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DigitalOcean

DOCN NYSE Internet Services & Infrastructure Financials FY2019–FY2025

DigitalOcean's revenue rose 15.5% to $901 million in fiscal 2025. Its operating margin was 17.4%, up from 11.7% a year earlier. Free cash flow was $181 million, up 72.7%. It paid out $82 million in dividends and buybacks, 45% of free cash flow. The diluted share count rose 11.5%.

Last close · Oct 23, 2026

$93.22

1.3%
Value it Compare
Revenue Total sales reported in the income statement.
$901M
15.5% vs prior year
Operating margin Operating income as a share of revenue.
17.4%
5.8 pts
Net income Profit after all expenses, interest and tax.
$259M
206.9%
Free cash flow Cash from operations minus capital spending.
$181M
72.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
15.7%
6.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$11.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
43.2x
On $2.16 EPS (TTM)

What DigitalOcean does

No business description yet.

Legal name
DigitalOcean Holdings, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001582961-26-000019
0001582961

Revenue and margins

DigitalOcean had $901M of revenue in fiscal 2025, up 15.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $181M in fiscal 2025, 20.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

DigitalOcean returned $82.1M to shareholders in fiscal 2025, 45% of free cash flow. The diluted share count rose 11.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value DigitalOcean yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$1.2B and divides by 105.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 43.2x · peers 33.0x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably DigitalOcean can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.7B$864M$412M$428M$255M
Debt incl. finance leases $1.5B$1.5B$1.5B$1.5B$1.4B
Net debt / EBITDA −3.3x7.9x8.3x4.8x4.0x
Debt / equity 2.5x————
Interest coverage −3.0x−3.1x1.3x10.0x8.8x
Current ratio 30.4x5.7x2.6x2.5x0.7x
Quick ratio 30.4x5.7x2.6x2.5x0.7x
Total assets $2.1B$1.8B$1.5B$1.6B$1.8B
Total liabilities $1.5B$1.8B$1.8B$1.8B$1.9B
Shareholders' equity $578M$47.6M−$314M−$203M−$28.7M
Net debt (− = net cash) −$251M$606M$1.1B$1.1B$1.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$511M

7 insiders

Of sales under plans

1%

$6.7M

DateInsiderTradeSharesPriceValueFiling
Sep 21, 2026 Padmanabhan T SrinivasanChief Executive Officer, Director Sold plan 11,394 $140.00 $1.6M Form 4
Sep 3, 2026 Cherie BarrettSVP, Chief Accounting Officer Sold plan 3,985 $105.73 $0.4M Form 4
Sep 3, 2026 Matt SteinfortChief Financial Officer Sold plan 10,000 $105.73 $1.1M Form 4
Sep 3, 2026 Padmanabhan T SrinivasanChief Executive Officer, Director Sold plan 5,697 $105.73 $0.6M Form 4
Aug 17, 2026 Padmanabhan T SrinivasanChief Executive Officer, Director Sold plan 5,697 $129.11 $0.7M Form 4
Aug 13, 2026 Cherie BarrettSVP, Chief Accounting Officer Sold plan 4,456 $132.37 $0.6M Form 4
Aug 7, 2026 Warren J AdelmanDirector Sold 4,200 $124.01 $0.5M Form 4
Jun 2, 2026 Matt SteinfortChief Financial Officer Sold plan 10,000 $170.07 $1.7M Form 4
May 19, 2026 Warren JensonDirector Sold 20,000 $147.62 $3.0M Form 4
May 15, 2026 Hilary SchneiderDirector Sold 4,338 $156.38 $0.7M Form 4
May 15, 2026 Matt SteinfortChief Financial Officer Sold 25,000 $152.50 $3.8M Form 4
May 13, 2026 Len BlavatnikOther Sold 3,300,000 $150.30 $496M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✓ ✓ ✕
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 6 / 97 / 97 / 9
Accruals ratio −13.2%−12.8%−2.9%
Altman Z'' 0.491.03−0.21

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
DigitalOcean DOCN $11.8B 15.5% 17.4% 20.0% 15.7% 43.2x 7
Verisign VRSN $27.1B 6.4% 67.7% 64.5% — 32.3x 8 Compare →
Wix.com WIX $4.7B 13.2% 0.1% 29.2% — — 7 Compare →
Cloudflare NET $115.4B 29.9% −9.6% 13.3% −29.7% — 3 Compare →
Akamai Technologies AKAM $14.4B 5.4% 13.5% 24.0% 6.3% 33.8x 6 Compare →

