SaaS Revenue Multiples by Growth Rate and NRR (2026)

Current SaaS valuation multiples benchmarked across growth tiers and net revenue retention levels. Data reflects 2026 market conditions for both private and public SaaS companies.

ARR Multiple by Growth Rate

Private company multiples typically trade at a 20-35% discount to public comparables due to illiquidity. Ranges reflect companies with average NRR (100-115%) and gross margin (70-80%).

Growth Tier	Private Low	Private Mid	Private High	Public Median
100%+ YoY	12x	17x	22x	20x
80-100% YoY	9x	13x	17x	16x
60-80% YoY	7x	10x	13x	12x
40-60% YoY	5x	7.5x	10x	9x
20-40% YoY	3x	4.5x	6.5x	6x
Under 20% YoY	1.5x	2.5x	4x	3.5x

100%+ YoY

Hypergrowth tier. Typically Series B+ companies. Multiple reflects the implied future ARR at moderated growth.

80-100% YoY

Strong growth. Most top-quartile Series A/B companies fall here. Efficient growth commands a premium.

60-80% YoY

Good growth. Still venture-backable. NRR and margin quality differentiate within this tier.

40-60% YoY

Solid growth for established companies. Rule of 40 and profitability trajectory matter more here.

20-40% YoY

Below the typical VC hypergrowth threshold. Strategic buyers and growth equity investors are relevant acquirers.

Under 20% YoY

Mature growth. PE and strategic buyers dominate. Profitability and cash generation are primary value drivers.

NRR Premium / Discount to Base Multiple

Net revenue retention is one of the strongest individual drivers of the premium or discount applied to the growth tier base multiple. These adjustments are applied on top of the growth tier range.

NRR Level	Multiple Adjustment	Notes
130%+	+30-50%	Exceptional. Implies strong land-and-expand motion with high ACV customers.
115-130%	+15-30%	Best-in-class. Signals healthy expansion and strong product value.
100-115%	+0-15%	Good. Expansion exceeds churn. Reasonable premium.
90-100%	-5 to 0%	Churn exceeds expansion. At par or slight discount depending on growth.
Below 90%	-15 to -30%	Significant churn. Investors discount heavily due to revenue leakage risk.

How to Read These Multiples

These ranges represent what an informed buyer or investor would pay relative to ARR, assuming a clean cap table, no customer concentration issues, and at least 12 months of data demonstrating the growth rate.

The wide range within each tier reflects quality differences: NRR, gross margin, burn efficiency, team quality, market size, and competitive moat all adjust the multiple up or down within the tier. The calculator on the home page applies these adjustments automatically.

Strategic acquirers sometimes pay above these ranges if your product fills a gap in their portfolio or accelerates their roadmap. Financial buyers (PE and growth equity) are typically more disciplined around these benchmarks.