One-glance verdict
Overvalued
$299.77 our estimate vs market $349.20
Wall Street consensus: $397.40 (32.6% higher than our fair-value estimate)
16% above our estimate, beyond the bull case
Fundamentals snapshot
MongoDB, Inc.
MDB · NGM · Technology · Software - Infrastructure
Current price
$349.20
52-week range
$196.00 - $444.72
Market cap
$28.09B
Balance sheet
Healthy
-43.79x Concerning
Net cash $2.37B. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
2 Risks
2 rewards · 2 risks
- Reward Revenue grew 5.6% last year.
- Reward Free cash flow was positive in 3/10 years.
- Risk Return on equity was -1.0% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 2.7% (peer median: 2.9%).
What this company does
MongoDB, Inc.
MongoDB provides a flexible digital filing cabinet (a database) that software developers use to build modern applications and websites. The company makes most of its money through its subscription service called Atlas, which generates recurring revenue (predictable income paid on a regular schedule) by managing customers' databases for them in the cloud. Since nearly every digital service needs a database to function, MongoDB's popularity with developers is important for its business.
How the company got here
Founded in 2007 as 10gen, the company was started by the team behind the internet advertising giant DoubleClick. They realized that traditional databases, which organize data in neat rows and columns like a spreadsheet, weren't great for the messy, fast-changing data of modern web applications. They created a new type of database, named MongoDB (from "humongous"), that was more flexible and could scale up easily. The company renamed itself after its popular product in 2013 and had a major turning point in 2016 when it launched Atlas, a cloud-based version of its database that now makes up the majority of its revenue.
What it actually does
MongoDB provides a popular database platform designed for modern applications, unlike the traditional databases that work like rigid spreadsheets. Instead of rows and columns, it stores data in flexible, JSON-like "documents," which lets developers build and update applications faster because the database structure can easily change as the app evolves. Think of it as a digital filing cabinet where each file can have a different structure, rather than a spreadsheet where every row must have the same columns. This makes it ideal for handling the large volumes of varied and unstructured data common in today's web and mobile apps.
MongoDB Atlas
This is the company's flagship product and its main engine for growth, making up over 70% of total revenue. Atlas is a fully managed cloud service, which means customers don't have to worry about the headaches of setting up, managing, and updating the database software themselves. Instead, they pay MongoDB a subscription fee to run the database for them on major cloud platforms like Amazon Web Services (AWS), Google Cloud, and Microsoft Azure. This pay-as-you-go model is very popular with businesses of all sizes, from startups to large corporations, who want to focus on building their applications rather than managing infrastructure.
MongoDB Enterprise Advanced & Other
This segment provides a commercial version of the database for large companies that want to run it on their own servers (often called on-premises) or in a hybrid cloud environment. Customers pay for a subscription that includes the advanced database software, sophisticated management tools, enhanced security features, and 24/7 technical support from MongoDB's experts. This business line is for organizations with specific security, compliance (following industry regulations), or operational needs that require them to manage their own database infrastructure. This segment, along with professional services like consulting and training, makes up the rest of the company's revenue.
What management is betting on now
The company's strategy is heavily focused on driving more customers to its high-growth MongoDB Atlas cloud platform. A major priority is integrating Artificial Intelligence (AI) capabilities, such as vector search, directly into Atlas to help developers build modern, AI-powered applications. Management is also focused on expanding its platform to handle more types of data and workloads, encouraging customers to consolidate different databases onto MongoDB. By partnering closely with major cloud providers and expanding internationally, MongoDB aims to become the main database platform for developers building all kinds of modern applications.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q2
$-2.45M
FY2025 Q3
$35.46M
FY2025 Q4
$24.56M
FY2026 Q1
$108.32M
FY2026 Q2
$71.57M
FY2026 Q3
$141.83M
FY2026 Q4
$178.47M
FY2027 Q1
$199.31M
Revenue
$687.62M
Net income
$4.43M
Diluted EPS
0.05
Operating cash flow
$201.63M
Free cash flow
$199.31M
Fetching…
Sources
Revenue
$695.07M
Net income
$15.53M
Diluted EPS
-0.42
Operating cash flow
$179.60M
Free cash flow
$178.47M
Fetching…
Sources
Revenue
$628.31M
Net income
$-2.01M
Diluted EPS
—
Operating cash flow
$143.51M
Free cash flow
$141.83M
Fetching…
Sources
Revenue
$591.40M
Net income
$-47.05M
Diluted EPS
—
Operating cash flow
$72.11M
Free cash flow
$71.57M
Fetching…
Sources
Revenue
$549.01M
Net income
$-37.63M
Diluted EPS
-0.46
Operating cash flow
$109.93M
Free cash flow
$108.32M
Fetching…
Sources
Revenue
$548.40M
Net income
$15.83M
Diluted EPS
-1.73
Operating cash flow
$50.54M
Free cash flow
$24.56M
Fetching…
Sources
Revenue
$529.38M
Net income
$-9.78M
Diluted EPS
—
Operating cash flow
$37.44M
Free cash flow
$35.46M
Fetching…
Sources
Revenue
$478.11M
Net income
$-54.53M
Diluted EPS
—
Operating cash flow
$-1.40M
Free cash flow
$-2.45M
Fetching…
Sources
Is it cheap or expensive?
Fair value $299.77 vs current price $349.20
Wall Street consensus is the average analyst price target: $397.40 (32.6% higher than our fair-value estimate).
Our most-likely fair value is $299.77 a share — about 14.2% below today's price of $349.20, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $2.4B - more cash than debt. Interest coverage -43.8x.
Net debt
$-2.37B
Interest coverage
-43.79x
MongoDB, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
MDB
BASELINE
MongoDB, Inc.
Total debt $58.63M Interest coverage -43.79x This is the baseline the peer rows are being compared against.
Total debt $2.77B Interest coverage -172.95x Neither company has much profit cushion over interest right now.
Total debt $1.29B Interest coverage -4.01x Neither company has much profit cushion over interest right now.
Total debt $591.56M Interest coverage -1.33x Neither company has much profit cushion over interest right now.
What you should know
The case for and against MDB
2 Rewards
2 Risks
Rewards
-
Revenue grew 5.6% last year.
-
Free cash flow was positive in 3/10 years.
Risks
-
Return on equity was -1.0% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 2.7% (peer median: 2.9%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
47.59x
P/B
9.58x
P/S
10.79x
EV/EBITDA
-326.30x
PEG ratio
1.67x
Profitability
How much profit each dollar creates
Gross margin
72.0%
Operating margin
-3.6%
Net margin
-1.1%
ROE
-1.0%
ROA
-1.8%
Health
Liquidity and balance-sheet strength
Debt / equity
0.02x
Current ratio
4.95x
Quick ratio
4.55x
Total debt
$58.63M
Total cash
$2.43B
Growth
How the business has been compounding
Revenue TTM
$2.60B
Revenue 5Y CAGR
29.6%
EPS TTM
-0.35
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$596.85M
Free CF TTM
$500.19M
FCF margin
19.2%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
—