Overview
Stock Market Indices
SaaS Multiples
SaaS Companies
Revenue Multiple by Size
Revenue Multiple by Category
Weighted Rule of 40%
Net Retention
SaaS Resources
Disclaimer

Public SaaS Companies

SEG’s acclaimed research reports began in 2001 to help software executives, venture capitalists, and private equity investors worldwide stay informed on the software industry. This page brings SEG’s research to life in an interactive and digestible way and serves as a tool to provide high-quality insights for industry professionals in real time.

The SEG SaaS Index^TMwas founded in 2006 and today comprises 120+ publicly traded companies that primarily offer solutions via the cloud. The Index is updated every quarter depending on acquisitions, IPOs, readily available financial data, and changes in business models. Interact with the charts below to see how public SaaS companies perform and how the SEG SaaS Index compares to other major indices.

Stock Market Indices

See how the median stock price performance for the SEG SaaS Index stacks up against other major stock market indices. The chart compares the stock price percentage change from the starting date to the end date for the period selected on the right. Compare the percentage change at any point in time by hovering over the chart below.

SaaS Multiples

The chart below assesses the daily median EV/TTM Revenue multiple for companies in the SEG SaaS Index. Toggle the date filters on the right to see how the median revenue multiple changes over time. To see the median SaaS multiples at any point in time, hover over the chart below.

SaaS Companies

View key metrics for all 120 publicly traded SaaS companies that comprise the SEG SaaS Index below. Click any column header to sort by different metrics, and use the scroll bar on the right to view additional companies. Data in this report is updated daily. Filter by product category to see how your company compares to select SaaS companies. To learn how to use this data as a benchmark for your business, speak with an M&A advisor today.

