The current SaaS multiple landscape
In 2026, SaaS businesses sell for 2-5x annual revenue (ARR), with outliers up to 8-10x for exceptional businesses. The 2021 bubble of 15-30x multiples is gone.
Typical multiples by size
Under $250K ARR: 1.5-3x ARR.
$250K-$1M ARR: 2-4x ARR.
$1M-$5M ARR: 3-5x ARR.
$5M+ ARR: 4-8x ARR.
What pushes you to top of range
Growth rate (30%+ annual), high net revenue retention (>100%), low churn (<2% monthly), diversified customer base, profitable.
What drags you to bottom of range
High churn, declining growth, customer concentration, founder dependency, undocumented systems, technical debt.
The category effect
Vertical SaaS commands higher multiples than horizontal SaaS. AI-enabled platforms in 2026 trade at premium.
Buyer-specific multiples
Strategic acquirers pay highest. PE rolls pay 3-5x. Individual operators pay 2-3x.
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