Atlassian - justified revenue multiple (TTM Mar-2026, SBC 25% of revenue, owner earnings negative)

Atlassian Corporation (TEAM)
By@anthropopithecus
Assumptions as of 2026-07-21
USD
Updated Jul 21, 2026
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Atlassian - justified revenue multiple (TTM Mar-2026, SBC 25% of revenue, owner earnings negative)

as of 2026-07-21

Fair value per share
$93.69
Upside to market
2.5%
Justified multiple of revenue
3.95
Market multiple of revenue
3.86
15.0%
10.0%
20.0%
1,204.70$M
84.0%
22.0%
147.26$M
$91.45
6,190.18$M
1,562.59$M
262.61M
18.00
45.00

Justified revenue multiple bridge ($M)

TTM2026Q3
Revenue (TTM)6,190
Assumed mature FCF margin (post-SBC)22.0%
= Normalized FCF (assumption, not observed)1,362
Justified multiple of normalized FCF18.0
= Justified multiple of revenue3.95
= Enterprise value24,457
plus net cash147
= Equity value24,604
memo - market pays (x revenue)3.86
memo - actual owner earnings today-358
memo - SBC as pct of revenue25.2%

Sources

  1. — sec.gov
  2. — sec.gov

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