Braze (BRZE)
Market Price (10/7/2026): $26.47 | Market Cap: $2.9 BilSector: Information Technology | Industry: Application Software
Braze (BRZE)
Market Price (10/7/2026): $26.47Market Cap: $2.9 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% Megatrend and thematic driversMegatrends include Cloud Computing, Digital Advertising, and Artificial Intelligence. Themes include Software as a Service (SaaS), Show more. | Weak multi-year price returns2Y Excs Rtn is -55%, 3Y Excs Rtn is -126% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -111 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -13% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.1% Key risksBRZE key risks include [1] a history of unprofitability despite strong revenue growth, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Megatrend and thematic driversMegatrends include Cloud Computing, Digital Advertising, and Artificial Intelligence. Themes include Software as a Service (SaaS), Show more. |
| Weak multi-year price returns2Y Excs Rtn is -55%, 3Y Excs Rtn is -126% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -111 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -13% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.1% |
| Key risksBRZE key risks include [1] a history of unprofitability despite strong revenue growth, Show more. |
Qualitative Assessment
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Braze (BRZE) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Robust Fiscal Q2 2027 Financial Results and Elevated Full-Year Outlook.
Braze (BRZE) reported strong financial performance for its fiscal second quarter, which ended July 31, 2026, with revenue of $227.2 million, marking a 26.2% year-over-year increase and surpassing analyst estimates of approximately $220.3 million. The company also significantly exceeded non-GAAP EPS expectations, posting $0.19 against a consensus of $0.16. This strong performance was accompanied by improved profitability, with non-GAAP operating income reaching $22.0 million compared to $6.0 million in the prior year's fiscal Q2 2026, and non-GAAP operating margin improving over 600 basis points year-over-year to 9.7%. Additionally, Braze raised its full fiscal year 2027 revenue guidance to $910-$913 million (from $895-$899 million) and non-GAAP operating income guidance to $75.5-$76.5 million (from $70-$74 million), signaling continued confidence in its growth trajectory and improving profitability.
2. Strategic AI Expansion and Key Partnership.
Braze significantly advanced its artificial intelligence strategy with the announcement of a strategic collaboration agreement with Amazon Web Services (AWS) in late September 2026. This partnership aims to enhance AI-powered customer engagement through a dedicated co-sell motion and the integration of Amazon Bedrock into BrazeAI Agent Console. The company further bolstered its AI offerings by unveiling new AI products at its Forge 2026 conference, including BrazeAI Decisioning Studio Go, agentic standards, BrazeAI Operator Connect, and conversational agents, reinforcing AI innovation as a core growth driver. Paid adoption of Braze's AI tools by large customers reached approximately one-third in fiscal Q2 2027, an increase of about 900 basis points from fiscal Q1 2027.
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Braze (BRZE) stock has gained about 20% since 6/30/2026 because of the following key factors:
1. Robust Fiscal Q2 2027 Financial Results and Elevated Full-Year Outlook.
Braze (BRZE) reported strong financial performance for its fiscal second quarter, which ended July 31, 2026, with revenue of $227.2 million, marking a 26.2% year-over-year increase and surpassing analyst estimates of approximately $220.3 million. The company also significantly exceeded non-GAAP EPS expectations, posting $0.19 against a consensus of $0.16. This strong performance was accompanied by improved profitability, with non-GAAP operating income reaching $22.0 million compared to $6.0 million in the prior year's fiscal Q2 2026, and non-GAAP operating margin improving over 600 basis points year-over-year to 9.7%. Additionally, Braze raised its full fiscal year 2027 revenue guidance to $910-$913 million (from $895-$899 million) and non-GAAP operating income guidance to $75.5-$76.5 million (from $70-$74 million), signaling continued confidence in its growth trajectory and improving profitability.
2. Strategic AI Expansion and Key Partnership.
Braze significantly advanced its artificial intelligence strategy with the announcement of a strategic collaboration agreement with Amazon Web Services (AWS) in late September 2026. This partnership aims to enhance AI-powered customer engagement through a dedicated co-sell motion and the integration of Amazon Bedrock into BrazeAI Agent Console. The company further bolstered its AI offerings by unveiling new AI products at its Forge 2026 conference, including BrazeAI Decisioning Studio Go, agentic standards, BrazeAI Operator Connect, and conversational agents, reinforcing AI innovation as a core growth driver. Paid adoption of Braze's AI tools by large customers reached approximately one-third in fiscal Q2 2027, an increase of about 900 basis points from fiscal Q1 2027.
3. Positive Analyst Sentiment and Price Target Revisions.
Following Braze's robust fiscal Q2 2027 results and AI-related announcements, numerous equity research analysts reiterated "Buy" or "Overweight" ratings and increased their price targets for BRZE stock. Examples include Barclays raising its price target from $31.00 to $38.00, Raymond James from $27.00 to $33.00, and Mizuho setting a $52.00 target. The consensus analyst rating remains a "Moderate Buy" or "Strong Buy" with an average 12-month price target of $38.21, reflecting a positive outlook on the company's prospects and contributing to the stock's upward trend.
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Stock Movement Drivers
Fundamental Drivers
The 21.4% change in BRZE stock from 6/30/2026 to 10/6/2026 was primarily driven by a 15.0% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.69 | 26.34 | 21.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 787 | 834 | 6.0% |
| P/S Multiple | 3.1 | 3.5 | 15.0% |
| Shares Outstanding (Mil) | 111 | 111 | -0.4% |
| Cumulative Contribution | 21.4% |
Market Drivers
6/30/2026 to 10/6/2026| Return | Correlation | |
|---|---|---|
| BRZE | 21.4% | |
| Market (SPY) | 4.3% | 11.9% |
| Sector (XLK) | 6.0% | -16.2% |
Fundamental Drivers
The 11.6% change in BRZE stock from 3/31/2026 to 10/6/2026 was primarily driven by a 13.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.61 | 26.34 | 11.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 738 | 834 | 13.0% |
| P/S Multiple | 3.5 | 3.5 | -0.6% |
| Shares Outstanding (Mil) | 111 | 111 | -0.7% |
| Cumulative Contribution | 11.6% |
Market Drivers
3/31/2026 to 10/6/2026| Return | Correlation | |
|---|---|---|
| BRZE | 11.6% | |
| Market (SPY) | 20.1% | 8.4% |
| Sector (XLK) | 52.2% | 0.9% |
Fundamental Drivers
The -7.4% change in BRZE stock from 9/30/2025 to 10/6/2026 was primarily driven by a -24.3% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.44 | 26.34 | -7.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 655 | 834 | 27.4% |
| P/S Multiple | 4.6 | 3.5 | -24.3% |
| Shares Outstanding (Mil) | 107 | 111 | -4.0% |
| Cumulative Contribution | -7.4% |
Market Drivers
9/30/2025 to 10/6/2026| Return | Correlation | |
|---|---|---|
| BRZE | -7.4% | |
| Market (SPY) | 17.9% | 16.4% |
| Sector (XLK) | 43.9% | 10.4% |
Fundamental Drivers
The -43.6% change in BRZE stock from 9/30/2023 to 10/6/2026 was primarily driven by a -68.4% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.73 | 26.34 | -43.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 409 | 834 | 104.1% |
| P/S Multiple | 11.1 | 3.5 | -68.4% |
| Shares Outstanding (Mil) | 97 | 111 | -12.6% |
| Cumulative Contribution | -43.6% |
Market Drivers
9/30/2023 to 10/6/2026| Return | Correlation | |
|---|---|---|
| BRZE | -43.6% | |
| Market (SPY) | 88.5% | 37.6% |
| Sector (XLK) | 150.8% | 33.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BRZE Return | -17% | -65% | 95% | -21% | -18% | -22% | -72% |
| Peers Return | 22% | -46% | 72% | 25% | -7% | -1% | 31% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 107% |
Monthly Win Rates [3] | |||||||
| BRZE Win Rate | 50% | 25% | 67% | 58% | 50% | 50% | |
| Peers Win Rate | 53% | 32% | 58% | 57% | 40% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BRZE Max Drawdown | - | -70% | -27% | -50% | -49% | -54% | |
| Peers Max Drawdown | -25% | -55% | -25% | -28% | -43% | -45% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CRM, ADBE, ORCL, HUBS, TWLO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/6/2026 (YTD)
How Low Can It Go
| Event | BRZE | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.9% | -6.7% |
| % Gain to Breakeven | 21.8% | 7.1% |
| Time to Breakeven | 16 days | 31 days |
In The Past
Braze's stock fell -2.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 2.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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In The Past
Braze's stock fell -2.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 2.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Braze (BRZE)
Braze, Inc. (BRZE) operates a customer engagement platform designed to help brands worldwide foster more effective and personalized interactions with their consumers. The company's core offering empowers businesses to collect and unify customer data, gain deep insights into consumer behavior, and orchestrate multi-channel communication strategies to enhance the customer journey and build stronger relationships.
The platform's capabilities are broadly categorized into several key areas. Firstly, it offers tools for data ingestion, including software development kits (SDKs) and REST APIs, to seamlessly integrate customer data from various digital touchpoints. Secondly, Braze provides sophisticated classification products such as segmentation, segment insights, and a predictive suite, which enable brands to define, analyze, and identify valuable consumer groups based on attributes, behaviors, or predicted propensities. Finally, its orchestration products, notably "Canvas," allow customers to design and automate complex, multi-step, cross-channel messaging experiences like onboarding flows and re-engagement campaigns, complemented by traditional campaign management and robust reporting and analytics.
Ultimately, Braze provides a comprehensive solution for brands looking to move beyond generic messaging towards data-driven, personalized customer experiences. By enabling intelligent data utilization, precise customer targeting, and automated, contextually relevant communication across mobile, web, and and other digital channels, Braze helps its global clientele improve customer loyalty, engagement, and business performance.
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1. Salesforce Marketing Cloud for the real-time, mobile customer journey.
2. HubSpot's marketing automation, but for deeply personalized, real-time, multi-channel experiences.
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- Braze Customer Engagement Platform: A comprehensive platform providing interactions between consumers and brands worldwide.
- Braze Software Development Kits (SDKs): Tools for automated data ingestion and the delivery of mobile/web notifications and in-app messages.
- REST API: Enables importing or exporting data and triggering workflows between Braze and existing technology stacks.
- Partner Cohort Syncing: Allows brands to synchronize user segments directly from integrated partners.
- Segmentation and Segment Insights: Products used to define reusable consumer segments, analyze their performance, and understand contributing factors.
- Predictive Suite: Features that help identify groups of consumers with critical business value through predictive analytics.
- Canvas: An orchestration tool for designing multi-step, cross-channel customer journeys, such as onboarding and nurture campaigns.
- Campaigns: Functionality for sending targeted single-channel or multi-channel messages to specific user segments.
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Major Customers of Braze (BRZE)
Braze, Inc. primarily sells its customer engagement platform to other companies (B2B) worldwide, enabling these brands to interact with their consumers. While Braze does not publicly disclose a definitive list of its "major" customers by revenue contribution, its platform is utilized by a wide range of well-known global brands. Based on publicly available information and case studies, some prominent customer companies include:
- Starbucks (SBUX)
- T-Mobile (TMUS)
- Pinterest (PINS)
- Etsy (ETSY)
- Gap (GPS)
- Domino's (DPZ)
- Warner Bros. Discovery (WBD) - for brands like Max (formerly HBO Max)
- Restaurant Brands International (RBI) - for brands like Burger King
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- Amazon Web Services (AMZN)
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Bill Magnuson is a co-founder of Braze, initially serving as CTO in 2011 before transitioning to CEO in 2017. Prior to co-founding Braze (formerly Appboy) after winning the TechCrunch Disrupt Hackathon with Jon Hyman in 2011, he worked as a software engineer at Google on App Inventor for Android. He also gained experience at Bridgewater Associates, a large hedge fund. Magnuson holds a Masters in EECS and a B.S. in Computer Science with a Minor in Economics from MIT.
