PitchBook-2024年四季度企业SaaS公共报表和估值指南（英）_9页_606kb

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

Core Content Overview

This report provides an analysis of the performance and valuation trends of public enterprise SaaS companies as of December 31, 2024. It covers key metrics such as stock returns, valuations, revenue growth, and EBITDA margins across various segments like CRM, marketing, collaboration, analytics, and ERP. The data is sourced from PitchBook and Morningstar, and the report includes insights on the overall market trends and notable company performances.

Key Takeaways

• Enterprise Value (EV)/Trailing 12-Month (TTM) Revenue Multiples:

  • The median EV/TTM revenue multiple for enterprise SaaS companies increased to 4.8x in Q4 2024 from 3.7x in Q3, but remains below the 2023 median of 6x and the 2022 median of 8.3x.
  • The average EV/TTM revenue multiple rose slightly to 6.4x, the lowest since 2017, down 68% from the 2021 peak of 19.9x.
  • December's median multiple was the lowest since 2016, below 2017 and 2018's year-end medians of 6.8x and 9x, respectively.

• IPO Activity in Q4 2024:

  • Only one major SaaS IPO occurred in Q4: ServiceTitan, which raised $625 million in December.
  • ServiceTitan's shares jumped 42% on their Nasdaq debut, closing at $102.87 from an IPO price of $71.
  • The report anticipates a more positive IPO environment in 2025, despite low revenue growth rates in recent quarters.

• Revenue Growth Trends:

  • Revenue growth for public enterprise SaaS companies decelerated throughout 2024.
  • The global SaaS market revenue growth is expected to step down to the low teens from around 15% to 30% in recent years.
  • The greatest deceleration in growth rates is anticipated in the analytics segment, followed by HR, collaboration, and CRM.
  • ERP is expected to hold up best, although with a decelerating YoY growth rate.

• Gross Margin Growth:

  • Median gross margins across enterprise SaaS increased to 73% in 2023 from 11.4% in 2022.
  • The report expects this positive momentum to continue in 2024, with an increase of 2% to 3%.
  • The CRM, analytics, ERP, and collaboration segments are expected to represent the majority of gross margin growth.

• EBITDA Margin Recovery:

  • The median EBITDA margin for public enterprise SaaS companies rose to 14% in 2023 from 11.4% in 2022.
  • The report anticipates meaningful EBITDA margin recovery in analytics, marketing, and CRM segments.
  • ERP is expected to see a slight decrease in EBITDA margins, but overall, EBITDA margins are expected to improve in 2024 alongside gross margins.

• Valuation Improvements in Q4:

  • 31 out of 66 companies listed in the report saw increases in their EV/TTM revenue multiples from year-end 2023 to Q4 2024.
  • Notable increases include Vertex (133.2%), Wix (91.8%), Weave (80.5%), SAP SE (61.4%), Twilio (59.3%), ServiceNow (50.1%), Shopify (45.4%), Salesforce (37.1%), and Oracle (36.6%).

Stock Returns

CRM, Digital Commerce & Sales

• BigCommerce: -3% (1 week), -17% (30 days), 8% (90 days), -53% (Market bottom), -21% (Market peak), -32% (YTD), -37% (1 year), -83% (3 years), N/A (5 years)
• HubSpot: -3% (1 week), -3% (30 days), 35% (90 days), 162% (Market bottom), -6% (Market peak), 27% (YTD), 20% (1 year), 6% (3 years), 340% (5 years)
• Salesforce: -3% (1 week), 1% (30 days), 20% (90 days), 135% (Market bottom), -8% (Market peak), 31% (YTD), 27% (1 year), 32% (3 years), 106% (5 years)
• Shopify: -4% (1 week), -8% (30 days), 35% (90 days), 309% (Market bottom), -11% (Market peak), 44% (YTD), 37% (1 year), -22% (3 years), 170% (5 years)
• Block: -7% (1 week), -4% (30 days), 31% (90 days), 51% (Market bottom), -13% (Market peak), 18% (YTD), 10% (1 year), -47% (3 years), 36% (5 years)
• Twilio: -3% (1 week), 3% (30 days), 63% (90 days), 61% (Market bottom), -5% (Market peak), 52% (YTD), 42% (1 year), -59% (3 years), 10% (5 years)
• Verint Systems: 1% (1 week), 9% (30 days), 14% (90 days), -16% (Market bottom), -10% (Market peak), 4% (YTD), 2% (1 year), -48% (3 years), -3% (5 years)
• Weave: -1% (1 week), 16% (30 days), 27% (90 days), 175% (Market bottom), 8% (Market peak), 38% (YTD), 39% (1 year), 5% (3 years), N/A (5 years)
• Wix: -5% (1 week), -4% (30 days), 34% (90 days), 196% (Market bottom), -2% (Market peak), 82% (YTD), 74% (1 year), 36% (3 years), 75% (5 years)
• ZoomInfo: -3% (1 week), -4% (30 days), 5% (90 days), -76% (Market bottom), -5% (Market peak), -41% (YTD), -43% (1 year), -84% (3 years), N/A (5 years)
• Freshworks: 2% (1 week), 1% (30 days), 47% (90 days), 25% (Market bottom), -3% (Market peak), -27% (YTD), -31% (1 year), -38% (3 years), N/A (5 years)
• PROS Holdings: -3% (1 week), -5% (30 days), 22% (90 days), -14% (Market bottom), -12% (Market peak), -37% (YTD), -43% (1 year), -36% (3 years), -63% (5 years)

