The Descartes Systems Group Inc. (DSGX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$0.74	$0.8	+8.1%	—	$201.1M	—
Q1 27	$0.63	$0.77	+22.2%	—	$193.6M	—
Q4 26	$0.56	$0.76	+35.7%	—	$192.8M	—
Q3 26	$0.61	$0.74	+21.3%	—	$187.7M	—
Q2 26	$0.52	$0.7	+34.6%	—	$179.8M	—
Q1 26	$0.6	$0.65	+8.3%	—	$168.7M	—
Q4 25	$0.55	$0.44	-20.0%	—	$167.5M	—
Q3 25	$0.42	$0.43	+2.4%	—	$168.8M	—
Q2 25	$0.45	$0.4	-11.1%	—	$163.4M	—
Q1 25	$0.47	$0.43	-8.5%	—	$151.3M	—
Q4 24	$0.43	$0.44	+2.3%	—	$148.2M	—
Q3 24	$0.34	$0.31	-8.8%	—	$144.7M	—
Q2 24	$0.33	$0.32	-3.0%	—	$143.4M	—
Q1 24	$0.33	$0.34	+3.0%	—	$136.6M	—
Q4 23	$0.29	$0.34	+17.2%	—	$125.1M	—
Q3 23	$0.27	$0.31	+14.8%	—	$121.5M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$1.91	—	—	$729M	—
FY25	—	$1.68	—	—	$651M	—
FY24	—	$1.36	—	—	$572.9M	—
FY23	—	$1.21	—	—	$486M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$203.8M	$237.4M	$275.2M	$325.8M	$348.7M	$424.7M	$486M	$572.9M	$651M	$729M
YoY change	+10.2%	+16.5%	+15.9%	+18.4%	+7.02%	+21.8%	+14.4%	+17.9%	+13.6%	+12%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	203.8M	237.4M	275.2M	325.8M	348.7M	424.7M	486M	572.9M	651M	729M
Cost of revenue	56.1M	63.7M	75M	85.7M	89.9M	101.8M	113.3M	138.3M	158.6M	167.1M
Gross profit	147.7M	173.7M	200.2M	240.1M	258.8M	322.9M	372.7M	434.6M	492.4M	561.9M
Gross margin	72.5%	73.2%	72.7%	73.7%	74.2%	76%	76.7%	75.9%	75.6%	77.1%
Research & development	35.6M	41.8M	47.9M	53.5M	54.1M	62.6M	70.4M	84.1M	95.5M	105.3M
Selling, general & administrative	48M	58.6M	66.9M	75M	75.1M	91.3M	106.3M	125.5M	138.9M	155M
Operating expenses	83.6M	100.4M	114.8M	128.5M	129.1M	153.9M	176.6M	209.6M	234.4M	260.3M
Operating income	34.2M	39.9M	45.2M	56.1M	73.7M	109.9M	135.9M	164.5M	188.6M	220.4M
Operating margin	16.8%	16.8%	16.4%	17.2%	21.1%	25.9%	28%	28.7%	29%	30.2%
Non-operating income, net	-2M	-3.8M	-3.6M	-3.6M	-2.2M	-6.1M	-980K	-12M	4M	-2.4M
Pretax income	31.5M	34.7M	39.5M	48M	70.4M	102.6M	133.7M	151.2M	191.6M	217.1M
Income tax	7.7M	7.9M	8.2M	11M	18.3M	16.3M	31.5M	35.2M	48.4M	53.3M
Net income	23.8M	26.9M	31.3M	37M	52.1M	86.3M	102.2M	115.9M	143.3M	163.8M
Net margin	11.7%	11.3%	11.4%	11.4%	14.9%	20.3%	21%	20.2%	22%	22.5%
EBITDA	67.8M	77.5M	90M	117.6M	135.4M	174.1M	201.3M	230.5M	263.6M	307.5M
EPS	0.31	0.35	0.41	0.45	0.62	1.02	1.21	1.36	1.68	1.91
Diluted EPS	0.31	0.35	0.4	0.45	0.61	1	1.18	1.34	1.64	1.87

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	144.7M	148.2M	151.3M	163.4M	168.8M	167.5M	168.7M	179.8M	187.7M	192.8M	193.6M	201.1M
Cost of revenue	34.3M	36.1M	35.4M	40.5M	43.2M	39.5M	39.7M	41.6M	42.5M	43.3M	43.4M	44.4M
Gross profit	110.4M	112.1M	115.9M	122.9M	125.6M	128M	129M	138.2M	145.2M	149.5M	150.2M	156.7M
