Evidence from multiple independent SaaS and cloud benchmarks shows that sector‑wide valuation multiples have not returned to the 12–16x EV/forward‑revenue (or EV/TTM revenue) range seen in the 2020–2021 bubble period.

• Aventis Advisors’ long‑term study of public SaaS valuations reports that median EV/Revenue multiples peaked around 18–19x in 2021, then collapsed; by early 2023 the median had fallen to about 6.7x, and as of September 2025 it sits near 6.1x—far below bubble levels.(aventis-advisors.com)
• NGP Capital’s analysis of public SaaS companies finds that after the 2021–2022 peak, revenue multiples "descended to levels not seen since 2016" and stabilized in a 6–8x range; 2023 ended with an average EV/TTM revenue multiple of 7.9x and a top‑quartile multiple of 10.7x (still under 12x).(ngpcap.com)
• Software Equity Group’s SEG SaaS Index shows a median EV/Revenue multiple of 6.2x in February 2023 and 5.6x by Q3 2024, noting that Q3 2024 levels remain roughly 45% below the 2021 peak.(softwareequity.com)
• A 2025 summary of public SaaS M&A data (Aventis Advisors / SaaS M&A report) indicates that median public SaaS revenue multiples were about 5.6x in 2024 and roughly 7.4–7.5x TTM revenue in early 2025 (BVP Cloud Index and Aventis data), again well below a 12–16x sector median.(buttondown.com)
• A separate 2025 analysis of the BVP Nasdaq Emerging Cloud Index (a broad cloud/SaaS proxy) estimates an average revenue multiple of roughly 9.0x as of late September 2025—elevated versus 2022 lows but still not back to 12–16x.(profitpencil.com)
• Private and hybrid indices show similar patterns: SaaS Capital’s index of public/private SaaS names reports a median ARR multiple around 7.0x at the start of 2025; only a small handful of top‑tier companies trade at 14x+ revenue, which are outliers, not the sector average.(saas-capital.com)

One outlier estimate from Boğaziçi Ventures claims a 12.3x median EV/Revenue for SaaS companies in 2023, but this conflicts with the bulk of specialized SaaS valuation datasets above, which all cluster in the mid‑single‑ to high‑single‑digit range for 2023–2025.(bogaziciventures.com) Given the consistency of the major SaaS/Cloud benchmarks (SEG, Aventis, NGP, BVP index–based analyses), the consensus is that broad SaaS valuation multiples have not re‑established the 12–16x range since Jason’s February 2023 prediction. While a few elite names have traded above 12x, the sector median/average has remained substantially lower.

On that basis, Jason’s claim that SaaS multiples would not return to the 12–16x bubble range “for the foreseeable future” has been borne out up through late 2025.