Name	Ticker	Price	Market Cap	Enterprise Value	Revenue (TTM)	Revenue Growth (TTM)	Gross Margin (TTM)	EBITDA Margin (TTM)	Net Retention	Rule of 40	EV/Revenue	EV/EBITDA	YTD Price % Change
8X8	EGHT	$ 2.2	$ 282.2M	$ 603.4M	$ 717.4M	-2.2 %	68.0 %	2.1 %	N/A	-1.5 %	0.8 x	39.4 x	-18.8 %
ACI Worldwide	ACIW	$ 53.0	$ 5.6B	$ 6.3B	$ 1.6B	9.8 %	50.3 %	27.8 %	N/A	31.6 %	3.9 x	14.2 x	0.9 %
Adobe	ADBE	$ 387.3	$ 170.4B	$ 168.6B	$ 21.5B	13.9 %	89.0 %	37.4 %	110.0 %	43.5 %	7.8 x	21.0 x	-12.2 %
Affirm Holdings	AFRM	$ 49.9	$ 15.7B	$ 21.4B	$ 2.8B	46.3 %	44.5 %	0.4 %	N/A	61.8 %	7.6 x	1882.2 x	-20.2 %
Alarm.com	ALRM	$ 56.5	$ 2.8B	$ 2.6B	$ 939.8M	6.6 %	65.3 %	21.0 %	N/A	22.8 %	2.8 x	13.4 x	-5.5 %
Alkami	ALKT	$ 26.6	$ 2.7B	$ 2.6B	$ 333.8M	26.1 %	58.9 %	-8.9 %	124.0 %	28.7 %	7.7 x	N/A	-28.0 %
Amplitude	AMPL	$ 11.7	$ 1.5B	$ 1.2B	$ 299.3M	8.3 %	74.3 %	-27.5 %	97.0 %	-7.4 %	4.2 x	N/A	8.9 %
AppFolio	APPF	$ 215.4	$ 7.8B	$ 7.6B	$ 794.2M	28.0 %	64.5 %	21.4 %	N/A	51.6 %	9.5 x	44.6 x	-13.2 %
Appian	APPN	$ 30.8	$ 2.3B	$ 2.4B	$ 617.0M	13.1 %	75.7 %	-9.3 %	117.0 %	11.2 %	3.9 x	N/A	-7.2 %
Asana	ASAN	$ 14.4	$ 3.3B	$ 3.1B	$ 703.8M	14.4 %	91.9 %	-30.1 %	96.0 %	-1.0 %	4.4 x	N/A	-27.2 %
Atlassian	TEAM	$ 227.3	$ 59.2B	$ 58.0B	$ 4.8B	23.2 %	81.8 %	0.2 %	N/A	31.0 %	12.1 x	4983.0 x	-6.2 %
Autodesk	ADSK	$ 267.2	$ 57.5B	$ 58.1B	$ 6.0B	12.1 %	92.8 %	26.1 %	105.0 %	33.6 %	9.7 x	37.2 x	-8.9 %
AvePoint	AVPT	$ 15.1	$ 2.8B	$ 2.5B	$ 330.5M	21.6 %	75.0 %	-3.8 %	123.0 %	26.1 %	7.7 x	N/A	-9.4 %
AvidXChange	AVDX	$ 8.5	$ 1.7B	$ 1.4B	$ 438.9M	15.3 %	72.3 %	12.9 %	100.0 %	29.0 %	3.3 x	25.2 x	-18.2 %
Bandwidth	BAND	$ 15.1	$ 415.4M	$ 835.2M	$ 748.5M	24.5 %	37.4 %	5.6 %	114.0 %	36.4 %	1.1 x	19.8 x	-9.6 %
BigCommerce	BIGC	$ 6.0	$ 469.5M	$ 510.4M	$ 332.9M	7.6 %	76.7 %	-1.8 %	111.0 %	8.9 %	1.5 x	N/A	-3.1 %
Bill.com	BILL	$ 47.9	$ 5.0B	$ 3.9B	$ 1.4B	16.4 %	81.9 %	13.7 %	92.0 %	31.0 %	2.8 x	20.8 x	-43.0 %
Blackbaud	BLKB	$ 63.1	$ 3.2B	$ 3.5B	$ 1.2B	4.5 %	55.3 %	-11.6 %	89.0 %	-1.8 %	3.0 x	N/A	-14.4 %
