Vertical SaaS, Today — 8th Edition

Anna Khan
2 min readJun 7, 2023


We’re back with our 8th edition of Vertical SaaS, Today — our monthly round up of how vSaaS is performing in the public markets.

A few interesting learnings from the data:

  • There are only four vertical SaaS companies that are trading above 10x EV/LTM Rev multiple (Shopify, Veeva, Aspen, and Procore.) Conversely, in SaaS broadly (not just vertical) — there are eighteen public companies trading above 10x on a forward revenue multiple basis. There are four public SaaS companies trading above 15x on a forward revenue multiple basis (none in Vertical SaaS). I personally don’t love a forward revenue multiple, as its more of a forecast than a historical — so you’ll rarely see it in my analysis.
  • There are nine vertical SaaS companies that have more than $1B of revenue, measured on a LTM basis. If you’ve been investing in software as long as I have — this is an AMAZING achievement. The market sector has come so far.
  • For the first time, certain companies are showing declining YoY growth (Envestnet, 2U, and Blend.)
Vertical SaaS, Today — 8th Edition

Key Metrics (As of 05/31/23)

  • Total Number of Companies: 20 — No change.
  • Total Market Cap: $254.1B — small step up with a 1.27% increase.
  • Largest Market Cap: Shopify again at the top spot at $73.1B, with a meaningful jump of 8.14% since April’s number (we didn’t track May given our special 7th edition.)
  • Lowest Market Cap: Blend Labs is still the lowest market cap, but back up substantially (54.1% increase) to $241.1M. The lowest performing stocks seem to show a lot of variability MoM.
  • Average Market Cap: $12.7B, up 1.6%.
  • Average LTM Total Revenue: $1.69B, roughly in line with April’s number.
  • Highest LTM Total Revenue: $7.1B. Constellation Software still claims the top spot. Shopify is a close second at $5.9B.
  • Average LTM Gross Margin: No real change, still at 55.9%.
  • Highest EV/LTM Revenue Multiple: Shopify at 11.8x. Veeva is a close second at 10.6x.
  • Lowest EV/LTM Revenue Multiple: Blend Labs at 1.0x.
  • Average EV/LTM Revenue Multiple: 6.1x, down from 6.5x in April.
  • Median EV/LTM Revenue Multiple: 6.2x, down from 6.5x in April.

Follow us at @vSaaSToday for more info.



Anna Khan

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