Gross margin	76.3%	75.6%	76.6%	75.2%	74.4%	76.4%	76.4%	76.9%	77.4%	77.6%	77.6%	77.9%
Research & development	21.1M	21.2M	22.2M	23.9M	24.5M	24.9M	25.1M	26.8M	26.6M	26.9M	27.4M	28.3M
Selling, general & administrative	31.9M	31.2M	32.4M	35.6M	36M	35M	35.2M	37.7M	40.6M	41.6M	41.9M	43.6M
Operating expenses	53M	52.4M	54.6M	59.5M	60.5M	59.9M	60.2M	64.4M	67.2M	68.5M	69.3M	71.9M
Operating income	42.1M	44.6M	46.3M	46M	47.6M	48.7M	49.6M	53.3M	57.3M	60.1M	63.6M	66.7M
Operating margin	29.1%	30.1%	30.6%	28.1%	28.2%	29.1%	29.4%	29.6%	30.5%	31.2%	32.9%	33.2%
Non-operating income, net	-7M	-4.2M	141K	2.6M	1.1M	288K	-1.5M	-3.6M	1.3M	1.4M	1.9M	2.1M
Pretax income	34.8M	40.1M	46.2M	48.3M	48.4M	48.7M	47.9M	49.5M	58.3M	61.3M	65.3M	68.6M
Income tax	8.2M	8.3M	11.5M	13.6M	11.9M	11.4M	11.7M	11.5M	14.4M	15.7M	16.8M	18.5M
Net income	26.6M	31.8M	34.7M	34.7M	36.6M	37.4M	36.2M	38M	43.9M	45.6M	48.5M	50M
Net margin	18.4%	21.5%	22.9%	21.2%	21.7%	22.3%	21.5%	21.1%	23.4%	23.7%	25%	24.9%
EBITDA	49.1M	61.1M	58.8M	64.8M	64.7M	75.5M	66.8M	75.3M	79.5M	82.5M	82.4M	86.4M
EPS	0.31	—	0.41	0.41	0.43	—	0.42	0.44	0.51	—	0.56	0.58
Diluted EPS	0.31	—	0.4	0.4	0.42	—	0.41	0.43	0.5	—	0.55	0.57

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	1.7B	2.2B	2.4B	3.7B	5.2B	6.2B	6.2B	7.5B	9.9B	6.4B	6.7B
Enterprise value	1.6B	2.2B	2.4B	3.6B	5B	6B	5.9B	7.1B	9.7B	6.1B	6.3B
Shares outstanding	75.8M	76.3M	76.8M	81.7M	84.4M	84.6M	84.8M	85.1M	85.4M	85.9M	85.9M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	69.5	80.5	76.3	98.9	98.9	71.3	60.6	64.3	69.1	39.2	36.6
P/S	8.13	9.11	8.67	11.2	14.8	14.5	12.7	13	15.2	8.81	8.7
P/B	3.85	4.34	4.47	4.45	5.65	6.16	5.63	6.02	7.15	3.97	4.09
EV/EBITDA	23.9	28	26.5	30.9	37.2	34.2	29.4	31	36.7	19.7	19.1
EV/Sales	7.94	9.12	8.67	11.1	14.4	14	12.2	12.5	14.9	8.33	8.17
Earnings yield	1.44%	1.24%	1.31%	1.01%	1.01%	1.4%	1.65%	1.56%	1.45%	2.55%	2.73%
FCF yield	4.09%	3.1%	3.05%	2.72%	2.47%	2.78%	3.01%	2.71%	2.15%	4.06%	4.47%
PEG	—	—	—	—	—	—	—	—	—	—	1.15

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	72.5%	73.2%	72.7%	73.7%	74.2%	76%	76.7%	75.9%	75.6%	77.1%	77.9%
Operating margin	16.8%	16.8%	16.4%	17.2%	21.1%	25.9%	28%	28.7%	29%	30.2%	33.2%
Net margin	11.7%	11.3%	11.4%	11.4%	14.9%	20.3%	21%	20.2%	22%	22.5%	24.3%
ROE	5.54%	5.39%	5.86%	4.5%	5.72%	8.63%	9.3%	9.36%	10.3%	10.1%	11.9%
ROA	4.76%	4.3%	4.79%	3.93%	4.9%	7.28%	7.77%	7.86%	8.7%	8.64%	8.34%
ROIC	6.59%	6.16%	6.74%	5.46%	6.91%	11.6%	12.5%	13.7%	12.2%	13.1%	14.7%
Return on tangible assets	-7.53%	-6.23%	-6.87%	-5.98%	-9.52%	-17.6%	-20.7%	-21.1%	-17%	-20%	-23.5%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.35	1.11	1.03	1.13	1.95	2.19	2.11	2.05	1.62	2.16	2.02
Quick ratio	1.35	1.1	1.03	1.12	1.94	2.18	2.11	2.05	1.62	2.16	2.02
