1. Financial Health Check
- Revenue: $2.01B
- Net Income: -129072000
- Net Margin: -6.43%
- Revenue Growth (3yr CAGR): N/A (Need historical data)
- ROE (Return on Equity): N/A (Missing Equity)
- ROIC (Return on Invested Capital): [ROIC (Return on Invested Capital)]
- Debt/Equity: N/A (Missing Liabilities)
- Free Cash Flow Yield: [Free Cash Flow Yield]
- Free Cash Flow Trend: [Free Cash Flow Trend]
2. Financial Trends
3. Historical Data
| Year | Revenue | Net Income | Gross Profit | Op. Cash Flow |
|---|---|---|---|---|
| 2025 | 2.01B | -129.07M | 1.47B | 150.19M |
| 2024 | 1.68B | -176.60M | 1.26B | 121.48M |
| 2023 | 1.28B | -345.40M | 934.74M | -12.97M |
| 2022 | 873.78M | -306.87M | 614.29M | 6.98M |
| 2021 | 590.38M | -266.94M | 413.30M | -42.67M |
4. Competitive Advantage (Moat)
- Type of Moat: Switching Costs, Intangible Assets
- Strength: Wide
- Description: MongoDB offers a flexible document model that handles all types of data, seamless scalability, and a compelling developer experience. The Voyage AI acquisition further strengthens their moat by providing best-in-class embedding and reranking models for AI applications. These models are used by AI leaders, making MongoDB a trustworthy solution for AI development. Customers also benefit from the high complexity and significant revenue obtained for modernizing applications, resulting in switching costs.
5. Management Quality
- CEO: Dev Ittycheria
- Capital Allocation: Stock buyback of $200 million to offset dilution from the Voyage AI acquisition. Reinvesting in R&D, particularly in AI, and in marketing to improve awareness of MongoDB's capabilities.
- Tone: Optimistic
- Key Quotes:
- "MongoDB was built for change. MongoDB was designed from the outset to remove the constraints of legacy databases, enabling businesses to scale, adapt and innovate at AI speed."
- "AI is ushering in a new era of accelerated change and every company will have to adapt. We are witnessing a once in a generation shift that will fundamentally reshape industries, accelerate the pace of innovation and redefine competitive dynamics in ways we've never seen before."
6. Growth Prospects
- Total Addressable Market (TAM): [Size and Growth Rate]
- Market Share: [Current share and potential to gain]
- New Products/Services: [Pipeline]
7. Scuttlebutt & Soft Data
- Customer Reviews: [Trends in customer satisfaction]
- Employee Feedback: [Glassdoor ratings, turnover]
- Channel Checks: [Insights from suppliers or distributors]
8. Valuation
- P/E Ratio: [Current vs. Historical vs. Peers]
- EV/EBITDA: [Current vs. Historical vs. Peers]
- DCF Fair Value: [Estimate]
9. Risks
- [Risk 1: Slower than expected adoption of AI among enterprise customers.]
- [Risk 2: Headwinds from reduced multi-year non-Atlas deals.]
- [Risk 3: Seasonality of Atlas consumption growth, especially around the holidays.] ```
10. Checklist
- Do I understand the business model?
- Is the balance sheet healthy?
- Is management aligned with shareholders?
- Is the valuation reasonable?
- Is there a clear catalyst?