Company Reports

MongoDB announced on Sept. 28 that its current president and CEO, CJ Desai, is leaving the company for a senior role at Meta. Former CEO Dev Ittycheria is returning to assume the interim role while the board searches for a permanent replacement. MongoDB stock sold off 18% following the news.

MongoDB recorded a solid beat in the second quarter. Total revenue grew 30%, outpacing the 24% implied growth from the previous quarter's guidance. Rapid revenue scaling also helped quarterly non-GAAP operating margin reach a new high of 24%, up over 900 basis points year over year.

MongoDB is a document-oriented database that accelerates application development. Compared with traditional SQL databases, MongoDB is better at handling unstructured data, such as images and audio, making it an ideal tool for verticals like gaming and retail. Thanks to its ease of use, we believe MongoDB has already become the default document-oriented database for commercial users.

MongoDB is a document-oriented database that accelerates application development. Compared with traditional SQL databases, MongoDB is better at handling unstructured data, such as images and audio, making it an ideal tool for verticals like gaming and retail. Thanks to its ease of use, we believe MongoDB has already become the default document-oriented database for commercial users.

MongoDB reported solid first-quarter results, with year-over-year revenue growth of 25%, beating the high end of guidance. Gross margin of 72% improved 100 basis points year over year, despite the lower-margin MongoDB Atlas expanding faster than expected at 29%.

MongoDB finished fiscal 2026 strong. Full-year revenue growth was 23%, and the adjusted operating margin of 19% improved by 360 basis points year over year. However, the company's soft fiscal 2027 guidance and unexpected leadership changes sent shares down 24% in after-hours trading.

MongoDB is a document-oriented database that accelerates application development. Compared with traditional SQL databases, MongoDB is better at handling unstructured data, such as images and audio, making it an ideal tool for verticals like gaming and retail. Thanks to its ease of use, we believe MongoDB has already become the default document-oriented database choice for commercial users.

MongoDB reported another breakout quarter with total revenue up 19% and Atlas revenue expanding 30% year over year. On top of the rolling 12-month customer addition approaching 10,000 for the first time, management also shared that major customers are "getting bigger and growing for longer."

MongoDB is a document-oriented database that accelerates applications’ development timeframe. Compared with traditional SQL databases, MongoDB allows developers to store data in a more flexible format, making it an ideal tool for certain use cases in verticals such as gaming and retail. Thanks to its ease of use, we believe MongoDB has already become the default document-oriented database choice for commercial users.

MongoDB announced on Nov. 3 that Dev Ittycheria is retiring from his full-time operating duties. CJ Desai, a former executive from Cloudflare, has been appointed as the new president and CEO. MongoDB also gave a preview of its third-quarter results, which are expected to overshoot guidance.

MongoDB is a document-oriented database that accelerates applications’ development timeframe. Compared with traditional SQL databases, MongoDB allows developers to store data in a more flexible format, making it an ideal tool for certain use cases in verticals such as gaming and retail. Thanks to its ease of use, we believe MongoDB has already become the default document-oriented database choice for commercial users.

MongoDB is a document-oriented database that accelerates applications’ development timeframe. Compared with traditional SQL databases, MongoDB allows developers to store data in a more flexible format, making it an ideal tool for certain use cases in verticals such as gaming and retail. Thanks to its ease of use, we believe MongoDB has already become the default document-oriented database choice for commercial users.

MongoDB announced several new products, including an application modernization platform, during its investor day. Management also provided a long-term revenue growth outlook in the high teens and a non-GAAP operating margin outlook of over 20%. Shares are down 4% following the news.

MongoDB is a document-oriented database that accelerates applications’ development timeframe. Compared with traditional SQL databases, MongoDB allows developers to store data in a more flexible format, making it an ideal tool for certain use cases in verticals such as gaming and retail. Thanks to its ease of use, we believe MongoDB has already become the default document-oriented database choice for commercial users.

MongoDB's second-quarter results exceeded guidance on the top and bottom lines. Revenue growth accelerated 190 basis points sequentially to 23.7%. The year-to-date addition of 5,400 new customers was the highest in the firm's history since its IPO.

No-moat MongoDB delivered a strong start to fiscal 2026, topping our previous expectations. Total revenue increased 22% year over year to $549 million, and quarterly free cash flow exceeded $100 million for the first time, reaching $106 million. We also see positive trends with MongoDB’s “Go Anywhere” sales strategy. Quarterly net customer addition was the highest in six years, and quarterly net addition of customers with $100,000 or higher annualized recurring revenue was also a record high in over a year. Based on the strong demand from enterprises and startups to build artificial intelligence-powered new applications, we are raising MongoDB’s fair value estimate to $197 per share from $185 previously. Shares currently look moderately overvalued to us following the after-hours rally.

MongoDB is a document-oriented database that accelerates applications’ development timeframe. Compared with traditional SQL databases, MongoDB allows developers to store data in a more flexible format, making it an ideal tool for certain use cases in verticals such as gaming and retail. Thanks to its ease of use, we believe MongoDB has already become the default document-oriented database choice for commercial users.

We are transferring coverage of MongoDB and maintaining the company’s no-moat rating. Despite its leadership in the NoSQL database market, we believe MongoDB’s focus on agile development can lead to long-term maintenance headaches. Therefore, we need more evidence that MongoDB can retain a sizable workload base in the long run before awarding the company a narrow moat. We are also lowering our fair value estimate to $185 from $222 as we bake in more uncertainty regarding MongoDB’s artificial intelligence product ramping trajectory.

MongoDB is a document-oriented database that accelerates applications’ development timeframe. Compared with traditional SQL databases, MongoDB allows developers to store data in a more flexible format, making it an ideal tool for certain use cases in verticals such as gaming and retail. Thanks to its ease of use, we believe MongoDB has already become the default document-oriented database choice for commercial users.

No-moat MongoDB reported solid fourth-quarter results, exceeding our estimates on the top and bottom line, but the fiscal 2026 outlook was well below expectations. The weak outlook was much lower than FactSet consensus forecasts and shares fell 16% in after-hours trading. The company guided for a fiscal 2026 growth of only 13%, while consensus was looking for growth of closer to 17%, and our expectations were even higher than that at 20%. The soft outlook incorporated weaker non-Atlas revenue expectations due to fewer multiyear license renewals combined with increased investments in artificial intelligence and marketing initiatives. It is a worrying sign that the company is seeing material limitations in growth in what was 30% of revenue in the most recent year. Further, the additional investments in marketing, combined with a deceleration in growth in Atlas revenue, which we estimate will likely only be up 21% to 22% in fiscal year 2026 compared with growth of 27% in the previous year, are all worrying signs. As such, we factor in slower growth than previously expected, and after adjusting our estimates, we arrive at a fair value estimate of $222, down from $290 previously, and we view shares as fairly valued after the after-hours drop.