Marketing, Advertising & Customer Engagement

• Adobe: -1% (1 week), -14% (30 days), -12% (90 days), 55% (Market bottom), -20% (Market peak), -23% (YTD), -25% (1 year), -22% (3 years), 35% (5 years)
• Bandwidth: -5% (1 week), -19% (30 days), -2% (90 days), 65% (Market bottom), -15% (Market peak), 20% (YTD), 18% (1 year), -76% (3 years), -73% (5 years)
• Braze: -4% (1 week), 5% (30 days), 31% (90 days), 35% (Market bottom), 1% (Market peak), -17% (YTD), -21% (1 year), -46% (3 years), N/A (5 years)
• Brightcove: 0% (1 week), 2% (30 days), 86% (90 days), -31% (Market bottom), 0% (Market peak), 75% (YTD), 68% (1 year), -57% (3 years), -50% (5 years)
• DoubleVerify Holdings: -3% (1 week), -6% (30 days), 14% (90 days), -28% (Market bottom), -7% (Market peak), -47% (YTD), -48% (1 year), -42% (3 years), N/A (5 years)
• Five9: -4% (1 week), -2% (30 days), 44% (90 days), -26% (Market bottom), -4% (Market peak), -47% (YTD), -48% (1 year), -70% (3 years), -38% (5 years)
• Integral Ad Science Holding: 1% (1 week), -7% (30 days), 0% (90 days), 43% (Market bottom), -5% (Market peak), -30% (YTD), -27% (1 year), -53% (3 years), N/A (5 years)
• LivePerson: 78% (1 week), 57% (30 days), 27% (90 days), -83% (Market bottom), 69% (Market peak), -58% (YTD), -60% (1 year), -96% (3 years), -96% (5 years)
• LiveRamp Holdings: -2% (1 week), 0% (30 days), 26% (90 days), 73% (Market bottom), -4% (Market peak), -18% (YTD), -20% (1 year), -37% (3 years), -37% (5 years)
• Oracle: -3% (1 week), -10% (30 days), -1% (90 days), 161% (Market bottom), -13% (Market peak), 60% (YTD), 58% (1 year), 91% (3 years), 215% (5 years)
• Sprinklr: -6% (1 week), 3% (30 days), 15% (90 days), -5% (Market bottom), -4% (Market peak), -28% (YTD), -30% (1 year), -47% (3 years), N/A (5 years)
• The Trade Desk: -5% (1 week), -9% (30 days), 8% (90 days), 123% (Market bottom), -16% (Market peak), 66% (YTD), 63% (1 year), 28% (3 years), 352% (5 years)

Collaboration & Productivity

• 8x8: 0% (1 week), -14% (30 days), 34% (90 days), -18% (Market bottom), -16% (Market peak), -27% (YTD), -29% (1 year), -84% (3 years), -85% (5 years)
• Asana: -8% (1 week), 32% (30 days), 79% (90 days), -4% (Market bottom), -9% (Market peak), 14% (YTD), 7% (1 year), -73% (3 years), N/A (5 years)
• Atlassian: -5% (1 week), -8% (30 days), 52% (90 days), 20% (Market bottom), -13% (Market peak), 7% (YTD), 2% (1 year), -36% (3 years), 102% (5 years)
• Autodesk: -2% (1 week), 1% (30 days), 9% (90 days), 53% (Market bottom), -4% (Market peak), 26% (YTD), 21% (1 year), 5% (3 years), 61% (5 years)
• Box: -1% (1 week), -10% (30 days), 0% (90 days), 23% (Market bottom), -3% (Market peak), 22% (YTD), 23% (1 year), 21% (3 years), 88% (5 years)
• Dropbox: -2% (1 week), 9% (30 days), 20% (90 days), 50% (Market bottom), 3% (Market peak), 4% (YTD), 2% (1 year), 22% (3 years), 68% (5 years)
• Microsoft Corporation: -4% (1 week), 0% (30 days), 1% (90 days), 87% (Market bottom), -5% (Market peak), 14% (YTD), 12% (1 year), 25% (3 years), 167% (5 years)
• Monday.com: 0% (1 week), -17% (30 days), -13% (90 days), 150% (Market bottom), -21% (Market peak), 32% (YTD), 25% (1 year), -24% (3 years), N/A (5 years)
• RingCentral: -5% (1 week), -7% (30 days), 12% (90 days), 6% (Market bottom), -15% (Market peak), 8% (YTD), 3% (1 year), -81% (3 years), -79% (5 years)
• Smartsheet: 0% (1 week), 0% (30 days), 1% (90 days), 70% (Market bottom), 0% (Market peak), 20% (YTD), 17% (1 year), -28% (3 years), 25% (5 years)
• Zoom: -5% (1 week), -1% (30 days), 21% (90 days), 8% (Market bottom), -5% (Market peak), 18% (YTD), 13% (1 year), -56% (3 years), 20% (5 years)

