PagerDuty (PD)


Market Price (8/30/2026): $13.82 | Market Cap: $1.1 BilSector: Information Technology | Industry: Application Software

PagerDuty (PD)


Market Price (8/30/2026): $13.82
Market Cap: $1.1 Bil
Sector: Information Technology
Industry: Application Software

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

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 17%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 11%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%

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

Weak multi-year price returns
2Y Excs Rtn is -68%, 3Y Excs Rtn is -118%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 119%

Key risks
PD key risks include [1] intense competition from larger, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 17%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 11%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
2 Megatrend and thematic drivers
Megatrends include Cloud Computing, Artificial Intelligence, and Automation & Robotics. Themes include Software as a Service (SaaS), Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -68%, 3Y Excs Rtn is -118%
4 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%
5 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16%
6 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 119%
7 Key risks
PD key risks include [1] intense competition from larger, Show more.

PD in ETFs

Weight = PD's share of each fund

VTI0.00%
ITOT0.00%
IWM0.03%
IWN0.03%
IGV0.03%
IWO0.03%
VTWO0.03%
SCHA0.02%
+4 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/28/2026

PagerDuty (PD) stock has gained about 110% since 4/30/2026 because of the following key factors:

1. Strong Fiscal Q1 2027 Earnings Beat and Profitability.

PagerDuty (whose fiscal year ends on January 31) reported robust results for its fiscal Q1 2027 (ended April 30, 2026) on May 28, 2026. The company posted an adjusted earnings per share (EPS) of $0.32, significantly surpassing analysts' estimates of $0.20 by 60%. Revenue also exceeded expectations, reaching $121 million against an estimated $119.52 million. This marked the fourth consecutive quarter of GAAP profitability, signaling strong operational execution.

2. Share Repurchase Program Announcement.

Coinciding with the strong fiscal Q1 2027 earnings release on May 28, 2026, PagerDuty's Board of Directors authorized a $100 million share repurchase program. This program was designed to buy back up to 16.4% of outstanding shares, indicating management's confidence in the company's valuation and a commitment to returning value to shareholders. During the first six months of fiscal 2027 (ended July 31, 2026), PagerDuty repurchased 799,112 shares under this new authorization.

Show more
Updated on 8/28/2026

PagerDuty (PD) stock has gained about 110% since 4/30/2026 because of the following key factors:

1. Strong Fiscal Q1 2027 Earnings Beat and Profitability.

PagerDuty (whose fiscal year ends on January 31) reported robust results for its fiscal Q1 2027 (ended April 30, 2026) on May 28, 2026. The company posted an adjusted earnings per share (EPS) of $0.32, significantly surpassing analysts' estimates of $0.20 by 60%. Revenue also exceeded expectations, reaching $121 million against an estimated $119.52 million. This marked the fourth consecutive quarter of GAAP profitability, signaling strong operational execution.

2. Share Repurchase Program Announcement.

Coinciding with the strong fiscal Q1 2027 earnings release on May 28, 2026, PagerDuty's Board of Directors authorized a $100 million share repurchase program. This program was designed to buy back up to 16.4% of outstanding shares, indicating management's confidence in the company's valuation and a commitment to returning value to shareholders. During the first six months of fiscal 2027 (ended July 31, 2026), PagerDuty repurchased 799,112 shares under this new authorization.

3. Positive Fiscal Q2 2027 Earnings Beat and Uplifted Guidance.

On August 27, 2026, PagerDuty announced better-than-expected results for its fiscal Q2 2027 (ended July 31, 2026). The company reported an adjusted EPS of $0.32, beating the consensus estimate of $0.31. Revenue reached $124.4 million, exceeding analyst expectations of $123.27 million. PagerDuty achieved its fifth consecutive quarter of GAAP profitability and reported Annual Recurring Revenue (ARR) surpassing $500 million, alongside $33 million in free cash flow. Management also raised its full-year fiscal 2027 EPS guidance to $1.33-$1.37, well above the prior analyst estimate of $1.17, and increased the Q3 fiscal 2027 EPS guidance to $0.34-$0.36, exceeding the $0.31 consensus.

4. Strategic Restructuring and Enhanced Profitability Outlook.

Following the fiscal Q2 2027 earnings, PagerDuty announced a strategic restructuring in August 2026, which included a reduction of approximately 15% of its workforce. While incurring an estimated $5.5 million to $7.5 million in non-recurring charges, primarily in fiscal Q3 2027, this move is expected to significantly improve operating margins. The company subsequently raised its non-GAAP operating margin outlook for fiscal 2027 to 25%-26% from an earlier 24%-25%, reflecting a tighter focus on profitable growth.

