At a glance
Dynatrace Holdings LLC is worth $18.15B, about 116 times its fiscal 2026 earnings. Revenue grew 18.8% to $2.02B in fiscal 2026, with 8.1% kept as profit; over 5 years it has grown 23.5% a year. It pays no dividend; it spent $651.4M buying back its shares over FY2022–FY2026. The stock returned +26.5% over the past year with dividends reinvested and −3.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 45.3% in the 2020 crash (S&P 500: 33.7%) and 49.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 21 months after the lows.
The business in plain English
Dynatrace makes software that watches over other companies' software. Its core product is observability: collecting data such as logs, traces and metrics to show whether applications and IT systems are working, and why they fail. The same platform adds application security, which finds weak spots in running code and blocks attacks. It also includes Dynatrace Intelligence, an AI system meant to find and fix problems automatically. The platform works across Amazon Web Services, Microsoft Azure, Google Cloud and older in-house systems, including mainframes.
Its customers include many of the world's largest companies, in fields such as banking, government, insurance, retail and transportation. As of March 31, 2026, Dynatrace had about 4,100 customers in more than 110 countries. It earns money from subscriptions, and most customers use it as cloud-hosted software (software-as-a-service). Under its Dynatrace Platform Subscription, a customer commits to a minimum yearly spend, then draws it down based on actual usage. Extra use is billed monthly at the same rates.
Revenue was about $2.02 billion in the fiscal year ended March 31, 2026. North America provided 50.4%, Europe, the Middle East and Africa 32.2%, Asia Pacific 9.6% and Latin America 7.9%. No end customer accounted for more than 10% of revenue, but one channel partner, a firm that helps bring Dynatrace to customers, accounted for 10%.
Price history
The interactive chart needs JavaScript.
DT +26.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| North America | $1.02B | 50.4% |
| Europe, Middle East and Africa | $648.9M | 32.2% |
| Asia Pacific | $193.1M | 9.6% |
| Latin America | $158.9M | 7.9% |
Latest results
- In Q1 FY2027 (ended Jun 30, 2026), revenue was $554.5M, up 16.2% from a year earlier, and net income was $36.7M (-23.6%).
- For fiscal 2026, revenue was $2.02B (+18.8% year over year; +23.5% a year from FY2021 to FY2026) with a 8.1% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +23.5% good |
|---|---|
| Operating margin | 12.2% watch |
| Free cash flow margin | 26.2% good |
| Return on equity (FY2026) | 6.2% weak |
| Return on assets (FY2026) | 3.7% watch |
| Cash and investments | $1.16B (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $703.5M | $75.7M | $206.4M |
| FY2022 | $929.4M | $52.5M | $233.2M |
| FY2023 | $1.16B | $108.0M | $333.3M |
| FY2024 | $1.43B | $154.6M | $351.6M |
| FY2025 | $1.70B | $483.7M | $433.3M |
| FY2026 | $2.02B | $162.7M | $529.7M |
Valuation snapshot
| Market value | $18.15B |
|---|---|
| P/E ratio | 116.3 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Dynatrace Holdings LLC’s market value went from $7.10B at the end of 2019 to $18.15B on Oct 28, 2026, about 2.6 times as much; since the end of 2025 it is up 39%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $18.15B | +38.9% |
| 2025 | $13.07B | -19.5% |
| 2024 | $16.22B | +0.8% |
| 2023 | $16.10B | +46.0% |
| 2022 | $11.02B | -35.9% |
| 2021 | $17.20B | +40.9% |
| 2020 | $12.21B | +72.0% |
| 2019 | $7.10B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DT price data to Oct 28, 2026 | +44.9% | +26.5% | +12.8% | -3.3% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +44.9% |
| 2025 | -20.3% |
| 2024 | -0.6% |
| 2023 | +42.8% |
| 2022 | -36.5% |
| 2021 | +39.5% |
| 2020 | +71.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.8% over that stretch · deepest drop along the way 45.3%, back to its old high 2.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 42.2% over that stretch · deepest drop along the way 49.2%, back to its old high 20.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 3 sales ($2.9M), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 18, 2026 | Bernd Greifeneder EVP, Chief Technology Officer | sell (plan) | $2.9M |
| Sep 5, 2026 | Bernd Greifeneder EVP, Chief Technology Officer | sell | $3K |
| Sep 5, 2026 | Bernd Greifeneder EVP, Chief Technology Officer | sell | $2K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.6% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.55% | Mar 31, 2026 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 3.6% | Jun 30, 2025 |
ETFs with the most weight in DT
| DAT ProShares Big Data Refiners ETF | 4.43% |
| BOTZ Global X Robotics & Artificial Intelligence ETF | 4.32% |
| GTEK Goldman Sachs Future Tech Leaders Equity ETF | 2.35% |
| FCLD Fidelity Cloud Computing ETF | 1.97% |
| WTAI WisdomTree Artificial Intelligence and Innovation Fund | 1.46% |
| PSWD Xtrackers Cybersecurity Select Equity ETF | 1.32% |
| IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 1.16% |
| MDYG SPDR S&P 400 Mid Cap Growth ETF | 1.01% |
What could go wrong
- AI could change who wins customers. AI is reshaping this industry. Rivals may build AI into their products faster or better. General-purpose AI models and agents could also handle some monitoring jobs that companies pay Dynatrace to do.
- One partner brings in a tenth of revenue. One channel partner, an outside firm that helps market and deliver Dynatrace, accounted for 10% of revenue in fiscal 2026 and 2025. Losing it, or weak performance by partners generally, could hurt revenue.
- Growth may not keep its past pace. Revenue grew 19%, 19% and 23% in the fiscal years ended March 2026, 2025 and 2024. Keeping that up depends on winning new customers, expanding usage and growing in newer markets like log management.
- Crowded market with larger, richer rivals. The company says its market is fragmented and fast-changing, and some competitors are larger and better funded. Competition could force lower prices, higher marketing costs, thinner profit margins or lost market share.
- Outages or breaches would damage trust. Customers use Dynatrace to keep their own systems running and secure. A breach, a software defect, or an interruption of its cloud service or the outside clouds it uses could hurt its reputation and sales.
- Heavy exposure to Europe and currencies. About 32% of fiscal 2026 revenue came from Europe, the Middle East and Africa. The company flags economic and political uncertainty, especially in Europe. Exchange-rate swings can also shrink results once converted into dollars.
Recent events
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Major agreement signed; Major agreement ended; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Quarterly results released; Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Quarterly results released; Other company announcement
- Quarterly results released
For income and retirement investors
Dynatrace pays no dividend, and its annual report says it does not intend to pay one. For an income investor, that means no regular cash payments: any return depends on the share price rising. Instead, the company returns cash by repurchasing its own shares. It spent about $651 million on this over fiscal years 2022 through 2026, including about $479 million in the year ended March 31, 2026. Even so, the share count rose 1.4% between October 2021 and August 2026, so repurchases have not shrunk the total.
The shares have fallen hard in past downturns. In the 2020 COVID crash they dropped 45.3% between February 20 and March 16, 2020, but regained their peak by May 19. In the 2022 bear market (a prolonged market slump) they fell 49.2% between January 3 and May 11, 2022, and took about 21 months, until January 29, 2024, to recover. Single stocks like Dynatrace carry more risk than diversified funds.
Questions investors ask
How does Dynatrace make money?
Dynatrace makes money mainly from subscriptions to its observability software, which tracks how companies' applications and IT systems perform and flags security weak spots. Under its main plan, customers commit to a minimum yearly spend and use it up based on actual usage. Any extra use is billed monthly at the same rates. Revenue reached about $2.02 billion in the fiscal year ended March 31, 2026, up 18.8%. Gross margin (revenue left after the direct costs of delivering the service) was 81.6%.
Does Dynatrace pay a dividend?
No. Dynatrace paid no dividends in fiscal years 2021 through 2026, and its annual report says it does not intend to pay any. Instead, it repurchases its own shares: about $479 million in the fiscal year ended March 31, 2026, and about $651 million over fiscal 2022 through 2026. For income investors, that means returns depend entirely on the share price, with no regular cash payouts to live on.
Is Dynatrace profitable?
Yes. Dynatrace earned net income of $162.7 million in the fiscal year ended March 31, 2026, keeping about 8 cents of profit per dollar of revenue. That was down 66.4% from $483.7 million in fiscal 2025, an unusually high year next to $154.6 million in fiscal 2024. Free cash flow, the cash left after running the business and investing in equipment, was far higher at $529.7 million, or 26.2% of revenue.
Does Dynatrace have debt?
Not on its June 30, 2026 balance sheet, which showed no borrowings and about $1.16 billion in cash and investments. That may have changed. Company filings dated August 20 and September 25, 2026 each disclosed a major agreement and a new debt or financial obligation. The annual report also describes a credit facility, a borrowing arrangement with lenders whose terms place some restrictions on the business.
How has Dynatrace stock performed?
Unevenly. As of October 28, 2026, the share price had risen 26.5% over one year and 12.8% a year over three years, but fallen 3.3% a year over five years. Calendar-year results swung widely: down 36.5% in 2022, up 42.8% in 2023 and down 20.3% in 2025, then up 44.9% for 2026 through October 28. The shares traded at about 116 times fiscal 2026 earnings. That is a high price-to-earnings ratio (share price divided by earnings per share), which leaves little room for disappointment.