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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.
Stock analysis

TEAM Atlassian Corporation fair value $282–$400

TEAM
By StockMarketAgent.AI team· supervised by
تحلیل شد: 2026-05-09به‌روزرسانی بعدی: 2026-08-09Methodology v2.4Archetype: Pre-profitNASDAQ · Information Technology
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قیمت
$91.60
▲ +189.90 (+207.31%)
ارزش منصفانه
$282
$282–$400
رتبه‌بندی
خرید قوی
confidence 65/100
پتانسیل رشد
+207.3%
upside to fair value
حاشیه ایمنی
$239.28
buy below · 15%
ارزش بازار
$23.2B
P/E fwd 14.7
منبع انگلیسیFA
منبع انگلیسی تا زمان ترجمه نمایش داده می‌شود
این گزارش هنوز ترجمه نشده است. پس از چند دقیقه، زمانی که صف ترجمه به‌روز شد، صفحه را تازه کنید.

§1 خلاصه اجرایی

  • Primary $281.50 target driven by immense 84% gross margin leverage and sticky enterprise moat.
  • Extreme divergence from $142 consensus stems from the market extrapolating near-term SBC dilution into perpetuity.
  • FCF remains exceptionally robust ($1.41B) but is offset nearly 1:1 by stock issuance.
  • Valuation explicitly demands GAAP operating margins reaching 22% and securing an 8x EV/Revenue multiple.
Fair value
$282
Margin of safety
+67.5%
Confidence
65/100
Moat
9/10

Educational analysis only — not financial advice. Always do your own due diligence.

$91.60Price
FV $281.5
High $399.57

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.

  • High switching costs in core
    High switching costs in core Jira/Confluence deployments
  • Network effects in collaborative Jira
    Network effects in collaborative Jira Service Management
  • Cycle upside
    Enterprise cloud migration phase concludes, shifting momentum to high-margin recurring renewals and AI upsells.

§2 سناریوی نزولی

A severe macroeconomic contraction in software developer hiring halts seat expansion entirely. Combined with investor refusal to back out ~26% SBCStock-based compensationThe fair-value cost of equity awards (options, RSUs, performance shares) granted to employees. A real economic expense even though it is non-cash., multiple compression drives valuation toward PEGPEG ratioForward P/E divided by growth rate as integer percent (e.g. 20 for 20% growth). A PEG of 1.0 is the conventional fair-value reference; below 1.0 is cheap relative to growth.-adjusted peer lows.

چگونگی شکست این تز

Macro Seat Deceleration

· Medium

Prolonged tech hiring freezes permanently stall organic seat expansion, breaking the core growth assumption.

FV impact
Severe (-50%)
Trigger
12-24 months

Perpetual SBC Dilution

· High

Stock-based compensation remains above 25% of revenue, permanently depressing GAAP operating margins.

FV impact
Severe (-40%)
Trigger
2-3 years

AI Displacement

· Low

AI-driven developer efficiency reduces total enterprise engineering headcount needs, shrinking TEAM's TAM.

FV impact
Moderate (-20%)
Trigger
3-5 years
سیگنال‌های هشدار اولیه برای پایش
معیارفعلیآستانه فعال‌سازی
SBC remains > 25% of total revenueMonitorDeterioration versus the report thesis
Cloud revenue growth structurally falls < 15%MonitorDeterioration versus the report thesis
Enterprise customer churn spikes post-migrationMonitorDeterioration versus the report thesis
GAAP operating margin materially misses 22% targetMonitorDeterioration versus the report thesis
Gross margin degrades below 80% baselineMonitorDeterioration versus the report thesis

§3 تاریخچه مالی

صورت سود و زیان — شش دوره اخیر
ردیفT−0T−1T−2T−3T−4نرخ رشد سالانه مرکب
دوره2021-06-302022-06-302023-06-302024-06-302025-06-30Trend
درآمد—$2.80B$3.53B$4.36B$5.22B+16.8%
سود ناخالص—$2.35B$2.90B$3.56B$4.32B+16.4%
سود عملیاتی—$70.1M$-345.2M$-117.1M$-130.4MNaN%
سود خالص—$-519.5M$-486.8M$-300.5M$-256.7M—
EPS (رقیق‌شده)$-2.79$-2.42$-1.90$-1.16——
EBITDA—$-377.7M$-220.1M$27.4M$24.0M—
تحقیق و توسعه—$1.29B$1.87B$2.18B$2.67B+19.9%
هزینه‌های عمومی و فروش—$978.7M$1.37B$1.48B$1.77B+15.9%

امتیازات کیفیت

OCF / سود خالص
-5.69
>۱ نشان‌دهنده کیفیت بالای سود
دروازه کیفیت حسابداری
Fail
دروازه تعدیل‌شده بخشی
ROIC
-0.0%
بازده سرمایه‌گذاری‌شده
بخش ۳

Numbers analysis

تخصیص سرمایه

Capital allocation should be evaluated against reinvestment needs, balance-sheet strength, and shareholder returns.

مشترکان فردی — از §۴ به بعد11 بخش بیشتر

تحلیل کامل را بخوانید — 11 بخش بیشتر.

Competitive moat, industry cycle, peer comparison, intrinsic valuation, sensitivity, scenarios, earnings decision tree, position management, investor perspectives, scorecard, and final recommendation.

گزارش کامل برای هر نماد تحت پوشش
بایگانی ۲۴ ماه رتبه‌بندی
بریفینگ‌های فهرست مشاهده + هشدارهای تغییر رتبه
خروجی PDF + DOCX به هر زبان
شروع آزمایش رایگان
قابل لغو در هر زمان.
FAQ

TEAM — frequently asked questions

  1. 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.

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