Home > Analyses > Technology > MongoDB, Inc.
MongoDB, Inc. revolutionizes how businesses manage data, powering applications that shape daily digital experiences. Its flagship MongoDB Atlas offers a flexible, multi-cloud database platform that redefines enterprise infrastructure. Known for innovation and robust performance, MongoDB commands respect in the software infrastructure space. As cloud adoption accelerates, I question if MongoDB’s growth and financial strength still justify its premium market valuation today.
Table of contents
Business Model & Company Overview
MongoDB, Inc., founded in 2007 and based in New York City, leads the Software – Infrastructure sector with a versatile database platform. Its ecosystem spans MongoDB Enterprise Advanced for enterprises, MongoDB Atlas as a multi-cloud database service, and a free Community Server version, uniting developers and businesses under a common mission to simplify data management worldwide.
The company’s revenue engine balances enterprise licensing, cloud subscriptions, and professional services. MongoDB’s strategic presence spans the Americas, Europe, and Asia, enabling global adoption of its products. Its competitive advantage lies in a flexible, scalable database platform that fuels innovation and shapes the future of data infrastructure.
Financial Performance & Fundamental Metrics
I will analyze MongoDB, Inc.’s income statement, key financial ratios, and dividend payout policy to reveal its underlying financial health and growth prospects.
Income Statement
The table below presents MongoDB, Inc.’s annual income statement figures for fiscal years 2022 through 2026, reflecting revenue growth and persistent net losses.
| 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|
| Revenue | 874M | 1.28B | 1.68B | 2.01B | 2.46B |
| Cost of Revenue | 259M | 349M | 424M | 535M | 696M |
| Operating Expenses | 904M | 1.28B | 1.49B | 1.69B | 1.90B |
| Gross Profit | 614M | 935M | 1.26B | 1.47B | 1.77B |
| EBITDA | -267M | -294M | -122M | -97M | -137M |
| EBIT | -292M | -323M | -154M | -124M | 0 |
| Interest Expense | 11M | 10M | 9M | 8M | 0 |
| Net Income | -307M | -345M | -177M | -129M | -71M |
| EPS | -4.75 | -5.03 | -2.48 | -1.73 | -0.88 |
| Filing Date | 2022-03-18 | 2023-03-17 | 2024-03-15 | 2025-03-21 | 2026-03-02 |
Income Statement Evolution
MongoDB’s revenue surged 182% from 2022 to 2026, with a notable 23% rise in the latest year. Gross profit followed suit, maintaining a strong 72% margin. Operating expenses grew proportionally, preserving margin stability. Despite consistent revenue growth, net income remains negative but improved, reflecting margin expansion and better cost control.
Is the Income Statement Favorable?
In 2026, revenue reached $2.46B with a gross profit of $1.77B, sustaining a favorable 71.75% gross margin. Operating income remains breakeven, but net income loss narrowed to -$71M, improving net margin to -2.89%. Earnings per share loss also shrank. Overall fundamentals show favorable trends, balancing growth and improving profitability metrics despite ongoing losses.
Financial Ratios
The table below displays key financial ratios for MongoDB, Inc. from 2022 to 2026, offering a snapshot of profitability, valuation, liquidity, leverage, and efficiency metrics:
| Ratios | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Net Margin | -35.1% | -26.9% | -10.5% | -6.4% | -2.9% |
| ROE | -46.0% | -46.7% | -16.5% | -4.6% | 0 |
| ROIC | -15.0% | -17.3% | -10.1% | -7.4% | 0 |
| P/E | -85.2 | -42.6 | -161.6 | -157.9 | -424.0 |
| P/B | 39.2 | 19.9 | 26.7 | 7.3 | 0 |
| Current Ratio | 4.0 | 3.8 | 4.4 | 5.2 | 0 |
| Quick Ratio | 4.0 | 3.8 | 4.4 | 5.2 | 0 |
| D/E | 1.77 | 1.60 | 1.11 | 0.01 | 0 |
| Debt-to-Assets | 48.3% | 45.8% | 41.3% | 1.1% | 0 |
| Interest Coverage | -25.6 | -35.4 | -24.9 | -26.7 | 0 |
| Asset Turnover | 0.36 | 0.50 | 0.59 | 0.58 | 0 |
| Fixed Asset Turnover | 8.4 | 13.0 | 18.6 | 24.8 | 0 |
| Dividend Yield | 0 | 0 | 0 | 0 | 0 |
Evolution of Financial Ratios
From 2022 to 2026, MongoDB’s Return on Equity (ROE) remained negative or zero, indicating persistent unprofitability. The Current Ratio showed a declining trend, falling from above 4 in earlier years to zero in 2026, signaling deteriorating liquidity. Debt-to-Equity Ratio improved significantly to zero in 2026, reflecting a reduction or elimination of leverage. Profitability consistently weakened, with net margins trending deeper into negative territory until a slight improvement in 2026.
