2025年二季度企业SaaS公共报表和估值指南（英）2025

PitchBook Data, Inc.Nizar TarhuniExecutive Vice President of Researchand Market IntelligencePaul CondraGlobal Head of Private Markets ResearchJames UlanDirector of EmergingTechnology ResearchInstitutional Research GroupAnalysispbinstitutionalresearch@pitchbook.comPublished on July 18, 2025Derek HernandezSenior Research Analyst, EnterpriseSaaS and Infrastructure SaaSderek.hernandez@pitchbook.comDisclaimer: Any -0 values are negative valuesthat have been rounded up to 0.PitchBook clients can accessthefull Excel data packfor thisreport via the Details tab in thedocument viewer.ContentsKey takeawaysStock returnsValuationsRevenueEBITDA Key takeaways•EV/TTM revenue multiples in enterprise SaaS leveled off in Q2, bouncing slightly from Q1 lows:The median EV/TTM revenuemultiple for public enterprise SaaS companies at the end of Q2 was 3.8x, up modestly from 3.7x in Q1. Forward multiples remainedweak, although the sharp decline seen across all of enterprise SaaS in Q1 was steadied. Unfortunately, the market appears tohave downshifted from its initial optimism at the end of 2024 and early 2025. By comparison, the 2024 median enterprise SaaSEV/TTM revenue multiple was 4.9x, down from the 2023 median of 6.2x and the 2022 median of 8.2x. The average multipleacross public enterprise SaaS companies increased to 5.6x at the end of Q2 2025, up from 5.1x in Q1. While the slight increase isa positive, this average remains below the 2024 average of 6.3x and the 2023 average of 6.6x. Given continued uncertainty andmarket disruptions, we expect multiples across enterprise SaaS to remain restrained in Q3.•Q2 was a breakout IPO season for tech companies across many sectors:Tech IPOs finally recovered in Q2. FollowingCoreWeave’s initial IPO in March, there was a flurry of tech IPOs across a number of sectors in the latter half of Q2. Theseincluded MNTN (NYSE: MNTN), the connected-TV-advertising platform; eToro (NAS: ETOR), the social and cryptocurrencytrading platform; Circle Internet Group (NYSE: CRCL), the operator of the USDC stablecoin; Chime Financial (NAS: CHYM), adigital-only bank with roughly 8.6million users; and Voyager Technologies (NYSE: VOYG), a space and defense tech company thathas completed more than 2,000 missions for about 35 nations. In addition, the Klarna, StubHub, and Cerebras Systems IPOs havebeen paused but are likely to restart soon.•Revenue growth rates are expected to decline once more in 2025, with additional market risks due to tariff uncertainty:Revenue growth among public enterprise SaaS companies decelerated materially throughout 2024 and has continueddecelerating into 2025. We forecast global enterprise SaaS market revenue growth in 2025 to step down to the high single digits/low double digits from around 15% to 30% in previous years. Our prior thesis anticipated general market conditions wouldbe the primary restraint on growth rates, although recent tariff disruptions threaten to further restrain revenue growth in the 25679 near term. The growth rates for the HR & workforce management and marketing, advertising & customer engagement segmentsare projected to decelerate the most, both decreasing 5% to YoY growth rates of 9% and 10%, respectively. A 2% deceleration isanticipated for the CRM, digital commerce & sales and ERP, financial & business management sectors, leading to 9% growth and13% YoY growth, respectively. One bright note is our expectation of slight growth in the analytics & BI segment.•Significant gross margin growth is anticipated in 2025:The median gross margin across public enterprise SaaS companiesincreased to nearly 75% in 2024, and we believe this positive momentum will continue in 2025, potentially increasing to 76%.We anticipate gross margin growth to be strongest in HR & workforce management and ERP, financial & business management,with additional growth in CRM, digital commerce & sales and collaboration & productivity. Only the marketing, advertising &customer engagement segment is projected to fall in 2025, with its gross margin decreasing by 1% to 73%. Despite the generalincrease, the median gross margin growth rate decelerated from 19% in 2023 to 14% in 2024, and we expect it to continue to slowthrough 2025.•EBITDA margins will continue to strengthen in 2025 as the emphasis on profitability continues:We expect 2025 EBITDAmargins to build off the expansion seen in 2024, when the median EBITDA margin for public enterprise SaaS companies roseto 21.1%, up from 17.1% in 2023. We anticipate meaningful EBITDA margin recovery in marketing, advertising & customerengagement; HR & workforce management; CRM, digital commerce & sales; and collaboration & productivity, while ERP, financial& business management and analytics & BI are expected to decrease YoY in 2025. Overall, we expect EBITDA margins to improvein 2025 alongside gross margins. •Several valuation declines occurred in H1:In the first half of 2025, a few companies outperformed the broader SaaS declinedespite ongoing market