CS Disco (LAW)


Market Price (9/5/2026): $4.26 | Market Cap: $274.7 MilSector: Information Technology | Industry: Application Software

CS Disco (LAW)


Market Price (9/5/2026): $4.26
Market Cap: $274.7 Mil
Sector: Information Technology
Industry: Application Software

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

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -35%

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Cloud Computing, and Automation & Robotics. Themes include AI Software Platforms, Show more.

Weak multi-year price returns
2Y Excs Rtn is -60%, 3Y Excs Rtn is -127%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -43 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -26%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.8%

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 -19%

Key risks
LAW key risks include [1] an ongoing class-action lawsuit alleging misleading statements and [2] potential stock volatility due to its highly concentrated ownership structure.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -35%
1 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Cloud Computing, and Automation & Robotics. Themes include AI Software Platforms, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -60%, 3Y Excs Rtn is -127%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -43 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -26%
4 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.8%
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 -19%
7 Key risks
LAW key risks include [1] an ongoing class-action lawsuit alleging misleading statements and [2] potential stock volatility due to its highly concentrated ownership structure.

LAW in ETFs

Weight = LAW's share of each fund

VTI0.00%
IWM0.00%
IWO0.01%
DFAS0.00%
VTWO0.00%
IWN0.00%
SCHA0.00%
VGT0.00%
+2 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/1/2026

CS Disco (LAW) stock has gained about 5% since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Results and Upgraded Full-Year Outlook. CS Disco reported total revenue of $43.1 million for fiscal Q2 2026, representing a 13% year-over-year increase, with software revenue also growing by 13% to $36.8 million. The company also reported that AI-related revenue more than tripled year-over-year. Following these results, CS Disco raised its full-year fiscal 2026 revenue guidance to a range of $172 million to $179 million and reiterated its expectation of achieving adjusted EBITDA profitability in fiscal Q4 2026.

2. Increased Adoption of AI-Powered Products and Expansion with Key Customers. The company experienced significant growth in its large customer base, increasing to 354 customers generating over $100,000 in trailing-12-month revenue as of June 30, 2026, a 10% rise from the previous year. Revenue from these large customers grew by 15%. This trend was driven by the increased use of its artificial intelligence products, including tools like Cecilia AutoReview, Cecilia Q&A, and Cecilia document summaries.

Show more
Updated on 9/1/2026

CS Disco (LAW) stock has gained about 5% since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Results and Upgraded Full-Year Outlook. CS Disco reported total revenue of $43.1 million for fiscal Q2 2026, representing a 13% year-over-year increase, with software revenue also growing by 13% to $36.8 million. The company also reported that AI-related revenue more than tripled year-over-year. Following these results, CS Disco raised its full-year fiscal 2026 revenue guidance to a range of $172 million to $179 million and reiterated its expectation of achieving adjusted EBITDA profitability in fiscal Q4 2026.

2. Increased Adoption of AI-Powered Products and Expansion with Key Customers. The company experienced significant growth in its large customer base, increasing to 354 customers generating over $100,000 in trailing-12-month revenue as of June 30, 2026, a 10% rise from the previous year. Revenue from these large customers grew by 15%. This trend was driven by the increased use of its artificial intelligence products, including tools like Cecilia AutoReview, Cecilia Q&A, and Cecilia document summaries.

3. Introduction of Advanced AI Solutions. CS Disco launched its DISCO Unified Litigation Solution in a limited customer pilot, a new offering designed to integrate case evidence with relevant legal authorities and litigation workflows. This solution is intended to expand the company's capabilities beyond traditional e-discovery. Additionally, the company rolled out new AI-powered capabilities such as the DISCO Auto Review and Advanced Research for Deep, Agentic AI Powered eDiscovery and Fact Investigation in August 2026.

4. Favorable Analyst Consensus and Price Targets. As of late August 2026, CS Disco maintained a "Buy" consensus rating from analysts, with 67% recommending a "Strong Buy." The average analyst price target for the stock stood at $8.00, suggesting a potential upside of 87.53% from its price of $4.27.

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Stock Movement Drivers

Fundamental Drivers

The 6.3% change in LAW stock from 5/31/2026 to 9/4/2026 was primarily driven by a 4.4% change in the company's P/S Multiple.
(LTM values as of)53120269042026Change
Stock Price ($)3.994.246.3%
Change Contribution By: 
Total Revenues ($ Mil)1621673.1%
P/S Multiple1.61.64.4%
Shares Outstanding (Mil)6464-1.3%
Cumulative Contribution6.3%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/4/2026
ReturnCorrelation
LAW6.3% 
Market (SPY)1.8%13.2%
Sector (XLK)-2.0%-7.8%

Fundamental Drivers

The 30.5% change in LAW stock from 2/28/2026 to 9/4/2026 was primarily driven by a 25.5% change in the company's P/S Multiple.
(LTM values as of)22820269042026Change
Stock Price ($)3.254.2430.5%
Change Contribution By: 
Total Revenues ($ Mil)1571676.5%
P/S Multiple1.31.625.5%
Shares Outstanding (Mil)6364-2.4%
Cumulative Contribution30.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/4/2026
ReturnCorrelation
LAW30.5% 
Market (SPY)12.6%1.9%
Sector (XLK)35.1%-1.4%

