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MongoDB, Inc. (MDB)

合理估值
TechnologySoftware - InfrastructureUnited States

基本面

51

价格

$352.25

市值

$33.95B

第一部分 · 这家公司值多少

概览

MongoDB makes database software: the system that stores and retrieves the data behind an application, from a shopping cart to a bank's transaction history. Its product stores data in a flexible format that lets developers change what they record without redesigning the database first, which is why it has become popular for new, fast-moving software projects, including many of the applications that developers are now building around large language models and other forms of artificial intelligence.

盈利方式

Most revenue now comes from Atlas, a version of the database that MongoDB runs for customers on rented cloud servers and bills mainly by consumption — the more data and traffic a customer's application generates, the more it pays. The remainder comes from software licensed for customers to install and run on their own servers, a business that keeps shrinking every year as more customers migrate their existing applications onto the cloud-hosted version instead of maintaining their own infrastructure.

分部营收

Atlas73%

The cloud-hosted, consumption-billed version of the database that MongoDB runs for customers — the fast-growing majority of revenue.

Enterprise Advanced and Community27%

Software licensed for customers to install and run on their own infrastructure, a legacy business now in decline as customers move to Atlas.

护城河

转换成本 · 狭窄

Once an application is built on MongoDB's data model, moving it to a different database means rewriting how the software stores and queries data, a project few engineering teams undertake lightly. That lock-in is real but not unusual in databases generally, and MongoDB competes against cloud providers' own database services and open-source alternatives that offer a similar model at a lower price.

需求驱动因素

中度周期性

Atlas bills by consumption, so revenue tracks how much a customer's own application is actually used, which slows when companies cut back on new software projects or optimize cloud spending in a downturn. Because the database sits underneath applications that are expensive to rebuild once running, existing customers rarely leave even when they trim usage, which limits how far demand falls.

主要风险

  • Competition from cloud providers' native databases — Amazon, Microsoft and Google each sell their own database services, including some designed to mimic MongoDB's model, bundled with the rest of their cloud platforms at competitive prices.
  • Declining legacy licence business — The non-Atlas licensed-software business is shrinking as customers migrate to the cloud, and that decline is a drag Atlas growth must continually outrun for total revenue to keep rising.
  • Usage-based revenue sensitive to customer spending — Because Atlas bills mainly on consumption, any slowdown in a customer's own application growth or a deliberate cost-cutting effort reduces MongoDB's revenue with little lag.
  • History of net losses — MongoDB has a history of operating losses as it invests heavily in growth, and there is no guarantee it sustains the profitability needed to fund that investment from its own cash flow indefinitely.

客户集中度

MongoDB serves more than 65,200 customers across over 100 countries, and the company does not disclose reliance on any concentrated group of large accounts.

看多理由

Buyers argue that Atlas's consumption-based model gives MongoDB direct exposure to the growth of the applications built on it, that switching a live application to another database is costly enough to keep most customers in place, and that the shrinking legacy licence business will soon stop being a drag on overall growth.

看空理由

Sellers fear that cloud providers' own bundled database services will keep chipping away at MongoDB's pricing power, that usage-based revenue leaves the company exposed to customers cutting cloud spend, and that a history of net losses raises questions about how much investment the business can keep funding on its own.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users

P/E: 20.0Score: 69Market cap: $2.69T

AWS sells DynamoDB and DocumentDB, the latter built to be compatible with MongoDB's own API, to the same cloud developers MongoDB Atlas targets.

P/E: 21.5Score: 58Market cap: $400.95B

MongoDB's 10-K names Oracle among the legacy database vendors it displaces, competing for the same enterprise database budgets and workloads.

P/E: 28.6Score: 72Market cap: $3.70T

Microsoft competes on both fronts MongoDB names — SQL Server as a legacy database and Azure Cosmos DB as a cloud document database sold to the same customers.

Alphabet Inc. (Google Cloud Platform)GOOGL

Google Cloud offers Firestore and Bigtable as managed non-relational databases bundled with its cloud contracts, competing directly with MongoDB Atlas.

