DigitalOcean Holdings, Inc.
DOCN · Services-Computer Programming, Data Processing, Etc. · 104.4M shares · +26%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $400M (gross $488M, SBC $88M)
Reference price $170.07 · est. market cap ~$17.7B — last insider sale, 2026-06-02 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B70Profitable cloud provider with strong FCF, constrained by negative equity and weak liquidity.
Strengths
- Strong profitability and FCF — operating margin 17.4% (64th), FCF $180.5M (61st)
- High asset returns, earnings growth — ROA 14.1% (76th), net income +206.8% (89th)
- Steady growth — revenue +15.5%
Risks
- Negative equity — ROE -903.7%, D/E -33.83 from debt-funded buybacks
- Weak liquidity — current ratio 0.69 (7th)
- Competes against hyperscalers — per 10-K
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, Bridgewater Associates, LP
- Negative equityNegative book equity (debt/equity -33.83)
- Weak liquidityCurrent ratio 0.69 (<1)
- Customer concentration~60% of revenue from one customer/distributor — As of December 31, 2025, we had approximately 21,000 DNE Customers, collectively, comprising 60% of our total revenue for the year ended December 31, 2025
- Chronic dilutionShare count +26%/yr over 4y (dilution, book value/share -102%)
- Strong balance sheetStrong balance sheet — $254M cash & investments
- AccumulatingInstitutional holders rose 13→14 QoQ (2025-12-31→2026-03-31)
- Insider sellingInsider selling — 26 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$568M, last 6mo) Form 4 ↗
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
59.9%
Operating margin
17.4%
Net margin
28.8%
Return on equity
-903.7%
Return on assets
14.1%
ROIC
13.2%
Revenue growth (QoQ)
6.4%
Net-income growth
206.8%
Debt / equity
-33.8×
Net debt / EBITDA
2.4×
Current ratio
0.7×
Free cash flow
$181M
EBITDA
$294M
Tangible book value
-$477M
Cash & investments
$254M
Stock comp / revenue
8.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | Arora Pratima | Grant | 1.2K | — |
| 2026-06-15 | Keffer Pueo | Grant | 1.2K | — |
| 2026-06-15 | Adelman Warren J | Grant | 1.2K | — |
| 2026-06-15 | SCHNEIDER HILARY | Grant | 1.2K | — |
| 2026-06-15 | JENSON WARREN | Grant | 1.2K | — |
| 2026-06-02 | Steinfort Matt | Sell | 10K | $170.07 |
| 2026-06-01 | Kumar Vinay S. | Tax withheld | 498 | $155.95 |
| 2026-06-01 | Barrett Cherie | Tax withheld | 3.0K | $155.95 |
| 2026-06-01 | Srinivasan Padmanabhan T | Tax withheld | 15K | $155.95 |
| 2026-06-01 | Steinfort Matt | Tax withheld | 25K | $155.95 |
| 2026-05-19 | JENSON WARREN | Sell | 20K | $147.62 |
| 2026-05-19 | JENSON WARREN | Option exercise | 20K | $19.47 |
| 2026-05-15 | Steinfort Matt | Sell | 25K | $152.50 |
| 2026-05-15 | SCHNEIDER HILARY | Sell | 4.3K | $156.38 |
| 2026-05-13 | Access Industries Holdings LLC | Sell | 3.3M | $150.30 |
| 2026-05-13 | Access Industries Holdings LLC | Sell | 21K | $150.30 |
| 2026-05-11 | Access Industries Holdings LLC | Other | 24K | — |
| 2026-05-11 | Access Industries Holdings LLC | Sell | 2.9K | $156.23 |
| 2026-05-11 | Access Industries Holdings LLC | Sell | 15K | $157.18 |
| 2026-05-11 | Access Industries Holdings LLC | Sell | 32K | $157.98 |
| 2026-05-11 | Access Industries Holdings LLC | Sell | 37K | $159.12 |
| 2026-05-11 | Access Industries Holdings LLC | Sell | 23K | $160.12 |
| 2026-05-11 | Access Industries Holdings LLC | Sell | 28K | $161.16 |
| 2026-05-11 | Access Industries Holdings LLC | Sell | 43K | $162.51 |
| 2026-05-07 | Access Industries Holdings LLC | Sell | 34K | $151.55 |
| 2026-05-07 | Access Industries Holdings LLC | Sell | 23K | $152.80 |
| 2026-05-07 | Access Industries Holdings LLC | Sell | 16K | $153.66 |
| 2026-05-07 | Access Industries Holdings LLC | Sell | 12K | $154.81 |
| 2026-05-07 | Access Industries Holdings LLC | Sell | 6.2K | $155.67 |
| 2026-05-07 | Access Industries Holdings LLC | Sell | 100 | $156.33 |
| 2026-05-07 | Access Industries Holdings LLC | Sell | 100 | $161.75 |
| 2026-05-07 | Access Industries Holdings LLC | Sell | 13K | $147.80 |
| 2026-05-07 | Access Industries Holdings LLC | Sell | 39K | $148.67 |
| 2026-05-07 | Access Industries Holdings LLC | Sell | 34K | $149.67 |
| 2026-05-07 | Access Industries Holdings LLC | Sell | 34K | $150.84 |
| 2026-03-31 | Keffer Pueo | Grant | 234 | $66.57 |
| 2026-03-31 | SCHNEIDER HILARY | Grant | 281 | $66.57 |
| 2026-03-20 | Steinfort Matt | Grant | 52K | — |
| 2026-03-20 | Kumar Vinay S. | Grant | 33K | — |
| 2026-03-20 | Barrett Cherie | Grant | 9.3K | — |
| 2026-03-20 | Srinivasan Padmanabhan T | Grant | 131K | — |
| 2026-03-10 | Steinfort Matt | Grant | 52K | — |
| 2026-03-10 | Kumar Vinay S. | Grant | 33K | — |
| 2026-03-10 | Srinivasan Padmanabhan T | Grant | 131K | — |
| 2026-03-10 | Barrett Cherie | Grant | 9.3K | — |
| 2026-03-03 | Steinfort Matt | Sell | 20K | $55.40 |
| 2026-03-02 | Barrett Cherie | Sell | 22K | $54.77 |
| 2026-03-01 | Barrett Cherie | Tax withheld | 3.0K | $56.06 |
| 2026-03-01 | Srinivasan Padmanabhan T | Tax withheld | 9.2K | $56.06 |
| 2026-03-01 | Steinfort Matt | Tax withheld | 32K | $56.06 |
| 2026-02-27 | Barrett Cherie | Grant | 5.7K | — |
| 2026-02-27 | Steinfort Matt | Grant | 67K | — |
| 2026-02-25 | Kumar Vinay S. | Grant | 135K | — |
| 2026-02-25 | Kumar Vinay S. | Grant | 145K | — |
| 2025-12-31 | Keffer Pueo | Grant | 362 | $43.16 |
| 2025-12-31 | Adelman Warren J | Grant | 550 | $43.16 |
| 2025-12-31 | SCHNEIDER HILARY | Grant | 434 | $43.16 |
| 2025-12-31 | JENSON WARREN | Grant | 448 | $43.16 |
| 2025-12-01 | Barrett Cherie | Tax withheld | 2.6K | $44.52 |
| 2025-12-01 | Steinfort Matt | Tax withheld | 23K | $44.52 |
| 2025-12-01 | D'Angelo Lawrence M. | Tax withheld | 4.8K | $44.52 |
| 2025-12-01 | Srinivasan Padmanabhan T | Tax withheld | 12K | $44.52 |
| 2025-09-30 | Keffer Pueo | Grant | 433 | $36.08 |
| 2025-09-30 | Adelman Warren J | Grant | 658 | $36.08 |
| 2025-09-30 | SCHNEIDER HILARY | Grant | 519 | $36.08 |
| 2025-09-30 | JENSON WARREN | Grant | 537 | $36.08 |
| 2025-09-03 | Saha Bratin | Sell | 13K | $31.87 |
| 2025-09-01 | Barrett Cherie | Tax withheld | 2.2K | $32.62 |
| 2025-09-01 | Srinivasan Padmanabhan T | Tax withheld | 12K | $32.62 |
| 2025-09-01 | Saha Bratin | Tax withheld | 12K | $32.62 |
| 2025-09-01 | Steinfort Matt | Tax withheld | 23K | $32.62 |
| 2025-09-01 | D'Angelo Lawrence M. | Tax withheld | 4.8K | $31.08 |
| 2025-06-30 | Adelman Warren J | Grant | 849 | $27.97 |
| 2025-06-30 | JENSON WARREN | Grant | 692 | $27.97 |
| 2025-06-30 | Keffer Pueo | Grant | 558 | $27.97 |
| 2025-06-30 | SCHNEIDER HILARY | Grant | 601 | $27.97 |
| 2025-06-18 | Saha Bratin | Sell | 3.5K | $27.77 |
| 2025-06-17 | Saha Bratin | Tax withheld | 3.6K | $28.15 |
| 2025-06-09 | Adelman Warren J | Grant | 7.0K | — |
| 2025-06-09 | Merritt Christopher | Grant | 335 | — |
| 2025-06-09 | Keffer Pueo | Grant | 7.0K | — |
| 2025-06-09 | JENSON WARREN | Grant | 7.0K | — |
| 2025-06-09 | SCHNEIDER HILARY | Grant | 7.0K | — |
| 2025-06-09 | Butte Amy | Sell | 5.4K | $29.06 |
| 2025-06-09 | Arora Pratima | Grant | 7.0K | — |