Fundamental Drivers

The -22.5% change in LAW stock from 8/31/2025 to 9/4/2026 was primarily driven by a -27.7% change in the company's P/S Multiple.
(LTM values as of)83120259042026Change
Stock Price ($)5.474.24-22.5%
Change Contribution By: 
Total Revenues ($ Mil)14816712.9%
P/S Multiple2.31.6-27.7%
Shares Outstanding (Mil)6164-5.0%
Cumulative Contribution-22.5%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/4/2026
ReturnCorrelation
LAW-22.5% 
Market (SPY)20.4%6.5%
Sector (XLK)43.3%3.6%

Fundamental Drivers

The -55.4% change in LAW stock from 8/31/2023 to 9/4/2026 was primarily driven by a -61.3% change in the company's P/S Multiple.
(LTM values as of)83120239042026Change
Stock Price ($)9.504.24-55.4%
Change Contribution By: 
Total Revenues ($ Mil)13416724.3%
P/S Multiple4.21.6-61.3%
Shares Outstanding (Mil)6064-7.2%
Cumulative Contribution-55.4%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/4/2026
ReturnCorrelation
LAW-55.4% 
Market (SPY)77.1%25.7%
Sector (XLK)117.2%21.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
LAW Return-13%-82%20%-34%56%-44%-89%
Peers Return5%-27%32%25%-13%-12%-3%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
LAW Win Rate50%25%42%50%58%44% 
Peers Win Rate50%45%62%67%47%44% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
LAW Max Drawdown--86%-51%-42%-38%-64% 
Peers Max Drawdown-26%-48%-27%-24%-33%-40% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: OTEX, FCN, INTA, TYL, DOCU.
[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 9/4/2026 (YTD)

How Low Can It Go

EventLAWS&P 500
2025 US Tariff Shock
  % Loss-33.9%-18.8%
  % Gain to Breakeven51.3%23.1%
  Time to Breakeven129 days79 days
2023 SVB Regional Banking Crisis
  % Loss-36.4%-6.7%
  % Gain to Breakeven57.3%7.1%
  Time to Breakeven40 days31 days

Compare to OTEX, FCN, INTA, TYL, DOCU

In The Past

CS Disco's stock fell -33.9% during the 2025 US Tariff Shock. Such a loss loss requires a 51.3% 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.

EventLAWS&P 500
2025 US Tariff Shock
  % Loss-33.9%-18.8%
  % Gain to Breakeven51.3%23.1%
  Time to Breakeven129 days79 days
2023 SVB Regional Banking Crisis
  % Loss-36.4%-6.7%
  % Gain to Breakeven57.3%7.1%
  Time to Breakeven40 days31 days

Compare to OTEX, FCN, INTA, TYL, DOCU

In The Past

CS Disco's stock fell -33.9% during the 2025 US Tariff Shock. Such a loss loss requires a 51.3% 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 CS Disco (LAW)

CS Disco, Inc. (symbol: LAW) is a legal technology company that develops cloud-native, artificial intelligence-powered solutions designed to streamline and automate complex legal processes. Its core offerings address critical areas within the legal field, specifically ediscovery, legal document review, and case management. The company's technology aims to reduce manual tasks and enhance efficiency for legal professionals dealing with large volumes of data in legal matters.

The company's product suite includes DISCO Ediscovery, which automates the entire ediscovery workflow from data collection and processing to searching, reviewing, and analyzing enterprise data relevant to legal cases. Additionally, DISCO Review leverages AI to deliver consistent and efficient legal document reviews. For team collaboration and case preparation, DISCO Case Builder provides a unified platform for legal professionals to search, organize, and review witness testimony and other essential legal data, facilitating the construction of compelling cases.

CS Disco serves a broad client base, including enterprises, law firms, legal services providers, and government entities. Its solutions are applicable across various legal contexts, such as litigation, internal investigations, regulatory compliance, and due diligence processes. Founded in 2012 and headquartered in Austin, Texas, CS Disco positions itself as a key innovator in modernizing legal operations through advanced technology.

AI Analysis | Feedback

Here are a few brief analogies for CS Disco:

  • Salesforce for legal departments.
  • Carvana for legal document review.

AI Analysis | Feedback

  • DISCO Ediscovery: An automated solution for the ediscovery process, handling tasks like collecting, processing, searching, and reviewing enterprise data for legal matters.
  • DISCO Review: An AI-powered solution specifically designed to consistently deliver efficient and accurate legal document reviews.
  • DISCO Case Builder: A collaborative tool that provides a single platform for legal professionals to search, organize, and review witness testimony and other legal data to build a case.

AI Analysis | Feedback

Major Customers of CS Disco (LAW)

CS Disco, Inc. (symbol: LAW) sells its legal technology solutions primarily to other companies and organizations rather than individuals. The provided background information does not list specific names of customer companies or their symbols.