7 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $255M $318M $429M $576M $693M $781M $901M
Gross profit $133M $173M $258M $364M $398M $466M $540M
Research and development $60.0M $75.0M $116M $144M $137M $143M $162M
Operating income −$29.9M −$15.8M −$11.2M −$25.7M $11.9M $91.0M $157M
Interest expense $9.4M $13.6M $3.7M $8.4M $8.9M $9.1M $17.9M
Pretax income −$39.6M −$42.7M −$18.2M −$23.9M $26.8M $97.7M $207M
Income tax $0.8M $0.9M $1.3M $3.9M $7.4M $13.2M −$52.6M
Net income −$40.4M −$43.6M −$19.5M −$27.8M $19.4M $84.5M $259M
Diluted EPS −$1.06 −$1.05 −$0.21 −$0.28 $0.20 $0.89 $2.52
Diluted shares 0.04B 0.04B 0.09B 0.10B 0.10B 0.09B 0.11B
Cash flow
Cash from operations $39.9M $58.5M $133M $195M $235M $283M $310M
Capital expenditure $53.5M $98.4M $97.1M $106M $119M $178M $129M
Free cash flow −$13.6M −$39.9M $36.0M $88.8M $116M $105M $181M
Depreciation and amortization $63.1M $75.6M $88.4M $102M $118M $130M $137M
Stock-based compensation $18.6M $29.5M $61.6M $106M $88.3M $90.5M $80.3M
Acquisitions $2.9M $0.0M $5.0M $305M $99.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $350M $600M $489M $59.8M $82.1M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $350M $600M $488M $59.8M $82.1M
Balance sheet
Cash and short-term investments $35.9M $100M $1.7B $864M $412M $428M $255M
Total debt — $260M $1.5B $1.5B $1.5B $1.5B $1.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $9.7M $4.6M $131M
Current assets — $148M $1.8B $946M $503M $542M $427M
Current liabilities — $84.8M $58.2M $166M $193M $221M $620M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $239M $250M $273M $305M $433M $589M
Total assets — $430M $2.1B $1.8B $1.5B $1.6B $1.8B
Total liabilities — $329M $1.5B $1.8B $1.8B $1.8B $1.9B
Shareholders' equity −$72.3M −$72.1M $578M $47.6M −$314M −$203M −$28.7M
Margins
Gross margin 52.0% 54.3% 60.2% 63.2% 57.4% 59.7% 59.9%
Operating margin −11.7% −5.0% −2.6% −4.5% 1.7% 11.7% 17.4%
EBITDA margin 13.0% 18.8% 18.0% 13.3% 18.7% 28.3% 32.7%
Net margin −15.9% −13.7% −4.6% −4.8% 2.8% 10.8% 28.8%
FCF margin −5.3% −12.5% 8.4% 15.4% 16.7% 13.4% 20.0%
Returns
Return on capital — — −4.3% −4.1% 1.2% 9.7% 15.7%
Return on capital employed — — −0.9% −1.4% 0.8% 6.8% 11.9%
Return on equity — — −7.7% −8.9% — — —
Return on assets — — −1.5% −1.4% 1.2% 5.5% 14.9%
Growth
Revenue growth — 24.9% 34.6% 34.5% 20.2% 12.7% 15.5%
Net income growth — — — — — 335.3% 206.9%
EPS growth — — — — — 345.0% 183.2%
FCF growth — — — 146.3% 30.3% −9.6% 72.7%
Share count change — 9.6% 123.8% 8.1% −4.4% −2.0% 11.5%
Financial health
Net debt / EBITDA — 2.7x −3.3x 7.9x 8.3x 4.8x 4.0x
Debt / equity — — 2.5x — — — —
Interest coverage −3.2x −1.2x −3.0x −3.1x 1.3x 10.0x 8.8x
Current ratio — 1.8x 30.4x 5.7x 2.6x 2.5x 0.7x
Quick ratio — 1.8x 30.4x 5.7x 2.6x 2.5x 0.7x
Capital allocation
Capex / revenue 21.0% 30.9% 22.7% 18.5% 17.2% 22.8% 14.3%
Stock comp / revenue 7.3% 9.3% 14.4% 18.4% 12.8% 11.6% 8.9%
Payouts / FCF — — 971.2% 676.0% 422.4% 57.2% 45.5%
Quality scores
Piotroski F-score — — — 5.0 6.0 7.0 7.0
Altman Z'' — −0.8 5.4 2.4 0.5 1.0 −0.2
Accruals ratio — — −12.1% −11.4% −13.2% −12.8% −2.9%

Source: SEC EDGAR XBRL filings (CIK 0001582961). Data updated October 13, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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