5. Upgraded Analyst Price Targets.

Throughout the specified period, several financial analysts revised their price targets for PagerDuty upwards, reflecting increased confidence in the company's prospects. Notable upgrades include Canaccord Genuity Group raising its price target from $10.00 to $15.00 on August 28, 2026, and Truist Financial increasing its target from $11.00 to $13.00 on August 20, 2026. Royal Bank of Canada also raised its price objective from $9.00 to $12.00 on August 14, 2026. These positive revisions contributed to a favorable market sentiment, supporting the stock's upward trend.

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Stock Movement Drivers

Fundamental Drivers

The 108.0% change in PD stock from 4/30/2026 to 8/29/2026 was primarily driven by a 72.2% change in the company's P/E Multiple.
(LTM values as of)43020268292026Change
Stock Price ($)6.6513.83108.0%
Change Contribution By: 
Total Revenues ($ Mil)4934950.4%
Net Income Margin (%)35.2%37.2%5.7%
P/E Multiple3.45.872.2%
Shares Outstanding (Mil)887713.8%
Cumulative Contribution108.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/29/2026
ReturnCorrelation
PD108.0% 
Market (SPY)7.1%5.2%
Sector (XLK)16.4%-0.7%

Fundamental Drivers

The 30.5% change in PD stock from 1/31/2026 to 8/29/2026 was primarily driven by a 20.0% change in the company's Shares Outstanding (Mil).
(LTM values as of)13120268292026Change
Stock Price ($)10.6013.8330.5%
Change Contribution By: 
Total Revenues ($ Mil)4894951.1%
Net Income Margin (%)31.7%37.2%17.2%
P/E Multiple6.35.8-8.3%
Shares Outstanding (Mil)937720.0%
Cumulative Contribution30.5%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/29/2026
ReturnCorrelation
PD30.5% 
Market (SPY)11.5%14.4%
Sector (XLK)29.2%12.2%

Fundamental Drivers

The -14.2% change in PD stock from 7/31/2025 to 8/29/2026 was primarily driven by a -30.1% change in the company's P/S Multiple.
(LTM values as of)73120258292026Change
Stock Price ($)16.1213.83-14.2%
Change Contribution By: 
Total Revenues ($ Mil)4764953.9%
P/S Multiple3.12.2-30.1%
Shares Outstanding (Mil)917718.2%
Cumulative Contribution-14.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/29/2026
ReturnCorrelation
PD-14.2% 
Market (SPY)22.7%16.1%
Sector (XLK)41.9%13.0%

Fundamental Drivers

The -46.6% change in PD stock from 7/31/2023 to 8/29/2026 was primarily driven by a -64.6% change in the company's P/S Multiple.
(LTM values as of)73120238292026Change
Stock Price ($)25.9213.83-46.6%
Change Contribution By: 
Total Revenues ($ Mil)38949527.3%
P/S Multiple6.12.2-64.6%
Shares Outstanding (Mil)927718.3%
Cumulative Contribution-46.6%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/29/2026
ReturnCorrelation
PD-46.6% 
Market (SPY)74.0%37.9%
Sector (XLK)112.1%32.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PD Return-17%-24%-13%-21%-28%-4%-70%
Peers Return37%-50%63%12%-24%25%19%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
PD Win Rate42%58%50%33%50%50% 
Peers Win Rate57%28%60%53%35%52% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
PD Max Drawdown-45%-48%-44%-34%-41%-56% 
Peers Max Drawdown-29%-58%-31%-34%-44%-43% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: NOW, TEAM, DDOG, DT, GTLB. See PD Returns vs. Peers.
[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 8/28/2026 (YTD)

How Low Can It Go

EventPDS&P 500
2024 Yen Carry Trade Unwind
  % Loss-11.8%-7.8%
  % Gain to Breakeven13.4%8.5%
  Time to Breakeven102 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-19.6%-9.5%
  % Gain to Breakeven24.3%10.5%
  Time to Breakeven75 days24 days
2020 COVID-19 Crash
  % Loss-41.5%-33.7%
  % Gain to Breakeven70.9%50.9%
  Time to Breakeven42 days140 days

Compare to NOW, TEAM, DDOG, DT, GTLB

In The Past

PagerDuty's stock fell -11.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 13.4% 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.

