Couchbase (BASE) AI Stock Analysis

• Market Cap: $1.34B
• Dividend Yield: N/A
• Average Volume (3M): 1.52M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.44
• Revenue Growth: 12.76%
• EPS Growth: 16.97%
• Country: US
• Employees: 792
• Sector: Technology
• Sector Strength: 87
• Industry: Software - Infrastructure
• EPS (TTM): -0.06
• Shares Outstanding: 54,838,450
• 10 Day Avg. Volume: 3,155,448
• 30 Day Avg. Volume: 1,519,580
• PEG Ratio: -0.65
• Price to Book (P/B): 10.36
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -46.96
• Enterprise Value/Market Cap: 0.97
• Enterprise Value/Revenue: 1.56
• Enterprise Value/Gross Profit: 6.86
• Enterprise Value/Ebitda: -4.48
• 1Y Price Target: $22.71
• Price Target Upside: -7.00% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 15

• Rating: 56 Neutral
• Price Target: $27.00 ▲(10.57%Upside)

Couchbase's stock score is primarily driven by strong technical performance and positive corporate events, such as its acquisition. However, financial performance challenges, including profitability and cash flow issues, along with a negative valuation outlook, weigh down the overall score.

Positive Factors

Acquisition

Couchbase announced that it has signed a definitive agreement to be acquired by Haveli Investments for $1.5 billion in an all-cash deal, representing a 29% premium to the last full trading day prior to the acquisition announcement.

Shareholder Value

The acquisition is expected to provide a positive outcome for shareholders, as BASE shares have struggled to generate meaningful returns since its IPO.

Negative Factors

Competition

Risks for Couchbase include competition from cloud-native platforms and independent database vendors, limited developer awareness/adoption, and lack of profitability.

Market Conditions

Investors have largely been on the sidelines due to mixed business trends around the pace of ARR growth and Capella adoption, recent CFO departure, and difficult market conditions for small-caps.

Couchbase Business Overview & Revenue Model

Company Description

Couchbase (BASE) is a leading provider of modern database solutions designed to support a variety of applications and workloads. The company operates within the technology sector, focusing on delivering a NoSQL cloud database platform that offers high performance, scalability, and flexibility for enterprise applications. Couchbase's core services are centered around its Couchbase Server and Couchbase Cloud offerings, which are utilized by businesses across various industries to enhance their data management capabilities.

How the Company Makes Money

Couchbase makes money primarily through the sale of software subscriptions and support services. The company's revenue model is based on a subscription-based licensing model for its Couchbase Server product. This includes licensing fees for using its database solutions, which can be deployed on-premises or in the cloud. Couchbase also offers its Couchbase Cloud service, a fully managed database-as-a-service (DBaaS) offering, which generates recurring revenue through monthly or annual subscriptions. Additionally, Couchbase provides professional services, training, and consulting, which contribute to its revenue. Key partnerships with cloud providers and technology integrators enhance its market reach and customer acquisition strategy, further contributing to its earnings.

Couchbase Financial Statement Overview

Summary

Couchbase shows strong revenue growth with a healthy gross profit margin. However, it struggles with profitability and cash flow challenges, and has a negative Return on Equity. The company maintains a low debt-to-equity ratio, indicating prudent financial management.

Income Statement

Couchbase has shown strong revenue growth, with a TTM growth rate of 17.00% compared to the previous annual period. However, profitability remains a challenge with negative net and EBIT margins, reflecting ongoing losses. Gross Profit Margin is healthy at 87.84% TTM, indicating strong revenue retention after cost of goods sold.

Balance Sheet

The company maintains a low debt-to-equity ratio of 0.03 TTM, suggesting prudent leverage. However, the Return on Equity is negative due to overall net losses, affecting shareholder value. The equity ratio is stable at 51.09%, indicating balanced asset financing.