Isabelle Winkles, Chief Financial Officer
Isabelle Winkles joined Braze as its first-ever Chief Financial Officer in January 2020, leading the Finance and Revenue Operations Functions. She was named the 2024 CFO of the Year. Before Braze, she served as Vice President of Finance at Cognizant and as Chief of Staff to the CFO. Winkles spent 18 years at Morgan Stanley, where her roles included investment banking and equity research, and she established and led new finance teams post-financial crisis. She earned a B.S. in Chemistry from MIT and an MBA from Harvard Business School.
Jon Hyman, Cofounder and Chief Technology Officer
Jon Hyman is a co-founder of Braze, overseeing the platform's technical systems, infrastructure, technical operations, security, and engineering teams. He co-founded Braze (formerly Appboy) in 2011 with Bill Magnuson after winning the TechCrunch Disrupt Hackathon. Before Braze, Hyman was a lead engineer at Bridgewater Associates. He is a Harvard alum.
Astha Malik, Chief Business Officer
Astha Malik leads all Go-To-Market Strategy and Operations, Global Marketing, and Growth at Braze, having joined in June 2022. She brings over 20 years of experience in building brands and driving growth. Her previous roles include Chief Operating Officer of VTEX and leadership positions at Zendesk, PagerDuty, and Sumo Logic. Malik holds a Masters of Science from Florida International University - Chapman Graduate School of Business.
Kevin Wang, Chief Product Officer
Kevin Wang is responsible for Braze's product roadmap, strategy, and the Product Management and UX teams. He joined Braze as a software engineer in 2012, contributing to the development of the initial product and the early engineering team. Prior to his time at Braze, Wang worked as a consultant at Accenture. He received his B.S. in Brain & Cognitive Sciences from MIT.
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Key Risks for Braze (BRZE)
- Data Privacy, AI Regulation, and Cybersecurity Risks: As a customer engagement platform that processes vast amounts of sensitive consumer data, Braze is highly exposed to evolving global data privacy regulations (such as GDPR and various state-level US laws) and the inherent risks associated with Artificial Intelligence (AI) ethics, bias, and accuracy. New or evolving laws could necessitate costly changes to its platform and business model. Furthermore, the company faces significant cybersecurity threats; data breaches or privacy violations could lead to substantial legal liabilities, regulatory fines, and severe reputational damage, eroding customer trust.
- Intense Competition and Challenges to Achieving Consistent Profitability: Braze operates in a highly competitive market against established giants like Adobe and Salesforce, as well as agile, specialized platforms. This intense competition necessitates substantial investment in sales and marketing, which contributes to persistent operating losses despite strong revenue growth. While Braze has shown progress in achieving non-GAAP net income, it continues to report GAAP net losses, indicating a challenge in converting top-line growth into sustainable profitability at scale amidst market pressures. Economic downturns could also lead to businesses cutting marketing budgets, further impacting Braze's revenue growth and profitability.
- Rapid Advancements and Disruption from Generative AI: The swift evolution of AI, particularly generative AI, presents both opportunities and significant threats to Braze. While Braze is investing in AI capabilities through initiatives like BrazeAI and acquisitions, it faces increasing competition from both large tech companies and nimble startups specializing in AI-driven marketing solutions. If competitors develop more comprehensive and cost-effective AI-powered engagement solutions, or if large language model providers expand their functionalities, Braze could struggle to maintain its competitive edge and justify its premium market positioning. There is also a risk of generative AI "hollowing out" parts of its platform over time.
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The clear emerging threat for Braze is the rapid advancement and integration of **Generative Artificial Intelligence (AI) and autonomous marketing agents** into competing platforms or as standalone solutions.
Braze's core offering involves providing tools for brands to manage customer data, segment audiences, personalize messages, and orchestrate multi-step, cross-channel customer journeys (e.g., using its "Canvas" tool). This largely relies on marketers using Braze's platform to design and execute these strategies.
However, the emergence of sophisticated generative AI models and intelligent automation has the potential to fundamentally disrupt this paradigm:
- Automated Content Creation: Generative AI can autonomously create highly personalized and contextually relevant marketing content (messages, creatives, calls-to-action) at scale, potentially reducing the manual effort currently required within platforms like Braze for content development.
- Autonomous Journey Design and Optimization: AI-driven systems could evolve to automatically design, adapt, and optimize entire customer journeys, dynamically adjusting based on real-time customer behavior and predictive analytics. This could diminish the need for marketers to manually "map out" journeys using tools like Braze's Canvas.
- Hyper-Personalization and Predictive Intelligence: AI can offer a deeper level of individualized personalization and predictive capabilities that go beyond current segmentation and propensity scoring, potentially making existing classification and personalization tools seem less advanced.
If major marketing cloud providers (e.g., Salesforce, Adobe) or new pure-play AI companies integrate these advanced, autonomous AI capabilities directly into their offerings, they could shift the value proposition from a "platform for marketers to build engagement" to an "intelligent agent that executes and optimizes engagement automatically." This could challenge Braze's current value proposition as a best-of-breed toolset, making its functionalities less central or unique if AI can perform these tasks more efficiently and effectively.
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Braze (symbol: BRZE) operates in significant and growing addressable markets for its customer engagement platform and related services.
Customer Engagement Platform/Solutions Market
- The global total addressable market (TAM) for customer engagement platforms was valued at $16 billion, with Gartner projecting a nearly 10% annual growth rate for several years.
- Another estimate places Braze's total addressable market at $29 billion.
- The global customer engagement solutions market was estimated at $24.36 billion in 2025 and is projected to reach $30 billion by 2028.
- More recent projections indicate the global customer engagement solutions market was $29.39 billion in 2025 and is expected to grow to approximately $86.39 billion by 2035.