| 2025-06-04 | Access Industries Holdings LLC | Sell | 1.5M | $28.60 |
| 2025-06-04 | Access Industries Holdings LLC | Sell | 2.0M | $28.60 |
| 2025-06-03 | Saha Bratin | Sell | 42K | $29.49 |
| 2025-06-01 | D'Angelo Lawrence M. | Tax withheld | 16K | $28.30 |
| 2025-06-01 | Barrett Cherie | Tax withheld | 2.2K | $28.30 |
| 2025-06-01 | Srinivasan Padmanabhan T | Tax withheld | 12K | $28.30 |
| 2025-06-01 | Steinfort Matt | Tax withheld | 23K | $28.30 |
| 2025-06-01 | Saha Bratin | Tax withheld | 44K | $28.30 |
| 2025-05-20 | Saha Bratin | Sell | 3.5K | $30.20 |
| 2025-05-17 | Saha Bratin | Tax withheld | 3.6K | $31.10 |
| 2025-04-21 | Saha Bratin | Sell | 3.5K | $26.86 |
| 2025-04-17 | Saha Bratin | Tax withheld | 3.6K | $27.86 |
| 2025-03-31 | Adelman Warren J | Grant | 657 | $36.13 |
| 2025-03-31 | Keffer Pueo | Grant | 432 | $36.13 |
| 2025-03-31 | JENSON WARREN | Grant | 493 | $36.13 |
| 2025-03-31 | Merritt Christopher | Grant | 345 | $36.13 |
| 2025-03-31 | SCHNEIDER HILARY | Grant | 449 | $36.13 |
| 2025-03-26 | Steinfort Matt | Grant | 41K | — |
| 2025-03-26 | Saha Bratin | Grant | 43K | — |
| 2025-03-26 | D'Angelo Lawrence M. | Grant | 22K | — |
| 2025-03-26 | Barrett Cherie | Grant | 12K | — |
| 2025-03-18 | Saha Bratin | Sell | 3.9K | $36.63 |
| 2025-03-17 | Saha Bratin | Tax withheld | 3.1K | $36.16 |
| 2025-03-04 | Steinfort Matt | Sell | 12K | $40.00 |
| 2025-03-01 | Srinivasan Padmanabhan T | Tax withheld | 43K | $42.85 |
| 2025-03-01 | Barrett Cherie | Tax withheld | 1.7K | $42.85 |
| 2025-03-01 | Steinfort Matt | Tax withheld | 27K | $42.85 |
| 2025-02-25 | Steinfort Matt | Grant | 80K | — |
| 2025-02-19 | Saha Bratin | Sell | 4.5K | $46.08 |
| 2025-02-18 | D'Angelo Lawrence M. | Sell | 11K | $45.00 |
| 2025-02-17 | Saha Bratin | Tax withheld | 2.5K | $44.51 |
| 2025-01-21 | Saha Bratin | Sell | 4.3K | $36.80 |
| 2025-01-17 | Saha Bratin | Tax withheld | 2.7K | $35.27 |
| 2024-12-31 | D'Angelo Lawrence M. | Tax withheld | 2.2K | $34.17 |
| 2024-12-31 | Merritt Christopher | Grant | 247 | $35.41 |
| 2024-12-31 | Keffer Pueo | Grant | 328 | $35.41 |
| 2024-12-31 | JENSON WARREN | Grant | 370 | $35.41 |
| 2024-12-31 | Adelman Warren J | Grant | 550 | $35.41 |
| 2024-12-31 | SCHNEIDER HILARY | Grant | 353 | $35.41 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-17 | Shareholder vote | filing ↗ |
| 2026-05-05 | Material agreementResultsDebt obligationExhibits | filing ↗ |
| 2026-03-26 | OtherExhibits | filing ↗ |
| 2026-02-24 | ResultsExhibits | filing ↗ |
| 2025-11-26 | Exec/director changeReg FD | filing ↗ |
| 2025-11-05 | ResultsExhibits | filing ↗ |
| 2025-08-14 | Material agreementDebt obligation3.02OtherExhibits | filing ↗ |
| 2025-08-05 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-17 | 2026-06-15 | 0001582961-26-000051 ↗ |
| 8-K | 2026-05-05 | 2026-05-04 | 0001582961-26-000045 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001582961-26-000049 ↗ |
| 8-K | 2026-03-26 | 2026-03-24 | 0001104659-26-034746 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0001582961-26-000019 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001582961-26-000015 ↗ |
| 8-K | 2025-11-26 | 2025-11-20 | 0001582961-25-000153 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001582961-25-000150 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001582961-25-000147 ↗ |
| 8-K | 2025-08-14 | 2025-08-11 | 0001193125-25-180799 ↗ |
| 10-Q | 2025-08-05 | 2025-06-30 | 0001582961-25-000138 ↗ |
| 8-K | 2025-08-05 | 2025-08-05 | 0001582961-25-000134 ↗ |