BlackLine	BL	$ 50.3	$ 3.1B	$ 3.2B	$ 653.3M	10.7 %	75.2 %	28.1 %	105.0 %	33.1 %	4.9 x	17.3 x	-16.6 %
Box	BOX	$ 30.4	$ 4.4B	$ 4.4B	$ 1.1B	5.5 %	80.0 %	11.3 %	102.0 %	14.9 %	4.0 x	35.8 x	-3.1 %
Braze	BRZE	$ 37.0	$ 3.8B	$ 3.4B	$ 534.8M	28.1 %	72.4 %	-19.2 %	114.0 %	24.5 %	6.4 x	N/A	-14.7 %
C3.ai	AI	$ 22.6	$ 2.9B	$ 2.2B	$ 366.9M	23.8 %	59.9 %	-73.1 %	N/A	-17.3 %	6.0 x	N/A	-34.8 %
Clearwater Analytics	CWAN	$ 26.5	$ 6.5B	$ 6.4B	$ 451.8M	22.7 %	72.8 %	-2.6 %	114.0 %	28.5 %	14.1 x	N/A	-2.6 %
Cloudflare	NET	$ 119.2	$ 40.9B	$ 40.5B	$ 1.7B	28.8 %	77.3 %	6.7 %	110.0 %	42.7 %	24.3 x	363.3 x	5.9 %
Confluent	CFLT	$ 26.5	$ 8.7B	$ 7.9B	$ 963.6M	24.0 %	73.3 %	-32.0 %	117.0 %	10.5 %	8.2 x	N/A	-6.2 %
Couchbase	BASE	$ 14.5	$ 742.7M	$ 606.6M	$ 195.5M	17.1 %	92.5 %	-37.6 %	115.0 %	-2.5 %	3.1 x	N/A	-6.9 %
Coursera	COUR	$ 7.1	$ 1.1B	$ 406.3M	$ 694.7M	9.3 %	53.5 %	-7.7 %	89.0 %	7.2 %	0.6 x	N/A	-15.9 %
Crowdstrike	CRWD	$ 362.2	$ 89.2B	$ 85.7B	$ 3.7B	35.2 %	79.5 %	8.3 %	115.0 %	52.3 %	23.0 x	278.7 x	4.3 %
CS Disco	LAW	$ 4.5	$ 267.8M	$ 148.0M	$ 144.8M	4.9 %	74.2 %	-33.9 %	92.0 %	-16.2 %	1.0 x	N/A	-7.8 %
Datadog	DDOG	$ 105.0	$ 35.7B	$ 33.3B	$ 2.7B	26.1 %	80.8 %	10.9 %	110.0 %	42.1 %	12.4 x	113.7 x	-26.9 %
Dayforce	DAY	$ 58.5	$ 9.2B	$ 9.9B	$ 1.8B	16.3 %	46.1 %	16.4 %	97.1 %	32.6 %	5.6 x	34.3 x	-18.1 %
Definitive Healthcare	DH	$ 2.8	$ 436.4M	$ 399.3M	$ 252.2M	0.3 %	78.3 %	-154.2 %	91.0 %	-102.9 %	1.6 x	N/A	-31.8 %
Descartes	DSGX	$ 101.2	$ 8.6B	$ 8.4B	$ 651.0M	13.6 %	75.6 %	41.1 %	N/A	45.7 %	12.9 x	31.5 x	-10.9 %
DigitalOcean Holdings	DOCN	$ 36.9	$ 3.4B	$ 4.7B	$ 780.6M	12.7 %	59.7 %	30.3 %	97.0 %	37.2 %	6.0 x	19.7 x	7.7 %
Docebo	DCBO	$ 30.0	$ 906.1M	$ 815.0M	$ 216.9M	20.0 %	81.0 %	11.4 %	104.0 %	34.2 %	3.8 x	33.0 x	-33.7 %
Docusign	DOCU	$ 88.1	$ 17.8B	$ 17.0B	$ 2.9B	9.3 %	80.4 %	12.9 %	99.0 %	21.0 %	5.8 x	45.0 x	-2.5 %
Domo	DOMO	$ 8.3	$ 320.2M	$ 408.5M	$ 317.7M	-0.0 %	75.1 %	-21.6 %	84.0 %	-14.5 %	1.3 x	N/A	16.9 %
Dropbox	DBX	$ 26.5	$ 8.2B	$ 9.6B	$ 2.5B	1.9 %	82.5 %	26.8 %	N/A	20.4 %	3.8 x	14.1 x	-10.4 %
