ServiceTitan, Inc. TTAN
ServiceTitan is the operating system that powers the trades.
We are modernizing a large and technologically underserved industry—an industry commonly referred to as the "trades." The trades consist of the collection of field service activities required to install, maintain, and service the infrastructure and systems of residences and commercial buildings. Tradespeople—like your local plumber, roofer, landscaper, HVAC technician and others who are employed in the trades—are immensely skilled and extensively trained. They are the essential, unsung heroes who work tirelessly to ensure that our needs are met where we live or work, ready at a moment's notice to leave their families in the middle of the night to go across town to help others.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $961.0M | $771.9M | $614.3M | $467.7M | — |
| Cost of revenue | $287.2M | $271.0M | $237.7M | $201.7M | — |
| Gross profit | $673.7M | $500.9M | $376.6M | $266.0M | — |
| R&D | $302.6M | $263.1M | $203.5M | $158.9M | — |
| SG&A | $249.5M | $214.5M | $136.0M | $132.2M | — |
| Total operating expenses | $842.9M | $730.9M | $559.5M | $487.9M | — |
| Operating income | -$169.2M | -$230.0M | -$182.9M | -$221.9M | — |
| Interest expense | $7.2M | $15.5M | $16.4M | $54.5M | — |
| Pre-tax income | -$157.1M | -$236.8M | -$191.0M | -$282.6M | — |
| Income tax | $2.7M | $2.3M | $4.1M | $13.1M | — |
| Net income | -$159.9M | -$239.1M | -$195.1M | -$269.5M | — |
| EPS, basic | -1.73 | -8.53 | -7.24 | -9.31 | — |
| EPS, diluted | -1.73 | -8.53 | -7.24 | -9.31 | — |
| Shares, diluted (wtd. avg.) | $92.4M | $42.1M | $33.3M | $30.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $428.8M | $441.8M | $146.7M | $204.6M | $117.5M |
| Receivables | $56.0M | $44.5M | $28.0M | — | — |
| Total current assets | $590.9M | $572.8M | $249.2M | — | — |
| Property, plant and equipment | $38.9M | $56.7M | $97.2M | — | — |
| Goodwill | $860.2M | $845.8M | $830.9M | $830.9M | — |
| Other intangibles | $176.7M | $215.0M | $251.3M | — | — |
| Total assets | $1.75B | $1.77B | $1.52B | — | — |
| Accounts payable | $52.3M | $40.2M | $45.3M | — | — |
| Short-term debt | $0 | $1.1M | $1.8M | — | — |
| Total current liabilities | $169.5M | $153.1M | $125.3M | — | — |
| Long-term debt | $0 | $104.0M | $174.6M | — | — |
| Total liabilities | $219.8M | $314.1M | $366.1M | — | — |
| Retained earnings | -$1.27B | -$1.11B | -$866.6M | — | — |
| Total equity | $1.53B | $1.45B | -$477.9M | -$335.2M | -$245.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | $110.1M | $37.1M | -$39.7M | -$120.7M | — |
| Depreciation and amortisation | $83.2M | $80.2M | $81.0M | $57.7M | — |
| Stock-based compensation | $197.1M | $163.7M | $102.5M | $64.1M | — |
| Capital expenditure | $4.7M | $3.8M | $28.4M | $74.0M | — |
| Investing cash flow | -$44.8M | -$22.8M | -$40.3M | -$681.2M | — |
| Financing cash flow | -$78.8M | $279.7M | $24.3M | $889.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001638826-26-000038.
Others in SIC 7372
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP | $3.71T | 27.8x | 17.8% |
| ORCL | ORACLE CORP | $457.36B | 27.2x | 17.3% |
| PLTR | Palantir Technologies Inc. | $418.36B | 276.7x | 56.2% |
| CRWD | CrowdStrike Holdings, Inc. | $218.20B | — | 21.7% |
| CRM | Salesforce, Inc. | $213.35B | 33.2x | 9.6% |
| SHOP | SHOPIFY INC. | $187.92B | 154.4x | 30.1% |
| NOW | ServiceNow, Inc. | $146.06B | 84.6x | 20.9% |
| SNOW | Snowflake Inc. | $118.96B | — | 29.2% |