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Public Comps and Valuation Multiples for Horizontal SaaS

Benchmark revenue and EBITDA valuation multiples for public comps like
Alphabet, Microsoft, Oracle, Cisco and Alibaba Group.

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Horizontal SaaS

CompanyMarket CapEnterprise ValueLTM RevenueEV/LTM RevenueEV/LTM EBITDA
$4.7T$4.6T$431B10.8x23.8x
$3.1T$3.0T$322B9.4x15.7x
$533B$652B$67B9.8x17.8x
$372B$387B$60B6.4x16.4x
$329B$318B$151B2.1x17.5x
$215B$273B$69B4.0x14.4x
$203B$200B$45B4.4x14.1x
$161B$162B$6B25.2x30.3x
$153B$161B$43B3.8x9.1x
$149B$145B$11B13.4x42.9x
$141B$161B$120B1.3x12.3x
$140B$134B$13B10.6x59.8x
$121B$116B$5B22.8x82.8x
$110B$114B$21B5.5x12.9x
$103B$103B$25B4.2x8.7x
$96B$105B$8B12.5x32.2x
$95B$92B$14B6.5x17.6x
$93B$89B$29B3.1x11.3x
$86B$86B$2B36.0x161.7x
$69B$96B$8B12.5x21.0x
$66B$63B$7B8.9x23.9x
$65B$81B$485M166.0x1919.4x
$64B$74B$13B5.6x13.8x
$52B$49B$4B13.1x54.6x
$49B$48B$5B9.5x64.2x
$48B$49B$15B3.3x37.2x
$46B$43B$19B2.3x12.7x
$45B$46B$1B31.0x106.2x
$34B$31B$14B2.2x10.7x
$33B$37B$6B5.7x12.3x
$33B$32B$10B3.2x9.8x
$32B$24B$5B5.0x11.5x
$30B$28B$5B5.3x25.7x
$29B$30B$35B0.9x12.6x
$28B$30B$6B5.0x13.5x
$28B$28B———
$25B$26B$2B15.6x21.1x
$24B$28B$3B8.9x15.8x
$23B$24B$6B3.7x12.6x
$23B$21B$3B6.7x25.2x
$23B$22B$7B3.2x10.0x
$21B$19B$3B7.4x37.7x
$21B$20B———
$20B$28B$5B5.8x10.9x
$19B$18B$3B5.6x15.1x
$18B$17B$919M18.9x60.5x
$18B$23B$23B1.0x10.6x
$17B$18B$4B4.4x41.9x
$17B$22B$4B5.1x12.1x
$17B$21B$7B2.9x8.6x
$16B$984M
$14B$12B
$14B$3B
$13B$7M
$13B$3B
$12B$3B
$12B$5B
$12B$2B
$12B$1B
$12B$1B
$12B$3B
$12B$5B
$12B$3B
$12B$2B
$11B$391M
$11B$859M
$11B$4B
$11B—
$11B$9B
$11B$2B
$10B$803M
$10B$1B
$10B$1B
$9B$3B
$9B$2B
$9B$1B
$8B$1B
$7B$344M
$7B$790M
$7B$216M
$7B$3B
$7B$3B
$7B$5B
$7B$1B
$7B$439M
$7B$2B
$7B$1B
$7B$54B
$7B$565M
$6B$2B
$6B$750M
$6B$713M
$6B$2B
$6B$1B
$6B$3B
$6B$1B
$6B$966M
$6B$5B
$6B$2B
$6B$894M
$6B$2B
$5B$608M
$5B$1B
$5B$13B
$5B$7B
$5B$2B
$5B$657M
$5B$126M
$5B$3B
$5B—
$5B$2B
$5B$1B
$5B$1B
$5B$2B
$4B$2B
$4B—
$4B$211M
$4B$1B
$4B$2B
$4B$996M
$4B$22B
$4B$3B
$4B$6B
$4B$191M
$4B$1B
$4B$1B
$4B$1B
$4B$2B
$4B$2B
$4B$828M
$3B$1B
$3B—
$3B$560M
$3B$688M
$3B$626M
$3B$662M
$3B$938M
$3B$2B
$3B$426M
$3B$661M
$3B$434M
$3B$1B
$3B—
$3B$357M
$3B$2B
$3B$872M
