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PagerDuty, Inc. (PD) USD

Digital operations management and incident-response SaaS platform.

At a glance: strengths & risks
✓Margins improving (5%→11%, Q2 2026)✓Net cash balance sheet✗Profit falling (-19% y/y, Q2 2026)

Sector: United States — large cap (SEC filings)

US_PD

Price chart

17.49 USDDay 1.51%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
17.49 USD · 1.51%
Market cap
1.6 bn USD

Growth

Δ revenue y/y
0.8%
Δ EBITDA y/y
96.5%

Multiples

P/E (LTM)
8.7x
P/B (FY)
6.3x
P/E (ann.)
51.2x
EV/EBITDA (LTM)
20.6x
EV/EBITDA (ann.)
17.2x

Cash return

Dividend yield
—
FCF yield (LTM)
8.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
+21.7%
↓ details

Liquidity

Daily turnover (US listing)
28.1 mln USD

Shares: yahoo_fundamentals_timeseries/PD

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-07-31Q3 2026 (3M)OK124.4
y/y 0.8%
10.2
y/y 187.1%
2.9
y/y -7.1%
13.1
y/y 96.5%
7.8
y/y -18.7%
36.9-2.2958.3
y/y 7.5%
232.0
y/y 28.4%
13.9%-690.5SEC EDGAR
2026-04-30Q2 2026 (3M)OK121.0
y/y 1.0%
9.2
y/y —
3.1
y/y -22.9%
12.2
y/y —
5.3
y/y —
44.3-1.0936.6
y/y 1.1%
216.5
y/y 48.7%
9.0%-427.5Link
2026-01-31Q1 2026 (3M)OK124.8
y/y 2.7%
4.5
y/y 138.6%
3.0
y/y -40.1%
7.6
y/y 213.9%
9.4
y/y 207.0%
25.4-0.9990.5
y/y 6.8%
253.6
y/y 95.3%
60.4%-31.6Link
2025-10-31Q4 2025 (3M)OK124.5
y/y 4.7%
8.1
y/y —
3.0
y/y -40.9%
11.1
y/y —
161.6
y/y —
24.8-0.71027.8
y/y 18.6%
320.5
y/y 187.2%
86.0%-534.4Link
2025-07-31Q3 2025 (3M)OK123.4
y/y 6.4%
3.6
y/y —
3.1
y/y -39.5%
6.7
y/y —
9.6
y/y —
34.0-0.9891.5
y/y -2.7%
180.7
y/y 9.7%
23.5%-554.0Link
2025-04-30Q2 2025 (3M)OK119.8
y/y 7.8%
-10.3
y/y —
4.0
y/y -25.1%
-6.4
y/y —
-7.2
y/y —
30.7-0.4926.8
y/y 0.3%
145.7
y/y -16.3%
-20.8%-584.9Link
2025-01-31Q1 2025 (3M)OK121.4
y/y 9.3%
-11.7
y/y 64.9%
5.1
y/y -1.2%
-6.6
y/y 76.5%
-8.8
y/y 68.9%
31.4-1.1927.3
y/y 0.2%
129.8
y/y -24.3%
-35.4%-73.4Link
2024-10-31Q4 2024 (3M)OK118.9
y/y 9.4%
-10.3
y/y —
5.1
y/y 0.9%
-5.2
y/y —
-5.9
y/y —
22.1-0.6866.8
y/y -2.3%
111.6
y/y -34.0%
-5.7%-532.5Link
2024-07-31Q3 2024 (3M)OK115.9
y/y 7.7%
-16.0
y/y —
5.2
y/y -2.0%
-10.9
y/y —
-10.9
y/y —
35.8-0.6916.0
y/y 12.8%
164.7
y/y -38.1%
-25.8%-588.1Link
2024-04-30Q2 2024 (3M)OK111.2
y/y 7.7%
-21.7
y/y —
5.3
y/y 12.0%
-16.4
y/y —
-17.1
y/y —
28.6-0.5924.0
y/y 15.2%
174.0
y/y -31.1%
-39.7%-581.3Link
2024-01-31Q1 2024 (3M)OK111.1
y/y —
-33.4
y/y —
5.1
y/y —
-28.3
y/y —
-28.2
y/y —
22.2-25.0925.3
y/y 13.1%
171.6
y/y -28.8%
-44.1%-68.7Link
2023-10-31Q4 2023 (3M)OK108.7
y/y —
-20.8
y/y —
5.0
y/y —
-15.8
y/y —
-12.8
y/y —
16.9-0.2886.7
y/y —
169.1
y/y —
-7.8%-560.8Link
2023-07-31Q3 2023 (3M)OK107.6
y/y —
-26.2
y/y —
5.3
y/y —
-20.9
y/y —
-22.1
y/y —
10.8-0.7811.9
y/y —
265.9
y/y —
-34.0%-488.5Link
2023-04-30Q2 2023 (3M)OK103.2
y/y —
-15.8
y/y —
4.7
y/y —
-11.1
y/y —
-12.2
y/y —
22.2-0.2801.8
y/y —
252.5
y/y —
-19.8%-478.0Link
2023-01-31FY 2023 (12M)OK370.8
y/y —
-129.4
y/y —
17.4
y/y —
-111.9
y/y —
-128.4
y/y —
17.0-70.9817.9
y/y —
241.0
y/y —
—-161.9Link

