2025 Valuation Multiples
The definitive cheat sheet for private market valuations.
Updated: November 2025
Overall Sentiment
Median SaaS Multiple
Top Performer
Sector Multiples (Median)
Based on verified private transaction data from QuantTerminal™.
| Sector | Revenue Multiple (ARR) | EBITDA Multiple | Trend (QoQ) | Key Driver |
|---|---|---|---|---|
| B2B SaaS (Horizontal) | 5.5x - 7.0x | 18x - 22x | Stable | NRR > 115% |
| B2B SaaS (Vertical) | 4.5x - 6.0x | 15x - 20x | Flat | Gross Margins |
| Fintech (B2B) | 6.0x - 9.0x | 25x - 30x | Compressing | Unit Economics |
| Healthtech / HCIT | 3.0x - 5.0x | 12x - 16x | Flat | Regulation Risk |
| AI Infrastructure | 15.0x - 25.0x | N/M | Expanding | Growth Rate |
| Consumer / E-com | 1.0x - 2.5x | 8x - 12x | Compressing | CAC Efficiency |
Why does AI trade at 20x while E-com trades at 1.5x?
The spread in multiples comes down to Quality of Revenue. Investors pay a premium for:
- Predictability: Recurring revenue (SaaS) is worth more than transactional revenue (E-com).
- Retention: High NRR (>120%) implies the business grows automatically. See our SaaS Metrics Guide for more.
- Margins: AI Infrastructure has high R&D costs but potential for massive scale. E-commerce has physical COGS that cap margins.
The "Premium" Overlay: Rule of 40
The multiples above are medians. To trade in the top quartile (e.g., getting 10x instead of 6x), you need to beat the Rule of 40.
QuantTerminal™ Insight:
Companies with Rule of 40 > 50% trade at a 45% premium to the sector median.
Sam G. Ehsaei
Founder & CEO, QuantPillar
"I've spent 16 years as a CFO and founder helping companies navigate the private markets. These multiples aren't just data points—they are the benchmarks I use to advise boards on exit strategy and fundraising."
Frequently Asked Questions
Don't Rely on Averages
Your company is unique. Get a precise, defensible valuation based on your specific metrics and peer group with QuantVal™.