DynaTrace	DT	$ 49.8	$ 14.9B	$ 13.9B	$ 1.6B	19.8 %	81.2 %	14.8 %	112.0 %	36.3 %	8.5 x	57.5 x	-8.3 %
Ebix	EBIXQ	$ 0.0	$ 0.0M	$ 540.7M	$ 735.6M	-54.8 %	47.0 %	17.4 %	N/A	-61.2 %	0.7 x	4.2 x	-100.0 %
Elastic	ESTC	$ 97.2	$ 10.1B	$ 9.4B	$ 1.4B	17.9 %	74.1 %	-1.3 %	N/A	23.0 %	6.6 x	N/A	-1.9 %
Eventbrite	EB	$ 2.3	$ 223.8M	$ -22.5M	$ 325.1M	-0.3 %	69.7 %	3.4 %	N/A	1.9 %	-0.1 x	N/A	-35.7 %
EverCommerce	EVCM	$ 10.1	$ 1.8B	$ 2.2B	$ 698.8M	3.5 %	67.3 %	12.7 %	91.0 %	13.1 %	3.2 x	25.2 x	-6.2 %
Fastly	FSLY	$ 7.1	$ 995.4M	$ 1.1B	$ 543.7M	7.4 %	54.4 %	-10.4 %	105.0 %	2.9 %	2.0 x	N/A	-22.8 %
Five9	FIVN	$ 30.1	$ 2.3B	$ 2.5B	$ 1.0B	14.4 %	54.2 %	6.7 %	108.0 %	23.7 %	2.4 x	35.5 x	-25.5 %
Fortive	FTV	$ 74.8	$ 25.9B	$ 28.8B	$ 6.2B	2.7 %	59.9 %	26.7 %	N/A	21.6 %	4.6 x	17.3 x	0.5 %
Freshworks	FRSH	$ 15.5	$ 4.7B	$ 3.7B	$ 720.4M	20.8 %	84.3 %	-8.7 %	107.0 %	21.8 %	5.1 x	N/A	-2.3 %
Gitlab	GTLB	$ 51.0	$ 8.2B	$ 7.3B	$ 716.9M	36.2 %	94.0 %	-10.0 %	124.0 %	41.4 %	10.1 x	N/A	-9.6 %
Guidewire Software	GWRE	$ 191.5	$ 16.0B	$ 15.7B	$ 1.1B	17.2 %	61.4 %	-0.3 %	N/A	22.6 %	14.5 x	N/A	13.0 %
Health Catalyst	HCAT	$ 4.4	$ 268.3M	$ 278.6M	$ 306.6M	3.6 %	45.9 %	-6.8 %	100.0 %	0.2 %	0.9 x	N/A	-39.9 %
HealthStream	HSTM	$ 31.6	$ 959.6M	$ 879.7M	$ 291.6M	4.5 %	66.4 %	22.6 %	N/A	21.2 %	3.0 x	13.3 x	-0.5 %
HubSpot	HUBS	$ 606.3	$ 31.3B	$ 30.0B	$ 2.6B	21.1 %	85.0 %	4.9 %	104.0 %	31.3 %	11.4 x	231.9 x	-13.1 %
Informatica	INFA	$ 18.1	$ 5.5B	$ 6.2B	$ 1.6B	2.8 %	80.1 %	21.5 %	105.0 %	18.2 %	3.8 x	17.5 x	-28.8 %
Intapp	INTA	$ 61.0	$ 4.7B	$ 4.4B	$ 465.0M	18.6 %	73.0 %	0.5 %	114.0 %	25.1 %	9.6 x	1835.8 x	-5.7 %
Jfrog	FROG	$ 34.0	$ 3.8B	$ 3.3B	$ 428.5M	22.5 %	77.1 %	-8.4 %	117.0 %	24.3 %	7.7 x	N/A	10.7 %
Kaltura	KLTR	$ 1.9	$ 279.9M	$ 248.6M	$ 178.7M	2.0 %	66.6 %	-10.4 %	101.0 %	-4.3 %	1.4 x	N/A	-19.7 %
Klaviyo	KVYO	$ 33.0	$ 8.9B	$ 8.1B	$ 937.5M	34.3 %	76.4 %	-1.4 %	114.0 %	44.7 %	8.6 x	N/A	-20.7 %
LivePerson	LPSN	$ 0.9	$ 83.6M	$ 427.5M	$ 312.5M	-22.3 %	70.1 %	-22.2 %	79.0 %	-44.5 %	1.4 x	N/A	-37.0 %
