2025年四季度企业SaaS公共报表和估值指南（英）

EMERGING TECH RESEARCH Enterprise SaaSPublic Comp Sheetand Valuation Guide Key takeaways Institutional Research Group Derek HernandezSenior Research Analyst, Enterprise SaaSand Infrastructure SaaSderek.hernandez@pitchbook.com Updating and expanding the SaaS comp sheet:With this report, we are updating and expanding our SaaS public comp sheet. We areslightly evolving our categories and including a wider range of public SaaS companies as a result. These new categories are: pbinstitutionalresearch@pitchbook.com 1.Customer relationship management (CRM), sales, marketing & customer experience (CX) with 20 companies.2.Collaboration, productivity & creative with 15 companies.3.Finance, enterprise resource planning (ERP), HR & payroll with 17 companies.4.Data, analytics & AI platforms with 10 companies.5.Development operations (DevOps), IT operations (ITOps) & developer/automation platforms with 22 companies.6.Vertical & industry SaaS with 18 companies. Published on January 22, 2025 Contents Key takeaways2Stock returns5Revenue6EBITDA8 Enterprise value/trailing-12-month (EV/TTM) revenue multiples in enterprise SaaS dipped again in Q4:The median EV/TTM revenuemultiple for public enterprise SaaS companies at the end of Q4 was 5x, down slightly QoQ from 5.3x in Q3 2025. Forward revenuemultiples also remain at historic lows for these SaaS companies, with only a few well-known exceptions (Palantir, Cloudflare, CrowdStrike,Shopify, Snowflake, and Figma). Compared with the Q4 2025 median of 5x, the 2024 year-end median enterprise SaaS EV/TTM revenuemultiple was 6.9x, which was also down from the 2023 median of 7.4x. The average multiple across public enterprise SaaS companiesdecreased to 7.3x at the end of Q4 2025, down from 8.3x in Q3. This average remains below the 2024 average of 8.1x and the 2023average of 8.3x. Given continued global uncertainty and technological disruptions, we expect multiples across the whole of enterpriseSaaS to see limited upside into 2026, with continued outstanding performance by the subgroup most exposed to AI, cybersecurity,and related investments. PitchBook clients can access thefull Excel data pack for this reportvia theResearch Centeron thePitchBook Platform. As 2026 tees up, Q4 2025 proved to be much quieter for SaaS IPOs:SaaS IPOs were a bit more limited in Q4 than in the headier daysof Q2 and Q3 2025. The most notable IPO within SaaS was Navan, a travel and expense management service that raised around $923million at an initial valuation of about $6.2 billion. Additional tech IPOs were on the hardware side, including BETA Technologies, anelectric aviation company, and Fermi America, a nuclear energy company angling to support future AI datacenter needs. We continueto wait on a number of major IPOs now potentially coming in 2026. Cerebras Systems, the AI chipmaker, paused its IPO plans in Q4,and Databricks announced a massive $4 billion Series L in December 2025, which may push its potential IPO timeline into 2026. Finally,Stripe continued to remain private through the end of 2025, utilizing secondary tender offers to provide liquidity to employees ratherthan through a public listing. Revenue growth rates for 2026 anticipate continued headwinds:2026 appears to be another step-down in revenue growth rates, with themedian across these SaaS companies realizing a growth rate barely in the double digits. We continue to expect global enterprise SaaSmarket revenue growth in 2025 to step-down to the high single digits or low double digits from rates between 15% to 30% in previousyears, having peaked during the pandemic years of 2021-2022. Outside of an unexpected and dramatic step-up in AI revenue in thenear term, we do not anticipate meaningfully higher growth rates into 2026. We expect declines in 2026 growth rates for the followingsegments: CRM, sales, marketing & CX; finance, ERP, HR & payroll; data, analytics & AI platforms; and vertical & industry SaaS. One brightnote is our expectation of slight growth in 2026 revenue for the collaboration, productivity & creative segment. Gross margin growth continues to be a focus for 2025 and 2026:The median gross margin across public enterprise SaaS companiesincreased to nearly 77% in 2025, capping a strong run from the low 70s gross margin just a few years prior. We expect gross marginsto remain strong but not increase substantially in 2026. We anticipate some gross margin growth in the DevOps, ITOps & developer/automation platforms and vertical & industry SaaS segments, with most of the remainder being roughly flat in 2026. Only the finance, ERP,HR & payroll segment is projected to fall in 2026, with its gross margin decreasing by 2% for a final margin of 77%. We expect EBITDA margins to continue to strengthen into 2026:Through Q4, the median EBITDA margin for public enterprise SaaScompanies in 2025 rose to 19.8%, up from 16.7% in 2024. We anticipate the highest EBITDA margin growth in data, analytics & AIplatforms and collaboration,