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% | 26/100 |
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 |
DigitalOcean Holdings, Inc.(DOCN) | 18.2B | 17.6x | 257.9M↑ 15.5M | 6.4%↑ +0.8% | 56.1%↓ -2.6% | 14.2%↓ -1.8% | 25/100 |
Snowflake Inc.(SNOW) | 82.3B | 14.8x | 1.4B↑ 107.0M | 8.3%↑ +2.5% | 66.6%↓ -0.2% | -23.4%↑ +1.3% | 6/100 |
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 |
MongoDB, Inc.(MDB) | 28.6B | 10.4x | 687.6M↓ -7.5M | -1.1%↓ -11.7% | 72.2%↓ -0.9% | -3.6%↓ -3.6% | 10/100 |
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 |
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 |
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) | 12.8B | 6.0x | 531.7M↑ 16.2M | 3.1%↓ -1.2% | 80.9%↓ -0.5% | 7.0%↓ -7.1% | 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% | 6/100 |
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 |
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 |
Tenable Holdings, Inc.(TENB) | 2.5B | 2.4x | 262.1M↑ 1.5M | 0.6%↓ -2.6% | 78.4%↓ -0.4% | 3.3%↓ -0.1% | 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% | 7/100 |
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.