Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin-3.1%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin-5.5%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
F
Years to Pay Off Debt-12.6 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$2.0B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital-$989M
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Price-to-Book15.02x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
C
Free Cash Flow$561M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings-$51M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About Atlassian Corporation
Atlassian Corporation provides a collaboration software that enables organizations to connect all teams through a system of work that unlocks productivity at scale worldwide. Its product portfolio includes Jira, a project management platform for planning, tracking, and managing work; Confluence, a connected workspace to create, organize, and share team knowledge, documents, and collaboration content; Loom, an asynchronous video communication tool to record and share videos; Jira Service Management, an intuitive service management solution for IT, HR, and other teams; and Rovo, an AI offering that assists teams with its Search, Chat and Agent capabilities. The company also offers Bitbucket, a git-based source code management platform for professional development teams; Compass, a developer portal that provides a unified view of engineering components; Jira Product Discovery, a tool to capture, prioritize, and roadmap product ideas; Jira Align, an enterprise agility solution that connects business and technology teams to align strategy with execution; Focus, a strategy hub for leadership teams; and Talent, a workforce planning app. In addition, it provides Trello, an AI-powered personal productivity tool; and Guard, an app for detecting and responding to security threats. The company has a strategic collaboration with Mattermost, Inc. for the development of Mattermost Docs, a sovereign, self-hosted successor to Confluence for defense, intelligence, and critical infrastructure organizations. The company was founded in 2002 and is headquartered in Sydney, Australia.
Atlassian Corporation provides a collaboration software that enables organizations to connect all teams through a system of work that unlocks productivity at scale worldwide. Its product portfolio includes Jira, a project management platform for planning, tracking, and managing work; Confluence, a connected workspace to create, organize, and share team knowledge, documents, and collaboration content; Loom, an asynchronous video communication tool to record and share videos; Jira Service Management, an intuitive service management solution for IT, HR, and other teams; and Rovo, an AI offering that assists teams with its Search, Chat and Agent capabilities. The company also offers Bitbucket, a git-based source code management platform for professional development teams; Compass, a developer portal that provides a unified view of engineering components; Jira Product Discovery, a tool to capture, prioritize, and roadmap product ideas; Jira Align, an enterprise agility solution that connects business and technology teams to align strategy with execution; Focus, a strategy hub for leadership teams; and Talent, a workforce planning app. In addition, it provides Trello, an AI-powered personal productivity tool; and Guard, an app for detecting and responding to security threats. The company has a strategic collaboration with Mattermost, Inc. for the development of Mattermost Docs, a sovereign, self-hosted successor to Confluence for defense, intelligence, and critical infrastructure organizations. The company was founded in 2002 and is headquartered in Sydney, Australia.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Net Income From Continuing Operation Net Minority Interest
-98,389
-42,645
Reconciled Depreciation
41,200
35,621
Reconciled Cost Of Revenue
228,126
207,577
EBITDA
-7,453
-7,611
EBIT
-48,653
-43,232
Net Interest Income
-1,587
5,540
Interest Expense
14,141
12,525
Interest Income
12,554
18,065
Normalized Income
-98,389
-42,645
Net Income From Continuing And Discontinued Operation
-98,389
-42,645
Total Expenses
1,843,255
1,634,062
Total Operating Income As Reported
