BASE - Couchbase, Inc.
Price:
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--
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CONSENSUS:
Hold
DETAILS
|
PRICE TARGET:
$23.65
DETAILS
HIGH:
$31.00
LOW:
$18.00
MEDIAN:
$23.00
CONSENSUS:
$23.65
DOWNSIDE:
3.51%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| Revenue | 209.5 | 180.0 | 154.8 | 123.5 | 103.3 | 82.5 |
| Cost of Revenue | 25.0 | 22.1 | 20.3 | 14.8 | 11.6 | 7.8 |
| Gross Profit | 184.5 | 158.0 | 134.6 | 108.8 | 91.7 | 74.7 |
| Operating Expenses | ||||||
| R&D Expenses | 70.6 | 64.1 | 57.8 | 51.6 | 39 | 31.7 |
| SG&A Expenses | 192.6 | 173.2 | 144.5 | 113.4 | 85.7 | 73.4 |
| Other Expenses | 0 | 5.2 | 2.0 | (0.3) | 1.1 | 0 |
| Operating Expenses | 263.2 | 242.5 | 202.2 | 165.0 | 124.7 | 105.1 |
| Operating Income | ||||||
| Operating Income | (78.7) | (84.5) | (67.7) | (56.3) | (33.1) | (30.3) |
| Interest Expense | 0.1 | 0.0 | 0.1 | 0.7 | 7.0 | 4.7 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Profitability | ||||||
| EBITDA | (70.5) | (76.4) | (64.2) | (53.7) | (30.0) | (23.1) |
| EBIT | (72.8) | (78.8) | (67.4) | (56.6) | (32.0) | (23.8) |
| Income Before Tax | (72.9) | (78.8) | (67.5) | (57.2) | (38.9) | (28.5) |
| Income Tax Expense | 1.8 | 1.4 | 1.0 | 1.0 | 1.0 | 0.8 |
| Net Income | (74.7) | (80.2) | (68.5) | (58.2) | (40.0) | (29.3) |
| Per Share Data | ||||||
| EPS (Basic) | -1.45 | -1.70 | -1.53 | -1.33 | -1.00 | -0.73 |
| EPS (Diluted) | -1.45 | -1.70 | -1.53 | -1.33 | -1.00 | -0.73 |
| Shares Outstanding | 51.3 | 47.2 | 44.8 | 43.8 | 40.1 | 40.1 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Current Assets | ||||||
| Cash & Cash Equivalents | 30.5 | 41.4 | 40.4 | 95.7 | 37.3 | 18.2 |
| Short-Term Investments | 116.6 | 112.3 | 127.9 | 110.3 | 19.5 | 0 |
| Net Receivables | 49.2 | 44.8 | 39.8 | 36.7 | 35.9 | 29.3 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 18.8 | 21.0 | 17.2 | 15.8 | 10.0 | 7.9 |
| Total Current Assets | 228.4 | 224.3 | 229.5 | 263.0 | 103.5 | 57.0 |
| Non-Current Assets | ||||||
| Property, Plant & Equipment | 11.1 | 10.2 | 14.4 | 4.3 | 6.5 | 6.0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0.7 | 2.6 | 3.4 | 0 | 5.8 | 0 |
| Long-Term Investments | 0 | 0 | 0.5 | 0.5 | 0.5 | 0.5 |
| Other Non-Current Assets | 20.4 | 10.7 | 9.2 | 8.9 | 1.4 | 4.2 |
| Total Non-Current Assets | 32.2 | 23.5 | 23.6 | 13.8 | 13.6 | 10.7 |
| Total Assets | 260.6 | 247.8 | 253.0 | 276.7 | 117.2 | 67.7 |
| Current Liabilities | ||||||
| Account Payables | 2.2 | 4.9 | 1.4 | 1.9 | 2.4 | 1.8 |
| Short-Term Debt | 0 | 0 | 3.1 | 0 | 0 | 0 |
| Deferred Revenue | 94.3 | 81.7 | 71.7 | 69.0 | 57.2 | 54.6 |
| Other Current Liabilities | 4.3 | 18.6 | 11.0 | 2.8 | 3.7 | 3.6 |
| Total Current Liabilities | 127.3 | 112.5 | 95.0 | 90.3 | 72.9 | 69.2 |
| Non-Current Liabilities | ||||||
| Long-Term Debt | 0 | 0 | 0 | 0 | 24.9 | 49.3 |
| Deferred Tax Liabilities | 0 | 0 | (3.3) | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 3.3 | 0.5 | 1.4 | 0.7 |
| Total Non-Current Liabilities | 5.7 | 4.8 | 7.8 | 3.2 | 30.8 | 56.3 |
