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Friday 6 November 2026
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Dynatrace, Inc.
DT Technology Software Application
Dynatrace, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $2.0 billion, up 18.8% from fiscal 2025.
- Revenue
- +17.4%
- EPS
- +23.8%
- Free cash flow
- +29.4%
Quarter to September 2026, against a year earlier
44.02
2.76
−5.90%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to March
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Sep ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 406 | 398 | 431 | 546 | 704 | 929 | 1,159 | 1,431 | 1,699 | 2,018 | 2,182 | +19.5% | 2,335 | 2,723 | 3,288 | +17.7% | |
| Gross margin, % | 62.07 | 75.75 | 75.22 | 76.38 | 81.85 | 81.40 | 80.76 | 81.37 | 81.15 | 81.56 | 81.05 | +19.5 pt | ||||||
| EBT | (16) | (52) | (140) | (219) | 78 | 72 | 90 | 155 | 223 | 300 | 319 | n/m | ||||||
| EBT margin, % | (4.03) | (13.01) | (32.46) | (40.04) | 11.07 | 7.71 | 7.77 | 10.83 | 13.15 | 14.85 | 14.62 | +18.9 pt | ||||||
| Net income | 1 | 9 | (116) | (414) | 76 | 52 | 108 | 155 | 484 | 163 | 162 | +80.6% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 1.45 | 1.72 | 1.83 | 2.06 | 2.51 | 3.27 | 4.03 | 4.86 | 5.69 | 6.73 | 7.57 | +18.6% | |||||
| Earnings | 0.00 | 0.04 | (0.49) | (1.58) | 0.27 | 0.18 | 0.38 | 0.53 | 1.62 | 0.54 | 0.56 | n/m | ||||||
| Cash flow | 0.34 | 0.51 | 0.62 | (0.54) | 0.79 | 0.88 | 1.23 | 1.29 | 1.54 | 1.87 | 2.11 | +21.0% | ||||||
| Capex | 0.00 | (0.07) | (0.04) | (0.08) | (0.05) | (0.06) | (0.07) | (0.11) | (0.10) | (0.11) | (0.10) | n/m | ||||||
| Free cash flow | 0.34 | 0.45 | 0.58 | (0.62) | 0.74 | 0.82 | 1.16 | 1.18 | 1.44 | 1.76 | 2.01 | +20.2% | ||||||
| Book value | 0.00 | 0.00 | (1.65) | 3.65 | 3.97 | 4.59 | 5.58 | 6.85 | 8.78 | 8.70 | 7.89 | n/m | ||||||
| Shares, m | 280 | 232 | 236 | 265 | 280 | 284 | 288 | 294 | 298 | 300 | 295 | +0.8% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 0.00 | 172.29 | 257.24 | 112.08 | 87.96 | 29.10 | 68.48 | 79.27 | 72.7 | |||||
| P/S | 12.45 | 12.45 | 12.45 | 11.57 | 19.23 | 14.40 | 10.50 | 9.40 | 8.28 | 5.50 | 5.81 | 11.6 | ||||||
| P/B | 0.00 | 0.00 | 0.00 | 6.54 | 12.15 | 10.26 | 7.58 | 6.67 | 5.37 | 4.25 | 5.58 | 5.3 | ||||||
| EV/Sales | 14.55 | 14.55 | 14.55 | 12.13 | 19.34 | 14.21 | 10.22 | 8.97 | 7.76 | 5.03 | 5.49 | 12.1 | ||||||
| EV/FCF | 59.47 | 59.47 | 59.47 | (40.39) | 65.81 | 56.51 | 35.47 | 37.01 | 30.58 | 19.15 | 20.66 | 38.3 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 95 | 119 | 147 | (142) | 220 | 251 | 355 | 378 | 459 | 562 | 607 | +21.9% | |||||
| Capex | (14) | (15) | (9) | (21) | (14) | (18) | (22) | (32) | (29) | (32) | (29) | +9.9% | ||||||
| Free cash flow | 95 | 104 | 138 | (163) | 207 | 233 | 333 | 346 | 431 | 529 | 579 | +21.1% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | (1,759) | (738) | (2) | 32 | 83 | 81 | 347 | 550 | 554 | 1,467 | n/m | |||||
| Net debt | — | 1,669 | 970 | 297 | 67 | (189) | (555) | (837) | (1,113) | (1,172) | (721) | n/m | ||||||
| Shareholders’ equity | — | — | (390) | 966 | 1,114 | 1,304 | 1,605 | 2,015 | 2,621 | 2,611 | 2,274 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 0.00 | 0.50 | (12.83) | (21.45) | 3.52 | 2.19 | 4.07 | 5.01 | 12.81 | 3.80 | 3.46 | +3.8 pt | |||||
| ROIC | — | (0.81) | (7.84) | (8.51) | 4.87 | 4.56 | 5.53 | 6.81 | 7.44 | 10.66 | 11.16 | +11.5 pt | ||||||
| ROE | 0.00 | (2.80) | 35.25 | (143.82) | 7.28 | 4.34 | 7.42 | 8.54 | 20.86 | 6.22 | 6.41 | +6.2 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | 1,981 | 2,243 | 2,779 | 3,600 | 4,180 | 4,700 | 5,200 | 5,600 | — | +16.0% | |||||
| Revenue/emp, $m | 0.00 | 0.00 | 0.22 | 0.24 | 0.25 | 0.26 | 0.28 | 0.30 | 0.33 | 0.36 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Mar 2026 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2026
| Reportable Segment | 2,018 | 100.00% |