EventPDS&P 500
2020 COVID-19 Crash
  % Loss-41.5%-33.7%
  % Gain to Breakeven70.9%50.9%
  Time to Breakeven42 days140 days

Compare to NOW, TEAM, DDOG, DT, GTLB

In The Past

PagerDuty's stock fell -11.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 13.4% 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 PagerDuty (PD)

PagerDuty, Inc. operates a digital operations management platform designed to help organizations maintain the continuous operation and health of their critical software systems and digital services. The platform works by collecting real-time "digital signals" from a wide array of software-enabled systems and devices. It then leverages advanced machine learning to intelligently correlate, process, and analyze this data, enabling it to predict potential issues and rapidly identify actual incidents. This capability allows businesses to proactively manage and efficiently resolve digital operational challenges, thereby minimizing service disruptions and ensuring system reliability.

The company's primary offering is its comprehensive digital operations management platform, which provides essential tools for incident response, on-call management, automation, and performance insights. This suite of features empowers development, operations, and IT teams to detect, diagnose, and resolve critical issues across their entire IT infrastructure and applications more effectively. PagerDuty serves a diverse range of industries that heavily depend on robust digital operations, including software and technology, telecommunications, retail, travel and hospitality, media and entertainment, and financial services, providing crucial support for their uninterrupted digital service delivery.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe PagerDuty:

  • It's like ADT for your company's software, constantly monitoring for critical issues and alerting the right team immediately.
  • It's like Google Maps for your company's IT operations, providing real-time visibility into problems and guiding teams to solutions.
  • It's like AccuWeather for your software systems, using machine learning to predict potential outages and help you prevent them.

AI Analysis | Feedback

  • Incident Management Platform: Enables real-time detection, triaging, and resolution of critical incidents across IT systems and applications.
  • AIOps: Utilizes machine learning to correlate digital signals, identify patterns, predict issues, and reduce alert noise for proactive operations.
  • Automation: Provides automated workflows and runbooks to streamline incident response, operational tasks, and accelerate problem resolution.
  • Customer Service Operations: Extends real-time operational visibility and response capabilities to enhance customer support and experience by connecting support teams with operational incidents.

AI Analysis | Feedback

PagerDuty primarily sells its digital operations management platform to other companies (Business-to-Business or B2B). Some of its major customers, which span various industries, include:

  • Zoom Video Communications (Symbol: ZM)
  • Netflix (Symbol: NFLX)
  • Shopify (Symbol: SHOP)
  • Atlassian (Symbol: TEAM)
  • Salesforce (Symbol: CRM)

AI Analysis | Feedback

  • Amazon.com, Inc. (AMZN) - (for Amazon Web Services)
  • Twilio Inc. (TWLO)

AI Analysis | Feedback

Jennifer Tejada, Chairperson and CEO

Jennifer Tejada has a successful track record in product innovation, optimizing operations, and scaling public and private enterprise technology companies over 25 years. Prior to her role at PagerDuty, she was CEO of Keynote Systems, where she led the company to strong, profitable growth before its acquisition by Dynatrace. She was also Executive Vice President and Chief Strategy Officer at Mincom, leading its global strategy up to its acquisition by ABB. She has held senior positions at Procter & Gamble and i2 Technologies. Tejada is also an active tech investor.

Howard Wilson, Chief Financial Officer

Howard Wilson leads PagerDuty's internal and strategic execution, building and directing the finance organization to support the company's growth. He brings more than 20 years of experience in software, services, and operational management to his role. Before becoming CFO in 2018 (after serving as acting CFO from December 2017), he was PagerDuty's Chief Commercial Officer. Prior to joining PagerDuty, he oversaw the SaaS business at Dynatrace and was the Chief Operating Officer at Keynote Systems. Wilson also served as Senior Vice President of Field Operations at Ventyx and spent 14 years in various senior leadership roles at Oracle.

Jeff Hausman, Chief Product Development Officer

Jeff Hausman joined PagerDuty in February 2024, where he is responsible for the company's product strategy, product management, engineering, design, and user experience. Before PagerDuty, Hausman was the Chief Product Officer at Samsara. He previously served as ServiceNow Senior Vice President and General Manager of the Operations Management Portfolio and has over 25 years of experience leading product development as a senior executive across a wide range of products at McAfee, Symantec, Hewlett-Packard, and Veritas.

Katherine Post Calvert, Chief Marketing Officer

Katherine Post Calvert joined PagerDuty as Chief Marketing Officer in May 2022. She has over 20 years of leadership experience in global marketing strategy, branding, product marketing, campaign management, demand generation, and marketing automation. Prior to PagerDuty, Calvert served as CMO at Khoros, a customer engagement platform provider, where she led the global marketing strategy. She also served as CMO of Advent Software.