MeridianLink	MLNK	$ 19.1	$ 1.4B	$ 1.8B	$ 316.3M	4.2 %	65.7 %	21.4 %	103.0 %	19.9 %	5.7 x	26.8 x	-6.2 %
Monday.com	MNDY	$ 265.4	$ 13.3B	$ 12.0B	$ 972.0M	33.2 %	89.3 %	-0.9 %	110.0 %	43.5 %	12.3 x	N/A	14.9 %
MongoDB	MDB	$ 192.5	$ 14.2B	$ 13.1B	$ 1.9B	26.5 %	76.5 %	-5.0 %	120.0 %	31.9 %	6.8 x	N/A	-21.3 %
MSCI	MSCI	$ 562.6	$ 44.1B	$ 48.3B	$ 2.9B	12.9 %	82.0 %	61.2 %	94.0 %	58.2 %	16.9 x	27.6 x	-5.8 %
Ncino	NCNO	$ 28.5	$ 3.3B	$ 3.3B	$ 513.0M	14.0 %	61.4 %	4.8 %	117.0 %	21.8 %	6.4 x	131.9 x	-14.7 %
Nutanix	NTNX	$ 73.0	$ 19.6B	$ 19.3B	$ 2.3B	14.8 %	85.8 %	3.2 %	94.0 %	21.9 %	8.3 x	257.0 x	19.2 %
Okta	OKTA	$ 113.7	$ 19.5B	$ 17.9B	$ 2.5B	18.8 %	79.3 %	5.5 %	108.0 %	28.7 %	7.1 x	128.9 x	44.3 %
Olo	OLO	$ 6.4	$ 1.1B	$ 707.3M	$ 284.9M	24.8 %	54.9 %	5.9 %	120.0 %	37.0 %	2.5 x	41.9 x	-16.5 %
ON24 Inc	ONTF	$ 5.5	$ 228.2M	$ 48.9M	$ 148.1M	-9.5 %	74.3 %	-23.7 %	84.0 %	-28.6 %	0.3 x	N/A	-15.7 %
Oracle	ORCL	$ 152.2	$ 425.8B	$ 504.2B	$ 55.8B	8.0 %	71.1 %	41.8 %	N/A	38.7 %	9.0 x	21.6 x	-8.3 %
Pagerduty	PD	$ 18.9	$ 1.7B	$ 1.6B	$ 459.6M	12.2 %	84.4 %	-1.7 %	107.0 %	15.1 %	3.5 x	N/A	4.9 %
Palo Alto Networks	PANW	$ 182.3	$ 119.6B	$ 116.5B	$ 8.6B	13.9 %	73.9 %	19.3 %	N/A	31.3 %	13.6 x	70.6 x	0.9 %
Paycom Software	PAYC	$ 218.3	$ 12.6B	$ 12.3B	$ 1.9B	11.2 %	82.2 %	42.4 %	90.0 %	43.3 %	6.5 x	15.4 x	8.4 %
Paycor	PYCR	$ 22.4	$ 4.0B	$ 3.9B	$ 699.7M	15.7 %	66.0 %	16.4 %	98.0 %	31.9 %	5.6 x	34.1 x	22.1 %
Paylocity Holding	PCTY	$ 191.9	$ 10.7B	$ 10.6B	$ 1.5B	16.0 %	68.5 %	25.6 %	92.0 %	38.3 %	7.1 x	27.7 x	-1.6 %
Pegasystems	PEGA	$ 72.9	$ 6.3B	$ 6.0B	$ 1.5B	4.5 %	73.9 %	12.3 %	N/A	14.3 %	4.0 x	32.7 x	-21.6 %
Procore	PCOR	$ 70.4	$ 10.5B	$ 9.8B	$ 1.2B	21.2 %	82.1 %	-0.1 %	114.0 %	28.2 %	8.5 x	N/A	-6.4 %
PROS Holdings	PRO	$ 20.6	$ 974.5M	$ 1.1B	$ 330.4M	8.8 %	65.7 %	-3.3 %	93.0 %	9.5 %	3.3 x	N/A	-4.1 %
PTC	PTC	$ 159.8	$ 19.2B	$ 20.7B	$ 2.3B	6.1 %	80.7 %	31.3 %	N/A	29.0 %	9.0 x	28.7 x	-12.7 %
Q2 Holdings	QTWO	$ 79.2	$ 4.8B	$ 4.9B	$ 696.5M	11.5 %	50.9 %	6.2 %	108.0 %	19.4 %	7.0 x	113.7 x	-20.4 %
