# MongoDB (MDB.US)

Canonical: https://gigainvestors.com/s/MDB

Analysis as of: 2026-10-16T07:30:07.794Z. Financial observations: FY2016–FY2027.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $366.49 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 9

- Operating margin variation: 0.68×

Chart: Operating margin; fiscal year observations.

- FY2018: -0.63×

- FY2019: -0.37×

- FY2020: -0.35×

- FY2021: -0.35×

- FY2022: -0.33×

- FY2023: -0.27×

- FY2024: -0.14×

- FY2025: -0.11×

- FY2026: -0.06×

- LTM to Jul 2026: -0.01×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -33.2%

- ROIC, second-lowest year: -800.5%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 72.4%

- Recent gross margin (lower of latest and 3-year median): 72.7%

- Years with nonpositive capital: 4

- Capital spending / revenue: 0.9%

- ROIC including acquisitions, ten-year median: -243.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: -39.7%

- FY2019: -16.0%

- FY2020: -800.5%

- FY2021: -17.0%

- FY2022: -12.4%

- FY2023: -1519.0%

- FY2024: -110.0%

- FY2025: -41.4%

- FY2026: -26.6%

- LTM to Jul 2026: -2.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$943M

- Net income, five-year total: -$1.0B

- Return on incremental invested capital: -15.0%

- Working capital / revenue, annual change: -3.1 pp

- Working capital / revenue, change between three-year averages: -16.5 pp

- Working capital / revenue, final three-year average: 19.1%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: -$290M

- FY2023: -$323M

- FY2024: -$151M

- FY2025: -$129M

- FY2026: -$50M

### management: fail

- Historical market-dollar context (not the management verdict): 2018 to 2026 (8 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -16.0% vs -41.4%

- Per-share earnings: -1.82 to -1.73 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 7.3%

- Ordinary dilution, 5-year annual growth: 6.6%

- Market cap gain: $29B

- Cumulative retained earnings: -$1.5B

- Diluted shares, 10-year annual growth: 7.3%

- Diluted shares, 5-year annual growth: 6.6%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2026

- Per-share value change: $0.09

- Per-share value, starting three-year median: -$1.82

- Per-share value, ending three-year median: -$1.73

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 0.3%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: $242M

- Cumulative net income, 10 years: -$1.8B

- ROIC, first three-year median: -16.0%

- ROIC, last three-year median: -41.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$1.75

- FY2018: -$1.83

- FY2019: -$1.90

- FY2020: -$3.14

- FY2021: -$4.53

- FY2022: -$4.75

- FY2023: -$5.03

- FY2024: -$2.48

- FY2025: -$1.73

- FY2026: -$0.88

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -15.3%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 109.0%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -27.9%

- FY2018: -12.4%

- FY2019: -7.8%

- FY2020: -11.0%

- FY2021: -15.9%

- FY2022: -12.8%

- FY2023: -12.8%

- FY2024: -10.4%

- FY2025: -8.1%

- FY2026: -15.3%

## Holders

- [Jeffrey Ubben](https://gigainvestors.com/VA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 31% since Dec 2021 · "MongoDB Q2 FY2027 earnings beat but stock falls on Atlas growth" (finance.yahoo.com, Sep 2026) · sales +12.9%

Story as of 2026-10-16T09:59:08.624Z; price observation 2026-10-15.

- 2025-06-04: MongoDB soars as Q1 results top estimates, ups guidance and increases buyback ([seekingalpha.com](https://seekingalpha.com/news/4455433-mongodb-soars-as-q1-results-top-estimates-ups-guidance-and-increases-buyback?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-08-27: MongoDB rallies as AI apps fuel demand for Atlas cloud database ([finance.yahoo.com](https://finance.yahoo.com/news/mongodb-rallies-ai-apps-fuel-135130178.html))

- 2025-12-20: MongoDB (MDB): Reassessing Valuation After Atlas-Fueled Q3 Beat and Raised Full-Year Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/mongodb-mdb-reassessing-valuation-atlas-220830894.html))

