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EV / ARR (Annualized Revenue) Multiple

Meritech CapitalJanuary 2026
EV / ARR (Annualized Revenue) Multiple
Chart by Meritech Capital. Source: meritech.substack.com

This bar chart shows the EV / ARR multiples for select software companies as of December 31, 2025. Figma leads with a multiple of 15.5x, while the median across all shown companies is 8.7x.

LabelValue shown on the chart
Figma15.5x
Sailpoint9.8x
CoreWeave9.2x
Netskope8.7x
Gloo7.6x
Hinge Health5.5x
Navan4.7x

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View the original on meritech.substack.com

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