-56,284
-47,747
Diluted Average Shares
260,965
263,828
Basic Average Shares
260,965
263,828
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
-98,389
-42,645
Net Income Common Stockholders
-98,389
-42,645
Net Income
-98,389
-42,645
Net Income Including Noncontrolling Interests
-98,389
-42,645
Net Income Continuous Operations
-98,389
-42,645
Tax Provision
35,595
-13,112
Pretax Income
-62,794
-55,757
Other Income Expense
-4,923
-13,550
Other Non Operating Income Expenses
-4,923
-13,550
Net Non Operating Interest Income Expense
-1,587
5,540
Interest Expense Non Operating
14,141
12,525
Interest Income Non Operating
12,554
18,065
Operating Income
-56,284
-47,747
Operating Expense
1,580,493
1,396,371
Depreciation Amortization Depletion Income Statement
6,564
5,507
3,673
Depreciation And Amortization In Income Statement
6,564
5,507
3,673
Amortization
6,564
5,507
3,673
Amortization Of Intangibles Income Statement
6,564
5,507
3,673
Research And Development
926,954
826,489
Selling General And Administration
646,975
564,375
Selling And Marketing Expense
432,465
370,927
General And Administrative Expense
214,510
193,448
Other Gand A
214,510
193,448
Gross Profit
1,524,209
1,348,624
Cost Of Revenue
262,762
237,691
Total Revenue
1,786,971
1,586,315
Operating Revenue
1,698,885
1,507,656
Balance Sheet
2026
2025
2024
Ordinary Shares Number
255,864
265,506
Share Issued
255,864
265,506
Total Debt
1,243,018
1,215,079
Tangible Book Value
-1,887,822
-1,209,242
Invested Capital
1,868,109
2,579,458
Working Capital
-989,371
-341,221
Net Tangible Assets
-1,887,822
-1,209,242
Capital Lease Obligations
253,937
226,470
Common Stock Equity
879,028
1,590,849
Total Capitalization
1,868,109
2,579,458
Total Equity Gross Minority Interest
879,028
1,590,849
Stockholders Equity
879,028
1,590,849
Gains Losses Not Affecting Retained Earnings
-12,285
-465
Other Equity Adjustments
-12,285
-465
Retained Earnings
-5,895,066
-4,786,730
Additional Paid In Capital
6,786,376
6,378,041
Capital Stock
3
3
Common Stock
3
3
Total Liabilities Net Minority Interest
4,771,895
4,569,532
Total Non Current Liabilities Net Minority Interest
1,448,840
1,452,905
Other Non Current Liabilities
68,979
63,447
Non Current Deferred Liabilities
185,040
225,075
Non Current Deferred Revenue
160,781
201,082
Non Current Deferred Taxes Liabilities
24,259
23,993
Long Term Debt And Capital Lease Obligation
1,194,821
1,164,383
Long Term Capital Lease Obligation
205,740
175,774
Long Term Debt
989,081
988,609
Current Liabilities
3,323,055
3,116,627
Other Current Liabilities
20,921
37,310
Current Deferred Liabilities
2,269,658
2,249,580
Current Deferred Revenue
2,269,658
2,249,580
Current Debt And Capital Lease Obligation
48,197
50,696
Current Capital Lease Obligation
48,197
50,696
Pensionand Other Post Retirement Benefit Plans Current
383,260
320,210
Current Provisions
75,960
Payables And Accrued Expenses
525,059
496,141
Current Accrued Expenses
250,250
216,138
Payables
274,809
280,003
Other Payable
46,505
39,167
Total Tax Payable
20,570
9,182
Accounts Payable
207,734
231,654
Total Assets
5,650,923
6,160,381
Total Non Current Assets
3,317,239
3,384,975
Other Non Current Assets
128,881
125,045
Non Current Deferred Assets
15,312
25,433
Non Current Deferred Taxes Assets
15,312
25,433
Investments And Advances
210,908
209,979
Investmentin Financial Assets
Available For Sale Securities
Goodwill And Other Intangible Assets
2,766,850
2,800,091
Other Intangible Assets
463,457
494,959
Goodwill
2,303,393
2,305,132
Net PPE
195,288
224,427
Accumulated Depreciation
-152,474
-154,528
Gross PPE
347,762
378,955
Leases
124,668
142,219
Other Properties
136,019
145,933
Machinery Furniture Equipment
87,075
90,803
Current Assets
2,333,684
2,775,406
Other Current Assets
289,903
297,437
Receivables
907,439
911,915
Accounts Receivable
907,439
911,915
Cash Cash Equivalents And Short Term Investments
1,136,342
1,566,054
Other Short Term Investments
0
407,932
Cash And Cash Equivalents
1,136,342
1,158,122
Cash Flow
2026
2025
2024
Free Cash Flow
561,264
168,516
Repurchase Of Capital Stock
-990,945
-197,440
Capital Expenditure
-6,211
-9,289
End Cash Position
1,136,819
1,158,697
Beginning Cash Position
1,158,697
2,323,055
Effect Of Exchange Rate Changes
-2,549
-823
Changes In Cash
-19,329
-1,163,535
Financing Cash Flow
-990,945