|---|---|---|
| Gross margin | 81.56% | |
| Operating margin | 12.16% | |
| Pre-tax margin | 14.85% |
Dynatrace, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| FICO Fair Isaac Corporation | $15.3B | 20.4× | 19.2× | +25.68% (above 0%: growing) | +39.65% (above 0%: growing) | +34.07% (above 0%: growing) | 87.09% | 53.79% | Compare |
| MANH Manhattan Associates, Inc. | $14.8B | 71.0× | 68.4× | +11.02% (above 0%: growing) | +8.25% (above 0%: growing) | −22.46% (below 0%: shrinking) | 56.93% | 26.45% | Compare |
| DOCU Docusign Inc. | $14.8B | 47.3× | 45.2× | +9.38% (above 0%: growing) | +32.26% (above 0%: growing) | +35.89% (above 0%: growing) | 79.69% | 13.43% | Compare |
| GRAB Grab Holdings Limited | $14.2B | 25.9× | 19.3× | +27.38% (above 0%: growing) | −56.00% (below 0%: shrinking) | +108.44% (above 0%: growing) | 46.49% | 9.71% | Compare |
| GWRE Guidewire Software, Inc. | $13.8B | 101× | 74.0× | +15.29% (above 0%: growing) | −38.71% (below 0%: shrinking) | +16.42% (above 0%: growing) | 65.60% | 15.16% | Compare |
| BSY Bentley Systems, Incorporated | $13.6B | 43.3× | 39.1× | +12.24% (above 0%: growing) | +61.11% (above 0%: growing) | −8.34% (below 0%: shrinking) | 82.93% | 29.09% | Compare |
| DT Dynatrace, Inc. | $12.5B | 79.3× | 70.5× | +17.43% (above 0%: growing) | +23.84% (above 0%: growing) | +29.38% (above 0%: growing) | 80.56% | 16.49% | |
| PAYC Paycom Software, Inc. | $11.1B | 23.8× | 24.7× | +10.24% (above 0%: growing) | +52.79% (above 0%: growing) | +105.01% (above 0%: growing) | 0.00% | 36.01% | Compare |
| FIG Figma, Inc. | $9.8B | — (loss-making) | — (loss-making) | +42.76% (above 0%: growing) | n/m | −5.62% (below 0%: shrinking) | 80.33% | (30.44%) | Compare |
| Median of peers | $14.0B | 43.3× | 39.1× | +13.77% | +32.26% | +25.25% | 72.65% | 20.81% |
From the latest earnings call
- Rick McConnell said several large enterprise deals shifted into the second half, leaving quarterly net new annual recurring revenue flat year over year.
- Jim Benson said most delayed expansions involved customers considering early commitments, while Rick McConnell outlined plans to charge for AI agent usage.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
104.18%
Held by the ten largest
50.63%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 34.95m | 12.04% | +1.70m |
| Vanguard | 31.40m | 10.81% | −879.89k |
| UBS | 14.52m | 5.00% | −1.34m |
| Pictet Asset Management | 12.76m | 4.40% | −3.05m |
| Wellington Management | 11.53m | 3.97% | +2.19m |
| State Street | 9.34m | 3.22% | +152.26k |
| Starboard Value LP | 8.87m | 3.05% | +8.87m |
| AQR Capital Management | 8.30m | 2.86% | +6.45m |
| First Trust | 7.70m | 2.65% | +893.69k |
| Geode Capital Management | 7.64m | 2.63% | −117.45k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 10 July 2026
Ownership
Directors and executive officers, together
less than 1%
BlackRock, Inc.
10.90%
Vanguard Portfolio Management LLC
5.70%
Vanguard Capital Management LLC
5.40%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Dynatrace, Inc. (DT) Latest News
3 Nov
28 Oct
27 Oct
26 Oct
16 Oct
12 Oct
DT metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Dynatrace sells software that helps organizations understand and manage the performance of their applications, cloud systems and other technology. Its customers include large enterprises with complex IT environments, as well as organizations in sectors such as government, banking, retail and transportation.
The platform combines observability—collecting and analyzing data about how software and infrastructure behave—with application security and AI-driven automation. Teams can use it to investigate why an application is slow, monitor a user’s experience, identify vulnerabilities and automate parts of their response to problems. It also monitors AI applications and the actions of AI agents.