PitchBook：2025年一季度企业SaaS公共报表和估值指南报告（英文版）

Enterprise value (EV)/trailing 12-month (TTM) revenue multiples in enterprise software as a service (SaaS) sank once more in Q1 2025 from prior 2024 lows: The median EV/TTM revenue multiple at the end of Q1 was 3.7x, down from 4.8x in Q4 2024. This sharp decrease followed a bounce in Q4 as forward multiples shook off some initial market optimism at the end of 2024. Nonetheless, both Q1 2025 and 2024 multiples represent new lows compared with the 2023 median of 6.2x and the 2022 median of 8.2x