- 2026-03-03: MongoDB shares plummet 27% on weak growth in cloud business, muted forecast ([finance.yahoo.com](https://finance.yahoo.com/news/mongodb-shares-plummet-27-weak-164537975.html))

- 2026-05-29: MDB Q1 Deep Dive: Atlas and AI Momentum Drive Growth, Guidance Raised ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/mdb-q1-deep-dive-atlas-084838493.html))

- 2026-09-02: MongoDB Q2 FY2027 earnings beat but stock falls on Atlas growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/mongodb-q2-fy2027-earnings-beat-122616545.html))

### Sales · FY2026–2027

sales +12.9%; source https://www.sec.gov/Archives/edgar/data/1441816/000162828026016799/mdb-20260131.htm; observed 2026-03-11.

- FY2018: $155M 

- FY2019: $267M 

- FY2020: $422M 

- FY2021: $590M 

- FY2022: $874M 

- FY2023: $1.3B 

- FY2024: $1.7B 

- FY2025: $2.0B 

- FY2026: $2.5B 

- FY2027: $2.8B 

### Gross margin · FY2027

gross margin 72.7%; source https://www.sec.gov/Archives/edgar/data/1441816/000162828026016799/mdb-20260131.htm; observed 2026-03-11.

- FY2018: 72.3% 

- FY2019: 72.4% 

- FY2020: 70.3% 

- FY2021: 70.0% 

- FY2022: 70.3% 

- FY2023: 72.8% 

- FY2024: 74.8% 

- FY2025: 73.3% 

- FY2026: 71.7% 

- FY2027: 72.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software infrastructure; annual sales are USD 2.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1441816/000162828026016799/mdb-20260131.htm (filed 2026-03-11); FY2026: revenue 2463797000; grossProfit 1767739000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MDB.US: MongoDB, Inc., together with its subsidiaries, provides general purpose database platform worldwide. The company offers MongoDB Atlas, a hosted multi-cloud database-as-a-service solution; MongoDB Enterprise Advanced, a commercial database server for enterprise customers to run in the cloud, on-premises, or in a hybrid environment; and Community Server, a free-to-download version of its database, which includes the functionality that developers need to get started with MongoDB. It offers professional services comprising consulting and training. The company was formerly known as 10gen, Inc. and changed its name to MongoDB, Inc. in August 2013. MongoDB, Inc. was incorporated in 2007 and is headquartered in New York, New York.

### Why customers stay

Margins ranged from 71.7% to 74.8% during 2024–26; it lost 33.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2024: grossProfit / revenue = 74.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); FY2025: grossProfit / revenue = 73.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1441816/000162828026016799/mdb-20260131.htm (filed 2026-03-11); FY2026: grossProfit / revenue = 71.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); 10-year return on capital observations [[2018,-0.3971251156372582],[2019,-0.16042895659543355],[2020,-8.005354989035087],[2021,-0.16974067222784545],[2022,-0.12356544714304556],[2023,-15.189830273448333],[2024,-1.0998104722706994],[2025,-0.4138273999437532],[2026,-0.2661345519566923],[2027,-0.02882020103239311]]; median -0.33162983379697525. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 10 years; bought back USD 400.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,30195000],[2021,35523000],[2022,25209000],[2023,5707000],[2024,43724000],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1441816/000162828026016799/mdb-20260131.htm (filed 2026-03-11); FY2026: cash repurchases 400333000 USD.

### Are managers owners

Insiders own 2.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MDB.US SharesStats.PercentInsiders = 2.564 percentage points; cache date 2026-10-16.

