2025年三季度企业SaaS公共报表和估值指南（英）2025

EMERGING TECH RESEARCH Enterprise SaaSPublic Comp Sheetand Valuation Guide Key takeaways PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Paul CondraGlobal Head of Private Markets Research •EV/TTM revenue multiples in enterprise SaaS remained steady in Q3, staying slightly above Q1 lows:The median EV/TTM revenuemultiple for public enterprise SaaS companies at the end of Q3 was 3.9x, exactly flat QoQ. Forward revenue multiples also remainat historic lows for these SaaS companies, with only a few well-known exceptions (Microsoft, Oracle, ServiceNow, Datadog, andShopify). The market continues to experience a rising tide, but it is not lifting all boats, with a size premium to boot. By comparison tothe Q3 median of 3.9x, the 2024 median enterprise SaaS EV/TTM revenue multiple was 5.2x, also down from the 2023 median of 6.5x.The average multiple across public enterprise SaaS companies decreased to 5.2x at the end of Q3 2025, down from 5.6x in Q2. Thisaverage remains below the 2024 average of 6.5x and the 2023 average of 7.3x. Given continued global uncertainty and technologicaldisruptions, we expect multiples across the whole of enterprise SaaS to be restrained through the end of 2025, with continuedoutstanding performance by the subgroup most exposed to AI and related investments. James UlanDirector of EmergingTechnology Research Institutional Research Group Analysis Derek HernandezSenior Research Analyst,Enterprise SaaS andInfrastructure SaaSderek.hernandez@pitchbook.com pbinstitutionalresearch@pitchbook.com Published on October 17, 2025 •Q3 IPO strength continued for the tech sector:Tech IPOs made several more big splashes in Q3 following a strong Q2. The biggestwas probably Figma (FIGM), the SaaS collaborative interface design tool, which signaled early in the quarter a real risk-on appetite forpure-play software. The fintech platform Klarna (KLAR) also IPO’d in the quarter, bringing fintech and buy-now-pay-later to the fore inpublic markets. Several other semiconductor and high-performance computing companies also IPO’d in Q3, representing great interestin the hardware ecosystem supporting AI and SaaS. Key takeaways2Stock returns4Revenue5EBITDA7 •Revenue growth rates for 2025 remain depressed, although 2026 estimates are slightly more positive:2025 appears to be anotherstep-down in revenue growth rates, with the median across these SaaS companies realizing a growth rate barely into the double digits.We continue to expect global enterprise SaaS market revenue growth in 2025 to step down to the high single digits/low double digitsfrom around 15% to 30% in previous years. Outside of an unexpected and dramatic step-up in AI revenue in the near-term, we do notanticipate meaningfully higher growth rates through the end of 2025 and into 2026. We expect the largest declines in the 2025 growthrates for the HR & workforce management and marketing, advertising & customer engagement segments, both decreasing from 14%2024 growth to 2025 YoY growth rates of 9% and 10%, respectively. Both the collaboration & productivity and ERP, financial & businessmanagement sectors are expected to slightly decelerate as well, with a flat growth rate expected for CRM, digital commerce & sales.One bright note is our expectation of slight growth in 2025 revenue for the analytics & BI segment. PitchBook clients can accessthe full Excel data pack for thisreport via the Details tab in thedocument viewer. •Gross margin growth continues to be a focus for 2025 and 2026:The median gross margin across public enterprise SaaS companiesincreased to nearly 75% in 2024, and we believe this positive momentum will continue in 2025 and 2026. We expect this to increaseby almost 2% to 76% in 2025 and another 1% to 77% in 2026. We anticipate gross margin growth to be strongest in HR & workforcemanagement and ERP, financial & business management, with additional growth in CRM, digital commerce & sales, and analytics & BI.Only the marketing, advertising & customer engagement segment is projected to fall in 2025, with its gross margin decreasing by 1% to73%. Despite this general increase, the median gross margin growth rate decelerated from 20% in 2023 to 14% in 2024, and we expectit to continue to slow through 2025. •EBITDA margins expected to continue to strengthen in 2025 and 2026:We expect 2026 EBITDA margins to build off the expansionseen thus far in 2025, when the median EBITDA margin for public enterprise SaaS companies is expected to rise to around 22%,up from 21.3% in 2024. We anticipate meaningful EBITDA margin growth in marketing, advertising & customer engagement; HR &workforce management; CRM, digital commerce & sales; and collaboration & productivity, while analytics & BI is expected to decreaseslightly YoY in 2025. ERP, financial & business management is anticipated to see flat margins this year. Overall, for 2026 we expectEBITDA margins to again improve alongside gross margins. •Va