
OneStream, Inc. Class A Common Stock

OS (OneStream, Inc. Class A Common Stock) trades at 5.0x EV/Revenue — reasonably priced for a corporate performance mgmt company with strong gross margins (69%) and healthy growth (+19% YoY). The business is pre-profit. Forward PE of 83x.
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OneStream provides cloud-based corporate performance management (CPM) software that helps finance teams consolidate financial data, create reports, and perform planning across their organizations. Their customers are typically large enterprises and government agencies looking to replace legacy financial systems with modern, AI-powered solutions. The company generates revenue primarily through subscription fees and professional services.
OneStream is riding the wave of legacy financial system modernization, posting 19% revenue growth in Q3 to reach $732M trailing twelve months. The company is targeting the massive CPM replacement market while layering on AI capabilities that provide measurable ROI to customers. International markets are accelerating (37% growth) as the company expands beyond its North American base, with management comfortable hitting Wall Street's 19.1% revenue growth expectations for 2026.
The company is in early-stage profitability with 6% non-GAAP operating margins in Q3, up from break-even levels. Gross margins remain healthy at 68.7% despite some compression from growth investments. Free cash flow generation is strong at $70M year-to-date (+107% year-over-year), showing the business model's cash-generative potential as it scales.
OneStream competes in the fragmented CPM market against legacy players and is winning through faster implementation times and AI integration. Their unified platform approach differentiates them from point solutions, while their SensibleAI capabilities provide "contextualized information" that management believes unlocks AI value for finance teams. The company's success in EMEA enterprise wins suggests strong competitive positioning globally.
Q3 results showed solid execution with subscription revenue beating expectations despite federal headwinds, while AI bookings accelerated 60% year-over-year. The company exceeded free cash flow expectations and closed a competitive deal on earnings call day, demonstrating continued market traction. However, license revenue declined sharply as expected due to the federal business transition to SaaS.
Analysts appear cautiously optimistic given management's comfort with 2026 consensus estimates for both revenue and operating income. The consistent EPS beats (ranging from $0.04-$0.07 over recent quarters) suggest conservative guidance, while the 19% revenue growth outlook for 2026 reflects confidence in the CPM replacement cycle and AI monetization.
OneStream is successfully monetizing the corporate finance modernization trend with strong subscription growth and emerging AI differentiation, though investors need to weigh federal business headwinds against accelerating international expansion and improving profitability metrics.
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| '25E | '26E | '27E | '28E | |
|---|---|---|---|---|
| Revenue | $595M | $709M | $848M | $1.0B |
| Growth | — | +19% | +20% | +19% |
| EBITDA | — | $41M | $70M | $119M |
| Growth | — | +72% | +70% | |
| FCF | $96M | $49M | $76M | $122M |
| Margin | 16% | 7% |
OneStream Named a 4x Leader and Placed Furthest in Vision in the 2026 Gartner Magic Quadrant for Financial Close and Consolidation Solutions
OneStream Announces Splash 2026 and the OneStream World Tour to Help Finance Lead in a Time of Rapid Change
KEYTRUDA® (pembrolizumab) Plus Paclitaxel With or Without Bevacizumab Significantly Improved Key Secondary Endpoint of Overall Survival (OS) Versus Paclitaxel With or Without Bevacizumab in Patients With Platinum-Resistant Recurrent Ovarian Cancer
OneStream Announces Fourth Quarter and Fiscal Year 2025 Financial Results
| 9% |
| 12% |
| EPS (PF) | $0.19 | $0.29 | $0.45 | $0.71 |
| Growth | — | +49% | +56% | +60% |
| PF Op Inc | — | $25M | $29M | $35M |