Classical B2B SaaS is not doing that well anymore. Not because the businesses are broken, but because the market has already decided the future isn’t there.
Broad software indices down ~25% from 12-month highs. The median public SaaS valuation multiple: 18.6× revenue in 2021, 5.1× at the end of 2025. That’s 73% compression, while most of the underlying b…
