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Spin precession is one of the key physical effects that could unveil theorigin of the compact binaries detected by ground- and space-basedgravitational-wave (GW) detectors, and shed light on their possible formationchannels. Efficiently and accurately modeling the GW signals emitted by thesesystems is crucial to extract their properties. Here, we present SEOBNRv5PHM, amultipolar precessing-spin waveform model within the effective-one-body (EOB)formalism for the full signal (i.e. inspiral, merger and ringdown) of binaryblack holes (BBHs). In the non-precessing limit, the model reduces toSEOBNRv5HM, which is calibrated to $442$ numerical-relativity (NR) simulations,13 waveforms from BH perturbation theory, and non-spinning energy flux fromsecond-order gravitational self-force theory. We remark that SEOBNRv5PHM is notcalibrated to precessing-spin NR waveforms from the Simulating eXtremeSpacetimes Collaboration. We validate SEOBNRv5PHM by computing theunfaithfulness against 1543 precessing-spin NR waveforms, and find that for99.8% (84.4%) of the cases, the maximum value, in the total mass range 20-300$M_\odot$, is below 3% (1%). These numbers reduce to 95.3% (60.8%) when usingthe previous version of the SEOBNR family, SEOBNRv4PHM, and to 78.2% (38.3%)when using the state-of-the-art frequency-domain multipolar precessing-spinphenomenological IMRPhenomXPHM model. Due to much better computationalefficiency of SEOBNRv5PHM compared to SEOBNRv4PHM, we are also able to performextensive Bayesian parameter estimation on synthetic signals and GW eventsobserved by LIGO-Virgo detectors. We show that SEOBNRv5PHM can be used as astandard tool for inference analyses to extract astrophysical and cosmologicalinformation of large catalogues of BBHs.

SEOBNRv5PHM: Next generation of accurate and efficient multipolar precessing-spin effective-one-body waveforms for binary black holes