ARR Multiple SaaS: 2026 Benchmarks
What SaaS actually trades at by ARR band in 2026. Bands widen with growth, narrow with churn. Median across live Startup Index listings: 3.9× ARR.
| ARR band | Distressed | Typical | Premium | Note |
|---|---|---|---|---|
| < $50k ARR | 1.5× | 2.5×–3.5× | 5×+ | Indie / side-project scale. High variance. |
| $50k–$250k ARR | 2× | 3×–4× | 5×–6× | Sweet spot for indie acquirers. |
| $250k–$1M ARR | 3× | 4×–6× | 7×+ | Broker territory. Growth premium kicks in. |
| $1M–$5M ARR | 4× | 5×–8× | 10×+ | PE-adjacent. Retention matters more than growth. |
| $5M+ ARR | 5× | 8×–15× | 20×+ | Strategic acquirers. Public-market comps apply. |
How growth moves the multiple
Every 5 percentage points of monthly growth adds roughly 0.5× to the fair multiple within a band. A $100k ARR SaaS growing 15 percent MoM realistically trades at 5×–6× rather than the 3×–4× band midpoint.
How churn moves the multiple
Every 1 percent of monthly churn above 3 percent knocks about 0.3× off the multiple. Net-negative churn (expansion > churn) puts the deal at or above the top of the band.
Verified listings — what's actually trading now
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Frequently Asked Questions
What is a normal ARR multiple for indie SaaS?
For SaaS under $250k ARR, 3×–4× is the working median in 2026. Growing 10 percent MoM with sub-3-percent churn crosses 5×. Flat MRR trades 2×–2.5×.
Why do ARR multiples widen at higher revenue?
Two reasons. Growth becomes harder to fake at scale, so buyers pay a real premium for it. And enterprise deals with net-negative churn command retention premiums that indie SaaS can't.
How is ARR multiple different from revenue multiple?
ARR (annual recurring revenue) counts only subscription revenue. Revenue multiple sometimes includes one-time fees. For SaaS acquisitions, ARR multiple is the cleaner benchmark — usage revenue and one-off setup fees don't trade at the same multiple.
What ARR multiple do brokers publish?
FE International and Quiet Light publish 3×–5× on trailing 12-month SDE for most listings, which typically maps to 3.5×–5× ARR after normalizing margins. Empire Flippers leans higher for growth deals.
Do ARR multiples change during downturns?
Yes. 2022–2023 saw indie SaaS multiples compress ~30 percent. 2026 is closer to the 2019 baseline. Startup Index shows what's actually trading now, not a lagging survey.