PitchBook-2025年一季度企业SaaS公共报表和估值指南（英）-2025_9页_581kb

In Q1 2025, Enterprise SaaS valuations continued to decline, with the median EV/TTM revenue multiple dropping to 3.7x from 4.8x in Q4 2024, the lowest level since 2016. Revenue growth is expected to moderate in 2025, from high-single-digit to low-double-digit ranges, with segments like HR & workforce management experiencing the sharpest deceleration. Gross and EBITDA margins showed improvement, with gross margins reaching 74% and projected to increase to 76% in 2025. Valuation declines were widespread, with some companies seeing significant drops, while others like Twilio and SAP saw slight increases. The IPO market remained quiet due to market turmoil and tariff uncertainties, following a slight bounce in Q4. Overall market conditions, including reduced growth rates and profitability focus, are likely to persist into the second half of 2025.