Qualys	QLYS	$ 127.9	$ 4.7B	$ 4.3B	$ 607.6M	9.6 %	81.7 %	37.6 %	104.0 %	37.9 %	7.2 x	19.0 x	-7.9 %
Rapid7	RPD	$ 28.3	$ 1.8B	$ 2.3B	$ 844.0M	8.5 %	70.3 %	11.5 %	N/A	19.1 %	2.7 x	23.5 x	-28.2 %
RingCentral	RNG	$ 26.9	$ 2.4B	$ 3.7B	$ 2.4B	9.0 %	70.6 %	10.0 %	99.0 %	18.7 %	1.6 x	15.6 x	-22.8 %
Riskified	RSKD	$ 4.7	$ 764.5M	$ 416.0M	$ 327.5M	10.0 %	52.2 %	-12.0 %	117.0 %	5.3 %	1.3 x	N/A	-1.9 %
Roper Technologies	ROP	$ 572.2	$ 61.4B	$ 68.8B	$ 7.0B	13.9 %	69.3 %	32.2 %	N/A	40.1 %	9.8 x	30.4 x	11.4 %
Salesforce.com	CRM	$ 280.6	$ 268.6B	$ 265.9B	$ 37.0B	9.6 %	79.0 %	29.5 %	N/A	32.6 %	7.2 x	24.4 x	-15.1 %
Samsara	IOT	$ 40.2	$ 22.3B	$ 21.7B	$ 1.1B	38.7 %	80.6 %	-21.0 %	N/A	37.4 %	19.6 x	N/A	-8.7 %
SAP	SAP	$ 272.5	$ 317.8B	$ 321.9B	$ 36.8B	8.2 %	72.9 %	16.4 %	N/A	21.9 %	8.7 x	53.3 x	12.1 %
SEMrush	SEMR	$ 9.9	$ 1.5B	$ 1.2B	$ 376.8M	22.5 %	82.6 %	9.5 %	107.0 %	36.3 %	3.3 x	34.4 x	-15.2 %
SentinelOne	S	$ 19.3	$ 6.1B	$ 5.5B	$ 729.3M	35.3 %	77.8 %	-32.4 %	114.0 %	25.3 %	7.5 x	N/A	-14.6 %
ServiceNow	NOW	$ 827.8	$ 170.5B	$ 167.0B	$ 11.0B	22.4 %	79.2 %	21.0 %	125.0 %	43.9 %	15.2 x	72.6 x	-21.5 %
Shopify	SHOP	$ 104.2	$ 134.6B	$ 129.0B	$ 8.9B	25.8 %	50.4 %	25.5 %	N/A	51.4 %	14.5 x	57.0 x	-3.1 %
Snowflake	SNOW	$ 158.4	$ 53.1B	$ 51.5B	$ 3.4B	34.5 %	70.5 %	-30.3 %	127.0 %	25.5 %	15.1 x	N/A	0.6 %
SolarWinds	SWI	$ 18.4	$ 3.1B	$ 4.1B	$ 796.9M	5.0 %	89.5 %	35.4 %	98.0 %	30.4 %	5.2 x	14.7 x	29.4 %
Sprinklr	CXM	$ 8.7	$ 2.2B	$ 1.8B	$ 773.8M	12.1 %	74.2 %	9.7 %	122.0 %	22.6 %	2.3 x	23.5 x	1.4 %
Sprout Social	SPT	$ 25.2	$ 1.4B	$ 1.4B	$ 405.9M	21.7 %	77.5 %	-11.3 %	111.0 %	21.2 %	3.4 x	N/A	-18.0 %
SPS Commerce	SPSC	$ 130.1	$ 4.9B	$ 4.7B	$ 637.8M	18.8 %	67.0 %	22.2 %	N/A	39.9 %	7.3 x	32.9 x	-28.8 %
Tenable	TENB	$ 36.2	$ 4.4B	$ 4.2B	$ 900.0M	12.7 %	77.8 %	5.1 %	109.0 %	20.3 %	4.7 x	90.8 x	-7.0 %
Teradata	TDC	$ 22.9	$ 2.2B	$ 2.3B	$ 1.8B	-4.5 %	60.5 %	16.7 %	N/A	5.2 %	1.3 x	8.0 x	-25.3 %
The Trade Desk	TTD	$ 56.3	$ 27.8B	$ 26.2B	$ 2.4B	25.6 %	80.7 %	23.5 %	95.0 %	49.8 %	10.7 x	45.7 x	-52.2 %
