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US software company providing AI-powered observability software that monitors application performance and IT infrastructure.
US software company providing AI-powered observability software that monitors application performance and IT infrastructure.
Sells subscriptions, typically annual or multi-year commitments that customers draw down as they use modules (a consumption-style billing called the Dynatrace Platform Subscription), so revenue recurs and grows as customers send more data and add products. It emerged from Compuware, which Thoma Bravo bought in 2014, and listed in 2019.
Moat: narrow (switching costs, installed base, data). Deep instrumentation across a customer's IT stack and proprietary AI engine make displacement costly and risky.
Headquarters: Waltham, Massachusetts, US · Founded: 2005 · Employees: 5,600
Size Dynatrace (DT) is a United States Information Technology company (Packaged Software) with a market value of $12.5B, the 681st largest of 3,117 United States companies the cockpit tracks. Shares closed at $43.44 on 6 Nov 2026.
Performance Over six months the shares gained 6.7%, against +33.0% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 17.8% over the last twelve months (peer median +20.3%); the operating margin is 13.6% (peer median 20.4%).
Valuation It trades at 22.6× forward earnings against a peer median of 27.0× (8th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.4 points above its cost of capital (8.3% WACC).
Backlog Backlog (remaining performance obligations) was $3.49B at 30 Sep 2026, up 15% on a year earlier — 1.6 years of trailing revenue. Backlog detail →
Short interest Short interest is 6.2% of the free float (15 Oct 2026).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.18B | $2.02B | $1.70B | $1.43B | $1.16B |
| Revenue growth | — | +19% | +19% | +23% | — |
| Gross profit | $1.77B | $1.65B | $1.36B | $1.14B | $909M |
| EBITDA | $323M | $288M | $228M | $183M | $148M |
| Net income | $162M | $163M | $484M | $155M | $108M |
| Free cash flow | $579M | $530M | $433M | $352M | $333M |
| Capital expenditure | $28.7M | $32.4M | $28.8M | $31.7M | $21.5M |
| Total debt | $1.56B | $164M | $75.4M | $69.5M | $75.2M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dynatrace DT | $12.5B | +7% | +18% | 14% | 22.6× | 18.8% |
| Datadog DDOG | $64.3B | -11% | +33% | 2% | 61.0× | n/a |
| Cisco CSCO | $369B | -3% | +12% | 25% | 18.4× | 15.0% |
| Elastic ESTC | $9.12B | +65% | +16% | -1% | 24.4× | 13.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -28.9% | +5.4% | lowest of 21 |
| 6-month return | +6.7% | +33.0% | 7th lowest of 21 |
| Distance from 52-week high | -34.5% | -14.2% | 7th lowest of 21 |
| Revenue growth (TTM) | +17.8% | +20.3% | 10th lowest of 21 |
| Operating margin | 13.6% | 20.4% | 9th lowest of 21 |
| Forward P/E | 22.6× | 27.0× | 8th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 18.8% | 19.9% | 10th least demanding of 20 |
| Growth delivered (Del g) | +23.5% | +24.7% | 10th lowest of 20 |
| Hurdle (Req g minus delivered) | -4.7 pp | -4.3 pp | 10th least demanding of 20 |
| ROIC minus cost of capital | +5.4 pp | +8.7 pp | 9th lowest of 18 |
| EV / EBITDA | 36.8× | 17.6× | 3rd most expensive of 13 |
| Net debt / EBITDA | -1.8× | -1.2× | 5th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dynatrace DT | United States | $12.5B | +7% | +18% | 14% | 22.6× | 18.8% | +23.5% |
| JFrog FROG | United States | $12.5B | +43% | +26% | -13% | 89.6× | 37.7% | +28.7% |
| Trimble TRMB | United States | $12.6B | -11% | +7% | 18% | 13.6× | 15.3% | +2.6% |
| Chime Financial CHYM | United States | $11.9B | +70% | +18% | -1% | 35.2× | 18.2% | +24.8% |
| Procore Technologies PCOR | United States | $11.4B | +41% | +16% | -1% | 33.8× | 19.9% | +27.0% |
| Tempus AI TEM | United States | $13.9B | +53% | +37% | -18% | n/a | n/a | n/a |
| Zhejiang Century Huatong 002602.SZ | China | $14.0B | -20% | +28% | 21% | 11.1× | -0.2% | +20.4% |
| Sage SGE.L | United Kingdom | $14.1B | +33% | +9% | 23% | 23.1× | 3.1% | +5.7% |
| Capcom 9697.T | Japan | $11.0B | +25% | +21% | 41% | 27.0× | -2.2% | +15.4% |
| SailPoint SAIL | United States | $11.0B | +57% | +20% | -19% | 53.5× | 42.0% | +24.7% |
| DocuSign DOCU | United States | $14.5B | +62% | +9% | 12% | 15.9× | 12.9% | +17.2% |
| Manhattan Associates MANH | United States | $14.7B | +77% | +8% | 25% | 42.0× | 29.4% | +13.0% |
| Paycom Software PAYC | United States | $10.5B | +73% | +9% | 30% | 15.9× | 3.3% | +19.5% |
| Wisetech Global WTC.AX | Australia | $10.3B | +15% | +71% | 31% | 32.6× | 30.1% | +32.3% |
| Figma FIG | United States | $10.0B | -9% | +43% | -124% | 54.8× | 22.2% | +43.4% |
| HubSpot HUBS | United States | $10.0B | +2% | +21% | 4% | 12.5× | 25.1% | +28.8% |
| Evolution EVO.ST | Sweden | $15.8B | +33% | -3% | 57% | 14.4× | -0.3% | +31.2% |
| Beijing Kingsoft Office Software 688111.SS | China | $16.1B | -8% | +20% | 22% | 35.6× | 32.7% | +21.3% |
| Oracle Financial Services Software OFSS.NS | India | $9.43B | +8% | +28% | 52% | 22.7× | 22.0% | +9.0% |
| Full Truck Alliance Co. Ltd. Sponsored ADR YMM | United States | $9.35B | +4% | +9% | 34% | 12.8× | -10.9% | +36.0% |
| Hinge Health HNGE | United States | $9.34B | +107% | +50% | 19% | 39.6× | 34.1% | +49.9% |
Dynatrace reported $3.49B of remaining performance obligations at 30 Sep 2026, up 15% from a year earlier and up 1% from the previous quarter. That is 1.6 years of trailing revenue already under contract. Book-to-bill last quarter: 1.08.