However, it does identify the following major categories of customers that CS Disco serves:

  • Enterprises
  • Law firms
  • Legal services providers
  • Governments

AI Analysis | Feedback

  • Amazon.com, Inc. (AMZN)

AI Analysis | Feedback

Eric Friedrichsen President, Chief Executive Officer, and Director

Eric Friedrichsen was appointed President and Chief Executive Officer of CS Disco in April 2024. He is responsible for the company's strategic direction, focusing on new market growth, product vision, operational execution, and fostering a healthy culture. With over 30 years of experience in driving growth for software companies, Friedrichsen previously served as CEO and Board Director for Emburse, a leader in expense management software. His career also includes various executive and leadership positions in general management, sales, services, and technology at prominent companies such as Adobe, SAP, Concur, and Business Objects.

Aaron Barfoot Executive Vice President, Chief Financial Officer

Aaron Barfoot joined DISCO as Executive Vice President and Chief Financial Officer in January 2026, overseeing all finance, accounting, and public reporting functions. Prior to his role at DISCO, Barfoot held the position of CFO at Socure Inc. since July 2023, and at Forter, Inc. from January 2020 to June 2023. He also gained extensive financial leadership experience in senior finance roles at Anaconda, ClearDATA, and Rackspace. Barfoot brings over two decades of experience in enterprise SaaS, artificial intelligence, digital security, and business transformation to his role. He holds a Bachelor of Science in Economics from Baylor University.

Richard Crum Chief Product, Technology & Strategy Officer

Richard Crum was named Executive Vice President, Chief Product Officer, effective July 15, 2024. In this role, he oversees the development and strategic roadmap of DISCO's core AI-powered legal solutions.

Lauren Caruso Chief Sales Officer

Lauren Caruso has served as CS Disco's Chief Sales Officer since November 2024. She is responsible for leading all aspects of the company's global sales efforts to drive the adoption of DISCO's ediscovery and advanced generative AI solutions among law firms and corporations. Caruso previously held roles at DISCO as Vice President of North American Sales and other senior sales positions. Her background also includes senior sales leadership positions at Second Nature and Tractable, and she began her career at Am Law 50 firms Milbank, LLP and Skadden Arps.

Susan Garcia General Counsel and Chief Compliance Officer

Susan Garcia has served as DISCO's General Counsel and Chief Compliance Officer since October 2024. In this capacity, she leads all aspects of the company's legal and compliance initiatives, ensuring adherence to high standards for privacy, risk management, and corporate governance. Prior to joining DISCO, Garcia was the General Counsel at WebMD and held senior legal roles at Thomson Reuters and NBC Universal. She holds a B.A. in government and international relations from Cornell University and a J.D. from the University of Pennsylvania Carey Law School.

AI Analysis | Feedback

Here are the key risks to CS Disco's business:
  1. Challenges with Profitability and Sustained Growth: CS Disco faces significant hurdles in achieving and maintaining profitability, as evidenced by persistent operating losses and negative operating cash flow. The company has experienced a decline in revenue growth over the past three years, and analysts indicate a poor growth outlook with sluggish overall growth and weak customer acquisition. High customer acquisition costs relative to the lifetime value of customers further exacerbate these profitability challenges.
  2. Risks Associated with Generative AI Integration and Evolving Regulation: The incorporation of artificial intelligence, particularly generative AI, into CS Disco's products and operations presents substantial risks. These include potential operational challenges, legal liabilities, and reputational concerns due to the nascent and unpredictable nature of the technology. There is also a risk of data leakage, inaccurate outputs, and potential bias in decision-making processes, which could lead to increased regulatory scrutiny and compliance costs. The evolving legal landscape surrounding AI usage could impose further constraints, potentially making the business less efficient or placing it at a competitive disadvantage.
  3. Intense Competition and Market Pressures: CS Disco operates in a highly competitive legal technology market, facing pressure from both established players like Relativity and newer, well-funded startups. This intense competition impacts market share, pricing strategies, and increases customer acquisition costs. Client focus on cost control also puts additional pressure on CS Disco's revenue model, making it challenging to differentiate and maintain market position.

AI Analysis | Feedback

The rapid advancement and adoption of general-purpose large language models (LLMs) and generative artificial intelligence from major technology companies. These foundational AI technologies could enable new entrants, existing broader software providers, or even large legal organizations to develop highly sophisticated legal text analysis, document review, and case building capabilities. This trend has the potential to commoditize or surpass the specialized AI solutions offered by CS Disco, or allow legal professionals to integrate and utilize these advanced capabilities directly through broader enterprise platforms, potentially diminishing the unique value proposition of dedicated legal AI providers.

