Samsara (IOT)


Market Price (9/27/2026): $38.07 | Market Cap: $22.2 BilSector: Information Technology | Industry: Systems Software

Samsara (IOT)


Market Price (9/27/2026): $38.07
Market Cap: $22.2 Bil
Sector: Information Technology
Industry: Systems Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%

Megatrend and thematic drivers
Megatrends include Cloud Computing, Future of Freight, and Automation & Robotics. Themes include Software as a Service (SaaS), Show more.

Weak multi-year price returns
2Y Excs Rtn is -59%, 3Y Excs Rtn is -25%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 1,145x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 77x, P/EPrice/Earnings or Price/(Net Income) is 245x

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6%

Key risks
IOT key risks include [1] long-term disruption to its core product demand from the adoption of autonomous vehicles and [2] a high valuation that conflicts with its lack of profitability and negative cash flow.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%
2 Megatrend and thematic drivers
Megatrends include Cloud Computing, Future of Freight, and Automation & Robotics. Themes include Software as a Service (SaaS), Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -59%, 3Y Excs Rtn is -25%
4 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 1,145x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 77x, P/EPrice/Earnings or Price/(Net Income) is 245x
5 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6%
7 Key risks
IOT key risks include [1] long-term disruption to its core product demand from the adoption of autonomous vehicles and [2] a high valuation that conflicts with its lack of profitability and negative cash flow.

IOT in ETFs

Weight = IOT's share of each fund

VTI0.02%
ITOT0.02%
IWB0.02%
VB0.17%
ROBO1.7%
AGIX0.97%
IGV0.52%
IWP0.41%
+12 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/21/2026

Samsara (IOT) stock has gained about 10% since 5/31/2026 because of the following key factors:

1. Strong Financial Performance and Raised Guidance in Fiscal Q1 and Q2 2027.

Samsara significantly surpassed analyst expectations in both its fiscal Q1 2027 (ended May 2, 2026) and fiscal Q2 2027 (ended August 1, 2026) earnings reports. For fiscal Q1 2027, reported on June 4, 2026, the company's non-GAAP earnings per share (EPS) of $0.17 beat the consensus estimate of $0.13 by 30.8%, and revenue of $478.8 million topped the $452 million consensus. Similarly, in fiscal Q2 2027, reported on September 3, 2026, Samsara posted a non-GAAP EPS of $0.20, beating the $0.16 consensus estimate by $0.04, and revenue of $508.44 million, exceeding the $483.29 million estimate by 29.9% year-over-year. The company also reported Annual Recurring Revenue (ARR) of $2.1 billion, growing 30% year-over-year in fiscal Q2 2027, and subsequently raised its full-year fiscal 2027 guidance, demonstrating continued strong growth and profitability.

2. Strategic AI-Powered Product Innovations and Platform Expansion.

Samsara's Investor Day, held on June 24, 2026, highlighted a strategic evolution in the company's offerings, moving from a telematics vendor to a full-stack physical operations intelligence platform. During this event and through subsequent announcements, Samsara unveiled a comprehensive suite of new AI capabilities, including advanced AI-powered safety features, agentic automation, and enhanced supply chain visibility. Further product updates throughout the period, such as the launch of new Agentic Capabilities on July 15, 2026, the Fuel Command Center in August 2026, and September updates that included new Connected Maintenance features and an AI-powered driver assistant, underscored the company's continuous innovation and expansion of its platform, designed to enhance safety, efficiency, and sustainability for customers.

Show more
Updated on 9/21/2026

Samsara (IOT) stock has gained about 10% since 5/31/2026 because of the following key factors:

1. Strong Financial Performance and Raised Guidance in Fiscal Q1 and Q2 2027.

Samsara significantly surpassed analyst expectations in both its fiscal Q1 2027 (ended May 2, 2026) and fiscal Q2 2027 (ended August 1, 2026) earnings reports. For fiscal Q1 2027, reported on June 4, 2026, the company's non-GAAP earnings per share (EPS) of $0.17 beat the consensus estimate of $0.13 by 30.8%, and revenue of $478.8 million topped the $452 million consensus. Similarly, in fiscal Q2 2027, reported on September 3, 2026, Samsara posted a non-GAAP EPS of $0.20, beating the $0.16 consensus estimate by $0.04, and revenue of $508.44 million, exceeding the $483.29 million estimate by 29.9% year-over-year. The company also reported Annual Recurring Revenue (ARR) of $2.1 billion, growing 30% year-over-year in fiscal Q2 2027, and subsequently raised its full-year fiscal 2027 guidance, demonstrating continued strong growth and profitability.

2. Strategic AI-Powered Product Innovations and Platform Expansion.

Samsara's Investor Day, held on June 24, 2026, highlighted a strategic evolution in the company's offerings, moving from a telematics vendor to a full-stack physical operations intelligence platform. During this event and through subsequent announcements, Samsara unveiled a comprehensive suite of new AI capabilities, including advanced AI-powered safety features, agentic automation, and enhanced supply chain visibility. Further product updates throughout the period, such as the launch of new Agentic Capabilities on July 15, 2026, the Fuel Command Center in August 2026, and September updates that included new Connected Maintenance features and an AI-powered driver assistant, underscored the company's continuous innovation and expansion of its platform, designed to enhance safety, efficiency, and sustainability for customers.

3. Positive Analyst Upgrades and Increased Price Targets.

Following Samsara's strong financial results and strategic product announcements, several prominent analyst firms upgraded their ratings and significantly increased their price targets for IOT stock. For example, on September 4, 2026, Bank of America boosted its target price from $47.00 to $55.00 with a "buy" rating, while Wells Fargo & Company lifted its objective from $50.00 to $58.00 with an "overweight" rating. Cantor Fitzgerald also upgraded Samsara to a "strong buy" rating, with numerous other firms, including BNP Paribas Exane and BMO Capital Markets, similarly raising their price targets, indicating a strong positive sentiment from the analyst community and contributing to investor confidence.

4. Significant Insider Selling by CEO.

Despite the overwhelmingly positive financial and product news, CEO Sanjit Biswas offloaded approximately $10.1 million in Samsara stock through pre-arranged 10b5-1 plans prior to July 27, 2026. While executed under a pre-determined plan designed to comply with securities laws, a sale of this magnitude from a key executive can sometimes be interpreted by investors as a notable insider transaction, even amidst strong company performance.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 8.5% change in IOT stock from 5/31/2026 to 9/26/2026 was primarily driven by a 14.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120269262026Change
Stock Price ($)34.9937.968.5%
Change Contribution By: 
Total Revenues ($ Mil)1,6191,84814.1%
P/S Multiple12.512.0-4.1%
Shares Outstanding (Mil)579584-0.9%
Cumulative Contribution8.5%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/26/2026
ReturnCorrelation
IOT8.5% 
Market (SPY)2.2%5.3%
Sector (XLK)2.9%-11.8%

Fundamental Drivers

The 31.3% change in IOT stock from 2/28/2026 to 9/26/2026 was primarily driven by a 21.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820269262026Change
Stock Price ($)28.9037.9631.3%
Change Contribution By: 
Total Revenues ($ Mil)1,5211,84821.5%
P/S Multiple10.912.09.7%
Shares Outstanding (Mil)575584-1.5%
Cumulative Contribution31.3%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/26/2026
ReturnCorrelation
IOT31.3% 
Market (SPY)13.0%1.1%
Sector (XLK)41.8%-1.7%

