Atlassian maintains an immense moat in developer and project management tooling (Jira, Confluence). However, extreme reliance on Stock-Based Compensation obscures true profitability, masking negative GAAP margins beneath robust free cash flow. Continued cloud migration and enterprise upmarket penetration drive top-line resilience, but eventual multiple expansion will strictly require GAAP margin improvement and SBC rationalization. Fair value range: low $185, high $400, with mid-point at $282.
TEAM (TEAM)'s margin set covers gross margin, operating margin, net margin, and free-cash-flow margin. The five-year trajectory is plotted so the reader can separate cyclical noise from secular trend.
Margin expansion or compression is read against the revenue base: if operating margin expands while revenue grows, that is operating leverage. If gross margin compresses, the cause (mix shift, input costs, pricing) is annotated in the numbers analysis.
Peer-relative margin context lives on the parent peers tab, which sets TEAM's gross, operating, and net margins against four to five named peers from the same archetype and sector.
FCF margin is reported alongside operating margin so the reader can spot cases where capex intensity changes the cash-conversion read even when reported profitability is steady.
FAQ
TEAM — frequently asked questions
Based on our latest analysis, TEAM looks meaningfully undervalued. The current price is $91.6 versus a composite fair-value midpoint of $282 (range $185–$400), which implies roughly 207.3% upside to the midpoint.
Our composite fair-value range for TEAM is $185–$400, with a midpoint of $282. The range is triangulated across multiple valuation models (discounted earnings, forward earnings scenarios, peer multiples, and where applicable owner earnings or reverse DCF) and weighted by reliability for TEAM's archetype.
Our current rating for TEAM is Strong Buy with a confidence score of 65/100. Strong Buy based on 207% fundamental upside to the $281.50 fair value, explicitly contingent on disciplined SBC rationalization. This is research for educational purposes, not personalized investment advice.
The top risks our latest report flags for TEAM are: Macro Seat Deceleration; Perpetual SBC Dilution; AI Displacement. The single biggest risk is Macro Seat Deceleration: Prolonged tech hiring freezes permanently stall organic seat expansion, breaking the core growth assumption.
Our current rating for TEAM is Strong Buy, issued with a confidence score of 65/100 and a moat score of 9/10. The rating reflects the composite fair-value range ($185–$400) versus the current price of $91.6.
TEAM is classified as a pre-profit stock. Archetype determines how every downstream parameter — discount rate, terminal growth, deceleration curve, terminal multiple, scenario probability weights, scorecard weights, and which valuation models are prioritized — is calibrated for TEAM.
