Vertical SaaS, Today — 12th Edition

Anna Khan
1 min readFeb 2, 2024

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Happy 2024! We’re back with our 12th edition of Vertical SaaS, Today — our monthly round up of how vSaaS is performing in the public markets.

Vertical SaaS, Today — 12th Edition

Key Metrics (As of 1/31/24)

  • Total Number of Companies: 19 — No movement
  • Total Market Cap: $316.8B —Up from $299.2B. A $17.6B increase from end of December.
  • Largest Market Cap: Shopify is still at the top spot with $103B of market cap.
  • Lowest Market Cap: 2U had a dramatic reduction of market cap. Currently the market cap is $69.8M (down from $97.7M in December.)
  • Average Market Cap: $16.7B up from $15.8B in December, a $0.9B change.
  • Average LTM Total Revenue: $1.85B, no movement.
  • Highest LTM Total Revenue: $7.93B. Constellation Software still claims the top spot. No movement.
  • Average LTM Gross Margin: Gross margin fairly consistent, at 57.2%.
  • Highest EV/LTM Revenue Multiple: Top spot goes to Shopify at 14.9x.
  • Lowest EV/LTM Revenue Multiple: Belongs to 2U at 1.1x.
  • Average EV/LTM Revenue Multiple: Multiple has increased to 7.0x, up from December when it was 6.7x.
  • Median EV/LTM Revenue Multiple: Down slightly from Dec ’23 at 6.4x. Was 6.8x in December.

Follow us at @vSaaSToday for more info.

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Anna Khan

GP @CRV, Alum @HarvardHBS @Stanford. I like a bagel with attitude.