- In North America, the customer engagement solutions market was valued at $9.17 billion in 2025, with projections to reach around $28.04 billion by 2035. The U.S. customer engagement solution market held a dominant revenue share of 71.5% in North America in 2023.
- Another source estimates the global customer engagement solutions market size at $24.1 billion in 2024, poised to grow to $68.46 billion by 2033.
Marketing Automation Market
- The global marketing automation market was valued at $6.5 billion in 2024 and is projected to grow to $19.38 billion by 2033.
- Another report estimated the global marketing automation market size at $6.65 billion in 2024, with a projection to reach $15.58 billion by 2030.
- A different analysis projects the global marketing automation market to reach $81.01 billion by 2030, increasing from $47.02 billion in 2025.
- North America leads the marketing automation industry, holding the largest revenue share of 43.6% in 2024.
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Braze (BRZE) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- New Customer Acquisition and Existing Customer Expansion: Braze consistently demonstrates growth in its customer base and the ability to expand contracts with existing clients. The company reported its strongest quarter of customer additions in three years, adding 106 net new customers sequentially in Q3 FY2026, reaching a total of 2,528. Furthermore, enterprise customers (those with over $500,000 Annual Recurring Revenue or ARR) surged by 29% year-over-year to 303 in Q3 FY2026, contributing 63% to total ARR. This growth is further supported by a dollar-based net retention rate of 109% in Q3, indicating that existing customers are increasing their spending with Braze.
- AI-Powered Product Innovation and Adoption: Braze is strategically investing in and leveraging artificial intelligence to enhance its customer engagement platform and create new revenue streams. The company's investments in advanced AI and machine learning, including Project Catalyst and the acquisition of OfferFit, are expected to be key growth drivers. AI capabilities like Braze AI Decisioning Studio contributed $4.8 million in revenue in a recent quarter. Braze plans to launch new AI products like Agent Console, an AI bot builder, which will be monetized through a credit-based model for each interaction, representing a new monetization strategy for AI-driven services.
- Global Market Expansion: Expanding its international footprint is another significant driver for Braze. Revenue from outside the US accounted for 44% of total revenue in Q3 FY2024, showing a consistent increase. Braze's international revenue grew to $267.0 million, highlighting the company's efforts to expand its global presence. The company continues to invest in headcount to support ongoing global expansion.
- Capitalizing on the Legacy Vendor Replacement Cycle: Braze is benefiting from a trend where enterprises are replacing older, legacy marketing clouds with more modern, AI-driven omnichannel customer engagement solutions. This "legacy vendor replacement cycle and consolidation trend" is a significant factor in the strength of Braze's enterprise business, as customers prefer Braze's AI-driven platform.
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Share Repurchases
- Braze has reported minimal share repurchases over the last 3-5 years, with share buybacks totaling $0.00 in recent periods and approximately $165,000 in 2024.
Share Issuance
- The number of outstanding shares for Braze increased from approximately 90.25 million in 2021 to 107.627 million as of March 2026 (representing the end of fiscal year 2025/beginning of fiscal year 2026).
- Stock-based compensation has been a significant component of share issuance, rising from $7.54 million in fiscal year 2021 to $115.14 million in fiscal year 2025.
- Cash from financing activities peaked at $463.3 million during Q1 2022, likely reflecting capital raised through equity offerings following its 2021 IPO.
Outbound Investments
- Braze made payments for business acquisitions of $91.29 million in fiscal year 2025.
- In fiscal year 2023, the company recorded $16.32 million in payments for business acquisitions.
- Additionally, Braze reported significant "Purchases of Investments," which are typically financial investments, amounting to $217.98 million in fiscal year 2025, $248.06 million in fiscal year 2024, and $638.22 million in fiscal year 2023.
Capital Expenditures
- Capital expenditures amounted to $13.23 million in fiscal year 2025, $9.76 million in fiscal year 2024, and $15.45 million in fiscal year 2023.