-197,440
Cash Flow From Continuing Financing Activities
-990,945
-197,440
Net Other Financing Charges
Net Common Stock Issuance
-990,945
-197,440
Common Stock Payments
-990,945
-197,440
Investing Cash Flow
404,141
-1,143,900
Cash Flow From Continuing Investing Activities
404,141
-1,143,900
Net Investment Purchase And Sale
410,352
78,566
Sale Of Investment
412,602
88,062
Purchase Of Investment
-2,250
-9,496
Net Business Purchase And Sale
0
-1,213,177
Purchase Of Business
0
-1,213,177
Net PPE Purchase And Sale
-6,211
-9,289
Purchase Of PPE
-6,211
-9,289
Operating Cash Flow
567,475
177,805
Cash Flow From Continuing Operating Activities
567,391
177,805
Change In Working Capital
144,611
-219,519
Change In Other Working Capital
-19,837
123,178
Change In Payables And Accrued Expense
159,070
68,271
Change In Accrued Expense
182,992
32,956
Change In Payable
-23,922
35,315
Change In Account Payable
-23,922
35,315
Change In Prepaid Assets
1,118
-43,578
Change In Receivables
4,260
-367,390
Changes In Account Receivables
4,260
-367,390
Other Non Cash Items
-76
-88
Stock Based Compensation
408,335
452,624
Asset Impairment Charge
53,643
0
0
Amortization Of Securities
0
-1,611
-6,865
Deferred Tax
11,138
-48,628
Deferred Income Tax
11,138
-48,628
Depreciation Amortization Depletion
41,200
35,621
Depreciation And Amortization
41,200
35,621
Amortization Cash Flow
31,300
Amortization Of Intangibles
31,300
Depreciation
9,900
35,621
Operating Gains Losses
7,013
2,051
Gain Loss On Investment Securities
1,691
2,555
Net Foreign Currency Exchange Gain Loss
5,322
-504
Net Income From Continuing Operations
-98,389
-42,645
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $1.4B▲ $1.8B+31.7%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 83.8%▲ 85.3%+1.5pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: -4.1%▼ -3.1%+1.0pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: -5.2%▼ -5.5%-0.3pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$1.8B/qtr (≈$7.1B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
0.70x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$561M
vs Positive
Operating Cash Flow
$567M
Latest quarter · Buffett's cash reality check
ROIC
-1.9%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
15.0x
Net Assets: $879M
Asset Context — Software - Application
Software companies store most of their value in code, IP, recurring revenue, and customer relationships — none of which appear on the balance sheet under GAAP. Book value and Net Assets are poor proxies for intrinsic value here. Focus on ROIC, gross margin trajectory, and free cash flow instead.
Peers & Industry
No auto-detected peers for Software - Application. You can manually compare TEAM against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.95%
Low — management has little skin in the game
Return on Equity (ROE)
-11.2%
Weak — poor returns on equity
Return on Assets (ROA)
-1.7%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$779M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
+2.3% YoY
Debt is roughly stable
Leadership Team
Michael Cannon-Brookes
Co-Founder, CEO & Director
Age 46
Pay: $54,240
Scott Farquhar
Co-Founder, Advisor & Director
Age 45
Pay: $73,527
James Chuong
CFO & Principal Financial Officer
Age 45
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
7.23%
11,544,115
BAILLIE GIFFORD & CO
6.24%
9,963,439
Vanguard Portfolio Management LLC
6.20%
9,894,363
DnB Asset Management AS
5.06%
8,077,726
Vanguard Capital Management LLC
4.76%
7,603,722
Pictet Asset Management Holding SA
3.15%
5,031,413
Two Sigma Investments, LP
2.91%
4,647,650
Morgan Stanley
2.65%
4,233,422
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
1.07
Moderate volatility — moves slightly more than market
Short Interest
12.3% of float
Moderate short interest
Debt-to-Equity
1.41x
Moderate leverage
Current Ratio
0.70x
Weak liquidity — current liabilities exceed current assets
52-Week Price Range
Low: $56.01Current: $82.72High: $222.59
Currently at 16% of 52-week range
Atlassian Corporation (TEAM) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 85.3%. Operating margin: -3.1%. Net margin: -5.5%. Market cap: $21.0B. Sector: Technology. Industry: Software - Application. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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