Detailed financial statements for Dynatrace, Inc. (DT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Dynatrace, Inc. specializes in providing a sophisticated software intelligence platform tailored for complex, evolving multi-cloud setups. The Dynatrace platform, central to their offerings, delivers a wide array of functionalities including monitoring for applications and microservices, real-time application security, comprehensive infrastructure oversight, tracking of digital user experiences, insightful business analytics, and tools for cloud automation.
Analysis Summary
Dynatrace, Inc. reported revenue of $2.02B in the most recent fiscal year, growing at a 5-year CAGR of 23.5%. Net income reached $162.7M, with a 16.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 81.4%, operating margin 13.0%, net margin 7.2%. Free cash flow grew at 20.6% CAGR over 5 years.
At $57.70 (closing price, October 30, 2026), DT trades at a P/E of 115.79 and an ROE of 5.72%. Market capitalisation stands at $16.7B, placing it among large-cap names.
Balance sheet quality for DT: debt-to-equity ratio of 0.06, current ratio of 1.21 over the last 12 months, net cash position of $1.01B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $527.2M represents 324% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $406.4M | $398.0M | $431.0M | $545.8M | $703.5M | $929.4M | $1.16B | $1.43B | $1.70B | $2.02B |
| Cost of Revenue | $102.2M | $96.5M | $106.8M | $128.9M | $127.7M | $172.9M | $222.9M | $266.5M | $320.2M | $372.3M |
| Gross Profit | $304.2M | $301.5M | $324.2M | $416.9M | $575.8M | $756.6M | $935.6M | $1.16B | $1.38B | $1.65B |
| Research & Development | $52.9M | $58.3M | $76.8M | $119.3M | $111.4M | $156.3M | $218.3M | $304.7M | $384.6M | $474.3M |
| Selling, General & Admin | $179.2M | $209.5M | $270.7M | $428.2M | $337.7M | $488.7M | $598.0M | $708.6M | $800.9M | $907.9M |
| Operating Expenses | $291.7M | $323.3M | $396.9M | $588.8M | $483.9M | $675.3M | $842.8M | $1.04B | $1.20B | $1.38B |
| Operating Income | $12.5M | -$21.8M | -$72.7M | -$171.9M | $91.9M | $81.3M | $92.8M | $128.4M | $179.4M | $263.9M |
| EBITDA | $94.0M | $65.7M | $10.0M | -$106.8M | $153.0M | $138.7M | $148.0M | $209.9M | $271.5M | $323.8M |
| Interest Expense | $25.5M | $35.2M | $69.8M | $45.4M | $14.2M | $10.2M | $3.4M | 0 | 0 | 0 |
| Pre-tax Income | -$16.4M | -$51.8M | -$139.9M | -$218.5M | $77.9M | $71.7M | $90.0M | $154.9M | $223.4M | $299.8M |
| Income Tax | -$17.2M | -$61.0M | -$23.7M | $195.3M | $2.1M | $19.2M | -$18.0M | $283,000 | -$260.3M | $137.1M |
| Net Income | $796,000 | $9.2M | -$116.2M | -$413.8M | $75.7M | $52.5M | $108.0M | $154.6M | $483.7M | $162.7M |
| EPS | $0.00 | $0.03 | -$0.42 | -$1.58 | $0.27 | $0.18 | $0.38 | $0.53 | $1.62 | $0.54 |
| EPS (Diluted) | $0.00 | $0.03 | -$0.42 | -$1.58 | $0.26 | $0.18 | $0.37 | $0.52 | $1.59 | $0.54 |
| Shares Outstanding (Diluted) | 280.4 M | 275.5 M | 275.5 M | 264.9 M | 286.5 M | 290.9 M | 291.6 M | 299.3 M | 303.6 M | 298.9 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $493.8M | $515.5M | $531.7M | $554.5M |
| Gross Profit | $404.1M | $419.6M | $430.3M | $451.1M |
| Operating Income | $73.0M | $72.7M | $55.9M | $71.5M |
