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Datadog, Inc. (DDOG) 财务分析 | 估值·财报 | 100Baggers.club

Datadog, Inc.

DDOG

Datadog, Inc. provides monitoring and analytics platform for developers, information technology operations teams, and business users in the cloud in North America and internationally. The company's SaaS platform integrates and automates infrastructure monitoring, application performance monitoring, log management, and security monitoring to provide real-time observability of its customers technology stack. Its platform also provides user experience monitoring, network performance monitoring, cloud security, developer-focused observability, and incident management, as well as a range of shared features, such as dashboards, analytics, collaboration tools, and alerting capabilities. The company was incorporated in 2010 and is headquartered in New York, New York.

深度研究阅读完整报告

Datadog(DDOG)股票深度分析 — $129的三重赌注

市场视AI、开源、用量计费为其商业模式的三重诅咒，但我们认为这恰是其反脆弱增长飞轮的核心。它将最大的风险敞口，转化为了竞争对手无法复制的长期护城河。

行业研究阅读行业报告

AI 软件平台的四种控制点：DDOG / NOW / CRM / SNOW 横向深度分析

同样叫 AI 软件平台，DDOG、NOW、CRM、SNOW 却卡在四个完全不同的利润层。真正要看的是谁拥有写回权、收费权，以及新增价值最后留在谁的账上。

行业研究阅读行业报告

解读净收入留存与SaaS定价错配

120%净收入留存率（NRR），这个被华尔街奉为圭臬的增长指标，为何常常成为价值陷阱？因为错误的定价模型让「客户成功」无法转化为「股东价值」，这才是多数SaaS公司被长期错杀的核心。

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利润瀑布图分析

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现金流瀑布图

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流入

流出

小计

起止点

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📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

P

盈利能力指标

Gross Profit Margini毛利率

79.21%

毛利润 = $0.80B

营业收入 = $1.01B

Operating Profit Margini营业利润率

0.73%

营业利润 = $0.01B

营业收入 = $1.01B

EBITDA MarginiEBITDA利润率

0.73%

EBITDA = $0.01B

营业收入 = $1.01B

EBIT MarginiEBIT利润率

0.73%

EBIT = $0.06B

营业收入 = $1.01B

Net Profit Margini净利率

5.22%

净利润 = $0.05B

营业收入 = $1.01B

Pretax Profit Margini税前利润率

5.86%

税前利润 = $0.06B

营业收入 = $1.01B

E

运营效率指标

Interest Coveragei利息保障倍数

4.46x

EBIT (TTM) = $0.08B

利息费用 (TTM) = $0.02B

22.9x

15.4x

6.5x

4.5x

4.5x

SG&A / Revenuei销管费率

35.23%

销售及管理费用 = $0.35B

营业收入 = $1.01B

R&D / Revenuei研发占比

43.25%

研发费用 = $0.44B

营业收入 = $1.01B

R

回报率指标 (TTM)

ROAi总资产回报率

2.09%

净利润 = $0.14B

平均总资产 = $6.48B

ROEi净资产收益率

3.93%

净利润 = $0.14B

平均股东权益 = $3.45B

ROICi投入资本回报率

-5.05%

NOPAT (TTM) = $-0.02B

平均投入资本 = $0.43B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

32.15%

当期营收 = $1.01B

去年同期营收 = $0.76B

+24.6%

+28.1%

+28.4%

+29.2%

+32.1%

Operating Cash Flow/Sharei每股经营现金流

$3.05

经营现金流 = $1.11B

流通股数 = 0.36B

$2.56

$2.67

$2.73

$2.87

$3.05

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+32.2%	$1.01B	↑
毛利	+32.0%	$0.80B, 79.21%	↑
营业利润	+159.0%	$0.01B, 0.73%	↑
EBITDA	-88.0%	$0.01B, 0.73%	↓
税前利润	+85.3%	$0.06B, 5.86%	↑
净利润	+113.4%	$0.05B, 5.22%	↑
稀释每股收益	+114.3%	0.15	↑

L

流动性指标

Current Ratioi流动比率

3.40

健康

流动资产 = $5.63B

流动负债 = $1.66B

Quick Ratioi速动比率

3.40

健康

速动资产 = $5.63B

流动负债 = $1.66B

Cash Ratioi现金比率

2.87

健康

现金及等价物 = $4.76B

流动负债 = $1.66B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.32

健康

总债务 = $1.29B

总权益 = $3.99B

Liabilities to Assetsi资产负债率 (总负债)

42.6%

正常

总负债 = $2.96B

总资产 = $6.95B

Equity Multiplieri权益乘数

1.74

健康

总资产 = $6.95B

总权益 = $3.99B

E

效率指标

Asset Turnoveri总资产周转率

0.57

正常

营收 (TTM) = $3.67B

平均总资产 = $6.48B

Inventory Turnoveri存货周转率

N/A

正常

营业成本 (TTM) = $0.74B

平均存货 = $0.00B

Receivables Turnoveri应收账款周转率

5.17

正常

营收 (TTM) = $3.67B

平均应收账款 = $0.71B

S

偿债能力

Interest Coveragei利息保障倍数

4.46

正常

EBIT (TTM) = $0.08B

利息费用 (TTM) = $0.02B

Net Debt to EBITDAi净债务/EBITDA

4.95

关注

净债务 = $0.86B

EBITDA (TTM) = $0.17B

Debt Service Coveragei偿债覆盖率

26.89

健康

经营现金流 (TTM) = $1.11B

债务偿付 = $0.04B

V

价值指标

Goodwill %i商誉占比

7.8%

健康

商誉 = $0.54B

总资产 = $6.95B

Working Capital Ratioi营运资本比率

0.57

健康

营运资本 = $3.97B

总资产 = $6.95B

C

现金流指标

经营现金流 TTMi

$1.11B

自由现金流 TTMi

$1.08B

FCF = OCF - CapEx

经营现金流 (TTM) = $1.11B

资本支出 (TTM) = $-0.03B

自由现金流收益率i

1.62%

关注

FCF (TTM) = $1.08B

市值 = $66.67B

经营现金流/销售比i

30.32%

健康

经营现金流 (TTM) = $1.11B

营业收入 (TTM) = $3.67B

Q

质量与覆盖指标

收益质量i

8.21x

健康

经营现金流 (TTM) = $1.11B

净利润 (TTM) = $0.14B

现金流/债务比i

0.87x

健康

经营现金流 (TTM) = $1.11B

总负债 = $1.29B

短期覆盖率i

0.67x

健康

经营现金流 (TTM) = $1.11B

流动负债 = $1.66B

资本支出覆盖率i

32.95x

健康

经营现金流 (TTM) = $1.11B

资本支出 (TTM) = $0.03B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

96.97%

健康

自由现金流 (TTM) = $1.08B

经营现金流 (TTM) = $1.11B

资本支出/营收比i

0.92%

健康

资本支出 (TTM) = $0.03B

营业收入 (TTM) = $3.67B

净债务/EBITDAi

4.95

关注

净债务 = $0.86B

EBITDA (TTM) = $0.17B

G

增长指标

经营现金流增长率i

23.23%

健康

当期OCF (TTM) = $0.33B

上期OCF = $0.27B

股东盈余i

$0.20B

健康

净利润 (TTM) = $0.14B

+ 折旧摊销 (TTM) = $0.10B

- 资本支出 (TTM) = $-0.03B