Digitalocean Holdings, Inc. key statistics and ratios

In fiscal 2025, Digitalocean Holdings, Inc. had an operating margin of 17.4% and a current ratio of 0.69. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Digitalocean Holdings, Inc.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	52.0%	54.3%	60.2%	63.2%	57.4%	59.7%	59.9%	54.7%
Operating margin	−11.7%	−5.0%	−2.6%	−4.5%	1.7%	11.7%	17.4%	12.5%
Net margin	−15.9%	−13.7%	−4.6%	−4.8%	2.8%	10.8%	28.8%	3.1%
Free-cash-flow margin	−5.3%	−12.5%	8.4%	15.4%	16.7%	13.4%	20.0%	22.1%
Return on equity	—	—	−7.7%	−8.9%	—	—	—	4.9%
Return on assets	—	−10.1%	−1.5%	−1.4%	1.2%	5.5%	14.9%	1.2%
Asset turnover	—	0.74	0.34	0.29	0.42	0.50	0.52	0.40
Current ratio	—	1.75	30.39	5.72	2.61	2.45	0.69	1.15
Debt to equity	—	—	253.0%	>999%	—	—	—	32.9%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	1.3x	10.0x	8.8x	3.2x
Effective tax rate	—	—	—	—	27.5%	13.5%	−25.5%	28.2%
R&D as % of revenue	23.5%	23.5%	27.0%	25.0%	19.8%	18.3%	17.9%	19.0%
Capital spending as % of revenue	21.0%	30.9%	22.7%	18.5%	17.2%	22.8%	14.3%	11.9%
Free cash flow ÷ net income	—	—	—	—	595.8%	123.7%	69.6%	712.6%
Dividends and buybacks ÷ free cash flow	—	—	971.2%	676.0%	422.4%	57.2%	45.5%	0.0%

US$ thousands unless shown otherwise. Fiscal quarters.

Digitalocean Holdings, Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	61.5%	61.4%	59.9%	59.6%	58.7%	56.1%	55.0%	50.1%
Operating margin	15.9%	17.9%	16.3%	19.6%	16.0%	14.2%	10.4%	10.3%
Net margin	8.9%	18.1%	16.9%	69.0%	10.6%	6.1%	12.6%	−13.3%
Free-cash-flow margin	12.7%	1.0%	27.1%	38.3%	12.8%	2.7%	24.3%	42.9%
Current ratio	2.45	2.42	2.27	1.13	0.69	1.46	1.31	1.15
Debt to equity	—	—	—	—	—	103.6%	99.0%	32.6%
R&D as % of revenue	19.7%	18.8%	18.1%	16.6%	18.3%	18.9%	20.5%	18.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 7 checks passed · September 30, 2026

What it owns · $3.7bn

Short-term assets $1.1bnLonger-term assets $2.7bn

What it owes, and who funded it · $3.7bn

Short-term liabilities $927mLonger-term liabilities $1.4bnShareholders' equity $1.4bn

Short-term assets cover short-term liabilities $1.1bn of assets due within a year against $927m of liabilities due within a year.
Short-term assets cover long-term liabilities $1.1bn short-term assets against $1.4bn of longer-dated liabilities.
More cash than debt $666m of cash against $462m of debt.
Debt below 40% of shareholders' equity Debt is 33% of equity.
Debt burden no higher than five years ago Debt to equity moved from 343% to 33% over five years.
A year's operating cash flow covers at least 20% of debt $375m of operating cash flow against $462m of debt.
Operating profit covers interest at least five times over Operating income of $138m against $43m of interest.

From Digitalocean Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

42 /100

Weak moat

How hard Digitalocean Holdings's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 11 / 20

Cash operating profit has been a median 8.8% of total assets over 5 years.
Pricing power 19 / 20

Gross margin has been a median 58.7%, moving by 2.6 percentage points (standard deviation) across 6 years.
Durability 0 / 20

Operating margin has been a median 4.7%; its worst year was -4.6%.
Cash conversion 18 / 20

Free cash flow was positive in 6 of 6 years, at a median 15.2% of revenue.
Discipline 0 / 20

The diluted share count rose 51.7% over five years; stock-based pay has been a median 11.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (47 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Digitalocean Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Digitalocean Holdings, Inc.