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Stem, Inc. (STEM) stock

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NYSE: STEM NYSE Application Software Next results ~November 5, 2026

D Fundamentals grade

Stem, Inc. is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$6.9

Revenue-to-maturity cash-flow model

Base case. Range ~$6.9–$13 across our lower- and higher-growth cases (0%–5% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Stem, 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.

  • Insiders0 buying, 6 selling0 purchases and 17 sales by directors and officers, last 12 monthsInsider trades
  • Funds26 adding, 30 cuttingOf 13 active managers that changed their stake, 8 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Stem files

Where Stem stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $148m, down 5.1% on a year earlier, slower than 0.7% a quarter earlier. That puts it 19 of 21 for growth among the software and IT services companies we cover. Free-cash-flow margin rose to 7.9% from -23.7% a year earlier. Operating margin widened to -29.1% from -144.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 0 of our 3 financial-health checks. Our revenue-to-maturity cash-flow model value is $20.80 a share, against a share price of $3.54.

Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation

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 ~November 5, 2026 (estimated)

Stem, Inc.'s trailing-twelve-month revenue fell 5.1% year on year, with a free-cash-flow margin of 7.9%. Where it lags: long-term debt as % of assets of 48.3% ranks 90 of 98 application software companies we cover.

Current signal Gross margin expanding: TTM gross margin reached 41.5%, up 24.1pp year over year.

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

  • Margins widening. Operating margin is up 115.8 points on a year ago.

Things to watch

  • Revenue shrinking. Revenue fell 5.1% over the last 12 months.
  • Growth slowing. The growth rate is 5.9 points lower than a quarter earlier.
  • Loss-making. Operating margin is -29.1%: costs exceed revenue.
  • Volatile shares. Over the past year the shares showed annualised volatility of 85% and a beta of 3.7 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 48.3% ranks 90 of 98 application software companies we cover (median 16.9%).
  • Below peers: gross margin. Gross margin of 41.5% ranks 132 of 160 application software companies we cover (median 69.8%).

Latest results: FY2026 Q2

Filed August 13, 2026
Earnings per share
-$1.41 against an average estimate of -$1.88: beat by 25.1%
Revenue
$34m, down 12.3% on a year earlier
Guidance given
non-GAAP Gross Margin (%) 40% to 50% (full-year 2026)
Next report
November 5, 2026; average EPS estimate -$1.56

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

Price chart

  • 1 day+1.4%
  • 1 week-25.2%
  • 1 month-47.2%
  • This year-85.0%
  • 1 year-88.5%
  • 5 years-99.5%
  • S&P 500 this year+11.2%

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

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$148M
Operating margin
-29.1%
Net margin
-49.4%
EPS (TTM, diluted)
$-8.37

Growth

Revenue growth
−5.1%
Change in growth rate
−5.9 pts

Cash

Free cash flow (TTM)
$11.6M
FCF margin
7.9%
Stock pay % of revenue
5.4%

Earnings

Last results
May 6, 2026

News & updates

Updated November 3, 2026

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

  1. Announcement
  2. Announcement
  3. Announcement
  4. Results
  5. Announcement
  6. Deal

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

Stem, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Stem, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.36 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$6.9 ~$6.9–$13 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.8 ~$23–$93 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) 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. ~$5.7 ~$0.8–$6.9 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Stem, 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.

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$409.20$379.40$178.80$77.60$12.06$15.05$2.25
Market value$820m$2.0bn$1.4bn$604m$97m$128m$20m
+ Net debt (− = net cash)$99m−$431m$360m$418m$470m$135m$146m
Enterprise value$919m$1.6bn$1.7bn$1.0bn$567m$262m$165m
Multiples
Price / sales 22.6x15.7x3.8x1.3x0.7x0.8x0.1x
Price / earnings —————0.9x—
Price / free cash flow —————18.6x1.7x
EV / EBITDA ———————

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

0 /100

Weak moat

How hard Stem'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 0 / 20

    Cash operating profit has been a median -5.4% of total assets over 5 years.

  • Pricing power 0 / 20

    Gross margin has been a median 7.4%, moving by 15.6 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -75.5%; its worst year was -207.9%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 1 of 6 years, at a median -35.5% 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 (15 before it).

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: November 5, 2026, after the close. Analysts expect revenue of $39m and EPS of −$1.56 (range −$1.57 to −$1.55) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$6.37 +27% $147m −6%
Next −$5.78 +9% $171m +16%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −9.3% on 90 days ago. In the last 30 days, 2 analysts raised Stem, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Stem, Inc., last 90 days
−$8.00 −$6.00 −$4.00 −$2.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$7.02 Current fiscal year, 60 days ago: −$6.37 Current fiscal year, 30 days ago: −$6.37 Current fiscal year, 7 days ago: −$6.37 Current fiscal year, Now: −$6.37 −$6.37 Next fiscal year, 90 days ago: −$5.81 Next fiscal year, 60 days ago: −$5.88 Next fiscal year, 30 days ago: −$5.78 Next fiscal year, 7 days ago: −$5.78 Next fiscal year, Now: −$5.78 −$5.78

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$7.02−$5.81
60 days ago −$6.37−$5.88
30 days ago −$6.37−$5.78
7 days ago −$6.37−$5.78
Now −$6.37−$5.78

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$1.88 −$1.41 +25.1%
Mar 2026 −$2.22 −$1.88 +15.7%
Dec 2025 −$1.96 −$2.11 −7.7%
Sept 2025 −$1.94 −$1.93 +0.6%

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

Management guidance

Earnings release, May 6, 2026
  • Non-GAAP Gross Margin (%) full-year 2026 40% to 50% Non-GAAP Maintained
    “Non-GAAP Gross Margin (%)* 40% - 50%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

5 analysts, Nov 2026
Buy120%
Hold480%
Sell00%

Monthly trend

  1. Nov 2026145
  2. Oct 2026156
  3. Sep 202666

Counts of recommendations published by analysts covering Stem, 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
12.9%
of tradable shares
Days to cover
6.51
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
25%
of shares
Held by insiders
2.3%
of shares
Employees
423
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

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −88.5%

$19.61 on October 31, 2025 to $2.25

ThenNowEffect
Revenue (last 12 months) $156m $148m −5.1%
P/S multiple 1.0x 0.1x −87.2%
Share count 8m 9m −5.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −96.9%

$73.40 on November 3, 2023 to $2.25

ThenNowEffect
Revenue (last 12 months) $415m $148m −64.4%
P/S multiple 1.4x 0.1x −90.3%
Share count 8m 9m −11.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
STEM−7%−53%−57%−85%+25%−85%
Industry peers (median)−8%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
STEM25%42%42%33%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
STEM−67%−67%−78%−92%−76%−89%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 8, 2020: 100% from February 17, 2021 to October 30, 2026. Getting back needed a 44918% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.22 – $21.89
From 52-week high
−89.7%
vs 50-day average
−47.5%
vs 200-day average
−72.8%
Volatility (1 year)
85%
Beta vs S&P 500
3.69

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.

Share price after results

Next day
7 up, 5 down
typical move ±21.7%
After a week
4 up, 8 down
typical move ±18.2%
After a month
3 up, 9 down
typical move ±21.5%
Results releasedNext dayS&P 500 next day5 days21 days
May 6, 2026 −17.5% +1.1% −15.0% −27.2%
March 4, 2026 +28.2% +0.1% +12.0% −8.8%
October 29, 2025 −27.8% −1.1% −16.5% −26.3%
August 7, 2025 +9.2% +0.7% +26.2% +15.9%
April 29, 2025 +29.1% +0.7% +19.6% +10.5%
March 4, 2025 +30.0% −0.1% +2.2% −14.5%
October 30, 2024 −30.1% −2.3% −27.9% −27.5%
August 6, 2024 −40.5% +0.2% −47.1% −53.9%
May 2, 2024 −26.5% +2.2% −27.6% −28.1%
February 28, 2024 +4.7% +0.2% −12.9% −14.5%
November 2, 2023 +10.9% +2.8% −6.0% +9.4%
August 3, 2023 +6.1% −0.7% −5.4% −21.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Stem, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

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) Stem, Inc.
$0 $200M $400M $600M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $449.5M Revenue (TTM), FY23 Q4: $461.5M Revenue (TTM), FY24 Q1: $419.6M Revenue (TTM), FY24 Q2: $360.6M Revenue (TTM), FY24 Q3: $256.2M Revenue (TTM), FY24 Q4: $144.6M Revenue (TTM), FY25 Q1: $151.6M Revenue (TTM), FY25 Q2: $156M Revenue (TTM), FY25 Q3: $164.9M Revenue (TTM), FY25 Q4: $156.3M Revenue (TTM), FY26 Q1: $152.8M Revenue (TTM), FY26 Q2: $148M $148M

