LTV : CAC

Customer acquisition cost
Lifetime value
Payback period
Average customer lifespan
Gross profit per customer per month

How it works

Lifetime value is gross-margin revenue divided by churn — the margin matters, because revenue you spend delivering the service was never yours. Using revenue instead of gross profit is the most common way LTV gets overstated, often by a factor of three or more.

The ratio of LTV to CAC is the headline, with 3:1 the usual benchmark. But payback period is the number that governs whether you can fund growth: a business with an excellent ratio and an eighteen-month payback still needs enormous working capital to grow, because every new customer is a hole in the bank account for a year and a half.

CAC = spend ÷ new customers · LTV = ARPU × gross margin ÷ churn rate

  • CAC — fully loaded cost of acquiring one customer, including sales salaries
  • ARPU — average revenue per user per month
  • Churn — the share of customers lost each month
  • Payback — months of gross profit needed to recover the CAC

Worked example

1,800,000 of monthly spend winning 120 customers at 4,500 ARPU, 78% margin, 2.5% monthly churn

Inputs

Spend1,800,000
New customers120
ARPU4,500
Margin78%
Churn2.5%

Results

CAC15,000
LTV140,400
LTV:CAC9.4×
Payback5 months

A 9.4:1 ratio with a five-month payback is exceptionally healthy — the usual signal to spend more on acquisition, not less.

Frequently asked questions

What should be included in CAC?

Everything spent to win the customer: advertising, sales salaries and commission, marketing tools, agency fees and events. Excluding salaries — the most common shortcut — can understate CAC by half.

Is a 3:1 LTV:CAC ratio really the target?

It is a rule of thumb, not a law. Below 3:1 usually means acquisition is too expensive to scale. Far above it often means you are under-investing in growth and leaving market share on the table.

Why does payback period matter if the ratio is good?

Because it determines how much cash growth consumes. A long payback with a strong ratio means the business is valuable but hungry — every new customer must be funded for months before returning anything.

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