
$2.5B+23% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $2.5B in 2025, compounding +24% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $2.8B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
$-71MFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→The company lost $71M in 2025, less than the $129M it lost the year before. The losses are narrowing, but it is still burning shareholder money.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
+22.8%revenue growth, FY 2025
→Revenue grew +23% in 2025 against a five-year average of +34%.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
$500M+315% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow was $500M in 2025. That is the most cash the business has ever thrown off in a year. The trailing twelve months stand at $659M.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
→Of $2.5B in 2025 sales, nothing survives to the bottom line - the journey ends $71M underwater.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→20 cents of every sales dollar became free cash in 2025, up 22 points since 2022 - the best conversion in its filed history.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
◌ 2026 = trailing twelve months to the latest filed quarter (2026-07-31), not a full fiscal year
→The biggest claim on each sales dollar is research and development, at 29% of revenue (stock compensation 22%, capital spending 0%).
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
◌ 2026 = trailing twelve months to the latest filed quarter (2026-07-31), not a full fiscal year
→Operating margin widened 21 points to -6% since 2022. The bottom line is still negative: costs below the operating line eat what is left.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
◌ 2026 = trailing twelve months to the latest filed quarter (2026-07-31), not a full fiscal year
→ROE of 2% sits well above ROCE of -4%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
508.7xP/E today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 10.7x sales, the market is paying 28% less than MDB's own 6-year median of 14.8x. Pessimism is priced in - the question is whether it is deserved.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
2.2%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys 2.2% of annual free cash flow, more than its 6-year median of 0.5% - the cash is cheaper than usual.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
→Debt isn't clearly tagged in MDB's filings, so treat the balance sheet with extra care rather than assuming zero.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
→The company's own capital grew from $1.1B in 2023 to $3.0B (+179%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
→Shareholders received $400M in buybacks in 2025. Stock compensation issued $550M of new shares in the same year, offsetting 100% of that.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
→The share count grew 9.0% in 2025, averaging 5.8% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
→MDB's return on capital is negative at -4.4% in 2025. The capital in the business is not yet earning anything back.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
→MDB issued +38% more shares from 2020 to 2025, but revenue per share still rose +203%. The dilution bought more growth than it cost existing holders.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31
→Insiders sold $82M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 19 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-07-31