Latest Ratios: P/E Ratio -84.9x · EV/EBITDA N/A · ROE -21.6%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $21.8B | $53.2B | $45.8B | $43.0B | $47.5B | $64.1B | $44.1B | $31.2B | $14.5B | $7.8B | $5.0B |
| Enterprise Value | $20.6B | $51.9B | $44.9B | $42.2B | $47.4B | $63.8B | $43.8B | $30.8B | $13.9B | $7.6B | $4.8B |
| P/E Ratio → | -84.87 | — | — | — | — | — | — | — | — | — | 1295.00 |
| P/S Ratio | 4.19 | 10.19 | 10.52 | 12.17 | 16.94 | 30.70 | 27.34 | 25.80 | 16.54 | 12.61 | 10.96 |
| P/B Ratio | 16.18 | 39.51 | 44.38 | 65.70 | 145.01 | 217.46 | 76.72 | 55.21 | 15.93 | 8.74 | 6.85 |
| P/FCF | 15.43 | 37.56 | 32.39 | 51.06 | 63.26 | 79.84 | 81.96 | 74.33 | 51.39 | 42.64 | 52.57 |
| P/OCF | 14.96 | 36.41 | 31.65 | 49.55 | 57.82 | 76.82 | 76.87 | 66.95 | 46.41 | 39.21 | 38.68 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.95 | 10.30 | 11.94 | 16.91 | 30.55 | 27.14 | 25.46 | 15.86 | 12.22 | 10.40 |
| EV / EBITDA | — | — | — | — | 389.09 | 397.64 | 392.99 | 4473.57 | 415.18 | 1326.00 | 296.16 |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 36.66 | 31.74 | 50.09 | 63.16 | 79.44 | 81.36 | 73.34 | 49.29 | 41.31 | 49.85 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.8% | 82.8% | 81.6% | 82.1% | 83.8% | 83.4% | 83.3% | 82.6% | 81.0% | 81.9% | 83.4% |
| Operating Margin | -2.5% | -2.5% | -2.7% | -9.8% | 2.5% | 3.2% | 0.9% | -5.2% | -5.3% | -9.0% | -1.3% |
| Net Profit Margin | -4.9% | -4.9% | -6.9% | -13.8% | -18.5% | -33.3% | -21.7% | -52.7% | -13.0% | -6.0% | 1.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -21.6% | -21.6% | -35.6% | -99.1% | -167.0% | -160.0% | -61.5% | -86.6% | -12.6% | -4.6% | 0.9% |
| ROA | -4.6% | -4.6% | -6.4% | -13.1% | -16.6% | -20.4% | -10.2% | -23.6% | -6.1% | -3.3% | 0.6% |
| ROIC | -110.3% | -110.3% | -83.4% | -568.6% | 44.2% | 44.1% | 5.3% | -20.3% | -7.1% | -7.5% | -1.9% |
| ROCE | -4.8% | -4.8% | -5.0% | -18.1% | 5.9% | 9.0% | 1.8% | -4.8% | -3.1% | -6.5% | -1.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.92 | 0.92 | 1.21 | 1.96 | 4.02 | 2.05 | 2.01 | 1.51 | 0.90 | 0.00 | 0.00 |
| Debt / EBITDA | — | — | — | — | 10.79 | 3.77 | 10.35 | 123.96 | 24.55 | 0.12 | 0.05 |
| Net Debt / Equity | — | -0.95 | -0.90 | -1.25 | -0.22 | -1.06 | -0.57 | -0.73 | -0.65 | -0.27 | -0.35 |
| Net Debt / EBITDA | — | — | — | — | -0.58 | -1.96 | -2.93 | -60.25 | -17.69 | -42.67 | -16.14 |
| Debt / FCF | — | -0.90 | -0.66 | -0.97 | -0.09 | -0.39 | -0.61 | -0.99 | -2.10 | -1.33 | -2.72 |
| Interest Coverage | -2.24 | -2.24 | -1.51 | -9.32 | -10.36 | -5.53 | -5.98 | -14.05 | -7.54 | -697.67 | -68.11 |
Net cash position: cash ($2.5B) exceeds total debt ($1.2B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.22 | 1.22 | 1.18 | 1.35 | 1.19 | 0.70 | 0.88 | 0.88 | 4.10 | 1.87 | 3.29 |
| Quick Ratio | 1.22 | 1.22 | 1.18 | 1.35 | 1.19 | 0.70 | 0.88 | 0.88 | 4.10 | 1.87 | 3.29 |
| Cash Ratio | 0.92 | 0.92 | 0.90 | 1.04 | 0.91 | 0.53 | 0.71 | 0.74 | 3.90 | 1.68 | 3.14 |
| Asset Turnover | — | 0.86 | 0.84 | 0.86 | 0.84 | 0.71 | 0.41 | 0.41 | 0.36 | 0.48 | 0.46 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 54.47 | 52.59 | 49.33 | 40.13 | 32.04 | 28.98 | 26.63 | 26.90 | 16.81 | 14.21 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | 0.1% |
| FCF Yield | 6.5% | 2.7% | 3.1% | 2.0% | 1.6% | 1.3% | 1.2% | 1.3% | 1.9% | 2.3% | 1.9% |
| Buyback Yield | 3.6% | 1.5% | 0.9% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.6% | 1.5% | 0.9% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $262M | $259M | $256M | $253M | $250M | $245M | $239M | $231M | $222M | $193M |
Persistent GAAP Operating Losses
