Pagerduty, Inc. key statistics and ratios

In fiscal 2026, Pagerduty, Inc. had return on equity of 90.4%, an operating margin of 1.2%, debt equal to 165.9% of equity and a current ratio of 2.01. 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.

Pagerduty, Inc.: financial ratios, annual
Fiscal year	2018Jan 2018	2019Jan 2019	2020Jan 2020	2021Jan 2021	2022Jan 2022	2023Jan 2023	2024Jan 2024	2025Jan 2025	2026Jan 2026	LTMJul 2026
Gross margin	84.0%	85.4%	85.2%	85.6%	82.8%	81.0%	81.9%	83.0%	84.9%	84.8%
Operating margin	−48.1%	−35.9%	−33.4%	−31.0%	−36.1%	−34.9%	−22.3%	−12.8%	1.2%	6.5%
Net margin	−47.9%	−34.6%	−30.3%	−32.3%	−38.2%	−34.6%	−17.5%	−9.1%	35.2%	37.2%
Free-cash-flow margin	−15.9%	−7.9%	−3.2%	2.8%	−3.4%	3.3%	16.2%	24.6%	22.7%	25.6%
Return on equity	—	—	−42.1%	−20.4%	−33.9%	−50.6%	−36.4%	−28.4%	90.4%	75.8%
Return on assets	—	−20.7%	−15.9%	−11.2%	−13.4%	−15.8%	−8.6%	−4.6%	18.1%	18.9%
Asset turnover	—	0.60	0.53	0.35	0.35	0.46	0.49	0.50	0.51	0.51
Current ratio	—	1.95	3.52	3.70	2.84	2.21	2.50	1.93	2.01	2.02
Debt to equity	—	—	—	82.8%	112.4%	123.0%	285.3%	373.2%	165.9%	171.1%
Interest cover (operating income ÷ interest)	n/m	—	—	n/m	n/m	n/m	n/m	n/m	0.7x	3.8x
R&D as % of revenue	42.1%	33.0%	29.5%	30.2%	34.0%	36.4%	32.5%	30.3%	25.8%	24.8%
Capital spending as % of revenue	1.0%	3.2%	3.1%	1.9%	1.2%	1.3%	0.5%	0.6%	0.6%	1.0%
Free cash flow ÷ net income	—	—	—	—	—	—	—	—	64.6%	68.8%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	0.0%	71.6%	87.0%	120.6%	164.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Pagerduty, Inc.: financial ratios, quarterly
Quarter	2025 Q3Oct 2024	2025 Q4Jan 2025	2026 Q1Apr 2025	2026 Q2Jul 2025	2026 Q3Oct 2025	2026 Q4Jan 2026	2027 Q1Apr 2026	2027 Q2Jul 2026
Gross margin	83.0%	83.6%	84.0%	84.6%	85.3%	85.9%	84.3%	83.9%
Operating margin	−8.7%	−9.6%	−8.6%	2.9%	6.5%	3.6%	7.6%	8.2%
Net margin	−5.0%	−7.2%	−6.0%	7.8%	129.7%	7.5%	4.4%	6.3%
Free-cash-flow margin	18.1%	24.9%	25.2%	26.8%	19.3%	19.7%	35.8%	27.9%
Current ratio	1.97	1.93	2.02	2.39	2.37	2.01	1.95	2.02
Debt to equity	—	373.2%	—	—	—	165.9%	—	—
R&D as % of revenue	28.8%	28.5%	28.4%	25.0%	23.6%	26.1%	24.8%	24.8%

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

2 of 3 checks passed · July 31, 2026

What it owns · $958m

Short-term assets $579mLonger-term assets $379m

What it owes, and who funded it · $943m

Short-term liabilities $287mLonger-term liabilities $424mShareholders' equity $232m

Short-term assets cover short-term liabilities $579m of assets due within a year against $287m of liabilities due within a year.
Short-term assets cover long-term liabilities $579m short-term assets against $424m 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 $32m against $8m of interest.

From Pagerduty, 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

36 /100

Weak moat

How hard Pagerduty's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 6 / 20

Cash operating profit has been a median 6.2% of total assets over 7 years.
Pricing power 20 / 20

Gross margin has been a median 83.8%, moving by 1.6 percentage points (standard deviation) across 8 years.
Durability 10 / 20

Operating margin has been a median -26.8%; its worst year was -37.5%.
Cash conversion 9 / 20

Free cash flow was positive in 5 of 8 years, at a median 6.0% of revenue.
Discipline 5 / 20

The diluted share count rose 5.0% over five years; stock-based pay has been a median 22.9% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (51 before it).

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

Compare with peers

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Figures from Pagerduty, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Pagerduty, Inc.