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Atlassian Corporation

TEAM
29
Software - Application · Technology
Price
$207.82
-9.30 (-4.28%)
Market Cap
$52.61B
Exchange
NASDAQ
Winston Score
29
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
12/30
Growth
Mixed
7/20
Cash Flow
Mixed
3/10
Stability
Weak
2/10
Valuation
Data not available
0/10
Ownership
Mixed
4/15
Dividends
Not counted
n/a

28 of 95 counted points = Winston Score 29. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+2.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 253.3M (2022) → 260.2M (2026)

§Winston Score History

The full picture

Atlassian makes software tools that help teams of people work together and manage projects. Its most well-known products are Jira, which helps software developers track bugs and tasks, and Confluence, a digital workspace where teams write and share documents. The company also owns Trello, a simple task-management app, and sells tools for IT support teams. Its main customers are businesses of all sizes, from small startups to large enterprises.

Atlassian makes money by charging monthly or annual subscription fees for access to its cloud-based products. It operates globally, with a large customer base across North America, Europe, and Asia-Pacific, and generates over $4 billion in annual revenue. Its moat comes from how deeply its tools get embedded into daily work habits — once a company builds workflows around Jira or Confluence, switching is painful and costly. The key risk is growing competition from Microsoft and other large software vendors offering similar collaboration tools bundled into existing products.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+374.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-131.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$3.3B/ year

↑ Rising (+22% vs prior year)

49.7% of revenue

3.3x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

1.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Atlassian Corporation grew revenue 375% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
84.8%
Premium pricing power — 84.8% gross margin
Profit after running costs
Operating Margin
0.2%
Thin — 0.2% operating margin
Return on the money invested
ROCE
-8.3%
Weak — -8.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+118.2%
Fast-growing sales (+118.2% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
—
Data not available
Spare cash per sale
FCF Margin
19.0%
Converts sales into free cash efficiently (19.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
1.16
Elevated debt (1.16)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/A
Data not available
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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