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
SHOPIFY INC.SHOPIFY INC.SHOP · Vertical SaaS$199.0B13.9x$3.6B+13.0%47.7%13.6%35/100
VEEVA SYSTEMS INCVEEVA SYSTEMS INCVEEV · Vertical SaaS$46.0B13.0x$882.9M+5.6%75.0%30.9%11/100
Samsara Inc.Samsara Inc.IOT · Vertical SaaS$24.4B12.7x$478.8M+7.8%75.4%1.5%19/100
Guidewire Software, Inc.Guidewire Software, Inc.GWRE · Vertical SaaS$16.7B11.2x$372.5M+3.7%63.5%8.2%9/100
MANHATTAN ASSOCIATES INCMANHATTAN ASSOCIATES INCMANH · Vertical SaaS$13.0B10.9x$297.8M+5.5%56.5%22.2%22/100
AGILYSYS INCAGILYSYS INCAGYS · Vertical SaaS$3.4B9.7x$87.7M+5.7%63.5%11.1%22/100
Doximity, Inc.Doximity, Inc.DOCS · Vertical SaaS$4.6B7.3x$156.6M+7.7%84.9%21.5%8/100
APPFOLIO INCAPPFOLIO INCAPPF · Vertical SaaS$8.2B7.3x$281.1M+7.2%0.0%18.8%12/100
BENTLEY SYSTEMS INCBENTLEY SYSTEMS INCBSY · Vertical SaaS$11.3B6.9x$410.7M-3.2%82.0%21.6%6/100
PROCORE TECHNOLOGIES, INC.PROCORE TECHNOLOGIES, INC.PCOR · Vertical SaaS$9.7B6.5x$375.2M+4.4%79.9%1.1%23/100
TYLER TECHNOLOGIES INCTYLER TECHNOLOGIES INCTYL · Vertical SaaS$15.1B5.9x$645.1M+5.2%47.6%14.7%19/100
Intapp, Inc.Intapp, Inc.INTA · Vertical SaaS$3.3B5.5x$152.5M+4.5%77.6%-2.8%19/100
Q2 Holdings, Inc.Q2 Holdings, Inc.QTWO · Vertical SaaS$4.1B4.7x$219.8M+1.5%59.3%13.3%9/100
ALKAMI TECHNOLOGY, INC.ALKAMI TECHNOLOGY, INC.ALKT · Vertical SaaS$2.2B4.2x$129.8M+2.9%56.9%-5.9%26/100
MITEK SYSTEMS INCMITEK SYSTEMS INCMITK · Vertical SaaS$866.6M4.0x$54.0M-1.5%0.0%21.4%8/100
nCino, Inc.nCino, Inc.NCNO · Vertical SaaS$2.5B4.0x$159.4M+6.5%63.3%13.3%9/100
SPS COMMERCE INCSPS COMMERCE INCSPSC · Vertical SaaS$3.0B3.9x$197.8M+3.0%70.2%4.3%23/100
Certara, Inc.Certara, Inc.CERT · Vertical SaaS$1.3B3.4x$93.3M-12.8%0.0%-0.2%9/100
EverCommerce Inc.EverCommerce Inc.EVCM · Vertical SaaS$1.6B2.7x$152.0M+3.1%0.0%11.5%44/100
Blend Labs, Inc.Blend Labs, Inc.BLND · Vertical SaaS$364.2M2.7x$33.8M+9.7%73.5%-4.7%9/100
Toast, Inc.Toast, Inc.TOST · Vertical SaaS$20.3B2.7x$1.9B+17.1%27.0%8.0%19/100
Alarm.com Holdings, Inc.Alarm.com Holdings, Inc.ALRM · Vertical SaaS$2.8B2.5x$277.7M+4.7%65.6%11.7%23/100
Intellicheck, Inc.Intellicheck, Inc.IDN · Vertical SaaS$57.5M2.4x$5.9M+7.5%91.3%9.6%21/100
Weave Communications, Inc.Weave Communications, Inc.WEAV · Vertical SaaS$583.4M2.2x$67.5M+3.1%72.0%-6.5%27/100
BLACKBAUD INCBLACKBAUD INCBLKB · Vertical SaaS$2.2B1.9x$290.6M+3.4%61.3%21.3%12/100
CS Disco, Inc.CS Disco, Inc.LAW · Vertical SaaS$286.0M1.7x$43.1M+3.0%74.4%-21.4%9/100
Spok Holdings, IncSpok Holdings, IncSPOK · Vertical SaaS$216.6M1.6x$35.0M+5.4%80.5%15.5%10/100
PAR TECHNOLOGY CORPPAR TECHNOLOGY CORPPAR · Vertical SaaS$795.4M1.5x$133.4M+7.6%42.4%-9.7%26/100
Health Catalyst, Inc.Health Catalyst, Inc.HCAT · Vertical SaaS$118.6M0.4x$70.5M-0.4%0.0%-51.8%22/100
FiscalNote Holdings, Inc.FiscalNote Holdings, Inc.NOTE · Vertical SaaS$1.7M0.0x$19.6M-2.2%0.0%-123.0%48/100
DESCARTES SYSTEMS GROUP INCDESCARTES SYSTEMS GROUP INCDSGX · Vertical SaaS——————23/100
Jamf Holding Corp.Jamf Holding Corp.JAMF · Vertical SaaS——————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.