| Total Liabilities | 133.0 | 117.3 | 102.8 | 93.5 | 103.7 | 125.5 |
| Stockholders' Equity | ||||||
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | (565.3) | (490.7) | (410.5) | (342.0) | (283.8) | (243.8) |
| Accumulated Other Comprehensive Income | 0.1 | 0.1 | (0.8) | (0.2) | 0.0 | 0 |
| Total Stockholders' Equity | 127.6 | 130.4 | 150.3 | 183.2 | 13.5 | (57.7) |
| Total Liabilities & Equity | 260.6 | 247.8 | 253.0 | 276.7 | 117.2 | 67.7 |
| Debt Metrics | ||||||
| Total Debt | 4.3 | 5.3 | 7.7 | 0 | 24.9 | 49.3 |
| Net Debt | (26.2) | (36.1) | (32.8) | (95.7) | (12.3) | 31.1 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Operating Activities | ||||||
| Net Income | (74.7) | (80.2) | (68.5) | (58.2) | (40.0) | (29.3) |
| Depreciation & Amortization | 2.3 | 2.4 | 3.2 | 2.8 | 2.0 | 0.7 |
| Stock-Based Compensation | 61.3 | 45.8 | 25.8 | 10.8 | 4.7 | 3.4 |
| Change in Working Capital | (24.1) | (19.0) | (21.7) | (11.4) | (17.2) | (4.9) |
| Other Non-Cash Items | 19.4 | 24.1 | 20.0 | 14.5 | 11.3 | 8.0 |
| Operating Cash Flow | (15.8) | (26.9) | (41.2) | (41.6) | (39.2) | (21.8) |
| Investing Activities | ||||||
| Capital Expenditure | (3.0) | (4.7) | (5.6) | (0.8) | (2.8) | (4.7) |
| Acquisitions | 0 | 0 | 17.7 | 91.2 | 19.6 | 0 |
| Purchases of Investments | (101.0) | (131.2) | (144.6) | (112.5) | (20.5) | 0 |
| Sales/Maturities of Investments | 99.1 | 151.3 | 126.9 | 21.3 | 0.9 | 0 |
| Other Investing Activities | 0 | 0 | (17.7) | (91.2) | (19.6) | 0 |
| Investing Cash Flow | (4.9) | 15.4 | (23.4) | (92.0) | (22.4) | (4.7) |
| Financing Activities | ||||||
| Net Debt Issuance | 0 | 0 | 0 | (25) | (26) | 34.8 |
| Stock Repurchased | 0 | 0 | 0 | (0.0) | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | 0 | 12.9 | 9.7 | 2.6 | 2.2 | 1.0 |
| Financing Cash Flow | 9.9 | 12.9 | 9.7 | 192.4 | 80.5 | 35.8 |
| Cash Position | ||||||
| Net Change in Cash | (11.4) | 0.9 | (55.2) | 58.4 | 19.1 | 9.2 |
| Cash at Beginning | 41.9 | 41.0 | 96.2 | 37.8 | 18.8 | 9.6 |
| Cash at End | 30.5 | 41.9 | 41.0 | 96.2 | 37.8 | 18.8 |
| Free Cash Flow | (18.8) | (31.6) | (46.8) | (42.4) | (42.0) | (26.5) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 209.5 | 180.0 | 154.8 | 123.5 | 103.3 | 82.5 |
| Gross Profit | 184.5 | 158.0 | 134.6 | 108.8 | 91.7 | 74.7 |
| Operating Income | (78.7) | (84.5) | (67.7) | (56.3) | (33.1) | (30.3) |
| Net Income | (74.7) | (80.2) | (68.5) | (58.2) | (40.0) | (29.3) |
| EPS (Diluted) | -1.45 | -1.70 | -1.53 | -1.33 | -1.00 | -0.73 |
| Balance Sheet | ||||||
| Cash & Equivalents | 30.5 | 41.4 | 40.4 | 95.7 | 37.3 | 18.2 |
| Total Assets | 260.6 | 247.8 | 253.0 | 276.7 | 117.2 | 67.7 |
| Total Debt | 4.3 | 5.3 | 7.7 | 0 | 24.9 | 49.3 |
| Stockholders' Equity | 127.6 | 130.4 | 150.3 | 183.2 | 13.5 | (57.7) |
| Cash Flow | ||||||
| Operating Cash Flow | (15.8) | (26.9) | (41.2) | (41.6) | (39.2) | (21.8) |
| Capital Expenditure | (3.0) | (4.7) | (5.6) | (0.8) | (2.8) | (4.7) |
| Free Cash Flow | (18.8) | (31.6) | (46.8) | (42.4) | (42.0) | (26.5) |