Tim Armandpour, Chief Technology Officer

Tim Armandpour is the Chief Technology Officer at PagerDuty, where he leads the company's long-term technology strategy, architecture vision, security, and technology research. He brings a 20-year history of applying technological innovation to maximize value to users. Before joining PagerDuty, Tim led product management and engineering teams at Yapstone, a global payment solutions provider, and global engineering teams at PayPal.

AI Analysis | Feedback

The key risks to PagerDuty's business are primarily centered around its decelerating revenue growth, intense market competition, and reliance on its core incident management product.

1. Decelerating Revenue Growth and Customer Retention Challenges

PagerDuty has been experiencing slowing growth rates, with concerns raised by analysts regarding high churn rates and stagnant revenue growth. The company faces increased challenges in expanding within existing customer accounts and attracting new ones, particularly in a tighter IT spending environment. This risk indicates that revenue growth may continue to decelerate, fluctuate, or decline, which could negatively affect the company's stock price.

2. Intense Market Competition and Need for Technological Adaptation

The digital operations management market in which PagerDuty operates is highly competitive. The company faces substantial competition from both established players and new entrants, particularly those leveraging emerging artificial intelligence (AI) technologies. PagerDuty's ability to compete effectively, retain and attract new customers, and continuously adapt its platform to rapid technological changes, evolving industry standards, and changing customer needs is critical to its operating results.

3. Reliance on a Single Product Line

A significant majority of PagerDuty's revenue is derived from its incident management product. This concentration makes the company vulnerable to competitive threats and technological shifts. If demand for this core product were to decline due to factors like increased competition, evolving technology, or changing customer preferences, it could adversely affect PagerDuty's revenue and overall financial performance.

AI Analysis | Feedback

The clear emerging threat for PagerDuty is the increasing integration of incident management, on-call automation, and AIOps capabilities directly into larger, existing IT operations management (ITOM), observability, and IT service management (ITSM) platforms offered by major competitors.

Companies like Datadog, Splunk, and ServiceNow are actively expanding their platforms with features that directly compete with PagerDuty's core offerings. For instance, observability platforms are adding sophisticated incident response and on-call scheduling, while ITSM giants are enhancing their AIOps and workflow automation. This trend towards platform consolidation could reduce the need for PagerDuty as a standalone solution, especially for enterprises that prefer a single, integrated vendor for their operational tooling.

AI Analysis | Feedback

PagerDuty (symbol: PD) estimates its total addressable market to be $50 billion globally.

This market opportunity encompasses several key areas:

  • Developers, driven by digital services and software-driven innovation, account for an estimated 30 million users.
  • Infrastructure and Operations, undergoing modernization with digital transformation, cloud adoption, and DevOps, represent approximately 23 million users.
  • Customer Service, with a push for improving cost-efficiency and productivity through self-service and automation, has about 28 million users.
  • SecOps, a smaller but influential population focused on protecting technology, data, employees, and customers, includes an estimated 6 million users.

PagerDuty believes it has approximately 1% penetration worldwide within these markets. The company serves over 20,000 customers globally, including more than 65% of the Fortune 100.

AI Analysis | Feedback

PagerDuty (PD) is expected to drive future revenue growth over the next 2-3 years through several key strategic initiatives and product expansions.

  1. Product Expansion with AI and Automation Capabilities: PagerDuty is focusing on broadening its digital operations management platform beyond core incident alerting to include advanced AI operations (AIOps), automation, customer service operations (CSOps), and comprehensive incident response solutions. The company is actively integrating generative AI capabilities, such as Incident Workflows, Incident Roles and Tasks, and Incident Types, as well as developing Agentic AI offerings like Agentic Site Reliability Engineer and Operational Insights. This expansion aims to address a wider range of workflows and personas, creating significant upsell and cross-sell opportunities for existing customers.

  2. Enterprise and Multi-Product Customer Expansion: A significant driver of revenue growth is the continued focus on expanding PagerDuty's presence within large enterprise accounts. Management emphasizes securing multi-year, multi-product strategic deals with these customers. This strategy aims to increase the number of customers contributing over $100,000 in annual recurring revenue (ARR) and to boost the adoption of multiple PagerDuty products, fostering durable net expansion.

  3. Transition to Consumption-Based "Flex" Pricing Models: PagerDuty is strategically shifting away from traditional seat-based licensing to more flexible, consumption-led pricing models. This "flex" pricing is designed to reduce friction for customers, allowing the platform to scale more efficiently across human responders, automated solutions, and various agents. This transition is expected to enable customers to explore new use cases beyond traditional digital operations, potentially including areas like manufacturing and broader AI operations, thereby driving gradual ARR improvement.