Debt / equity	—	0.07	0.05	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0
Debt / assets	—	0.06	0.04	0.01	0.01	0.01	0.01	0	0	0	0
Net debt / EBITDA	—	0.02	-0.02	-0.26	-0.89	-1.16	-1.34	-1.36	-0.87	-1.13	-1.19
Interest coverage	52.6	27.8	19.6	11.9	60.3	92.4	115.6	111.9	191.9	225.5	264
Effective tax rate	24.3%	22.6%	20.8%	23%	26%	15.9%	23.5%	23.3%	25.2%	24.6%	25.8%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	2.69	3.11	3.58	3.99	4.13	5.02	5.73	6.73	7.62	8.49	9.02
EPS (basic)	0.31	0.35	0.41	0.45	0.62	1.02	1.21	1.36	1.68	1.91	1.91
EPS (diluted)	0.31	0.35	0.4	0.45	0.61	1	1.18	1.34	1.64	1.87	2.15
Book value per share	5.68	6.54	6.94	10.1	10.8	11.8	13	14.6	16.2	18.9	19.2
FCF per share	0.89	0.88	0.95	1.22	1.51	2.03	2.2	2.38	2.49	3.03	3.43
Cash per share	0.5	0.46	0.36	0.54	1.58	2.52	3.26	3.77	2.76	4.15	4.69
Capex per share	0.06	0.07	0.07	0.06	0.04	0.06	0.07	0.07	0.08	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	2.41%	2.14%	1.91%	1.5%	1.08%	1.14%	1.25%	0.97%	1.04%	—	—
Capex / operating cash flow	7.28%	7.46%	6.36%	4.49%	2.81%	2.84%	3.12%	2.69%	2.79%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	$144.7M	$148.2M	$151.3M	$163.4M	$168.8M	$167.5M	$168.7M	$179.8M	$187.7M	$192.8M	$193.6M	$201.1M
YoY change	+19.1%	+18.4%	+10.8%	+14%	+16.6%	+13%	+11.5%	+10%	+11.2%	+15.1%	+14.7%	+11.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	38.1M	35.1M	27.3M	44.4M	133.7M	213.4M	276.4M	321M	236.1M	356.5M
Receivables	25.4M	28.8M	31.5M	35.1M	37.2M	41.7M	45.2M	51.6M	54M	64.8M
Inventory	167K	123K	95K	411K	429K	868K	759K	—	—	101K
Total current assets	72.6M	74.9M	72.2M	100.2M	203.1M	292.1M	358.7M	418.2M	352.6M	482.1M
Property, plant & equipment	10.4M	12.8M	12.6M	26.6M	24.3M	21.4M	18.2M	17.8M	20.1M	21.7M
Goodwill & intangibles	817.1M	1.1B	1.1B	1.6B	1.6B	1.7B	1.8B	2B	2.5B	2.7B
Total assets	500.5M	624.9M	653.3M	942.6M	1.1B	1.2B	1.3B	1.5B	1.6B	1.9B
Accounts payable	4.7M	7.9M	5.1M	7.7M	8M	10.6M	10.6M	17.5M	20.6M	20.9M
Short-term debt	—	—	—	3.9M	4.2M	4M	3.4M	3.1M	3.2M	3.5M
Total current liabilities	53.8M	67.7M	70.4M	88.9M	104.3M	133.4M	169.6M	203.6M	217M	223.2M
Long-term debt	—	37M	25.5M	9.5M	8.9M	7.4M	3.9M	3.9M	4.7M	4.9M
Total liabilities	69.9M	126.1M	119.8M	120.9M	152.2M	185.6M	216.7M	236.3M	262.4M	276.8M
Shareholders' equity	430.6M	498.8M	533.5M	821.7M	911.1M	999.8M	1.1B	1.2B	1.4B	1.6B
Total debt	—	37M	25.5M	13.4M	13.1M	11.4M	7.3M	7M	7.9M	8.4M
Net debt	—	1.9M	-1.8M	-31M	-120.6M	-202M	-269.1M	-314M	-228.2M	-348.2M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Cash & short-term investments	—	—	—	—	—	—	—	—	278.8M	356.5M	377M	401.1M
Receivables	—	—	—	—	—	—	—	—	64.8M	64.8M	69.2M	63.5M
