OneStream Stock vs Competition: Who Wins?
OneStream (OS) stock saw a significant re-rating on January 6, 2026, with an announced acquisition by Hg for $6.4 billion. Prior to this, its stock underperformed peers over the past year. How did its rapid revenue growth and positive free cash flow measure up against Oracle, Workday, and BlackLine? A closer look revealed strong top-line expansion and solid free cash flow, but also negative operating margins. The acquisition now largely defines its future upside, shifting focus from organic performance to deal completion amidst its AI-driven finance platform strategy.
- Profitability: OS’s -24.0% operating margin, lowest vs. ORCL’s 31.9%, signals aggressive investment for CPM market expansion.
- Growth: OS’s 24.2% revenue growth, outpacing peers, indicates strong customer adoption of its unified CPM platform.
- Investor View: OS’s 17.0% stock drop and -53.3 PE reflects investor focus on profitability timelines for growth software.
Here’s how OneStream stacks up across size, valuation, and profitability versus key peers.
| OS | ORCL | WDAY | BL | |
|---|---|---|---|---|
| Market Cap ($ Bil) | 4.4 | 554.9 | 55.9 | 3.4 |
| Revenue ($ Bil) | 0.6 | 61.0 | 9.2 | 0.7 |
| PE Ratio | -53.3 | 36.0 | 87.1 | 44.7 |
| LTM Revenue Growth | 24.2% | 11.1% | 13.2% | 7.4% |
| LTM Operating Margin | -24.0% | 31.9% | 9.4% | 4.9% |
| LTM FCF Margin | 16.6% | -21.6% | 28.0% | 22.1% |
| 12M Market Return | -17.0% | 18.1% | -17.3% | -5.7% |
Below we compare OS’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
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| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| OS | 24.2% | – | 30.5% | 34.2% | � |
| ORCL | 11.1% | 8.4% | 6.0% | 17.7% | |
| WDAY | 13.2% | 16.4% | 16.8% | 21.0% | |
| BL | 7.4% | – | 10.7% | 12.8% | 22.8% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| OS | -24.0% | – | -65.3% | -8.1% | -21.2% |
| ORCL | 31.9% | 31.5% | 30.3% | 27.6% | |
| WDAY | 9.4% | 5.9% | 2.5% | -2.9% | |
| BL | 4.9% | – | 3.1% | 4.3% | -10.0% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| OS | -53.3 | – | -13.9 | -154.4 | � |
| ORCL | 36.0 | 43.7 | 43.7 | 33.4 | |
| WDAY | 87.1 | 108.3 | 48.8 | -191.7 | |
| BL | 44.7 | – | 21.3 | 70.0 | -126.5 |
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