Oracle Corporation
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business works, and visibly so: $67.357 billion of revenue in fiscal 2026, a 30.6 percent operating margin, $31.977 billion of operating cash flow — 187 percent of net income — interest coverage of roughly 4.5 times, no single customer above 10 percent of revenue, and a statement in the annual report that all debt-related covenants were met as of May 31, 2026. That is a long way from a substance problem: equity stands at $43.056 billion, cash and marketable securities at $31.894 billion, plus an undrawn $10 billion revolving facility and a bond market that absorbed $43.0 billion from Oracle in fiscal 2026 alone. What is open, however, is a very large operating question, and it is the core of this analysis: the company put $55.663 billion into data centers, built up $260 billion of off-balance-sheet lease commitments and drove free cash flow to minus $23.686 billion — against an order book of which 88 percent lies beyond the next twelve months and whose growth is attributed to "certain significant cloud contracts" whose number the filing does not disclose. That is not proven balance sheet quality, but it is not a proven breach of substance either — hence yellow. The fact that the stock traded roughly 65 percent below its peak on July 24, 2026 explicitly plays no part in that color: price is not a quality attribute. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Oracle set two records at once in fiscal 2026: $638 billion of remaining performance obligations and minus $23.686 billion of free cash flow. The two belong together, because one is the down payment on the other. The day-to-day business holds up: $67.357 billion of revenue, $20.606 billion of operating income, $31.977 billion of operating cash flow, 141,000 employees, and no single customer above 10 percent of revenue. The bill sits right next to it: $129.5 billion of debt, $4.599 billion of interest expense, a 16.4 percent equity ratio — and $260 billion of data center lease commitments that appear on no balance sheet line. Oracle poses the decisive question in its own risk factors: what happens if large customers cannot perform while the leases and their financing keep running. Not investment advice.
Business model and market position
Oracle sells the database a large part of the corporate world runs on, plus applications and, more recently, cloud computing capacity. In fiscal 2026, 51 percent of revenue came from the cloud, against 37 percent two years earlier. Revenue rose to $67.357 billion, the operating margin was 30.6 percent, and $10.272 billion went into research and development.
Order book
Remaining performance obligations jumped from $138 billion to $638 billion in twelve months (as of May 31, 2026) — contracted revenue that has not yet been recognized. Even the conservatively expected 12 percent for the next twelve months equals roughly $77 billion, more than the entire fiscal 2026 revenue.
Cash flow and capital intensity
Capital expenditures rose from $21.215 billion to $55.663 billion in fiscal 2026. Free cash flow fell to minus $23.686 billion, or 139 percent of net income. Oracle explicitly expects this upward trend to continue in fiscal 2027 and beyond.
Leverage
Debt rose to $129.5 billion as of May 31, 2026 from $92.6 billion a year earlier, and interest expense climbed 29 percent to $4.599 billion. The bond market valued $128.1 billion of carrying value at $114.4 billion of fair value, roughly 89 cents on the dollar. The equity ratio stood at 16.4 percent and the Altman Z″ in our data set at 4.14 (as of July 27, 2026); the own recalculation with the original formula, which includes market capitalization, yields 1.43.
Off-balance-sheet commitments
As of May 31, 2026, $260 billion of data center lease commitments appear neither as an asset nor as a liability; they commence between fiscal 2027 and fiscal 2029 and run fifteen to nineteen years. Add $13.309 billion of unconditional purchase obligations and a further $19 billion committed after the balance sheet date. Total assets are $261.759 billion.
Customer concentration
No single customer accounted for 10 percent or more of total revenues in fiscal 2024 through 2026 — that helps. At the same time Oracle writes in its own risk factors that in certain cloud infrastructure offerings it is "more concentrated among a number of large customers", and it attributes the jump in the order book to "certain significant cloud contracts". How many customers stand behind that, the filing does not say.
Valuation
At the July 24, 2026 close of $114.99 and 2,880,471,000 shares, market capitalization was roughly $331 billion: about 20 times diluted earnings of $5.83 per share, about 4.9 times annual revenue and about 8.8 times book value. The consensus price target across 39 analyst ratings was $248.15 (data as of July 25, 2026).
Worth Noting
Oracle reached our research list through our in-house stock scanner: rank 20 of 62 in the "Turnaround Candidates" list (U.S. selection) with a turnaround check of 6 of 8 points, as of July 25, 2026. Rank and score are a snapshot of that single day — the lists are recalculated daily, and several names in this series have already dropped out after the next run. The list requires two mandatory pillars: at least 50 percent below the all-time high (Oracle: 64.98 percent as of July 24, 2026) and secured survival via an Altman Z-score of at least 1.1 (Oracle: 4.14 in the data set, variant Altman Z″), no more than one balance sheet warning flag, and positive equity.