Based on recent market data, Atlassian trades at a forward P/E of 14.37 and a P/S of 3.97, suggesting that investors are pricing in significant future margin expansion rather than current GAAP profitability, which remains elusive compared to more mature software peers like ServiceNow.
The valuation appears to hinge on the market's belief that the company will successfully transition from a high-growth, high-spend phase to a cash-generative enterprise platform. Investors should monitor whether the forward P/E multiple remains sustainable if the pace of cloud migration slows or if R&D intensity fails to moderate as expected.
As reported in financial statements, Atlassian's ROIC has fluctuated significantly, reaching -3.0% in 2026Q3, which indicates that the company is currently failing to generate returns on invested capital that exceed its cost of capital due to persistent GAAP net losses.
The negative ROIC trend highlights the challenge of scaling a product-led growth model while simultaneously absorbing heavy stock-based compensation and infrastructure investment costs. This suggests that until the company achieves consistent GAAP profitability, capital efficiency will remain secondary to market share acquisition in the eyes of management.
According to recent quarterly filings, Atlassian's DSO has hovered around 46 days in 2026Q3, reflecting a stable but non-improving collection cycle that warrants further investigation into the impact of shifting enterprise contract terms during the ongoing transition to cloud-native subscription models.
The lack of clear improvement in the cash conversion cycle suggests that the company's working capital efficiency is currently constrained by the complexity of its multi-tier deployment environment. Investors should watch for whether the sunsetting of legacy server products leads to a more streamlined and predictable cash collection process.
Based on reported figures, the current ratio has compressed to 0.70 in 2026Q3, a notable decline from 1.26 in 2026Q1, which indicates that the company's short-term liquidity position is tightening as it navigates aggressive capital allocation and operational shifts.
While the company maintains robust free cash flow, the narrowing current ratio suggests a reduced margin of safety for meeting short-term obligations. This trend warrants monitoring, as it may limit the company's flexibility to pursue opportunistic acquisitions or weather unexpected macroeconomic volatility without external financing.
As evidenced by recent financial disclosures, the P/E ratio is a fundamentally flawed metric for Atlassian, as it is heavily distorted by non-cash stock-based compensation expenses that mask the company's underlying ability to generate significant free cash flow, which reached a 31.4% margin in 2026Q3.
Relying on P/E ratios for this business model leads to an incomplete assessment of value, as it penalizes the company for its growth-oriented compensation structure. Analysts should instead prioritize free cash flow yield or EV/FCF to better capture the true economic value being created by the platform.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying TEAM stock.
Atlassian Corporation's current P/E ratio is -84.9x. This places it at the 50th percentile of its historical range.
Atlassian Corporation's return on equity (ROE) is -21.6%. The historical average is -46.7%.
Based on historical data, Atlassian Corporation is trading at a P/E of -84.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Atlassian Corporation has 82.8% gross margin and -2.5% operating margin.