Couchbase (BASE) AI Stock Analysis

• Market Cap: $1.35B
• Dividend Yield: N/A
• Average Volume (3M): 645.74K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.39
• Revenue Growth: 10.98%
• EPS Growth: 11.62%
• Country: US
• Employees: 792
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): -0.02
• Shares Outstanding: 55,254,036
• 10 Day Avg. Volume: 744,941
• 30 Day Avg. Volume: 645,737
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.88
• Enterprise Value/Revenue: 5.41
• Enterprise Value/Gross Profit: 6.16
• Enterprise Value/Ebitda: -17.15
• 1Y Price Target: $24.28
• Price Target Upside: -0.65% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 13

• Rating: 60 Neutral
• Price Target: $26.00 ▲(6.38% Upside)

Couchbase's overall stock score is driven by strong technical indicators and positive earnings call sentiment, highlighting growth in ARR and strategic innovations. However, financial performance and valuation concerns, including ongoing profitability challenges and a negative P/E ratio, weigh down the score.

Positive Factors

Revenue Growth

Strong ARR growth indicates robust demand for Couchbase's products, suggesting a solid market position and potential for continued expansion.

Strategic Innovations

Innovations in AI and edge capabilities enhance product offerings, potentially driving future growth and maintaining competitive advantage.

Low Leverage

Low leverage provides financial stability and flexibility, allowing Couchbase to invest in growth opportunities without significant debt burden.

Negative Factors

Profitability Challenges

Persistent profitability issues could hinder long-term financial health, affecting Couchbase's ability to reinvest in business growth.

Negative Operating Cash Flow

Negative cash flow indicates liquidity challenges, potentially restricting Couchbase's ability to fund operations and strategic initiatives.

Decline in Customer Count

A decline in customer count may signal retention issues, impacting future revenue growth and market share stability.

Couchbase Business Overview & Revenue Model

Company Description

Couchbase, Inc. is a leading provider of a NoSQL cloud database platform designed to help businesses manage and analyze large volumes of data with high speed and flexibility. The company operates primarily in the technology sector, focusing on database management solutions that cater to various industries, including finance, e-commerce, and telecommunications. Couchbase's core products include the Couchbase Server, a distributed NoSQL database, and Couchbase Capella, a fully managed cloud database service, enabling organizations to build and scale applications seamlessly.

How the Company Makes Money

Couchbase generates revenue through a subscription-based model, offering various licensing options for its database products, including on-premises and cloud-based services. Key revenue streams include annual subscriptions for Couchbase Server and Couchbase Capella, professional services for implementation and support, and training services for customers. The company also benefits from strategic partnerships with cloud providers and technology integrators, enhancing its market reach and customer acquisition. Additionally, Couchbase has seen growth through upselling and cross-selling additional features and services to its existing customer base.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	220.64M	209.47M	180.04M	154.82M	123.54M	103.28M
Gross Profit	193.63M	184.51M	157.96M	134.56M	108.76M	91.67M
EBITDA	-69.57M	-70.51M	-76.36M	-64.18M	-53.73M	-29.96M
Net Income	-75.23M	-74.65M	-80.18M	-68.49M	-58.23M	-39.98M
Balance Sheet
Total Assets	250.43M	260.60M	247.75M	253.04M	276.74M	117.19M
Cash, Cash Equivalents and Short-Term Investments	142.22M	147.17M	153.63M	168.30M	205.95M	56.84M
Total Debt	8.18M	4.32M	5.29M	7.66M	0.00	24.95M
Total Liabilities	126.42M	132.98M	117.33M	102.78M	93.53M	103.71M
Stockholders Equity	124.01M	127.62M	130.42M	150.26M	183.22M	13.48M
Cash Flow
Free Cash Flow	-29.46M	-18.85M	-31.60M	-46.83M	-42.39M	-42.00M
Operating Cash Flow	-22.79M	-15.83M	-26.89M	-41.19M	-41.57M	-39.18M
Investing Cash Flow	-9.90M	-4.85M	15.43M	-23.37M	-92.03M	-22.41M
Financing Cash Flow	14.29M	9.94M	12.93M	9.71M	192.41M	80.50M

Couchbase Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 24.44
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• 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 24.44 is above the 20-day moving average (MA) of 24.40, above the 50-day MA of 24.34, and above the 200-day MA of 19.21, indicating a bullish trend. The MACD of 0.07 indicates Positive momentum. The RSI at 67.11 is Neutral, neither overbought nor oversold. The STOCH value of 47.89 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	73 Outperform	25.66B	-318.76	-2.67%	―	21.90%	67.81%
AKAM	72 Outperform	10.87B	26.89	9.50%	―	3.98%	-31.18%
ZS	67 Neutral	44.24B	-1,041.98	-2.31%	―	23.31%	31.04%
BASE	60 Neutral	$1.35B	―	-60.03%	―	10.98%	11.62%
STNE	56 Neutral	5.16B	-28.20	-10.95%	―	-20.82%	-154.29%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%

Couchbase Corporate Events

Couchbase Merger Receives Early FTC Approval

Couchbase, Inc. announced a merger agreement with Cascade Parent Inc. and Cascade Merger Sub Inc. on June 20, 2025, with Couchbase becoming a wholly owned subsidiary of the Parent. The Federal Trade Commission granted early termination of the waiting period under the HSR Act on August 7, 2025, but the merger still requires shareholder approval and other regulatory approvals.

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.