161.7B3.6x$11.1B-0.6%76.9%21.1%35/100
Workday, Inc.Workday, Inc.WDAY · Back Office$36.7B3.6x$2.5B+0.4%0.0%13.3%13/100
UiPath, Inc.UiPath, Inc.PATH · Productivity$5.9B3.5x$418.4M-13.0%81.6%6.7%19/100
Zeta Global Holdings Corp.Zeta Global Holdings Corp.ZETA · Front Office$6.2B3.5x$442.8M+11.7%59.1%3.8%40/100
SPS COMMERCE INCSPS COMMERCE INCSPSC · Vertical SaaS$2.7B3.4x$197.8M+3.0%70.2%4.3%26/100
ADOBE INC.ADOBE INC.ADBE · Productivity$89.5B3.4x$6.6B+3.4%89.2%33.8%47/100
Certara, Inc.Certara, Inc.CERT · Vertical SaaS$1.3B3.4x$93.3M-12.8%0.0%-0.2%9/100
Freshworks Inc.Freshworks Inc.FRSH · Front Office$3.2B3.4x$237.4M+3.8%84.8%2.5%19/100
Klaviyo, Inc.Klaviyo, Inc.KVYO · Front Office$4.7B3.3x$358.0M+2.2%75.1%0.5%40/100
PEGASYSTEMS INCPEGASYSTEMS INCPEGA · Back Office$5.5B3.2x$420.7M-2.1%74.3%4.0%19/100
Intapp, Inc.Intapp, Inc.INTA · Vertical SaaS$1.9B3.2x$146.0M+4.2%75.7%-9.8%9/100
Atlassian CorpAtlassian CorpTEAM · Productivity$22.8B3.2x$1.8B+12.7%85.3%-3.1%19/100
Paycom Software, Inc.Paycom Software, Inc.PAYC · Back Office$7.1B3.1x$571.9M+5.1%84.7%36.8%17/100
BOX INCBOX INCBOX · Productivity$3.7B3.1x$305.9M+0.0%79.5%9.0%8/100
Braze, Inc.Braze, Inc.BRZE · Front Office$2.5B3.0x$211.0M+2.8%65.7%-13.0%40/100
LiveRamp Holdings, Inc.LiveRamp Holdings, Inc.RAMP · Front Office$2.5B3.0x$206.1M-2.9%70.6%7.4%37/100
BILL Holdings, Inc.BILL Holdings, Inc.BILL · Back Office$4.7B2.9x$406.6M-2.0%81.6%-0.1%22/100
HUBSPOT INCHUBSPOT INCHUBS · Front Office$10.1B2.9x$881.0M+4.0%83.5%3.2%35/100
SS&C Technologies Holdings IncSS&C Technologies Holdings IncSSNC · Back Office$19.2B2.8x$1.7B+3.0%48.3%24.6%9/100
DOCUSIGN, INC.DOCUSIGN, INC.DOCU · Back Office$9.3B2.8x$830.2M-0.8%79.4%13.4%23/100
Toast, Inc.Toast, Inc.TOST · Vertical SaaS$19.9B2.6x$1.9B+17.1%27.0%8.0%19/100
nCino, Inc.nCino, Inc.NCNO · Vertical SaaS$1.6B2.6x$159.4M+6.5%63.3%13.3%9/100
OneSpan Inc.OneSpan Inc.OSPN · Infrastructure$618.3M2.6x$60.5M-8.3%73.6%14.5%18/100
DROPBOX, INC.DROPBOX, INC.DBX · Productivity$6.3B2.5x$629.5M-1.1%79.7%27.4%23/100
INTUIT INC.INTUIT INC.INTU · Back Office$81.9B2.4x$8.6B+84.0%0.0%47.0%9/100
DoubleVerify Holdings, Inc.DoubleVerify Holdings, Inc.DV · Front Office$1.7B2.4x$180.8M-12.0%81.7%8.7%40/100
Alarm.com Holdings, Inc.Alarm.com Holdings, Inc.ALRM · Vertical SaaS$2.5B2.3x$265.2M+1.4%65.9%11.9%33/100
Asana, Inc.Asana, Inc.ASAN · Productivity$1.9B2.3x$205.1M-0.2%87.6%-7.4%31/100
EGAIN CorpEGAIN CorpEGAN · Front Office$204.9M2.3x$22.5M-2.1%73.4%8.9%36/100
Amplitude, Inc.Amplitude, Inc.AMPL · Productivity$847.8M2.3x$93.5M+2.3%73.0%0.0%26/100
GoDaddy Inc.GoDaddy Inc.GDDY · Infrastructure$11.7B2.3x$1.3B+2.5%0.0%26.4%—
AWARE INC /MA/AWARE INC /MA/AWRE · Infrastructure$27.7M2.1x$3.3M-3.9%84.0%-84.2%9/100
Weave Communications, Inc.Weave Communications, Inc.WEAV · Vertical SaaS$539.8M2.1x$65.5M+3.3%72.6%-9.2%27/100
APPIAN CORPAPPIAN CORPAPPN · Productivity$1.5B1.9x$202.2M-0.3%73.1%1.6%19/100