Fundamental Drivers

The 5.0% change in IOT stock from 8/31/2025 to 9/26/2026 was primarily driven by a 38.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120259262026Change
Stock Price ($)36.1437.965.0%
Change Contribution By: 
Total Revenues ($ Mil)1,3351,84838.4%
P/S Multiple15.412.0-21.9%
Shares Outstanding (Mil)568584-2.8%
Cumulative Contribution5.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/26/2026
ReturnCorrelation
IOT5.0% 
Market (SPY)20.9%17.9%
Sector (XLK)50.4%15.3%

Fundamental Drivers

The 38.7% change in IOT stock from 8/31/2023 to 9/26/2026 was primarily driven by a 158.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120239262026Change
Stock Price ($)27.3637.9638.7%
Change Contribution By: 
Total Revenues ($ Mil)7141,848158.7%
P/S Multiple20.212.0-40.5%
Shares Outstanding (Mil)526584-9.9%
Cumulative Contribution38.7%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/26/2026
ReturnCorrelation
IOT38.7% 
Market (SPY)77.8%38.1%
Sector (XLK)127.9%33.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
IOT Return14%-56%169%31%-19%11%59%
Peers Return7%-40%24%38%-7%-3%-1%
S&P 500 Return27%-19%24%23%16%13%105%

Monthly Win Rates [3]
IOT Win Rate100%33%67%50%42%56% 
Peers Win Rate53%37%53%53%43%51% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
IOT Max Drawdown--69%-30%-33%-47%-33% 
Peers Max Drawdown-24%-49%-32%-20%-35%-34% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: VZ, TRMB, VNT, AIOT, ZBRA.
[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 9/25/2026 (YTD)

How Low Can It Go

EventIOTS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-16.7%-9.5%
  % Gain to Breakeven20.1%10.5%
  Time to Breakeven20 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-65.6%-24.5%
  % Gain to Breakeven191.0%32.4%
  Time to Breakeven390 days427 days

Compare to VZ, TRMB, VNT, AIOT, ZBRA

In The Past

Samsara's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% 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.

EventIOTS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-65.6%-24.5%
  % Gain to Breakeven191.0%32.4%
  Time to Breakeven390 days427 days

Compare to VZ, TRMB, VNT, AIOT, ZBRA

In The Past

Samsara's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% 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 Samsara (IOT)

Samsara (IOT) provides a "Connected Operations Cloud" that helps businesses gather and make sense of data from their physical operations. Essentially, they connect the real world – like vehicles, equipment, and worksites – to a cloud platform using a network of Internet of Things (IoT) devices. This platform then ingests, aggregates, and enriches this raw operational data, embedding capabilities for artificial intelligence, workflow automation, and analytics to provide actionable insights.

The company's core offering is this cloud platform, along with a suite of specialized applications built on top of it. Key applications include video-based safety systems for fleets, vehicle telematics for tracking and managing assets, mobile apps and tools for driver workflows, comprehensive equipment monitoring, and site visibility solutions. These products are designed to improve efficiency, enhance safety, and enable data-driven decision-making for operations managers.

Samsara serves a wide array of industries that rely heavily on physical assets and field operations. Their primary customers span sectors such as transportation and logistics, construction, field services, utilities and energy, and various government entities. They also cater to industries like healthcare and education, manufacturing, wholesale and retail trade, and food and beverage, all seeking to optimize their physical operations through advanced data intelligence.

AI Analysis | Feedback

Here are a few brief analogies for Samsara (IOT):
  • Salesforce for the physical world: Just as Salesforce provides a cloud platform to manage customer relationships, Samsara offers a cloud platform to manage and optimize physical operations and assets using IoT data.
  • Datadog for industrial operations: Similar to how Datadog provides comprehensive monitoring and analytics for IT infrastructure and applications, Samsara offers a data platform for real-time visibility and insights into physical assets, vehicles, and sites.

AI Analysis | Feedback

  • Connected Operations Cloud: Samsara's integrated platform that connects physical operations data, offering a comprehensive suite of data management and application services.
  • Data Platform: The foundational component of the Connected Operations Cloud, responsible for ingesting, aggregating, and enriching data from IoT devices with embedded AI, analytics, and security features.
  • Video-based Safety: Applications that utilize video to enhance safety protocols and prevent incidents for field operations.
  • Vehicle Telematics: Solutions for monitoring vehicle location, performance, and diagnostics in real-time.
  • Apps and Driver Workflows: Mobile and web applications designed to optimize driver tasks and streamline operational processes.
  • Equipment Monitoring: Applications for tracking the status, performance, and utilization of various industrial equipment.
  • Site Visibility: Solutions providing comprehensive real-time oversight and insights into physical operational sites.

AI Analysis | Feedback

Samsara (IOT) sells primarily to other companies (B2B).

Due to the nature of its diversified customer base, Samsara does not publicly disclose the names of specific major customers. Instead, the company serves a wide range of businesses across numerous industries that leverage its Connected Operations Cloud for fleet management, equipment monitoring, site visibility, and other operational intelligence needs.

Based on the company's description, Samsara's customers operate within, but are not limited to, the following industry categories:

  • Transportation and Logistics
  • Construction
  • Field Services
  • Utilities and Energy
  • Government
  • Healthcare and Education
  • Manufacturing
  • Wholesale and Retail Trade
  • Food and Beverage

As Samsara serves a broad base of businesses within these sectors, individual customer names and their public symbols are not typically made public by the company.

AI Analysis | Feedback

null

AI Analysis | Feedback

Sanjit Biswas, Chief Executive Officer

Sanjit Biswas is the co-founder and Chief Executive Officer of Samsara. Prior to co-founding Samsara in 2015, he co-founded Meraki, a cloud networking company, where he served as CEO. Meraki was acquired by Cisco for $1.2 billion in 2012. He led Meraki as Cisco's fastest-growing cloud product after the acquisition. Biswas met his Samsara co-founder, John Bicket, as graduate students at MIT, where they collaborated on the "Roofnet" project, which formed the basis for Meraki's products. He holds a B.S. in Computer Systems Engineering from Stanford and an M.S. in Electrical Engineering and Computer Science from MIT.

Dominic Phillips, Executive Vice President, Chief Financial Officer

Dominic Phillips serves as the Executive Vice President and Chief Financial Officer at Samsara, a role he has held since December 2019. Before joining Samsara, Phillips was the Vice President of Finance and Head of Corporate Development at ServiceNow, where he was responsible for financial planning and analysis, investor relations, treasury, and corporate development. Earlier in his career, he worked as a Vice President on Morgan Stanley's technology investment banking team, providing advice to technology companies on financial and strategic transactions. He began his career in public accounting at PwC. Phillips earned a B.S. in Business from Cal Poly San Luis Obispo and an M.B.A. from UC Berkeley's Haas School of Business.

