# Atlassian (TEAM.US)

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

Analysis as of: 2026-10-16T07:32:18.064Z. Financial observations: FY2013–FY2026.

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: $217.12 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: 10

- Operating margin variation: 1.56×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.09×

- FY2018: -0.05×

- FY2019: -0.05×

- FY2020: 0.01×

- FY2021: 0.03×

- FY2022: 0.03×

- FY2023: -0.10×

- FY2024: -0.03×

- FY2025: -0.03×

- FY2026: 0.00×

### 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: -2.8%

- ROIC, second-lowest year: -14.1%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 82.7%

- Recent gross margin (lower of latest and 3-year median): 82.8%

- Years with nonpositive capital: 9

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: -107.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -134.0%

- FY2018: -2.1%

- FY2019: -3.5%

- FY2020: 0.6%

- FY2021: 5.8%

- FY2022: 3.4%

- FY2023: -14.1%

- FY2024: -4.1%

- FY2025: -4.0%

- FY2026: 0.3%

### 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: -$1.4B

- Net income, five-year total: -$1.6B

- Return on incremental invested capital: 2.1%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.9 pp

- Working capital / revenue, final three-year average: 12.1%

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

- FY2022: -$520M

- FY2023: -$452M

- FY2024: -$255M

- FY2025: -$209M

- FY2026: $53M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -3.5% vs -4.0%

- Per-share earnings: -0.17 to -0.98 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- 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: 3.0%

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: $12B

- Cumulative retained earnings: -$6.1B

- Diluted shares, 10-year annual growth: 3.0%

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: -$0.81

- Per-share value, starting three-year median: -$0.17

- Per-share value, ending three-year median: -$0.98

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 2.9%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: $2.9B

- Cumulative net income, 10 years: -$3.5B

- ROIC, first three-year median: -3.5%

- ROIC, last three-year median: -4.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$0.17

- FY2018: -$0.49

- FY2019: -$2.67

- FY2020: -$1.43

- FY2021: -$2.79

- FY2022: -$2.05

- FY2023: -$1.90

- FY2024: -$1.16

- FY2025: -$0.98

- FY2026: -$0.21

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -23.1%

- Receivables to sales index (DSRI): 1.29×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 118.7%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 2.58×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -18.4%

- FY2018: -17.5%

- FY2019: -37.1%

- FY2020: -23.8%

- FY2021: -50.5%

- FY2022: -40.3%

- FY2023: -33.0%

- FY2024: -33.6%

- FY2025: -28.4%

- FY2026: -23.1%

## Holders

## Price story

Down 53% since Oct 2021 · "Atlassian shares dip as cloud growth expected to slow despite earnings beat" (finance.yahoo.com, Feb 2026) · sales +26%

Story as of 2026-10-16T09:59:40.465Z; price observation 2026-10-15.

- 2025-05-01: Atlassian forecasts downbeat quarterly revenue, shares drop ([finance.yahoo.com](https://finance.yahoo.com/news/atlassian-forecasts-downbeat-quarterly-revenue-202622756.html))

- 2026-01-30: Why Atlassian (TEAM) Is Down 6.3% After Anthropic’s Cowork Emerges as a Direct Rival ([finance.yahoo.com](https://finance.yahoo.com/news/why-atlassian-team-down-6-111231059.html))

- 2026-02-05: Atlassian shares dip as cloud growth expected to slow despite earnings beat ([finance.yahoo.com](https://finance.yahoo.com/news/atlassian-shares-dip-cloud-growth-214054251.html))

- 2026-03-12: Atlassian To Cut 10 Percent Of Workforce As Company Invests More In AI ([nasdaq.com](https://www.nasdaq.com/articles/atlassian-cut-10-percent-workforce-company-invests-more-ai))

- 2026-05-02: Atlassian (TEAM) Climbs 30% as Revenues ‘Higher-Than-Expected’ ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/atlassian-team-climbs-30-revenues-040846035.html))

- 2026-08-06: Atlassian outlines 18% FY 2027 subscription ARR growth with 4.5% GAAP operating margin target ([seekingalpha.com](https://seekingalpha.com/news/4628656-atlassian-outlines-18-percent-fy-2027-subscription-arr-growth-with-4_5-percent-gaap-operating?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +26%; source https://www.sec.gov/Archives/edgar/data/1650372/000165037226000036/team-20260630.htm; observed 2026-08-14.

- FY2017: $620M 

- FY2018: $874M 

- FY2019: $1.2B 

- FY2020: $1.6B 

- FY2021: $2.1B 

- FY2022: $2.8B 

- FY2023: $3.5B 

- FY2024: $4.4B 

- FY2025: $5.2B 

- FY2026: $6.6B 

### Gross margin · FY2026

gross margin 84.8%; source https://www.sec.gov/Archives/edgar/data/1650372/000165037226000036/team-20260630.htm; observed 2026-08-14.