$3B$578M
$3B$778M
$3B$3B
$3B$35M
$3B$252M
$3B$69M
$3B$861M
$3B$3B
$3B$881M
$2B$2B
$2B$1B
$2B$76M
$2B$104M
$2B$452M
$2B—
$2B$973M
$2B$776M
$2B$2B
$2B—
$2B$768M
$2B$292M
$2B$1B
$2B—
$2B$133M
$2B$302M
$2B$696M
$2B$2B
$2B$724M
$2B$234M
$2B$820M
$2B$1B
$2B$234M
$2B$444M
$2B$773M
$2B$2B
$2B—
$2B$808M
$2B$344M
$2B—
$2B$2B
$2B—
$2B$758M
$2B$185M
$2B$340M
$2B$366M
$2B$284M
$2B$1B
$2B$802M
$2B—
$1B$281M
$1B$242M
$1B—
$1B$234M
$1B$2B
$1B$248M
$1B$861M
$1B$398M
$1B$845M
$1B$81M
$1B$985M
$1B—
$1B$214M
$1B—
$1B$311M
$1B—
$1B$467M
$1B$124M
$1B$169M
$1B$700M
$1B—
$1B—
$1B$363M
$1B$2B
$1B$527M
$1B$341M
$992M$1B
$977M$153M
$976M$393M
$967M—
$958M$1B
$952M$592M
$947M$6M
$942M$911M
$910M$2B
$905M$127M
$891M$388M
$886M$312M
$886M$419M
$879M$343M
$860M$200M
$854M$262M
$851M—
$835M$765M
$832M$136M
$817M$539M
$786M$140M
$779M$474M
$778M$231M
$771M$94M
$769M$136M
$765M$243M
$759M—
$758M$285M
$757M$243M
$724M$668M
$717M$412M
$714M$357M
$713M$597M
$700M$362M
$698M$188M
$693M$653M
$688M$86M
$684M$390M
$673M$127M
$655M$30M
$655M$250M
$646M$197M
$634M$74M
$612M$249M
$612M$1B
$611M$254M
$611M$3B
$598M—
$591M$255M
$585M$118M
$580M$307M
$579M$222M
$576M—
$572M$95M
$555M$201M
$553M$493M
$549M$56M
$532M$393M
$513M$287M
$511M$67M
$511M$1B
$509M—
$507M$38M
$506M$352M
$494M—
$485M$285M
$484M—
$479M$629M
$479M$842M
$476M—
$466M$562M
$463M—
$460M—
$460M$1B
$456M$152M
$450M—
$447M$974M
$446M$852M
$443M$244M
$436M$304M
$433M$79M
$433M$491M
$433M$78M
$429M$107M
$426M—
$422M$363M
$421M—
$420M$452M
$416M—
$412M—
$410M—
$408M$449M
$406M$1M
$403M$470M
$397M$117M
$392M$141M
$388M—
$385M$732M
$384M$107M
$379M$65M
$376M$175M
$375M—
$371M$466M
$370M$27M
$368M$178M
$361M$107M
$361M$203M
$354M$50M
$350M$709M
$350M—
$349M$1B
$345M$175M
$341M—
$340M—
$336M—
$335M—
$329M$319M
$328M$146M
$326M$149M
$323M$315M
$321M$526M
$320M$150M
$318M$15M
$313M$62M
$306M$85M
$294M$262M
$291M$92M
$290M$12M
$290M$26M
$287M$99M
$287M$76M
$279M$291M
$275M—
$273M$75M
$271M—
$270M$323M
$269M$200M
$269M$79M
$267M$74M
$263M$62M
$260M$133M
$255M$32M
$249M$148M
$248M—
$241M$312M
$237M$219M
$235M$50M
$232M—
$232M$247M
$230M—
$229M$530K
$227M$58M
$226M$82M
$223M$181M
$222M$178M
$216M$91M
$212M$223M
$210M$150M
$210M$119M
$205M$2B
$204M$49M
$203M—
$203M$115M
$203M$61M
