Resource
SaaS financial model template
A free Excel SaaS model — assumptions, monthly MRR build, P&L and the metrics a software investor actually asks for. No email address, no sign-up, no macros.
Written by CA Pranay Bhansali, Founder & Principal, Volaxi — Chartered Accountant (ICAI), former senior buy-side research analyst.
Last reviewed October 2026 · LinkedIn
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SaaS financial model — Excel workbook
Five tabs, formula-driven, with illustrative figures for a fictional company throughout. Replace the assumptions with your own numbers and the whole model recalculates.
The template in summary
| Topic | What it covers |
|---|---|
| Format | Excel workbook (.xlsx), five tabs, formula-driven, no macros, no email required. |
| Assumptions | Every input the model depends on — customers, churn, ARPA, costs — in one place. |
| MRR build | Opening, new, expansion and churned MRR by month, so revenue is built from customers, not typed in. |
| P&L | Revenue to EBITDA, monthly, driven entirely by the MRR build and the cost assumptions. |
| SaaS metrics | ARR, MRR growth, gross and net revenue retention, margins, Rule of 40 and CAC payback. |
01
Assumptions
Every input the model depends on sits on one tab: starting customers, new customer adds, logo churn, average revenue per account, expansion uplift and each cost line. Nothing is hard-coded inside a formula elsewhere in the workbook.
This is the discipline a reviewer looks for first. When an assumption lives in exactly one cell, changing it produces a new scenario instead of a broken model.
02
MRR build
Revenue is built from customers, not typed in as a growth percentage. Each month walks from opening customers to closing customers — new adds, churned logos — and from opening MRR to closing MRR through new, expansion and churned MRR.
This structure is what makes the model testable. A diligence reviewer can ask "what happens if churn doubles?" and get an answer in one cell, rather than unpicking a revenue line that was never really built.
New MRR
New customers multiplied by ARPA — the output of sales capacity, not a hope.
Expansion MRR
Upsell and seat growth on the retained base, stated separately so it can be challenged separately.
Churned MRR
Lost revenue from lost customers, visible as its own line rather than netted away.
03
P&L
The monthly P&L is driven entirely by the MRR build and the cost assumptions: revenue flows from closing MRR, cost of service scales with revenue, and operating costs sit as explicit monthly lines down to EBITDA.
Because nothing is typed in twice, the P&L can never disagree with the MRR build — a small thing that eliminates a large category of model errors.
04
SaaS metrics
The metrics tab computes what a software investor or acquirer actually asks for: ARR at exit run-rate, MRR growth, gross and net revenue retention, gross and EBITDA margins, the Rule of 40, and CAC payback in months.
Net revenue retention above 100% means the existing customer base grows even with zero new sales — the first thing a diligence reviewer checks, and the number most often inflated by how churn is defined. The workbook computes it mechanically from the MRR build so the definition is visible.
05
What the template deliberately does not do
This is a clean structural starting point, not a transaction-ready model. Stating the limits is more useful than pretending a free download replaces a model built for a specific company.
Cohorts
Customer cohorts are modelled in aggregate, not by vintage — a live retention analysis needs cohort-level data.
Cash flow and runway
The workbook stops at EBITDA; working capital, cash conversion and runway are not built out.
Bookings vs revenue
Annual contracts, deferred revenue and the bookings-to-revenue bridge are not modelled.
Valuation
No DCF or multiples — this is the operating model a valuation would sit on top of.
Common questions
Is the SaaS financial model template free?
Yes. The Excel file downloads directly with no email address, sign-up or payment required.
What is included in the SaaS financial model?
Five tabs: an assumptions sheet holding every input, a monthly MRR build (new, expansion and churned MRR), a monthly P&L down to EBITDA, and a SaaS metrics tab computing ARR, growth, gross and net revenue retention, margins, Rule of 40 and CAC payback.
Can I use this template to model my own SaaS business?
Yes — replace the illustrative assumptions with your own customers, churn, ARPA and costs and the model recalculates. For a fundraise or a sale process you will also need cohort-level retention, a bookings-to-revenue bridge and a cash flow build, which are deliberately left out.
Does Volaxi build SaaS models for clients?
Yes. Volaxi builds three-statement and SaaS operating models for founders, investors and advisory firms, performed personally by CA Pranay Bhansali. A fixed-price pilot is available for a first engagement.
Discuss an Engagement
If you require support with financial modelling, business valuation or financial due diligence for a live transaction or strategic engagement, we'd be pleased to discuss your requirements.