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Financials (2026)
Revenue
$4.8B
Revenue Growth YoY
21.7%
EBITDA
negative
Net Income
$-163M
Stock Price
—
Market Cap
—
Stock-Based Compensation (2026)
SBC Expense
$1.1B
SBC % of Revenue
22.8%
SBC % of EBITDA
neg EBITDA
SBC % of Market Cap
—
Buybacks
—
Unrecognized SBC
—
SBC % of Revenue — Historical
SBC vs Buybacks ($M) — Historical
SBC % Revenue vs SBC % Market Cap
Revenue-based SBC % is the P&L view. Market-cap-based % is the shareholder dilution view — how much of the company is given away each year.
Market Cap vs Cumulative SBC
Total SBC expense paid since earliest data year vs current market cap. Shows the cumulative cost of stock-based compensation relative to company size.
GAAP vs "Adjusted" Earnings
GAAP net income already includes SBC as a real expense. But many companies highlight "adjusted" earnings that add SBC back, flattering profitability. The orange gap shows how much non-GAAP metrics overstate real earnings each year.
Ownership Retained Over Time
100 = your original ownership at the earliest data year. Net share issuance drives this down.
Annual Gross Dilution vs Buyback Offset
Red = gross share issuance from SBC. Green = shares retired via buybacks. Both as % of prior-year shares.
Year-by-Year Detail
Year SBC ($) Revenue ($) EBITDA ($) SBC % Rev SBC % EBITDA Rev Growth Buybacks ($) Net Income ($) Shares (EOY) Price (EOY) Market Cap SBC % MCap Unrecognized SBC ($)
2026 $1.1B $4.8B $-43M 22.8% neg 21.7% — $-163M 253,614,090 — — — —
2025 $861M $4.0B $68M 21.8% 1275.7% 29.4% — $-15M 247,873,415 — — — —
2024 $649M $3.1B $125M 21.2% 519.6% 36.3% — $72M 229,383,465 — — — —
2023 $527M $2.2B $-113M 23.5% neg 54.4% — $-183M 222,937,242 — — — —
2022 $310M $1.5B $-88M 21.4% neg 66.0% — $-235M 210,058,133 — — — —
2021 $150M $874M $-54M 17.1% neg 81.6% $0 $-93M 195,247,309 — — — —
2020 $80M $481M $-123M 16.6% neg 92.7% $0 $-142M 0 — — — —
2019 $21M $250M $-122M 8.2% neg 110.4% $2M $-140M 47,421,000 — — — —
2018 IPO $12M $119M $-124M 10.4% neg — $0 $-135M — — — — —