Forensic Analysis · Technology / Software · as of Jun 27, 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
Distress
Financial health
-1.4
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-16.7%
ROE
$20.0B
Market cap
Atlassian Corp earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -1.4, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-30%Return on invested capital.Return on invested capital is -30% and slipping from 16% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.1%/yrShare-count dilution.Diluted share count changed +3% over the last 3 years to FY2025 (+1.1%/yr). The count is GROWING — existing holders are being diluted. That's ~1.1% 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 FY2022 has been diluted ~3%.
26% of revStock-based comp load.Stock-based compensation ran 26% of revenue and 96% of free cash flow in FY2025 — about $5.20 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin-4.9%
Debt / Equity0.73x
Free Cash Flow$1.42B
Latest Revenue$5.22B
Return on Equity-19.1%
Revenue Growth YoY+19.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Atlassian Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about TEAM's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown