+90% above 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 34 ptFCF margin 15 pt
Growth +34% plus FCF margin +15% is 49 points, 9 above the line at 40. Counting the stock as an expense: 28 points.
Where it has traded
quarter-end EV / revenue · 20 quarters · Sep 30, 2021 → Jun 30, 2026
Five-year median 21.9×, middle half 19.1–34.7×, range 15.1–63.4×. Now 41.5×: +90% above its own median, higher than 85% 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 Jun 30, 2026 · $B
FCF 0.38B − SBC 0.51B = -0.13B ex-SBC · operating income -0.35B is the GAAP figure after SBC
Against its scale group
NET (blue) vs. the other Growth companies on the board (3), grey
Revenue growth+34% vs. +15%
Gross margin73% vs. 80%
FCF margin+15% vs. +39%
SBC / revenue20% vs. 18%
Rule of 4049 vs. 54
EV / revenue41.5× vs. 12.0×
Group averages are the plain mean of the other companies in the same scale group with a usable window.
Quarter by quarter
8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter