MongoDB, Inc.

MDB

TechnologySoftware - InfrastructureNASDAQ

$265.26

Market Cap: $21.32B

MongoDB, Inc. (MDB) Valuation Summary

Updated Apr 6, 2026 22:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$2.43 – $112.10	$31.73	-87.6%
Revenue DCF 10Y	$8.38 – $176.88	$43.66	-82.9%
▸ Trading Multiples
EV/Revenue	$191.86 – $482.88	$306.42	+20.2%

Valuation History

DCF Analysis

MongoDB, Inc. (MDB) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$43.66

Market Price

$265.26

Upside / Downside

-83.5%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -5.6% to a target of 10.0% over 5 years, discounted at a WACC of 9.0%, MongoDB, Inc. (MDB) has an intrinsic value of $43.66 per share (range: $8.38 – $176.88).

Key Assumptions

Current Operating Margin

-5.6%

Target Operating Margin

10.0%

WACC

9.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.7%

Target CapEx/Rev

6.0%

D&A/Revenue

1.9%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2027	2,899	17.6%	-2.5%	-71	-71	54	(36)	104	-157	-150
2028	3,397	17.2%	0.7%	22	18	64	(60)	100	-79	-69
2029	4,087	20.3%	3.8%	154	121	77	(94)	139	-34	-28
2030	5,145	25.9%	6.9%	353	279	97	(145)	213	18	13
2031	5,367	4.3%	10.0%	535	423	101	(180)	45	299	203
2032	6,717	25.1%	10.0%	670	529	126	(261)	272	123	77
2033	8,109	20.7%	10.0%	809	639	152	(358)	280	154	88
2034	9,430	16.3%	10.0%	941	743	177	(466)	266	189	99
2035	10,548	11.9%	10.0%	1,052	831	198	(577)	225	227	109
2036	11,332	7.4%	10.0%	1,130	893	213	(680)	158	268	118

Enterprise Value Bridge

Sum of PV(FCFF)461

Terminal Value (Gordon Growth at 3.0%)4,614

PV of Terminal Value2,036

Enterprise Value2,497

(–) Net Debt-1,051

Equity Value3,547

(÷) Shares Outstanding81

Fair Value per Share$43.66

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
7.0%	$-3	$8	$65	$121	$177
8.0%	$-2	$8	$52	$95	$139
9.0%	$-2	$9	$44	$79	$114
10.0%	$-1	$9	$38	$67	$96
11.0%	$-0	$9	$33	$58	$83

Current price: $265.26. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

MongoDB, Inc. (MDB) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$31.73

Market Price

$265.26

Upside / Downside

-88.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-5.6%

Target Operating Margin

10.0%

WACC

9.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.7%

Target CapEx/Rev

6.0%

D&A/Revenue

1.9%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2027	2,899	17.6%	-2.5%	-71	-71	54	(51)	104	-172	-165
2028	3,397	17.2%	0.7%	22	18	64	(96)	100	-115	-101
2029	4,087	20.3%	3.8%	154	121	77	(159)	139	-99	-80
2030	5,145	25.9%	6.9%	353	279	97	(254)	213	-91	-68
2031	5,367	4.3%	10.0%	535	423	101	(322)	45	157	107

Enterprise Value Bridge

Sum of PV(FCFF)-307

Terminal Value (Gordon Growth at 3.0%)2,702

PV of Terminal Value1,834

Enterprise Value1,528

(–) Net Debt-1,051

Equity Value2,578

(÷) Shares Outstanding81

Fair Value per Share$31.73

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
7.0%	$2	$13	$46	$79	$112
8.0%	$3	$11	$37	$63	$89
9.0%	$3	$10	$32	$53	$74
10.0%	$3	$10	$28	$46	$64
11.0%	$3	$9	$25	$40	$56

Current price: $265.26. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$306.43

Market Price

$265.26

Upside / Downside

+15.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), MongoDB, Inc. (MDB) has a fair value of $306.43 based on 9 comparable companies in the Software - Infrastructure industry.

