undamentalytics Newsletter
Sign in

Descartes Systems Group Inc (DSGX) stock

Add to watchlist

Add holding +

NASDAQ: DSGX Nasdaq Application Software Next results ~December 2, 2026

B+ Fundamentals grade

Descartes Systems Group Inc is a US-listed company in the application software industry. Its financial year ends in January.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$83

Cash-flow model

Base case. Range ~$64–$110 across our lower- and higher-growth cases (7%–17% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 10% above our base value.

Price used: $91.40, November 2, 2026

Descartes Systems Group Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Descartes Systems Group files

Where Descartes Systems stands after its latest Filing

Revenue for the twelve months was $729m, up 12.0% on a year earlier, slower than the 13.6% growth a quarter earlier. Free-cash-flow margin held at 35.7%. Operating margin widened to 28.8% from 20.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $82.84 a share, against a share price of $90.62. At that price, our model says the market is pricing in about 13.7% a year of cash-flow growth for five years, slower than the 17.5% a year revenue growth it has delivered.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 2, 2026 (estimated)

Descartes Systems Group Inc's trailing-twelve-month revenue grew 12.0% year on year, with a free-cash-flow margin of 35.7%. Where it stands out: operating margin of 28.8% ranks 14 of 181 application software companies we cover.

Our discounted-cash-flow model values the business at ~$83 per share in the base case (~$64–$110 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 9% in the quarter to 2026-07-31, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 28.8% of revenue is left as operating profit, against a median of 1.1% for application software companies we cover.
  • Strong cash generation. 35.7% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.4bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Weakest spot: change in growth rate. Change in growth rate of -1.6pp ranks 133 of 184 application software companies we cover (median +0.2pp).

Latest results

Earnings per share
$0.80 against an average estimate of $0.74: beat by 9.2%
Next report
December 2, 2026; average EPS estimate $0.70

Descartes Systems Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.9%
  • 1 week-3.6%
  • 1 month+14.1%
  • This year+4.3%
  • 1 year+3.6%
  • 5 years+10.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$729M
Operating margin
28.8%
Net margin
22.5%
EPS (TTM, diluted)
$1.87

Growth

Revenue growth
+12.0%
Change in growth rate
−1.6 pts
Share count change
+0.3%

Cash

Free cash flow (TTM)
$261M
FCF margin
35.7%
Stock pay % of revenue
2.9%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for DSGX from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Descartes Systems Group Inc valuation models and calculator

What the price is pricing in

The share price implies about 13.4% a year of cash-flow growth for five years.That is close to the 17.5% a year revenue growth Descartes Systems Group has delivered.

  • Priced in13.4%
  • Last 12 months12.0%
  • 5 years a year17.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($89.26, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$83
Price used
$89.26close November 3, 2026
Implied change
▼ 7%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Descartes Systems Group Inc's free cash flow after stock-based pay with after-tax interest added back ($232M, FY2026 Q4 TTM), growing 12% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$64–~$110 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Descartes Systems Group Inc's free cash flow after stock-based pay ( $232M, FY2026 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Descartes Systems Group Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.98 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$83 ~$64–$110 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$47 ~$39–$78 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$22 ~$15–$33 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$22 ~$19–$26 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$51 ~$22–$83 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Descartes Systems Group Inc with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +9%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $43$57$75$100$131$172
8.5% $34$44$57$75$97$126
10% $28$36$46$60$77$99