AI Analysis | Feedback

CS Disco (symbol: LAW) operates in several addressable markets related to legal technology solutions:

  • Ediscovery: The global eDiscovery market was valued at approximately USD 11.2 billion in 2022 and is projected to reach USD 17.1 billion by 2027, growing at a Compound Annual Growth Rate (CAGR) of 8.7%. Other estimates show the global market valued at USD 18.73 billion in 2025, projected to reach USD 46.06 billion by 2034 with a CAGR of 10.49%. In 2026, the market reached USD 18.14 billion and is forecast to grow to USD 28.42 billion by 2031 at a 9.40% CAGR. North America held a significant share, accounting for 39.41% of the global eDiscovery market in 2025.
  • Legal Document Review (under AI in Legal Document Automation/Legal Document Management Software): While a specific standalone "legal document review" market size was not directly available, related markets that encompass this functionality include:
    • The global AI in legal document automation market, which was valued at US$ 206.4 million in 2024 and is estimated to grow at a CAGR of 17% from 2024 to 2030. North America was the largest revenue-generating market in this segment in 2024.
    • The global legal document management software market was valued at approximately USD 2.49 billion in 2024 and is predicted to grow to around USD 9.67 billion by 2034, at a CAGR of roughly 14.52% between 2025 and 2034. Another source states this market will grow from $2.98 billion in 2025 to $3.43 billion in 2026. North America was the largest region in the legal document management software market in 2025.
    • The global Legal Document Automation Software Market size was valued at USD 746.09 million in 2026 and is expected to reach USD 1913.16 million by 2035, exhibiting a CAGR of 11.03% during the forecast period.
  • Legal Case Management: The global legal case management software market is projected to reach US$ 2.81 billion by 2031 from US$ 1.10 billion in 2023, with a CAGR of 12.4% during 2023–2031. Another report estimates the global market size for Legal Case Management Software at approximately $1.2 billion in 2023, anticipated to climb to an estimated $3.5 billion by 2032, driven by a CAGR of 12.5%. The market was valued at USD 7.4 billion in 2024 and is expected to reach around USD 18.3 billion by 2034, growing at a 9.6% CAGR. North America holds a prominent position in this market.

AI Analysis | Feedback

CS Disco (symbol: LAW) anticipates several key drivers for its future revenue growth over the next two to three years:
  • Increased Adoption of AI Innovation: A significant driver of future revenue growth is the continued innovation and adoption of CS Disco's AI-powered platforms, particularly the Cecilia AI platform and Auto Review. Revenue from these AI tools saw over 600% year-over-year growth in the fourth quarter of 2025 compared to the prior year. The company also launched the industry's first scaled agentic AI tool for fact investigation and eDiscovery, indicating ongoing investment in cutting-edge solutions that are gaining traction within the legal sector.
  • Expansion with Large Enterprise Clients and Multi-Terabyte Matters: CS Disco is strategically focused on expanding its relationships with large enterprise clients and handling complex, multi-terabyte legal matters. The company reported an increase in clients generating over $100,000 in annual revenue, with these larger accounts contributing a substantial portion of total revenue. Growth in revenue from multi-terabyte matters exceeded 30% year-over-year in Q4 2025. This focus aims to increase "wallet share" within existing customers by leveraging AI adoption and providing value through enterprise-caliber software solutions.
  • Accelerated Software Revenue Growth: The company is experiencing accelerating growth in its software revenue, which is a key indicator of a maturing, subscription-driven business model. Software revenue increased by 14% year-over-year in the fourth quarter of 2025. This growth in core software offerings, including DISCO Ediscovery and DISCO Case Builder, is central to the company's financial performance and future outlook.
  • New Commercial Model: CS Disco has introduced a new commercial model that bundles DISCO Ediscovery, DISCO Case Builder, and the Cecilia AI platform into a single per-gigabyte rate. This simplified and integrated offering is expected to drive revenue growth by streamlining pricing and encouraging broader adoption of the company's comprehensive suite of legal technology solutions.

AI Analysis | Feedback

Share Repurchases

  • CS Disco's Board of Directors approved a share repurchase program on March 14, 2024, authorizing the company to buy back up to $20 million of its outstanding common stock.
  • This repurchase program does not have a specified end date and does not obligate the company to acquire any particular amount of common stock.
  • As of December 31, 2025, the company had repurchased common stock under this program, impacting its cash flows from financing activities.

Share Issuance

  • CS Disco completed its Initial Public Offering (IPO) on July 20, 2021, with the pricing of 7,000,000 shares of its common stock at $32.00 per share.
  • Shares began trading on the New York Stock Exchange under the symbol "LAW" on July 21, 2021.

Inbound Investments

  • Topline Capital Management LLC increased its stake in CS Disco by 8.1% in the third quarter of 2025, owning over 5% of the company's shares.
  • Norges Bank acquired a new position in CS Disco valued at approximately $2,863,000 in the second quarter of 2025.
  • In February and March 2026, director Robert Goodman acquired 1,026,700 shares for approximately $3.28 million, significantly increasing his holdings.

Capital Expenditures

  • CS Disco plans to invest in technology infrastructure, sales and marketing, and product development.
  • The company has primarily financed its operations through customer payments and net proceeds from sales of equity securities, including its IPO.

