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Direct answer
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
Đã phân tích: 2026-05-09Cập nhật tiếp theo: 2026-08-09Methodology v2.4Archetype: Pre-profitNASDAQ · Information Technology
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Giá
$91.60
▲ +189.90 (+207.31%)
Giá trị hợp lý
$282
$282–$400
Khuyến nghị
Mua mạnh
confidence 65/100
Tiềm năng tăng
+207.3%
upside to fair value
Biên an toàn
$239.28
buy below · 15%
Vốn hóa thị trường
$23.2B
P/E fwd 14.7
Dự phòng tiếng AnhVI
Hiển thị bản gốc tiếng Anh trong khi đang dịch
Báo cáo này chưa được dịch. Hãy làm mới sau vài phút khi hàng đợi dịch xử lý xong.

§1 Tóm tắt điều hành

  • 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 Kịch bản tiêu cực

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.

Các cách luận điểm này có thể đổ vỡ

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
Tín hiệu cảnh báo sớm cần theo dõi
Chỉ sốHiện tạiNgưỡng kích hoạt
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 Lịch sử tài chính

Báo cáo kết quả kinh doanh — sáu kỳ gần nhất
Khoản mụcT−0T−1T−2T−3T−4CAGR
Kỳ2021-06-302022-06-302023-06-302024-06-302025-06-30Trend
Doanh thu—$2.80B$3.53B$4.36B$5.22B+16.8%
Lợi nhuận gộp—$2.35B$2.90B$3.56B$4.32B+16.4%
Lợi nhuận hoạt động—$70.1M$-345.2M$-117.1M$-130.4MNaN%
Lợi nhuận ròng—$-519.5M$-486.8M$-300.5M$-256.7M—
EPS (pha loãng)$-2.79$-2.42$-1.90$-1.16——
EBITDA—$-377.7M$-220.1M$27.4M$24.0M—
R&D—$1.29B$1.87B$2.18B$2.67B+19.9%
SG&A—$978.7M$1.37B$1.48B$1.77B+15.9%

Điểm chất lượng

OCF / Lợi nhuận ròng
-5.69
>1 cho thấy chất lượng lợi nhuận cao
Cổng chất lượng kế toán
Fail
Cổng điều chỉnh theo ngành
ROIC
-0.0%
Tỷ suất sinh lời trên vốn đầu tư
Phần 3

Numbers analysis

Người đăng ký cá nhân — từ §411 phần nữa

Đọc phân tích đầy đủ — 11 phần nữa.

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

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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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