Below is the Q3 2025 net dollar retention of every SaaS company that has IPO’d since October 2017. 57 of the companies are still public and 32 of them released net dollar retention data in the quarter. The data also shows NDR historically going back to Q1 2022.
Stable NDR. The current median of 109% is strong, but that figure fell from H1 2022 when NDR was over 123%. The average NDR shows similar trends. That said, we’ve seen 4 quarters of really nice stability in NDR; ~109% may be the new norm for great NDR.
Some stability. In Q3 of 2022, median NDR was 123%. Then in Q4 of 2022 it fell hard to 115%. We believe this is because SaaS renewals tend to be much heavier in Q4 than other quarters, so if you’re going to have churn you’ll really see it in Q4. Importantly, we didn’t see huge drops from Q3 2023 to Q4 2023 or from Q3 2024 to Q4 2024. Q4 2025 will be another test of the trend.
Thank you for the readership. Visit blossomstreetventures.com for more blogs and SaaS data. Email the author at sammy@blossomstreetventures.com or connect on LinkedIn.
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