Onestream, Inc. Class A (OS) AI Stock Analysis

• Market Cap: $5.94B
• Dividend Yield: N/A
• Average Volume (3M): 4.18M
• Price to Earnings (P/E): 867.7
• Beta (1Y): 1.38
• Revenue Growth: 24.19%
• EPS Growth: 58.84%
• Country: US
• Employees: 1,500
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.12
• Shares Outstanding: 99,803,650
• 10 Day Avg. Volume: 2,601,768
• 30 Day Avg. Volume: 4,182,564
• PEG Ratio: 0.86
• Price to Book (P/B): 6.63
• Price to Sales (P/S): 5.56
• P/FCF Ratio: 35.00
• Enterprise Value/Market Cap: 0.94
• Enterprise Value/Revenue: 9.32
• Enterprise Value/Gross Profit: 13.57
• Enterprise Value/Ebitda: -72.56
• 1Y Price Target: $23.97
• Price Target Upside: 1.57% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 19
• EPS Forecast (FY): 0.27
• Revenue Forecast (FY): $705.27M

• Rating: 70 Outperform
• Price Target: $26.00 ▲(10.17% Upside)
• Action: Upgraded Date: 02/27/26
• Date: Action: Upgraded 02/27/26

The score is driven primarily by solid financial footing (low leverage) and strong cash generation with improving loss profile, supported by constructive technical momentum. Offsetting factors are weak valuation optics from negative earnings and slowing top-line growth, while the latest earnings commentary and the take-private deal are additional positives.

Positive Factors

Conservative balance sheet

Very low leverage and a sharply expanded equity base provide durable financial flexibility. Low debt reduces refinancing and covenant risk, supporting continued R&D and go-to-market investments during growth or transition periods and cushioning the business against macro shocks.

Consistent positive free cash flow

Sustained positive operating and free cash flow across recent years demonstrates strong cash conversion despite GAAP losses. Reliable cash generation supports product investment, strategic partnerships, and optionality for M&A or shareholder returns under new ownership.

Recurring revenue and AI-led product demand

Robust subscription growth, rapid AI bookings expansion and strong international momentum indicate durable product-market fit for finance AI. Recurring revenue plus differentiated AI capabilities improve revenue visibility and create sustainable upsell and retention opportunities over time.

Negative Factors

Ongoing net losses

Despite material improvement, persistent GAAP losses mean returns on equity and capital remain negative. Until sustained net profitability is achieved, investor economics and reinvestment returns are constrained and the company may face pressure to balance growth with margin discipline.

Revenue growth deceleration

A marked slowdown from prior high-growth periods reduces operating leverage and raises the bar for margin expansion. Slower top-line growth can limit scale efficiencies and makes continued investment in product and sales effectiveness more sensitive to execution.

License decline and federal headwinds

A steep drop in license revenue and contract rationalization in the U.S. Federal segment signal revenue mix shifts and customer concentration risk. SaaS conversions can lower near-term license dollars and federal challenges may depress renewals, increasing execution risk on bookings.

Onestream, Inc. Class A Business Overview & Revenue Model

Company Description

OneStream, Inc. delivers a unified, AI-enabled, and extensible software platform in the United States and internationally. The company's Digital Finance Cloud platform provides solutions that include financial close and consolidation that streamlines financial processes with capabilities to automate tasks and manage the complexity and standards of financial reporting and consolidation; financial and operational planning and analysis that enables financial and operational planning, budgeting, forecasting, and results analysis for individual business functions and the synchronization of plans across the entire organization; and financial and operational reporting that provides end-to-end visibility of analytics and key metrics to various stakeholders, including executives, finance professionals, line-of-business leaders, and other business partners. Its customers include enterprises, mid-market organizations, and government entities. OneStream, Inc. was founded in 2012 and is headquartered in Birmingham, Michigan.

How the Company Makes Money

Onestream generates revenue through a subscription-based model for its software solutions, which includes licensing fees for its Financial Close and Reporting Software. The company offers tiered subscription plans that cater to the needs of different business sizes and requirements, allowing for scalability. Additionally, Onestream earns revenue from professional services such as implementation, training, and ongoing support, which are often bundled with the software subscription. Key partnerships with major cloud service providers and integration with other enterprise resource planning (ERP) systems further enhance its offerings and attract a broader customer base, contributing to its overall earnings.

Onestream, Inc. Class A Financial Statement Overview

Summary

Strong balance sheet with very low leverage, and cash generation is a clear strength with positive operating cash flow and free cash flow (FCF ~$95.6M in 2025). However, profitability remains a constraint (still net loss in 2025) and revenue growth decelerated to ~5.5% in 2025 despite improving gross margin (~68.7%).

Income Statement

Revenue has scaled meaningfully from $279.3M (2022) to $601.9M (2025), but the growth rate slowed to 5.5% in 2025 versus much higher growth in prior years. Profitability is the key drag: the company remains loss-making, though 2025 shows a large improvement versus 2024 (net loss of ~$50.3M in 2025 vs. ~$216.2M in 2024), and gross margin strengthened to ~68.7% in 2025 from ~63.4% in 2024. Overall: strong gross economics and improving losses, but still negative bottom-line results and a decelerating growth profile.

