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Growth-Adjusted Revenue Multiples

Growth-Adjusted Revenue Multiples
Chart by Meritech Capital. Source: meritech.substack.com

The chart tracks growth-adjusted revenue multiples for software companies from March 2018 through January 2026, comparing overall median multiples against the top 10 median. Current values show the top 10 median at 0.81x and overall median at 0.23x.

LabelValue shown on the chart
Pre-ZIRP Median (Mar-17 - Mar-20) - Overall0.30x
Pre-ZIRP Median (Mar-17 - Mar-20) - Top 100.70x
Post-ZIRP Boom Median (Jun-20 - Nov-21) - Overall0.72x
Post-ZIRP Boom Median (Jun-20 - Nov-21) - Top 101.44x
Current (Top 10 - Median)0.81x
Current (Median)0.23x

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View the original on meritech.substack.com

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