DTDynatrace, Inc.
Services-Prepackaged Software
- Revenue
- $2.0B
- 19% YoY
- Operating margin
- 12.2%
- 15% YoY
- EBITDA
- $264M
- 33% YoY
- Market cap
- $16.8B
- Employees
- 5,600
- $360K revenue each
- Net debt / EBITDA
- -3.2×
- −$843M net debt
- AI in 10-K
- 21.2
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo345% of net incomeCash flow under 80% of net income
- Dilutive SBCYes15% of revenueOver 10% of revenue
- Payouts exceed cash flowNo85% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo34% of assetsOver 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$360K · 34th pctBottom quartile of its SIC industry
- Quiet on AINo21.2 per 10K words · 99th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 3.2× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedNo$16.8B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes6 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$5M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $929M | $1.2B | $1.4B | $1.7B | $2.0B | 19% |
| Operating income | $81M | $93M | $128M | $179M | $245M | 37% |
| Net income | $52M | $108M | $155M | $484M | $163M | 66% |
| Operating cash flow | $251M | $355M | $378M | $459M | $562M | 22% |
| Capex | $18M | $22M | $26M | $26M | $32M | 23% |
| Stock-based comp | $100M | $147M | $209M | $272M | $300M | 10% |
| Buybacks | — | $0 | $0 | $173M | $479M | 177% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 25, 2026 | PICTET ASSET MANAGEMENT SA | SCHEDULE 13D/A | 4.9% | Active |
| Sep 16, 2026 | PICTET ASSET MANAGEMENT SA | SCHEDULE 13D | 5.0% | Active |
| Sep 9, 2026 | PICTET ASSET MANAGEMENT SA | SCHEDULE 13D/A | 4.9% | Active |
| Sep 2, 2026 | PICTET ASSET MANAGEMENT SA | SCHEDULE 13D | 5.0% | Active |
| May 15, 2026 | PICTET ASSET MANAGEMENT SA | SCHEDULE 13D/A | 4.5% | Active |
| Jan 16, 2026 | PICTET ASSET MANAGEMENT SA | SCHEDULE 13D | 5.1% | Active |
Insider trading
- Open-market buys, 12 mo
- $107K · 1
- Open-market sells, 12 mo
- $5M · 17
- Net
- −$5M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | — | — | 77 | 91 |
| FY2025 | — | — | 98 | 102 |
| FY2024 | — | — | 96 | 99 |
| FY2023 | — | — | 88 | 78 |
| FY2022 | — | — | 98 | 94 |