SaaS OKRSaaS OKRUpdated May 2026

Benchmarks · The state of SaaS

SaaS in numbers — valuations, funding and the metrics that move them.

A live dashboard tracking the benchmarks operators and investors actually use: revenue multiples, growth, retention, CAC payback and the Rule of 40.

Median EV / NTM Revenue

6.4x+0.3x

SaaS index, public

Source · Meritech Public SaaS Index

Top-Quartile EV / NTM Rev

12.1x+0.8x

Growth-adj leaders

Source · Meritech · Bloomberg

Global SaaS VC Funding

$24.6B−6.4%

Last quarter

Source · PitchBook · Crunchbase

Median ARR Growth

31%−2pp

Private $10–50M ARR

Source · ICONIQ Growth Survey

Median Net Retention

108%−1pp

Private SaaS

Source · OpenView SaaS Benchmarks

Median Rule of 40

34%+2pp

Public SaaS

Source · Bessemer State of the Cloud

01 — Valuations

EV / NTM Revenue multiples

Forward revenue multiples for public SaaS companies. The bubble of 2021, the reset of 2022, and the slow rebuild since.

EV / NTM Revenue — public SaaS index

Multiple (x)
Top quartile
Median
Bottom quartile

Source · Meritech Public SaaS Index, Bloomberg (illustrative)

02 — Capital flow

VC investment in SaaS

Quarterly capital deployed into SaaS startups globally, and how that capital splits across stages.

Global SaaS VC funding by quarter

$B

Source · PitchBook · Crunchbase (illustrative)

Funding by stage — YoY

$B, Q1
Q1 2025
Q1 2026

Source · PitchBook NVCA Venture Monitor

03 — Round economics

Median revenue at fundraise

What ARR are SaaS startups actually carrying when they close each round? The bar keeps rising — and it varies meaningfully by region.

Median ARR at round close — by stage

$M ARR

Seed

$400k

Series A

$2.1M

Series B

$8.6M

Series C

$24.5M

Source · Carta · PitchBook · ICONIQ Growth (illustrative)

03 — Operating efficiency

Growth, retention & payback

The Rule of 40 reframes growth and profitability into one number. CAC payback and net retention show how durable that growth really is.

Rule of 40 by ARR cohort

growth + FCF margin (%)
Growth %
FCF margin %

Source · ICONIQ Growth · SaaStr surveys

Net Revenue Retention

%, by GTM segment

Source · OpenView SaaS Benchmarks

CAC payback period

months to recover acquisition cost

SMB

14mo

Mid-Market

21mo

Enterprise

29mo

PLG

11mo

Sales-led

24mo

Source · KeyBanc SaaS Survey · Bessemer State of the Cloud

04 — Public leaders

Multiples vs. growth

Each bubble is a public SaaS leader. Up and to the right means the market is paying for growth — for now.

EV / NTM Revenue × NTM growth

bubble size = revenue

Source · Company filings · Meritech (illustrative)

Top multiples — leaderboard

  • 01AI Apps Co.
    78%22.6x
  • 02Cloud Infra Co.
    42%18.4x
  • 03DevTools Inc.
    38%16.1x
  • 04Data Platform
    35%14.7x
  • 05Cybersecurity Co.
    31%13.9x
  • 06Vertical SaaS A
    28%12.4x
  • 07Collab Suite
    19%9.1x
  • 08Fintech SaaS
    22%8.6x

Source · Company filings, NTM consensus