{"id":12906,"date":"2025-10-08T17:48:46","date_gmt":"2025-10-08T15:48:46","guid":{"rendered":"https:\/\/www.mcfcorpfin.com\/?p=12906"},"modified":"2026-02-05T15:55:25","modified_gmt":"2026-02-05T14:55:25","slug":"software-valuations-insights-q3-2025","status":"publish","type":"post","link":"https:\/\/www.mcfcorpfin.com\/news\/software-valuations-insights-q3-2025\/","title":{"rendered":"SOFTWARE VALUATIONS INSIGHTS | Q3 2025"},"content":{"rendered":"<h2>Key takeaways | Q3 2025 public software valuations<\/h2>\n<h4>Software shares extend gains, but market discipline returns<\/h4>\n<ul>\n<li>Software equities extended their AI-fuelled rally through Q3, with most subsectors pushing to new highs and participation broadening.\u00a0 While headline valuations are near records, EV\/NTM revenue remains subdued versus the 2021 peak &#8211; median multiple across our peer groups is 5.4x<\/li>\n<li>This seems to imply that fundamentals are doing more of the heavy lifting &#8211; earnings power is strengthened by AI enhanced products, allowing prices to rise without a comparable expansion in revenue multiples<\/li>\n<\/ul>\n<h4>Profitable growth continues to supersede \u201cgrowth at all cost\u201d<\/h4>\n<ul>\n<li>Over 2025, the defining trend continues to be the shift towards profitable growth as the core value driver. Capital markets tend to favour balanced models<\/li>\n<li>Companies delivering double-digit growth with expanding margins outperform peers chasing scale alone<\/li>\n<li>This market re-rating highlights operating leverage, recurring revenue, and cash conversion performance as key metrics that support a durable valuation<\/li>\n<\/ul>\n<h4>Vertical and AI-enabled platforms lead valuation premiums<\/h4>\n<ul>\n<li>Valuation premiums remain concentrated in AI-rich verticals. Vertical Software (9.6x) and Engineering (8.7x) commanded the highest multiples, driven by domain depth and automation adoption<\/li>\n<li>More mature categories like CRM\/CX (4.0x) and HCM (4.4x) saw some moderation by comparison as growth rates normalised<\/li>\n<li>Investors continue rewarding vertical focus and defensible AI-enabled differentiation<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2>Quarterly Insights on Public Software Valuations<\/h2>\n<h3>Share price index<\/h3>\n<p>Software stocks broadly move to all time highs fuelled by strong earnings and AI<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-12913\" src=\"https:\/\/www.mcfcorpfin.com\/wp-content\/uploads\/Share-Price-Index.png\" alt=\"\" width=\"1038\" height=\"563\" \/><\/p>\n<pre>Source: S&amp;P CapIQ as at 30-Sep-25<\/pre>\n<h2>EV\/NTM Revenue<\/h2>\n<p>Valuations are rebounding strongly but not reminiscent of 2021 exuberance, as earnings keep pace with valuation expectations<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-12916\" src=\"https:\/\/www.mcfcorpfin.com\/wp-content\/uploads\/EV_NTM-Revenue.png\" alt=\"\" width=\"1039\" height=\"567\" \/><\/p>\n<pre>Source: S&amp;P CapIQ as at 30-Sep-25\r\n\r\n<\/pre>\n<h2>Increasing relevance of Rule of 40 as growth slows down\u2026<\/h2>\n<p>Whereas growth was the primary driver of valuation during Covid, the combination of profitability and growth (i.e. \u201cprofitable growth\u201d) has taken over (Rule of 40)<\/p>\n<h4>R-squared values over time<\/h4>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-12919\" src=\"https:\/\/www.mcfcorpfin.com\/wp-content\/uploads\/Rule-of-40-1.png\" alt=\"\" width=\"1042\" height=\"555\" \/><\/p>\n<p>Source: S&amp;P CapIQ as at 30-Sep-25<\/p>\n<h2>\u2026although growth remains the dominant value driver over profit<\/h2>\n<p>Investors now look at a combination of profit and growth to determine valuation, while growth remains the more important constituent in the Rule of 40 rather than profitability.<\/p>\n<h4>Valuation spread of growth vs profit(1)<\/h4>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-12922\" src=\"https:\/\/www.mcfcorpfin.com\/wp-content\/uploads\/VALUATION-SPREAD-OF-GROWTH-VS-PROFIT1.png\" alt=\"\" width=\"1041\" height=\"543\" \/><\/p>\n<pre>Notes: 1) Growth focused means that the growth component within the Rule of 40 is larger than the profit component and vice versa for profit focused\r\nSources: S&amp;P CapIQ as at 30-Sep-25<\/pre>\n<p>&nbsp;<\/p>\n<h3>Download<\/h3>\n<p>The full report, including public comparables by software verticals, can be downloaded at the top of the page.<\/p>\n<h3>Contact us<\/h3>\n<p>If you have any questions about the report, don&#8217;t hesitate to get in touch with one of our team. You can find more information about our tech capabilities <a href=\"https:\/\/www.mcfcorpfin.com\/sectors\/technology\/\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<h3>Previous Software Reports<\/h3>\n<p><a href=\"https:\/\/www.mcfcorpfin.com\/news\/software-valuations-insights-q2-2025\/\" target=\"_blank\" rel=\"noopener\">SOFTWARE VALUATIONS INSIGHTS | Q2 2025<\/a><\/p>\n<p style=\"text-align: left;\"><a href=\"https:\/\/www.mcfcorpfin.com\/news\/software-valuations-insights-q1-2025\/\" target=\"_blank\" rel=\"noopener\">SOFTWARE VALUATIONS INSIGHTS | Q1 2025<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key takeaways | Q3 2025 public software valuations Software shares extend gains, but market discipline returns Software equities extended their AI-fuelled rally through Q3, with most subsectors pushing to new highs and participation broadening.\u00a0 While headline valuations are near records, EV\/NTM revenue remains subdued versus the 2021 peak &#8211; median multiple across our peer groups [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":12910,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-12906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - 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