Better Bets vs. CS Disco (LAW)

Peer Outperformance in Application Software

LAW has trailed 84% of its 122 Application Software peers over 5Y. Application Software ranks 11th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Application Software constituents that LAW has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
50%
of 153 industry peers · -22.9% return
3Y
28%
of 140 industry peers · -56.6% return
5Y
16%
of 122 industry peers · -92.9% return
null
Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is LAW'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 57.5%177.0%288.0% TTMI 806% · FLEX 677% · JBL 408%
Semiconductor Materials & Equipment 27 132.5%68.7%100.2% AEHR 928% · AXTI 528% · KLAC 470%
Technology Distributors 9 30.0%66.3%83.9% CLMB 351% · AVT 164% · SNX 119%
Communications Equipment 36 23.1%77.4%67.7% AAOI 1267% · LITE 890% · ANET 754%
Electronic Components 26 46.8%60.1%60.4% CLS 3241% · BELFA 1279% · COHR 358%
Semiconductors 55 34.4%21.2%18.4% POET 1845% · MU 1312% · NVDA 912%
Technology Hardware, Storage & Peripherals 21 34.8%71.0%16.9% DELL 1079% · STX 992% · SMCI 942%
Internet Services & Infrastructure 6 21.5%41.5%13.7% DOCN 53% · GDDY 35% · VRSN 35%
Electronic Equipment & Instruments 27 -6.3%9.4%-8.2% PI 197% · OSIS 108% · ACFN 98%
IT Consulting & Other Services 28 -21.7%-7.0%-28.6% CHRN 533058% · APLD 1150% · TSSI 665%
Application Software ← 123 -22.8%-14.6%-46.5% VIDA 199900% · INLX 4861% · PLTR 554%
Systems Software 68 -7.6%0.2%-57.6% PAYS 447% · QNC 392% · PANW 327%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

LAWOTEXFCNINTATYLDOCUMedian
NameCS Disco Open TextFTI Cons.Intapp Tyler Te.Docusign  
Mkt Price4.2423.95151.7041.71364.0368.4155.06
Mkt Cap0.35.84.43.215.213.45.1
Rev LTM1675,2463,9245782,4303,2862,858
Op Inc LTM-431,216380-40368350359
FCF LTM-168083591367061,120532
FCF 3Y Avg-21768248103571980409
CFO LTM-131,0074041477311,235567
CFO 3Y Avg-139352931136121,083452

Growth & Margins

LAWOTEXFCNINTATYLDOCUMedian
NameCS Disco Open TextFTI Cons.Intapp Tyler Te.Docusign  
Rev Chg LTM12.9%1.5%7.1%14.6%8.2%8.4%8.3%
Rev Chg 3Y Avg7.6%6.6%7.0%18.1%8.5%8.3%7.9%
Rev Chg Q13.2%2.9%5.3%13.0%8.2%8.7%8.5%
QoQ Delta Rev Chg LTM3.1%0.7%1.3%3.1%2.1%2.1%2.1%
Op Inc Chg LTM6.9%17.0%7.0%-46.6%8.4%46.8%7.7%
Op Inc Chg 3Y Avg10.5%22.6%7.2%7.0%21.2%286.9%15.9%
Op Mgn LTM-25.7%23.2%9.7%-6.9%15.1%10.6%10.2%
Op Mgn 3Y Avg-27.3%20.3%10.3%-6.6%14.3%7.2%8.8%
QoQ Delta Op Mgn LTM2.4%1.3%-0.5%0.2%-0.3%1.4%0.8%
CFO/Rev LTM-7.8%19.2%10.3%25.4%30.1%37.6%22.3%
CFO/Rev 3Y Avg-8.8%17.3%7.7%21.8%27.1%35.6%19.6%
FCF/Rev LTM-9.8%15.4%9.1%23.6%29.0%34.1%19.5%
FCF/Rev 3Y Avg-14.3%14.2%6.5%20.0%25.3%32.2%17.1%

Valuation

LAWOTEXFCNINTATYLDOCUMedian
NameCS Disco Open TextFTI Cons.Intapp Tyler Te.Docusign  
Mkt Cap0.35.84.43.215.213.45.1
P/S1.61.11.15.56.24.12.9
P/Op Inc-6.44.811.5-79.741.238.28.1
P/EBIT-6.44.811.4-79.735.634.08.1
P/E-6.89.017.2-77.446.742.413.1
P/CFO-21.15.810.821.820.710.810.8
Total Yield-14.8%15.7%5.8%-1.3%2.1%2.4%2.2%
Dividend Yield0.0%4.6%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-7.3%11.4%4.6%4.0%3.3%9.0%4.3%
D/E0.01.00.30.00.10.00.1
Net D/E-0.40.90.2-0.00.0-0.0-0.0

