MongoDB, Inc. (MDB)
Fair ValueFundamental
51
Price
$348.61
Market Cap
$33.95B
Part 1 · What the company is worth
Overview
MongoDB makes database software: the system that stores and retrieves the data behind an application, from a shopping cart to a bank's transaction history. Its product stores data in a flexible format that lets developers change what they record without redesigning the database first, which is why it has become popular for new, fast-moving software projects, including many of the applications that developers are now building around large language models and other forms of artificial intelligence.
How it makes money
Most revenue now comes from Atlas, a version of the database that MongoDB runs for customers on rented cloud servers and bills mainly by consumption — the more data and traffic a customer's application generates, the more it pays. The remainder comes from software licensed for customers to install and run on their own servers, a business that keeps shrinking every year as more customers migrate their existing applications onto the cloud-hosted version instead of maintaining their own infrastructure.
Revenue by segment
The cloud-hosted, consumption-billed version of the database that MongoDB runs for customers — the fast-growing majority of revenue.
Software licensed for customers to install and run on their own infrastructure, a legacy business now in decline as customers move to Atlas.
Competitive moat
Switching costs · NarrowOnce an application is built on MongoDB's data model, moving it to a different database means rewriting how the software stores and queries data, a project few engineering teams undertake lightly. That lock-in is real but not unusual in databases generally, and MongoDB competes against cloud providers' own database services and open-source alternatives that offer a similar model at a lower price.
What drives demand
Moderately cyclicalAtlas bills by consumption, so revenue tracks how much a customer's own application is actually used, which slows when companies cut back on new software projects or optimize cloud spending in a downturn. Because the database sits underneath applications that are expensive to rebuild once running, existing customers rarely leave even when they trim usage, which limits how far demand falls.
Key risks
- Competition from cloud providers' native databases — Amazon, Microsoft and Google each sell their own database services, including some designed to mimic MongoDB's model, bundled with the rest of their cloud platforms at competitive prices.
- Declining legacy licence business — The non-Atlas licensed-software business is shrinking as customers migrate to the cloud, and that decline is a drag Atlas growth must continually outrun for total revenue to keep rising.
- Usage-based revenue sensitive to customer spending — Because Atlas bills mainly on consumption, any slowdown in a customer's own application growth or a deliberate cost-cutting effort reduces MongoDB's revenue with little lag.
- History of net losses — MongoDB has a history of operating losses as it invests heavily in growth, and there is no guarantee it sustains the profitability needed to fund that investment from its own cash flow indefinitely.
Customer concentration
MongoDB serves more than 65,200 customers across over 100 countries, and the company does not disclose reliance on any concentrated group of large accounts.
The case for
Buyers argue that Atlas's consumption-based model gives MongoDB direct exposure to the growth of the applications built on it, that switching a live application to another database is costly enough to keep most customers in place, and that the shrinking legacy licence business will soon stop being a drag on overall growth.
The case against
Sellers fear that cloud providers' own bundled database services will keep chipping away at MongoDB's pricing power, that usage-based revenue leaves the company exposed to customers cutting cloud spend, and that a history of net losses raises questions about how much investment the business can keep funding on its own.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
Generated on September 19, 2026 with claude-haiku-4-5 — shared with all users
AWS sells DynamoDB and DocumentDB, the latter built to be compatible with MongoDB's own API, to the same cloud developers MongoDB Atlas targets.
MongoDB's 10-K names Oracle among the legacy database vendors it displaces, competing for the same enterprise database budgets and workloads.
Microsoft competes on both fronts MongoDB names — SQL Server as a legacy database and Azure Cosmos DB as a cloud document database sold to the same customers.
Google Cloud offers Firestore and Bigtable as managed non-relational databases bundled with its cloud contracts, competing directly with MongoDB Atlas.
Couchbase sells a document-oriented NoSQL database and its Capella managed service to the same application developers; it went private under Haveli Investments in September 2025 and is no longer listed.
Elasticsearch and Elastic Cloud compete with MongoDB Atlas for the same search, document-store and vector workloads inside modern applications.
