MongoDB Inc.

MDB
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$695M
Q4 FY2026 · +27% YoY
TTM ROIC
35.6%
FY2026 · NOPAT / Invested Capital (goodwill + intangibles + NWC + acquired tech); NOPAT = Non-GAAP Operating Income × (1 − effective tax rate) · WACC ~12.5% · Moat spread +23pp

Financial Snapshot


ticker: MDB step: 04 generated: 2026-05-13 source: quick-research

MongoDB, Inc. (MDB) — Financial Snapshot

Note: MongoDB's fiscal year ends January 31. FY2024 = Feb 2023 – Jan 2024.

Income Statement Summary

Metric FY2023 FY2024 FY2025 YoY
Revenue $1.28B $1.68B $2.01B +19.2%
Subscription Revenue ~$1.24B ~$1.63B ~$1.95B +20%
Non-GAAP Gross Margin ~74% ~77% ~77%
GAAP Net Income ~-$0.4B ~-$0.5B ~-$0.5B (SBC-driven)
Non-GAAP EPS (diluted) ~$3.10 ~$5.19 ~$6.50

FY2026 (ended Jan 2026): Revenue $2.464B (+22.8% YoY); Atlas revenue +30% YoY (75% of total); Atlas $2B ARR run rate. Growth re-accelerated from FY2025's 19% trough back to 23%. Q3 FY2026 Atlas growth reached 30% — strongest Atlas acceleration in years.

Cash Flow & Balance Sheet (FY2025)

Metric Value
Operating Cash Flow ~$350–400M
Free Cash Flow ~$250–300M (~12–15% FCF margin)
Capital Expenditures ~$50–75M
Cash & Equivalents ~$2.3B
Total Debt ~$1.15B (convertible notes)

Net cash positive. SBC remains ~15–18% of revenue, suppressing GAAP profitability. Non-GAAP operating margins improving as Atlas scales. Buyback program initiated in FY2026 signals management confidence in the balance sheet.

Key Ratios (approximate)

  • P/E: ~50x (non-GAAP FY2027E) | EV/Sales: ~9x | FCF Yield: ~1.5%
  • Revenue Growth (TTM): ~23% | Non-GAAP Operating Margin: ~17–19%

Growth Profile

MongoDB grew from $1.28B (FY2023) to $2.464B (FY2026) — roughly doubling in 3 years. Growth decelerated sharply from 47% (FY2023) to 31% (FY2024) to 19% (FY2025), triggering a significant stock selloff. FY2026's re-acceleration to 23% and Atlas growth back to 30% are the recovery signals analysts point to. The 19% FY2025 dip was driven by a consumption optimization cycle (large customers reducing workloads), not structural demand loss — management attributed recovery to AI-driven workload growth on Atlas.

Forward Estimates

  • FY2027: Revenue guidance raised to ~$2.95–3.0B (~20–22% YoY) with Atlas expected to maintain 25–30% growth
  • Atlas Vector Search: fastest-growing product feature — RAG applications driving incremental consumption
  • Non-GAAP EPS: ~$7–8 range, expanding margins as Atlas scale improves unit economics
  • Analyst mean PT: ~$370–435 range; Buy consensus (34 analysts); ~23% upside from ~$300
  • Buyback program: share count reduction improving per-share metrics

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $MDB.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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