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Held by 1,222 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $247.11 today, the market must believe free cash flow compounds 54.4%/yr for a decade (off $221.8M on the SBC-adjusted basis).
On the basis ($822.9M) the requirement is 34.1%/yr. The difference is what charging stock compensation costs.
The market's 54.4% is more optimistic than its 8-yr track record.
Default is 11.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.36B shares (market data) · net debt -$401.3M
mean 129.3% · volatility σ 296% · implied rate exceeded in 3/6 yrs
Central path = implied 54.4%/yr growth; shaded band = ±1σ (296%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Ranked against 25 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MSFT | $4.01T | 30.1× | 21.2× | 12.1× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.1× | 6,047 |
| PLTR | $481.8B | 318.3× | — | — | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | -1.0× | 2,794 |
| ORCL | $407.6B | 23.1× | 13.6× | 6.0× | 17.3% | — | 25.4% | 40.2% | 34.4% | -0.8× | 3,403 |
| CRWD | $250.4B | — | — | 52.0× | 21.7% | 74.7% | -3.4% | -3.7% | -3.1% | — | 2,385 |
| SHOP | $229.2B | 189.5× | 151.9× | 19.8× | 30.1% | 48.1% | 10.7% | 9.1% | 9.1% | -1.0× | 1,643 |
| CRM | $203.1B | 31.6× | 22.1× | 4.9× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 0.8× | 2,393 |
| NOW | $153.6B | 89.0× | 59.1× | 11.6× | 20.9% | 77.5% | 13.2% | 13.5% | 12.1% | -0.9× | 2,160 |
| SNOW | $118.2B | — | — | 25.2× | 29.2% | 67.2% | -28.4% | -69.2% | -69.2% | — | 1,428 |
| NET | $112.6B | — | — | 52.0× | 29.8% | 74.5% | -4.7% | -7.0% | -7.0% | — | 1,182 |
| ADBE | $97.9B | 15.1× | 10.4× | 4.1× | 10.5% | 89.3% | 30.0% | 61.3% | 40.0% | 0.1× | 1,914 |
| DDOG | $95.6B | — | — | 27.9× | 27.7% | 80.0% | 3.1% | 2.9% | 2.9% | — | 1,222 |
| SNPS | $89.7B | 58.2× | 63.7× | 12.7× | 15.1% | 77.0% | 18.9% | 4.7% | 3.2% | 6.7× | 1,391 |
| CDNS | $89.3B | 79.9× | 50.2× | 16.9× | 14.1% | — | 20.9% | 20.3% | 20.3% | -1.8× | 1,445 |
| INTU | $88.2B | 20.1× | 15.0× | 4.1× | 13.9% | — | 21.3% | 24.0% | 17.1% | 0.5× | 1,694 |
| NTES | $81.4B | 84.7× | 13.7× | 5.0× | 11.6% | 64.3% | 30.9% | 21.7% | 21.7% | -1.2× | 446 |
| EA | $52.9B | 59.7× | 36.3× | 7.0× | 0.9% | 79.0% | 11.8% | 13.1% | 13.1% | -2.1× | 983 |
| ADSK | $51.2B | 46.9× | 31.8× | 7.1× | 17.5% | 91.0% | 15.6% | 36.9% | 20.3% | 0.1× | 1,157 |
| VEEV | $50.7B | 57.5× | — | 15.9× | 16.3% | 75.5% | 28.4% | 12.6% | 12.6% | — | 1,032 |
| XYZ | $48.0B | 38.0× | 23.4× | 2.0× | 0.3% | 42.8% | 5.4% | 5.9% | 4.4% | 0.3× | 1,057 |
| TWLO | $42.0B | — | 119.7× | 8.3× | 13.7% | 48.9% | 0.7% | 0.4% | 0.4% | 0.9× | 933 |
| TTWO | $39.1B | — | — | 5.9× | 18.2% | 57.2% | -4.5% | -8.5% | -4.9% | 10.3× | 1,092 |
| CRWV | $38.4B | — | 23.5× | 7.5× | 168% | 71.7% | -22.7% | -35.0% | -4.7% | 7.6× | 960 |
| RBLX | $36.5B | — | — | 7.5× | 35.8% | 78.1% | -21.8% | -270% | -76.0% | — | 778 |
| OKTA | $36.5B | 159.2× | — | 12.5× | 11.8% | 77.4% | 8.1% | 3.4% | 3.4% | -5.3× | 810 |
| MDB | $29.5B | — | — | 12.0× | 22.8% | 71.7% | -2.9% | -2.4% | -2.4% | — | 840 |
Peers = companies sharing DDOG's sector (Services-Prepackaged Software) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $1.00B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 9 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 3%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 9 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.43B 100.0% | $2.68B 100.0% | $2.13B 100.0% | $1.68B 100.0% | $1.03B 100.0% | $603.5M 100.0% | $362.8M 100.0% | $198.1M 100.0% | $100.8M 100.0% |
