May SEG SaaS Index Update

PUBLIC MARKETSEG SaaS Index Update: May 2023

The median revenue multiple of the SEG SaaS Index reached 5.7x EV/Revenue, holding up well and bouncing back from recent monthly lows experienced at the end of 2022.

Download the SEG SaaS Index Update: May 2023

Our May update provides insightful data on the valuation and financial performance trends of 116 publicly traded SaaS companies contained within the SEG SaaS Index.


  • The SaaS Index median stock price performance is up 10.2% YTD at the end of May, modestly surpassing the S&P 500 (up 8.9% YTD) and Dow Jones (down 0.7% YTD), while the NASDAQ surges ahead (up 23.6% YTD).
  • Dev Ops & IT Management leads all other product categories in stock price performance, up 33.1% YTD by the end of May.
  • ERP & Supply Chain followed close behind, up 24% TYD. Supply chain-focused SPS Commerce has continued to grow top-line revenues while posting strong TTM EBITDA margins of around 22%. The median EV/Revenue multiple for SPS Commerce was 11.6x in May, 104% higher than the Index median.
  • Snowflake (22.2x), The Trade Desk (18.5x), and MSCI (18.5x) lead all other public SaaS companies in terms of median EV/Revenue multiple. Meanwhile, (up 257.6%), Fastly (up 98.8%), and HubSpot (up 79.2%) posted the top three YTD stock price performances in the Index.