PagerDuty, Inc.
PD · Services-Prepackaged Software · 77.1M shares · +9%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$77M (gross $50M, SBC $127M)
Reference price $6.92 · est. market cap ~$534M — last insider sale, 2026-05-19 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C62Cash-generative ops platform, but decelerating growth, thin operating margin, and high leverage.
Strengths
- Strong gross margin and FCF — gross margin 84.9% (91st), FCF margin 22.7%, FCF $111.9M
- High returns on assets — ROA 17.5% (92nd)
Risks
- Decelerating growth — revenue +5.4% (18th)
- Earnings/margin optics — net margin 35.2% one-off-flattered; operating margin only 1.2%
- Elevated leverage — D/E 1.66 (84th) from convertibles
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~10% of revenue from one customer/distributor — Our 10 largest customers represented approximately 2% of our revenue for the fiscal year ended January 31, 2026, and no single customer represented more than 10% of our revenue in the same period, hig
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, Bridgewater Associates, LP, ARK Investment Management LLC
- Chronic dilutionShare count +9%/yr over 4y (dilution, book value/share -33%)
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, FMR LLC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 2 open-market sale(s) by 1 insider(s) (~$3M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
84.9%
Operating margin
1.2%
Net margin
35.2%
Return on equity
68.4%
Return on assets
17.5%
ROIC
0.7%
Revenue growth (QoQ)
-3.1%
Debt / equity
1.7×
Net debt / EBITDA
-2.6×
Current ratio
2.0×
Free cash flow
$112M
EBITDA
$19M
Tangible book value
$101M
Cash & investments
$470M
Stock comp / revenue
19.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-18 | Stewart Bonita C. | Grant | 22K | — |
| 2026-06-18 | FRANKLIN SARAH JOYCE | Grant | 22K | — |
| 2026-06-18 | Carlson Teresa | Grant | 22K | — |
| 2026-06-18 | Gomez Elena | Grant | 22K | — |
| 2026-06-18 | Losch William E | Grant | 22K | — |
| 2026-06-18 | CARTY DONALD J | Grant | 22K | — |
| 2026-06-18 | NELSON ZACHARY | Grant | 22K | — |
| 2026-06-18 | Murthy Rathi | Grant | 22K | — |
| 2026-05-19 | Tejada Jennifer | Sell | 105K | $6.92 |
| 2026-05-19 | Tejada Jennifer | Option exercise | 105K | $2.00 |
| 2026-05-18 | Tejada Jennifer | Option exercise | 358K | $2.00 |
| 2026-05-18 | Tejada Jennifer | Sell | 358K | $6.98 |
| 2026-05-11 | DiLullo John D | Grant | 824K | — |
| 2026-04-02 | Underwood Paul D. | Tax withheld | 3.3K | $6.40 |
| 2026-04-02 | Underwood Paul D. | Grant | 25K | — |
| 2026-04-02 | Tejada Jennifer | Grant | 530K | — |
| 2026-04-02 | Wilson Howard | Tax withheld | 18K | $6.40 |
| 2026-04-02 | Tejada Jennifer | Tax withheld | 69K | $6.40 |
| 2026-02-09 | Aronson Scott Matthew | Grant | 58K | — |
| 2026-01-09 | Underwood Paul D. | Grant | 42K | — |
| 2026-01-02 | Underwood Paul D. | Grant | 42K | — |
| 2026-01-02 | Underwood Paul D. | Tax withheld | 2.2K | $12.39 |
| 2026-01-02 | Underwood Paul D. | Tax withheld | 2.2K | $12.39 |
| 2026-01-02 | Wilson Howard | Tax withheld | 19K | $12.39 |
| 2026-01-02 | Tejada Jennifer | Tax withheld | 58K | $12.39 |
| 2026-01-02 | Underwood Paul D. | Tax withheld | 2.2K | $12.39 |
| 2025-12-30 | Solomon Dan Alexandru | Sell | 267K | $13.35 |
| 2025-10-10 | Tejada Jennifer | Gift | 63K | — |
| 2025-10-10 | Tejada Jennifer | Gift | 31K | — |
| 2025-10-10 | Tejada Jennifer | Gift | 31K | — |
| 2025-10-09 | Tejada Jennifer | Gift | 9.0K | — |
| 2025-10-09 | Tejada Jennifer | Gift | 9.0K | — |
| 2025-10-09 | Tejada Jennifer | Gift | 18K | — |
| 2025-10-09 | Tejada Jennifer | Gift | 13K | — |
| 2025-10-09 | Tejada Jennifer | Gift | 13K | — |
| 2025-10-09 | Tejada Jennifer | Gift | 27K | — |
| 2025-10-09 | Tejada Jennifer | Gift | 8.9K | — |
| 2025-10-09 | Tejada Jennifer | Gift | 8.9K | — |
| 2025-10-09 | Tejada Jennifer | Gift | 18K | — |
| 2025-10-02 | Wilson Howard | Tax withheld | 25K | $16.47 |
| 2025-10-02 | Solomon Dan Alexandru | Tax withheld | 643 | $16.47 |
| 2025-10-02 | Tejada Jennifer | Tax withheld | 69K | $16.47 |
| 2025-10-02 | Underwood Paul D. | Tax withheld | 1.9K | $16.47 |
| 2025-07-25 | Solomon Dan Alexandru | Sell | 48 | $18.00 |
| 2025-07-02 | Tejada Jennifer | Tax withheld | 14K | $15.72 |
| 2025-07-02 | Solomon Dan Alexandru | Tax withheld | 377 | $15.72 |
| 2025-07-02 | Solomon Dan Alexandru | Tax withheld | 326 | $15.72 |
| 2025-07-02 | Wilson Howard | Tax withheld | 4.8K | $15.72 |
| 2025-07-02 | Wilson Howard | Tax withheld | 5.3K | $15.72 |
| 2025-07-02 | Wilson Howard | Tax withheld | 5.8K | $15.72 |
| 2025-07-02 | Wilson Howard | Tax withheld | 7.4K | $15.72 |
| 2025-07-02 | Wilson Howard | Tax withheld | 1.9K | $15.72 |
| 2025-07-02 | Tejada Jennifer | Tax withheld | 9.9K | $15.72 |
| 2025-07-02 | Tejada Jennifer | Tax withheld | 10K | $15.72 |
| 2025-07-02 | Tejada Jennifer | Tax withheld | 18K | $15.72 |
| 2025-07-02 | Tejada Jennifer | Tax withheld | 16K | $15.72 |
| 2025-06-26 | FRANKLIN SARAH JOYCE | Grant | 12K | — |
| 2025-06-26 | Carlson Teresa | Grant | 12K | — |
| 2025-06-26 | Losch William E | Grant | 12K | — |
| 2025-06-26 | Murthy Rathi | Grant | 12K | — |
| 2025-06-26 | Stewart Bonita C. | Grant | 12K | — |
| 2025-06-26 | Gomez Elena | Grant | 12K | — |
| 2025-06-26 | NELSON ZACHARY | Grant | 12K | — |
| 2025-06-26 | Solomon Dan Alexandru | Grant | 12K | — |
| 2025-04-28 | CARTY DONALD J | Grant | 29K | — |
| 2025-04-02 | Solomon Dan Alexandru | Tax withheld | 408 | $18.31 |
| 2025-04-02 | Solomon Dan Alexandru | Tax withheld | 366 | $18.31 |
| 2025-04-02 | Tejada Jennifer | Grant | 388K | — |
| 2025-04-02 | Tejada Jennifer | Tax withheld | 7.6K | $18.31 |
| 2025-04-02 | Tejada Jennifer | Tax withheld | 9.9K | $18.31 |
| 2025-04-02 | Tejada Jennifer | Tax withheld | 10K | $18.31 |
| 2025-04-02 | Tejada Jennifer | Tax withheld | 18K | $18.31 |
| 2025-04-02 | Tejada Jennifer | Tax withheld | 56K | $18.31 |
| 2025-04-02 | Wilson Howard | Grant | 175K | — |
| 2025-04-02 | Wilson Howard | Tax withheld | 1.6K | $18.31 |
| 2025-04-02 | Wilson Howard | Tax withheld | 3.4K | $18.31 |
| 2025-04-02 | Wilson Howard | Tax withheld | 4.6K | $18.31 |
| 2025-04-02 | Wilson Howard | Tax withheld | 5.8K | $18.31 |
| 2025-04-02 | Wilson Howard | Tax withheld | 7.5K | $18.31 |
| 2025-03-27 | Wilson Howard | Grant | 44K | — |
| 2025-03-27 | Tejada Jennifer | Grant | 329K | — |
| 2025-01-28 | Tejada Jennifer | Option exercise | 600 | $2.00 |
| 2025-01-28 | Tejada Jennifer | Sell | 1.6K | $20.00 |
| 2025-01-28 | Wilson Howard | Sell | 600 | $20.00 |
| 2025-01-06 | WEBB SHELLEY | Sell | 7.9K | $18.19 |
| 2025-01-02 | WEBB SHELLEY | Tax withheld | 9.6K | $18.00 |
| 2025-01-02 | Solomon Dan Alexandru | Tax withheld | 861 | $18.00 |
| 2025-01-02 | Wilson Howard | Tax withheld | 13K | $18.00 |
| 2025-01-02 | Tejada Jennifer | Tax withheld | 38K | $18.00 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-22 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-06-22 | Shareholder vote | filing ↗ |
| 2026-05-28 | ResultsOtherExhibits | filing ↗ |
| 2026-05-11 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-03-12 | ResultsExhibits | filing ↗ |
| 2026-02-04 | Exec/director changeExhibits | filing ↗ |
| 2026-01-20 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-12-31 | Exec/director change | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-22 | 0001568100-26-000033 ↗ |
| 8-K | 2026-06-22 | 2026-06-18 | 0001568100-26-000035 ↗ |
| 8-K | 2026-05-28 | 2026-05-27 | 0001568100-26-000030 ↗ |
| 10-Q | 2026-05-28 | 2026-04-30 | 0001568100-26-000031 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001140361-26-020610 ↗ |
| 10-K | 2026-03-12 | 2026-01-31 | 0001568100-26-000012 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0001568100-26-000011 ↗ |
| 8-K | 2026-02-04 | 2026-02-01 | 0001568100-26-000005 ↗ |
| 8-K | 2026-01-20 | 2026-01-15 | 0001568100-26-000003 ↗ |
| 8-K | 2025-12-31 | 2025-12-30 | 0001568100-25-000109 ↗ |
| 10-Q | 2025-11-26 | 2025-10-31 | 0001568100-25-000107 ↗ |
| 8-K | 2025-11-25 | 2025-11-22 | 0001568100-25-000106 ↗ |