John Bicket, Chief Technology Officer

John Bicket is a co-founder and the Chief Technology Officer of Samsara. Before co-founding Samsara in 2015, he also co-founded Meraki with Sanjit Biswas, serving as its CTO and VP of Engineering. Meraki was acquired by Cisco for $1.2 billion in 2012. At Samsara, Bicket is responsible for the company's technology that simplifies and secures the operation of thousands of sensors. He holds a B.S. in Computer Science from Cornell University and an S.M. in Computer Science from MIT.

Kiren Sekar, Chief Product Officer

Kiren Sekar leads Samsara's global product and engineering organizations as Chief Product Officer. He also previously served as Samsara's Chief Strategy Officer. Prior to joining Samsara's founding team, Sekar was the VP of Marketing at Meraki (now part of Cisco Systems), where he helped the business grow significantly. He has also held software engineering and management positions at various startups and at Apple, where he holds patents for network protocol design. Sekar received a B.S. in Computer Science from Stanford.

AI Analysis | Feedback

The key risks to Samsara's business are:
  1. Intense Competition and Market Headwinds: Samsara operates in a highly competitive market for connected operations and telematics solutions. The company faces competition from established players like Geotab, Verizon Connect, and Lytx, as well as various private companies. This intense competitive landscape could lead to pricing pressure, accelerated demands for innovation, and potential erosion of market share. Additionally, larger incumbent technology companies may bundle IoT solutions into broader digital transformation offerings, which could undercut Samsara's pricing and limit its ability to acquire new customers. Macroeconomic pressures also pose a constant threat, potentially impacting customer spending on Samsara's services.
  2. Potential Disruption from Autonomous Vehicles: A significant long-term risk to Samsara's business model is the potential disruption caused by the increasing adoption of autonomous vehicles. As autonomous technology advances and becomes more prevalent in industries like transportation and logistics, the need for certain aspects of Samsara's current solutions, such as human driver monitoring and traditional telematics for human-operated fleets, could diminish or fundamentally change. This could lead to a significant shift in the market that Samsara currently serves.
  3. Growth Deceleration and Valuation Risk: As a high-growth technology company, Samsara faces the risk of its revenue growth decelerating, which has been forecast to slow from 33% in fiscal year 2025 to the mid-20% range in fiscal year 2026. This deceleration in growth, combined with Samsara's high valuation multiples (e.g., a high forward Price/Sales ratio), poses a valuation risk. If the company's growth does not meet market expectations, or if macroeconomic conditions reduce enterprise technology spending, its stock valuation could be negatively impacted. Furthermore, Samsara has yet to achieve GAAP profitability, and high stock-based compensation expenses raise concerns about its capital efficiency, adding to the financial risks if growth targets are not met.

AI Analysis | Feedback

null

AI Analysis | Feedback

Samsara Inc. (IOT) operates within a substantial overall addressable market, which it estimates to be around $100 billion to $117 billion. The company's main products and services contribute to various segments of the connected operations landscape.

  • Connected Operations Cloud / IoT for Operations:

    The global Smart Connected Assets and Operations Market was valued at approximately USD 278.94 billion in 2025 and is projected to reach USD 415.39 billion by 2030. The global Connected Enterprise Market was valued at USD 469.32 billion in 2023. North America accounted for 34.3% of this market's revenue in 2023. The global Internet of Things (IoT) market size was USD 864.32 billion in 2025, with projections to reach USD 5,552.48 billion by 2034. North America's IoT market share was valued at USD 279.73 billion in 2025. The global IoT Platforms Market is estimated at USD 16.11 billion in 2025 and is expected to grow to about USD 49.17 billion by 2034. North America was the largest market for IoT platforms in 2024. The global cloud services market is calculated at USD 721.87 billion in 2025 and is forecasted to reach approximately USD 2,726.94 billion by 2034. The North America market size for cloud services surpassed USD 259.58 billion in 2024, and the U.S. market specifically was USD 181.70 billion in 2024, projected to reach USD 817.06 billion by 2034.

  • Video-based Safety:

    The global video surveillance market size was valued at USD 53.8 billion in 2023 and is anticipated to grow to USD 115 billion by 2032. Another estimate places the global video surveillance market size at USD 82.7 billion in 2025, with a forecast to reach USD 290.4 billion by 2036. The North America video surveillance market is expected to reach USD 35 billion by 2032. In 2024, the global market for video surveillance systems with AI reached USD 5.64 billion, with North America contributing over a third of this amount.

  • Vehicle Telematics:

    The global vehicle telematics market size was valued at USD 93.61 billion in 2025 and is projected to increase to USD 198.69 billion by 2034. Europe held the largest share of this market in 2025. The U.S. market for vehicle telematics is projected to reach USD 26.15 billion by 2032. The global commercial vehicle telematics market size was valued at USD 61.52 billion in 2024 and is projected to reach USD 130.08 billion by 2030. North America led this market in 2024. The global automotive telematics market size was valued at USD 91.81 billion in 2024 and is expected to reach USD 388.49 billion by 2032. Another report estimates the global automotive telematics market at USD 49.61 billion in 2025, growing to USD 79.96 billion by 2034, with Asia Pacific leading in 2024. The global telematics market is projected to reach USD 674.97 billion by 2040, from USD 113.80 billion in 2026.

  • Apps and Driver Workflows:

    The global IoT Powered Logistics Market size is expected to reach approximately USD 809 billion by 2034, growing from USD 17.5 billion in 2024. North America held over 41% of this global market share, with an approximate revenue of USD 7.1 billion in 2024. The U.S. IoT-powered logistics market was valued at USD 6.65 billion in 2024. The global Logistics Visibility Software Market size was valued at USD 785.9 million in 2023 and is estimated to grow to USD 1.9 billion by 2032.

  • Equipment Monitoring:

    The global equipment monitoring market size is predicted to reach USD 6.45 billion by 2035. North America is the largest market, holding approximately 40% of the global share. Other estimates project the global equipment monitoring market to reach USD 5.08 billion by 2032 or USD 6.08 billion by 2034 from USD 3.51 billion in 2024. North America held 43% of the global equipment monitoring market in 2024. The global machine condition monitoring market size was valued at USD 3.00 billion in 2025 and is projected to grow to USD 6.80 billion by 2034. The global load monitoring equipment market size was valued at USD 2.85 billion in 2024 and is projected to reach USD 3.63 billion by 2034.

  • Site Visibility:

    The global location intelligence market size was valued at USD 20.90 billion in 2025 and is projected to grow to USD 66.12 billion by 2034. The European market for location intelligence is projected to reach USD 6.07 billion by 2026.

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for Samsara (IOT)

Samsara (IOT) is anticipated to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives, focusing on expanding its customer base, deepening engagement with existing clients, and continuous innovation in its Connected Operations Cloud.