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $449.5M
FY23 Q4 $461.5M
FY24 Q1 $419.6M
FY24 Q2 $360.6M
FY24 Q3 $256.2M
FY24 Q4 $144.6M
FY25 Q1 $151.6M
FY25 Q2 $156M
FY25 Q3 $164.9M
FY25 Q4 $156.3M
FY26 Q1 $152.8M
FY26 Q2 $148M
Revenue growth, TTM YoY Stem, Inc.
-100% -50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 72.7% Revenue growth, TTM YoY, FY23 Q4: 27.1% Revenue growth, TTM YoY, FY24 Q1: 7.8% Revenue growth, TTM YoY, FY24 Q2: -13.2% Revenue growth, TTM YoY, FY24 Q3: -43.0% Revenue growth, TTM YoY, FY24 Q4: -68.7% Revenue growth, TTM YoY, FY25 Q1: -63.9% Revenue growth, TTM YoY, FY25 Q2: -56.7% Revenue growth, TTM YoY, FY25 Q3: -35.6% Revenue growth, TTM YoY, FY25 Q4: 8.1% Revenue growth, TTM YoY, FY26 Q1: 0.7% Revenue growth, TTM YoY, FY26 Q2: -5.1% -5.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 72.7%
FY23 Q4 27.1%
FY24 Q1 7.8%
FY24 Q2 -13.2%
FY24 Q3 -43.0%
FY24 Q4 -68.7%
FY25 Q1 -63.9%
FY25 Q2 -56.7%
FY25 Q3 -35.6%
FY25 Q4 8.1%
FY26 Q1 0.7%
FY26 Q2 -5.1%
Operating margin (TTM) Stem, Inc.
-600% -400% -200% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -39.9% Operating margin (TTM), FY23 Q4: -38.9% Operating margin (TTM), FY24 Q1: -48.8% Operating margin (TTM), FY24 Q2: -207.9% Operating margin (TTM), FY24 Q3: -322.4% Operating margin (TTM), FY24 Q4: -580.6% Operating margin (TTM), FY25 Q1: -522.7% Operating margin (TTM), FY25 Q2: -144.9% Operating margin (TTM), FY25 Q3: -57.3% Operating margin (TTM), FY25 Q4: -35.6% Operating margin (TTM), FY26 Q1: -31.9% Operating margin (TTM), FY26 Q2: -29.1% -29.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -39.9%
FY23 Q4 -38.9%
FY24 Q1 -48.8%
FY24 Q2 -207.9%
FY24 Q3 -322.4%
FY24 Q4 -580.6%
FY25 Q1 -522.7%
FY25 Q2 -144.9%
FY25 Q3 -57.3%
FY25 Q4 -35.6%
FY26 Q1 -31.9%
FY26 Q2 -29.1%
FCF margin (TTM) Stem, Inc.
-60% -40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -54.1% FCF margin (TTM), FY23 Q4: -45.3% FCF margin (TTM), FY24 Q1: -41.4% FCF margin (TTM), FY24 Q2: -5.6% FCF margin (TTM), FY24 Q3: -9.9% FCF margin (TTM), FY24 Q4: -25.5% FCF margin (TTM), FY25 Q1: -18.2% FCF margin (TTM), FY25 Q2: -23.7% FCF margin (TTM), FY25 Q3: -9.7% FCF margin (TTM), FY25 Q4: 4.4% FCF margin (TTM), FY26 Q1: -6.5% FCF margin (TTM), FY26 Q2: 7.9% 7.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -54.1%
FY23 Q4 -45.3%
FY24 Q1 -41.4%
FY24 Q2 -5.6%
FY24 Q3 -9.9%
FY24 Q4 -25.5%
FY25 Q1 -18.2%
FY25 Q2 -23.7%
FY25 Q3 -9.7%
FY25 Q4 4.4%
FY26 Q1 -6.5%
FY26 Q2 7.9%

