Atlassian Corporation (TEAM)
NEUTRALファンダメンタル
53
株価
$165.76
時価総額
$43.37B
パート1 · 企業の価値
概要
Atlassian builds software that helps teams plan, track and ship work: Jira for tracking tasks and bugs, Confluence for shared documentation, Loom for screen recordings, plus Bitbucket, Trello and Jira Service Management. Almost none of it is sold through a traditional sales force — most customers find the products, start using them for free or cheap, and expand seats and add-ons as adoption spreads inside the company, from small teams up to the largest enterprises.
収益の仕組み
Revenue is almost entirely subscription: customers pay monthly or annual fees per user, whether hosted on Atlassian's cloud or run on the customer's own servers under a Data Center license. In fiscal 2025, subscription revenue made up about 94.5% of the total, with the remainder coming from training, the Marketplace of third-party add-ons, and a small tail of discontinued perpetual licenses. Because the software is self-serve, Atlassian spends comparatively little on sales relative to peers, which shows up as high operating margins once revenue scales.
競争優位性（moat）
スイッチングコスト · 狭いOnce a company has years of tickets, workflows and documentation inside Jira and Confluence, moving to a rival tool means migrating data and retraining habits few teams want to repeat. That keeps renewal rates high, but the moat is not impregnable: Microsoft, Monday.com and Asana all offer credible substitutes, and large enterprises can and do switch when a migration is worth the disruption.
需要を左右する要因
中程度の景気循環性Demand grows with the number of people doing knowledge work and the number of software teams shipping product, a slow-moving trend rather than a boom-bust one. Spending can still soften in a downturn as companies freeze headcount and trim software budgets, but subscription pricing and the sheer number of small customers make revenue steadier than a business selling big-ticket enterprise contracts.
主なリスク
- Competition from larger platforms — Microsoft bundles project and collaboration tools into Office 365 subscriptions many customers already pay for, and well-funded rivals like Monday.com and Asana compete directly for the same teams, pressuring both growth and price.
- Cloud migration execution — Atlassian has spent years moving customers off self-hosted Server and Data Center products onto its cloud, and any stumble in that transition — outages, feature gaps, pricing pushback — risks losing customers instead of upgrading them.
- Dependence on third-party cloud infrastructure — Atlassian Cloud runs on infrastructure it does not own; an extended outage at its cloud provider would take down Jira and Confluence for customers who now depend on Atlassian being always available.
- Security and data breaches — Atlassian holds the internal work, code links and documents of hundreds of thousands of companies; a serious breach would damage trust in a product whose main pitch is safely storing that information.
強気材料
Buyers argue that switching costs inside Jira and Confluence keep renewal rates high, that the self-serve model lets Atlassian grow without a costly sales force, and that migrating its base to the cloud raises revenue per customer over time.
弱気材料
Sellers worry that Microsoft's bundling and cheaper point solutions erode Atlassian's pricing power, that growth naturally slows as its cloud migration nears completion, and that a downturn in software spending would hit a customer base skewed toward smaller companies.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$6.57B
直近12か月（2026/6/30まで）
純利益
$-54M
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$1.32B
自己資本合計
$1.06B
負債合計
$5.05B
流動比率
0.78
利払い倍率
0.21
負債/EBITDA
8.16
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$188.77
現在株価
$165.76
安全マージン
+12.2%
適正価値レンジ
$179.33 - $198.20
推定方法
バリュエーション指標
P/E レシオ
-
ROE
-5.1%
P/B レシオ
-
P/FCF
-
粗利益率
84.8%
ROIC
0.3%
収益性レーダー
Value Creation (Economic Moat)
ROIC
0.3%
WACC
10.9%
ROIC − WACC
-10.5 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
ファンダメンタル分析基準
合格（12）
- EPS shows upward trend
- Price CAGR 21.72%
- Gross Margin 84.8%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Revenue Growth 5Y 25.8%
- Analyst Consensus 82% Buy
- Earnings Surprise avg 19.5%
- Share Dilution -2.1%
- Net Margin Trend -0.8% vs -4.9%
- Piotroski F-Score 6/9
不合格（9）
- ROIC 0.3%
- Debt/Equity ratio
- Operating Margin 0.2%
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- DCF valuation (Unknown)
- ROE -4.4%
データなし（6）
- P/FCF NaN
- P/B Ratio NaN
- Dividend Payout NaN%
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
低品質：会計処理を調査してください
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Michael Cannon-Brookes | Co-Founder, CEO & Director | 46 |
| Mr. Scott Farquhar | Co-Founder, Advisor & Director | 45 |
| Mr. Brian Duffy | Chief Revenue Officer | 45 |
| Mr. James Chuong | CFO & Principal Financial Officer | 45 |
| Mr. Gene Liu | Principal Accounting Officer & Controller | - |
| Mr. Martin Lam | Head of Investor Relations | - |
| Mr. Stan Shepard | General Counsel | - |
| Ms. Avani Prabhakar | Chief People & AI Enablement Officer | - |
| Ms. Amy Glancey | Chief of Staff | - |
| Ms. Tamar O. Yehoshua | Chief Product & AI Officer | 60 |
監査リスク
1
取締役会リスク
6
報酬リスク
8
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for TEAM, sourced from Markets Gazette.
