【PitchBook】2024年三季度企业SaaS公共报表和估值指南-2024_10页_2mb

Emerging Tech Research: Enterprise SaaS Public Comp Sheet and Valuation Guide Summary

Core Content Overview

This report provides an analysis of the performance and valuation trends of public enterprise Software as a Service (SaaS) companies as of September 30, 2024. It highlights the current state of the SaaS market, including revenue growth, gross and EBITDA margins, and valuation metrics, while also providing insights into the broader market context and outlook.

Key Takeaways

• Enterprise SaaS Valuation:

  • The median EV/TTM revenue multiple for enterprise SaaS companies at the end of Q3 2024 was 3.7x, down from 4x in Q2 and 78.4% from its 2021 peak of 17.4x.
  • The average multiple was 4.9x, down from 5.1x in Q2 and 76% from the 2021 peak of 20.4x.
  • September 2024 marked the lowest median multiple since 2016, with a significant drop in the overall market sentiment.

• SaaS IPO Trends:

  • There were no meaningful SaaS IPOs in Q3 2024, reflecting economic uncertainty and soft revenue growth outlooks.
  • Revenue growth rates have been declining, with the median growth rate for enterprise SaaS in 2023 at 17%, the lowest recorded since 2016.
  • The report forecasts global SaaS market revenues to step down to the low teens in 2024, down from 15% to 20% in recent years.

• Segment Performance:

  • CRM and Analytics have shown the most resilience in gross margin growth, with the median gross margin increasing to 73% in 2023.
  • Marketing and CRM are expected to lead in EBITDA margin recovery, while ERP and HR are expected to see falling margins.
  • Analytics is anticipated to experience the greatest deceleration in growth rates, followed by HR and Collaboration.

• Valuation Improvements:

  • A few companies outperformed expectations in Q3 2024, despite market headwinds.
  • The top companies with the largest EV/TTM revenue multiple increases from year-end 2023 to Q3 2024 include:
    • Wix (up 34.1%)
    • SAP (up 31.8%)
    • Weave (up 23.1%)
    • Informatica (up 8.5%)
    • Autodesk (up 4.8%)

Stock Returns Overview

• The report provides stock return data for several public SaaS companies across different sectors, including CRM, Digital Commerce & Sales, Marketing, Advertising & Customer Engagement, Collaboration & Productivity, Analytics & Business Intelligence, and ERP, Financial & Business Management.
• The S&P 500, Nasdaq, and Russell 2000 indices are also included for comparison.
• The data includes 1-week, 30-day, 90-day, Market bottom, Market peak, YTD, 1-year, 3-year, and 5-year return metrics.

Valuation Metrics

• EV/LTM Revenue:

  • The median EV/TTM revenue multiple for enterprise SaaS companies reached 3.7x, the lowest since 2016.
  • The average multiple was 4.9x, also the lowest since 2017.
  • The report includes a valuation chart to visualize these trends.

• EV/LTM EBITDA:

  • The median EV/LTM EBITDA multiple for enterprise SaaS companies has also been on a downward trend.
  • The report includes a valuation chart to illustrate this trend.

Revenue Analysis

• CRM, Digital Commerce & Sales:

  • The median revenue growth rate in 2023 was 17%, the lowest since 2016.
  • The mean and median revenue growth rates for the sector have been slowing, with the mean at 67% and median at 39%.
  • The report provides actual revenue figures for companies from 2017 to 2023 and includes a revenue chart for visual analysis.

• Marketing, Advertising & Customer Engagement:

  • The median revenue growth rate in 2023 was 23%, with the mean at 6% and median at 7%.
  • The report includes actual revenue data and revenue growth charts for companies in this sector.

• Collaboration & Productivity:

  • The median revenue growth rate in 2023 was 25%, with the mean at 6% and median at 7%.
  • The report includes actual revenue data and revenue growth charts for companies in this sector.

• Analytics & Business Intelligence:

  • The median revenue growth rate in 2023 was 25%, with the mean at 6% and median at 7%.
  • The report includes actual revenue data and revenue growth charts for companies in this sector.

• ERP, Financial & Business Management:

  • The median revenue growth rate in 2023 was 23%, with the mean at 6% and median at 7%.
  • The report includes actual revenue data and revenue growth charts for companies in this sector.

• HR & Workforce Management:

  • The median revenue growth rate in 2023 was 23%, with the mean at 6% and median at 7%.
  • The report includes actual revenue data and revenue growth charts for companies in this sector.

Additional Notes

• The full Excel data pack for this report is available to PitchBook clients through the Excel plugin.
• The comp sheet is constructed using PitchBook and Morningstar data, allowing subscribers to pull financial data and company information into Excel.
• The report includes proprietary data on over 4 million private companies.
• Disclaimer: Any -0 values are negative values that have been rounded up to 0.
• The data is sourced from PitchBook and Morningstar, and the geography covered is global.