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DigitalOcean Holdings, Inc. (DOCN) 10-Year Financial Performance & Capital Metrics

DOCN •
TechnologyInfrastructure SoftwareCloud infrastructure and hosting
AboutDigitalOcean Holdings, Inc., through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. Its platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and medium size businesses. The company offers infrastructure solutions across compute, storage, and networking, as well as enables developers to extend the native capabilities of its cloud with fully managed application, container, and database offerings. Its users include software engineers, researchers, data scientists, system administrators, students, and hobbyists. The company's customers use its platform in various industry verticals and for a range of use cases, such as web and mobile applications, website hosting, e-commerce, media and gaming, personal web projects, managed services, and others. DigitalOcean Holdings, Inc. was incorporated in 2012 and is headquartered in New York, New York.Show more
  • Revenue $901M +15.5%
  • EBITDA $294M +33.2%
  • Net Income $259M +206.8%
  • EPS (Diluted) 2.52 +183.1%
  • Gross Margin 59.86% +0.3%
  • EBITDA Margin 32.66% +15.3%
  • Operating Margin 17.42% +49.4%
  • Net Margin 28.76% +165.7%
  • ROE -
  • ROIC 15.58% +138.4%
  • Debt/Equity -
  • Interest Coverage 8.75 -12.4%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓FCF machine: 34.3% free cash flow margin
  • ✓Momentum leader: RS Rating 90 (top 10%)
  • ✓Strong 5Y sales CAGR of 23.1%

✗Weaknesses

  • ✗Shares diluted 11.5% in last year

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y23.14%
3Y16.08%
TTM15.48%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM206.85%

EPS CAGR

10Y-
5Y-
3Y-
TTM193.02%

ROCE

10Y Avg-2.24%
5Y Avg3.43%
3Y Avg6.5%
Latest11.91%

Peer Comparison

Cloud infrastructure and hosting
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
TUYATuya Inc.179.02M2.5530029.84%9.12%2.88%37.57%0.00
NTNXNutanix, Inc.10.36B38.2858.8918.11%9.95%7.24%
ORCLOracle Corporation408.14B145.4033.508.38%25.28%50.65%4.96
MSFTMicrosoft Corporation2.92T392.7428.7914.93%39.04%30.51%2.45%0.18
DOCNDigitalOcean Holdings, Inc.5.15B56.0622.2515.48%28.76%6.01%
CORZCore Scientific, Inc.5.23B16.97-3.301.65%-229.91%
BLZEBackblaze, Inc.216.87M3.76-8.1714.27%-17.56%-30.78%8.69%0.98
DGXXDigi Power X Inc.180.26M2.76-12.5541.7%-39.25%-27.71%0.01

Compare DOCN vs Peers

Analyze head-to-head performance against top industry competitors across valuation, growth, and profitability metrics.

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Profit & Loss

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Sales/Revenue+203.14M254.82M318.38M428.56M576.32M692.88M780.62M901.43M
Revenue Growth %-25.44%24.94%34.61%34.48%20.23%12.66%15.48%
Cost of Goods Sold+97.04M122.26M145.53M170.59M211.93M283.97M314.67M361.83M
COGS % of Revenue47.77%47.98%45.71%39.81%36.77%40.98%40.31%40.14%
Gross Profit+106.09M132.56M172.85M257.97M364.39M408.92M465.94M539.59M
Gross Margin %52.23%52.02%54.29%60.19%63.23%59.02%59.69%59.86%
Gross Profit Growth %-24.95%30.39%49.24%41.26%12.22%13.95%15.81%
Operating Expenses+133.39M162.47M188.64M269.15M390.09M397.02M374.94M382.6M
OpEx % of Revenue65.66%63.76%59.25%62.8%67.69%57.3%48.03%42.44%
Selling, General & Admin88.45M102.5M113.67M153.47M246.21M235.77M232.44M220.98M
SG&A % of Revenue43.54%40.22%35.7%35.81%42.72%34.03%29.78%24.51%
Research & Development44.93M59.97M74.97M115.68M143.88M140.37M142.5M161.62M
R&D % of Revenue22.12%23.54%23.55%26.99%24.97%20.26%18.25%17.93%
Other Operating Expenses-622K000020.89M00
Operating Income+-27.29M-29.91M-15.79M-11.19M-25.7M11.9M91.01M156.99M
Operating Margin %-13.44%-11.74%-4.96%-2.61%-4.46%1.72%11.66%17.42%
Operating Income Growth %--9.57%47.2%29.16%-129.72%146.29%665.02%72.5%
EBITDA+25.12M33.18M59.78M77.19M76.53M129.76M221.06M294.44M
EBITDA Margin %12.37%13.02%18.78%18.01%13.28%18.73%28.32%32.66%
EBITDA Growth %-32.06%80.2%29.11%-0.84%69.55%70.36%33.19%
D&A (Non-Cash Add-back)52.41M63.08M75.57M88.37M102.23M117.87M130.05M137.45M
EBIT-28.47M-30.24M-29.05M-14.46M-15.49M35.72M106.81M224.6M
Net Interest Income+-6.31M-9.36M-13.61M-3.58M2.22M14.88M6.69M-17.94M
Interest Income000164K10.62M23.82M15.8M0
Interest Expense6.31M9.36M13.61M3.74M8.4M8.95M9.11M17.94M
Other Income/Expense-7.48M-9.69M-26.87M-7.01M1.81M14.88M6.69M49.67M
Pretax Income+-34.78M-39.6M-42.66M-18.2M-23.89M26.78M97.7M206.66M
Pretax Margin %-17.12%-15.54%-13.4%-4.25%-4.14%3.86%12.52%22.93%
Income Tax+1.22M793K911K1.3M3.92M7.37M13.21M-52.6M
Effective Tax Rate %103.51%102%102.14%107.15%116.41%72.49%86.48%125.45%
Net Income+-36M-40.39M-43.57M-19.5M-27.8M19.41M84.49M259.26M
Net Margin %-17.72%-15.85%-13.68%-4.55%-4.82%2.8%10.82%28.76%
Net Income Growth %--12.2%-7.87%55.24%-42.56%169.81%335.32%206.85%
Net Income (Continuing)-36M-40.39M-43.57M-19.5M-27.8M19.41M84.49M259.26M
Discontinued Operations00000000
Minority Interest00000000
EPS (Diluted)+-0.41-0.38-0.41-0.18-0.240.200.892.52
EPS Growth %-7.32%-7.89%56.1%-33.33%183.33%345%183.15%
EPS (Basic)-0.41-0.38-0.41-0.18-0.240.220.922.83
Diluted Shares Outstanding87.13M105.3M105.3M107.21M100.81M96.42M94.5M105.34M
Basic Shares Outstanding87.13M105.3M105.3M107.21M100.81M90.14M91.63M91.48M
Dividend Payout Ratio--------