| Cost of Revenue | $687.0M 20.0% | $515.5M 19.2% | $409.9M 19.3% | $346.7M 20.7% | $234.2M 22.8% | $130.2M 21.6% | $88.9M 24.5% | $46.5M 23.5% | $23.4M 23.2% |
| Gross Profit | $2.74B 80.0% | $2.17B 80.8% | $1.72B 80.7% | $1.33B 79.3% | $794.5M 77.2% | $473.3M 78.4% | $273.8M 75.5% | $151.5M 76.5% | $77.3M 76.8% |
| Research & Development | $1.55B 45.2% | $1.15B 42.9% | $962.4M 45.2% | $752.4M 44.9% | $419.8M 40.8% | $210.6M 34.9% | $111.4M 30.7% | $55.2M 27.9% | $24.7M 24.5% |
| Selling, General & Admin | $279.7M 8.2% | $205.2M 7.6% | $180.2M 8.5% | $139.4M 8.3% | $94.4M 9.2% | $62.8M 10.4% | $35.9M 9.9% | $18.6M 9.4% | $11.4M 11.3% |
| Total Operating Expenses | $2.78B 81.3% | $2.11B 78.8% | $1.75B 82.3% | $1.39B 82.8% | $813.7M 79.1% | $487.0M 80.7% | $294.0M 81.0% | $162.6M 82.1% | $80.3M 79.7% |
| Operating Income | -$44.4M -1.3% | $54.3M 2.0% | -$33.5M -1.6% | -$58.7M -3.5% | -$19.2M -1.9% | -$13.8M -2.3% | -$20.1M -5.6% | -$11.0M -5.6% | -$3.0M -2.9% |
| Interest Expense | $11.1M 0.3% | $7.1M 0.3% | $6.3M 0.3% | $16.5M 1.0% | $21.1M 2.0% | $30.4M 5.0% | $32K 0.0% | — | — |
| Interest & Investment Income | $194.4M 5.7% | $155.3M 5.8% | $103.5M 4.9% | $34.9M 2.1% | — | — | — | — | — |
| Other Income (Expense), net | -$12.0M -0.3% | $1.4M 0.1% | -$3.5M -0.2% | $2.2M 0.1% | $734K 0.1% | -$8.4M -1.4% | $4.2M 1.1% | $793K 0.4% | $843K 0.8% |
| Pretax Income | $127.0M 3.7% | $203.9M 7.6% | $60.2M 2.8% | -$38.1M -2.3% | -$18.4M -1.8% | -$22.2M -3.7% | -$16.0M -4.4% | -$10.2M -5.2% | -$2.1M -2.1% |
| Income Tax Expense | $19.3M 0.6% | $20.2M 0.8% | $11.7M 0.5% | $12.1M 0.7% | $2.3M 0.2% | $2.3M 0.4% | $734K 0.2% | $522K 0.3% | $457K 0.5% |
| Net Income | $107.7M 3.1% | $183.8M 6.8% | $48.6M 2.3% | -$50.2M -3.0% | -$20.8M -2.0% | -$24.5M -4.1% | -$16.7M -4.6% | -$10.8M -5.4% | -$2.6M -2.6% |
| Per Share | |||||||||
| EPS (Basic) | $0.31 | $0.55 | $0.15 | -$0.16 | -$0.07 | -$0.08 | -$0.12 | -$0.15 | -$0.04 |
| EPS (Diluted) | $0.31 | $0.52 | $0.14 | -$0.16 | -$0.07 | -$0.08 | -$0.12 | -$0.15 | -$0.04 |
| Weighted Avg Shares (Basic) | 347.3M | 336.2M | 324.0M | 315.4M | 309.0M | 300.4M | 139.9M | 71.0M | 61.3M |
| Weighted Avg Shares (Diluted) | 363.5M | 358.6M | 350.3M | 315.4M | 309.0M | 300.4M | 139.9M | 71.0M | 61.3M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-16
Where each multiple sits in its own 7-yr range · 65th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 7-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 3% against ROIC 3% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 23.5 | 24.5 | 21.6 | 22.8 | 20.7 | 19.3 | 19.2 | 20.0 |
| Gross Profit | 76.5 | 75.5 | 78.4 | 77.2 | 79.3 | 80.7 | 80.8 | 80.0 |
| R&D | 27.9 | 30.7 | 34.9 | 40.8 | 44.9 | 45.2 | 42.9 | 45.2 |
| SG&A | 9.4 | 9.9 | 10.4 | 9.2 | 8.3 | 8.5 | 7.6 | 8.2 |
| Operating Income | -5.6 | -5.6 | -2.3 | -1.9 | -3.5 | -1.6 | 2.0 | -1.3 |
| Income Tax | 0.3 | 0.2 | 0.4 | 0.2 | 0.7 | 0.5 | 0.8 | 0.6 |
| Net Income | -5.4 | -4.6 | -4.1 | -2.0 | -3.0 | 2.3 | 6.8 | 3.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DDOG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -12.33pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -6.8% | 11.3% (today's — no rate published for this year) | -18.1pts |
| FY2020 | -1.4% | 11.3% (today's — no rate published for this year) | -12.7pts |
| FY2021 | -1.9% | 5.4% | -7.3pts |
| FY2022 | -4.2% | 11.6% | -15.8pts |
| FY2023 | -1.5% | 11.8% | -13.3pts |
| FY2024 | 2.6% | 11.7% | -9.1pts |
| FY2025 | -1.0% | 10.6% | -11.6pts |
| Now | 2.9% | 11.3% | -8.4pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 76.8% | -2.9% | -2.6% |
| FY2018 | 76.5% | -5.6% | -5.4% |
| FY2019 | 75.5% | -5.6% | -4.6% |
| FY2020 | 78.4% | -2.3% | -4.1% |
| FY2021 | 77.2% | -1.9% | -2.0% |
| FY2022 | 79.3% | -3.5% | -3.0% |
| FY2023 | 80.7% | -1.6% | 2.3% |
| FY2024 | 80.8% | 2.0% | 6.8% |
| FY2025 | 80.0% | -1.3% | 3.1% |
Return on equity (3%) and return on invested capital (3%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$707M of goodwill — 19% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is -1.28% against -1.04% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 8.95x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $1.00B; after share-based compensation it is $250M. The difference is a real cost that the cash flow statement adds back.
Stressed coverage falls to -2.8x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | -4.01x |
| 5% | -3.81x |
| 10% | -3.61x |
| 15% | -3.41x |
| 20% | -3.21x |
| 25% | -3.01x |
| 30% | -2.81x |
| 35% | -2.61x |
| 40% | -2.41x |
| 45% | -2.21x |
| 50% | -2.01x |
| 55% | -1.81x |
| 60% | -1.60x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $295,556,000 of the $295,556,000 total — a fixed obligation that does not appear in a headline debt figure.
At $266.25, free cash flow must compound 55.63%/yr for 10 years. It has no positive compounding record after stock compensation to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 285.1% | 55.6% |
| FY2022 | −82.3% | 55.6% |
| FY2023 | 650.6% | 55.6% |
| FY2024 | 77.0% | 55.6% |
| FY2025 | −5.9% | 55.6% |
This is solved on free cash flow AFTER stock compensation ($222M against $823M before it). On the unadjusted figure the requirement would be 35.26%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $108M | $108M |
| Share-based comp | $751M | $858M |
| Other non-cash & working capital | $192M | $1.05B |
| Operating cash flow | $1.05B | $1.05B |
| Capex | −$50M | $1.00B |
| Free cash flow | $1.00B | $1.00B |
| FCF after SBC | $250M | $250M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 66.3% | 59.5% | -6.8 points |
| FY2021 | 70.5% | 64.6% | -5.9 points |
| FY2022 | 62.8% | 48.6% | -14.2 points |
| FY2023 | 27.1% | 27.5% | 0.4 points |
| FY2024 | 26.1% | 17.6% | -8.5 points |
| FY2025 | 27.7% | 23.8% | -3.9 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 103 days | not reported | 63.3 days | 39.7 days |
| FY2020 | 98.8 days | not reported | 59.8 days | 39 days |
| FY2021 | 95.4 days | not reported | 39.4 days | 56 days |
| FY2022 | 87.1 days | not reported | 24.7 days | 62.4 days |
| FY2023 | 87.3 days | not reported | 78.1 days | 9.2 days |
| FY2024 | 81.4 days | not reported | 76.3 days | 5.2 days |
| FY2025 | 78.9 days | not reported | 79.1 days | -0.1 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.9 percent |
| FY2020 | -7.1 percent |
| FY2021 | -12.9 percent |
| FY2022 | -15.6 percent |
| FY2023 | -15.5 percent |
| FY2024 | -11.9 percent |
| FY2025 | -14.2 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.