Cash Flow

Free Cash Flow is declining, with a negative growth rate of 48.81% in the TTM period compared to the previous year. The Operating Cash Flow to Net Income ratio is negative, indicating cash flow issues. However, cash flow from financing activities remains positive, providing liquidity.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	214.66M	209.47M	180.04M	154.82M	123.54M	103.28M
Gross Profit	188.53M	184.51M	157.96M	134.56M	108.76M	91.67M
EBITDA	-65.84M	-70.51M	-76.36M	-64.18M	-53.73M	-29.96M
Net Income	-71.34M	-74.65M	-80.18M	-68.49M	-58.23M	-39.98M
Balance Sheet
Total Assets	246.96M	260.60M	247.75M	253.04M	276.74M	117.19M
Cash, Cash Equivalents and Short-Term Investments	141.82M	147.17M	153.63M	168.30M	205.95M	56.84M
Total Debt	3.74M	4.32M	5.29M	7.66M	0.00	24.95M
Total Liabilities	120.81M	132.98M	117.33M	102.78M	93.53M	103.71M
Stockholders Equity	126.15M	127.62M	130.42M	150.26M	183.22M	13.48M
Cash Flow
Free Cash Flow	-28.05M	-18.85M	-31.60M	-46.83M	-42.39M	-42.00M
Operating Cash Flow	-24.17M	-15.83M	-26.89M	-41.19M	-41.57M	-39.18M
Investing Cash Flow	-7.17M	-4.85M	15.43M	-23.37M	-92.03M	-22.41M
Financing Cash Flow	7.49M	9.94M	12.93M	9.71M	192.41M	80.50M

Couchbase Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 24.42
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BASE, the sentiment is Positive. The current price of 24.42 is above the 20-day moving average (MA) of 21.87, above the 50-day MA of 19.51, and above the 200-day MA of 17.23, indicating a bullish trend. The MACD of 1.66 indicates Negative momentum. The RSI at 75.97 is Negative, neither overbought nor oversold. The STOCH value of 54.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BASE.

Couchbase Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MDB	78 Outperform	$17.27B	―	-4.00%	―	19.24%	59.66%
ZS	72 Outperform	$49.01B	―	-2.68%	―	25.46%	49.20%
AKAM	65 Neutral	$11.62B	26.81	9.82%	―	3.51%	-27.28%
AKAM	65 Neutral	$11.62B	26.81	9.82%	―	3.51%	-27.28%
STNE	64 Neutral	$4.39B	8.73	-8.85%	―	-14.03%	-167.03%
Sector *	63 Neutral	$34.07B	6.13	-11.73%	1.80%	5.33%	-18.31%
BASE	56 Neutral	$1.34B	―	-55.90%	―	12.76%	16.97%

Couchbase Corporate Events

Couchbase to be Acquired by Haveli Investments

On June 20, 2025, Couchbase announced its agreement to be acquired by Haveli Investments for approximately $1.5 billion, with stockholders receiving $24.50 per share in cash. This acquisition, which has been approved by Couchbase’s Board of Directors, marks a significant milestone for the company as it transitions to a privately-held entity. The merger is expected to close in the second half of 2025, subject to customary closing conditions and regulatory approvals. The transaction highlights Couchbase’s strong market position and potential for future growth, as Haveli Investments aims to leverage its operational expertise to expand Couchbase’s market leadership in high-performance database solutions.

The most recent analyst rating on (BASE) stock is a Hold with a $24.50 price target. To see the full list of analyst forecasts on Couchbase stock, see the BASE Stock Forecast page.

Couchbase Reports Strong Q1 Fiscal 2026 Results

On May 29, 2025, Couchbase held its Annual Meeting where stockholders elected Class I directors and ratified PricewaterhouseCoopers LLP as the independent registered public accounting firm. They also approved executive compensation and set the frequency of future advisory votes. Couchbase announced its financial results for the first quarter of fiscal 2026, reporting a 10% increase in total revenue and a 21% increase in annual recurring revenue year-over-year. The company launched Couchbase Edge Server and continued to innovate its AI capabilities, receiving industry recognition and relocating to a new global headquarters in San Jose.

The most recent analyst rating on (BASE) stock is a Buy with a $31.00 price target. To see the full list of analyst forecasts on Couchbase stock, see the BASE Stock Forecast page.