Atlassian ($TEAM) trading at 2018 prices despite 6x revenue growth. Value trap or opportunity?

Atlassian is currently trading around $92.

In September 2018, nearly 7.5 years ago, it closed at $96.

Looking at its financials, we can compare between September 2018 to the latest earnings last week:

- 6x revenue (~$1B to ~$5.8B)
- 5x cash flow (~$280M to ~$1.4B)
- 5x employee headcount (~2,700 to ~13,800)

Atlassian actually maintained its revenue-per-employee efficiency reasonably well during this massive scaling phase.

However, while they are a cash flow machine, their GAAP Net Income has actually worsened:

- 2018: $119M Loss
- Today: $189M Loss

Means its net loss is now even greater than 7 years ago.

Its Price-to-Sales (P/S) ratio has shrunk from ~24x to ~4.3x (-82%).

It seems investors in 2018 paid ~24x sales for "future growth," and while the company delivered the growth, the multiple has compressed to ~4.3x.

With the valuation reset, is this finally a buy for the potential upside?