  4. Strategic Partnerships and Ecosystem Integrations: PagerDuty is actively pursuing and leveraging strategic partnerships with major technology companies, including Amazon Web Services (AWS), Microsoft Azure, and ServiceNow. These alliances, along with over 700 integrations across cloud, observability, IT service management (ITSM), and security ecosystems, are crucial for expanding market reach and driving new customer acquisition. A notable partnership involves integrating PagerDuty Advance with Amazon Q Business and Amazon Bedrock to enhance AI capabilities and expand the customer base.

AI Analysis | Feedback

Share Repurchases

  • PagerDuty's Board of Directors approved an increase in the company's share repurchase program to $200 million on August 28, 2025.
  • In March 2025, a new share repurchase program of up to $150 million of common stock was authorized.
  • A $100 million share repurchase program was completed in May 2024.

Outbound Investments

  • In November 2023, PagerDuty completed the acquisition of Jeli, Inc., a cloud-based business intelligence and incident analysis platform, to enhance its incident management solution.
  • PagerDuty acquired Catalytic for no-code workflows in 2022.

Capital Expenditures

  • PagerDuty's latest twelve months capital expenditure was $6.93 million as of June 2025.
  • Capital expenditures reached their peak in 2023.
  • In the most recent quarter, capital expenditures totaled -$0.74 million USD.

Better Bets vs. PagerDuty (PD)

Peer Outperformance in Application Software

PD has trailed 64% of its 121 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 PD has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
52%
of 151 industry peers · -17.4% return
3Y
33%
of 139 industry peers · -46.1% return
5Y
36%
of 121 industry peers · -67.6% return
null
Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is PD'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 56.2%161.9%299.4% TTMI 743% · FLEX 703% · JBL 388%
Semiconductor Materials & Equipment 27 128.6%62.0%93.6% AEHR 1069% · AXTI 526% · KLAC 439%
Technology Distributors 9 25.5%55.9%66.0% CLMB 351% · AVT 145% · SNX 109%
Communications Equipment 36 24.7%77.3%64.0% AAOI 1359% · LITE 928% · ANET 740%
Electronic Components 26 53.4%53.6%48.8% CLS 3054% · BELFA 1255% · LPTH 388%
Semiconductors 54 31.0%20.5%21.2% POET 1741% · MU 1208% · NVDA 862%
Internet Services & Infrastructure 6 15.6%38.7%14.1% DOCN 79% · VRSN 38% · GDDY 33%
Technology Hardware, Storage & Peripherals 21 26.8%72.7%7.2% STX 1009% · SMCI 945% · DELL 916%
Electronic Equipment & Instruments 27 -7.5%5.0%-8.6% PI 191% · ACFN 113% · OSIS 109%
IT Consulting & Other Services 28 -23.6%-9.0%-22.3% CHRN 493058% · APLD 1308% · TSSI 641%
Application Software ← 122 -18.6%-12.5%-40.4% VIDA 269900% · INLX 5250% · PLTR 623%
Systems Software 69 -13.8%18.6%-53.6% QNC 500% · PAYS 420% · PANW 386%
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

PDNOWTEAMDDOGDTGTLBMedian
NamePagerDutyServiceN.AtlassianDatadog DynatraceGitLab  
Mkt Price13.83144.71190.41236.9853.6744.8799.19
Mkt Cap1.10.148.184.415.77.611.7
Rev LTM49514,7326,5723,9672,0961,0053,031
Op Inc LTM321,6801017273-5224
FCF LTM1174,5711,3191,073571263822
FCF 3Y Avg1073,8091,383866495115681
CFO LTM1315,3081,3531,229598276914
CFO 3Y Avg1184,6281,421981524121753