Every figure carries its own as-of date: annual figures from the 10-K for fiscal 2026 (period ended May 31, 2026, filed June 22, 2026), quarterly and comparative figures from the 10-Q as of February 28, 2026 (filed March 11, 2026), ATM details from the 424B5 prospectus supplement dated June 23, 2026, the dividend declaration from the 8-K dated June 10, 2026, and the share count from the cover page of the annual report (as of June 12, 2026). Price and valuation data as of July 25, 2026, based on the July 24, 2026 close — meant to be evergreen, with no daily price used as a buy argument.
Identity and currency: the ticker ORCL belongs to Oracle Corporation of Austin, Texas (CIK 0001341439). The former name "Ozark Holding Inc." on record with the SEC (October 19, 2005 to February 1, 2006) was the vehicle for the reincorporation in Delaware, not a change of ownership. The NYSE symbol ORCL-PRD does not denote the common stock but depositary shares on the 6.50% Series D preferred stock. After the annual report filed June 22, 2026, the only filings through the most recent one reviewed on June 26, 2026 were the 424B5 prospectus supplement on the ATM program (June 23, 2026) and insider and resale notices — no acquisition, no take-private, no merger.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at ORCL since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 115.00 $ to 328.20 $ · Last price: 150.60 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Software - Infrastructure
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Oracle Corporation ORCL | 435.3 | 24.7 | 14.8 | 64.0 | 36.2 | 17.4 | -49.5 |
| Microsoft Corporation MSFT | 3,632.6 | 30.8 | 17.6 | 67.9 | 46.3 | 14.9 | -1.6 |
| Palantir Technologies Inc. PLTR | 432.5 | 199.0 | 147.5 | 84.8 | 46.2 | 56.2 | 4.7 |
| Palo Alto Networks Inc PANW | 305.7 | 302.6 | 194.0 | 70.4 | -2.5 | 14.9 | 84.7 |
| Crowdstrike Holdings Inc CRWD | 248.2 | – | 490.1 | 75.2 | -2.2 | 21.7 | 120.6 |
| Fortinet Inc FTNT | 124.2 | 61.8 | 39.6 | 80.2 | 31.3 | 14.2 | 115.0 |
| Cloudflare Inc NET | 115.1 | – | 2,805.8 | 72.6 | -9.7 | 29.9 | 56.1 |
| Synopsys Inc SNPS | 73.0 | 77.0 | 22.3 | 82.9 | 10.4 | 15.1 | -10.4 |
| Block, Inc XYZ | 46.0 | 58.5 | 12.0 | 46.6 | -2.6 | 0.3 | 1.1 |
| Median of companies shown | 248.2 | 61.8 | 39.6 | 72.6 | 10.4 | 15.1 | 4.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 37,728 | 12,913 | 9,452 | 2.24 | 14,126 | 53,860 | 134,991 |
| 2018 | 39,831 | 13,264 | 3,587 | 0.85 | 15,386 | 46,224 | 137,264 |
| 2019 | 39,506 | 13,535 | 11,083 | 2.97 | 14,551 | 21,785 | 108,709 |
| 2020 | 39,068 | 13,896 | 10,135 | 3.08 | 13,139 | 12,074 | 115,438 |
| 2021 | 40,479 | 15,213 | 13,746 | 4.55 | 15,887 | 5,238 | 131,107 |
| 2022 | 42,440 | 10,926 | 6,717 | 2.41 | 9,539 | -6,220 | 109,297 |
| 2023 | 49,954 | 13,093 | 8,503 | 3.07 | 17,165 | 1,073 | 134,384 |
| 2024 | 52,961 | 15,353 | 10,467 | 3.71 | 18,673 | 8,704 | 140,976 |
| 2025 | 57,399 | 17,678 | 12,443 | 4.34 | 20,821 | 20,451 | 168,361 |
| 2026 | 67,358 | 20,778 | 17,087 | 5.86 | 31,977 | 42,508 | 261,759 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | 1.02 | 19.90 | 14,130 | 6.40 | 20.80 | 5,933 | 71 |
| 2025: Q2 | 1.19 | 7.60 | 15,903 | 11.30 | 21.50 | 6,157 | -2,923 |
| 2025: Q3 | 1.01 | -2.10 | 14,926 | 12.20 | 19.60 | 8,140 | -362 |
| 2025: Q4 | 2.10 | 91.20 | 16,058 | 14.20 | 38.20 | 2,066 | -9,967 |
| 2026: Q1 | 1.28 | 25.00 | 17,190 | 21.70 | 21.60 | 7,151 | -11,484 |
| 2026: Q2 | 1.48 | 23.70 | 19,184 | 20.60 | 22.40 | 14,620 | -1,873 |
| 2026: Q3 | 1.56 | 54.50 | 19,345 | 29.60 | 24.60 | 23,103 | -5,396 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 2 of our scanner strategies — each hit links to the scanner.
Dividends
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 05/31/2027 | 8.14 | 8.09 – 8.37 | 90,464 | 6.7% | 31 |
| 05/31/2028 | 10.99 | 9.00 – 13.30 | 131,313 | 35.1% | 40 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Oracle verkauft KI ausdrücklich als Produkt: Die Cloud-Infrastruktur OCI führt „AI Infrastructure, generative AI and agentic AI“ als eigene Angebote, die Datenbank heißt seit dem Geschäftsjahr 2026 „Oracle AI Database“, und die Cloud-Infrastruktur-Erlöse stiegen im Geschäftsjahr 2026 um 77 Prozent auf 18,101 Mrd. US-Dollar.
View the full file — quotes, sources, reviewed filings
„OCI offerings are designed to deliver our infrastructure technologies, including compute, storage, networking, and cloud-native services, along with new and innovative solutions such as AI Infrastructure, generative AI and agentic AI."
Die OCI-Angebote sind darauf ausgelegt, unsere Infrastruktur-Technologien bereitzustellen — Rechenleistung, Speicher, Netzwerk und cloud-native Dienste — zusammen mit neuen und innovativen Lösungen wie KI-Infrastruktur, generativer KI und agentischer KI.
10-K · 2026-06-22 · View SEC filing
„We are building AI into many of our product offerings and we are also making AI available for our customers to use in solutions that they build. We have made significant investments in AI initiatives, including investments in infrastructure and headcount, and we expect to continue to invest significant resources to build and support our AI products in support of our growth strategy."
Wir bauen KI in viele unserer Produktangebote ein und stellen KI zugleich unseren Kunden für eigene Lösungen zur Verfügung. Wir haben erheblich in KI-Vorhaben investiert, unter anderem in Infrastruktur und Personal, und wir gehen davon aus, weiterhin erhebliche Mittel für Aufbau und Betrieb unserer KI-Produkte einzusetzen, um unsere Wachstumsstrategie zu stützen.
10-K · 2026-06-22 · View SEC filing
„Our OCI offerings also include cloud-based compute, storage and networking capabilities, application development and cloud native services, among others, and new and innovative services such as AI Infrastructure offerings and emerging technologies such as generative AI, agentic AI, IoT and blockchain."
Unsere OCI-Angebote umfassen außerdem cloud-basierte Rechen-, Speicher- und Netzwerkleistungen, Anwendungsentwicklung und cloud-native Dienste sowie neue und innovative Dienste wie KI-Infrastruktur-Angebote und aufkommende Technologien wie generative KI, agentische KI, IoT und Blockchain.
10-K · 2025-06-18 · View SEC filing
Filings Reviewed: 10-K 2026-06-22 · 10-Q 2026-03-11 · 10-Q 2025-12-11 · 10-Q 2025-09-10 · 10-K 2025-06-18 · 10-Q 2025-03-11
Rated on July 26, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 10.5%
- More than 10% revenue growth is expected for the coming year 45.7%
- Share count grows by less than 3% a year 1.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -17.8%
- Gross margin at 40% or higher and without meaningful erosion 65.2%
- Goodwill from acquisitions does not grow faster than revenue 23.8%
- Net debt below twice EBITDA 3.9 x EBITDA
- Operating cash flow covers the profits of the last three years 31,474 m
- Return on capital at 15% or higher, or up versus two years ago 9.4%
- Insiders hold at least 10% or are net buyers 40.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 6.7%
- Exp. sales growth 3Y > 5% 39.6%
- EBIT growth 10Y > 5% 5.4%
- Exp. EBIT growth 3Y > 5% 37.0%
- Net debt < 4x EBIT 6.0x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 28.2%
- Return on equity > 15% –
- ROCE > 15% 9.4%
- Expected return > 10% 29.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Oracle Corporation bietet weltweit Produkte und Dienste für Unternehmens-IT-Umgebungen an. Das Software-as-a-Service-Angebot der Oracle Cloud umfasst diverse Cloud-Anwendungen, darunter Oracle Fusion Cloud ERP und Oracle Fusion Cloud-Lösungen.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 141,000
- Headquarters
- Austin, TX
- Address
- 2300 Oracle Way, 78741 Austin, United States
- Phone
- (737) 867-1000
- Website
- oracle.com
- IPO Date
- 03/12/1986
- ISIN
- US68389X1054
- Stock Split
- 2:1 on 10/13/2000
- Stock Split
- 2:1 on 01/19/2000
- Stock Split
- 3:2 on 03/01/1999
Management
| Name | Title | Birth Year |
|---|---|---|
| Lawrence J. Ellison | Co-Founder, Chairman & CTO | 1944 |
| Jeffrey O. Henley | Executive Vice Chairman of the Board | 1945 |
| Safra Ada Catz | Executive Vice Chair | 1962 |
| Maria Smith | Executive VP & Chief Accounting Officer | 1967 |
| Stuart A. Levey | Executive VP & Chief Legal Officer | 1964 |
| Michael D. Sicilia | Chief Executive Officer & Director | 1972 |
| Clayton M. Magouyrk | Chief Executive Officer & Director | 1987 |
| Hilary Barbara Maxson B.Sc., M.B.A. | Chief Financial Officer | 1978 |
| Mark Hura | President of Global Field Operations | 1974 |
| Jae Evans | Global Chief Information Officer & Executive VP | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.