### What the price says

The price is 12.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-11); Closing price 366.49 USD; reporting-to-trading FX 1; FY2026 annual sales per share 30.324954225731762; price multiple 12.085426321567889. FY2026 cash earnings/share -0.6122477615041235. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2017-10: $30.48 per share

- 2017-11: $28.53 per share

- 2017-12: $29.68 per share

- 2018-01: $27.11 per share

- 2018-02: $32.21 per share

- 2018-03: $43.40 per share

- 2018-04: $35.99 per share

- 2018-05: $47.13 per share

- 2018-06: $49.63 per share

- 2018-07: $54.11 per share

- 2018-08: $71.96 per share

- 2018-09: $81.55 per share

- 2018-10: $81.50 per share

- 2018-11: $82.90 per share

- 2018-12: $83.74 per share

- 2019-01: $92.36 per share

- 2019-02: $101.56 per share

- 2019-03: $147.02 per share

- 2019-04: $140.92 per share

- 2019-05: $140.34 per share

- 2019-06: $152.09 per share

- 2019-07: $143.22 per share

- 2019-08: $152.31 per share

- 2019-09: $120.48 per share

- 2019-10: $127.77 per share

- 2019-11: $148.70 per share

- 2019-12: $131.61 per share

- 2020-01: $163.91 per share

- 2020-02: $152.50 per share

- 2020-03: $136.54 per share

- 2020-04: $162.13 per share

- 2020-05: $232.11 per share

- 2020-06: $226.34 per share

- 2020-07: $229.08 per share

- 2020-08: $233.80 per share

- 2020-09: $231.51 per share

- 2020-10: $228.47 per share

- 2020-11: $287.31 per share

- 2020-12: $359.04 per share

- 2021-01: $369.61 per share

- 2021-02: $385.93 per share

- 2021-03: $267.43 per share

- 2021-04: $297.46 per share

- 2021-05: $291.94 per share

- 2021-06: $361.52 per share

- 2021-07: $358.92 per share

- 2021-08: $391.83 per share

- 2021-09: $471.51 per share

- 2021-10: $521.29 per share

- 2021-11: $498.10 per share

- 2021-12: $529.35 per share

- 2022-01: $405.11 per share

- 2022-02: $381.99 per share

- 2022-03: $443.59 per share

- 2022-04: $354.93 per share

- 2022-05: $237.15 per share

- 2022-06: $259.50 per share

- 2022-07: $312.47 per share

- 2022-08: $322.86 per share

- 2022-09: $198.56 per share

- 2022-10: $183.03 per share

- 2022-11: $152.69 per share

- 2022-12: $196.84 per share

- 2023-01: $214.21 per share

- 2023-02: $209.52 per share

- 2023-03: $233.12 per share

- 2023-04: $239.96 per share

- 2023-05: $293.79 per share

- 2023-06: $410.99 per share

- 2023-07: $423.40 per share

- 2023-08: $381.30 per share

- 2023-09: $345.86 per share

- 2023-10: $344.59 per share

- 2023-11: $415.74 per share

- 2023-12: $408.85 per share

- 2024-01: $400.52 per share

- 2024-02: $447.58 per share

- 2024-03: $358.64 per share

- 2024-04: $365.18 per share

- 2024-05: $236.06 per share

- 2024-06: $249.96 per share

- 2024-07: $252.36 per share

- 2024-08: $290.79 per share

- 2024-09: $270.35 per share

- 2024-10: $270.40 per share

- 2024-11: $322.49 per share

- 2024-12: $232.81 per share

- 2025-01: $273.32 per share

- 2025-02: $267.43 per share

- 2025-03: $175.40 per share

- 2025-04: $172.17 per share

- 2025-05: $188.83 per share

- 2025-06: $209.99 per share

- 2025-07: $237.89 per share

- 2025-08: $315.61 per share

- 2025-09: $310.38 per share

- 2025-10: $359.82 per share

- 2025-11: $332.37 per share

- 2025-12: $419.69 per share

- 2026-01: $371.33 per share

- 2026-02: $328.47 per share

- 2026-03: $244.77 per share

- 2026-04: $250.83 per share

- 2026-05: $335.55 per share

- 2026-06: $335.90 per share

- 2026-07: $337.48 per share

- 2026-08: $453.37 per share

- 2026-09: $348.61 per share

- 2026-10: $373.07 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1441816/000162828026016799/mdb-20260131.htm); period 2026-01-31, filed 2026-03-11.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.