Forensic Analysis · Software & SaaS · as of Nov 9, 2026
MongoDB, Inc. (MDB)
A forensic read on MongoDB, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
6.2
Distress distance
Clean
Earnings quality
3
Forensic signals
-2.5%
ROE
22.8%
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 (auditor quality, say on pay, board independence, going concern). 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.
MongoDB, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 6.2, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-4.9%
FY2026
Return on invested capital.Return on invested capital is -4.9% in the latest fiscal year and rising across FY2024–FY2026 from -12.3%. After-tax operating profit was ($185M) in FY2024 and ($108M) in FY2026, with operating income at -13.9% of revenue in FY2024, -10.8% in FY2025 and -5.6% in FY2026. The capital base behind it grew +46% across FY2024–FY2026, from $1.5B to $2.2B, and the return did not fall doing it, so the dollars added over that window earned at least the -12.3% the older base was already earning. $1.6B of the $2.2B base at FY2026 is short-term investments (71.9%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows.
+6.8%/yr
FY2024–FY2026
Share-count dilution.Diluted share count changed +14% over the last 2 years to FY2026 (+6.8%/yr). The count is growing — 71.2M shares in FY2024, 81.2M in FY2026: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~6.8% 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 FY2024 has been diluted ~12%.
22% of rev
FY2026
Stock-based comp load.Stock-based compensation ran 22% of revenue and 110% of free cash flow in FY2026 — about $6.78 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 6.8% a year across FY2024–FY2026 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$2.46B
Revenue Growth YoY+22.8%
Revenue CAGR (2yr)+21.0%
Net Margin-2.9%
Free Cash Flow$500.2M
Return on Equity-2.5%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from MongoDB, Inc.'s actual 10-K/10-Q/8-K filings?