Inventory	—	—	—	—	—	—	—	—	207K	101K	251K	411K
Total current assets	—	—	—	—	—	—	—	—	401.1M	482.1M	502.5M	523.9M
Property, plant & equipment	—	—	—	—	—	—	—	—	20M	21.7M	22.3M	21.5M
Goodwill & intangibles	—	—	—	—	—	—	—	—	2.7B	2.7B	2.7B	2.8B
Total assets	—	—	—	—	—	—	—	—	1.8B	1.9B	1.9B	2B
Accounts payable	—	—	—	—	—	—	—	—	15.9M	20.9M	18.5M	16.4M
Short-term debt	3.1M	3.1M	3.1M	2.9M	2.8M	3.2M	3.4M	3.3M	3.2M	3.5M	3.4M	3.3M
Total current liabilities	—	—	—	—	—	—	—	—	218.7M	223.2M	245.2M	259.6M
Long-term debt	—	—	—	—	—	—	—	—	4.4M	4.9M	4.7M	4.2M
Total liabilities	—	—	—	—	—	—	—	—	269.1M	276.8M	290.9M	312.3M
Shareholders' equity	—	—	—	—	—	—	—	—	1.6B	1.6B	1.6B	1.6B
Total debt	3.1M	3.1M	3.1M	2.9M	2.8M	3.2M	3.4M	3.3M	7.6M	8.4M	8.1M	7.5M
Net debt	—	—	—	—	—	—	—	—	-271.2M	-348.2M	-368.9M	-393.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	23.8M	26.9M	31.3M	37M	52.1M	86.3M	102.2M	115.9M	143.3M	163.8M
Depreciation & amortization	33.6M	37.6M	44.7M	61.5M	61.7M	64.2M	65.4M	66M	75M	87.1M
Stock-based compensation	2M	2.8M	3.7M	4.9M	6.3M	11M	13.7M	16.5M	20M	20.9M
Change in working capital	5.1M	435K	470K	-483K	-1.1M	6.9M	10.3M	14.4M	8.8M	-12M
Operating cash flow	67.5M	68.2M	82.4M	109M	133.7M	170.2M	194.9M	206.9M	242M	266.2M
Capital expenditure	-4.9M	-5.1M	-5.2M	-4.9M	-3.8M	-4.8M	-6.1M	-5.6M	-6.7M	—
Investing cash flow	-70.4M	-117M	-73.2M	-297M	-52.2M	-95.1M	-121.6M	-148.3M	-296.9M	-151.6M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	-892K
Financing cash flow	390K	75M	-21.6M	184.6M	-5.2M	448K	-4.6M	-14.7M	-3.6M	5M
Net change in cash	-2.4M	26.2M	-12.4M	-3.4M	76.3M	75.6M	68.6M	43.9M	-58.5M	119.6M
Free cash flow	67.7M	67.1M	72.8M	99.4M	127.5M	171.3M	186.3M	202.1M	212.5M	260.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Net income	—	31.8M	34.7M	—	36.6M	37.4M	36.2M	38M	43.9M	45.6M	48.5M	50M
Depreciation & amortization	—	16.5M	16.4M	—	18.9M	20.9M	20.6M	22M	22.2M	22.4M	18.8M	19.7M
Stock-based compensation	—	4.6M	3.8M	—	5.3M	5.4M	4.4M	4.5M	5.9M	6.1M	7M	7.8M
Change in working capital	37K	9.6M	—	321K	—	—	—	-3.5M	-8M	648K	3.5M	-1.8M
Operating cash flow	37K	59.8M	54.1M	321K	54.3M	63.7M	60.6M	63.3M	73.4M	75.9M	75.1M	81.3M
Capital expenditure	—	-718K	-1.8M	—	-1.3M	-2.1M	-1.9M	—	—	—	—	—
Investing cash flow	—	-718K	-141.7M	—	-134.1M	-5.8M	-114.2M	-2.3M	-37M	0	-29.7M	-29.5M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	-20.8M	-24.3M
Financing cash flow	—	-10M	-2.6M	—	2.4M	2.5M	-3M	3.6M	3M	2.3M	-21.8M	-24M
Net change in cash	37K	49.2M	-90.2M	321K	-77.4M	60.4M	-56.6M	64.7M	39.3M	78.2M	23.6M	27.8M
Free cash flow	—	50M	62M	—	58.8M	58.6M	51.7M	62.1M	72.2M	74.5M	72.6M	79.3M

The Descartes Systems Group Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement