Forensic Analysis · Technology / Software · as of Sep 25, 2026
Atlassian Corp (TEAM)
A forensic read on Atlassian Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
6.2
Distress distance
Clean
Earnings quality
5
Forensic signals
-914.4
P / E (ttm)
-5.1%
ROE
$49.4B
Market cap
0.00%
Dividend yield
26.0%
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, going concern, valuation). 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.
Atlassian Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 6.2, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
0.5%
FY2026
Return on invested capital.Return on invested capital is 0.5% in the latest fiscal year, against -21.8% in FY2024, having run between -29.6% and 0.5% across FY2024–FY2026 with no direction held. After-tax operating profit was ($92M) in FY2024 and $7M in FY2026, with operating income at -2.7% of revenue in FY2024, -2.5% in FY2025 and 0.2% in FY2026. The capital base behind it cannot be compared across FY2024–FY2026: short-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged. FY2026's operating profit carried a $285M restructuring charge and a $80M asset write-down that alone took about 18.4 points off that year's return, so the latest return is depressed by that charge.
136% of FCF
FY2026
Shareholder returns.Returned $1.8B to shareholders (buybacks + dividends) in FY2026 — 136% of free cash flow. That is $481M (36%) more than free cash flow covered, and more than operating cash flow as well. The balance sheet covered it: cash and short-term investments fell $1.7B and total debt rose $2M over FY2026. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $1.6B of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 258%.
n/m (sign flip)
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2025→FY2026 (FY2025 $-179.5M to FY2026 $+808.5M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
Key fundamentals
Latest Revenue$6.57B
Revenue Growth YoY+26.0%
Revenue CAGR (2yr)+22.8%
Net Margin-0.8%
Free Cash Flow$1.32B
Return on Equity-5.1%
Debt / Equity0.93x
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 Atlassian Corp's actual 10-K/10-Q/8-K filings?
Receivables vs revenue.Days sales outstanding moved from 54 to 71 days FY2025→FY2026 (receivables +63% vs revenue +26%). Receivables are creeping up relative to sales. Across FY2024–FY2026 the day count ran 53 → 54 → 71 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (+7%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 3 consecutive quarters (Dec 2025 +3, Mar 2026 +3, Jun 2026 +14 days). In the latest of them the receivable balance grew +63% against sales +28%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2025's opening balance is on file, but across the 3 fiscal years read here (FY2024–FY2026) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
+0.2%/yr
FY2024–FY2026
Share count.Diluted share count changed 0% over the last 2 years to FY2026 (+0.2%/yr). Roughly flat — buybacks ($1.8B) are about offsetting stock comp ($1.6B), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.