Balance Sheet

The balance sheet is conservatively levered, with very low debt relative to equity (debt-to-equity ~0.03 in 2025, improving from ~0.05 in 2024). Equity has expanded sharply (to ~$504.7M in 2025 from ~$106.5M in 2023), providing a solid capital cushion. The main weakness is that returns remain negative due to ongoing net losses (return on equity is still below zero), but financial risk from leverage appears limited.

Cash Flow

Cash generation is a notable strength: operating cash flow and free cash flow are positive in each of the last three years, reaching ~$96.7M and ~$95.6M respectively in 2025, after negative cash flow in 2022. Free cash flow growth was modest in 2025 (~1.0%), indicating normalization after prior step-ups, but the trend is directionally favorable. A watch item is that cash flow strength is occurring alongside net losses, suggesting profitability quality is still developing even as cash conversion improves.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022
Income Statement
Total Revenue	601.93M	489.41M	374.92M	279.32M
Gross Profit	413.29M	310.08M	260.42M	186.81M
EBITDA	-61.63M	-301.13M	-27.63M	-56.60M
Net Income	-50.30M	-216.20M	-28.93M	-65.47M
Balance Sheet
Total Assets	1.03B	823.22M	361.56M	320.01M
Cash, Cash Equivalents and Short-Term Investments	693.58M	544.17M	117.09M	100.84M
Total Debt	14.80M	18.59M	20.03M	18.91M
Total Liabilities	426.10M	332.26M	255.03M	192.88M
Stockholders Equity	504.71M	386.17M	106.53M	127.14M
Cash Flow
Free Cash Flow	95.63M	58.53M	18.68M	-37.92M
Operating Cash Flow	96.67M	61.15M	21.27M	-32.94M
Investing Cash Flow	-4.99M	-10.21M	84.75M	34.88M
Financing Cash Flow	57.58M	376.45M	-3.85M	1.48M

Onestream, Inc. Class A Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 23.60
• 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 OS, the sentiment is Positive. The current price of 23.6 is below the 20-day moving average (MA) of 23.60, above the 50-day MA of 23.17, and above the 200-day MA of 22.11, indicating a neutral trend. The MACD of 0.17 indicates Positive momentum. The RSI at 57.57 is Neutral, neither overbought nor oversold. The STOCH value of 44.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OS.

Onestream, Inc. Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
YOU	78 Outperform	$5.94B	27.21	77.38%	2.11%	17.83%	118.70%
OS	70 Outperform	$5.94B	867.68	-10.89%	―	24.19%	58.84%
BILL	68 Neutral	$3.92B	-533.32	-0.63%	―	11.63%	50.72%
CWAN	68 Neutral	$6.84B	-168.64	-2.19%	―	50.91%	54812.50%
QTWO	67 Neutral	$3.04B	86.24	8.62%	―	13.93%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
CVLT	57 Neutral	$3.56B	77.74	31.15%	―	22.02%	-55.25%

Onestream, Inc. Class A Corporate Events

Hg to Take OneStream Private in $6.4B Deal

On January 6, 2026, OneStream entered into a definitive agreement and plan of merger under which entities affiliated with private equity firm Hg will acquire OneStream in an all-cash deal valuing the company at about $6.4 billion. Under the terms, public shareholders will receive $24.00 in cash per share—a 31% premium to the January 5, 2026 closing price—with corresponding cash treatment for OneStream LLC units and equity awards, while certain out-of-the-money options will be cancelled without consideration; CEO Tom Shea will roll over part of his equity and remain in his role, and the company will continue to be headquartered in Birmingham. The transaction, structured through dual mergers of Hg-affiliated entities into OneStream Inc. and OneStream Software LLC, has been unanimously approved by OneStream’s board and, on January 6, 2026, secured written consent from KKR-affiliated shareholders controlling roughly 58% of the voting power, which constitutes all required stockholder approval to complete the deal. Closing, targeted for the first half of 2026 and not subject to a financing condition, remains contingent on customary regulatory clearances—including Hart-Scott-Rodino approval—and other closing conditions, with an outside date that can extend to April 6, 2027 and a $207 million termination fee potentially payable by OneStream in specified circumstances. Upon completion, OneStream will be taken private, its Class A common stock will be delisted from public exchanges, Hg will become the majority shareholder alongside minority investors General Atlantic and Tidemark, and the amended tax receivable agreement will terminate without payments in connection with this or a superior alternative acquisition, simplifying the company’s post-transaction tax-related obligations and capital structure for new owners.

The most recent analyst rating on (OS) stock is a Hold with a $24.00 price target. To see the full list of analyst forecasts on Onestream, Inc. Class A stock, see the OS Stock Forecast page.

OneStream Announces CFO Transition Plan

On November 25, 2025, OneStream, Inc. announced a CFO transition plan with Bill Koefoed resigning as CFO effective December 31, 2025, and John Kinzer stepping in as interim CFO starting January 1, 2026. The company also promoted Scott Leshinski to President and Pamela McIntyre to Chief Accounting Officer, effective January 1, 2026. These leadership changes are part of OneStream’s strategy to accelerate AI leadership and support its growth and market expansion, particularly in AI solutions for the Office of the CFO, which have seen significant growth in 2025.

The most recent analyst rating on (OS) stock is a Buy with a $26.00 price target. To see the full list of analyst forecasts on Onestream, Inc. Class A stock, see the OS Stock Forecast page.