  1. Acquisition of New Large Enterprise Customers: Samsara continues to prioritize and successfully onboard large enterprise customers within the vast and early-stage digitized physical operations market. The company consistently reports adding a record number of customers to its $100,000-plus and $1 million-plus Annual Recurring Revenue (ARR) cohorts. This focus on high-value customers provides a strong foundation for durable and efficient growth.
  2. Expansion within Existing Customer Base (Land and Expand): A significant driver is the expansion of product adoption among existing clients, commonly referred to as a "land and expand" strategy. Samsara's large customers increasingly utilize the platform as a system of record for physical operations by subscribing to multiple applications. For instance, 96% of large customers subscribe to two or more Samsara products, making the service sticky and fostering long-term, predictable revenue streams.
  3. New Product Innovation, particularly AI-driven Solutions: Samsara is heavily investing in research and development to introduce new applications and features, with a strong emphasis on AI-driven solutions. Recent launches, such as the AI Safety Coach, which provides automated safety outcomes and real-time voice coaching, and enhanced Asset Tags with AI-powered theft and loss workflows, are expected to fuel growth. These innovations expand use cases and drive higher product adoption and revenue per customer.
  4. International Expansion: The company is seeing good momentum in its international markets, indicating opportunities for geographical growth beyond its established presence. Expanding its global footprint allows Samsara to tap into new segments of the large, underserved physical operations market worldwide.
  5. Digitization of Physical Operations Market: Samsara benefits from addressing a massive and rapidly digitizing market in physical operations. The company's platform helps businesses improve safety, efficiency, and sustainability, offering clear return on investment (ROI) to customers. This underlying market opportunity continues to drive strong customer demand and positions Samsara for sustained growth.

AI Analysis | Feedback

Capital Allocation Decisions (Last 3-5 Years)

Share Issuance

  • Samsara Inc. became a public company with its Class A common stock beginning to trade on the New York Stock Exchange on December 15, 2021.
  • As of March 23, 2022, there were 80,138,030 shares of Class A common stock and 428,636,573 shares of Class B common stock outstanding. As of March 18, 2025, there were 299,733,309 shares of Class A common stock and 269,587,022 shares of Class B common stock outstanding.
  • Equity-based compensation represented 20% of revenue in fiscal year 2026, with an expectation for this to decline further in fiscal year 2027 due to ongoing cost discipline.

Outbound Investments

  • In the fourth quarter of fiscal year 2026, investing activities resulted in a cash outflow of $54.82 million, which primarily included $230.34 million in purchases of investments, largely offset by $183.69 million from sales and maturities of investments. This suggests the investments are likely in marketable securities rather than strategic acquisitions of other companies.

Capital Expenditures

  • For the fourth quarter of fiscal year 2026, Samsara's capital expenditures (purchases of property, plant and equipment) amounted to $8.0 million, marking an increase of approximately 49.95% year-over-year.
  • The capital expenditures for the last twelve months ending November 1, 2025, were reported as $26.1 million.
  • The company's definition of adjusted free cash flow excludes the cash impact of non-recurring capital expenditures associated with the build-out of its corporate office facilities in San Francisco, California.

Better Bets vs. Samsara (IOT)

Peer Outperformance in Systems Software

null
Share of Systems Software constituents that IOT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
64%
of 92 industry peers · -0.2% return
3Y
63%
of 78 industry peers · 52.4% return
5Y
—
insufficient peer history
null
Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is IOT's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Electronic Manufacturing Services 9 67.8%202.9%283.6% TTMI 915% · FLEX 725% · SANM 466%
Semiconductor Materials & Equipment 27 97.2%97.4%112.0% AXTI 797% · AEHR 592% · KLAC 439%
Technology Distributors 9 41.0%84.4%101.6% CLMB 402% · AVT 204% · SNX 148%
Communications Equipment 36 17.2%95.3%67.6% AAOI 1301% · FEIM 1069% · LITE 995%
Electronic Components 26 42.0%70.3%64.8% CLS 3788% · BELFA 1333% · COHR 387%
Semiconductors 55 34.9%42.6%39.9% POET 1808% · MU 1376% · NVDA 944%
Technology Hardware, Storage & Peripherals 20 19.0%131.3%29.5% STX 1116% · DELL 1073% · SMCI 1042%
Internet Services & Infrastructure 6 4.9%51.3%28.2% DOCN 71% · VRSN 37% · GDDY 37%
Electronic Equipment & Instruments 26 -16.6%16.4%-10.4% PI 192% · OSIS 107% · KEYS 105%
IT Consulting & Other Services 30 -25.3%-17.4%-35.9% CHRN 522268% · APLD 1174% · TSSI 797%
Application Software 124 -29.5%-14.8%-48.5% VIDA 144067% · INLX 4910% · PLTR 590%
Systems Software ← 72 -20.9%9.9%-62.8% QNC 640% · ZETA 408% · PANW 363%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

IOTVZTRMBVNTAIOTZBRAMedian
NameSamsara Verizon .Trimble Vontier PowerFle.Zebra Te. 
Mkt Price37.9647.0857.8531.482.80370.0442.52
Mkt Cap22.2196.213.54.40.417.715.6
Rev LTM1,848138,8953,7833,0684505,8473,426
Op Inc LTM1928,53066957722970623
FCF LTM25520,160773385-3904579
FCF 3Y Avg14017,900528389-18733459
CFO LTM28838,79979946334979631
CFO 3Y Avg16437,30856046613808513

Growth & Margins

IOTVZTRMBVNTAIOTZBRAMedian
NameSamsara Verizon .Trimble Vontier PowerFle.Zebra Te. 
Rev Chg LTM29.5%1.4%5.8%0.9%15.1%12.7%9.2%
Rev Chg 3Y Avg33.4%1.0%1.3%-1.3%55.7%3.7%2.5%
Rev Chg Q29.9%-0.7%11.0%-2.2%6.4%20.4%8.7%
QoQ Delta Rev Chg LTM6.8%-0.2%2.6%-0.5%1.5%4.7%2.1%
Op Inc Chg LTM116.0%-3.3%26.7%5.4%325.9%19.9%23.3%
Op Inc Chg 3Y Avg59.4%-1.6%12.9%1.0%-24.0%13.4%6.9%
Op Mgn LTM1.0%20.5%17.7%18.8%4.9%16.6%17.1%
Op Mgn 3Y Avg-9.4%21.3%14.7%18.3%-4.7%14.4%14.5%
QoQ Delta Op Mgn LTM1.7%-0.7%-0.1%0.4%0.4%1.8%0.4%
CFO/Rev LTM15.6%27.9%21.1%15.1%7.6%16.7%16.2%
CFO/Rev 3Y Avg10.1%27.3%15.0%15.3%2.4%15.5%15.2%
FCF/Rev LTM13.8%14.5%20.4%12.5%-0.7%15.5%14.2%
FCF/Rev 3Y Avg8.5%13.1%14.2%12.8%-6.5%14.0%12.9%

Valuation

IOTVZTRMBVNTAIOTZBRAMedian
NameSamsara Verizon .Trimble Vontier PowerFle.Zebra Te. 
Mkt Cap22.2196.213.54.40.417.715.6
P/S12.01.43.61.40.83.02.2
P/Op Inc1,144.96.920.17.617.218.217.7
P/EBIT1,144.96.8177.48.819.321.020.2
P/E244.912.1-128.712.6-20.032.812.4
P/CFO76.95.116.99.511.018.013.9
Total Yield0.4%14.2%-0.8%8.2%-5.0%3.1%1.7%
Dividend Yield0.0%5.9%0.0%0.3%0.0%0.0%0.0%
FCF Yield 3Y Avg0.7%10.1%4.0%7.8%-3.4%5.1%4.5%
D/E0.01.00.10.40.80.20.3
Net D/E-0.01.00.10.40.70.20.3