EV/Revenue Valuation — Software - Infrastructure

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
MongoDB, Inc.MDB	21,551	8.3x	7.1x
Sandisk CorporationSNDK	106,956	14.6x	6.9x
Teradyne, Inc.TER	49,382	15.5x	17.6x
VeriSign, Inc.VRSN	25,447	16.3x	17.3x
Zoom Communications, Inc.ZM	24,482	4.8x	4.6x
Credo Technology Group Holding LtdCRDO	18,899	42.8x	14.0x
Samsara Inc.IOT	18,039	11.0x	11.1x
Affirm Holdings, Inc.AFRM	16,139	7.0x	7.1x
Check Point Software Technologies Ltd.CHKP	15,909	5.9x	6.3x
Super Micro Computer, Inc.SMCI	13,208	0.6x	0.6x
Industry Median		11.0x	7.1x
(*) Revenue		2,464	2,899
= Enterprise Value		27,083	20,607
(-) Net Debt		-1,051	-1,051
Equity Value		28,134	21,658
(/) Outstanding shares		81	81
Fair Price		$346	$267

Selected Fair Value (avg of trailing + forward)

$306.43

+15.5%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$2.43 – $112.10

$31.73

-87.6%

Revenue DCF 10Y

$8.38 – $176.88

$43.66

-82.9%

▸ Trading Multiples

EV/Revenue

$191.86 – $482.88

$306.42

+20.2%

DCF Analysis

MongoDB, Inc. (MDB) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$43.66

Market Price

$265.26

Upside / Downside

-83.5%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-5.6%

Target Operating Margin

10.0%

WACC

9.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.7%

Target CapEx/Rev

6.0%

D&A/Revenue

1.9%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2027	2,899	17.6%	-2.5%	-71	-71	54	(36)	104	-157	-150
2028	3,397	17.2%	0.7%	22	18	64	(60)	100	-79	-69
2029	4,087	20.3%	3.8%	154	121	77	(94)	139	-34	-28
2030	5,145	25.9%	6.9%	353	279	97	(145)	213	18	13
2031	5,367	4.3%	10.0%	535	423	101	(180)	45	299	203
2032	6,717	25.1%	10.0%	670	529	126	(261)	272	123	77
2033	8,109	20.7%	10.0%	809	639	152	(358)	280	154	88
2034	9,430	16.3%	10.0%	941	743	177	(466)	266	189	99
2035	10,548	11.9%	10.0%	1,052	831	198	(577)	225	227	109
2036	11,332	7.4%	10.0%	1,130	893	213	(680)	158	268	118

Enterprise Value Bridge

Sum of PV(FCFF)461

Terminal Value (Gordon Growth at 3.0%)4,614

PV of Terminal Value2,036

Enterprise Value2,497

(–) Net Debt-1,051

Equity Value3,547

(÷) Shares Outstanding81

Fair Value per Share$43.66

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
7.0%	$-3	$8	$65	$121	$177
8.0%	$-2	$8	$52	$95	$139
9.0%	$-2	$9	$44	$79	$114
10.0%	$-1	$9	$38	$67	$96
11.0%	$-0	$9	$33	$58	$83

Current price: $265.26. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$306.43

Market Price

$265.26

Upside / Downside

+15.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), MongoDB, Inc. (MDB) has a fair value of $306.43 based on 9 comparable companies in the Software - Infrastructure industry.

EV/Revenue Valuation — Software - Infrastructure

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
MongoDB, Inc.MDB	21,551	8.3x	7.1x
Sandisk CorporationSNDK	106,956	14.6x	6.9x
Teradyne, Inc.TER	49,382	15.5x	17.6x
VeriSign, Inc.VRSN	25,447	16.3x	17.3x
Zoom Communications, Inc.ZM	24,482	4.8x	4.6x
Credo Technology Group Holding LtdCRDO	18,899	42.8x	14.0x
Samsara Inc.IOT	18,039	11.0x	11.1x
Affirm Holdings, Inc.AFRM	16,139	7.0x	7.1x
Check Point Software Technologies Ltd.CHKP	15,909	5.9x	6.3x
Super Micro Computer, Inc.SMCI	13,208	0.6x	0.6x
Industry Median		11.0x	7.1x
(*) Revenue		2,464	2,899
= Enterprise Value		27,083	20,607
(-) Net Debt		-1,051	-1,051
Equity Value		28,134	21,658
(/) Outstanding shares		81	81
Fair Price		$346	$267

Selected Fair Value (avg of trailing + forward)

$306.43

+15.5%