Are the Financial Ratios Favorable?
In 2026, the company’s profitability ratios, including net margin and ROE, were unfavorable, reflecting ongoing losses. Liquidity ratios were also unfavorable due to a reported zero current and quick ratio, posing solvency concerns. However, leverage ratios such as debt-to-equity and debt-to-assets were favorable, indicating minimal debt burden. Market valuation ratios showed mixed signals, with a highly negative P/E ratio deemed favorable, while asset turnover and interest coverage remained unfavorable. Overall, the financial ratios suggest an unfavorable profile for the latest fiscal year.
Shareholder Return Policy
MongoDB, Inc. does not pay dividends, reflecting its ongoing net losses and reinvestment focus. The company prioritizes growth and R&D over shareholder payouts. It does not engage in share buybacks, consistent with its strategy to conserve cash.
This policy aligns with long-term value creation in high-growth tech firms. However, the absence of distributions may concern income-focused investors. Sustained reinvestment supports future profitability, but risk remains until positive earnings materialize.
Score analysis
Below is a radar chart illustrating MongoDB, Inc.’s fundamental financial scores across key valuation and profitability metrics:
The discounted cash flow score is moderate at 3, reflecting balanced valuation assumptions. Profitability scores—return on equity and assets—are very unfavorable at 1 each, signaling weak profitability. The debt-to-equity score stands out favorably at 4, indicating prudent leverage. Price-based metrics, price-to-earnings and price-to-book, both score very unfavorable at 1, suggesting valuation concerns.
Analysis of the company’s bankruptcy risk
MongoDB, Inc. is positioned firmly in the safe zone according to its Altman Z-Score, indicating a very low risk of bankruptcy:
Is the company in good financial health?
The Piotroski Score diagram below summarizes the company’s financial health assessment:
With a Piotroski Score of 4, MongoDB exhibits average financial strength. This middling score reflects mixed signals on profitability, leverage, and operational efficiency, neither strongly robust nor severely weak.
Competitive Landscape & Sector Positioning
This section examines MongoDB, Inc.’s strategic positioning, revenue streams, key products, and main competitors. I will assess whether MongoDB holds a competitive advantage within the software infrastructure sector.
Strategic Positioning
MongoDB, Inc. focuses on a concentrated product portfolio centered on its multi-cloud database platform, MongoDB Atlas, which dominates subscription revenue. Geographically, it diversifies across Americas, EMEA, and Asia Pacific, with the Americas contributing over half of 2025 revenue at $1.2B.
Revenue by Segment
This pie chart illustrates MongoDB, Inc.’s revenue breakdown by segment for fiscal year 2025, highlighting contributions from MongoDB Atlas Related, Other Subscription, and Service revenues.
MongoDB Atlas Related dominates with $1.4B in revenue, reflecting robust cloud adoption and accelerated growth since 2019. Other Subscription, at $540M, remains a solid secondary pillar with steady gains. Service revenue, smallest at $63M, shows modest growth but minimal impact. The 2025 data reveals a clear shift towards cloud services, concentrating risk but reinforcing MongoDB’s moat in scalable database platforms.
Key Products & Brands
The following table summarizes MongoDB, Inc.’s main products and brand offerings:
| Product | Description |
|---|---|
| MongoDB Atlas | Hosted multi-cloud database-as-a-service solution, generating $1.41B in revenue in FY2025. |
| MongoDB Enterprise Advanced | Commercial database server for enterprise deployment in cloud, on-premise, or hybrid environments. |
| Community Server | Free-to-download database version with core developer functionality. |
| Other Subscription | Includes additional subscription products, contributing $539M in revenue in FY2025. |
| Professional Services | Consulting and training services, generating $63M in revenue in FY2025. |
MongoDB’s revenue increasingly centers on its Atlas cloud platform, reflecting a strategic shift towards subscription and service-based models. Enterprise and community versions complement this core offering, supporting diverse customer needs.
Main Competitors
MongoDB, Inc. competes within a field of 32 companies, with the top 10 leaders by market capitalization listed below:
| Competitor | Market Cap. |
|---|---|
| Microsoft Corporation | 3.5T |
| Oracle Corporation | 553B |
| Palantir Technologies Inc. | 383B |
| Adobe Inc. | 140B |
| Palo Alto Networks, Inc. | 120B |
| CrowdStrike Holdings, Inc. | 113B |
| Synopsys, Inc. | 92B |
| Cloudflare, Inc. | 69B |
| Fortinet, Inc. | 59B |
| Block, Inc. | 40B |
MongoDB ranks 13th among 32 competitors. Its market cap stands at 0.75% of the leader, Microsoft. The company is below the average top 10 market cap of 508B but above the sector median of 18.8B. It maintains a 32.57% gap from the next competitor above, highlighting a moderate scale difference within its peer group.
Comparisons with competitors
Check out how we compare the company to its competitors:
Does MDB have a competitive advantage?
MongoDB, Inc. shows signs of competitive advantage through strong revenue growth and a favorable gross margin of 71.75%. However, its net margin remains negative at -2.89%, indicating ongoing profitability challenges.
The company expands across Americas, EMEA, and Asia Pacific markets, with opportunities in cloud database services like MongoDB Atlas. Continued ROIC growth suggests improving capital efficiency despite unavailable ROIC vs. WACC data.
SWOT Analysis
This analysis highlights MongoDB, Inc.’s key strategic factors to inform investment decisions.
Strengths
- Strong revenue growth at 23% YoY
- High gross margin at 71.75%
- Growing ROIC trend signaling improving capital efficiency
Weaknesses
- Negative net margin at -2.89%
- Zero current and quick ratios indicate liquidity concerns
- Unfavorable ROE and ROIC scores suggest weak profitability
Opportunities
- Expanding multi-cloud database market
- Increasing enterprise adoption of hybrid cloud
- Geographic revenue growth in Americas and EMEA
Threats
- Intense competition in cloud database space
- Macroeconomic volatility impacting IT budgets
- Reliance on subscription services with renewal risks
MongoDB’s robust top-line growth and margin profile provide a solid foundation. However, profitability and liquidity weaknesses require strategic focus. The company must leverage cloud adoption trends while managing competitive and economic pressures.
Stock Price Action Analysis
The following weekly chart illustrates MongoDB, Inc. (MDB) stock price movements over the past 12 months, highlighting key highs and lows:
Trend Analysis
Over the past year, MDB stock fell 7.68%, signaling a bearish trend with deceleration. The price ranged from a high of 435.85 to a low of 154.39. Volatility remains elevated, with a standard deviation of 69.28, reflecting significant price swings.
Volume Analysis
Trading volume totals 1.09B shares, with buyer volume at 550M (50.39%) and seller volume at 539M. Volume is increasing, indicating growing market participation. However, recent months show seller dominance with buyers at 34%, suggesting cautious or negative investor sentiment.
Target Prices
Analysts set a robust consensus target price for MongoDB, Inc., signaling strong growth expectations.
| Target Low | Target High | Consensus |
|---|---|---|
| 375 | 500 | 437.2 |
The target range from 375 to 500 reflects confidence in MongoDB’s market position and growth potential. The consensus at 437.2 suggests a favorable outlook relative to current trading levels.
Don’t Let Luck Decide Your Entry Point
Optimize your entry points with our advanced ProRealTime indicators. You’ll get efficient buy signals with precise price targets for maximum performance. Start outperforming now!
Analyst & Consumer Opinions
This section examines MongoDB, Inc.’s recent analyst ratings alongside consumer feedback and satisfaction scores.
Stock Grades
Here are the latest verified stock grades for MongoDB, Inc., showing consistent analyst sentiment over recent months:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Rosenblatt | Maintain | Buy | 2026-03-02 |
| BMO Capital | Maintain | Outperform | 2026-02-26 |
| DA Davidson | Maintain | Buy | 2026-02-25 |
| Citigroup | Maintain | Buy | 2026-02-24 |
| Oppenheimer | Maintain | Outperform | 2026-02-18 |
| Needham | Maintain | Buy | 2026-01-20 |
| Barclays | Maintain | Overweight | 2026-01-12 |
| Needham | Maintain | Buy | 2026-01-12 |
| Truist Securities | Maintain | Buy | 2026-01-07 |
| Needham | Maintain | Buy | 2026-01-06 |
Grades reveal strong and steady confidence in MongoDB’s prospects, with most firms maintaining Buy or Outperform ratings. The consensus among 44 analysts remains firmly positive, favoring accumulation.
