ServiceTitan, Inc.

Recently-public vertical SaaS growing strongly, FCF-positive but still GAAP-unprofitable.

Strengths

• Strong growth — revenue +24.5% (72nd)
• Free-cash-flow positive, no debt — FCF $105.4M (38th), D/E 0.00
• Strong liquidity — current ratio 3.49 (85th)

Risks

• GAAP losses — operating margin -17.6%, net margin -16.6%
• Negative returns — ROE -10.5%
• Trades-services end-market sensitivity — per 10-K

Notable findings

• Restatement• The multi-class structure of our common stock has the effect of concentrating voting power with Ara Mahdessian and Vahe Kuzoyan (our “Co-Founders”), which will limit your ability to influence the ou 8-K ↗
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
• Net lossNet loss (net margin -16.6%)
• Material weakness• We cannot guarantee that our internal control over financial reporting will continue to be effective or that we will not experience material weaknesses in the future, which could result in an advers
• Chronic dilutionShare count +9%/yr over 1y (dilution, book value/share -4%)
• Strong balance sheetStrong balance sheet — $429M cash & investments
• Insider sellingInsider selling — 97 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$28M, last 6mo) Form 4 ↗
• Notable holderHeld by 5 notable fund(s): FMR LLC, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)