2025年一季度企业SaaS公共报表和估值指南2025

EMERGING TECH RESEARCH Enterprise SaaSPublic Comp Sheetand Valuation Guide PitchBook Data, Inc. Key takeaways Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Paul CondraGlobal Head of Private Markets Research •Enterprise value (EV)/trailing 12-month (TTM) revenue multiples in enterprise software as a service (SaaS) sank once morein Q1 2025 from prior 2024 lows:The median EV/TTM revenue multiple at the end of Q1 was 3.7x, down from 4.8x in Q4 2024.This sharp decrease followed a bounce in Q4 as forward multiples shook off some initial market optimism at the end of 2024.Nonetheless, both Q1 2025 and 2024 multiples represent new lows compared with the 2023 median of 6.2x and the 2022 medianof 8.2x. The 3.7x EV/TTM revenue of Q1 is now down 79.4% from its peak of 18x in 2021. March’s median multiple was the lowestsince 2016, below even 2017’s and 2018’s year-end medians of 6.8x and 9x, respectively. The average multiple across public SaaScompanies decreased to 5.1x at quarter-end, down from 6.3x in Q4 2024. Similarly, this average was the lowest since 2017 anddown 76% from the peak across all SaaS of 21.3x in 2021. James UlanDirector of EmergingTechnology Research Institutional Research Group Analysis Derek HernandezSenior Research Analyst, EnterpriseSaaS and Infrastructure SaaSderek.hernandez@pitchbook.com pbinstitutionalresearch@pitchbook.comPublished on April 23, 2025 •Quiet IPO landscape in Q1 preceded massive disruption in early Q2:We had no major SaaS IPOs in Q1 2025 within the USmarkets, with the closest being the IPO of CoreWeave in March. CoreWeave is a cloud-based physical graphics processing unitinfrastructure provider to AI developers and enterprises, and it went public at $40 per share, below the predicted range of $47to $55. We had anticipated a more positive environment for IPOs in 2025, but recent market turmoil, especially since the end ofQ1, has once more closed the IPO window. Notably, Klarna, the buy-now-pay-later fintech, and ticketing marketplace StubHubpostponed their IPO roadshows set to kick off in the week following the US tariff announcements on April 2. This market turmoilonly piles on top of diminished revenue growth rates in recent quarters, with the possibility of market slowdown further impactingSaaS revenues. Key takeaways2Stock returns4Valuations5Revenue6EBITDA8 •Revenue growth rates expected to decline once more in 2025, possibly accelerated by tariff uncertainty:Revenue growthamong public enterprise SaaS companies decelerated materially throughout 2024 and into 2025. We forecast global SaaS marketrevenue growth in 2025 to step down to the high single digits/low double digits from around 15% to 30% in recent years. Ourprior thesis forecasted general market conditions as the primary restraint on growth rates, although recent tariff disruptions PitchBook clients can accessthefull Excel data packfor thisreport via the Details tab in thedocument viewer. threaten to further reduce revenue growth in the near term. The greatest deceleration in growth rates is projected for humanresources (HR) & workforce management, followed by enterprise resource planning (ERP) and marketing segments. One brightnote is our expectation of a slight growth in the analytics & business intelligence (BI) segment. •Gross margin growth now likely across all segments:Despite softer revenue growth overall, median gross margins across publicSaaS companies increased in 2024 to 74%, and we believe this positive momentum will continue in 2025, potentially increasing byaround 2% to 76%. We anticipate gross margin growth to be strongest in HR & workforce management and ERP, with additionalgrowth in analytics & BI, customer relationship management (CRM), and collaboration. Only marketing is projected to be flat todown in 2025. Despite this general increase, the median gross margin growth rate decelerated from 20% in 2023 to 15% in 2024,and we expect it to continue to slow through 2025. •EBITDA margins will continue to strengthen in 2025 as the emphasis on profitability continues:In 2024, the median EBITDAmargin for public SaaS companies rose to 21.1%, up from 17.1% in 2023. We anticipate meaningful EBITDA margin recovery in HR,CRM, and collaboration, while ERP is expected to see a decrease, down from the highest EBITDA margin by segment in 2024.Overall, we expect EBITDA margins to improve in 2025 alongside gross margins. •Several valuation declines in Q1:In the first quarter, a few companies outperformed the broader SaaS decline despite ongoingmarket headwinds. The following firms had the largest EV/TTM revenue multiple increases in Q1, from year-end 2024 to Q12025: Twilio (up 40%), Paycor (up 26.2%), SAP SE (up 18.9%), Amplitude (up 16.7%), and LivePerson (up 11%). On the other hand,the greatest decreases in EV/TTM revenue were: Lightspeed Commerce (down 63.8%), Coursera (down 58.8%), DoubleVerifyHoldings (down 55.7%), Sprout Social (down 54.3%), The Trade Desk (down 53.3%