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
Okta, Inc.Okta, Inc.OKTA · Back Office$30.3B9.9x$765.0M+0.5%77.8%7.3%9/100
ServiceNow, Inc.ServiceNow, Inc.NOW · Back Office$143.1B9.0x$4.0B+5.8%70.7%4.1%19/100
Navan, Inc.Navan, Inc.NAVN · Back Office$7.7B8.8x$220.2M+23.8%74.0%-8.2%9/100
Clearwater Analytics Holdings, Inc.Clearwater Analytics Holdings, Inc.CWAN · Back Office$7.3B8.3x$221.2M+1.7%65.8%4.1%9/100
Paycom Software, Inc.Paycom Software, Inc.PAYC · Back Office$10.5B4.9x$531.2M-7.1%83.2%31.7%17/100
Paylocity Holding CorpPaylocity Holding CorpPCTY · Back Office$8.4B4.7x$444.7M-11.5%67.5%19.0%17/100
Workday, Inc.Workday, Inc.WDAY · Back Office$46.7B4.4x$2.6B+4.2%0.0%11.8%13/100
DOCUSIGN, INC.DOCUSIGN, INC.DOCU · Back Office$12.3B3.7x$830.2M-0.8%79.4%13.4%19/100
PEGASYSTEMS INCPEGASYSTEMS INCPEGA · Back Office$5.9B3.5x$420.7M-2.1%74.3%4.0%19/100
SS&C Technologies Holdings IncSS&C Technologies Holdings IncSSNC · Back Office$19.6B2.9x$1.7B+3.0%48.3%24.6%9/100
Vertex, Inc.Vertex, Inc.VERX · Back Office$2.3B2.8x$204.0M+3.7%64.4%-2.2%9/100
INTUIT INC.INTUIT INC.INTU · Back Office$95.2B2.8x$8.6B+84.0%0.0%47.0%9/100
BILL Holdings, Inc.BILL Holdings, Inc.BILL · Back Office$4.5B2.6x$436.2M+7.3%81.7%-7.8%40/100
ASURE SOFTWARE INCASURE SOFTWARE INCASUR · Back Office$258.6M1.7x$37.1M-13.2%67.5%-6.5%31/100
Expensify, Inc.Expensify, Inc.EXFY · Back Office$235.3M1.7x$33.9M-0.3%48.2%-8.6%32/100
OPEN TEXT CORPOPEN TEXT CORPOTEX · Back Office$6.1B1.1x$1.3B+5.2%75.0%23.7%19/100
CSG SYSTEMS INTERNATIONAL INCCSG SYSTEMS INTERNATIONAL INCCSGS · Back Office——————16/100
OneStream, Inc.OneStream, Inc.OS · 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.