Summary
Summary
- Vertical SaaS at $1M to $10M ARR sits at 5.0x to 8.0x revenue, above horizontal and B2C SaaS.
- Payments infrastructure leads fintech at 6.0x to 10.0x revenue; consumer lending trails at 2.0x to 4.0x.
- Real-money iGaming trades at 4.0x to 6.0x revenue, above premium PC and console studios.
- Ranges are directional: growth, retention and concentration decide where a business lands.
01 · Research
Executive Summary
Valuation in digital asset M&A is driven by a combination of quantitative metrics and qualitative factors. While every asset is unique, market multiples provide a critical benchmark for both buyers and sellers. The following heatmaps represent observed multiple ranges from Acquiry's deal flow and proprietary market data as of Q1 2026. These are not absolute figures but directional indicators of market sentiment and risk appetite.
02 · Research
SaaS Multiples
| SaaS Category | Annual Recurring Revenue (ARR) | TTM Revenue Multiple | TTM EBITDA Multiple |
|---|---|---|---|
| Vertical SaaS | $1M - $10M | 5.0x - 8.0x | 15x - 25x |
| Horizontal SaaS | $1M - $10M | 4.0x - 6.5x | 12x - 20x |
| B2C SaaS | $1M - $10M | 2.5x - 4.5x | 8x - 14x |
03 · Research
Fintech Multiples
| Fintech Category | Annual Revenue | TTM Revenue Multiple | TTM EBITDA Multiple |
|---|---|---|---|
| Payments Infrastructure | $5M - $50M | 6.0x - 10.0x | 20x - 30x |
| Wealthtech / Robo-advisory | $5M - $50M | 4.0x - 7.0x | 15x - 22x |
| Consumer Lending | $5M - $50M | 2.0x - 4.0x | 5x - 10x |
04 · Research
Gaming Multiples
| Gaming Category | Annual Revenue | TTM Revenue Multiple | TTM EBITDA Multiple |
|---|---|---|---|
| Mobile (In-App Purchases) | $2M - $20M | 3.5x - 5.5x | 8x - 12x |
| PC / Console (Premium) | $2M - $20M | 2.5x - 4.0x | 6x - 10x |
| iGaming / Real Money | $2M - $20M | 4.0x - 6.0x | 10x - 15x |
05 · Research
What Moves a Business Within the Range
| Driver | Top of range | Bottom of range |
|---|---|---|
| Growth | Above 30% year on year | Flat or declining |
| Retention | Net revenue retention above 100% | High churn, weak cohorts |
| Concentration | No customer above 10% | Top 3 above 30% |
| Margin | Sector-leading gross and EBITDA margin | Thin margins with no path to improve |
| Founder reliance | Team-run | Founder holds sales and product |
06 · Research
Detailed Sector Benchmarks
These heatmaps are the summary. Each sector has a full benchmark page with ranges by sub-segment and the metrics buyers test:
- SaaSSaaS EBITDA multiples
- FintechFintech revenue multiples
- Gaming & iGamingGaming and iGaming multiples and Casino Valuation Multiples 2026
- E-commerceE-commerce valuation benchmarks
- MediaMedia Asset Benchmarks
For a quick estimate, try the SaaS Valuation Calculator.
07 · Research
Work with Acquiry
Acquiry runs buy-side and sell-side mandates for digital businesses. We are not limited to the sectors or markets covered here: any sector, any market, bring it to us anyway. Start a mandate (opens in a new tab).
Reference
Frequently asked questions
What multiple do SaaS businesses sell for?
In Acquiry's observed ranges for $1M to $10M ARR: vertical SaaS 5.0x to 8.0x revenue, horizontal SaaS 4.0x to 6.5x and B2C SaaS 2.5x to 4.5x.
Why does vertical SaaS trade higher than horizontal SaaS?
Vertical products are embedded in industry workflows, which usually means lower churn, stronger pricing power and fewer direct competitors.
Are these multiples a valuation?
No. They are directional ranges from completed deals, active mandates and public comparables. A formal valuation looks at the specific business.
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About the analyst
Joash Boyton
Founder and Managing Director, Acquiry · Melbourne, Australia · Global coverage
Joash Boyton is the Founder and Managing Director of Acquiry, a specialist M&A advisory firm focused on the acquisition and sale of businesses. He executes buy-side and sell-side mandates from USD $1M to $500M across technology, SaaS, fintech, payments, gaming, blockchain and emerging verticals, and is not limited to them. Any sector, any market.