# MongoDB Inc. (MDB) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/MDB/thesis · /stocks/MDB/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/MDB/fundamental

## Navigation

- Overview: /stocks/MDB
- Financials (this page): /stocks/MDB/financials
- Thesis: /stocks/MDB/thesis
- Investment Memo: /stocks/MDB/memo
- Coverage universe: /stocks