Meritech's public SaaS comps moved behind its own login

The record

Meritech Capital, a growth-equity firm, has long tracked valuation multiples for publicly traded SaaS companies as a reference for private-company comparisons. In its 24 August 2022 post 'Durable Growth', the firm describes a 'comparable set (almost 100)' of public SaaS companies and states its method as tracking each company's 'NTM revenue multiple,' the multiple of next-twelve-months revenue implied by the share price, alongside dilution since IPO, rather than relying on reported growth or margin figures alone. As retrieved on 16 September 2026, the firm's live comps table at meritechcapital.com/benchmarking/comps-table redirects to app.meritechanalytics.com, a separate login-gated product tagged 'every metric, every trading day.'

What the documents establish

The 2022 post establishes Meritech's own methodology in its own words: value creation since IPO is treated as the product of revenue growth, the market's changing multiple on that revenue, and dilution, and the post works through named examples, including Atlassian, ServiceNow, and Salesforce, showing each company's NTM multiple at IPO against its multiple as of the post's date. That is Meritech's analytical frame, not an audited valuation, and the post itself notes for at least one example that it does not use the raw multiple figures in its calculation but instead infers the multiple and dilution impact from the change in share price against the change in revenue. The redirect to a login-gated app confirms that the previously open comps table is no longer freely browsable on Meritech's own site as of this retrieval, which matters for anyone relying on an old bookmark or a cached screenshot of the table.

The operating read

Editorially, a public-comps multiple is a live market read on a shifting set of roughly 100 companies, not a fixed reference number, and Meritech's own 2022 analysis shows the same company's multiple moving by double-digit percentages within just its first month of trading compared to years later. A founder or board using a Meritech-style multiple to size a private financing round should treat it as a dated snapshot tied to a specific comparable set and market moment, not a durable constant, and should confirm which access point, the open blog archive or the gated live app, produced the figure being used.

What to check before you decide

Before applying a public SaaS comps multiple to a private valuation discussion, check the following.

• What date is the multiple as of, given public multiples move with the broader market day to day?
• Does the comparable set match your company's growth rate, margin profile, and revenue scale, not just its sector label?
• Is the figure a public-market trading multiple, or is it being presented as a guarantee of what a private financing would achieve?

A public-market multiple is evidence about how investors priced a specific set of listed companies on a specific date, and it travels poorly into a private valuation conversation without that date and comparable set attached.