104 lines
2.8 KiB
Markdown
104 lines
2.8 KiB
Markdown
# Industry Adaptations
|
|
|
|
Sector-specific metrics, benchmarks, and considerations for financial analysis.
|
|
|
|
## SaaS / Software
|
|
|
|
**Key Metrics:**
|
|
- ARR / MRR growth rate
|
|
- Net Revenue Retention (NRR) — target >110%
|
|
- CAC Payback Period — target <18 months
|
|
- Rule of 40 (growth rate + profit margin ≥ 40%)
|
|
- LTV:CAC ratio — target >3:1
|
|
- Gross margin — target >70%
|
|
|
|
**Valuation Multiples:**
|
|
- Revenue multiple: 5-15x ARR (growth-adjusted)
|
|
- High-growth (>50%): 15-25x ARR
|
|
- Moderate growth (20-50%): 8-15x ARR
|
|
- Low growth (<20%): 3-8x ARR
|
|
|
|
**Considerations:**
|
|
- Deferred revenue recognition (ASC 606)
|
|
- Stock-based compensation impact on margins
|
|
- Cohort analysis critical for retention metrics
|
|
|
|
## Retail / E-Commerce
|
|
|
|
**Key Metrics:**
|
|
- Same-store sales growth (SSS)
|
|
- Gross margin by category
|
|
- Inventory turnover — target varies by segment (grocery: 14-20x, fashion: 4-6x)
|
|
- Revenue per square foot (physical)
|
|
- Customer acquisition cost vs. AOV
|
|
- Return rate impact on unit economics
|
|
|
|
**Valuation Multiples:**
|
|
- EV/EBITDA: 8-15x (premium brands higher)
|
|
- P/E: 15-25x
|
|
|
|
**Considerations:**
|
|
- Seasonal revenue concentration (Q4 holiday)
|
|
- Working capital intensity (inventory cycles)
|
|
- Omnichannel attribution complexity
|
|
|
|
## Manufacturing
|
|
|
|
**Key Metrics:**
|
|
- Gross margin by product line
|
|
- Capacity utilization rate — target >80%
|
|
- Days Inventory Outstanding (DIO)
|
|
- Warranty reserve as % of revenue
|
|
- Capex as % of revenue (maintenance vs. growth)
|
|
- Order backlog / book-to-bill ratio
|
|
|
|
**Valuation Multiples:**
|
|
- EV/EBITDA: 6-12x
|
|
- P/E: 12-20x
|
|
|
|
**Considerations:**
|
|
- Raw material cost volatility
|
|
- Currency exposure in supply chain
|
|
- Depreciation schedules (straight-line vs. accelerated)
|
|
- Regulatory compliance costs (environmental, safety)
|
|
|
|
## Financial Services
|
|
|
|
**Key Metrics:**
|
|
- Net Interest Margin (NIM)
|
|
- Return on Equity (ROE) — target >12%
|
|
- Cost-to-Income Ratio — target <60%
|
|
- Non-Performing Loan (NPL) ratio
|
|
- Tier 1 Capital Ratio — regulatory minimum varies
|
|
- Assets Under Management (AUM) growth
|
|
|
|
**Valuation Multiples:**
|
|
- Price-to-Book (P/B): 1.0-2.5x
|
|
- P/E: 10-18x
|
|
|
|
**Considerations:**
|
|
- Regulatory capital requirements (Basel III/IV)
|
|
- Interest rate sensitivity analysis
|
|
- Credit risk provisioning (CECL / IFRS 9)
|
|
- Mark-to-market vs. held-to-maturity accounting
|
|
|
|
## Healthcare
|
|
|
|
**Key Metrics:**
|
|
- Revenue per patient / per bed
|
|
- Payor mix (Medicare/Medicaid vs. commercial)
|
|
- EBITDAR margin (rent-adjusted for facilities)
|
|
- Clinical trial pipeline value (biotech/pharma)
|
|
- Patent cliff exposure
|
|
- R&D as % of revenue — benchmark 15-25% (pharma)
|
|
|
|
**Valuation Multiples:**
|
|
- EV/EBITDA: 10-18x (medtech), 12-20x (pharma)
|
|
- EV/Revenue: 3-8x (services), 5-15x (devices)
|
|
|
|
**Considerations:**
|
|
- Reimbursement rate changes (regulatory risk)
|
|
- FDA approval timelines and probability-weighted pipeline
|
|
- 340B pricing program impact
|
|
- Medical device regulation (MDR, QSR compliance)
|