I’ve been going through MongoDB’s recent filings and the CEO news, and I’m trying to understand whether the market is seeing something I’m not.
The stock got hit pretty hard after CJ Desai left for Meta and Dev Ittycheria came back as interim CEO.
Here’s the actual business looks pretty solid:
Revenue growth went **19% → 25% → 30%**
Net ARR expansion went **120% → 121% → 122%**
Almost **3,000 customers** are spending $100k+ ARR
Latest quarter revenue was about **$772M**
GAAP operating income turned positive at around **$28M**
Gross margin was around **74%**
RPO is now about **$1.52B**
Management still **reaffirmed FY2027 guidance**
Obviously there are some negatives. SBC is still high, GAAP profitability isn’t fully established yet, and the CEO change adds a lot of uncertainty.
The stock also isn’t exactly cheap even after the drop. I get roughly **8x forward EV/revenue** at the current price.
So I’m curious what everyone thinks. Is this mostly an overreaction to the CEO change, or is there a bigger issue here that isn’t obvious from the numbers?
Would especially like to hear the bear case.