Growth & Margins

PDNOWTEAMDDOGDTGTLBMedian
NamePagerDutyServiceN.AtlassianDatadog DynatraceGitLab  
Rev Chg LTM2.3%22.2%26.0%31.5%17.9%24.9%23.5%
Rev Chg 3Y Avg6.9%22.5%23.0%27.9%19.6%29.5%22.7%
Rev Chg Q0.8%24.0%27.6%35.6%16.2%23.1%23.6%
QoQ Delta Rev Chg LTM0.2%5.5%6.2%8.0%3.8%5.2%5.4%
Op Inc Chg LTM211.3%4.9%107.9%200.5%36.7%58.3%83.1%
Op Inc Chg 3Y Avg96.3%55.3%54.2%68.2%36.5%36.7%54.7%
Op Mgn LTM6.5%11.4%0.2%0.4%13.0%-5.1%3.5%
Op Mgn 3Y Avg-6.7%11.8%-1.7%0.6%11.1%-16.6%-0.5%
QoQ Delta Op Mgn LTM1.3%-2.0%3.9%1.1%-0.0%2.2%1.2%
CFO/Rev LTM26.6%36.0%20.6%31.0%28.6%27.4%28.0%
CFO/Rev 3Y Avg24.7%38.0%27.3%31.4%29.4%13.8%28.4%
FCF/Rev LTM23.7%31.0%20.1%27.0%27.2%26.2%26.6%
FCF/Rev 3Y Avg22.4%31.1%26.6%27.8%27.8%13.1%27.2%

Valuation

PDNOWTEAMDDOGDTGTLBMedian
NamePagerDutyServiceN.AtlassianDatadog DynatraceGitLab  
Mkt Cap1.10.148.184.415.77.611.7
P/S2.20.07.321.37.57.67.4
P/Op Inc33.40.14,649.24,976.157.4-147.745.4
P/EBIT22.20.1673.3397.157.4-147.739.8
P/E5.80.1-894.4475.4103.6-304.43.0
P/CFO8.10.035.668.726.227.726.9
Total Yield17.2%1,119.0%-0.1%0.2%1.0%-0.3%0.6%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg9.3%2,084.2%4.1%1.5%3.5%2.0%3.8%
D/E0.456.60.00.00.00.00.0
Net D/E-0.125.4-0.0-0.0-0.1-0.2-0.0

Returns

PDNOWTEAMDDOGDTGTLBMedian
NamePagerDutyServiceN.AtlassianDatadog DynatraceGitLab  
1M Rtn33.4%31.5%94.1%-11.8%21.7%33.1%32.3%
3M Rtn39.0%16.4%76.9%-4.2%26.0%44.5%32.5%
6M Rtn95.9%34.0%153.4%111.7%49.4%70.6%83.3%
12M Rtn-17.4%-21.1%7.1%73.4%6.1%-6.6%-0.2%
3Y Rtn-46.1%23.0%-5.9%151.7%12.1%-2.6%4.7%
1M Excs Rtn29.7%27.8%90.4%-15.4%18.0%29.4%28.6%
3M Excs Rtn37.3%14.6%75.2%-5.9%24.3%42.8%30.8%
6M Excs Rtn83.8%21.9%141.3%99.6%37.3%58.5%71.1%
12M Excs Rtn-37.4%-37.5%-8.2%60.9%-11.9%-24.0%-18.0%
3Y Excs Rtn-118.3%-46.5%-74.5%74.5%-58.7%-77.2%-66.6%

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Single Segment493467431371281
Total493467431371281


Price Behavior

Price Behavior
Market Price$13.83 
Market Cap ($ Bil)1.1 
First Trading Date04/11/2019 
Distance from 52W High-19.5% 
   50 Days200 Days
DMA Price$10.68$9.67
DMA Trenddownup
Distance from DMA29.5%43.0%
 3M1YR
Volatility59.0%68.7%
Downside Capture-3.95145.43
Upside Capture152.3392.05
Correlation (SPY)10.5%14.7%
PD Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta-1.040.100.070.720.801.31
Up Beta-6.08-1.45-3.39-1.24-0.301.16
Down Beta-1.56-0.050.340.080.491.16
Up Capture128%84%216%163%79%150%
Bmk +ve Days11223567138427
Stock +ve Days11213158106352
Down Capture-17%42%-15%150%138%110%
Bmk -ve Days11212859114326
Stock -ve Days11223165142394

[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 PD
PD-18.5%68.5%-0.03-
Sector ETF (XLK)41.2%26.3%1.2812.1%
Equity (SPY)20.1%12.8%1.1614.3%
Gold (GLD)30.9%29.0%0.92-9.6%
Commodities (DBC)39.9%20.3%1.54-13.8%
Real Estate (VNQ)9.9%13.7%0.440.2%
Bitcoin (BTCUSD)-27.5%43.6%-0.6113.2%

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 PD
PD-18.6%57.1%-0.14-
Sector ETF (XLK)19.9%25.9%0.6847.0%
Equity (SPY)13.1%17.2%0.5949.6%
Gold (GLD)19.7%18.7%0.850.7%
Commodities (DBC)11.5%19.6%0.465.6%
Real Estate (VNQ)2.0%18.9%0.0035.9%
Bitcoin (BTCUSD)10.4%52.6%0.3827.5%

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 PD
PD-9.7%60.4%0.02-
Sector ETF (XLK)24.3%25.0%0.8846.7%
Equity (SPY)15.2%17.9%0.7245.2%
Gold (GLD)12.2%16.3%0.612.3%
Commodities (DBC)7.3%18.0%0.339.9%
Real Estate (VNQ)5.0%20.7%0.2032.7%
Bitcoin (BTCUSD)64.0%66.1%1.0422.9%

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

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity8.4 Mil
Short Interest: % Change Since 73120269.4%
Average Daily Volume1.1 Mil
Days-to-Cover Short Interest7.5 days
Basic Shares Quantity77.3 Mil
Short % of Basic Shares10.8%

Earnings Returns History

Updated 8/30/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/27/20269.5%  
5/28/202633.7%27.7%26.1%
3/12/2026-2.8%-5.1%-16.6%
11/25/2025-23.3%-20.9%-12.1%
9/3/20256.3%2.2%5.6%
5/29/2025-11.4%-4.5%-5.1%
3/13/202517.7%20.8%-0.9%
11/26/20240.5%3.1%-14.7%
...
SUMMARY STATS   
# Positive11109
# Negative131314
Median Positive11.2%9.9%14.9%
Median Negative-7.7%-4.5%-9.6%
Max Positive33.7%34.7%27.9%
Max Negative-25.8%-33.1%-21.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/27/20269.5%  
5/28/202633.7%27.7%26.1%
3/12/2026-2.8%-5.1%-16.6%
11/25/2025-23.3%-20.9%-12.1%
9/3/20256.3%2.2%5.6%
5/29/2025-11.4%-4.5%-5.1%
3/13/202517.7%20.8%-0.9%
11/26/20240.5%3.1%-14.7%
9/3/2024-1.1%-3.3%-1.7%
3/14/2024-7.3%-0.9%-8.6%
11/30/2023-0.3%0.5%0.6%
8/31/2023-7.7%-9.2%-12.7%
6/1/2023-17.1%-19.2%-18.9%
3/15/202314.8%13.1%19.4%
12/1/20225.1%6.6%14.9%
9/1/2022-2.4%4.6%-3.2%
6/2/2022-5.1%-2.6%-0.9%
3/16/202220.9%34.7%21.5%
12/7/202111.2%-3.3%-5.5%
9/2/20217.0%-0.6%-10.7%
6/3/2021-13.0%-1.8%3.9%
3/17/2021-8.1%-5.7%3.5%
12/3/202026.2%32.7%27.9%
9/2/2020-25.8%-33.1%-21.0%
SUMMARY STATS   
# Positive11109
# Negative131314
Median Positive11.2%9.9%14.9%
Median Negative-7.7%-4.5%-9.6%
Max Positive33.7%34.7%27.9%
Max Negative-25.8%-33.1%-21.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
07/31/202608/27/202610-Q
04/30/202605/28/202610-Q
01/31/202603/12/202610-K
10/31/202511/26/202510-Q
07/31/202509/04/202510-Q
04/30/202505/30/202510-Q
01/31/202503/17/202510-K
10/31/202411/27/202410-Q
07/31/202409/04/202410-Q
04/30/202405/31/202410-Q
01/31/202403/15/202410-K
10/31/202312/01/202310-Q
07/31/202309/01/202310-Q
04/30/202306/02/202310-Q
01/31/202303/16/202310-K
10/31/202212/02/202210-Q
Collapse to Preview
Report DateFiling DateFiling
07/31/202608/27/202610-Q
04/30/202605/28/202610-Q
01/31/202603/12/202610-K
10/31/202511/26/202510-Q
07/31/202509/04/202510-Q
04/30/202505/30/202510-Q
01/31/202503/17/202510-K
10/31/202411/27/202410-Q
07/31/202409/04/202410-Q
04/30/202405/31/202410-Q
01/31/202403/15/202410-K
10/31/202312/01/202310-Q
07/31/202309/01/202310-Q
04/30/202306/02/202310-Q
01/31/202303/16/202310-K
10/31/202212/02/202210-Q
07/31/202209/02/202210-Q
04/30/202206/03/202210-Q
01/31/202203/17/202210-K
10/31/202112/08/202110-Q
07/31/202109/03/202110-Q
04/30/202106/04/202110-Q
01/31/202103/19/202110-K
10/31/202012/04/202010-Q
07/31/202009/03/202010-Q
04/30/202006/05/202010-Q
01/31/202003/19/202010-K
10/31/201912/06/201910-Q