- 3/19/2026NEGATIVEWhy Is Atlassian Stock Seesawing Thursday?
Atlassian Corp. (NASDAQ: TEAM) experienced significant volatility on Thursday following a substantial 10% workforce reduction. This move, aimed at streamlining operations and improving efficiency, has led to a reassessment of the company's outlook by analysts, reflected in updated price targets. While cost-cutting measures can sometimes signal a path to improved profitability, the scale of the layoffs and the subsequent stock price fluctuations suggest investor uncertainty regarding the company's near-term performance and strategic direction. The market is likely weighing the potential benefits of reduced operational costs against the immediate impact on employee morale and execution capabilities.
- 3/16/2026NEGATIVEBlock, Atlassian, Meta Have Cut 20,000+ Jobs—What Do Prediction Markets Say About Unemployment?
Atlassian, alongside other tech giants like Salesforce and Meta, has announced significant job cuts, impacting over 20,000 roles collectively. This trend, driven partly by strategic investments in Artificial Intelligence, is raising concerns about future employment. Prediction markets are now signaling a potential spike in unemployment rates, suggesting that the rapid advancement and adoption of AI technologies may lead to a substantial shift in the labor market. Investors should monitor these developments closely as they could indicate broader economic headwinds and impact consumer spending.
- 3/12/2026NEGATIVEAtlassian Cuts 10% Of Global Workforce Amid AI Shift, Cites Change In 'Number Of Roles Required'
Atlassian PLC has announced a significant workforce reduction, cutting approximately 10% of its global employees. The company cited the evolving impact of artificial intelligence on the number of roles required within the organization as the primary driver for these layoffs. This move signals a strategic pivot in response to technological advancements and a potential restructuring of its operational model. For investors, this news may indicate short-term disruption and increased costs associated with severance packages, potentially impacting near-term profitability, while also suggesting a long-term adaptation to AI-driven efficiencies.
- 3/4/2026NEGATIVEWhy Atlassian Stock Fell 36% in February
Atlassian's stock (TEAM) experienced a significant 36% drop in February, continuing a downward trend. This steep decline highlights the struggles the software company is facing in the market. While specific reasons for the fall aren't detailed, such a sharp decrease suggests considerable investor concern about future prospects, competitiveness, or operational management. Analysts will be closely watching upcoming financial reports and corporate strategies to determine if this is a temporary setback or a more profound structural issue.
- 2/24/2026POSITIVEWhy Atlassian Stock Just Popped
Atlassian stock has experienced a significant surge, signaling a potential turning point for the software sector. Optimism stems from speculation that the 'Great Software Selloff of 2026' may have finally concluded. This development is crucial for investors, as a sector-wide reversal could lead to a re-evaluation of technology companies, with Atlassian at the forefront. Today's performance suggests improving investor sentiment, potentially paving the way for further gains and bolstering confidence in the future of technology.
via Markets Gazette