Returns

LAWOTEXFCNINTATYLDOCUMedian
NameCS Disco Open TextFTI Cons.Intapp Tyler Te.Docusign  
1M Rtn4.7%-5.6%-1.0%12.9%18.7%19.0%8.8%
3M Rtn12.5%4.8%-5.0%71.3%16.7%44.8%14.6%
6M Rtn-11.5%-4.1%-9.9%50.0%-2.8%40.5%-3.5%
12M Rtn-22.9%-24.8%-10.0%-7.8%-34.3%-10.3%-16.6%
3Y Rtn-56.6%-33.3%-14.9%9.8%-7.2%30.9%-11.1%
1M Excs Rtn-2.4%-5.7%0.4%14.6%18.7%20.1%7.5%
3M Excs Rtn7.9%0.2%-9.5%66.8%12.1%40.2%10.0%
6M Excs Rtn-26.0%-18.6%-24.4%35.5%-17.3%26.0%-18.0%
12M Excs Rtn-41.6%-43.5%-28.7%-26.5%-53.0%-29.0%-35.3%
3Y Excs Rtn-127.2%-103.5%-90.3%-57.7%-79.5%-31.0%-84.9%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment157145138 114
Services   26 
Software   109 
Total157145138135114


Operating Income by Segment
$ Mil202520242023
Single Segment-48-62-50
Total-48-62-50


Net Income by Segment
$ Mil202520242023
Single Segment-44-56-42
Total-44-56-42


Price Behavior

Price Behavior
Market Price$4.24 
Market Cap ($ Bil)0.3 
First Trading Date07/21/2021 
Distance from 52W High-52.4% 
   50 Days200 Days
DMA Price$4.11$4.84
DMA Trenddownup
Distance from DMA3.1%-12.4%
 3M1YR
Volatility57.2%77.6%
Downside Capture73.31103.49
Upside Capture112.5651.56
Correlation (SPY)10.4%6.4%
LAW Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta2.050.850.530.040.381.01
Up Beta2.91-1.51-1.23-1.12-0.380.79
Down Beta-2.070.480.49-0.150.180.88
Up Capture261%229%141%77%41%84%
Bmk +ve Days10213268138427
Stock +ve Days9192962120365
Down Capture113%154%98%28%99%109%
Bmk -ve Days11213259113324
Stock -ve Days12223261127355

[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 LAW
LAW-23.0%77.6%0.00-
Sector ETF (XLK)43.4%26.2%1.343.5%
Equity (SPY)19.7%12.8%1.136.3%
Gold (GLD)24.6%29.2%0.75-8.6%
Commodities (DBC)44.1%20.4%1.691.8%
Real Estate (VNQ)9.1%13.6%0.39-4.1%
Bitcoin (BTCUSD)-26.9%43.8%-0.599.5%

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 LAW
LAW-39.9%73.0%-0.36-
Sector ETF (XLK)19.7%25.9%0.6835.2%
Equity (SPY)12.8%17.2%0.5737.5%
Gold (GLD)19.1%18.8%0.82-1.7%
Commodities (DBC)10.7%19.5%0.437.1%
Real Estate (VNQ)1.7%18.9%-0.0128.9%
Bitcoin (BTCUSD)10.6%52.6%0.3822.4%

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 LAW
LAW-20.2%73.2%-0.26-
Sector ETF (XLK)24.4%25.0%0.8835.0%
Equity (SPY)15.3%17.9%0.7237.2%
Gold (GLD)12.4%16.3%0.62-1.2%
Commodities (DBC)7.9%18.1%0.357.1%
Real Estate (VNQ)4.8%20.7%0.1928.5%
Bitcoin (BTCUSD)64.0%66.2%1.0421.6%

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

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity1.4 Mil
Short Interest: % Change Since 73120265.2%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest5.6 days
Basic Shares Quantity64.5 Mil
Short % of Basic Shares2.2%

Earnings Returns History

Updated 9/5/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-2.9%1.0%3.1%
5/6/2026-19.7%-18.1%-15.3%
2/25/2026-15.3%20.6%19.0%
11/5/20259.6%14.8%32.0%
8/6/20256.3%19.1%34.9%
5/7/20259.9%12.4%22.6%
2/20/20255.0%-1.6%-10.6%
11/6/2024-5.3%-8.5%-5.7%
...
SUMMARY STATS   
# Positive10910
# Negative111211
Median Positive7.8%12.4%18.5%
Median Negative-6.6%-8.7%-23.5%
Max Positive24.6%20.6%34.9%
Max Negative-53.6%-51.2%-52.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/2026-2.9%1.0%3.1%
5/6/2026-19.7%-18.1%-15.3%
2/25/2026-15.3%20.6%19.0%
11/5/20259.6%14.8%32.0%
8/6/20256.3%19.1%34.9%
5/7/20259.9%12.4%22.6%
2/20/20255.0%-1.6%-10.6%
11/6/2024-5.3%-8.5%-5.7%
8/8/2024-2.4%-1.3%-1.5%
5/9/2024-15.7%-13.6%-26.5%
2/22/2024-4.2%-9.0%7.7%
11/9/20231.5%-2.4%18.0%
8/9/202324.6%11.8%11.0%
5/10/2023-4.2%2.3%33.4%
2/23/2023-29.7%-30.5%-34.0%
11/10/20229.2%-9.1%-23.5%
8/11/2022-53.6%-51.2%-52.2%
5/12/202217.3%-0.4%-21.4%
2/24/20226.5%3.0%1.2%
11/9/2021-6.6%-3.6%-28.4%
9/2/20211.9%12.4%-23.8%
SUMMARY STATS   
# Positive10910
# Negative111211
Median Positive7.8%12.4%18.5%
Median Negative-6.6%-8.7%-23.5%
Max Positive24.6%20.6%34.9%
Max Negative-53.6%-51.2%-52.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/25/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/20/202510-K
09/30/202411/06/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/22/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202202/24/202310-K
09/30/202211/10/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/25/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/20/202510-K
09/30/202411/06/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/22/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202202/24/202310-K
09/30/202211/10/202210-Q
06/30/202208/12/202210-Q
03/31/202205/13/202210-Q
12/31/202102/25/202210-K
09/30/202111/10/202110-Q
06/30/202109/03/202110-Q
03/31/202107/22/2021424B4

