MDB

MongoDB is a high-quality developer data platform compounding at scale: revenue grew 22.8% to $2.46B in FY2026, the latest leg of a consistent ramp from $874M in FY2022. Gross margin of 71.7% confirms classic software economics, and the GAAP loss narrative is rapidly improving — net loss shrank from -$307M (FY2022) to just -$71.2M (FY2026, +44.9% YoY), with the deficit narrowing every single year. The headline negative P/E of -378 and -2.9% net margin understate the real cash engine: operating cash flow jumped 236% to $505M against trivial capex of $4.96M, so the company is strongly free-cash-flow generative; the GAAP losses are largely non-cash stock compensation rather than operational bleeding.

The balance sheet is a clear strength and de-risks the story. Cash more than doubled (+121%) to $1.08B, stockholders' equity is $2.95B against total liabilities of just $806M (liabilities/equity 0.27x), and current assets ($3.11B) dwarf current liabilities ($669M). Management is confident enough in the cash profile to have repurchased $400M of stock in FY2026, partially offsetting dilution — shares outstanding actually fell 1.0%. The MD&A shows the strategic engine is Atlas, the multi-cloud DBaaS, now 73% of revenue (up from 70%), with 97% of total revenue recurring subscription and a 700M+ download funnel feeding paid conversion.