Returns

IOTVZTRMBVNTAIOTZBRAMedian
NameSamsara Verizon .Trimble Vontier PowerFle.Zebra Te. 
1M Rtn-9.3%-4.8%-6.0%-4.9%-6.7%2.5%-5.4%
3M Rtn21.9%2.9%14.1%6.4%-25.1%47.1%10.2%
6M Rtn27.6%-3.4%-8.1%-10.2%-3.8%82.6%-3.6%
12M Rtn-0.2%15.3%-28.8%-25.1%-46.1%23.4%-12.6%
3Y Rtn52.4%77.7%17.6%2.6%39.3%63.8%45.8%
1M Excs Rtn-5.6%-7.1%-3.9%-7.4%-7.9%2.0%-6.3%
3M Excs Rtn16.6%-2.4%8.8%1.1%-30.4%41.8%5.0%
6M Excs Rtn-0.5%-23.8%-31.2%-31.8%-25.6%61.5%-24.7%
12M Excs Rtn-13.9%-0.2%-44.2%-42.0%-64.1%3.3%-27.9%
3Y Excs Rtn-25.4%-4.6%-65.2%-73.3%-40.6%-19.0%-33.0%

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Single Segment1,6191,249937653 
Other revenue    9
Subscription revenue    419
Total1,6191,249937653428


Operating Income by Segment
$ Mil2026202520242023
Single Segment-53-190-323-259
Total-53-190-323-259


Net Income by Segment
$ Mil2026202520242023
Single Segment-9-155-287-247
Total-9-155-287-247


Price Behavior

Price Behavior
Market Price$37.96 
Market Cap ($ Bil)22.1 
First Trading Date12/15/2021 
Distance from 52W High-16.1% 
   50 Days200 Days
DMA Price$38.75$33.75
DMA Trendindeterminateup
Distance from DMA-2.0%12.5%
 3M1YR
Volatility60.5%59.9%
Downside Capture17.49141.14
Upside Capture108.03114.72
Correlation (SPY)0.5%19.9%
IOT Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta1.970.340.490.130.961.46
Up Beta1.78-2.09-0.84-0.72-0.011.42
Down Beta-2.69-1.300.21-0.741.071.27
Up Capture290%239%144%105%135%397%
Bmk +ve Days10213268138427
Stock +ve Days10243263121378
Down Capture218%105%71%46%122%110%
Bmk -ve Days11213259113324
Stock -ve Days11183264129370

[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 IOT
IOT2.8%59.9%0.27-
Sector ETF (XLK)41.7%26.4%1.2815.7%
Equity (SPY)17.7%13.0%0.9819.3%
Gold (GLD)14.7%29.3%0.46-2.0%
Commodities (DBC)44.3%20.7%1.664.0%
Real Estate (VNQ)4.5%13.6%0.075.6%
Bitcoin (BTCUSD)-25.9%44.8%-0.5418.1%

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 IOT
IOT8.6%65.6%0.39-
Sector ETF (XLK)21.3%26.0%0.7342.8%
Equity (SPY)13.3%17.2%0.5945.0%
Gold (GLD)19.2%18.8%0.833.9%
Commodities (DBC)10.8%19.6%0.436.4%
Real Estate (VNQ)0.9%18.9%-0.0634.7%
Bitcoin (BTCUSD)12.2%52.6%0.4125.4%

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 IOT
IOT4.2%65.6%0.39-
Sector ETF (XLK)24.8%25.0%0.9042.8%
Equity (SPY)15.5%17.9%0.7345.0%
Gold (GLD)12.1%16.4%0.613.9%
Commodities (DBC)8.5%18.1%0.386.4%
Real Estate (VNQ)4.8%20.7%0.1934.7%
Bitcoin (BTCUSD)63.8%66.2%1.0325.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity29.5 Mil
Short Interest: % Change Since 83120262.3%
Average Daily Volume10.5 Mil
Days-to-Cover Short Interest2.8 days
Basic Shares Quantity584.1 Mil
Short % of Basic Shares5.1%

Earnings Returns History

Updated 9/15/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/3/20263.7%-1.0% 
6/4/2026-1.2%-8.4%3.2%
3/5/202619.5%7.7%6.3%
12/4/202511.1%7.7%-10.8%
9/4/202517.4%8.0%9.1%
6/5/2025-4.6%-13.9%-16.9%
3/6/2025-15.6%-11.3%-20.1%
12/5/2024-5.2%-15.8%-22.1%
...
SUMMARY STATS   
# Positive121210
# Negative778
Median Positive14.7%9.8%12.1%
Median Negative-5.2%-13.9%-13.8%
Max Positive27.9%46.1%44.7%
Max Negative-15.6%-18.0%-22.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/3/20263.7%-1.0% 
6/4/2026-1.2%-8.4%3.2%
3/5/202619.5%7.7%6.3%
12/4/202511.1%7.7%-10.8%
9/4/202517.4%8.0%9.1%
6/5/2025-4.6%-13.9%-16.9%
3/6/2025-15.6%-11.3%-20.1%
12/5/2024-5.2%-15.8%-22.1%
9/5/202413.6%19.4%22.8%
6/6/2024-12.3%-18.0%0.8%
3/7/202414.0%7.3%-1.8%
11/30/202325.6%22.5%13.9%
8/31/202313.0%11.7%-7.1%
6/1/202327.9%46.1%44.7%
3/2/202315.4%20.0%16.8%
12/1/202220.2%25.7%20.4%
8/31/2022-13.0%-14.3%-18.8%
6/2/2022-3.2%0.8%10.3%
3/2/20221.6%5.3%-3.3%
SUMMARY STATS   
# Positive121210
# Negative778
Median Positive14.7%9.8%12.1%
Median Negative-5.2%-13.9%-13.8%
Max Positive27.9%46.1%44.7%
Max Negative-15.6%-18.0%-22.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
07/31/202609/08/202610-Q
04/30/202606/09/202610-Q
01/31/202603/16/202610-K
10/31/202512/09/202510-Q
07/31/202509/09/202510-Q
04/30/202506/10/202510-Q
01/31/202503/25/202510-K
10/31/202412/10/202410-Q
07/31/202409/10/202410-Q
04/30/202406/11/202410-Q
01/31/202403/26/202410-K
10/31/202312/05/202310-Q
07/31/202309/05/202310-Q
04/30/202306/06/202310-Q
01/31/202303/21/202310-K
10/31/202212/06/202210-Q
Collapse to Preview
Report DateFiling DateFiling
07/31/202609/08/202610-Q
04/30/202606/09/202610-Q
01/31/202603/16/202610-K
10/31/202512/09/202510-Q
07/31/202509/09/202510-Q
04/30/202506/10/202510-Q
01/31/202503/25/202510-K
10/31/202412/10/202410-Q
07/31/202409/10/202410-Q
04/30/202406/11/202410-Q
01/31/202403/26/202410-K
10/31/202312/05/202310-Q
07/31/202309/05/202310-Q
04/30/202306/06/202310-Q
01/31/202303/21/202310-K
10/31/202212/06/202210-Q
07/31/202209/06/202210-Q
04/30/202206/08/202210-Q
01/31/202203/30/202210-K
10/31/202112/15/2021424B4