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202420252026
Share price$17.80$21.85$28.35$31.06$44.81$61.06$72.77$87.59$115.83$74.76
Market value$1.4bn$1.7bn$2.2bn$2.4bn$3.7bn$5.2bn$6.3bn$7.6bn$10.1bn$6.5bn
+ Net debt (− = net cash)−$37m−$38m$2m−$2m−$44m−$134m−$213m$0−$236m−$357m
Enterprise value$1.3bn$1.6bn$2.2bn$2.4bn$3.7bn$5.1bn$6.1bn$7.6bn$9.9bn$6.2bn
Multiples
Price / sales 7.4x8.2x9.2x8.8x11.4x15.0x14.8x13.3x15.5x9.0x
Price / earnings 66.1x70.1x81.3x77.3x100.4x100.5x72.7x65.6x70.6x40.0x
Price / free cash flow 27.2x24.7x32.6x33.2x37.4x41.1x36.6x37.6x47.6x25.1x
EV / EBITDA 42.0x47.6x54.7x52.5x62.9x66.1x55.8x51.3x52.9x28.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

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

Forecasts and guidance

Next results: December 2, 2026, after the close. Analysts expect revenue of $215m and EPS of $0.70 (range $0.58 to $0.83) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.82 −1% $831m +14%
Next $3.40 +21% $937m +13%

Next year's EPS estimate has moved +4.6% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −4.0% on 90 days ago. In the last 30 days, 4 analysts raised Descartes Systems Group Inc's forecast and 1 cut it.

Consensus EPS forecast Descartes Systems Group Inc, last 90 days
$2.80 $3.00 $3.20 $3.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.93 Current fiscal year, 60 days ago: $2.93 Current fiscal year, 30 days ago: $2.92 Current fiscal year, 7 days ago: $2.92 Current fiscal year, Now: $2.82 $2.82 Next fiscal year, 90 days ago: $3.25 Next fiscal year, 60 days ago: $3.25 Next fiscal year, 30 days ago: $3.21 Next fiscal year, 7 days ago: $3.30 Next fiscal year, Now: $3.40 $3.40

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.93$3.25
60 days ago $2.93$3.25
30 days ago $2.92$3.21
7 days ago $2.92$3.30
Now $2.82$3.40

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.74 $0.80 +9.2%
Apr 2026 $0.63 $0.77 +23.5%
Jan 2026 $0.56 $0.76 +35.1%
Oct 2025 $0.60 $0.74 +21.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

14 analysts, Oct 2026
Buy1393%
Hold17%
Sell00%

Monthly trend

  1. Oct 202667114
  2. Sep 202667114
  3. Aug 202667114
  4. Jul 20267715

Counts of recommendations published by analysts covering Descartes Systems Group Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
—
of tradable shares
Days to cover
2.52
at average volume
Short interest, 1 month
−23%
to October 15, 2026
Held by institutions
93%
of shares
Held by insiders
0.1%
of shares
Employees
2,364
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DSGX+41%−16%+21%+35%−23%+4%
Industry peers (median)−8%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DSGX75%58%50%67%42%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DSGX−16%−31%−15%−10%−35%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 49% from February 10, 2025 to February 23, 2026. Getting back needed a 95% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$62.82 – $94.87
From 52-week high
−3.7%
vs 50-day average
+10.7%
vs 200-day average
+22.3%
Volatility (1 year)
41%
Beta vs S&P 500
0.33

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Descartes Systems Group Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Descartes Systems Group Inc in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Descartes Systems Group Inc
$0 $200M $400M $600M $800M FY14 Q4 FY17 Q4 FY20 Q4 FY26 Q4 Revenue (TTM), FY14 Q4: $151.3M Revenue (TTM), FY15 Q4: $170.9M Revenue (TTM), FY16 Q4: $185M Revenue (TTM), FY17 Q4: $203.8M Revenue (TTM), FY18 Q4: $237.4M Revenue (TTM), FY19 Q4: $275.2M Revenue (TTM), FY20 Q4: $325.8M Revenue (TTM), FY21 Q4: $348.7M Revenue (TTM), FY22 Q4: $424.7M Revenue (TTM), FY24 Q4: $572.9M Revenue (TTM), FY25 Q4: $651M Revenue (TTM), FY26 Q4: $729M $729M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY14 Q4 $151.3M
FY15 Q4 $170.9M
FY16 Q4 $185M
FY17 Q4 $203.8M
FY18 Q4 $237.4M
FY19 Q4 $275.2M
FY20 Q4 $325.8M
FY21 Q4 $348.7M
FY22 Q4 $424.7M
FY24 Q4 $572.9M
FY25 Q4 $651M
FY26 Q4 $729M
Revenue growth, TTM YoY Descartes Systems Group Inc
0% 10% 20% 30% FY13 Q4 FY16 Q4 FY19 Q4 FY26 Q4 Revenue growth, TTM YoY, FY13 Q4: 11.3% Revenue growth, TTM YoY, FY14 Q4: 19.2% Revenue growth, TTM YoY, FY15 Q4: 12.9% Revenue growth, TTM YoY, FY16 Q4: 8.3% Revenue growth, TTM YoY, FY17 Q4: 10.2% Revenue growth, TTM YoY, FY18 Q4: 16.5% Revenue growth, TTM YoY, FY19 Q4: 15.9% Revenue growth, TTM YoY, FY20 Q4: 18.4% Revenue growth, TTM YoY, FY21 Q4: 7.0% Revenue growth, TTM YoY, FY22 Q4: 21.8% Revenue growth, TTM YoY, FY25 Q4: 13.6% Revenue growth, TTM YoY, FY26 Q4: 12.0% 12.0%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY13 Q4 11.3%
FY14 Q4 19.2%
FY15 Q4 12.9%
FY16 Q4 8.3%
FY17 Q4 10.2%
FY18 Q4 16.5%
FY19 Q4 15.9%
FY20 Q4 18.4%
FY21 Q4 7.0%
FY22 Q4 21.8%
FY25 Q4 13.6%
FY26 Q4 12.0%
Operating margin (TTM) Descartes Systems Group Inc
0% 10% 20% 30% FY14 Q4 FY17 Q4 FY20 Q4 FY26 Q4 Operating margin (TTM), FY14 Q4: 9.7% Operating margin (TTM), FY15 Q4: 13.2% Operating margin (TTM), FY16 Q4: 15.2% Operating margin (TTM), FY17 Q4: 15.1% Operating margin (TTM), FY18 Q4: 15.1% Operating margin (TTM), FY19 Q4: 15.1% Operating margin (TTM), FY20 Q4: 16.0% Operating margin (TTM), FY21 Q4: 20.5% Operating margin (TTM), FY22 Q4: 24.4% Operating margin (TTM), FY24 Q4: 24.9% Operating margin (TTM), FY25 Q4: 27.8% Operating margin (TTM), FY26 Q4: 28.8% 28.8%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY14 Q4 9.7%
FY15 Q4 13.2%
FY16 Q4 15.2%
FY17 Q4 15.1%
FY18 Q4 15.1%
FY19 Q4 15.1%
FY20 Q4 16.0%
FY21 Q4 20.5%
FY22 Q4 24.4%
FY24 Q4 24.9%
FY25 Q4 27.8%
FY26 Q4 28.8%
FCF margin (TTM) Descartes Systems Group Inc
25% 30% 35% 40% 45% FY14 Q4 FY17 Q4 FY20 Q4 FY26 Q4 FCF margin (TTM), FY14 Q4: 26.6% FCF margin (TTM), FY15 Q4: 27.4% FCF margin (TTM), FY16 Q4: 27.0% FCF margin (TTM), FY17 Q4: 33.2% FCF margin (TTM), FY18 Q4: 28.2% FCF margin (TTM), FY19 Q4: 26.5% FCF margin (TTM), FY20 Q4: 30.5% FCF margin (TTM), FY21 Q4: 36.6% FCF margin (TTM), FY22 Q4: 40.3% FCF margin (TTM), FY24 Q4: 35.3% FCF margin (TTM), FY25 Q4: 32.6% FCF margin (TTM), FY26 Q4: 35.7% 35.7%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY14 Q4 26.6%
FY15 Q4 27.4%
FY16 Q4 27.0%
FY17 Q4 33.2%
FY18 Q4 28.2%
FY19 Q4 26.5%
FY20 Q4 30.5%
FY21 Q4 36.6%
FY22 Q4 40.3%
FY24 Q4 35.3%
FY25 Q4 32.6%
FY26 Q4 35.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 40-F, 40-F/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Descartes Systems Group took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $729M
  2. Other income $7.1M · 1.0%
  3. Cost of revenue $167M · 22.9%
  4. Gross profit $562M · 77.1%
  5. Research and development $105M · 14.4%
  6. Selling, general and admin $155M · 21.3%
  7. Other operating costs $91.6M · 12.6%
  8. Operating income $210M · 28.8%
  9. Income tax $53.3M · 7.3%
  10. Net income $164M · 22.5%

Shares of revenue. Source: Descartes Systems Group's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

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

Fiscal year 2010 Jan 2010 2011 Jan 2011 2012 Jan 2012 2013 Jan 2013 2014 Jan 2014 2015 Jan 2015 2016 Jan 2016 2017 Jan 2017 2018 Jan 2018 2019 Jan 2019 2020 Jan 2020 2021 Jan 2021 2022 Jan 2022 2024 Jan 2024 2025 Jan 2025 2026 Jan 2026
Income
Revenue 74 99 114 127 151 171 185 204 237 275 326 349 425 573 651 729
Gross profit 51 65 76 84 102 116 131 148 174 200 240 259 323 435 492 562
EBITDA 8 10 18 20 18 26 31 34 40 46 58 77 109 148 187 216
Operating income 6 8 15 17 15 23 28 31 36 41 52 71 103 143 181 210
Net income 14 12 12 16 10 15 21 24 27 31 37 52 86 116 143 164
Diluted EPS $0.25 $0.18 $0.19 $0.25 $0.15 $0.21 $0.27 $0.31 $0.35 $0.40 $0.45 $0.61 $1.00 $1.34 $1.64 $1.87
Growth (year on year)
Revenue — +34.4% +14.9% +11.3% +19.2% +12.9% +8.3% +10.2% +16.5% +15.9% +18.4% +7.0% +21.8% +34.9% +13.6% +12.0%
EBITDA — +23.1% +74.1% +13.5% −10.0% +43.2% +21.7% +9.1% +16.5% +15.0% +26.8% +32.3% +40.7% +36.6% +25.9% +15.6%
Operating income — +21.2% +96.8% +12.9% −14.7% +53.9% +24.5% +9.3% +16.9% +15.5% +26.1% +36.6% +44.9% +38.1% +26.8% +15.9%
Net income — −19.6% +4.2% +33.0% −39.9% +56.7% +36.5% +15.9% +12.8% +16.4% +18.3% +40.8% +65.6% +34.3% +23.6% +14.3%
Diluted EPS — −28.0% +5.6% +31.6% −40.0% +40.0% +28.6% +14.8% +12.9% +14.3% +12.5% +35.6% +63.9% +34.0% +22.4% +14.0%
Margins
Gross margin 68.8% 65.8% 66.4% 66.6% 67.6% 67.9% 70.9% 72.5% 73.2% 72.7% 73.7% 74.2% 76.0% 75.9% 75.6% 77.1%
EBITDA margin 11.2% 10.2% 15.5% 15.8% 11.9% 15.1% 17.0% 16.8% 16.8% 16.7% 17.9% 22.1% 25.6% 25.9% 28.7% 29.6%
Operating margin 8.7% 7.8% 13.4% 13.6% 9.7% 13.2% 15.2% 15.1% 15.1% 15.1% 16.0% 20.5% 24.4% 24.9% 27.8% 28.8%
Net margin 19.5% 11.6% 10.6% 12.6% 6.4% 8.8% 11.1% 11.7% 11.3% 11.4% 11.4% 14.9% 20.3% 20.2% 22.0% 22.5%
Free-cash-flow margin 20.2% 18.4% 16.8% 21.2% 26.6% 27.4% 27.0% 33.2% 28.2% 26.5% 30.5% 36.6% 40.3% 35.3% 32.6% 35.7%
Cash flow
Cash from operations 17 20 24 30 43 49 54 73 72 78 104 131 176 208 219 266
Capital spending 2 2 5 3 2 3 4 5 5 5 5 4 5 6 7 6
Free cash flow 15 18 19 27 40 47 50 68 67 73 99 127 171 202 213 261
Stock-based pay 3 1 1 1 3 2 2 2 3 4 5 6 11 16 20 21
Free cash flow after stock pay 12 17 18 26 38 45 48 66 64 69 94 121 160 186 193 240
Balance sheet
Cash 90 70 66 38 63 118 37 38 35 27 44 134 213 — 236 357
Total debt 0 0 0 0 40 — 0 0 37 25 — 0 0 — 0 0
Net debt (negative = net cash) −90 −70 −66 −38 −22 −118 −37 −38 2 −2 −44 −134 −213 — −236 −357
Diluted shares 56m 63m 63m 64m 64m 72m 76m 77m 77m 78m 83m 86m 86m 87m 87m 88m
Returned to shareholders
Buybacks — — — — — — — — — — — — — — — 1
Total returned — — — — — — — — — — — — — — — 1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · January 31, 2026
What it owns · $1.9bn
Short-term assets $482mLonger-term assets $1.4bn
What it owes, and who funded it · $1.9bn
Short-term liabilities $223mLonger-term liabilities $54mShareholders' equity $1.6bn
  • Short-term assets cover short-term liabilities $482m of assets due within a year against $223m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $482m short-term assets against $54m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $210m against $967,000 of interest.

From Descartes Systems Group 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.

Dividends, buybacks and capital spending

FY2026 Q4 TTM
Buybacks (TTM)
$892,000
Returned to shareholders
0%
of free cash flow
Diluted share count
+0.3%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
R&D spending
14.4%
of revenue
Days sales outstanding
32 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated DSGX BL EGHT QLYS VRNS SPSC Median
Revenue, last 12 months $729m $732m $745m $703m $688m $780m $482m
Revenue growth, last 12 months 12.0% 8.6% 3.7% 10.4% 15.6% 6.9% 12.0%
Revenue growth, 3-year average 79.1% 9.5% 0.2% 10.3% 12.1% 14.9% 11.1%
Revenue growth, latest quarter — 9.2% 4.9% 11.0% 18.3% 4.1% 11.9%
Gross margin 77.1% 75.6% 63.3% 83.3% 77.1% 70.2% 69.2%
Operating margin 28.8% 4.3% 3.1% 34.4% −22.0% 13.8% 1.1%
Operating margin, 3-year average 21.4% 3.5% 0.5% 32.0% −21.2% 14.3% −0.8%
Net margin 22.5% 4.7% 0.6% 29.4% −20.5% 10.7% 2.1%
Cash from operations / revenue 36.5% 24.8% 8.2% 45.7% 20.1% 29.7% 18.2%
Free-cash-flow margin 35.7% 24.1% 7.6% 44.7% 17.7% 26.0% 15.0%
Free-cash-flow margin, 3-year average 35.2% 25.3% 8.2% 42.1% 18.1% 22.6% 16.2%
Stock pay / revenue 2.9% 13.7% 2.4% 11.1% 19.3% 8.1% 9.3%
Change in share count 0.3% −1.5% 9.4% −2.9% 3.1% −2.9% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 12.0% 12.0% 93 of 184
Change in growth rate Growth -1.6pp +0.2pp 133 of 184
Gross margin Profitability 77.1% 69.8% 50 of 160
Operating margin Profitability 28.8% 1.1% 14 of 181
Net margin Profitability 22.5% 2.1% 22 of 185
Free-cash-flow margin Cash generation 35.7% 15.2% 14 of 180
Stock pay as % of revenue Cash generation 2.9% 9.3% 23 of 177
Change in share count Balance sheet 0.3% 1.7% 66 of 163
Days sales outstanding Balance sheet 32 days 57 days 40 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$4.9B
Institutions reporting
338
Shares held vs prior quarter
▲ 2.7%
Positions opened / closed
37 / 48

Top buyers and sellers, Q2 2026: 155 institutions bought and 191 sold ; the biggest buyer was Wellington Management Group LLP (+1.2M shares) and the biggest seller Price T Rowe Associates Inc (−595K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Price T Rowe Associates Inc $393M 5.7M 7.9% ▼ 9.5%
1832 Asset Management L.P. $265M 3.8M 5.4% ▼ 0.2%
Mackenzie Financial Corp $194M 2.0M 3.9% ▼ 19.4%
Jupiter Topco LLC $182M 2.6M 3.7% —
Vanguard Capital Management LLC $166M 2.4M 3.4% ▲ 1.2%
Manufacturers Life Insurance Company, The $141M 2.0M 2.9% ▲ 85.8%
Temasek Holdings (Private) Ltd $139M 2.0M 2.8% ▲ 37.4%
Conestoga Capital Advisors, LLC $129M 1.9M 2.6% ▼ 11.7%
T. Rowe Price Investment Management, Inc. $128M 1.8M 2.6% ▼ 15.3%
Bank Of Montreal $125M 1.8M 2.5% ▲ 18.7%
Morgan Stanley $117M 1.7M 2.4% ▲ 13.4%
Arrowstreet Capital, Limited Partnership $106M 1.5M 2.1% ▲ 21.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Descartes Systems Group Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 7 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 2 sales of Descartes Systems Group Inc shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded June 30, 2026, filed July 2, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded February 18, 2026, filed March 9, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded November 3, 2025, filed November 18, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Data status

When each part of this page on Descartes Systems Group Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Descartes Systems Group Inc in brief

What does Descartes Systems Group Inc do?
Descartes Systems Group Inc is a US-listed company in the application software industry. Its financial year ends in January.
What is Descartes Systems Group Inc's stock ticker?
Descartes Systems Group Inc trades under the ticker DSGX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Descartes Systems Group Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Descartes Systems Group Inc reported revenue of $729M, 12.0% higher than a year earlier, according to its SEC filings.
What is Descartes Systems Group Inc's free cash flow?
Descartes Systems Group Inc's free-cash-flow margin is 35.7% of revenue over the trailing twelve months, ranking 14 of the 180 application software companies we cover.
What is Descartes Systems Group Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Descartes Systems Group Inc's free cash flow after stock-based pay gives ~$83 per share in the base case, and ~$64–$110 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Descartes Systems Group Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Price T Rowe Associates Inc, 1832 Asset Management L.P. and Mackenzie Financial Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Descartes Systems Group Inc buying back stock, and does it pay a dividend?
Descartes Systems Group Inc spent $892,000 on share repurchases over the trailing twelve months, and its diluted share count still rose 0.3% over the year.
What is Descartes Systems Group Inc's market cap?
On January 30, 2026, Descartes Systems Group Inc's market capitalisation was about $6.5B, with a price-to-earnings ratio of 40.0 and net debt of -$357M. Market figures come from third-party market data and may be delayed.
Who are Descartes Systems Group Inc's competitors?
In our Application Software peer group, the companies closest to Descartes Systems Group Inc are Blackline, Inc., 8x8 Inc, Qualys, Inc., Varonis Systems Inc and SPS Commerce Inc. The side-by-side comparison below sets their revenue, margins and growth against Descartes Systems Group Inc's.
When is Descartes Systems Group Inc's next earnings date?
Around December 2, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Descartes Systems Group Inc announces its own schedule.