- The primary focus of these capital expenditures is on funding long-term assets and infrastructure.
Peer Outperformance in Application Software
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 58.0% | 192.2% | 380.9% | TTMI 911% · FLEX 788% · SANM 472% |
| Semiconductor Materials & Equipment | 27 | 88.5% | 113.4% | 129.1% | AXTI 947% · LRCX 532% · KLAC 528% |
| Technology Distributors | 9 | 44.2% | 91.7% | 105.0% | CLMB 420% · AVT 230% · SNX 180% |
| Electronic Components | 26 | 37.7% | 79.8% | 76.0% | CLS 4129% · BELFA 1425% · COHR 488% |
| Communications Equipment | 36 | 3.5% | 95.1% | 72.7% | AAOI 1786% · LITE 1236% · FEIM 982% |
| Semiconductors | 55 | 25.0% | 64.1% | 38.2% | POET 1793% · MU 1418% · NVDA 1040% |
| Technology Hardware, Storage & Peripherals | 20 | 20.5% | 121.1% | 35.2% | DELL 1072% · SMCI 1065% · STX 1035% |
| Internet Services & Infrastructure | 6 | -9.4% | 39.9% | 22.4% | DOCN 54% · VRSN 42% · GDDY 40% |
| Electronic Equipment & Instruments | 26 | -18.6% | 32.7% | -3.4% | PI 236% · KEYS 138% · VPG 119% |
| IT Consulting & Other Services | 28 | -23.1% | -8.4% | -19.4% | CHRN 507268% · APLD 922% · TSSI 845% |
| Application Software ← | 125 | -27.5% | -15.3% | -44.5% | VIDA 1509900% · INLX 4618% · PLTR 709% |
| Systems Software | 70 | -16.0% | 27.0% | -52.2% | QNC 616% · PAYS 434% · PANW 410% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Want BRZE Stock 50% Cheaper? Get Paid 9.6% A Year While You Wait | 09/22/2026 | |
| Braze Stock Up 20% in One Day, Now Is Not The Time To Buy The Stock | 03/26/2026 | |
| Is 10.5% Fall In Braze (BRZE) Stock A Buying Opportunity? | 03/11/2026 | |
| Braze Stock (+7.9%): Software Sector Rebounds on Fading AI Fears | 03/06/2026 | |
| BRZE Stock Falls -13% With A 9-day Losing Spree On Insider Selling | 01/07/2026 | |
| BRZE Stock Falls -12% In 8-day Spree On Q3 Revenue Shock | 01/06/2026 | |
| BRZE Stock Falls -9.8% In 7-Day Spree On Q3 Revenue Shock | 01/03/2026 | |
| Braze Earnings Notes | 12/28/2026 | |
| ARTICLES | ||
| Braze Stock 7-Day Winning Spree: Stock Climbs 22% | 05/22/2026 | |
| Braze Stock To $16? | 03/26/2026 | |
| Braze Stock To $18? | 01/23/2026 | |
| BRZE Stock Falls -13% In 9-day Spree On Q3 Revenue Shock | 01/07/2026 | |
| Is Braze Stock Outperforming Its Rivals? | 12/11/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 221.29 |
| Mkt Cap | 42.7 |
| Rev LTM | 5,572 |
| Op Inc LTM | 340 |
| FCF LTM | 989 |
| FCF 3Y Avg | 831 |
| CFO LTM | 1,061 |
| CFO 3Y Avg | 891 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.8% |
| Rev Chg 3Y Avg | 11.3% |
| Rev Chg Q | 19.8% |
| QoQ Delta Rev Chg LTM | 4.6% |
| Op Inc Chg LTM | 16.3% |
| Op Inc Chg 3Y Avg | 31.8% |
| Op Mgn LTM | 6.1% |
| Op Mgn 3Y Avg | 0.9% |
| QoQ Delta Op Mgn LTM | 1.2% |
| CFO/Rev LTM | 24.8% |
| CFO/Rev 3Y Avg | 22.3% |
| FCF/Rev LTM | 19.1% |
| FCF/Rev 3Y Avg | 17.2% |
Price Behavior
| Market Price | $26.34 | |
| Market Cap ($ Bil) | 2.9 | |
| First Trading Date | 11/17/2021 | |
| Distance from 52W High | -27.2% | |
| 50 Days | 200 Days | |
| DMA Price | $27.62 | $24.23 |
| DMA Trend | down | up |
| Distance from DMA | -4.6% | 8.7% |
| 3M | 1YR | |
| Volatility | 78.2% | 71.9% |
| Downside Capture | 224.77 | 193.81 |
| Upside Capture | 218.02 | 148.64 |
| Correlation (SPY) | 13.0% | 16.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.20 | 2.51 | 0.83 | 0.50 | 0.88 | 1.42 |
| Up Beta | 3.56 | 1.33 | -1.40 | -1.37 | -0.27 | 1.02 |
| Down Beta | 4.27 | 3.66 | -0.54 | -0.32 | 0.10 | 1.39 |
| Up Capture | 53% | 298% | 238% | 137% | 149% | 303% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 22 | 35 | 65 | 120 | 376 |
| Down Capture | 474% | 287% | 145% | 158% | 146% | 112% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 20 | 28 | 58 | 126 | 364 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRZE | |
|---|---|---|---|---|
| BRZE | -7.3% | 71.8% | 0.19 | - |
| Sector ETF (XLK) | 42.7% | 26.5% | 1.31 | 10.6% |
| Equity (SPY) | 17.5% | 13.0% | 0.96 | 16.5% |
| Gold (GLD) | 6.9% | 29.6% | 0.23 | -0.1% |
| Commodities (DBC) | 46.1% | 20.8% | 1.71 | -3.9% |
| Real Estate (VNQ) | 2.1% | 13.7% | -0.10 | 0.5% |
| Bitcoin (BTCUSD) | -29.8% | 44.3% | -0.67 | 14.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRZE | |
|---|---|---|---|---|
| BRZE | -22.5% | 65.2% | -0.13 | - |
| Sector ETF (XLK) | 22.7% | 25.9% | 0.77 | 45.5% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 47.5% |
| Gold (GLD) | 18.7% | 18.9% | 0.80 | 4.3% |
| Commodities (DBC) | 10.3% | 19.5% | 0.40 | 6.4% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.04 | 33.8% |