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

Financial statements

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

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 18 36 127 363 462 145 156 148
Gross profit −3 −4 1 33 4 −11 60 61
EBITDA −34 −32 −59 −86 −133 −794 −11 −15
Operating income −48 −49 −83 −131 −179 −839 −56 −43
Net income −59 −156 −101 −124 −140 −854 138 −73
Diluted EPS −$30.20 −$82.60 −$19.20 −$16.20 −$18.05 −$105.80 −$9.18 −$8.37
Growth (year on year)
Revenue — +106.9% +250.8% +185.0% +27.1% −68.7% +8.1% −5.1%
Margins
Gross margin −18.6% −10.8% 1.0% 9.1% 0.8% −7.6% 38.4% 41.5%
EBITDA margin −193.5% −87.2% −46.0% −23.6% −28.8% −549.5% −6.9% −10.0%
Operating margin −272.6% −136.0% −65.2% −36.1% −38.9% −580.6% −35.6% −29.1%
Net margin −338.5% −430.0% −79.5% −34.2% −30.4% −590.7% 88.2% −49.4%
Free-cash-flow margin −169.1% −92.8% −80.0% −29.6% −45.3% −25.5% 4.4% 7.9%
Cash flow
Cash from operations −30 −34 −101 −106 −207 −37 7 12
Capital spending 0 0 1 1 2 0 0 0
Free cash flow −30 −34 −102 −108 −209 −37 7 12
Stock-based pay 2 5 14 29 45 18 10 8
Free cash flow after stock pay −31 −38 −115 −136 −254 −55 −3 4
Balance sheet
Cash 13 7 748 88 105 56 49 38
Total debt 0 106 317 448 524 526 184 184
Net debt (negative = net cash) −13 99 −431 360 418 470 135 146
Diluted shares 2m 2m 5m 8m 8m 8m 8m 9m

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

0 of 5 checks passed · June 30, 2026
What it owns · $280m
Short-term assets $89mLonger-term assets $190m
What it owes, and who funded it · $550m
Short-term liabilities $108mLonger-term liabilities $442mShareholders' equity $-270m
  • Short-term assets cover short-term liabilities $89m of assets due within a year against $108m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $89m short-term assets against $442m of longer-dated liabilities.
  • More cash than debt $38m of cash against $135m of debt.
  • 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 $12m of operating cash flow against $135m of debt.
  • Operating profit covers interest at least five times over Operating income of −$43m against $30m of interest.

From Stem, 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

R&D spending
18.2%
of revenue
Days sales outstanding
82 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated STEM LGCL SMRT BBAI API EXFY Median
Revenue, last 12 months $148m $145m $151m $142m $141m $138m $482m
Revenue growth, last 12 months −5.1% −1.9% −2.8% −1.5% 5.9% −4.3% 12.0%
Revenue growth, 3-year average −29.1% — −9.9% −2.9% — −5.8% 11.1%
Revenue growth, latest quarter −12.3% — 4.0% 31.5% — −5.3% 11.9%
Gross margin 41.5% 33.8% 36.4% 30.2% 66.4% 48.7% 69.2%
Operating margin −29.1% 1.9% −14.9% −164.2% −6.7% −8.0% 1.1%
Operating margin, 3-year average −127.3% — −26.7% −116.2% — −10.6% −0.8%
Net margin −49.4% 0.9% −13.0% −126.8% 6.8% −11.3% 2.1%
Cash from operations / revenue 7.9% 3.4% −0.5% −50.4% 19.3% 9.1% 18.2%
Free-cash-flow margin 7.9% −4.6% −0.7% −51.2% 18.1% 9.1% 15.0%
Free-cash-flow margin, 3-year average −7.1% — −9.8% −30.3% — 10.8% 16.2%
Stock pay / revenue 5.4% — 6.7% 13.4% 3.9% 18.0% 9.3%
Change in share count — 21.6% −1.4% 45.2% 6.0% 3.6% 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 -5.1% 12.0% 165 of 184
Change in growth rate Growth -5.9pp +0.2pp 156 of 184
Gross margin Profitability 41.5% 69.8% 132 of 160
Operating margin Profitability -29.1% 1.1% 137 of 181
Net margin Profitability -49.4% 2.1% 147 of 185
Free-cash-flow margin Cash generation 7.9% 15.2% 114 of 180
Stock pay as % of revenue Cash generation 5.4% 9.3% 47 of 177
Long-term debt as % of assets Balance sheet 48.3% 16.9% 90 of 98
Days sales outstanding Balance sheet 82 days 57 days 120 of 162

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

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Power Track Software Edge Hardware and Project and Professional Services Other $111M ▲ 23.8%
Services $87.7M ▲ 29.3%
Hardware $68.6M ▼ 10.7%
Edge Hardware $53.7M ▲ 18.3%
Power Track Software $37.6M ▲ 14.7%
Managed Services $30.2M ▲ 29.2%
Project and Professional Services and Other $19.9M ▲ 71.1%
Battery Hardware Resale $14.8M ▼ 52.7%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $149M 95.1% ▲ 6.5%
Outside the US $7.7M 4.9% ▲ 49.3%

