# MongoDB (MDB)

Sector: Database software

| Field | Value |
|---|---|
| Price | $338.12 |
| Market cap | $27B |
| Intrinsic value source | Analysts |
| Data as of | 2026-11-12 |
| Next earnings | 2026-11-30 (estimate) |

Analysts: Bullish

Picks: Research only

Discount category: Close to intrinsic value

## In short

The market weighs the fastest growth of Atlas in years against a change of chief executive, and steady growth and margin through 2027 can lift its value.

## Themes and gap

- Themes: AI supplier (ai-supplier), New management (management-change)
- Gap type: Can close (closable)
- Why: The premium depends on steady growth: the Q3 fiscal 2027 report, expected in early December 2026, and the search for a permanent chief executive show whether the pace holds.

## About

MongoDB, Inc. (MongoDB) is based in New York. It sells a database platform for modern applications. Atlas is its database service in the cloud, and it made 73% of Q2 fiscal 2027 revenue. MongoDB Enterprise Advanced is the version that customers run on their own systems. The platform also has search, vector search and AI retrieval tools, including models from Voyage AI. MongoDB had more than 70,600 customers at July 31, 2026. Revenue was $771.8 million in Q2 fiscal 2027. The fiscal year ends on January 31. The common stock trades on Nasdaq in US dollars. MongoDB files 10-K and 10-Q reports.

## Thesis

The price of MongoDB reflects its fastest growth in several years, and it depends on whether that pace lasts under a temporary chief executive. Revenue grew 30% in Q2 fiscal 2027, and the non-GAAP operating margin rose to 24% from 15% a year before. Remaining performance obligations grew 91%, and net ARR expansion was 122%. On September 28, 2026, the chief executive left, and the former chief executive, Dev Ittycheria, returned as interim chief executive. The board added $1.0 billion to the share repurchase program. For the price to hold, four things must be true. Atlas growth must stay near its current pace as customers move AI applications to production. The margin must stay near the level of Q2. The board must name a permanent chief executive without a loss of sales staff or customers. Stock-based compensation, which was $286.8 million in the first six months, must not rise faster than revenue. The Q3 fiscal 2027 report, expected in early December 2026, is the next test.

## Checkpoints

- Nov 30, 2026 (estimate): Q3 fiscal 2027 results. Status: Pending. Watch: Revenue is at or above the guided $756 million to $761 million and non-GAAP income from operations is at or above $152 million, and this passes; a miss on either fails.
- Mar 1, 2027 (estimate): Q4 fiscal 2027 results and fiscal 2028 outlook. Status: Pending. Watch: Fiscal 2027 revenue is in the guided range of $2.99 billion to $3.03 billion or above it and the outlook shows growth above 20%, and this passes; slower growth fails.
- 2027 (estimate): Permanent chief executive named. Status: Pending. Watch: The board names a permanent chief executive and guidance stays in place, and this passes; a delayed search with lower guidance fails.

## Balance sheet

- Cash: $2.4B
- Debt: $0.0M
- Net cash: $2.4B

At July 31, 2026, MongoDB had cash and cash equivalents of $1,002.4 million and short-term investments of $1,408.9 million. The balance sheet shows no borrowings. Deferred revenue was $447.7 million in all, and remaining performance obligations were $1,519.2 million. Total liabilities were $797.7 million. MongoDB repurchased 666,452 shares for $200.0 million in the first six months of fiscal 2027, at an average of $300.10 a share. After the quarter, the board added $1.0 billion to the repurchase program.

As of 2026-07-31.

Sources:

- https://www.sec.gov/Archives/edgar/data/1441816/000162828026059830/mdb-20260731.htm
- https://www.sec.gov/Archives/edgar/data/1441816/000162828026059794/mdb-073126xex991xrelease.htm
- https://www.sec.gov/Archives/edgar/data/1441816/000162828026063850/mdb-20260925.htm

## Dividends

MongoDB does not pay a dividend.

Source: company filings and market data, read on 2026-11-13.