Recent Forward Guidance

Updated 8/28/2026

Latest: Q2 2027 Earnings Reported 8/27/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q3 2027 Revenue123.00 Mil124.00 Mil125.00 Mil0.8% Higher NewGuidance: 123.00 Mil for Q2 2027
Q3 2027 Non-GAAP Operating Margin26.5%27.0%27.5%   
Q3 2027 Non-GAAP EPS0.340.350.3616.7% Higher NewGuidance: 0.3 for Q2 2027
2027 Revenue491.50 Mil494.00 Mil496.50 Mil0.3% RaisedGuidance: 492.50 Mil for 2027
2027 Non-GAAP Operating Margin25.0%25.5%26.0%   
2027 Non-GAAP EPS1.331.351.374.2% RaisedGuidance: 1.29 for 2027

Prior: Q1 2027 Earnings Reported 5/28/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2027 Revenue122.00 Mil123.00 Mil124.00 Mil3.4% Higher NewGuidance: 119.00 Mil for Q1 2027
Q2 2027 Non-GAAP Net Income Per Diluted Share0.290.30.3125.0% Higher NewGuidance: 0.24 for Q1 2027
2027 Revenue488.50 Mil492.50 Mil496.50 Mil0 AffirmedGuidance: 492.50 Mil for 2027
2027 Non-GAAP Net Income Per Diluted Share1.271.291.323.2% RaisedGuidance: 1.25 for 2027

Q4 2026 Earnings Reported 3/12/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2027 Revenue118.00 Mil119.00 Mil120.00 Mil-3.3% Lower NewActual: 123.00 Mil for Q4 2026
Q1 2027 Non-GAAP EPS0.230.240.25-2.0%-0.5%Lower NewActual: 0.24 for Q4 2026
2027 Revenue488.50 Mil492.50 Mil496.50 Mil0.3% Higher NewActual: 491.00 Mil for 2026
2027 Non-GAAP EPS1.231.251.2812.6%14.0%Higher NewActual: 1.11 for 2026

Q3 2026 Earnings Reported 11/25/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Revenue122.00 Mil123.00 Mil124.00 Mil-1.6% Lower NewGuidance: 125.00 Mil for Q3 2026
Q4 2026 Revenue Growth0.0%1.0%2.0% -4.0%Lower NewGuidance: 5.0% for Q3 2026
Q4 2026 Non-GAAP EPS0.240.240.250.0%0.0%Same NewGuidance: 0.24 for Q3 2026
2026 Revenue490.00 Mil491.00 Mil492.00 Mil-0.8% LoweredGuidance: 495.00 Mil for 2026
2026 Revenue Growth 5.0%  -0.5%LoweredGuidance: 5.5% for 2026
2026 Non-GAAP EPS1.111.111.129.3%9.5%RaisedGuidance: 1.02 for 2026

Insider Activity

Updated 7/20/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Tejada, JenniferExecutive ChairDirectSell720202610.4196,8471,008,46817,475,628Form
2Tejada, JenniferExecutive ChairDirectSell720202610.70302,1003,232,47017,957,286Form
3Tejada, JenniferExecutive ChairDirectSell52020266.92105,101727,29912,106,270Form
4Tejada, JenniferExecutive ChairDirectSell52020266.98358,4002,501,63212,944,843Form
5Solomon, Dan Alexandru DirectSell1231202513.35266,6673,560,00431,902,028Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Tejada, JenniferExecutive ChairDirectSell720202610.4196,8471,008,46817,475,628Form
2Tejada, JenniferExecutive ChairDirectSell720202610.70302,1003,232,47017,957,286Form
3Tejada, JenniferExecutive ChairDirectSell52020266.92105,101727,29912,106,270Form
4Tejada, JenniferExecutive ChairDirectSell52020266.98358,4002,501,63212,944,843Form
5Solomon, Dan Alexandru DirectSell1231202513.35266,6673,560,00431,902,028Form
6Solomon, Dan Alexandru DirectSell729202518.004886447,825,550Form

Investor Activity (13F)

Updated Aug 30, 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
Lynrock Lake LP$209.1 Mil14.3%27ADD +24.8%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Lynrock Lake LP$209.1 Mil14.3%27ADD +24.8%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Westerly Capital Management, LLC$5.7 Mil1.7%40Exited13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Lynrock Lake LP$209.1 Mil14.3%27ADD +24.8%13F
Core Cache Last Updated: 8/29/2026