We’re back with our 15th edition of Vertical SaaS, Today — our monthly round up of how vSaaS is performing in the public markets.
Vertical SaaS, Today — 15th Edition
Key Metrics (As of 10/11/24)
- Total Number of Companies: 18 — Some key movement here — the total number of companies is down 1 from 19. 2U which had been trading poorly in the public markets announced on September 13th ’24 that it had completed a financial restructuring and come out of Chapter 11 as a private company. As a result, 2U will no longer be on our public tracker.
- Total Market Cap: $347.62B, this is a substantial increase ($55.25B gain) from our last update in the spring of 2024 when the total market cap was $292.37B.
- Largest Market Cap: Shopify is still at the top spot at $107.52B, up from $90.4B in the spring of 2024.
- Lowest Market Cap: Given that 2U is taken private, the lowest market cap is now CS Disco at $357.5M.
- Average Market Cap: $18.9B, up from $15.1B in the spring of 2024.
- Average LTM Total Revenue: $2.2B, little to no movement.
- Highest LTM Total Revenue: $9.3B. Constellation Software still claims the top spot.
- Average LTM Gross Margin: Gross margin fairly consistent, at 57.6%.
- Highest EV/LTM Revenue Multiple: Clearwater Analytics Holdings at 13.7x. There are two others that are neck and neck: Shopify at 13.3x, and Aspen Technology at 13.2x.
- Lowest EV/LTM Revenue Multiple: Olo and CS Disco are tied at 1.7x.
- Average EV/LTM Revenue Multiple: Multiple is 7.2x, up from 6.4x in the spring.
- Median EV/LTM Revenue Multiple: Multiple is substantially up at 7.8x, meaningfully higher than what it was in the spring (5.3x).
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