Recent Forward Guidance

Updated 9/4/2026

Latest: Q2 2027 Earnings Reported 9/3/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2027 Total revenueReported514.00 Mil515.00 Mil516.00 Mil6.6% Higher NewGuidance: 483.00 Mil for Q2 2027
Q3 2027 Year/Year revenue growthReported 24.0%  0.5%Higher NewGuidance: 23.5% for Q2 2027
Q3 2027 Non-GAAP operating marginReported 21.0%  3.0%Higher NewGuidance: 18.0% for Q2 2027
Q3 2027 Non-GAAP net income per share, dilutedReported0.180.180.1919.4% Higher NewGuidance: 0.15 for Q2 2027
2027 Total revenueReported2.04 Bil2.04 Bil2.05 Bil1.8% RaisedGuidance: 2.01 Bil for 2027
2027 Year/Year revenue growthReported 26.0%  2.0%RaisedGuidance: 24.0% for 2027
2027 Non-GAAP operating marginReported 21.0%  1.0%RaisedGuidance: 20.0% for 2027
2027 Non-GAAP net income per share, dilutedReported0.760.770.788.5% RaisedGuidance: 0.71 for 2027


Prior: Q1 2027 Earnings Reported 6/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2027 Total revenueReported482.00 Mil483.00 Mil484.00 Mil6.2% Higher NewGuidance: 455.00 Mil for Q1 2027
Q2 2027 Year/Year revenue growthReported23.0%23.5%24.0% -0.5%Lower NewGuidance: 24.0% for Q1 2027
Q2 2027 Non-GAAP operating marginReported 18.0%  3.0%Higher NewGuidance: 15.0% for Q1 2027
Q2 2027 Non-GAAP net income per share, dilutedReported0.150.150.1624.0% Higher NewGuidance: 0.12 for Q1 2027
2027 Total revenueReported2.00 Bil2.01 Bil2.01 Bil2.0% RaisedGuidance: 1.97 Bil for 2027
2027 Year/Year revenue growthReported 24.0%  2.5%RaisedGuidance: 21.5% for 2027
2027 Non-GAAP operating marginReported 20.0%  1.0%RaisedGuidance: 19.0% for 2027
2027 Non-GAAP net income per share, dilutedReported0.70.710.726.0% RaisedGuidance: 0.67 for 2027

Q4 2026 Earnings Reported 3/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2027 RevenueReported454.00 Mil455.00 Mil456.00 Mil7.8% Higher NewActual: 422.00 Mil for Q4 2026
Q1 2027 Revenue GrowthReported 24.0%  2.0%Higher NewActual: 22.0% for Q4 2026
Q1 2027 Non-GAAP Operating MarginReported 15.0%  -1.0%Lower NewActual: 16.0% for Q4 2026
Q1 2027 Non-GAAP EPSReported0.120.120.13 0.0%Same NewActual: 0.12 for Q4 2026
2027 RevenueReported1.97 Bil1.97 Bil1.98 Bil23.4% Higher NewActual: 1.60 Bil for 2026
2027 Revenue GrowthReported21.0%21.5%22.0% -6.5%Lower NewActual: 28.0% for 2026
2027 Non-GAAP Operating MarginReported 19.0%  3.0%Higher NewActual: 16.0% for 2026
2027 Non-GAAP EPSReported0.650.670.69 16.5%Higher NewActual: 0.51 for 2026

Q3 2026 Earnings Reported 12/4/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Total revenueReported421.00 Mil422.00 Mil423.00 Mil0.7% RaisedGuidance: 419.00 Mil for Q4 2026
Q4 2026 Year/Year revenue growthReported 22.0%  1.0%RaisedGuidance: 21.0% for Q4 2026
Q4 2026 Year/Year revenue growth in constant currencyReported 21.0%    
Q4 2026 Non-GAAP operating marginReported 16.0%  0.5%RaisedGuidance: 15.5% for Q4 2026
Q4 2026 Non-GAAP net income per share, dilutedReported0.120.120.138.7% RaisedGuidance: 0.12 for Q4 2026
2026 Total revenueReported1.59 Bil1.60 Bil1.60 Bil1.3% RaisedGuidance: 1.58 Bil for 2026
2026 Year/Year revenue growthReported 28.0%  2.0%RaisedGuidance: 26.0% for 2026
2026 Year/Year revenue growth in constant currencyReported 28.0%    
2026 Non-GAAP operating marginReported 16.0%  1.0%RaisedGuidance: 15.0% for 2026
2026 Non-GAAP net income per share, dilutedReported0.50.510.519.8% RaisedGuidance: 0.46 for 2026