Balance Sheet

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Total Current Assets+50.52M60.62M147.95M1.77B945.99M502.99M541.72M426.98M
Cash & Short-Term Investments29.98M32.91M100.31M1.71B864.23M411.77M428.45M254.47M
Cash Only29.98M32.91M100.31M1.71B140.77M317.24M428.45M254.47M
Short-Term Investments0000723.46M94.53M00
Accounts Receivable16.41M20.75M28.1M39.62M53.83M62.19M91.11M90.91M
Days Sales Outstanding29.4829.7232.2133.7434.0932.7642.636.81
Inventory00000000
Days Inventory Outstanding--------
Other Current Assets04.17M00-561K29.04M4.62M81.6M
Total Non-Current Assets+194.54M241.86M282.3M330.94M869.64M957.97M1.1B1.41B
Property, Plant & Equipment175.44M178.84M238.96M249.64M426.87M460.64M620.42M859.95M
Fixed Asset Turnover1.16x1.42x1.33x1.72x1.35x1.50x1.26x1.05x
Goodwill02.67M2.67M32.17M315.17M348.32M348.67M348.67M
Intangible Assets34.36M56.91M34.65M42.91M118.93M140.15M117.72M99.5M
Long-Term Investments3.58M000001.75M0
Other Non-Current Assets-18.97M3.44M5.94M6.12M7.92M6.86M8.54M12.29M
Total Assets+245.06M302.49M430.25M2.1B1.82B1.46B1.64B1.84B
Asset Turnover0.83x0.84x0.74x0.20x0.32x0.47x0.48x0.49x
Asset Growth %-23.44%42.24%388.32%-13.58%-19.53%12.19%12.12%
Total Current Liabilities+63.52M72.54M84.78M58.24M165.52M192.65M220.96M619.46M
Accounts Payable13.73M27.24M12.43M12.66M21.14M3.96M54.56M38.84M
Days Payables Outstanding51.6681.3131.1827.0836.415.0963.2939.18
Short-Term Debt23.25M14.22M17.47M0000464.56M
Deferred Revenue (Current)3.51M04.87M4.83M5.55M5.34M5.4M5.88M
Other Current Liabilities13.67M18.5M15.23M2.09M6.56M15.99M3.65M110.19M
Current Ratio0.80x0.84x1.75x30.39x5.72x2.61x2.45x0.69x
Quick Ratio0.80x0.84x1.75x30.39x5.72x2.61x2.45x0.69x
Cash Conversion Cycle--------
Total Non-Current Liabilities+115.14M178.96M417.56M1.46B1.6B1.58B1.62B1.25B
Long-Term Debt107.99M173.04M242.22M1.46B1.47B1.48B1.49B266M
Capital Lease Obligations3.8M2.86M00107.69M91.16M130.43M0
Deferred Tax Liabilities87K0211K421K20.76M3.53M4.12M4.09M
Other Non-Current Liabilities3.35M3.06M175.13M1.46M3.83M9.53M1.09M976.84M
Total Liabilities178.66M251.5M502.35M1.52B1.77B1.77B1.84B1.87B
Total Debt+135.93M191.06M259.68M1.46B1.64B1.66B1.7B730.55M
Net Debt105.95M158.15M159.37M-250.71M1.49B1.34B1.27B476.08M
Debt / Equity-3.75x-2.53x34.38x---
Debt / EBITDA5.41x5.76x4.34x18.95x21.37x12.76x7.67x2.48x
Net Debt / EBITDA4.22x4.77x2.67x-3.25x19.53x10.31x5.73x1.62x
Interest Coverage-4.32x-3.20x-1.16x-2.99x-3.06x1.33x9.99x8.75x
Total Equity+-56.86M50.98M-72.09M578.2M47.57M-313.7M-202.96M-28.69M
Equity Growth %-189.66%-241.41%902%-91.77%-759.46%35.3%85.86%
Book Value per Share-0.650.48-0.685.390.47-3.25-2.15-0.27
Total Shareholders' Equity-56.86M50.98M-72.09M578.2M47.57M-313.7M-202.96M-28.69M
Common Stock1K1K1K2K2K2K2K2K
Retained Earnings-83.08M-123.47M-167.03M-186.54M-214.34M-344.24M-258.74M-43.74M
Treasury Stock-4.6M-4.6M-4.6M-4.6M0000
Accumulated OCI-53K-112K-245K-374K-2.05M-452K-1.5M-960K
Minority Interest00000000