- FY2017: 81.9% 

- FY2018: 81.0% 

- FY2019: 82.6% 

- FY2020: 83.3% 

- FY2021: 83.4% 

- FY2022: 83.8% 

- FY2023: 82.1% 

- FY2024: 81.6% 

- FY2025: 82.8% 

- FY2026: 84.8% 

## Owner memo

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

### How it makes money

Operates in software application; annual sales are USD 6.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1650372/000165037226000036/team-20260630.htm (filed 2026-08-14); FY2026: revenue 6572308000; grossProfit 5575478000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 81.6% to 84.8% during 2024–26; it lost 2.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-14); FY2024: grossProfit / revenue = 81.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-14); FY2025: grossProfit / revenue = 82.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1650372/000165037226000036/team-20260630.htm (filed 2026-08-14); FY2026: grossProfit / revenue = 84.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-14); 10-year return on capital observations [[2017,-1.3400024303551357],[2018,-0.021224799760535363],[2019,-0.03527446314170889],[2020,0.00646825087741529],[2021,0.058176081253197766],[2022,0.03372118745595704],[2023,-0.14079564074898168],[2024,-0.04052724379970283],[2025,-0.0398492370361917],[2026,0.002937457886408312]]; median -0.028249631451122123. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 84% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1650372/000165037226000036/team-20260630.htm (filed 2026-08-14); Gross margin observations: [[2021,0.8340425593021408],[2022,0.8384113209189684],[2023,0.8206992098503755]]; range within 2 percentage points.

### Where the cash goes

Paid no dividends in 10 years; bought back USD 1.8 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-14); FY2017: growth capex 0; upkeep 16054000; owner earnings 8043000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1650372/000165037226000036/team-20260630.htm (filed 2026-08-14); FY2026: growth capex 0; upkeep 34060000; owner earnings 52780000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-14); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1650372/000165037226000036/team-20260630.htm (filed 2026-08-14); FY2026: cash repurchases 1800485000 USD.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TEAM.US SharesStats.PercentInsiders = 0.8580000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price is 8.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-14); Closing price 217.12 USD; reporting-to-trading FX 1; FY2026 annual sales per share 25.26227019214877; price multiple 8.594635333584488. FY2026 cash earnings/share 0.20287281435100302. Closing-price date 2026-10-15.