| Bitcoin (BTCUSD) | 16.0% | 52.2% | 0.47 | 27.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BRZE | |
|---|---|---|---|---|
| BRZE | -12.0% | 65.2% | -0.13 | - |
| Sector ETF (XLK) | 25.2% | 25.0% | 0.91 | 45.5% |
| Equity (SPY) | 15.6% | 17.9% | 0.74 | 47.5% |
| Gold (GLD) | 11.6% | 16.4% | 0.58 | 4.3% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 6.4% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 33.8% |
| Bitcoin (BTCUSD) | 64.1% | 66.2% | 1.04 | 27.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/8/2026 | -21.7% | -16.1% | |
| 5/27/2026 | -5.0% | -4.1% | -14.5% |
| 3/24/2026 | 19.9% | 31.0% | 24.6% |
| 12/9/2025 | 18.1% | 10.7% | -1.9% |
| 9/4/2025 | 13.6% | 11.6% | 2.7% |
| 6/5/2025 | -17.6% | -21.1% | -21.1% |
| 3/27/2025 | 2.2% | -10.8% | -14.4% |
| 2/3/2025 | -9.7% | -10.4% | -22.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 7 | 7 |
| # Negative | 12 | 13 | 12 |
| Median Positive | 14.9% | 12.9% | 6.3% |
| Median Negative | -7.3% | -10.8% | -14.4% |
| Max Positive | 19.9% | 31.0% | 43.5% |
| Max Negative | -21.7% | -21.7% | -29.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/8/2026 | -21.7% | -16.1% | |
| 5/27/2026 | -5.0% | -4.1% | -14.5% |
| 3/24/2026 | 19.9% | 31.0% | 24.6% |
| 12/9/2025 | 18.1% | 10.7% | -1.9% |
| 9/4/2025 | 13.6% | 11.6% | 2.7% |
| 6/5/2025 | -17.6% | -21.1% | -21.1% |
| 3/27/2025 | 2.2% | -10.8% | -14.4% |
| 2/3/2025 | -9.7% | -10.4% | -22.0% |
| 12/9/2024 | -2.0% | 7.1% | 2.0% |
| 9/5/2024 | -19.4% | -21.7% | -29.6% |
| 6/6/2024 | -0.4% | -2.1% | 3.1% |
| 3/27/2024 | -12.4% | -16.3% | -17.5% |
| 12/6/2023 | -3.4% | -2.2% | -12.7% |
| 9/7/2023 | 3.1% | -4.2% | -0.3% |
| 6/8/2023 | 16.2% | 24.3% | 27.1% |
| 12/13/2022 | -2.1% | -6.3% | 6.3% |
| 9/12/2022 | -19.3% | -17.6% | -26.2% |
| 6/13/2022 | 9.0% | 16.6% | 43.5% |
| 3/30/2022 | -4.8% | -12.5% | -7.8% |
| 12/20/2021 | 17.9% | 12.9% | -14.2% |
| SUMMARY STATS | |||
| # Positive | 8 | 7 | 7 |
| # Negative | 12 | 13 | 12 |
| Median Positive | 14.9% | 12.9% | 6.3% |
| Median Negative | -7.3% | -10.8% | -14.4% |
| Max Positive | 19.9% | 31.0% | 43.5% |
| Max Negative | -21.7% | -21.7% | -29.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/09/2026 | 10-Q |
| 04/30/2026 | 05/28/2026 | 10-Q |
| 01/31/2026 | 03/25/2026 | 10-K |
| 10/31/2025 | 12/10/2025 | 10-Q |
| 07/31/2025 | 09/05/2025 | 10-Q |
| 04/30/2025 | 06/06/2025 | 10-Q |
| 01/31/2025 | 03/31/2025 | 10-K |
| 10/31/2024 | 12/10/2024 | 10-Q |
| 07/31/2024 | 09/06/2024 | 10-Q |
| 04/30/2024 | 06/07/2024 | 10-Q |
| 01/31/2024 | 04/01/2024 | 10-K |
| 10/31/2023 | 12/07/2023 | 10-Q |
| 07/31/2023 | 09/08/2023 | 10-Q |
| 04/30/2023 | 06/09/2023 | 10-Q |
| 01/31/2023 | 03/31/2023 | 10-K |
| 10/31/2022 | 12/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/09/2026 | 10-Q |
| 04/30/2026 | 05/28/2026 | 10-Q |
| 01/31/2026 | 03/25/2026 | 10-K |
| 10/31/2025 | 12/10/2025 | 10-Q |
| 07/31/2025 | 09/05/2025 | 10-Q |
| 04/30/2025 | 06/06/2025 | 10-Q |
| 01/31/2025 | 03/31/2025 | 10-K |
| 10/31/2024 | 12/10/2024 | 10-Q |
| 07/31/2024 | 09/06/2024 | 10-Q |
| 04/30/2024 | 06/07/2024 | 10-Q |
| 01/31/2024 | 04/01/2024 | 10-K |
| 10/31/2023 | 12/07/2023 | 10-Q |
| 07/31/2023 | 09/08/2023 | 10-Q |
| 04/30/2023 | 06/09/2023 | 10-Q |
| 01/31/2023 | 03/31/2023 | 10-K |
| 10/31/2022 | 12/14/2022 | 10-Q |
| 07/31/2022 | 09/13/2022 | 10-Q |
| 04/30/2022 | 06/14/2022 | 10-Q |
| 01/31/2022 | 03/31/2022 | 10-K |
| 10/31/2021 | 12/21/2021 | 10-Q |
| 07/31/2021 | 11/18/2021 | 424B4 |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2027 Earnings Reported 9/8/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2027 Revenue | Reported | 229.00 Mil | 229.50 Mil | 230.00 Mil | 4.3% | Higher New | Guidance: 220.00 Mil for Q2 2027 | |
| Q3 2027 Non-GAAP operating income | Reported | 16.00 Mil | 16.50 Mil | 17.00 Mil | -5.7% | Lower New | Guidance: 17.50 Mil for Q2 2027 | |
| Q3 2027 Non-GAAP net income | Reported | 15.00 Mil | 15.50 Mil | 16.00 Mil | -11.4% | Lower New | Guidance: 17.50 Mil for Q2 2027 | |
| Q3 2027 Non-GAAP net income per share, diluted | Reported | 0.13 | 0.14 | 0.14 | -12.9% | Lower New | Guidance: 0.16 for Q2 2027 | |
| Q3 2027 Weighted average common shares used in computing non-GAAP net income per share, diluted | Reported | 114.50 Mil | ||||||
| 2027 Revenue | Reported | 910.00 Mil | 911.50 Mil | 913.00 Mil | 1.6% | Raised | Guidance: 897.00 Mil for 2027 | |
| 2027 Non-GAAP operating income | Reported | 75.50 Mil | 76.00 Mil | 76.50 Mil | 5.6% | Raised | Guidance: 72.00 Mil for 2027 | |
| 2027 Non-GAAP net income | Reported | 72.50 Mil | 73.00 Mil | 73.50 Mil | 1.4% | Raised | Guidance: 72.00 Mil for 2027 | |