| EBITDA | $92.8M | $90.2M | $53.0M | $69.8M |
| Net Income | $57.2M | $40.1M | $17.4M | $36.7M |
| EPS | $0.19 | $0.13 | $0.06 | $0.13 |
| EPS (Diluted) | $0.19 | $0.13 | $0.06 | $0.12 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $57.9M | $77.6M | $51.3M | $213.2M | $325.0M | $463.0M | $555.3M | $779.0M | $1.02B | $1.10B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $57.9M | $96.2M | $74.9M |
| Receivables | $114.6M | $136.5M | $115.4M | $157.1M | $242.1M | $350.7M | $442.5M | $613.6M | $636.0M | $738.3M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $202.3M | $244.4M | $213.2M | $487.8M | $680.3M | $948.4M | $1.12B | $1.61B | $1.93B | $2.12B |
| Property, Plant & Equipment | $15.5M | $18.5M | $17.9M | $31.5M | $79.9M | $104.1M | $121.7M | $114.7M | $129.0M | $212.3M |
| Goodwill | $1.25B | $1.27B | $1.27B | $1.27B | $1.27B | $1.28B | $1.28B | $1.34B | $1.34B | $1.35B |
| Intangible Assets | $398.2M | $330.1M | $259.1M | $201.6M | $149.5M | $105.7M | $63.6M | $51.0M | $25.5M | $22.9M |
| Total Assets | $1.89B | $1.90B | $1.81B | $2.05B | $2.26B | $2.54B | $2.77B | $3.41B | $4.14B | $4.42B |
| Accounts Payable | $3.8M | $3.2M | $6.6M | $11.1M | $9.6M | $22.7M | $22.0M | $21.4M | $27.3M | $2.7M |
| Short-term Debt | 0 | $1.75B | $606.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.99B | $2.00B | $950.9M | $490.2M | $647.9M | $865.6M | $1.04B | $1.26B | $1.38B | $1.57B |
| Long-term Debt | 0 | 0 | $1.01B | $510.0M | $391.9M | $273.9M | 0 | 0 | 0 | 0 |
| Total Liabilities | $1.99B | $2.17B | $2.20B | $1.08B | $1.14B | $1.24B | $1.16B | $1.39B | $1.52B | $1.80B |
| Retained Earnings | -$69.0M | -$59.8M | -$176.0M | -$589.8M | -$513.8M | -$461.3M | -$353.4M | -$198.8M | $284.9M | $447.6M |
| Total Equity | -$264.5M | -$268.7M | -$390.3M | $965.7M | $1.11B | $1.30B | $1.60B | $2.02B | $2.62B | $2.61B |
| Total Debt | 0 | $1.75B | $1.62B | $510.0M | $439.6M | $338.8M | $75.2M | $69.5M | $75.4M | $164.3M |
| Net Debt | -$57.9M | $1.67B | $1.57B | $296.8M | $114.6M | -$124.2M | -$480.2M | -$767.3M | -$1.04B | -$1.01B |
| Working Capital | -$1.78B | -$1.76B | -$737.7M | -$2.4M | $32.4M | $82.8M | $81.1M | $346.7M | $550.2M | $554.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.23B | $1.09B | $1.10B | $1.06B |
| Total Assets | $4.08B | $4.10B | $4.42B | $4.11B |
| Total Liabilities | $1.30B | $1.35B | $1.80B | $1.66B |
| Total Equity | $2.78B | $2.75B | $2.61B | $2.45B |
| Total Debt | $86.8M | $154.1M | $164.3M | $159.3M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $796,000 | $9.2M | -$116.2M | -$413.8M | $75.7M | $52.5M | $108.0M | $154.6M | $483.7M | $162.7M |
| Depreciation & Amortization | $84.9M | $82.2M | $80.1M | $66.3M | $61.0M | $56.9M | $54.6M | $54.9M | $48.1M | $24.1M |
| Stock-based Compensation | $349,000 | $22.3M | $71.2M | $222.5M | $57.8M | $99.5M | $146.9M | $208.9M | $271.7M | 0 |
| Change in Working Capital | $35.1M | $77.9M | $147.4M | $22.7M | $31.2M | $53.0M | $92.1M | $8.3M | $46.8M | $36.3M |
| Operating Cash Flow | $94.6M | $118.8M | $147.1M | -$142.5M | $220.4M | $250.9M | $354.9M | $378.1M | $459.4M | $559.4M |
| Capital Expenditure | -$13.9M | -$15.2M | -$9.2M | -$19.7M | -$14.1M | -$17.7M | -$21.5M | -$26.5M | -$26.1M | -$32.2M |
