What the 2026 deal data shows
ProCloser Deal Index, primary-source documented
Across 32 deals that published a price
Share of deals with identified buyer type
SaaS valuations turn on revenue quality before anything else. Buyers underwrite net revenue retention, gross margin and the durability of the subscription base, then apply a multiple that moves sharply with growth. A company growing 40% with 110% retention and one growing 10% with churn problems can share the same ARR and sell for very different numbers.
What actually moves the number
- Net revenue retention above 100%, proven over eight or more quarters
- Gross margin in the software band, typically 70% or better
- Growth rate relative to the Rule of 40
- Customer concentration below roughly 20% for the top account
For multiple benchmarks by revenue band, see our SaaS revenue multiples guide.
How to get a real estimate
Three steps beat any rule of thumb. First, run your revenue, EBITDA and sector through the ProCloser valuation calculator for an indicative range. Second, look at actual comparable transactions in the deal index rather than survey multiples. Third, remember that the spread between a bilateral offer and a competitive process is usually larger than the spread between valuation methods; our advisor rankings cover who runs those processes for companies like yours.
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