Atlassian Corporation (TEAM)
NEUTRAL基本面
53
价格
$167.80
市值
$43.37B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
护城河
转换成本 · 狭窄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.
需求驱动因素
中度周期性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.
主要风险
- 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.
看多理由
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.
看空理由
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.
资产负债表与流动性
营收
$6.57B
最近12个月（截至2026/6/30）
净利润
$-54M
最近12个月（截至2026/6/30）
自由现金流
$1.32B
股东权益合计
$1.06B
负债合计
$5.05B
流动比率
0.78
利息覆盖率
0.21
债务/EBITDA
8.16
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$188.77
当前价格
$167.80
安全边际
+11.1%
公允价值区间
$179.33 - $198.20
估算方法
估值指标
市盈率（P/E）
-
ROE
-5.1%
市净率（P/B）
-
P/FCF
-
毛利率
84.8%
ROIC
0.3%
盈利能力雷达图
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.
基本面分析标准
通过（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
未通过（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%
不可用（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-评分
信号混杂：部分领域需关注
盈利质量
低质量：需深入审查会计处理
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 |
审计风险
1
董事会风险
6
薪酬风险
8
股东权利风险
10
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
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