Dynatrace
DT on NYSE. Dynatrace sells software that monitors and secures computer systems to large organizations. Market value $17.4bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to March 2026.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Technology stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.23 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 71 of 100. Price score: 39 of 100. Our list needs 70 on quality and 60 on price.
$61.05 a share, 93% above its 1-year low
Over the past year the price has ranged from $31.64 to $61.58.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $929m | $1.2bn | $1.4bn | $1.7bn | $2.0bn |
| Operating margin | |||||
| Operating margin | 8.7% | 8.0% | 9.0% | 10.6% | 12.2% |
| Debt to equity | |||||
| Debt to equity | 0.21 | 0.00 | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.29bn | 0.30bn | 0.30bn | 0.30bn | 0.29bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 23.5% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $555 million last quarter, up 16% on a year ago.
- Profit: $37 million, down 24% on a year ago.
- It keeps 12 cents of each $1 of sales as operating profit, up from 11 cents a year earlier.
- Spare cash over the past 12 months: $571 million, up from $465 million.
- 3% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $418m |
| December 2024 | $436m |
| March 2025 | $445m |
| June 2025 | $477m |
| September 2025 | $494m |
| December 2025 | $515m |
| March 2026 | $532m |
| June 2026 | $555m |
| Quarter to | Amount |
|---|---|
| September 2024 | $44m |
| December 2024 | $362m |
| March 2025 | $39m |
| June 2025 | $48m |
| September 2025 | $57m |
| December 2025 | $40m |
| March 2026 | $17m |
| June 2026 | $37m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 20 May 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
4 long-term investors we follow own it, up from 2 last quarter. 593 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Starboard ValueJeff Smith | $389m | 8.6% | New |
| Ariel InvestmentsJohn Rogers Jr. | $35m | 0.3% | New |
| Gotham Asset ManagementJoel Greenblatt | $14m | <0.1% | Cut |
| Torray Investment PartnersRobert Torray (founder) | $3m | 0.4% | Cut |
Largest holders overall
- BlackRock$1.5bnAdded
- Vanguard Portfolio Management$694mCut
- Vanguard Capital Management$580m
- Pictet Asset Management Holding SA$560mCut
- Wellington Management Group LLP$506mAdded
- UBS Group AG$494m
- State Street$410m
- Starboard Value$389mNew
- AQR Capital Management$365mAdded
- First Trust Advisors LP$338mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor10.6%−1.3 ptsSince 31 March 2026
- Vanguard Portfolio ManagementPassive investor5.5%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- PICTET ASSET MANAGEMENT SAPassive investorSold down below 5%Since 24 September 2026
What they said
The Reporting Person acquired shares of Dynatrace Inc as part of its investment strategy, which includes considering the clarity and robustness of the issuer's long-term strategy; the functioning and calibre of governance structures and effective leadership; the financial…
Read the filing - T. Rowe Price Associates, Inc.Passive investorSold down below 5%Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 10.6%−1.3 pts | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 5.5% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
PICTET ASSET MANAGEMENT SA Passive investor | Sold down below 5% | 24 September 2026 | What they saidThe Reporting Person acquired shares of Dynatrace Inc as part of its investment strategy, which includes considering the clarity and robustness of the issuer's long-term strategy; the functioning and calibre of governance structures and effective leadership; the financial… Read the filing |
T. Rowe Price Associates, Inc. Passive investor | Sold down below 5% | 30 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $107,250 of shares on the open market. 5 sold $5m, $5m of it under preset trading plans.
- Greifeneder BerndEVP, Chief Technology OfficerSoldunder a preset trading plan
- Date
- 18 September 2026
- Shares
- 50,000
- Price
- $57.21
- Value
- $3m
- Greifeneder BerndEVP, Chief Technology OfficerSold
- Date
- 5 September 2026
- Shares
- 99
- Price
- $51.90
- Value
- $5,138
- Greifeneder BerndEVP, Chief Technology OfficerSold
- Date
- 5 June 2026
- Shares
- 247
- Price
- $42.19
- Value
- $10,421
- Greifeneder BerndEVP, Chief Technology OfficerSold
- Date
- 5 March 2026
- Shares
- 85
- Price
- $39.21
- Value
- $3,333
- McMahon Stephen AEVP, Chief Customer OfficerBought
- Date
- 3 March 2026
- Shares
- 3,000
- Price
- $35.75
- Value
- $107,250
- Zugelder DanEVP, Chief Revenue OfficerSoldunder a preset trading plan
- Date
- 10 December 2025
- Shares
- 7,505
- Price
- $45.27
- Value
- $339,751
- Greifeneder BerndEVP, Chief Technology OfficerSold
- Date
- 5 December 2025
- Shares
- 85
- Price
- $44.71
- Value
- $3,801
- Campbell Lisa MDirectorSoldunder a preset trading plan
- Date
- 5 December 2025
- Shares
- 253
- Price
- $44.24
- Value
- $11,193
- Yates Daniel S.SVP, Chief Accounting OfficerSoldunder a preset trading plan
- Date
- 17 November 2025
- Shares
- 2,000
- Price
- $46.69
- Value
- $93,380
- MCCONNELL RICK MChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 11 November 2025
- Shares
- 30,000
- Price
- $46.61
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 18 September 2026 | Greifeneder Bernd EVP, Chief Technology Officer | Sold under a preset trading plan | 50,000 | $57.21 | $3m |
| 5 September 2026 | Greifeneder Bernd EVP, Chief Technology Officer | Sold | 99 | $51.90 | $5,138 |
| 5 June 2026 | Greifeneder Bernd EVP, Chief Technology Officer | Sold | 247 | $42.19 | $10,421 |
| 5 March 2026 | Greifeneder Bernd EVP, Chief Technology Officer | Sold | 85 | $39.21 | $3,333 |
| 3 March 2026 | McMahon Stephen A EVP, Chief Customer Officer | Bought | 3,000 | $35.75 | $107,250 |
| 10 December 2025 | Zugelder Dan EVP, Chief Revenue Officer | Sold under a preset trading plan | 7,505 | $45.27 | $339,751 |
| 5 December 2025 | Greifeneder Bernd EVP, Chief Technology Officer | Sold | 85 | $44.71 | $3,801 |
| 5 December 2025 | Campbell Lisa M Director | Sold under a preset trading plan | 253 | $44.24 | $11,193 |
| 17 November 2025 | Yates Daniel S. SVP, Chief Accounting Officer | Sold under a preset trading plan | 2,000 | $46.69 | $93,380 |
| 11 November 2025 | MCCONNELL RICK M Chief Executive Officer, Director | Sold under a preset trading plan | 30,000 | $46.61 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 May 2026, plus the 10-Q filed 5 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.