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

- 2016-10: $26.86 per share

- 2016-11: $27.14 per share

- 2016-12: $24.08 per share

- 2017-01: $27.63 per share

- 2017-02: $28.44 per share

- 2017-03: $29.95 per share

- 2017-04: $34.48 per share

- 2017-05: $35.76 per share

- 2017-06: $35.18 per share

- 2017-07: $35.82 per share

- 2017-08: $35.60 per share

- 2017-09: $35.15 per share

- 2017-10: $48.37 per share

- 2017-11: $46.69 per share

- 2017-12: $45.52 per share

- 2018-01: $53.99 per share

- 2018-02: $54.29 per share

- 2018-03: $53.92 per share

- 2018-04: $55.98 per share

- 2018-05: $63.79 per share

- 2018-06: $62.52 per share

- 2018-07: $72.41 per share

- 2018-08: $90.01 per share

- 2018-09: $96.14 per share

- 2018-10: $75.91 per share

- 2018-11: $85.94 per share

- 2018-12: $88.98 per share

- 2019-01: $98.40 per share

- 2019-02: $107.48 per share

- 2019-03: $112.39 per share

- 2019-04: $110.15 per share

- 2019-05: $125.88 per share

- 2019-06: $130.84 per share

- 2019-07: $140.12 per share

- 2019-08: $134.51 per share

- 2019-09: $125.44 per share

- 2019-10: $120.79 per share

- 2019-11: $127.11 per share

- 2019-12: $120.34 per share

- 2020-01: $147.00 per share

- 2020-02: $144.96 per share

- 2020-03: $137.26 per share

- 2020-04: $155.49 per share

- 2020-05: $185.30 per share

- 2020-06: $180.27 per share

- 2020-07: $176.65 per share

- 2020-08: $191.76 per share

- 2020-09: $181.79 per share

- 2020-10: $191.62 per share

- 2020-11: $225.05 per share

- 2020-12: $233.87 per share

- 2021-01: $231.13 per share

- 2021-02: $237.70 per share

- 2021-03: $210.76 per share

- 2021-04: $237.56 per share

- 2021-05: $233.28 per share

- 2021-06: $256.86 per share

- 2021-07: $325.12 per share

- 2021-08: $367.06 per share

- 2021-09: $391.42 per share

- 2021-10: $458.13 per share

- 2021-11: $376.32 per share

- 2021-12: $381.29 per share

- 2022-01: $324.34 per share

- 2022-02: $305.72 per share

- 2022-03: $293.83 per share

- 2022-04: $224.83 per share

- 2022-05: $177.32 per share

- 2022-06: $187.40 per share

- 2022-07: $209.32 per share

- 2022-08: $247.66 per share

- 2022-09: $210.59 per share

- 2022-10: $202.73 per share

- 2022-11: $131.55 per share

- 2022-12: $128.68 per share

- 2023-01: $161.62 per share

- 2023-02: $164.33 per share

- 2023-03: $171.17 per share

- 2023-04: $147.66 per share

- 2023-05: $180.79 per share

- 2023-06: $167.81 per share

- 2023-07: $181.94 per share

- 2023-08: $204.06 per share

- 2023-09: $201.51 per share

- 2023-10: $180.64 per share

- 2023-11: $190.95 per share

- 2023-12: $237.86 per share

- 2024-01: $249.77 per share

- 2024-02: $207.42 per share

- 2024-03: $195.11 per share

- 2024-04: $172.30 per share

- 2024-05: $156.86 per share

- 2024-06: $176.88 per share

- 2024-07: $176.57 per share

- 2024-08: $165.60 per share

- 2024-09: $158.81 per share

- 2024-10: $188.54 per share

- 2024-11: $263.58 per share

- 2024-12: $243.38 per share

- 2025-01: $306.78 per share

- 2025-02: $284.26 per share

- 2025-03: $212.21 per share

- 2025-04: $228.31 per share

- 2025-05: $207.63 per share

- 2025-06: $203.09 per share

- 2025-07: $191.78 per share

- 2025-08: $177.78 per share

- 2025-09: $159.70 per share

- 2025-10: $169.42 per share

- 2025-11: $149.52 per share

- 2025-12: $162.14 per share

- 2026-01: $118.18 per share

- 2026-02: $75.13 per share

- 2026-03: $68.25 per share

- 2026-04: $68.59 per share

- 2026-05: $107.61 per share

- 2026-06: $77.79 per share

- 2026-07: $101.02 per share

- 2026-08: $194.17 per share

- 2026-09: $179.29 per share

- 2026-10: $208.04 per share

## Annual estimated value (USD per share)

- FY2017: low $2.81 per share, central $2.87 per share, high $2.94 per share

- FY2018: low $7.82 per share, central $7.87 per share, high $7.95 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/1650372/000165037226000036/team-20260630.htm); period 2026-06-30, filed 2026-08-14.

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.

## Reported holder observations



# TEAM — Atlassian Corp.

Held by 3 investors · USD 601,702,532 total · 2024 Q4 · reported price USD 243.38 (split-adjusted).
Page: https://gigainvestors.com/s/TEAM

## Holders (2024 Q4)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Henry Ellenbogen (https://gigainvestors.com/DCP) | USD 383,456,385 | 3.1% | add +499.69% |
| Andreas Halvorsen (https://gigainvestors.com/vg) | USD 120,761,505 | 0.4% | reduce -83.32% |
| Chase Coleman (https://gigainvestors.com/TGM) | USD 97,484,642 | 0.4% | hold |

## Total held by quarter

- 2018 Q4: USD 44,490,000 · 1 holder · USD 88.98
- 2019 Q1: USD 56,195,000 · 1 holder · USD 112.39
- 2019 Q2: USD 72,983,337 · 2 holders · USD 130.84
- 2019 Q3: USD 337,121,630 · 2 holders · USD 125.44
- 2019 Q4: USD 518,636,518 · 2 holders · USD 120.34
- 2020 Q1: USD 397,859,914 · 2 holders · USD 137.26
- 2020 Q2: USD 272,207,700 · 1 holder · USD 180.27
- 2020 Q3: USD 1,272,174,418 · 3 holders · USD 181.79
- 2020 Q4: USD 1,377,147,939 · 2 holders · USD 233.87
- 2021 Q1: USD 1,146,528,288 · 2 holders · USD 210.76
- 2021 Q2: USD 767,842,129 · 2 holders · USD 256.86
- 2021 Q3: USD 965,006,868 · 1 holder · USD 391.42
- 2021 Q4: USD 940,032,366 · 1 holder · USD 381.29
- 2022 Q1: USD 926,247,655 · 2 holders · USD 293.83
- 2022 Q2: USD 588,618,153 · 2 holders · USD 187.40
- 2022 Q3: USD 362,741,907 · 1 holder · USD 210.59
- 2022 Q4: USD 51,542,131 · 1 holder · USD 128.68
- 2023 Q1: USD 438,301,839 · 2 holders · USD 171.17
- 2023 Q2: USD 365,800,125 · 2 holders · USD 167.81
- 2023 Q3: USD 426,349,619 · 2 holders · USD 201.51
- 2023 Q4: USD 731,622,395 · 3 holders · USD 237.86
- 2024 Q1: USD 825,870,388 · 3 holders · USD 195.11
- 2024 Q2: USD 575,961,079 · 3 holders · USD 176.88
- 2024 Q3: USD 577,783,653 · 3 holders · USD 158.81
- 2024 Q4: USD 601,702,532 · 3 holders · USD 243.38
- 2025 Q1: USD 0 · 0 holders