Couchbase, Inc.Not tracked

Couchbase sells a document-oriented NoSQL database and its Capella managed service to the same application developers; it went private under Haveli Investments in September 2025 and is no longer listed.

Elastic N.V.ESTC

Elasticsearch and Elastic Cloud compete with MongoDB Atlas for the same search, document-store and vector workloads inside modern applications.

资产负债表与流动性

营收

$2.78B

最近12个月(截至2026/7/31)

净利润

$59M

最近12个月(截至2026/7/31)

自由现金流

$500M

股东权益合计

$2.95B

负债合计

$806M

流动比率

4.87

利息覆盖率

6.14

债务/EBITDA

-

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

一般情形合理估值

公允价值

$308.94

当前价格

$352.25

安全边际

-14.0%

公允价值区间

$200.81 - $417.07

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$456.88
现金流折现法(DCF):$72.94
市盈率法(P/E):$41.23
格雷厄姆成长公式:$11.56
盈利能力价值(EPV):数据不足,无法计算
合理市净率(P/B):数据不足,无法计算
股息折现模型(戈登模型):数据不足,无法计算
P/FFO(运营资金):数据不足,无法计算
周期中段收益:数据不足,无法计算
市销率法(P/S):$173.23
分析师共识:强力买入 (39B / 9H / 0S)
最近财报超预期:+17.76%

估值指标

市盈率(P/E)

491.00

ROE

-2.4%

市净率(P/B)

9.42

P/FCF

42.61

毛利率

72.7%

ROIC

-0.4%

盈利能力雷达图

价值创造(经济护城河)

ROIC

-0.4%

WACC

14.0%

ROIC − WACC

-14.3 pp

ROIC 低于资本成本:公司每投入一美元都在毁灭价值。

基本面分析标准

通过(14)

  • EPS shows upward trend
  • Price CAGR 34.53%
  • Gross Margin 72.7%
  • Debt/Equity ratio
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage
  • Low reliance on intangibles
  • Revenue Growth 5Y 33.1%
  • Analyst Consensus 81% Buy
  • Earnings Surprise avg 26.1%
  • Earnings Quality (OCF/NI) 11.32
  • Net Margin Trend 2.1% vs -3.5%

未通过(10)

  • ROIC -0.4%
  • P/FCF 42.61
  • P/B Ratio 9.42
  • Operating Margin -0.5%
  • Return on Tangible Assets
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • ROE 2.0%
  • Share Dilution 8.4%
  • Piotroski F-Score 4/9

不可用(3)

  • Dividend Payout NaN%
  • Debt/EBITDA
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-评分

4/9

信号混杂:部分领域需关注

score
criteria

盈利质量

11.32

高质量:盈利有现金流支撑

股权稀释

8.4%

正在发行新股,稀释所有权

机构持股

公司治理

管理团队

姓名职位年龄
Mr. Chirantan Jitendra DesaiPresident, CEO & Director54
Mr. Dwight A. MerrimanCo-Founder & Director56
Mr. Michael J. BerryCFO & Principal Financial Officer62
Mr. Kong PhanChief Accounting Officer & Principal Accounting Officer42
Mr. Jim ScharfChief Technology Officer-
Ms. Deepa GopinathChief Information Officer-
Mr. Jess Ian LubertVice President of Investor Relations-
Mr. Andrew StephensChief Legal Officer, General Counsel & Corporate Secretary-
Ms. May PetryChief Marketing Officer-
Ms. Harsha JalihalChief People Officer-

审计风险

1

董事会风险

6

薪酬风险

7

股东权利风险

5

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

文件

  • 年度报告(10-K)

    对公司业务、财务业绩和风险的年度概述。

    提交日期:2026-03-11

    查看文件
  • 季度报告(10-Q)

    最近三个月财务表现的最新情况。

    提交日期:2026-09-01

    查看文件
  • 临时报告(8-K)

    关于重大事件(如管理层变动或重要公告)的通知。

    提交日期:2026-09-29

    查看文件

via SEC EDGAR

损益历史

via SEC EDGAR

Latest News

Recent headlines for MDB, sourced from Markets Gazette.