Sprinklr, Inc.Sprinklr, Inc.CXM · Front Office$1.6B1.9x$219.5M-0.5%65.2%4.8%40/100
N-able, Inc.N-able, Inc.NABL · Infrastructure$977.1M1.8x$133.7M+1.5%76.3%9.3%8/100
RingCentral, Inc.RingCentral, Inc.RNG · Front Office$4.7B1.8x$657.0M+2.0%71.9%7.7%8/100
ASURE SOFTWARE INCASURE SOFTWARE INCASUR · Back Office$253.3M1.7x$37.1M-13.2%67.5%-6.5%31/100
BLACKBAUD INCBLACKBAUD INCBLKB · Vertical SaaS$2.0B1.7x$290.6M+3.4%61.3%21.3%12/100
Spok Holdings, IncSpok Holdings, IncSPOK · Vertical SaaS$236.4M1.7x$35.0M+5.4%80.5%15.5%10/100
PROGRESS SOFTWARE CORP /MAPROGRESS SOFTWARE CORP /MAPRGS · Productivity$1.6B1.6x$253.5M+2.3%82.3%17.8%13/100
CS Disco, Inc.CS Disco, Inc.LAW · Vertical SaaS$268.9M1.6x$43.1M+3.0%74.4%-21.4%11/100
PagerDuty, Inc.PagerDuty, Inc.PD · Productivity$735.0M1.5x$121.0M-3.1%84.3%7.6%19/100
Five9, Inc.Five9, Inc.FIVN · Front Office$1.8B1.5x$305.3M+1.7%55.9%6.1%8/100
Yext, Inc.Yext, Inc.YEXT · Front Office$645.0M1.5x$107.9M-3.6%73.0%5.2%50/100
PAR TECHNOLOGY CORPPAR TECHNOLOGY CORPPAR · Vertical SaaS$714.6M1.4x$124.0M+4.0%44.0%-11.2%26/100
Expensify, Inc.Expensify, Inc.EXFY · Back Office$180.9M1.3x$34.0M-3.1%47.6%-5.8%22/100
OPEN TEXT CORPOPEN TEXT CORPOTEX · Back Office$6.6B1.3x$1.3B-3.3%73.1%15.7%26/100
KALTURA INCKALTURA INCKLTR · Infrastructure$206.6M1.1x$46.9M+5.1%73.7%-1.6%26/100
ZoomInfo Technologies Inc.ZoomInfo Technologies Inc.GTM · Front Office$1.1B0.9x$310.2M-2.8%83.6%18.7%—
Rapid7, Inc.Rapid7, Inc.RPD · Infrastructure$721.2M0.9x$209.7M-3.5%69.1%-0.3%9/100
Leidos Holdings, Inc.Leidos Holdings, Inc.LDOS · Enterprise Platform$15.0B0.8x$4.6B+3.6%17.9%11.3%6/100
Sprout Social, Inc.Sprout Social, Inc.SPT · Front Office$391.9M0.8x$121.5M+0.5%77.0%-4.8%40/100
Upland Software, Inc.Upland Software, Inc.UPLD · Productivity$133.0M0.7x$48.7M-3.6%75.5%10.4%19/100
Health Catalyst, Inc.Health Catalyst, Inc.HCAT · Vertical SaaS$165.5M0.6x$70.8M-5.3%0.0%-150.5%16/100
DOMO, INC.DOMO, INC.DOMO · Productivity$166.7M0.5x$79.4M-0.3%73.7%-13.8%22/100
8X8 INC /DE/8X8 INC /DE/EGHT · Front Office$320.2M0.4x$185.1M+0.5%63.9%5.2%17/100
LIVEPERSON INCLIVEPERSON INCLPSN · Front Office$26.4M0.1x$57.0M-3.9%72.7%-3.1%8/100
FiscalNote Holdings, Inc.FiscalNote Holdings, Inc.NOTE · Vertical SaaS$2.4M0.0x$20.0M-9.8%0.0%-212.3%42/100
Nutanix, Inc.Nutanix, Inc.NTNX · Infrastructure$15.4M0.0x$703.1M-2.7%86.9%10.0%6/100
CSG SYSTEMS INTERNATIONAL INCCSG SYSTEMS INTERNATIONAL INCCSGS · Back Office——————16/100
DESCARTES SYSTEMS GROUP INCDESCARTES SYSTEMS GROUP INCDSGX · Vertical SaaS——————19/100
Jamf Holding Corp.Jamf Holding Corp.JAMF · Vertical SaaS——————9/100
OneStream, Inc.OneStream, Inc.OS · Back Office——————9/100
Vertex, Inc.Vertex, Inc.VERX · Back Office——————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 these cases, results are normalized to a 3-month period. Market cap & ARR multiple from market data; revenue, growth & margins from SEC filings.