$196M$56M
$194M$396M
$191M—
$190M$123M
$189M$46M
$189M$71M
$186M$51M
$185M$146M
$185M$23M
$182M$7M
$176M$34M
$174M$319M
$173M$91M
$171M$390M
$169M$730M
$168M$108M
$166M$167M
$166M$80M
$164M$24M
$162M$100M
$162M—
$159M—
$159M—
$159M$24M
$155M$31M
$154M$39M
$152M—
$151M—
$150M$52M
$149M$70M
$148M—
$147M$113M
$147M—
$146M$419M
$145M—
$145M$184M
$144M$26M
$144M$2B
$143M$105M
$142M$143M
$142M$212M
$141M$114M
$139M$113M
$138M$52M
$135M$961M
$132M—
$127M$59M
$127M$32M
$127M$101M
$125M$104M
$125M—
$122M$263M
$122M—
$121M—
$119M$257M
$118M—
$118M$72M
$118M$30M
$117M$20M
$117M$289M
$117M—
$115M—
$115M—
$114M—
$114M—
$114M$49M
$113M$53M
$112M—
$111M$358M
$111M—
$110M$139M
$110M—
$110M—
$109M$22M
$108M$11M
$107M$126M
$104M$35M
$104M—
$102M$35M
$101M$23M
$101M—
$99M—
$98M$24M
$97M—
$96M—
$95M—
$95M—
$94M$42M
$93M—
$92M—
$92M—
$92M—
$92M—
$91M$211M
$90M$82M
$90M$1B
$88M$171M
$87M$24M
$87M—
$87M$12M
$86M—
$85M$27M
$85M$468M
$85M$91M
$84M$49M
$83M$40M
$83M$20M
$82M—
$81M—
$80M$75M
$80M$109M
$80M$24M
$79M—
$79M—
$79M—
$78M$41M
$77M—
$76M$46M
$75M$52M
$74M$31M
$74M—
$74M$84M
$73M$62M
$71M$46M
$71M—
$71M$79M
$69M—
$68M—
$68M$134M
$67M—
$67M$5M
$66M$134M
$66M$133M
$64M—
$63M$12M
$63M$38M
$59M$67M
$58M$120M
$57M$22M
$57M$17M
$55M$31M
$55M—
$55M$8M
$55M—
$53M—
$53M$20M
$52M$17M
$52M—
$52M—
$51M$10M
$51M$21M
$50M$32M
$49M$12M
$49M—
$49M—
$49M—
$47M—
$47M$208M
$45M—
$45M$24M
$44M—
$44M—
$44M—
$42M—
$42M—
$41M$57M
$41M$11M
$40M$44M
$37M$250M
$37M$45M
$36M$19M
$35M$91M
$34M$15M
$34M$210M
$34M$53M
$33M$3M
$33M—
$33M$172M
$32M$266M
$32M—
$32M$57M
$32M—
$31M$12M
$31M$229M
$31M—
$30M$3M
$30M$37M
$29M—
$29M$57M
$29M—
$28M$45M
$27M$210M
$26M—
$26M$46M
$25M$19M
$24M$25M
$24M$39M
$24M$10M
$23M—
$23M—
$23M—
$22M$4M
$22M$21M
$22M—
$22M—
$21M—
$21M—
$20M—
$19M—
$19M$36M
$18M$30M
$18M$7M
$17M—
$17M—
$17M$16M
$17M$7M
$17M—
$15M—
$15M$42M
$14M—
$14M—
$13M—
$13M$15M
$13M—
$13M—
$12M—
$12M$63M
$12M—
$12M—
$11M—
$11M$29M
$11M—
$11M—
$11M—
$11M—
$11M—
$10M—
$10M—
$9M$11M
$9M—
$9M—
$9M—
$8M$30M
$7M—
$7M—
$6M—
$6M—
$6M—
$6M$27M
$5M—
$5M—
$5M—
$5M—
$5M—
$5M—
$5M—
$4M—
$4M$35M
$4M—
$4M—
$4M—
$4M—
$4M—
$3M$13M
$2M—
$2M—
$2M—
$1M—
$947K—
$841K—
$454K—
$290K—
$201K—
$67K—
$44K—
$8K—
$3K—
——
——

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