| 2027 Non-GAAP net income per share, diluted | Reported | 0.64 | 0.65 | 0.65 | 2.4% | Raised | Guidance: 0.63 for 2027 | |
| 2027 Weighted average common shares used in computing non-GAAP net income per share, diluted | Reported | 114.00 Mil | ||||||
Prior: Q1 2027 Earnings Reported 5/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Revenue | Reported | 219.50 Mil | 220.00 Mil | 220.50 Mil | ||||
| Q2 2027 Non-GAAP operating income | Reported | 17.00 Mil | 17.50 Mil | 18.00 Mil | ||||
| Q2 2027 Non-GAAP net income | Reported | 17.00 Mil | 17.50 Mil | 18.00 Mil | ||||
| Q2 2027 Non-GAAP net income per share, diluted | Reported | 0.15 | 0.16 | 0.16 | ||||
| 2027 Revenue | Reported | 895.00 Mil | 897.00 Mil | 899.00 Mil | 1.2% | Raised | Guidance: 886.50 Mil for 2027 | |
| 2027 Non-GAAP operating income | Reported | 70.00 Mil | 72.00 Mil | 74.00 Mil | 1.4% | Raised | Guidance: 71.00 Mil for 2027 | |
| 2027 Non-GAAP net income | Reported | 70.00 Mil | 72.00 Mil | 74.00 Mil | 1.4% | Raised | Guidance: 71.00 Mil for 2027 | |
| 2027 Non-GAAP net income per share, diluted | Reported | 0.61 | 0.63 | 0.65 | 0.0% | Affirmed | Guidance: 0.63 for 2027 | |
Q4 2026 Earnings Reported 3/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Revenue | Reported | 204.50 Mil | 205.00 Mil | 205.50 Mil | ||||
| Q1 2027 Non-GAAP operating income | Reported | 10.00 Mil | 10.50 Mil | 11.00 Mil | ||||
| Q1 2027 Non-GAAP net income | Reported | 11.00 Mil | 11.50 Mil | 12.00 Mil | ||||
| Q1 2027 Non-GAAP net income per share, diluted | Reported | 0.1 | 0.11 | 0.11 | ||||
| 2027 Revenue | Reported | 884.00 Mil | 886.50 Mil | 889.00 Mil | 21.3% | Higher New | Guidance: 731.00 Mil for 2026 | |
| 2027 Non-GAAP operating income | Reported | 69.00 Mil | 71.00 Mil | 73.00 Mil | 167.9% | Higher New | Guidance: 26.50 Mil for 2026 | |
| 2027 Non-GAAP net income | Reported | 69.00 Mil | 71.00 Mil | 73.00 Mil | 52.7% | Higher New | Guidance: 46.50 Mil for 2026 | |
| 2027 Non-GAAP net income per share, diluted | Reported | 0.61 | 0.63 | 0.65 | 48.2% | Higher New | Guidance: 0.43 for 2026 | |
Q3 2026 Earnings Reported 12/9/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | Reported | 197.50 Mil | 198.00 Mil | 198.50 Mil | ||||
| Q4 2026 Non-GAAP operating income | Reported | 12.00 Mil | 12.50 Mil | 13.00 Mil | ||||
| Q4 2026 Non-GAAP net income | Reported | 15.00 Mil | 15.50 Mil | 16.00 Mil | ||||
| Q4 2026 Non-GAAP net income per share, diluted | Reported | 0.13 | 0.14 | 0.14 | ||||
| 2026 Revenue | Reported | 730.50 Mil | 731.00 Mil | 731.50 Mil | 1.7% | Raised | Guidance: 718.50 Mil for 2026 | |
| 2026 Non-GAAP operating income | Reported | 26.00 Mil | 26.50 Mil | 27.00 Mil | 6.0% | Raised | Guidance: 25.00 Mil for 2026 | |
| 2026 Non-GAAP net income | Reported | 46.00 Mil | 46.50 Mil | 47.00 Mil | 1.1% | Raised | Guidance: 46.00 Mil for 2026 | |
| 2026 Non-GAAP net income per share, diluted | Reported | 0.42 | 0.43 | 0.43 | 2.4% | Raised | Guidance: 0.42 for 2026 | |
Insider Activity
Updated 8/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hyman, Jonathan | Chief Technology Officer | Direct | Sell | 8282026 | 32.47 | 42,000 | 1,363,589 | 37,116,205 | Form |
| 2 | McDonnell, Edward M | Chief Revenue Officer | Direct | Sell | 8262026 | 31.38 | 29,732 | 932,927 | 12,853,313 | Form |
| 3 | Hyman, Jonathan | Chief Technology Officer | Direct | Sell | 8262026 | 31.04 | 10,000 | 310,400 | 36,789,198 | Form |
| 4 | Malik, Astha | Chief Business Officer | Direct | Sell | 8212026 | 29.57 | 15,724 | 464,910 | 9,645,707 | Form |
| 5 | Hyman, Jonathan | Chief Technology Officer | Direct | Sell | 8212026 | 29.99 | 9,413 | 282,288 | 35,843,620 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hyman, Jonathan | Chief Technology Officer | Direct | Sell | 8282026 | 32.47 | 42,000 | 1,363,589 | 37,116,205 | Form |
| 2 | McDonnell, Edward M | Chief Revenue Officer | Direct | Sell | 8262026 | 31.38 | 29,732 | 932,927 | 12,853,313 | Form |
| 3 | Hyman, Jonathan | Chief Technology Officer | Direct | Sell | 8262026 | 31.04 | 10,000 | 310,400 | 36,789,198 | Form |
| 4 | Malik, Astha | Chief Business Officer | Direct | Sell | 8212026 | 29.57 | 15,724 | 464,910 | 9,645,707 | Form |
| 5 | Hyman, Jonathan | Chief Technology Officer | Direct | Sell | 8212026 | 29.99 | 9,413 | 282,288 | 35,843,620 | Form |
| 6 | Hyman, Jonathan | Chief Technology Officer | Direct | Sell | 8142026 | 30.03 | 35,000 | 1,051,050 | 36,649,092 | Form |
| 7 | Malik, Astha | Chief Business Officer | Direct | Sell | 8122026 | 27.65 | 33,656 | 930,588 | 7,690,516 | Form |
