B2B SaaS Valuations: Q3 2026
Windsor Drake's 40-constituent B2B SaaS comparable set carries a median 6.3x EV/Revenue as of 21 August 2026, computed from Nasdaq market data and filed balance sheets. Across a constant 33-constituent set the median has fallen from 9.5x to 6.2x in two years while the capitalisation weighted aggregate rose from 10.0x to 11.3x. Introduces The Committed Base: constituents disclosing net revenue retention at or above 120% carry a 20.0x median against 4.7x at 105% to 119% and 2.7x below 105%.
- Sector
- SaaS
- Focus
- Valuations
- Published
- August 21, 2026
- Length
- 25 slides
- Reading time
- 13 minutes
Slide deck
25-slide deck. Desktop readers can page through the embedded viewer below. Mobile readers can open the direct PDF link.
Open slide deck PDF Key findings
- Median B2B SaaS EV/Revenue is 6.3x across 40 constituents, interquartile range 4.5x to 9.6x, full range 1.8x to 67.6x.
- On a constant 33-constituent set the median fell 34% in two years, from 9.5x to 6.2x, while the capitalisation weighted aggregate rose from 10.0x to 11.3x.
- Constituents disclosing net revenue retention at or above 120% carry a 20.0x median; 105% to 119% carries 4.7x; below 105% carries 2.7x.
- Enterprise-weighted revenue carries a 6.95x median against 3.15x for SMB-weighted revenue, widening to 9.5x against 3.2x at matched growth of 15% to 35%.
- Constituents clearing the Rule of 40 carry a 10.1x median against 4.7x for those below, a spread of 5.4 turns of revenue.
- Horizontal application software is the cheapest B2B SaaS cohort at a 3.8x median, below infrastructure at 9.5x and vertical software at 8.5x.
- Disclosed control transactions cleared 2x to 11x revenue, with Clearwater Analytics at 11.5x and Confluent at 9.4x against Verint at 2.2x and LiveRamp at 2.7x.
- US software private equity platform buyouts fell to 41% of software sponsor deal value, a decade low, while US technology deal value doubled year on year to $340.9bn in the second quarter.
Methodology
Framework: The Committed Base. All headline multiples are Windsor Drake's own computation from primary market data: enterprise value equals market capitalisation less cash and short-term investments plus total debt, using Nasdaq official quote data of 21 August 2026 and trailing twelve month revenue and balance sheets from each constituent's most recently filed 10-Q or 10-K. Forty US-listed pure-play B2B SaaS constituents; retention tiers assigned on each company's own disclosed net revenue retention rate.
Frequently asked questions
What EV/Revenue multiple does a B2B SaaS company trade at in Q3 2026?
Windsor Drake's 40-constituent public B2B SaaS set carries a median 6.3x EV/Revenue as of 21 August 2026, with an interquartile band of 4.5x to 9.6x. The full observed range runs 1.8x to 67.6x, so the median is a starting point for a comparable set rather than a substitute for one.
Why has the median B2B SaaS multiple fallen while the software index has not?
Across a constant 33-constituent set the median fell from 9.5x to 6.2x over two years while the capitalisation weighted aggregate rose from 10.0x to 11.3x. A handful of AI-narrative constituents carry the aggregate; the median asset, which is the relevant private comparable, is down by a third.
Does net revenue retention still drive the multiple?
It is currently the sharpest single sort in the set. Constituents disclosing retention at or above 120% carry a 20.0x median, those disclosing 105% to 119% carry 4.7x, and those below 105% carry 2.7x.
Is enterprise revenue worth more than SMB revenue?
Materially, and the premium survives a control for growth. Enterprise-weighted names carry a 6.95x median against 3.15x for SMB-weighted names, and restricting both cohorts to 15% to 35% growth widens the gap to 9.5x against 3.2x.
Does the Rule of 40 still matter for B2B SaaS?
It is the widest single cut in the set. Constituents clearing 40 carry a 10.1x median against 4.7x for those below, a spread of 5.4 turns of revenue that holds after removing the largest outlier.
What are acquirers actually paying for control of a B2B SaaS company?
Disclosed 2025 and 2026 transactions cleared a 2x to 11x revenue range, sorted on growth and category rather than size. Clearwater Analytics cleared 11.5x and Confluent 9.4x, while Verint cleared 2.2x and LiveRamp 2.7x.
Is AI a threat to a B2B SaaS valuation?
The institutional evidence runs both ways and the dispersion of outcomes is the change, not the direction. BCG records buyers cutting CRM spend 8% and ERP 9% while raising AI spend 45%, and simultaneously sizes agentic software as the largest enterprise software opportunity since cloud.
Companies covered
Public and private companies referenced in this report.
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B2B SaaS Valuations: Q3 2026. Windsor Drake Market Intelligence, 2026. windsordrake.com/market-intelligence/reports/b2b-saas-valuations-q3-2026. Windsor Drake Market Intelligence data is free to use with attribution to Windsor Drake (windsordrake.com).