Toast	TOST	$ 35.2	$ 20.0B	$ 18.6B	$ 5.0B	28.3 %	24.0 %	1.4 %	111.0 %	38.6 %	3.7 x	277.5 x	-3.3 %
Twilio	TWLO	$ 103.5	$ 15.9B	$ 14.6B	$ 4.5B	7.3 %	51.1 %	2.6 %	102.0 %	11.5 %	3.3 x	124.3 x	-5.2 %
Tyler Technologies	TYL	$ 566.4	$ 24.2B	$ 24.1B	$ 2.1B	9.5 %	43.8 %	21.8 %	N/A	27.3 %	11.3 x	51.7 x	-1.4 %
UiPath	PATH	$ 10.8	$ 5.9B	$ 4.5B	$ 1.4B	-17.0 %	83.3 %	-4.3 %	113.0 %	-25.4 %	3.2 x	N/A	-16.4 %
Upland Software	UPLD	$ 3.4	$ 93.3M	$ 328.2M	$ 274.8M	-7.7 %	70.5 %	-16.8 %	95.0 %	-21.6 %	1.2 x	N/A	-24.1 %
Varonis Systems	VRNS	$ 41.0	$ 4.6B	$ 4.8B	$ 551.0M	10.4 %	83.0 %	-17.6 %	107.0 %	2.0 %	8.7 x	N/A	-7.5 %
Veeva Systems	VEEV	$ 236.8	$ 38.3B	$ 33.3B	$ 2.6B	13.0 %	76.9 %	35.5 %	124.0 %	41.1 %	13.1 x	36.8 x	12.4 %
Verint Systems	VRNT	$ 21.4	$ 1.3B	$ 1.6B	$ 872.2M	-2.7 %	74.8 %	16.7 %	N/A	7.6 %	1.8 x	10.9 x	-20.0 %
Verisk Analytics	VRSK	$ 285.2	$ 40.3B	$ 43.2B	$ 2.9B	7.5 %	68.7 %	57.8 %	N/A	48.7 %	15.0 x	25.9 x	4.3 %
Veritone	VERI	$ 2.8	$ 105.1M	$ 234.8M	$ 118.8M	-38.3 %	77.7 %	-27.4 %	90.0 %	-69.4 %	2.0 x	N/A	-13.8 %
Vertex	VERX	$ 35.7	$ 5.6B	$ 5.6B	$ 666.8M	16.5 %	63.9 %	13.1 %	N/A	30.7 %	8.4 x	63.9 x	-32.9 %
Weave	WEAV	$ 11.7	$ 851.4M	$ 808.3M	$ 204.3M	19.9 %	71.4 %	-5.5 %	98.0 %	22.7 %	4.0 x	N/A	-25.4 %
Wix	WIX	$ 172.3	$ 9.5B	$ 9.4B	$ 1.8B	12.7 %	67.9 %	7.5 %	100.0 %	21.9 %	5.3 x	71.3 x	-20.4 %
Workday	WDAY	$ 249.5	$ 66.4B	$ 61.7B	$ 8.1B	18.8 %	78.3 %	13.1 %	98.0 %	33.8 %	7.6 x	57.9 x	-0.9 %
Workiva	WK	$ 87.2	$ 4.8B	$ 4.8B	$ 738.7M	17.2 %	76.7 %	-3.5 %	98.0 %	20.6 %	6.5 x	N/A	-19.9 %
Yext	YEXT	$ 6.3	$ 802.7M	$ 765.3M	$ 424.4M	4.8 %	76.5 %	0.0 %	91.0 %	6.4 %	1.8 x	4528.7 x	-3.8 %
Ziff Davis	ZD	$ 41.8	$ 1.8B	$ 2.1B	$ 1.4B	2.8 %	85.7 %	24.3 %	N/A	20.0 %	1.5 x	6.3 x	-23.7 %
Zoom	ZM	$ 76.0	$ 23.3B	$ 15.5B	$ 4.6B	3.5 %	76.4 %	31.6 %	115.0 %	25.9 %	3.4 x	10.6 x	-6.9 %
ZoomInfo	ZI	$ 10.9	$ 3.7B	$ 5.0B	$ 1.2B	-2.0 %	84.4 %	12.9 %	85.0 %	5.9 %	4.1 x	31.9 x	4.1 %
Zscaler	ZS	$ 205.2	$ 31.5B	$ 29.8B	$ 2.4B	27.8 %	77.8 %	6.8 %	114.0 %	41.5 %	12.3 x	179.9 x	13.0 %