Valuations

EV/TTM Revenue

• The median EV/TTM revenue multiple for enterprise SaaS companies in Q4 2024 was 4.8x, up from 3.7x in Q3, but still below the 2023 median of 6x and the 2022 median of 8.3x.
• The average EV/TTM revenue multiple increased slightly to 6.4x, the lowest since 2017, down 68% from the 2021 peak of 19.9x.

EV/TTM EBITDA

• The report anticipates a recovery in EBITDA margins through 2024 year-end, with meaningful recovery expected in analytics, marketing, and CRM segments.

Revenue Trends

CRM, Digital Commerce & Sales

• The enterprise value of key companies includes BigCommerce ($0.5B), HubSpot ($34.8B), Lightspeed Commerce ($1.7B), Salesforce ($318.6B), Shopify ($134.0B), Block ($47.3B), Twilio ($15.0B), Verint Systems ($2.4B), Weave ($1.1B), Wix ($11.8B), ZoomInfo ($4.8B), Freshworks ($3.9B), and PROS Holdings ($1.2B).
• The total enterprise value of these companies is $577.1B.
• Actual revenue for these companies shows a trend of growth, with some fluctuations.
• YoY revenue growth rates for these companies show a deceleration throughout 2024.

Marketing, Advertising & Customer Engagement

• The enterprise value of key companies includes Adobe ($193.9B), Bandwidth ($0.9B), Braze ($3.9B), Brightcove ($0.2B), DoubleVerify Holdings ($3.0B), Five9 ($3.3B), Integral Ad Science Holding ($1.7B), LivePerson ($0.5B), LiveRamp Holdings ($1.7B), Oracle ($543.9B), Sprinklr ($1.7B), and The Trade Desk ($56.6B).
• The total enterprise value of these companies is $811.3B.
• Actual revenue for these companies shows a trend of growth, with some fluctuations.
• YoY revenue growth rates for these companies show a deceleration throughout 2024.

Collaboration & Productivity

• The enterprise value of key companies includes 8x8 ($0.7B), Asana ($4.4B), Atlassian ($62.4B), Autodesk ($64.6B), Box ($5.1B), Dropbox ($10.2B), Microsoft Corporation ($3116.9B), Monday.com ($10.4B), RingCentral ($4.7B), Smartsheet ($7.1B), Zoom ($17.4B).
• The total enterprise value of these companies is $3303.9B.
• Actual revenue for these companies shows a trend of growth, with some fluctuations.
• YoY revenue growth rates for these companies show a deceleration throughout 2024.

Index Performance

• S&P 500: -3% (1 week), -2% (30 days), 3% (90 days), 64% (Market bottom), -3% (Market peak), 24% (YTD), 23% (1 year), 23% (3 years), 82% (5 years)
• Nasdaq: -4% (1 week), 0% (30 days), 8% (90 days), 85% (Market bottom), -3% (Market peak), 31% (YTD), 29% (1 year), 23% (3 years), 115% (5 years)
• Russell 2000: -1% (1 week), -8% (30 days), 2% (90 days), 32% (Market bottom), -7% (Market peak), 11% (YTD), 10% (1 year), -1% (3 years), 34% (5 years)

Summary

The report highlights a continued decline in enterprise SaaS valuations and revenue growth, with the median EV/TTM revenue multiple decreasing from its 2021 peak. Despite this, there were notable valuation improvements in Q4, and the report anticipates a more positive environment for IPOs in 2025. Gross and EBITDA margins are expected to continue their positive momentum in 2024, although at a slower rate than previous years. The report also provides detailed performance data for various segments and companies, showing mixed results in stock returns and revenue growth.