Servicetitan

ServiceTitan trades at 95.6 times earnings while its operating margin is negative 29.8%.

If you own TTAN, you own a fast grower priced like the hard part is over.

ttan

technology · software mid cap updated jan 30, 2026
$90.78
market cap ~$8B · 52-week range $80–$131
xvary composite: 40 / 100 · below average
our overall rating — combines growth, value, risk, and momentum
Start here if you're new
what it is
ServiceTitan sells software that helps plumbers, HVAC shops, and electricians run jobs, bill customers, and keep the day from falling apart.
how it gets paid
Last year Servicetitan made $772M in revenue. Subscriptions was the main engine at $563.6M, or 73% of sales.
why it's growing
Revenue grew 25.6% last year. The resilience of this growth makes sense, as many new customers provide essential repair and maintenance work, which tends to hold up better than new.
what just happened
ServiceTitan posted fiscal Q3 revenue of about $249M and kept profit moving higher.
At a glance
B balance sheet — gets the job done, barely
95.6x trailing p/e — you're paying up for this one
6.0% return on capital — nothing to write home about
$1.20 fy2026 eps est
$2B fy2028 rev est
xvary composite: 40/100 — below average
What they do
ServiceTitan sells software that helps plumbers, HVAC shops, and electricians run jobs, bill customers, and keep the day from falling apart.
This platform sits in the middle of the workday. Scheduling, dispatch, invoicing, and customer records all live in one system, so ripping it out means your phones and field crews feel it fast. Subscriptions were 73% of 2024 revenue, which means most of the business repeats before a new truck even leaves the lot.
software mid-cap saas trades-tech vertical-software
How they make money
$772M annual revenue · their business grew +25.6% last year
Subscriptions
$563.6M
Usage
$177.6M
Professional Services
$15.4M
Other
$15.4M
The products that matter
runs contractor operations
Core Platform
$734M · 95% of tracked revenue
it is the operating system for the trades, and the available data says it generated $734M while sitting at the center of $21.7B in platform activity.
95% of tracked revenue
takes payment volume
Payments & Financing
$38M · +35% growth
this line is still small at $38M, but it grew 35% and matters because usage revenue can scale faster than seat-based software.
fastest growth
ai workflow layer
Atlas AI
2026 launch
management introduced it in 2026 to sell more tools into a platform already processing $21.7B in gross transaction volume, but the revenue contribution is still too thin here to model with confidence.
early
Key numbers
$2.0B
fy2028 revenue
The 2028 revenue forecast is about 2.6 times the current $772M base. Plain English: the market is paying for a business that has to keep compounding fast.
$104M
long-term debt
Debt is only 1% of capital. Plain English: balance-sheet stress is low, so the main risk is the stock price, not creditors.
95.6x
trailing p/e
P/E ratio → price versus earnings → so what: you are paying nearly 96 years of trailing profit for one share.
29.8%
operating margin
Operating margin → profit after running the business → so what: the company still loses money on core operations despite strong top-line growth.
Financial health
B
strength
  • balance sheet grade B — adequate — nothing special
  • risk rank 4 — safer than 20% of stocks
  • long-term debt $104M (1% of capital)
  • net profit margin 10.3% — keeps 10 cents of every dollar in revenue
  • return on equity 6% — $0.06 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market

Return history isn't available for TTAN right now.

same standard. no invented return math.

source: institutional data · return history unavailable
What just happened
beat estimates
ServiceTitan posted fiscal Q3 revenue of about $249M and kept profit moving higher.
Revenue grew 25% vs. prior year in the quarter, according to the company summary. EPS of $0.24 beat the $0.15 consensus by 60%, while gross margin was 70.2%.
$249M
revenue
$0.24
eps
70.2%
gross margin
the number that mattered
The key number was 25% revenue growth, because a stock at 95.6x earnings needs growth to stay loud.
source: company earnings report, 2026

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What could go wrong

the #1 risk is multiple compression if trades-software growth cools.

∘
med
premium multiple, low patience
The stock dropped 12% after an earnings beat. That tells you the market is already underwriting a lot of good news at 95.6x trailing earnings.
A 30% valuation reset would wipe out about $2.4B of an $8B market cap. That's the risk of paying up before the business is fully mature.
∘
med
core-platform concentration
About 95% of tracked revenue comes from Subscription & Platform. That concentration proves product relevance, but it also means the company does not have many places to hide if churn rises or sales execution slips.
On the numbers shown here, roughly $734M of revenue is tied to the core platform. One product line is doing most of the heavy lifting.
∘
med
attached-services story stalls
Payments & Financing grew 35% and Atlas AI is meant to add another upsell layer. If customers stop adopting the higher-monetization tools, the company looks more like standard software and less like a compounding ecosystem.
That matters because Payments & Financing is only $38M today. The growth narrative needs this line to keep outpacing the core business.
At 95.6x earnings, this stock needs growth to stay fast, free cash flow to stay positive, and attached services to keep scaling. Miss one, and the rerating gets expensive.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings report
Management guided fy2027 revenue to $1.11B–$1.12B. The next report needs to show that growth is still tracking above 20%.
metric
payments mix
Payments & Financing grew 35% versus 25% for Subscription & Platform. If that gap narrows, part of the premium-multiple story goes with it.
trend
free cash flow durability
FY2026 free cash flow reached $85.1M after a prior-year loss. You want to see that stay positive, not flicker for one year and disappear.
risk
atlas ai proof, not slogans
The product is new and the revenue contribution is thin in this snapshot. Watch for real adoption metrics, not just more launch-stage language.
Analyst rankings
overall view
40 / 100
xvary composite score. In human-speak: the business is interesting, the stock is asking a lot.
balance sheet
B
Adequate balance sheet grade. You are not buying TTAN for fortress-sheet safety.
risk rank
4
Safer than just 20% of stocks in this framework. Translation: this is not a bunker stock.
source: institutional data
Institutional activity

institutions have been net buying for 3 consecutive quarters — 182 buyers vs. 132 sellers in 3q2025. total institutional holdings: 75.4M shares. net buying for 3 quarters.

source: institutional data · 1q2025-3q2025
source: institutional data
Price targets
3-5 year target range
$66 $161
$91 current price
$114 target midpoint · +26% from current · 3-5yr high: $161
source: institutional data · analyst targets

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