Couchbase To Turn Cash Flow Positive Next Year - Analyst Sees Market Share Gains
Couchbase To Turn Cash Flow Positive Next Year - Analyst Sees Market Share Gains
Bracelin forecasts revenue, Piper Sandler analyst Brent A. Bracelin initiated coverage on Couchbase, Inc. (NASDAQ:BASE) with an Overweight rating and a price forecast of $22.
派杰投资分析师Brent A. Bracelin对Couchbase, Inc. (NASDAQ:BASE)进行了覆盖，给出了超配评级和22美元的价格预测。
According to the analyst, the potential for upside includes the possibility of ARR growth reacceleration next year due to a shift towards Capella, improved operating efficiency that could make free cash flow positive next year, and significant market share gains in a large $100 billion market.
根据分析师的观点，上行潜力包括由于向Capella转移，未来ARR增长的重新加速，能够使自由现金流状况呈正态和在一个占据1000亿美元的市场中获得重大份额的可能性。
Additionally, the company has a favorable risk-reward profile with a 3.5x CY26E EV/S and 27x EV/FCF.
此外，该公司具有良好的风险回报率，CY26E EV/S和27倍的EV/FCF为3.5倍。
Bracelin forecasts revenue, margin, and multiple expansion potential over 12-24 months.
Bracelin预测在12-24个月内实现营业收入、毛利率和多个扩张潜力。
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Couchbase has carved out a niche at the top end of the database market, serving large and complex applications for Fortune 500 companies such as Walmart, United Parcel Service, Electronic Arts, GE Aerospace, Dow Chemical, Unilever PLC, Cisco Systems, PayPal Holdings, and Domino's Pizza.
Couchbase在数据库市场的高端开辟了自己的一片天地，为沃尔玛、联合包裹、艺电、通用电气、陶氏化学、联合利华(英国)、思科、paypal、达美乐披萨等财富500强公司的大型和复杂应用提供服务。
Last quarter, the average ARR per customer surpassed $250K across over 800 customers, the analyst adds.
分析师补充说，上季度在超过800个客户中，平均ARR每个客户超过了25万美元。
Although macroeconomic challenges might slow ARR growth to 16% in the second half, the analyst views this as a temporary issue and anticipates a return to growth above 20% next year.
尽管宏观经济方面的挑战可能会减缓ARR增长至下半年的16%，但是分析师认为这是一个暂时的问题，并预计明年增长将超过20%。
Meanwhile, gross margin has consistently remained strong, ranging from 86% to 90% over the past four years.
与此同时，毛利率始终保持稳定，过去四年波动在86%到90%之间。
The analyst expects FY25 revenues of $206.7 million, with earnings per share of $(0.39).
分析师预计2025财年营收为206.7百万美元，每股亏损（0.39）美元。
The analyst projects FY26 revenues of $232.3 million, with earnings per share of $(0.21).
分析师预计2026财年营收为232.3百万美元，每股亏损（0.21）美元。
Price Action: BASE shares are trading higher by 1.37% to $18.16 at last check Friday.
基于上述内容，截至上周五最后交易日，BASE股票上涨1.37%，报18.16美元。
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