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
4.2x
Highest multiple
57.7x
Median AI risk
18/100
Company Market Cap ARR Multiple Revenue Growth Gross Margin Op. Margin AI Risk
CrowdStrike Holdings, Inc.CrowdStrike Holdings, Inc.CRWD · Infrastructure$233.4B39.7x$1.5B+6.2%74.6%-2.3%8/100
Cloudflare, Inc.Cloudflare, Inc.NET · Infrastructure$109.7B39.4x$696.1M+8.8%71.8%-29.6%6/100
Palo Alto Networks IncPalo Alto Networks IncPANW · Infrastructure$311.3B25.9x$3.0B+15.7%67.5%-6.1%8/100
Snowflake Inc.Snowflake Inc.SNOW · Infrastructure$114.1B20.5x$1.4B+8.3%66.6%-23.4%26/100
JFrog LtdJFrog LtdFROG · Infrastructure$12.8B19.5x$163.8M+6.4%77.9%-8.1%13/100
Datadog, Inc.Datadog, Inc.DDOG · Infrastructure$87.2B19.4x$1.1B+11.4%78.6%0.5%22/100
Fortinet, Inc.Fortinet, Inc.FTNT · Infrastructure$126.8B15.5x$2.0B+10.7%80.2%33.7%9/100
Rubrik, Inc.Rubrik, Inc.RBRK · Infrastructure$22.0B14.2x$387.1M+2.5%80.5%-13.6%8/100
MongoDB, Inc.MongoDB, Inc.MDB · Infrastructure$35.5B12.9x$687.6M-1.1%72.2%-3.6%6/100
DigitalOcean Holdings, Inc.DigitalOcean Holdings, Inc.DOCN · Infrastructure$12.8B11.4x$281.2M+9.0%55.0%10.4%19/100
QUALYS, INC.QUALYS, INC.QLYS · Infrastructure$6.5B9.0x$182.2M+3.7%83.4%34.0%9/100
Zscaler, Inc.Zscaler, Inc.ZS · Infrastructure$30.3B8.9x$850.5M+4.3%77.3%-3.5%9/100
VARONIS SYSTEMS INCVARONIS SYSTEMS INCVRNS · Infrastructure$5.1B7.1x$180.0M+4.0%75.3%-22.6%8/100
SentinelOne, Inc.SentinelOne, Inc.S · Infrastructure$7.8B7.0x$276.7M+2.0%71.8%-28.8%8/100
Dynatrace, Inc.Dynatrace, Inc.DT · Infrastructure$15.5B7.0x$554.5M+4.3%81.3%12.9%22/100
F5, INC.F5, INC.FFIV · Infrastructure$23.3B6.7x$865.1M+6.6%82.3%24.6%9/100
Nutanix, Inc.Nutanix, Inc.NTNX · Infrastructure$18.6B6.6x$703.1M-2.7%86.9%10.0%6/100
TWILIO INCTWILIO INCTWLO · Infrastructure$37.1B6.2x$1.5B+6.5%48.4%5.6%11/100
AvePoint, Inc.AvePoint, Inc.AVPT · Infrastructure$3.0B6.1x$124.5M+6.2%73.1%8.2%9/100
Backblaze, Inc.Backblaze, Inc.BLZE · Infrastructure$941.9M5.5x$42.7M+10.5%62.8%-9.8%28/100
Fastly, Inc.Fastly, Inc.FSLY · Infrastructure$3.9B5.3x$183.3M+6.0%63.3%-7.9%7/100
Elastic N.V.Elastic N.V.ESTC · Infrastructure$8.8B4.9x$450.7M+0.2%75.4%-3.6%22/100
Tenable Holdings, Inc.Tenable Holdings, Inc.TENB · Infrastructure$4.1B3.9x$268.5M+2.5%77.5%4.6%9/100
AKAMAI TECHNOLOGIES INCAKAMAI TECHNOLOGIES INCAKAM · Infrastructure$16.0B3.6x$1.1B+2.4%55.8%7.3%6/100
OneSpan Inc.OneSpan Inc.OSPN · Infrastructure$605.4M2.5x$60.5M-8.3%73.6%14.5%18/100
GoDaddy Inc.GoDaddy Inc.GDDY · Infrastructure$12.3B2.4x$1.3B+2.5%0.0%26.4%72/100
AWARE INC /MA/AWARE INC /MA/AWRE · Infrastructure$26.7M2.0x$3.3M-3.9%84.0%-84.2%15/100
N-able, Inc.N-able, Inc.NABL · Infrastructure$746.2M1.4x$138.2M+3.4%76.8%11.9%9/100
KALTURA INCKALTURA INCKLTR · Infrastructure$242.8M1.3x$46.9M+5.1%73.7%-1.6%8/100
Rapid7, Inc.Rapid7, Inc.RPD · Infrastructure$908.8M1.1x$210.9M+0.6%68.9%1.4%9/100
Confluent, Inc.Confluent, Inc.CFLT · Infrastructure——————6/100

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.