| 8 | Hyman, Jonathan | Chief Technology Officer | Direct | Sell | 8112026 | 27.27 | 10,148 | 276,736 | 34,235,194 | Form |
| 9 | Hyman, Jonathan | Chief Technology Officer | Direct | Sell | 8112026 | 27.03 | 17,895 | 483,702 | 34,208,195 | Form |
| 10 | Malik, Astha | Chief Business Officer | Direct | Sell | 7162026 | 26.39 | 51,440 | 1,357,603 | 8,228,857 | Form |
| 11 | Hyman, Jonathan | Chief Technology Officer | Direct | Sell | 7162026 | 27.00 | 2,472 | 66,744 | 34,653,393 | Form |
| 12 | Hyman, Jonathan | Chief Technology Officer | Direct | Sell | 7162026 | 25.62 | 31,296 | 801,871 | 32,948,331 | Form |
| 13 | Wiseman, Susan | General Counsel | Direct | Sell | 4132026 | 20.29 | 35,000 | 710,150 | 4,249,213 | Form |
| 14 | Winkles, Isabelle | Chief Financial Officer | Direct | Sell | 4082026 | 23.31 | 8,274 | 192,867 | 10,781,295 | Form |
| 15 | Wiseman, Susan | General Counsel | Direct | Sell | 2202026 | 17.03 | 4,167 | 70,964 | 3,573,984 | Form |
| 16 | Malik, Pankaj | Chief Accounting Officer | Direct | Sell | 2202026 | 16.93 | 2,893 | 48,978 | 857,995 | Form |
| 17 | Hyman, Jonathan | Chief Technology Officer | Direct | Sell | 2202026 | 16.93 | 7,391 | 125,130 | 28,661,356 | Form |
| 18 | Winkles, Isabelle | Chief Financial Officer | Direct | Sell | 2202026 | 16.93 | 12,532 | 212,167 | 4,251,597 | Form |
| 19 | Malik, Astha | Chief Business Officer | Direct | Sell | 2202026 | 16.93 | 14,049 | 237,850 | 3,475,543 | Form |
| 20 | Wiseman, Susan | General Counsel | Direct | Sell | 2202026 | 16.93 | 5,763 | 97,568 | 3,623,545 | Form |
| 21 | Magnuson, William | Chief Executive Officer | Direct | Sell | 2202026 | 16.93 | 26,413 | 447,172 | 76,034,289 | Form |
| 22 | Malik, Pankaj | Chief Accounting Officer | Direct | Sell | 12192025 | 35.76 | 5,540 | 198,110 | 1,915,735 | Form |
| 23 | Wiseman, Susan | General Counsel | Direct | Sell | 11202025 | 27.57 | 4,456 | 122,862 | 6,060,226 | Form |
| 24 | Wiseman, Susan | General Counsel | Direct | Sell | 11202025 | 26.64 | 5,474 | 145,827 | 5,974,020 | Form |
| 25 | Winkles, Isabelle | Chief Financial Officer | Direct | Sell | 11202025 | 26.64 | 12,422 | 330,922 | 7,023,902 | Form |
| 26 | Magnuson, William | Chief Executive Officer | Direct | Sell | 11202025 | 26.64 | 26,698 | 711,235 | 18,508,033 | Form |
| 27 | Hyman, Jonathan | Chief Technology Officer | Direct | Sell | 11202025 | 26.64 | 9,789 | 260,779 | 5,203,245 | Form |
| 28 | Malik, Astha | Chief Business Officer | Direct | Sell | 11202025 | 26.64 | 14,322 | 381,538 | 5,843,164 | Form |
| 29 | Malik, Pankaj | Chief Accounting Officer | Direct | Sell | 11192025 | 26.64 | 3,644 | 97,076 | 1,574,744 | Form |
| 30 | Malik, Pankaj | Chief Accounting Officer | Direct | Sell | 9222025 | 32.77 | 4,174 | 136,782 | 2,056,514 | Form |
| 31 | Malik, Astha | Chief Business Officer | Direct | Sell | 9092025 | 32.51 | 3,270 | 106,308 | 7,596,287 | Form |
| 32 | Wiseman, Susan | General Counsel | Direct | Sell | 8212025 | 25.14 | 4,943 | 124,267 | 5,775,261 | Form |
| 33 | Malik, Pankaj | Chief Accounting Officer | Direct | Sell | 8212025 | 25.94 | 2,344 | 60,803 | 1,736,164 | Form |
| 34 | Malik, Astha | Chief Business Officer | Direct | Sell | 8212025 | 25.94 | 13,049 | 338,491 | 6,145,964 | Form |
| 35 | Wiseman, Susan | General Counsel | Direct | Sell | 8212025 | 25.94 | 4,988 | 129,389 | 6,087,262 | Form |
| 36 | Hyman, Jonathan | Chief Technology Officer | Direct | Sell | 8212025 | 25.94 | 8,918 | 231,333 | 5,320,450 | Form |
| 37 | Winkles, Isabelle | Chief Financial Officer | Direct | Sell | 8212025 | 25.94 | 11,316 | 293,537 | 6,940,247 | Form |
| 38 | Magnuson, William | Chief Executive Officer | Direct | Sell | 8212025 | 25.94 | 24,325 | 630,990 | 18,714,257 | Form |
Investor Activity (13F)
Updated Oct 7, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Battery Management Corp. | $109.3 Mil | 25.7% | 5 | ADD +41.8% | 13F |
| ShawSpring Partners LLC | $26.3 Mil | 9.8% | 12 | TRIM -24.5% | 13F |
| Solel Partners LP | $39.5 Mil | 8.4% | 19 | ADD +31.4% | 13F |
| Optimus Prime Fund Management Co., Ltd. | $44.6 Mil | 4.3% | 27 | ADD +6.2% | 13F |
| First Washington CORP | $5.2 Mil | 1.5% | 50 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Battery Management Corp. | $109.3 Mil | 25.7% | 5 | ADD +41.8% | 13F |
| Optimus Prime Fund Management Co., Ltd. | $44.6 Mil | 4.3% | 27 | ADD +6.2% | 13F |
| Solel Partners LP | $39.5 Mil | 8.4% | 19 | ADD +31.4% | 13F |
| ShawSpring Partners LLC | $26.3 Mil | 9.8% | 12 | TRIM -24.5% | 13F |
| First Washington CORP | $5.2 Mil | 1.5% | 50 | Hold | 13F |
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