2024年四季度企业SaaS公共报表和估值指南

EMERGING TECH RESEARCH Enterprise SaaSPublic Comp Sheetand Valuation Guide Key takeaways PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market IntelligencePaul CondraGlobal Head of Private Markets Research •Enterprise value (EV)/trailing 12-month (TTM) revenue multiples in enterprise software as a service (SaaS) bounced back inQ4 from 2024 lows:The median EV/TTM revenue multiple at the end of Q4 2024 was 4.8x, up from 3.7x in Q3. This bounce wasstill moderate compared with the 2023 median of 6x and the 2022 median of 8.3x. Thus, 2024 ended with a continued decrease,down 71.5% from its peak of 16.8x in 2021. December’s median multiple was the lowest since 2016, below even 2017’s and 2018’syear-end medians of 6.8x and 9x, respectively. The average multiple across enterprise SaaS companies bounced slightly atquarter-end to 6.4x, up from 4.9x in Q3. Nonetheless, this average was the lowest since 2017 and down 68% from the peak acrossall enterprise SaaS of 19.9x in 2021. Institutional Research GroupAnalysis Derek HernandezSenior Analyst,Emerging Technologyderek.hernandez@pitchbook.com pbinstitutionalresearch@pitchbook.comPublished on January 17, 2025 •Economic uncertainty and soft revenue growth outlooks kept IPOs down in Q4:Just one major SaaS IPO occurred in Q4 2024:that of ServiceTitan, which raised $625 million in December. The TTAN shares jumped 42% in their Nasdaq debut, up from anIPO price of $71 to close at $101 and finishing the year with those gains at $102.87. We expect a more positive environment forIPOs in 2025 after the few green shoots seen in late 2023 and early 2024. This is despite diminished revenue growth rates inrecent quarters, with average rates in the low teens. Nonetheless, we believe tentatively higher TTM revenue multiples may implyexpectations of higher growth rates ahead. Key takeaways2Stock returns3Valuations4Revenue5EBITDA7 •Revenue growth rates expected to decline through 2024 year-end:Revenue growth among public enterprise SaaS companiesdecelerated materially throughout 2024. We forecast global SaaS market revenue growth in 2024 to step down to the low teensfrom around 15% to 30% in recent years. We expect market conditions to be the primary restraint on growth rates. The greatestdeceleration in growth rates is anticipated to take place in analytics, followed by the HR, collaboration, and customer relationshipmanagement (CRM) segments. Even enterprise resource planning (ERP) is expected to have a decelerating YoY growth rate,although it is anticipated to hold up best. PitchBook clients can accessthefull Excel data packfor thisreport via the Details tab in thedocument viewer. •Gross margin growth now expected across all segments:Despite softer revenue growth, median gross margins acrossenterprise SaaS increased in 2023 to 73%, and we expect this positive momentum to continue in 2024, increasing by 2% to 3%.We anticipate gross margin growth in CRM, analytics, ERP, and collaboration. These four segments are expected to represent themajority of gross margin growth, with the other two predicted to have lower gross margin growth through 2024 year-end. Despitethis across-the-board increase, the median gross margin growth rate decelerated from 26% in 2022 to 20% in 2023, and weexpect it to continue to slow through 2024. •EBITDA margins also expected to begin to recover through 2024 year-end:In 2023, the median EBITDA margin for publicenterprise SaaS companies rose to 14%, up from 11.4% in 2022. We anticipate meaningful EBITDA margin recovery in analytics,marketing, and CRM, while ERP is expected to see a slight decrease. Overall, we expect EBITDA margins to improve in 2024alongside gross margins. •Many notable valuation improvements in Q4:This quarter, more companies outperformed expectations despite ongoing marketheadwinds. The following firms had the largest EV/TTM revenue multiple increases over the past four quarters, from year-end2023 to Q4 2024: Vertex (up 133.2%), Wix (up 91.8%), Weave (up 80.5%), SAP SE (up 61.4%), Twilio (up 59.3%), ServiceNow (up50.1%), Shopify (up 45.4%), Salesforce (up 37.1%), and Oracle (up 36.6%). In total, 31 of the 66 companies listed in this report sawincreases from their 2023 multiples. The PitchBook enterprise SaaS comp sheet was constructed with the PitchBook Excel Plugin utilizing both PitchBook and Morningstar data.The tool allows subscribers to pull financial data and company information into Excel for over 55,000 public companies across the US andthe world, as well as PitchBook’s proprietary data on over 5 million private companies. Stock returns Valuations Thefull Excel data packincluding forward-looking estimates is available to PitchBook clients. Revenue Revenue EBITDA EBITDA ©2025 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, or mechanical,including photocopying, recording, taping, and information sto