| Acquisitions | 0 | -$11.3M | 0 | 0 | 0 | -$13.2M | 0 | -$57.1M | -$100,000 | -$6.0M |
| Stock Repurchased | -$287,000 | -$885,000 | -$649,000 | -$156,000 | -$49,000 | -$66,000 | -$15,000 | 0 | -$172.6M | -$478.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $80.7M | $103.6M | $137.9M | -$162.2M | $206.4M | $233.2M | $333.3M | $351.6M | $433.3M | $527.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $32.0M | $33.8M | $223.9M | $306.2M |
| Capital Expenditure | -$4.2M | -$6.5M | -$14.0M | -$3.2M |
| Free Cash Flow | $27.8M | $27.2M | $210.0M | $303.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $76.8M | $77.9M | 0 | $73.6M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -2.0% | +8.3% | +26.6% | +28.9% | +32.1% | +24.6% | +23.5% | +18.7% | +18.8% | |
| Net Income Growth (YoY) | +1,058.5% | -1,360.0% | -256.1% | +118.3% | -30.7% | +105.8% | +43.2% | +212.8% | -66.4% | |
| EPS Growth (YoY) | +1,055.2% | -1,353.7% | -276.2% | +117.1% | -33.3% | +111.1% | +39.5% | +205.7% | -66.7% | |
| Shares Change (YoY) | -1.7% | +0.0% | -3.8% | +8.1% | +1.5% | +0.2% | +2.6% | +1.4% | -1.5% | |
| FCF Growth (YoY) | +28.4% | +33.1% | -217.6% | +227.2% | +13.0% | +42.9% | +5.5% | +23.2% | +21.7% | |
| Gross Margin | 74.9% | 75.7% | 75.2% | 76.4% | 81.8% | 81.4% | 80.8% | 81.4% | 81.2% | 81.6% |
| Operating Margin | 3.1% | -5.5% | -16.9% | -31.5% | 13.1% | 8.7% | 8.0% | 9.0% | 10.6% | 13.1% |
| EBITDA Margin | 23.1% | 16.5% | 2.3% | -19.6% | 21.8% | 14.9% | 12.8% | 14.7% | 16.0% | 16.0% |
| Net Margin | 0.2% | 2.3% | -27.0% | -75.8% | 10.8% | 5.6% | 9.3% | 10.8% | 28.5% | 8.1% |
| FCF Margin | 19.9% | 26.0% | 32.0% | -29.7% | 29.3% | 25.1% | 28.8% | 24.6% | 25.5% | 26.1% |
| Effective Tax Rate | 104.9% | 117.8% | 17.0% | -89.4% | 2.7% | 26.8% | -20.0% | 0.2% | -116.5% | 45.7% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.29 | $0.38 | $0.50 | -$0.61 | $0.72 | $0.80 | $1.14 | $1.17 | $1.43 | $1.76 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 280.4 M | 275.5 M | 275.5 M | 264.9 M | 280.5 M | 284.2 M | 287.7 M | 294.1 M | 298.4 M | 297.5 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 5.72% |
| Return on Invested Capital | 5.11% |
| Return on Assets | 3.68% |
| Gross Margin | 81.37% |
| Operating Margin | 13.03% |
| Net Margin | 7.22% |
Financial Health
| Debt / Equity | 0.06 |
| Current Ratio | 1.21 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 4.61 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 8,224.14 | 711.94 | -56.79 | -15.09 | 178.67 | 261.67 | 111.32 | 86.30 | 29.10 | 68.48 |
| P/B | -25.28 | -24.46 | -16.84 | 6.54 | 12.15 | 10.26 | 7.58 | 6.67 | 5.37 | 4.21 |
| P/S | 16.46 | 16.51 | 15.25 | 11.57 | 19.23 | 14.40 | 10.50 | 9.40 | 8.28 | 5.45 |
| Gross Margin | 74.9% | 75.7% | 75.2% | 76.4% | 81.8% | 81.4% | 80.8% | 81.4% | 81.2% | 81.6% |
| Operating Margin | 3.1% | -5.5% | -16.9% | -31.5% | 13.1% | 8.7% | 8.0% | 9.0% | 10.6% | 13.1% |
| Net Margin | 0.2% | 2.3% | -27.0% | -75.8% | 10.8% | 5.6% | 9.3% | 10.8% | 28.5% | 8.1% |
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Explore sector: Technology · Software - Application
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