As of late 2025, the broad public SaaS market has not clearly reverted to an ~8x EV/NTM revenue “long‑term mean,” but the outcome of Sacks’s open‑ended “eventually” prediction still depends on future market moves.

Evidence:

• Jamin Ball’s Clouded Judgement tracks a large universe of public software/SaaS names. In December 2023, the median EV/NTM revenue multiple was about 6.4x, which he notes is roughly 17% below a long‑term average of 7.8x.【turn0search6】
• Around year‑end 2023, his data still showed medians in the mid‑6x range (about 6.5x), i.e., re-rated upward from the 2022 lows but still materially under 8x.【turn0search4】
• Through 2024 and into 2025, subsequent Clouded Judgement posts show median EV/NTM revenue sliding back to roughly 6.0x–5.9x in early 2024 and then nearer 5.2x–5.4x and even ~4.8x by various points in 2025, indicating that the typical SaaS name has not sustained a return to 8x.【turn0search5】【turn0search7】【turn0search3】【turn0search0】【turn0search2】【turn0search9】
• A different lens, the BVP Nasdaq Emerging Cloud Index, shows index-level revenue multiples around 8.4x in 2024–25, with broader public SaaS medians in the ~5.5x–7.0x range.【turn0search11】 This suggests that a weighted average of higher‑quality/cloud names is roughly at or slightly above the historical 8x level, while the overall universe is still below it.
• Multiple sources agree that current public SaaS valuations remain far below the 2021 bubble peak (often cited around 20–21x revenue; one summary notes current levels are still ~65–70% below that), i.e., broadly consistent with Sacks’s claim that a reversion to ~8x would be “well below” the 2021 peak.【turn0search11】

Why this is inconclusive rather than clearly right or wrong:

• The prediction is explicitly open‑ended: SaaS multiples will eventually revert to roughly 8x. There is no time horizon like “within two years,” so by late 2025 it is impossible to say with certainty that this will not occur in the future.
• On one reasonable definition (broad SaaS median), the market has not yet reverted to ~8x; medians peaked in the mid‑6x range before falling back.【turn0search4】【turn0search6】【turn0search3】
• On another plausible definition (a leading cloud/SaaS index’s average multiple), valuations are already around or slightly above 8x, which could be read as the reversion Sacks anticipated.【turn0search11】

Because both (a) the key term (“SaaS multiples”) can be reasonably measured in ways that give different answers, and (b) the forecast extends indefinitely into the future, we cannot definitively say yet whether Sacks’s prediction about an 8x reversion is right or wrong. Thus the appropriate status is inconclusive at this time.