−22% below 5y medianEV / revenue vs. its own five years
Board median EV / revenue10.2×five-year median 11.8× · −14%
Median Rule of 405321 of 24 above the line
Median revenue growth18%a year ago 15% · accelerating
Median SBC / revenue11%FCF margin 30% → 16% ex-SBC
Lights on1 of 3prices Oct 16, 2026 · TTM through Aug 31, 2026
Against the line
growth + FCF margin, in points
line 40score 49
growth 25 ptFCF margin 24 pt
Growth +25% plus FCF margin +24% is 49 points, 9 above the line at 40. Counting the stock as an expense: 29 points.
Where it has traded
quarter-end EV / revenue · 20 quarters · Oct 31, 2021 → Jul 31, 2026
Five-year median 11.7×, middle half 9.8–17.3×, range 5.5–43.7×. Now 9.1×: −22% below its own median, higher than 20% of those quarters.Each quarter at its own close, shares and balance sheet · the band is the 25th–75th percentile
What the cash flow really is
TTM through Jul 31, 2026 · $B
FCF 0.67B − SBC 0.56B = 0.10B ex-SBC · operating income -0.01B is the GAAP figure after SBC
Against its scale group
MDB (blue) vs. the other Growth companies on the board (3), grey
Revenue growth+25% vs. +17%
Gross margin73% vs. 80%
FCF margin+24% vs. +36%
SBC / revenue20% vs. 18%
Rule of 4049 vs. 54
EV / revenue9.1× vs. 22.9×
Group averages are the plain mean of the other companies in the same scale group with a usable window.
Quarter by quarter
8 quarters · Oct 31, 2024 → Jul 31, 2026 · a gap is a dropped quarter