Consumer Opinions
Consumer sentiment around MongoDB, Inc. reflects a mix of enthusiasm for its technology and concerns about pricing and support.
| Positive Reviews | Negative Reviews |
|---|---|
| “MongoDB’s flexibility and scalability transformed our data handling.” | “The licensing costs have increased significantly, impacting budgets.” |
| “Excellent performance and ease of integration with other tools.” | “Customer support response times can be slow during critical issues.” |
| “Rich feature set and continuously evolving platform.” | “Steep learning curve for new users unfamiliar with NoSQL.” |
Overall, consumers praise MongoDB’s robust technology and adaptability. However, pricing and support remain recurring pain points that could affect long-term satisfaction.
Risk Analysis
Below is a summary table of key risk factors affecting MongoDB, Inc. and their likelihood and potential impact:
| Category | Description | Probability | Impact |
|---|---|---|---|
| Profitability Risk | Negative net margin (-2.89%) signals ongoing losses. | High | High |
| Liquidity Risk | Current and quick ratios at zero indicate poor short-term liquidity. | High | Moderate |
| Valuation Risk | Negative P/E ratio (-424) reflects earnings volatility or losses. | Medium | High |
| Operational Risk | Low asset turnover suggests inefficient use of assets. | Medium | Moderate |
| Financial Health | Altman Z-Score (20.34) shows very low bankruptcy risk. | Low | Low |
| Financial Strength | Piotroski score of 4 signals average financial health. | Medium | Moderate |
I emphasize profitability and liquidity risks as most critical. MongoDB’s continued negative margins and zero liquidity ratios raise red flags amid a volatile tech environment. Despite a strong Altman Z-Score indicating low bankruptcy risk, operational inefficiencies and mixed financial strength metrics warrant caution. Investors must weigh growth prospects against these fundamental weaknesses.
Should You Buy MongoDB, Inc.?
MongoDB, Inc. appears to be in a safe zone regarding bankruptcy risk, supported by an improving ROIC trend suggesting growing value creation. While profitability metrics remain unfavorable, the company’s leverage profile seems manageable, resulting in an overall C rating with moderate financial strength.
Strength & Efficiency Pillars
MongoDB, Inc. reports a robust gross margin of 71.75%, reflecting strong operational efficiency. Despite a net margin of -2.89%, the company shows significant revenue growth of 22.79% year-over-year and a 100% increase in EBIT growth. The Altman Z-Score of 20.34 places it firmly in the safe zone, indicating financial stability. While ROE and ROIC are currently at zero, the growing ROIC trend suggests improving capital efficiency, signaling operational resilience in a highly competitive tech environment.
Weaknesses and Drawbacks
MongoDB faces notable weaknesses in profitability and valuation metrics. The net margin remains negative at -2.89%, and return on equity is zero, signaling no current shareholder value generation. Valuation indicators show unusual readings, with a negative P/E of -424.02 and a P/B of zero, which complicates traditional valuation assessments. Liquidity ratios such as the current and quick ratios are unfavorable at zero, raising concerns about short-term asset coverage. Recent market behavior is seller-dominant with only 33.96% buyer activity, adding near-term price pressure.
Our Final Verdict about MongoDB, Inc.
MongoDB, Inc. presents a fundamentally resilient profile backed by strong revenue growth and a secure solvency position as per its Altman Z-Score of 20.34. However, the ongoing negative profitability and recent seller dominance suggest caution. Despite long-term operational improvements, the current market pressure and weak margins may advise a wait-and-see approach for a better entry point. The risk-reward balance could appeal to growth-oriented investors but remains uncertain for conservative capital.
Disclaimer: This content is for informational purposes only and does not constitute financial, investment, or other professional advice. Investing in financial markets involves a significant risk of loss, and past performance is not indicative of future results.
Additional Resources
- MongoDB, Inc. Announces Fourth Quarter Fiscal 2026 Financial Results – PR Newswire (Mar 02, 2026)
- MongoDB Inc (MDB) (Q4 2026) Earnings Call Highlights: Strong Rev – GuruFocus (Mar 03, 2026)
- MongoDB Inc (NASDAQ:MDB) Stock Plummets 23% Despite Q4 Earnings Beat on Cautious Guidance – ChartMill (Mar 02, 2026)
- MongoDB crashes amid mixed guidance, executive shakeup (MDB:NASDAQ) – Seeking Alpha (Mar 02, 2026)
- MongoDB Inc. Announces Drop In Q4 Profit – Nasdaq (Mar 02, 2026)
For more information about MongoDB, Inc., please visit the official website: mongodb.com