Summary	Price	Market Cap	Enterprise Value	Revenue (TTM)	Revenue Growth (TTM)	Gross Margin (TTM)	EBITDA Margin (TTM)	Net Retention	Rule of 40	EV/Revenue	EV/EBITDA	YTD Price % Change
Average	$ 96.7	$ 24.2B	$ 24.6B	$ 2.9B	12.8 %	71.7 %	4.9 %	105.1 %	20.3 %	6.4 x	233.9 x	-10.5 %
Median	$ 36.6	$ 4.8B	$ 4.7B	$ 886.1M	13.0 %	74.3 %	6.4 %	105.0 %	24.0 %	5.6 x	33.6 x	-8.8 %

The Rule of 40 is calculated on a weighted basis, using the formula: (1.33 × Revenue Growth) + (0.67 × EBITDA Margin).

Revenue Multiple by Size

The SEG SaaS Index is evaluated by TTM Revenue, sorted from small to mega-sized companies. View the median EV/TTM Revenue multiple by cohort below, and toggle the date filters on the right to see how multiples change over time.

Revenue Multiple by Category

The SEG SaaS Index is divided into 10 categories, covering everything from Security to Sales & Marketing, Enterprise Resource Planning (ERP) to Financial Applications, and more. See which types of companies are outperforming the rest by comparing the median EV/TTM Revenue multiple by product category. Click on the date filters on the right to see how the categories compare over time.

Weighted Rule of 40%

The charts below examine the impact of Weighted Rule of 40% for public SaaS companies. The first chart highlights how companies in the SEG SaaS Index™ are distributed across Weighted Rule of 40% cohorts, while the second chart compares median EV/TTM Revenue multiples by Rule of 40 performance.

Weighted Rule of 40 Distribution

EV/TTM Revenue vs. Weighted Rule of 40

Net Revenue Retention

Explore the Net Revenue Retention (NRR) for public SaaS companies to see where most fall in today’s market. The first chart shows the distribution of net retention among public SaaS companies, while the second chart shows median EV/TTM Revenue multiples by NRR cohorts.

Net Retention Distribution

EV/TTM Revenue vs. Net Retention

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Disclaimer

The information set forth in the SEG SaaS Index is provided for informational and discussion purposes only and is not intended to be, and shall not be regarded or construed as, a recommendation for a transaction or investment or financial, tax, investment, or other advice of any kind by SEG Capital Advisors LLC (“SEG”). SEG makes no warranty or representation regarding any such information, or the data presented in such materials, and SEG expressly disclaims any and all liability which may be based on the SEG SaaS Index or any of its contents, errors therein or omissions therefrom. SEG and/or individuals and entities affiliated with SEG, may purchase, sell, or hold securities of issuers that are constituents of the SEG SaaS Index from time to time and at any time, including in advance of or following an issuer being added to or removed from the SEG SaaS Index. Financial data was provided by Tiingo.