Insider Activity

Updated 9/21/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell921202640.4277031,1236,106,896Form
2Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell917202642.552,16592,1216,461,473Form
3Chadwick, JonathanDirectSell917202642.0910,000420,8722,174,479Form
4Phillips, DominicSEE REMARKSDirectSell909202644.2511,710518,22137,001,271Form
5Phillips, DominicSEE REMARKSSee footnoteSell909202644.2517,909792,55645,111,502Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell921202640.4277031,1236,106,896Form
2Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell917202642.552,16592,1216,461,473Form
3Chadwick, JonathanDirectSell917202642.0910,000420,8722,174,479Form
4Phillips, DominicSEE REMARKSDirectSell909202644.2511,710518,22137,001,271Form
5Phillips, DominicSEE REMARKSSee footnoteSell909202644.2517,909792,55645,111,502Form
6Eltoukhy, AdamSEE REMARKSDirectSell827202639.826,876273,80216,926,686Form
7Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell819202639.5098939,0666,287,847Form
8Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell819202639.312,625103,1896,296,479Form
9Phillips, DominicSEE REMARKSDirectSell805202637.6211,710440,58831,458,213Form
10Phillips, DominicSEE REMARKSSee footnoteSell805202637.6217,908673,67139,461,080Form
11Eltoukhy, AdamSEE REMARKSDirectSell729202637.003,653135,16115,727,960Form
12Eltoukhy, AdamSEE REMARKSDirectSell729202634.953,653127,66414,855,591Form
13Biswas, SanjitCHIEF EXECUTIVE OFFICERSee footnoteSell723202633.8761,2832,075,89645,786,404Form
14Bicket, JohnSEE REMARKSSee FootnoteSell723202633.7453,3781,800,71852,585,384Form
15Bicket, JohnSEE REMARKSSee footnoteSell723202634.797,974277,42653,954,211Form
16Biswas, SanjitCHIEF EXECUTIVE OFFICERSee footnoteSell723202636.81202,6177,458,3893,069,978Form
17Bicket, JohnSEE REMARKSSee footnoteSell723202636.81202,5487,455,9223,070,007Form
18Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell721202637.7096036,1926,137,560Form
19Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell716202637.822,54996,4036,193,403Form
20Biswas, SanjitCHIEF EXECUTIVE OFFICERSee footnoteSell709202635.0919,095670,08654,732,362Form
21Bicket, JohnSEE REMARKSSee FootnoteSell709202635.0315,575545,56061,690,962Form
22Bicket, JohnSEE REMARKSSee footnoteSell709202635.622,40085,50062,656,720Form
23Biswas, SanjitCHIEF EXECUTIVE OFFICERSee footnoteSell709202636.77244,8059,001,7923,456,500Form
24Bicket, JohnSEE REMARKSSee footnoteSell709202636.77245,9259,042,8753,456,461Form
25Eltoukhy, AdamSEE REMARKSDirectSell707202637.003,653135,16115,727,960Form
26Phillips, DominicSEE REMARKSDirectSell702202633.3212,065402,03427,860,775Form
27Phillips, DominicSEE REMARKSSee footnoteSell702202633.3217,909596,79635,943,051Form
28Eltoukhy, AdamSEE REMARKSDirectSell630202632.082,03965,41113,636,566Form
29Eltoukhy, AdamSEE REMARKSDirectSell623202632.211,61451,99013,692,549Form
30Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell617202633.742,54986,0035,643,656Form
31Chadwick, JonathanDirectSell617202633.4710,000334,7231,468,264Form
32Andreessen, Marc LSee FootnoteSell612202632.18468,75115,083,98577,274,762Form
33Andreessen, Marc LSee footnoteSell612202632.56144,9094,717,87573,465,576Form
34Andreessen, Marc LSee footnoteSell612202633.68500,00016,838,49396,657,902Form
35Andreessen, Marc LSee FootnoteSell610202633.37210,1267,011,547124,631,301Form
36Andreessen, Marc LSee footnoteSell610202634.56364,87412,608,647116,459,359Form
37Andreessen, Marc LSee footnoteSell610202634.09567,82719,357,115134,489,316Form
38Phillips, DominicSEE REMARKSDirectSell609202635.3919,547691,76532,897,502Form
39Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell528202631.2131,081970,0799,583,620Form
40Bicket, JohnSEE REMARKSSee footnoteSell528202631.2030,345946,6754,798,982Form
41Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell528202630.03128,1593,848,236669,603Form
42Bicket, JohnSEE REMARKSSee FootnoteSell528202629.7277,0072,288,4946,380,009Form
43Bicket, JohnSEE REMARKSSee footnoteSell528202630.4852,0141,585,213679,630Form
44Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell528202631.10104,6603,254,935143,060Form
45Bicket, JohnSEE REMARKSSee footnoteSell528202631.10104,5343,250,991143,059Form
46Eltoukhy, AdamSEE REMARKSDirectSell521202630.215,473165,32014,145,855Form
47Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell514202627.472,55470,1583,068,509Form
48Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell514202627.4795,6282,626,8241,856,917Form
49Bicket, JohnSEE REMARKSSee FootnoteSell514202627.4888,7202,438,2479,985,162Form
50Bicket, JohnSEE REMARKSSee footnoteSell514202627.316,953189,8791,846,087Form
51Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell514202628.58168,2724,809,871434,475Form
52Bicket, JohnSEE REMARKSSee footnoteSell514202628.58168,2274,808,620434,479Form
53Phillips, DominicSEE REMARKSDirectSell504202630.0019,547586,41013,884,030Form
54Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell430202628.4972,9582,078,50620,599,195Form
55Bicket, JohnSEE REMARKSSee footnoteSell430202628.4972,8162,074,40216,233,416Form
56Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell430202629.0587,0672,529,1353,279,535Form
57Bicket, JohnSEE REMARKSSee FootnoteSell430202629.0565,5381,903,70918,667,137Form
58Bicket, JohnSEE REMARKSSee footnoteSell430202629.0421,689629,8403,278,571Form
59Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell430202629.50103,8753,064,355761,111Form
60Bicket, JohnSEE REMARKSSee footnoteSell430202629.50103,8573,063,865761,121Form
61Eltoukhy, AdamSEE REMARKSDirectSell421202630.685,473167,9075,848,941Form
62Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell416202627.9896,5622,702,1464,426,995Form
63Bicket, JohnSEE REMARKSSee FootnoteSell416202627.6625,716711,21223,322,061Form
64Bicket, JohnSEE REMARKSSee footnoteSell416202628.1070,9741,994,5674,445,861Form
65Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell416202626.60167,3384,450,787968,152Form
66Bicket, JohnSEE REMARKSSee footnoteSell416202626.60167,2104,447,252968,124Form
67Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell414202626.022,48064,5302,972,993Form
68Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell402202630.9710,381321,54935,281,958Form
69Bicket, JohnSEE REMARKSSee footnoteSell402202630.9610,009309,89330,522,644Form
70Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell402202631.80116,5763,707,0756,471,227Form
71Bicket, JohnSEE REMARKSSee footnoteSell402202631.80116,4863,704,1496,471,115Form
72Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell402202631.44136,9434,304,8551,477,463Form
73Bicket, JohnSEE REMARKSSee footnoteSell402202631.44137,4054,319,6171,477,544Form
74Eltoukhy, AdamSEE REMARKSDirectSell323202633.315,473182,3036,350,412Form
75Chadwick, JonathanDirectSell317202631.9310,000319,2861,400,548Form
76Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell317202631.902,48079,1123,723,942Form
77Phillips, DominicSEE REMARKSDirectSell309202631.7317,808565,12318,187,314Form
78Phillips, DominicSEE REMARKSDirectSell309202630.0017,808534,24017,193,420Form
79Eltoukhy, AdamSEE REMARKSDirectSell223202626.794,688125,6126,609,482Form
80Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell219202626.641,73146,1143,247,762Form
81Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell219202625.87263,9006,827,5131,490,204Form
82Bicket, JohnSEE REMARKSSee footnoteSell219202625.87263,9006,827,4601,490,192Form
83Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell205202625.19208,0815,242,5777,409,816Form
84Bicket, JohnSEE REMARKSSee footnoteSell205202625.20208,5365,254,1807,410,012Form
85Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell205202625.2355,8191,408,3891,720,778Form
86Bicket, JohnSEE REMARKSSee footnoteSell205202625.2355,3641,396,8871,720,751Form
87Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell122202632.43263,9008,557,8292,555,350Form
88Bicket, JohnSEE REMARKSSee footnoteSell122202632.43263,9008,557,7142,555,316Form
89Eltoukhy, AdamSEE REMARKSDirectSell122202632.544,688152,5638,027,632Form
90Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell116202634.531,68358,1143,301,413Form
91Phillips, DominicSEE REMARKSDirectSell105202634.2418,348628,18419,621,819Form
92Bicket, JohnSEE REMARKSSee footnoteSell1231202535.741,953  Form
93Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell1231202536.131,68360,8073,515,196Form
94Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell1231202535.9677,758  Form
95Bicket, JohnSEE REMARKSSee footnoteSell1231202535.9685,773  Form
96Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell1231202536.2782,242  Form
97Bicket, JohnSEE REMARKSSee footnoteSell1231202536.2782,274  Form
98Chadwick, JonathanDirectSell1230202536.6110,000366,0841,605,827Form
99Eltoukhy, AdamSEE REMARKSDirectSell1223202538.324,688179,6649,453,622Form
100Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell1219202538.7324,498948,8444,918,900Form
101Bicket, JohnSEE REMARKSSee footnoteSell1219202538.7533,9391,315,0455,308,380Form
102Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell1219202538.37135,5025,199,691230,241Form
103Bicket, JohnSEE REMARKSSee footnoteSell1219202538.37136,0615,221,212230,244Form
104Phillips, DominicSEE REMARKSDirectSell1216202540.7248,1161,959,09623,334,967Form
105Eltoukhy, AdamSEE REMARKSDirectSell1216202540.7218,952771,64610,043,570Form
106Phillips, DominicSEE REMARKSDirectSell1211202544.468,231365,96829,650,552Form
107Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell1211202544.441,60971,5094,398,780Form
108Eltoukhy, AdamSEE REMARKSDirectSell1211202544.459,498422,21912,607,102Form
109Phillips, DominicSEE REMARKSDirectSell1208202546.0918,348845,69931,500,532Form
110Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell1203202538.1014,152539,1421,712,514Form
111Bicket, JohnSEE REMARKSSee footnoteSell1203202538.1524,162921,6698,322,297Form
112Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell1203202537.85145,8485,519,885454,162Form
113Bicket, JohnSEE REMARKSSee footnoteSell1203202537.85145,8385,519,463454,158Form
114Eltoukhy, AdamSEE REMARKSDirectSell1121202536.044,767171,81510,910,046Form
115Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell1120202536.1336,6641,324,6026,212,304Form
116Bicket, JohnSEE REMARKSSee footnoteSell1120202536.1146,5591,681,21312,825,046Form
117Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell1120202536.50123,3364,502,284657,076Form
118Bicket, JohnSEE REMARKSSee footnoteSell1120202536.51123,4414,506,390657,116Form
119Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell1106202538.3810,937419,77111,474,017Form
120Bicket, JohnSEE REMARKSSee footnoteSell1106202538.5220,723798,15318,956,191Form
121Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell1106202538.94149,0635,804,940934,629Form
122Bicket, JohnSEE REMARKSSee footnoteSell1106202538.94149,2775,813,324934,637Form
123Phillips, DominicSEE REMARKSDirectSell1104202540.3918,348741,10027,604,432Form
124Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell1023202538.63160,0006,181,0721,158,951Form
125Bicket, JohnSEE REMARKSSee footnoteSell1023202538.66170,0006,572,9471,159,932Form
126Eltoukhy, AdamSEE REMARKSDirectSell1021202537.164,767177,13711,247,955Form
127Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell1009202538.36160,0006,137,0411,380,834Form
128Bicket, JohnSEE REMARKSSee footnoteSell1009202538.35170,0006,519,6391,380,629Form
129Phillips, DominicSEE REMARKSDirectSell1002202537.8318,904715,07525,851,678Form
130Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell930202537.474,933184,8403,768,920Form
131Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell925202537.6026,590999,84325,567,696Form
132Bicket, JohnSEE REMARKSSee footnoteSell925202537.5036,5791,371,64633,867,341Form
133Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell925202538.97133,4105,198,4411,636,568Form
134Bicket, JohnSEE REMARKSSee footnoteSell925202538.97133,4215,198,8061,636,548Form
135Eltoukhy, AdamSEE REMARKSDirectSell923202539.404,767187,84011,927,603Form
136Phillips, DominicSEE REMARKSDirectSell917202539.1546,2531,810,91426,757,693Form
137Eltoukhy, AdamSEE REMARKSDirectSell917202539.1518,219713,27711,850,682Form
138Chadwick, JonathanDirectSell917202539.2922,500883,9791,723,367Form
139Phillips, DominicSEE REMARKSDirectSell912202538.148,457322,57129,643,626Form
140Kirchhoff, Benjamin LouisCHIEF ACCOUNTING OFFICERDirectSell912202538.131,77267,5734,023,771Form
141Eltoukhy, AdamSEE REMARKSDirectSell912202538.149,758372,17212,953,327Form
142Andreessen, Marc LAndreessen Horowitz LSV Fund I, L.P.Sell910202538.55503,000  Form
143Andreessen, Marc LAH Parallel Fund V, L.P.Sell910202538.55257,000  Form
144Andreessen, Marc La16z Capital Management, L.L.C.Sell910202538.5733,331  Form
145Andreessen, Horowitz Lsv Fund Iii, LPAndreessen Horowitz LSV Fund I, L.P.Sell910202538.55503,000  Form
146Andreessen, Horowitz Lsv Fund Iii, LPAH Parallel Fund V, L.P.Sell910202538.55257,000  Form
147Andreessen, Horowitz Lsv Fund Iii, LPa16z Capital Management, L.L.C.Sell910202538.5733,331  Form
148Ah, Parallel Fund Iv, LPAndreessen Horowitz LSV Fund I, L.P.Sell910202538.55503,000  Form
149Ah, Parallel Fund Iv, LPAH Parallel Fund V, L.P.Sell910202538.55257,000  Form
150Ah, Parallel Fund Iv, LPa16z Capital Management, L.L.C.Sell910202538.5733,331  Form
151Andreessen, Horowitz Lsv Fund I, LPAndreessen Horowitz LSV Fund I, L.P.Sell910202538.55503,000  Form
152Andreessen, Horowitz Lsv Fund I, LPAH Parallel Fund V, L.P.Sell910202538.55257,000  Form
153Andreessen, Horowitz Lsv Fund I, LPa16z Capital Management, L.L.C.Sell910202538.5733,331  Form
154Phillips, DominicSEE REMARKSDirectSell909202541.5917,793740,07433,014,276Form
155Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell904202535.5730,1451,072,40221,270,244Form
156Bicket, JohnSEE REMARKSSee footnoteSell904202535.6140,3201,435,63835,048,758Form
157Biswas, SanjitCHIEF EXECUTVE OFFICERSee footnoteSell904202535.37129,8554,593,1231,697,816Form
158Bicket, JohnSEE REMARKSSee footnoteSell904202535.37129,6804,586,7981,697,766Form

