Forensic Analysis · Technology / Software · as of Aug 11, 2026

Dynatrace, Inc. (DT)

A forensic read on Dynatrace, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Safe

Financial health

10.0

Distress distance

Clean

Earnings quality

Forensic signals

87.2

P / E (ttm)

6.2%

ROE

$14.6B

Market cap

18.8%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Dynatrace, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 10.0, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+1.4%/yr

FY2023–FY2026

Share-count dilution. Diluted share count changed +4% over the last 3 years to FY2026 (+1.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~4%.

9.1%

FY2026

Return on invested capital. Return on invested capital is 9.1% in the latest fiscal year and rising from 7% — around its ~10% cost of capital, so growth is roughly value-neutral.

90% of FCF

FY2026

Shareholder returns. Returned $479M to shareholders (buybacks + dividends) in FY2026 — 90% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. That ratio has been CLIMBING toward the limit — 0% of free cash flow a few years back — not just sitting there. Counting the $300M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 147%.

Key fundamentals

Latest Revenue$2.02B

Revenue Growth YoY+18.8%

Revenue CAGR (3yr)+20.3%

Net Margin8.1%

Free Cash Flow$529.7M

Return on Equity6.2%

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.