Cash Flow

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Cash from Operations+37.95M39.9M58.46M133.11M195.15M234.94M282.73M309.6M
Operating CF Margin %18.68%15.66%18.36%31.06%33.86%33.91%36.22%34.35%
Operating CF Growth %-5.13%46.5%127.71%46.61%20.39%20.34%9.51%
Net Income-36M-40.39M-43.57M-19.5M-24.28M19.41M84.49M259.26M
Depreciation & Amortization52.41M62.85M75.57M88.37M102.23M117.87M130.05M137.45M
Stock-Based Compensation12.17M029.46M61.58M105.83M88.35M90.55M80.31M
Deferred Taxes-59K-8K71K9.18M-4.38M-886K2.34M-71.24M
Other Non-Cash Items12.13M20.27M26.55M1.48M29.95M32.65M32.6M-96.19M
Working Capital Changes-2.7M-2.82M-29.63M-7.99M-14.19M-22.44M-57.3M0
Change in Receivables-10.79M-4.34M-18.45M-20.73M-26.64M-22.67M-26.75M-36.21M
Change in Inventory000-9.32M0-9.59M00
Change in Payables10.05M3.95M09.32M5.5M-11.08M7.42M12.28M
Cash from Investing+-61.25M-87.38M-115.63M-113.61M-1.15B401.15M-94.81M-268.29M
Capital Expenditures-61.25M-84.5M-115.81M-109.1M-120.22M-124.81M-186.52M0
CapEx % of Revenue30.15%33.16%36.37%25.46%20.86%18.01%23.89%-
Acquisitions0-2.88M0-5M-305.17M-99.02M43K0
Investments--------
Other Investing-22.91M0173K494K-4.42M-2.26M0-268.29M
Cash from Financing+-14.25M49.8M124.03M1.59B-610.36M-468.9M-76.45M-216.91M
Debt Issued (Net)-27.43M32.49M53.92M1.2B0-2.26M-5.47M0
Equity Issued (Net)1000K1000K1000K1000K-1000K-1000K-1000K0
Dividends Paid00000000
Share Repurchases00-1.4M-350M-600M-488.45M-59.79M4.65M
Other Financing7.98M11.49M21.7M20.15M-10.36M21.81M-11.18M-216.91M
Net Change in Cash-37.55M2.92M66.65M1.61B-1.56B167.18M111.21M0
Free Cash Flow+-23.3M-30.54M-57.35M24.02M74.94M110.13M96.2M309.6M
FCF Margin %-11.47%-11.99%-18.01%5.6%13%15.89%12.32%34.35%
FCF Growth %--31.08%-87.77%141.88%212.03%46.97%-12.65%221.83%
FCF per Share-0.27-0.29-0.540.220.741.141.022.94
FCF Conversion (FCF/Net Income)-1.05x-0.99x-1.34x-6.83x-7.02x12.10x3.35x1.19x
Interest Paid4.62M012.4M2.34M475K916K1.05M0
Taxes Paid445K0605K921K4.57M2.72M19.67M0

Key Ratios

Metric20182019202020212022202320242025
Return on Equity (ROE)--79.22%--7.71%-8.89%---
Return on Invested Capital (ROIC)-41.7%-17.37%-7.99%-4.05%-2.06%0.7%6.54%15.58%
Gross Margin52.23%52.02%54.29%60.19%63.23%59.02%59.69%59.86%
Net Margin-17.72%-15.85%-13.68%-4.55%-4.82%2.8%10.82%28.76%
Debt / Equity-3.75x-2.53x34.38x---
Interest Coverage-4.32x-3.20x-1.16x-2.99x-3.06x1.33x9.99x8.75x
FCF Conversion-1.05x-0.99x-1.34x-6.83x-7.02x12.10x3.35x1.19x
Revenue Growth-25.44%24.94%34.61%34.48%20.23%12.66%15.48%

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