Balance Sheet & Liquidity
Revenue
$2.78B
Trailing 12 months (through 7/31/2026)
Net Income
$59M
Trailing 12 months (through 7/31/2026)
Free Cash Flow
$500M
Total Equity
$2.95B
Total Liabilities
$806M
Current Ratio
4.87
Interest Coverage
6.14
Debt/EBITDA
-
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$308.94
Current Price
$348.61
Margin of Safety
-12.8%
Fair Value Range
$200.81 - $417.07
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
491.00
ROE
-2.4%
P/B Ratio
9.42
P/FCF
42.61
Gross Margin
72.7%
ROIC
-0.4%
Profitability Radar
Value Creation (Economic Moat)
ROIC
-0.4%
WACC
14.0%
ROIC − WACC
-14.3 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (14)
- EPS shows upward trend
- Price CAGR 34.53%
- Gross Margin 72.7%
- Debt/Equity ratio
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Low reliance on intangibles
- Revenue Growth 5Y 33.1%
- Analyst Consensus 81% Buy
- Earnings Surprise avg 26.1%
- Earnings Quality (OCF/NI) 11.32
- Net Margin Trend 2.1% vs -3.5%
Failed (10)
- ROIC -0.4%
- P/FCF 42.61
- P/B Ratio 9.42
- Operating Margin -0.5%
- Return on Tangible Assets
- Price below Graham Number
- DCF valuation (Overvalued)
- ROE 2.0%
- Share Dilution 8.4%
- Piotroski F-Score 4/9
Unavailable (3)
- Dividend Payout NaN%
- Debt/EBITDA
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Issuing new shares, diluting ownership
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Chirantan Jitendra Desai | President, CEO & Director | 54 |
| Mr. Dwight A. Merriman | Co-Founder & Director | 56 |
| Mr. Michael J. Berry | CFO & Principal Financial Officer | 62 |
| Mr. Kong Phan | Chief Accounting Officer & Principal Accounting Officer | 42 |
| Mr. Jim Scharf | Chief Technology Officer | - |
| Ms. Deepa Gopinath | Chief Information Officer | - |
| Mr. Jess Ian Lubert | Vice President of Investor Relations | - |
| Mr. Andrew Stephens | Chief Legal Officer, General Counsel & Corporate Secretary | - |
| Ms. May Petry | Chief Marketing Officer | - |
| Ms. Harsha Jalihal | Chief People Officer | - |
Audit Risk
1
Board Risk
6
Compensation Risk
7
Shareholder Rights Risk
5
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-03-11
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-09-01
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-09-29
via SEC EDGAR
Income History
via SEC EDGAR
Latest News
Recent headlines for MDB, sourced from Markets Gazette.
- 3d agoNEGATIVEMongoDB Plunges 18% as Meta Taps CEO To Lead New AI Platform | Closing Bell
MongoDB Inc. experienced a significant drop of 18% following the announcement that its CEO, Dev Ittycheria, will be stepping down to lead a new AI platform. This leadership change and the departure of its CEO to a new venture introduce uncertainty for investors regarding MongoDB's future strategy and execution. The market reaction reflects concerns about continuity and the potential impact on the company's growth trajectory in the competitive database market. Investors will be closely watching for updates on the new leadership and the strategic direction of MongoDB.
- 29d agoNEGATIVEPerché le azioni MongoDB scendono del 13% nonostante i solidi risultati del 2° trimestre
MongoDB Inc. shares plunged 13% on Wednesday, despite the database software company reporting second-quarter results that surpassed expectations. The sharp decline occurred because the company's Atlas cloud database service did not exhibit the accelerated growth investors were anticipating. While revenue increased by 30% year-over-year and full-year guidance was raised, with several Wall Street firms increasing price targets, the market's focus remained on the perceived lack of momentum in Atlas. This suggests that investor sentiment is highly sensitive to growth metrics in key product areas, overshadowing otherwise strong financial performance.
- 5/28/2026NEUTRALMongoDB Q1 2027 Earnings Call: Complete Transcript
MongoDB Inc. released its Q1 2027 earnings call transcript on May 28, 2026. While the transcript provides detailed insights into the company's performance, strategic initiatives, and future outlook, it does not contain specific financial results or forward-looking guidance that would immediately impact its stock price. Investors will need to analyze the content of the transcript for qualitative information regarding customer growth, product development, and competitive positioning to form an investment thesis. The neutral signal reflects the informational nature of the transcript release itself, without immediate quantifiable market-moving data.
- 5/28/2026POSITIVEMongoDB Delivers Better-Than-Expected Q1, Raises FY27 Outlook, Shares Surge
MongoDB Inc. reported strong first-quarter fiscal 2027 results, exceeding analyst expectations and prompting an upward revision of its full-year outlook. The database company's performance indicates robust demand for its cloud-based solutions, driving significant revenue growth and improved profitability metrics. Investors reacted positively to the news, with shares surging in after-hours trading. This positive momentum suggests continued confidence in MongoDB's strategic direction and its ability to capture market share in the competitive cloud database landscape.
- 5/27/2026POSITIVEMongoDB Stock Darts Higher After The Bell: Here's Why
MongoDB Inc. experienced a significant surge in its stock price following the release of its first-quarter financial results. The company's performance appears to be positively correlated with that of Snowflake, suggesting a broader positive sentiment within the data and cloud services sector. Investors are likely reacting to strong earnings, which often indicate robust demand for MongoDB's database solutions and potential for future growth. This upward movement could signal increased market confidence in the company's strategic direction and its ability to execute effectively in a competitive landscape.
- 3/3/2026NEGATIVEMongoDB Tumbles as Weak Forecast Revives Concerns
MongoDB shares plummeted over 20% in Tuesday's trading session after the database software company issued weaker-than-expected forecasts for its full-year revenue and first-quarter adjusted earnings. The fiscal 2027 sales-growth outlook, in particular, fell below analyst consensus, reigniting investor concerns about the company's expansion trajectory. This development points to an intensifying product race within the sector, coupled with rising competition and a noticeable slowdown in customer spending. While recent quarters showed improved execution, the 2027 revenue guidance implies a significant year-over-year deceleration, challenging the company's ability to sustain its growth momentum in an increasingly crowded market.
via Markets Gazette