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
Clearwater Analytics Holdings, Inc.(CWAN)	7.2B	8.1x	221.2M↑ 3.8M	1.7%↓ -4.3%	65.8%↓ -1.4%	4.1%↑ +7.2%	9/100
Okta, Inc.(OKTA)	21.1B	6.9x	765.0M↑ 4.0M	0.5%↓ -2.0%	77.8%↓ -0.1%	7.3%↑ +1.3%	9/100
ServiceNow, Inc.(NOW)	95.1B	6.3x	3.8B↑ 202.0M	5.7%↑ +0.9%	75.1%↓ -1.6%	13.3%↑ +0.9%	19/100
Workday, Inc.(WDAY)	36.7B	3.6x	2.5B↑ 10.0M	0.4%↓ -3.7%	0.0%↑ +0.0%	13.3%↑ +6.4%	13/100
Paycom Software, Inc.(PAYC)	7.1B	3.1x	571.9M↑ 27.6M	5.1%↓ -5.3%	84.7%↑ +0.8%	36.8%↑ +7.9%	17/100
Paylocity Holding Corp(PCTY)	6.0B	3.0x	502.3M↑ 86.2M	20.7%↑ +18.8%	72.3%↑ +4.5%	31.3%↑ +14.3%	17/100
BILL Holdings, Inc.(BILL)	4.7B	2.9x	406.6M↓ -8.1M	-2.0%↓ -6.7%	81.6%↑ +1.8%	-0.1%↑ +4.3%	24/100
DOCUSIGN, INC.(DOCU)	9.3B	2.8x	830.2M↓ -6.6M	-0.8%↓ -3.0%	79.4%↓ -0.3%	13.4%↑ +2.9%	23/100
SS&C Technologies Holdings Inc(SSNC)	16.6B	2.5x	1.6B↓ -6.4M	-0.4%↓ -5.8%	48.7%↑ +0.9%	24.2%↑ +1.9%	9/100
INTUIT INC.(INTU)	81.9B	2.4x	8.6B↑ 3.9B	84.0%↑ +64.3%	0.0%↑ +0.0%	47.0%↑ +28.6%	9/100
Vertex, Inc.(VERX)	—	—	—	—	—	—	14/100

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.