Is your SaaS company stuck in the valuation doghouse while a handful of names trade at a massive premium?

In episode #378, Ben Murray breaks down Meritech's June 2026 public software comps report and the widening valuation gap across SaaS. The median revenue multiple has fallen 64% from its pre-ZIRP peak, and most public software now trades below 5X. If you are a SaaS founder or CFO, the multiple attached to your business depends on a short list of traits the market now rewards. This episode shows you which ones, and why the rules quietly changed.

• Why only 9 of roughly 100 public software companies trade above a 10X revenue multiple, while 77 sit below 5X
• How the Rule of 40 shifted under the surface, with revenue growth now 3.3x more correlated with the multiple than free cash flow margin
• Why two companies with the same Rule of 40 score can trade at 7.3x versus 3.7x, depending entirely on how they got there
• What the top 9 share in common: free cash flow margins above 20% and ARR growth above 20% at the same time
• How AI exposure now sorts the market, and why a weak AI ARR story lands horizontal SaaS in the doghouse

Tune in to see exactly what separates the premium names from the rest before you benchmark your own SaaS valuation.

Resources Mentioned

• Meritech June 2026 Public Software Comps (Pulse Report): https://meritech.substack.com/p/meritech-software-pulse-12-june-2026
• Ben's academy: https://www.thesaasacademy.com/