Public SaaS Valuations
Valuation benchmarks for public SaaS companies. Data for Q2 2026.
| Company | Market Cap | ARR Multiple | Revenue | Growth | Gross Margin | Op. Margin | AI Risk |
|---|---|---|---|---|---|---|---|
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% | 8/100 |
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 |
Fortinet, Inc.(FTNT) | 120.8B | 14.7x | 2.0B↑ 198.3M | 10.7%↑ +13.6% | 80.2%↓ -0.1% | 33.7%↑ +2.3% | 9/100 |
DigitalOcean Holdings, Inc.(DOCN) | 16.1B | 14.3x | 281.2M↑ 23.3M | 9.0%↑ +2.6% | 55.0%↓ -1.1% | 10.4%↓ -3.7% | 19/100 |
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 |
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% | 8/100 |
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 |
QUALYS, INC.(QLYS) | 5.4B | 7.5x | 182.2M↑ 6.5M | 3.7%↑ +3.5% | 83.4%↑ +0.5% | 34.0%↓ -0.7% | 9/100 |
F5, INC.(FFIV) | 23.6B | 7.3x | 811.7M↓ -10.8M | -1.3%↓ -6.7% | 81.4%↓ -0.1% | 22.1%↓ -4.0% | 9/100 |
Backblaze, Inc.(BLZE) | 1.2B | 7.0x | 42.7M↑ 4.0M | 10.5%↑ +8.1% | 62.8%↑ +2.0% | -9.8%↑ +4.1% | 19/100 |
VARONIS SYSTEMS INC(VRNS) | 4.7B | 6.6x | 180.0M↑ 6.9M | 4.0%↑ +4.1% | 75.3%↓ -0.7% | -22.6%↑ +3.1% | 9/100 |
AvePoint, Inc.(AVPT) | 3.1B | 6.5x | 117.2M↑ 2.6M | 2.2%↓ -2.3% | 72.8%↓ -0.8% | 10.9%↓ -1.8% | 15/100 |
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 |
Dynatrace, Inc.(DT) | 13.4B | 6.0x | 554.5M↑ 22.8M | 4.3%↑ +1.1% | 81.3%↑ +0.4% | 12.9%↑ +5.9% | 22/100 |
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 |
 Fastly, Inc.(FSLY) | 3.8B | 5.5x | 173.0M↑ 409.0K | 0.2%↓ -8.8% | 62.5%↑ +1.1% | -13.8%↓ -5.1% | 7/100 |
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 |
 AKAMAI TECHNOLOGIES INC(AKAM) | 18.5B | 4.3x | 1.1B↓ -21.3M | -1.9%↓ -5.8% | 56.1%↓ -2.6% | 10.7%↑ +2.0% | 6/100 |
Tenable Holdings, Inc.(TENB) | 4.0B | 3.7x | 268.5M↑ 6.5M | 2.5%↑ +1.9% | 77.5%↓ -0.8% | 4.6%↑ +1.3% | 8/100 |
Elastic N.V.(ESTC) | 6.7B | 3.7x | 450.7M↑ 800.0K | 0.2%↓ -6.0% | 75.4%↓ -1.0% | -3.6%↓ -3.8% | 22/100 |
OneSpan Inc.(OSPN) | 618.3M | 2.6x | 60.5M↓ -5.5M | -8.3%↓ -23.9% | 73.6%↑ +0.0% | 14.5%↓ -8.0% | 18/100 |
GoDaddy Inc.(GDDY) | 11.7B | 2.3x | 1.3B↑ 31.1M | 2.5%↑ +3.0% | 0.0%↑ +0.0% | 26.4%↑ +1.9% | — |
AWARE INC /MA/(AWRE) | 27.7M | 2.1x | 3.3M↓ -132.0K | -3.9%↑ +23.5% | 84.0%↓ -6.1% | -84.2%↑ +23.6% | 9/100 |
N-able, Inc.(NABL) | 977.1M | 1.8x | 133.7M↑ 2.0M | 1.5%↑ +1.1% | 76.3%↓ -1.2% | 9.3%↑ +0.5% | 8/100 |
KALTURA INC(KLTR) | 206.6M | 1.1x | 46.9M↑ 2.3M | 5.1%↑ +7.1% | 73.7%↑ +1.7% | -1.6%↑ +1.1% | 26/100 |
Rapid7, Inc.(RPD) | 721.2M | 0.9x | 209.7M↓ -7.7M | -3.5%↓ -3.3% | 69.1%↑ +0.2% | -0.3%↓ -1.3% | 9/100 |
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 |
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.