MDB (MongoDB, Inc.): Themes, ETFs, and Basket Ideas
Last updated June 2026
Short answer
What does MongoDB, Inc. do?
MongoDB is a database software company built around a document-oriented database that stores data in flexible, JSON-like documents rather than the rigid rows and columns of traditional relational databases. This model maps naturally to how modern developers build applications, making MongoDB popular for fast-moving software teams. The company's primary growth engine is MongoDB Atlas, a fully managed cloud database service that runs across AWS, Microsoft Azure, and Google Cloud and is billed on consumption. Atlas now generates the majority of revenue and grows faster than the legacy self-managed Enterprise Advanced product. MongoDB has expanded its platform with search, vector search for AI applications, time-series data, and analytics, positioning the database as a foundation for AI-era and operational workloads. The go-to-market strategy is developer-led: teams adopt MongoDB bottom-up, and consumption scales as their applications grow. Founded in 2007 and headquartered in New York, MongoDB is a high-growth, not-yet-consistently-profitable software company tied to cloud and application development trends.
Where is MongoDB, Inc. heading?
1. Atlas cloud consumption growth.
MongoDB Atlas, the managed cloud database, is the company's main growth driver and now generates most of its revenue. Because Atlas is billed on consumption, revenue scales as customer applications grow in traffic and data. This usage-based model gives MongoDB durable expansion within its existing base, and new workload wins compound over time as applications mature in production.
2. Developer-led adoption and flexibility.
MongoDB's document model maps closely to how developers think about data, driving bottom-up adoption inside engineering teams. The flexible schema speeds development for modern applications. This developer-first motion lowers customer acquisition friction and creates a large installed base that can be expanded into through additional platform capabilities and enterprise sales.
3. AI and vector search expansion.
MongoDB has added vector search and integrated AI features, letting developers store operational data and AI embeddings in one place. As companies build AI-powered applications, the ability to combine application data with vector search positions MongoDB as a foundation for retrieval-augmented and AI-native workloads, broadening its role beyond a traditional database.
4. Land-and-expand across the enterprise.
MongoDB lands with a single application or team and expands across an organization as more workloads migrate from relational systems. The platform's breadth (document, search, time-series, analytics) lets MongoDB consolidate multiple specialized databases, increasing its share of each customer's data infrastructure spend over time.
Risks worth tracking: MongoDB competes against deeply entrenched relational databases (Oracle, Microsoft SQL Server, PostgreSQL) and against the cloud providers' own managed databases, including offerings that mimic MongoDB's API. Because most Atlas revenue runs on AWS, Azure, and Google Cloud, MongoDB partly depends on and competes with its own distribution partners. The company has a history of GAAP losses and elevated stock-based compensation, and consumption-based revenue can decelerate quickly if customers optimize usage or macro spending tightens. The valuation has at times embedded high growth expectations, so any slowdown in Atlas consumption or net expansion can pressure the stock sharply. Open-source alternatives and AI-driven database tooling add long-term competitive uncertainty.
Earnings and valuation (approximate, early 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see MongoDB, Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$2.2 billion
- Revenue growth: ~20% year over year
- Atlas share of revenue: ~70%, growing faster than the overall company
- Gross margin: ~75% (software, cloud-hosting costs included)
- GAAP profitability: Around breakeven to modest losses; non-GAAP profitable
- Price to sales: ~10x
- Net dollar retention: ~115-120%, reflecting expansion within the base
- Cash position: Strong net cash, several billion on the balance sheet
MongoDB trades as a high-growth software stock, with a price-to-sales multiple well above mature software peers, reflecting Atlas consumption growth and AI optionality rather than near-term GAAP profits. The valuation is sensitive to the trajectory of Atlas growth and net expansion. Multiple compression has occurred when consumption growth decelerated or software valuations broadly reset.
MDB's competitors
Cloud-provider managed databases
Amazon (DynamoDB, DocumentDB, Aurora), Microsoft (Azure Cosmos DB, SQL Database), and Google (Firestore, Cloud SQL) offer managed databases, some directly targeting MongoDB-style workloads, while also hosting Atlas as partners.
Relational and open-source databases
Oracle, Microsoft SQL Server, and open-source PostgreSQL and MySQL are entrenched in enterprises. MongoDB positions its document model and managed Atlas service against migrating these legacy relational workloads.
