TEAMAtlassian Corp

Services-Prepackaged Software

Revenue: $6.6B; 26% YoY
Operating margin: 0.2%; 106% YoY
EBITDA: $151M; 497% YoY
Market cap: $49.9B
Employees: 13,301; $494K revenue each
Net debt / EBITDA: -1.7×; −$250M net debt
AI in 10-K: 21.7; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 3 of 7

TSR below peersYes
4 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
24% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
133% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
38% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$494K · 57th pct
Bottom quartile of its SIC industry
Quiet on AINo
21.7 per 10K words · 99th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.7× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$49.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$160M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$2.8B	$3.5B	$4.4B	$5.2B	$6.6B	26%
Operating income	$70M	−$345M	−$117M	−$130M	$10M	108%
Net income	−$520M	−$487M	−$301M	−$257M	−$54M	79%
Operating cash flow	$821M	$868M	$1.4B	$1.5B	$1.4B	7.3%
Capex	$71M	$26M	$33M	$45M	$34M	24%
Stock-based comp	$525M	$948M	$1.1B	$1.4B	$1.6B	18%
Buybacks	$0	$150M	$395M	$779M	$1.8B	131%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $498K · 2
Open-market sells, 12 mo: $161M · 912
Net: −$160M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	42	160
FY2025	—	—	108	199
FY2024	—	—	94	174
FY2023	—	—	90	134