From Stem, Inc.'s 10-K filed March 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$17.2M
Institutions reporting
73
Shares held vs prior quarter
▲ 12.1%
Positions opened / closed
10 / 11

Top buyers and sellers, Q2 2026: 26 institutions bought and 30 sold ; the biggest buyer was Marshall Wace, LLP (+114K shares) and the biggest seller Two Sigma Investments, LP (−72K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Marshall Wace, LLP $3.2M 406K 18.4% ▲ 39.2%
Vanguard Capital Management LLC $2.8M 361K 16.4% ▲ 5.1%
Blackrock, Inc. $1.3M 164K 7.5% ▲ 22.1%
Trexquant Investment LP $864,098 111K 5.0% ▲ 20.7%
Two Sigma Investments, LP $806,258 103K 4.7% ▼ 41.1%
Gsa Capital Partners LLP $799,000 102K 4.6% ▼ 5.7%
BNP Paribas Financial Markets $727,064 93K 4.2% ▲ 75.3%
Geode Capital Management, LLC $726,785 93K 4.2% ▲ 1.0%
Acadian Asset Management LLC $579,000 75K 3.4% ▲ 606.7%
Renaissance Technologies LLC $519,224 66K 3.0% ▲ 13.5%
Bridgeway Capital Management, LLC $465,476 60K 2.7% ▼ 14.4%
Vanguard Fiduciary Trust Co $444,373 57K 2.6% ▲ 14.4%

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 Stem, 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 → $389,510 17 trades by 6 insiders · 1% under pre-set plans
Net ▼ $389,510 net selling
Insider Date Trade Shares Price Value
Carlson Michael James President, Managed Services September 29, 2026 Sell 146 $4.67 $682
Musfeldt Brian Chief Financial Officer July 20, 2026 Sell 996 $6.11 $6,086
Narayanan Arun Chief Executive Officer July 2, 2026 Sell 1,996 $7.85 $15,669
Carlson Michael James President, Managed Services July 2, 2026 Sell 1,347 $7.85 $10,574
Tappin Matthew President, Software Products July 2, 2026 Sell 996 $7.85 $7,819
Laureles Saul R. Chief Legal Officer July 2, 2026 Sell 675 $7.85 $5,299
Tappin Matthew President, Software Products March 11, 2026 Sell pre-set plan 402 $10.83 $4,354
Narayanan Arun Chief Executive Officer March 10, 2026 Sell 5,145 $11.12 $57,212
Carlson Michael James President, Managed Services March 10, 2026 Sell 2,079 $11.12 $23,118
Laureles Saul R. Chief Legal Officer March 10, 2026 Sell 942 $11.12 $10,475
Tappin Matthew President, Software Products March 10, 2026 Sell 655 $11.12 $7,284
Tappin Matthew President, Software Products March 4, 2026 Sell 185 $10.00 $1,850

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.

Earnings dates and SEC filings

Results announcements

Next expected around August 6, 2026 estimated from the company's past filing pattern, not announced

  • May 6, 2026
  • March 4, 2026
  • October 29, 2025
  • August 7, 2025
  • April 29, 2025
  • March 4, 2025

Recent SEC filings

Data status

When each part of this page on Stem, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
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.

Stem, Inc. in brief

What does Stem, Inc. do?
Stem, Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Stem, Inc.'s stock ticker?
Stem, Inc. trades under the ticker STEM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Stem, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Stem, Inc. reported revenue of $148M, 5.1% lower than a year earlier, according to its SEC filings.
What is Stem, Inc.'s free cash flow?
Stem, Inc.'s free-cash-flow margin is 7.9% of revenue over the trailing twelve months, ranking 114 of the 180 application software companies we cover.
Who are Stem, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Marshall Wace, LLP, Vanguard Capital Management LLC and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Stem, Inc.'s market cap?
On November 2, 2026, Stem, Inc.'s market capitalisation was about $19.6M and net debt of $146M. Market figures come from third-party market data and may be delayed.
Who are Stem, Inc.'s competitors?
In our Application Software peer group, the companies closest to Stem, Inc. are Lucas GC Ltd, Smartrent, Inc., Bigbear.ai Holdings, Inc., Agora, Inc. and Expensify, Inc. The side-by-side comparison below sets their revenue, margins and growth against Stem, Inc.'s.
Are insiders buying or selling Stem, Inc. stock?
Over the last 12 months, Stem, Inc.'s directors and officers reported 0 open-market purchases and 17 sales on Form 4. The insider trading page charts every trade.
When is Stem, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Stem, Inc. announces its own schedule.