Net debt structure (leases included, IFRS 16) 2026-07-31

Short-term debt (incl. ST leases)6
Long-term debt (incl. LT leases)10
− Cash & equivalents470
Net debt-454

Net debt / LTM EBITDA: -10.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-20002004006002023 FY2024 FY2025 FY2026 FY

Year-over-year change

0%5%10%15%20%2023 FY2024 FY2025 FY2026 FY

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-100-500501002023 FY2024 FY2025 FY2026 FY

Net debt / cash ($ mln)

-200-150-100-5002023 FY2024 FY2025 FY2026 FY

Profit and cash

Worth a look
In a typical year of 2022–2026 operating cash flow came to 0.66x of reported net profit; after capex, 0.65x. Loss years (2022, 2023, 2024, 2025) are left out of the ratio.
year20222023202420252026
cash flow / profit————0.66x
accruals, % of assets-12.6%-17.8%-15.9%-17.3%5.9%
Last twelve months (to 2026-07-31): 0.71x of profit came back as operating cash flow.
net debt / EBITDA -1.7x · EBIT covers interest 0.7x · capex 0.2x of depreciation · share count +2.4% a year
● Capex is 20% of depreciation - the asset base is being consumed faster than replaced.
● EBIT covers interest 0.7x.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +21.7%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X
= —
19
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 595 + -691) ÷ 38
24.1x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (24.1 + 12) ÷ 2
18.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -155 + 0 + 166 − 0
11
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (19 × 18.0 + 11) ÷ 1 595
+21.7%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • LTM EBITDA = FY2025 + Q12026 - Q12025 (cumulative-YTD reporter); ΔEBITDA vs prior full year
  • cash flow = net-debt reduction + dividends + buybacks (balance method)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +5% vs +9% the year before — a -3.2 pp move. 3-year CAGR +10%.
revenue growth by year: 2024 +16% · 2025 +9% · 2026 +5%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 21.2x · 3-year 75th pct 53.6x

EV/EBITDA3-year 75th pct

Peer comparison

Group: technology (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
MICRON TECHNOLOGY INCUS987.28.8x
ORACLE CORPUS381.515.2x
INTERNATIONAL BUSINESS MACHINES CORPUS240.518.9x
Dell Technologies Inc.US308.119.2x
MICROSOFT CORPUS3909.220.5x
TEXAS INSTRUMENTS INCUS259.925.2x
NVIDIA CORPUS5127.225.6x
CISCO SYSTEMS, INC.US420.227.1x
Broadcom Inc.US1561.128.6x
Apple Inc.US5137.030.1x
ANALOG DEVICES INCUS191.530.5x
Arista Networks, Inc.US219.946.9x
Group median25.4x
Group average24.7x
This companyUS1.620.6x

Group median 25.4x; this company 20.6x — a 19% discount.

Group average 24.7x; against the average this company is at a 17% discount.

At the adjusted group median the market cap would be +26% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-25; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of PagerDuty, Inc. (PD) — from primary filings.

Frequently asked questions

What is PagerDuty, Inc. (PD)'s P/E ratio?
PagerDuty, Inc. (PD) trades at a P/E of 8.7x (price to trailing 12-month earnings).
What is PagerDuty, Inc. (PD)'s EV/EBITDA?
PagerDuty, Inc. (PD) trades at 20.6x EV/EBITDA.
What is PagerDuty, Inc. (PD)'s P/B ratio?
PagerDuty, Inc. (PD) trades at a P/B of 6.3x.
What is PagerDuty, Inc. (PD)'s return on equity (ROE)?
PagerDuty, Inc. (PD)'s ROE is 13.9%.
What is PagerDuty, Inc. (PD)'s market capitalization?
PagerDuty, Inc. (PD)'s market cap is 1.6 bn USD.

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