## Recent events

- 2026-10-14: MongoDB agreed pay terms with the interim chief executive. He gets a base salary of $500,000 and restricted stock units with a grant value of $15 million. MongoDB also gave its chief financial officer a one-time retention award of restricted stock units with a grant value of $10 million.
- 2026-09-28: Chief executive CJ Desai stepped down to take a senior role at Meta Platforms. The board named Dev Ittycheria, who led MongoDB from 2014 to 2025, as interim President and Chief Executive Officer.
- 2026-09-25: The board of directors added $1.0 billion to the share repurchase program, which brings the total authorization to $2.0 billion. $1,353.7 million remained available. MongoDB held an Investor Day on September 29, 2026.
- 2026-09-01: MongoDB reported Q2 fiscal 2027 results. Revenue rose 30% to $771.8 million, and Atlas revenue rose about 29%. Non-GAAP income from operations was $185.9 million. Free cash flow was $137.6 million. It raised the guidance for fiscal 2027 revenue to $2.99 billion to $3.03 billion.

## Latest news and filings

- Last earnings: 2026-09-01 (8-K: https://www.sec.gov/Archives/edgar/data/1441816/000162828026059794/)
- Next earnings: 2026-11-30 (expected; the company has not confirmed it)

| Filed | Form | Headline | Period end | XBRL document | Link |
| --- | --- | --- | --- | --- | --- |
| 2026-10-15 | 8-K | Change of directors or officers |  | mdb-20261012 | https://www.sec.gov/Archives/edgar/data/1441816/000162828026065934/mdb-20261012.htm |
| 2026-09-29 | 8-K | Investor disclosure and Other company news |  | mdb-20260925 | https://www.sec.gov/Archives/edgar/data/1441816/000162828026063850/mdb-20260925.htm |
| 2026-09-28 | 8-K | Change of directors or officers and Investor disclosure |  | mdb-20260924 | https://www.sec.gov/Archives/edgar/data/1441816/000162828026063657/mdb-20260924.htm |
| 2026-09-01 | 10-Q | Quarterly report for the period ended Jul 31, 2026 | 2026-07-31 | mdb-20260731 | https://www.sec.gov/Archives/edgar/data/1441816/000162828026059830/mdb-20260731.htm |
| 2026-09-01 | 8-K | Earnings release |  | mdb-20260901 | https://www.sec.gov/Archives/edgar/data/1441816/000162828026059794/ |
| 2026-07-06 | 8-K | Change to shareholder rights or bylaws and Shareholder vote results |  | mdb-20260630 | https://www.sec.gov/Archives/edgar/data/1441816/000162828026047228/mdb-20260630.htm |
| 2026-05-29 | 10-Q | Quarterly report for the period ended Apr 30, 2026 | 2026-04-30 | mdb-20260430 | https://www.sec.gov/Archives/edgar/data/1441816/000162828026039150/mdb-20260430.htm |
| 2026-05-28 | 8-K | Earnings release |  | mdb-20260528 | https://www.sec.gov/Archives/edgar/data/1441816/000162828026038798/ |
| 2026-03-11 | 10-K | Annual report for the period ended Jan 31, 2026 | 2026-01-31 | mdb-20260131 | https://www.sec.gov/Archives/edgar/data/1441816/000162828026016799/mdb-20260131.htm |
| 2026-03-02 | 8-K | Earnings release and Change of directors or officers |  | mdb-20260302 | https://www.sec.gov/Archives/edgar/data/1441816/000162828026013199/ |

Every filing on SEC EDGAR (CIK 1441816): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001441816&type=&dateb=&owner=include&count=40

## Risks

- High: Leadership is in transition. The chief executive left in September 2026, and the interim chief executive will serve until a successor takes over. A long search or a loss of managers can slow sales.
- High: Stock-based compensation is a large cost. It was $148.9 million in Q2 fiscal 2027, while non-GAAP results leave it out. GAAP income from operations was $28.4 million against $185.9 million non-GAAP.
- Medium: Atlas depends on usage. Atlas customers pay for what they use, so revenue can slow when customers cut workloads.
- Medium: Lawsuits are open. A putative class action and several shareholder derivative suits name MongoDB and former officers. They concern statements to investors, and the securities case waits for a court decision on a motion.
- Low: Competition is strong. MongoDB lists intense competition in the database software market among its risks, and AI applications may choose other data stores.

## Links

- Page: https://picks.utilarium.app/company/MDB/
- History of changes: https://picks.utilarium.app/company/MDB/history/
- JSON with full history: https://picks.utilarium.app/data/company/MDB.json

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