  • 3d agoNEGATIVE
    MongoDB Plunges 18% as Meta Taps CEO To Lead New AI Platform | Closing Bell

    MongoDB Inc. experienced a significant drop of 18% following the announcement that its CEO, Dev Ittycheria, will be stepping down to lead a new AI platform. This leadership change and the departure of its CEO to a new venture introduce uncertainty for investors regarding MongoDB's future strategy and execution. The market reaction reflects concerns about continuity and the potential impact on the company's growth trajectory in the competitive database market. Investors will be closely watching for updates on the new leadership and the strategic direction of MongoDB.

  • 29d agoNEGATIVE
    Perché le azioni MongoDB scendono del 13% nonostante i solidi risultati del 2° trimestre

    MongoDB Inc. shares plunged 13% on Wednesday, despite the database software company reporting second-quarter results that surpassed expectations. The sharp decline occurred because the company's Atlas cloud database service did not exhibit the accelerated growth investors were anticipating. While revenue increased by 30% year-over-year and full-year guidance was raised, with several Wall Street firms increasing price targets, the market's focus remained on the perceived lack of momentum in Atlas. This suggests that investor sentiment is highly sensitive to growth metrics in key product areas, overshadowing otherwise strong financial performance.

  • 5/28/2026NEUTRAL
    MongoDB Q1 2027 Earnings Call: Complete Transcript

    MongoDB Inc. released its Q1 2027 earnings call transcript on May 28, 2026. While the transcript provides detailed insights into the company's performance, strategic initiatives, and future outlook, it does not contain specific financial results or forward-looking guidance that would immediately impact its stock price. Investors will need to analyze the content of the transcript for qualitative information regarding customer growth, product development, and competitive positioning to form an investment thesis. The neutral signal reflects the informational nature of the transcript release itself, without immediate quantifiable market-moving data.

  • 5/28/2026POSITIVE
    MongoDB Delivers Better-Than-Expected Q1, Raises FY27 Outlook, Shares Surge

    MongoDB Inc. reported strong first-quarter fiscal 2027 results, exceeding analyst expectations and prompting an upward revision of its full-year outlook. The database company's performance indicates robust demand for its cloud-based solutions, driving significant revenue growth and improved profitability metrics. Investors reacted positively to the news, with shares surging in after-hours trading. This positive momentum suggests continued confidence in MongoDB's strategic direction and its ability to capture market share in the competitive cloud database landscape.

  • 5/27/2026POSITIVE
    MongoDB Stock Darts Higher After The Bell: Here's Why

    MongoDB Inc. experienced a significant surge in its stock price following the release of its first-quarter financial results. The company's performance appears to be positively correlated with that of Snowflake, suggesting a broader positive sentiment within the data and cloud services sector. Investors are likely reacting to strong earnings, which often indicate robust demand for MongoDB's database solutions and potential for future growth. This upward movement could signal increased market confidence in the company's strategic direction and its ability to execute effectively in a competitive landscape.

  • 3/3/2026NEGATIVE
    MongoDB Tumbles as Weak Forecast Revives Concerns

    MongoDB shares plummeted over 20% in Tuesday's trading session after the database software company issued weaker-than-expected forecasts for its full-year revenue and first-quarter adjusted earnings. The fiscal 2027 sales-growth outlook, in particular, fell below analyst consensus, reigniting investor concerns about the company's expansion trajectory. This development points to an intensifying product race within the sector, coupled with rising competition and a noticeable slowdown in customer spending. While recent quarters showed improved execution, the 2027 revenue guidance implies a significant year-over-year deceleration, challenging the company's ability to sustain its growth momentum in an increasingly crowded market.

via Markets Gazette