Investor Activity (13F)

Updated Sep 27, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active 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 ManagerValue% of PortfolioTotal PositionsQoQFiling
a16z Perennial Management, L.P.$189.8 Mil15.8%142ADD +260.4%13F
Spyglass Capital Management LLC$93.4 Mil6.6%25ADD +25.5%13F
Sands Capital Alternatives, LLC$17.8 Mil4.2%21ADD +20.2%13F
Light Street Capital Management, LLC$12.2 Mil2.4%23New13F
Proem Advisors LLC$5.8 Mil1.9%29New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Light Street Capital Management, LLC$12.2 Mil2.4%23New13F
Proem Advisors LLC$5.8 Mil1.9%29New13F
a16z Perennial Management, L.P.$189.8 Mil15.8%142ADD +260.4%13F
Spyglass Capital Management LLC$93.4 Mil6.6%25ADD +25.5%13F
Sands Capital Alternatives, LLC$17.8 Mil4.2%21ADD +20.2%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Soma Equity Partners LP$59.6 Mil3.5%16Exited13F
Insight Holdings Group, LLC$6.6 Mil0.5%30Exited13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
a16z Perennial Management, L.P.$189.8 Mil15.8%142ADD +260.4%13F
Spyglass Capital Management LLC$93.4 Mil6.6%25ADD +25.5%13F
Sands Capital Alternatives, LLC$17.8 Mil4.2%21ADD +20.2%13F
Light Street Capital Management, LLC$12.2 Mil2.4%23New13F
Proem Advisors LLC$5.8 Mil1.9%29New13F
Core Cache Last Updated: 9/26/2026