Recent Forward Guidance

Updated 8/6/2026

Latest: Q2 2026 Earnings Reported 8/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Software RevenueReported38.10 Mil38.60 Mil39.10 Mil   
Q3 2026 Total RevenueReported43.75 Mil44.75 Mil45.75 Mil   
Q3 2026 Adjusted EBITDAReported-1.75 Mil-1.00 Mil-0.25 Mil   
2026 Software RevenueReported147.50 Mil150.00 Mil152.50 Mil0.5% RaisedGuidance: 149.25 Mil for 2026
2026 Total RevenueReported172.00 Mil175.50 Mil179.00 Mil0.9% RaisedGuidance: 174.00 Mil for 2026
2026 Adjusted EBITDAReported-8.00 Mil-6.50 Mil-5.00 Mil8.3% LoweredGuidance: -6.00 Mil for 2026


Prior: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Software RevenueReported36.10 Mil36.60 Mil37.10 Mil6.1% Higher NewGuidance: 34.50 Mil for Q1 2026
Q2 2026 Total RevenueReported41.50 Mil42.50 Mil43.50 Mil5.6% Higher NewGuidance: 40.25 Mil for Q1 2026
Q2 2026 Adjusted EBITDAReported-4.50 Mil-3.50 Mil-2.50 Mil-30.0% Higher NewGuidance: -5.00 Mil for Q1 2026
2026 Software RevenueReported146.00 Mil149.25 Mil152.50 Mil0.2% RaisedGuidance: 149.00 Mil for 2026
2026 Total RevenueReported169.25 Mil174.00 Mil178.75 Mil1.2% RaisedGuidance: 172.00 Mil for 2026
2026 Adjusted EBITDAReported-8.00 Mil-6.00 Mil-4.00 Mil-7.7% RaisedGuidance: -6.50 Mil for 2026

Q4 2025 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Software RevenueReported33.75 Mil34.50 Mil35.25 Mil0.7% Higher NewActual: 34.25 Mil for Q4 2025
Q1 2026 Total RevenueReported39.00 Mil40.25 Mil41.50 Mil1.3% Higher NewActual: 39.75 Mil for Q4 2025
Q1 2026 Adjusted EBITDAReported-6.00 Mil-5.00 Mil-4.00 Mil100.0% Lower NewActual: -2.50 Mil for Q4 2025
2026 Software RevenueReported145.50 Mil149.00 Mil152.50 Mil11.9% Higher NewActual: 133.10 Mil for 2025
2026 Total RevenueReported167.00 Mil172.00 Mil177.00 Mil10.7% Higher NewActual: 155.40 Mil for 2025
2026 Adjusted EBITDAReported-8.50 Mil-6.50 Mil-4.50 Mil-38.1% Higher NewActual: -10.50 Mil for 2025

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Software RevenueReported33.75 Mil34.25 Mil34.75 Mil3.0% Higher NewActual: 33.25 Mil for Q3 2025
Q4 2025 Total RevenueReported38.75 Mil39.75 Mil40.75 Mil3.2% Higher NewActual: 38.50 Mil for Q3 2025
Q4 2025 Adjusted EBITDAReported-3.50 Mil-2.50 Mil-1.50 Mil-37.5% Higher NewActual: -4.00 Mil for Q3 2025
2025 Software RevenueReported132.60 Mil133.10 Mil133.60 Mil1.6% RaisedGuidance: 131.00 Mil for 2025
2025 Total RevenueReported154.40 Mil155.40 Mil156.40 Mil1.6% RaisedGuidance: 153.00 Mil for 2025
2025 Adjusted EBITDAReported-11.50 Mil-10.50 Mil-9.50 Mil-30.0% RaisedGuidance: -15.00 Mil for 2025

