MongoDB Inc.
MDBBusiness Overview
ticker: MDB step: 01 generated: 2026-05-13 source: quick-research
MongoDB, Inc. (MDB) — Business Overview
Business Description
MongoDB is the developer data platform built on a flexible, document-based NoSQL database that replaces rigid relational schemas with JSON-like documents — enabling faster application development, especially for unstructured and semi-structured data. MongoDB Atlas, the fully managed cloud service running on AWS, Azure, and GCP, now represents ~75% of revenue and reached a $2B run rate with 30% YoY growth. FY2026 (ended Jan 2026) revenue was $2.464B (+23% YoY), with 54,500+ customers worldwide.
Revenue Model
Primarily subscription-based (~97% of revenue): Atlas cloud database (consumption + subscription tiers), Enterprise Advanced (perpetual license + annual support), and professional services. Atlas charges based on compute, storage, and data transfer consumed — creating an automatic expansion motion as customer applications scale. Land-and-expand: developers adopt Atlas on a free tier, production usage triggers paid plans, and usage grows with application traffic.
Products & Services
- MongoDB Atlas — fully managed cloud database; auto-scaling, global clusters, multi-region; ~75% of revenue
- Enterprise Advanced — self-managed on-premises or private cloud; includes Ops Manager, Encrypted Storage Engine, LDAP integration
- Community Edition — open-source; free; creates developer familiarity and pipeline
- Atlas Search — full-text and vector search natively integrated into the database
- Atlas Vector Search — purpose-built for AI/RAG applications; stores embeddings alongside operational data
- Voyage AI — embedding model optimization for AI applications (acquired 2025)
- MongoDB Relational Migrator — migration tooling for Oracle/MySQL/PostgreSQL → MongoDB (legacy modernization)
Customer Base & Go-to-Market
54,500+ paying customers; 2,200+ with $100K+ ARR. Developer-led adoption: MongoDB's open-source community creates a bottom-up motion where developers adopt first, then enterprises standardize. Key verticals: financial services, healthcare, retail, gaming, and media. Named 2025 Microsoft United States Partner of the Year — Atlas deeply integrated into Azure AI stack. Channel partners and cloud marketplace sales growing as enterprise buying shifts to cloud procurement.
Competitive Position
MongoDB competes against AWS DocumentDB (MongoDB-compatible clone), Azure Cosmos DB, Google Cloud Firestore, and traditional RDBMS (Oracle, PostgreSQL, MySQL). Differentiation: the flexible document model natively handles the unstructured data AI applications generate (chat histories, embeddings, event streams), while vector search integration eliminates the need for a separate vector database. No major competitor offers the same combination of operational database + search + vector search in a single managed service. Over 54,500 customers and the developer community represent significant switching cost moats.
Key Facts
- Founded: 2007
- Headquarters: New York, New York
- Employees: ~5,000
- Exchange: NASDAQ
- Sector / Industry: Technology / Database Software
- Market Cap: ~$22–25B (at ~$300/share)
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.