PitchBook：2025年三季度企业SaaS公开合并财务报表和估值指南报告（英文版）

EV/TTM revenue multiples in enterprise SaaS remained steady in Q3, staying slightly above Q1 lows: The median EV/TTM revenue multiple for public enterprise SaaS companies at the end of Q3 was 3.9x, exactly flat QoQ. Forward revenue multiples also remain at historic lows for these SaaS companies, with only a few well-known exceptions (Microsoft, Oracle, ServiceNow, Datadog, and Shopify). The market continues to experience a rising tide, but it is not lifting all boats, with a size premium to b