Insider Activity

Updated 8/18/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Friedrichsen, EricChief Executive OfficerDirectBuy81120264.267,50031,9506,309,827Form
2Antoon, MelanieEVP, Chief Customer OfficerDirectSell51920263.618,59031,010996,436Form
3Crum, Richard FrancisEVP, Chief Prod & Tech OfficerDirectSell51920263.617,49227,0461,233,208Form
4Garcia, SusanGC & Chief Compliance OfficerDirectSell51920263.616,97225,169526,876Form
5Herckis, KarenEVP, Chief HR OfficerDirectSell51920263.618,56230,909683,413Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Friedrichsen, EricChief Executive OfficerDirectBuy81120264.267,50031,9506,309,827Form
2Antoon, MelanieEVP, Chief Customer OfficerDirectSell51920263.618,59031,010996,436Form
3Crum, Richard FrancisEVP, Chief Prod & Tech OfficerDirectSell51920263.617,49227,0461,233,208Form
4Garcia, SusanGC & Chief Compliance OfficerDirectSell51920263.616,97225,169526,876Form
5Herckis, KarenEVP, Chief HR OfficerDirectSell51920263.618,56230,909683,413Form
6Friedrichsen, EricChief Executive OfficerDirectBuy51120263.979,00035,7306,023,173Form
7Hill, Scott A trustBuy30420263.738,91833,264186,500Form
8Antoon, MelanieEVP, Chief Customer OfficerDirectSell30420263.244,88215,818922,140Form
9Crum, Richard FrancisEVP, Chief Prod & Tech OfficerDirectSell30420263.246,26220,2891,131,087Form
10Garcia, SusanGC & Chief Compliance OfficerDirectSell30420263.245,95619,297495,464Form
11Herckis, KarenEVP, Chief HR OfficerDirectSell30420263.243,97812,889641,109Form
12Hill, Scott A trustBuy30420263.3141,082135,981135,981Form
13Srinivasan, Krishna DirectBuy30220263.2540,000130,000146,250Form
14Friedrichsen, EricChief Executive OfficerDirectBuy30220262.9015,50044,9504,373,699Form
15Srinivasan, Krishna DirectBuy30220262.775,00013,85013,850Form
16Antoon, MelanieEVP, Chief Customer OfficerDirectSell21920263.079,28928,517624,502Form
17Crum, Richard FrancisEVP, Chief Prod & Tech OfficerDirectSell21920263.076,50819,980688,945Form
18Garcia, SusanGC & Chief Compliance OfficerDirectSell21920263.073,74311,491227,908Form
19Herckis, KarenEVP, Chief HR OfficerDirectSell21920263.078,17125,085406,035Form
20Offerdahl, James DirectBuy21120263.993,00011,970892,371Form
21Antoon, MelanieEVP, Chief Customer OfficerDirectSell121220258.7120,000174,2001,852,704Form
22Antoon, MelanieEVP, Chief Customer OfficerDirectSell111920256.597,07146,5981,533,559Form
23Crum, Richard FrancisEVP, Chief Prod & Tech OfficerDirectSell111920256.594,77931,4941,510,230Form
24Garcia, SusanGC & Chief Compliance OfficerDirectSell111920256.5911,16273,558513,888Form
25Herckis, KarenEVP, Chief HR OfficerDirectSell111920256.595,82638,393925,434Form
26Lafair, MichaelEVP, Chief Financial OfficerDirectSell111920256.5915,214100,2605,289,081Form
27Friedrichsen, EricChief Executive OfficerDirectBuy111220256.686,66044,4897,706,896Form
28Bogan, Thomas F DirectBuy110520255.987,00141,8661,023,118Form
29Bogan, Thomas F DirectBuy102120255.986,92941,435981,252Form
30Bogan, Thomas F DirectBuy102120255.9417,902106,338933,530Form
31Bogan, Thomas F DirectBuy100920255.9513,68081,396828,585Form
32Bogan, Thomas F DirectBuy91720255.996,50038,935752,212Form
33Bogan, Thomas F DirectBuy91620255.9817,988107,568712,086Form
34Bogan, Thomas F DirectBuy91620255.8030,000174,000586,322Form
35Crum, Richard FrancisEVP, Chief Prod & Tech OfficerDirectSell82020254.8210,55250,8611,127,634Form
36Antoon, MelanieEVP, Chief Customer OfficerDirectSell82020254.826,89833,2481,155,744Form
37Herckis, KarenEVP, Chief HR OfficerDirectSell82020254.825,67727,363704,954Form
38Lafair, MichaelEVP, Chief Financial OfficerDirectSell82020254.8214,84471,5483,965,525Form
39Offerdahl, James DirectBuy81520254.926,50031,9801,085,608Form
40Friedrichsen, EricChief Executive OfficerDirectBuy81220254.5110,00045,1005,173,272Form

Investor Activity (13F)

Updated Sep 5, 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
Deer Management Co. LLC$33.1 Mil5.3%10Hold13F
Topline Capital Management, LLC$10.0 Mil1.7%43TRIM -20.9%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Topline Capital Management, LLC$10.0 Mil1.7%43TRIM -20.9%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Deer Management Co. LLC$33.1 Mil5.3%10Hold13F
Topline Capital Management, LLC$10.0 Mil1.7%43TRIM -20.9%13F
Core Cache Last Updated: 9/4/2026