Specialized and NoSQL databases
Couchbase, Cassandra, and various NoSQL, search, and vector databases compete on specific workloads. MongoDB counters by adding search, time-series, and vector capabilities to consolidate multiple databases onto one platform.
Using MDB in a Walnut basket
The most useful question to ask about a single stock is rarely “will it go up?”. It's “does this fit a thesis I actually believe in, and how do I size it alongside other stocks that fit the same thesis?” That's what Walnut is built for.
Open the AI assistant on Walnut and describe a thesis (for example: “the AI infrastructure buildout”, “dividend growth large-caps”, “global semiconductors”) where MDB would naturally fit. The AI proposes 5 to 6 constituents with target weights, you review, and you can fund the basket through your broker once you're ready.
Build a basket around MDB with Walnut
Use MongoDB, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What is MongoDB's ticker symbol?
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MDB, listed on Nasdaq. Officially MongoDB, Inc. Founded in 2007, headquartered in New York City. Trades during US market hours and is available at every major US brokerage.
What does MongoDB do?
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MongoDB sells a document-oriented database that stores data in flexible, JSON-like documents instead of rigid relational tables. Its main product is Atlas, a managed cloud database billed on consumption that runs on AWS, Azure, and Google Cloud, complemented by search, vector search, and time-series capabilities for modern and AI applications.
Who are MongoDB's main competitors?
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Cloud-provider databases like Amazon DynamoDB and DocumentDB, Azure Cosmos DB, and Google Firestore; entrenched relational systems like Oracle, Microsoft SQL Server, and PostgreSQL; and specialized NoSQL and vector databases such as Couchbase and Cassandra. MongoDB competes by consolidating workloads onto one developer-friendly platform.
What is MongoDB Atlas?
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Atlas is MongoDB's fully managed cloud database service. It runs across AWS, Azure, and Google Cloud, handles operations like scaling and backups, and is billed on consumption. Atlas now generates most of MongoDB's revenue and grows faster than the legacy self-managed Enterprise Advanced product.
Is MongoDB profitable?
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MongoDB is profitable on a non-GAAP basis but has historically reported GAAP results around breakeven to modest losses, partly due to elevated stock-based compensation. The company carries a strong net-cash balance sheet, and the market values it on growth rather than near-term GAAP earnings.
How does MongoDB make money?
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Primarily through Atlas, the managed cloud database billed on consumption, so revenue scales as customer applications grow in traffic and data. It also sells Enterprise Advanced, a self-managed subscription for on-premises and private-cloud deployments, plus support and professional services.
Is MongoDB a good AI stock?
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MongoDB has added vector search and AI features that let developers store operational data and AI embeddings together, positioning it as a foundation for AI-native applications. Whether that translates into durable growth depends on adoption of AI workloads and competition from cloud-provider databases. It is one of several infrastructure names tied to AI application development.
What is MongoDB's price-to-sales ratio?
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Approximately 10x trailing revenue as of early 2026, well above mature software peers, reflecting Atlas consumption growth and AI optionality rather than near-term profits. The multiple has compressed when Atlas growth decelerated or software valuations broadly reset.
Is MongoDB in the S&P 500?
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Yes. MDB was added to the S&P 500 and is held across passive index funds tracking the benchmark, alongside its inclusion in many growth and technology ETFs.
Which ETFs hold MongoDB?
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MDB appears in technology and software-focused ETFs, cloud-computing funds, and broad growth ETFs, as well as S&P 500 funds like VOO following its index inclusion. It is a common holding in software and cloud-infrastructure thematic funds.
What sector is MongoDB in?
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Technology under GICS classification, within the software industry. MongoDB is grouped with other application and infrastructure software companies, reflecting its database platform and subscription and consumption revenue model.
Which thematic baskets typically include MongoDB?
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On Walnut, MDB commonly appears in cloud-software and database-infrastructure baskets, and in AI-application baskets given its vector-search capabilities. It is a high-growth software name often paired with other consumption-based cloud companies.
Is MongoDB a good stock to buy?
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Descriptive, not a recommendation. MongoDB offers a fast-growing managed cloud database, developer-led adoption, and AI optionality through vector search. Counterpoints include competition from cloud-provider databases and entrenched relational systems, a history of GAAP losses, consumption-revenue volatility, and a high valuation sensitive to Atlas growth. Whether it fits a portfolio depends on individual goals and risk tolerance. Walnut is informational, not investment advice.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with MongoDB, Inc.'s investor relations page or your broker before making investment decisions.