OUST Technology

Ouster, Inc.

$28.98+2.69%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Technology
Industry: Electronic Components
Country: United States
Market cap: 2.1B USD
Enterprise value: 1.8B USD
Full-time employees: 320

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 3.23 vs a peer median of 0.87)bigger price swings (beta 3.23 vs peers 0.87)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,056 of 1,612 technology companies (bottom 35%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 286% from December 2022 to July 2026.
Ouster had 286% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Ouster had 286% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 24% of revenue in 2025.
Ouster paid employees $41M in stock in 2025, 24% of its $169M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating loss narrowing. Operating margin -44% in 2025, the smallest loss relative to revenue of the last 6 years.
Ouster still lost money on operations in 2025 (margin -44%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -31%).

StockQuotient Score

43/ 100

Oct 5 43 → Nov 4 43

Valuation

Is the price right?

10/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 13.3% (existing holders diluted)

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-2.6%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield-3.2%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield-3.9%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield17.8%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

93/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 10.6%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.30Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth51.6%

SEC filings · 3 years to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.42Sector median: 0.0483 · MAD: 0.0793

Revenue growth62.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.89Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

6/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 6.9 points to -30.6%

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-30.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -5.19Sector median: 0.0631 · MAD: 0.0710

Return on assets-11.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.91Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-17.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.85Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin49.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-14.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Current ratio
▲ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta3.23

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.51Sector median: 0.8710 · MAD: 0.3700

Current ratio4.16×

SEC filings · latest balance sheetReported value33% base weight · Z-score 3.41Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.04×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.90Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Ouster

Is Ouster getting weaker?: Its latest SEC filing (Aug 6, 2026) was mixed: some things better, some worse: operating margin rose 6.9 points to -30.6%; share count up 13.3%. Its overall score is unchanged at 43/100 since Oct 28, 2026.
How is Ouster valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -2.6% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -2.6% vs peers 2.2% (weaker than 100% of peers).
Is Ouster growing?: Yes, faster than most of its peers. Growth scores 93/100 against 1,711 technology peers. 3-year revenue growth 51.6% vs a peer median of 4.8% (stronger than 95% of peers).3-year revenue growth 51.6% vs peers 4.8% (stronger than 95% of peers).
How profitable is Ouster?: Less profitable than most of its peers. Profitability scores 6/100 against 1,711 technology peers. Return on assets -11.2% vs a peer median of 2.9% (weaker than 95% of peers).Return on assets -11.2% vs peers 2.9% (weaker than 95% of peers).
How risky is Ouster?: Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 4.16× vs a peer median of 1.83× (stronger than 86% of peers).Current ratio 4.16× vs peers 1.83× (stronger than 86% of peers). Beta 3.23 vs a peer median of 0.87 (weaker than 100% of peers).Beta 3.23 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

Mixed: some things better, some worse

Operating margin rose 6.9 points to -30.6%
Share count up 13.3% (existing holders diluted)

Worth watching: Ouster is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	185.3M USD	204.9M USD	+10.6%
Net income (12 months)	−55.8M USD	−53.3M USD	−4.5%
Operating margin	-37.4%	-30.6%	+6.9 pts
Free cash flow (12 months)	−69.3M USD	−82.5M USD	+19.1%
Cash	78.7M USD	91.8M USD	+16.6%
Shares outstanding	63.7M	72.1M	+13.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Electronic Components · 19 companies

Valuations in Electronic Components are near the top of their range since Mar 2016.

90% of months since Mar 2016 were valued lower than now.
87% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +2% vs the whole market, against a usual −24%.

Mar 2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	27.1%	26.6%	10.0%	36.4%	49.3%	▲ 13 pts
Operating margin	-297.0%	-354.4%	-448.1%	-93.8%	-43.7%	▲ 50 pts
Net margin	-279.9%	-337.7%	-449.2%	-87.3%	-35.6%	▲ 52 pts
Return on assets (ROA)	-30.5%	-54.1%	-113.1%	-35.1%	-17.3%	▲ 18 pts
Return on equity (ROE)	-36.0%	-80.7%	-208.2%	-53.6%	-23.1%	▲ 31 pts
Free cash flow margin	-224.4%	-283.0%	-169.2%	-33.7%	-38.3%	▼ 4.6 pts
Current ratio	9.38×	5.51×	3.22×	2.80×	3.93×	▲ 40%
Quick ratio	9.04×	4.85×	2.94×	2.59×	3.59×	▲ 39%
Debt to equity	0.00×	0.23×	0.24×	0.00×	—	—
Interest coverage	-197.84×	-53.98×	-40.12×	-57.15×	—	—

OUST price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 3.23 vs a peer median of 0.87)bigger price swings (beta 3.23 vs peers 0.87)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,056 of 1,612 technology companies (bottom 35%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 286% from December 2022 to July 2026.

Ouster had 286% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Ouster had 286% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 24% of revenue in 2025.

Ouster paid employees $41M in stock in 2025, 24% of its $169M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating loss narrowing. Operating margin -44% in 2025, the smallest loss relative to revenue of the last 6 years.

Ouster still lost money on operations in 2025 (margin -44%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -31%).

Questions investors ask about Ouster

Is Ouster getting weaker?

Its latest SEC filing (Aug 6, 2026) was mixed: some things better, some worse: operating margin rose 6.9 points to -30.6%; share count up 13.3%. Its overall score is unchanged at 43/100 since Oct 28, 2026.

How is Ouster valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -2.6% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -2.6% vs peers 2.2% (weaker than 100% of peers).

Is Ouster growing?

Yes, faster than most of its peers. Growth scores 93/100 against 1,711 technology peers. 3-year revenue growth 51.6% vs a peer median of 4.8% (stronger than 95% of peers).3-year revenue growth 51.6% vs peers 4.8% (stronger than 95% of peers).

How profitable is Ouster?

Less profitable than most of its peers. Profitability scores 6/100 against 1,711 technology peers. Return on assets -11.2% vs a peer median of 2.9% (weaker than 95% of peers).Return on assets -11.2% vs peers 2.9% (weaker than 95% of peers).

How risky is Ouster?

Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 4.16× vs a peer median of 1.83× (stronger than 86% of peers).Current ratio 4.16× vs peers 1.83× (stronger than 86% of peers). Beta 3.23 vs a peer median of 0.87 (weaker than 100% of peers).Beta 3.23 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

185.3M USD

204.9M USD

+10.6%

Net income (12 months)

−55.8M USD

−53.3M USD

−4.5%

Operating margin

-37.4%

-30.6%

+6.9 pts

Free cash flow (12 months)

−69.3M USD

−82.5M USD

+19.1%

Cash

78.7M USD

91.8M USD

+16.6%

Shares outstanding

63.7M

72.1M

+13.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

27.1%

26.6%

10.0%

36.4%

49.3%

▲ 13 pts

Operating margin

-297.0%

-354.4%

-448.1%

-93.8%

-43.7%

▲ 50 pts

Net margin

-279.9%

-337.7%

-449.2%

-87.3%

-35.6%

▲ 52 pts

Return on assets (ROA)

-30.5%

-54.1%

-113.1%

-35.1%

-17.3%

▲ 18 pts

Return on equity (ROE)

-36.0%

-80.7%

-208.2%

-53.6%

-23.1%

▲ 31 pts

Free cash flow margin

-224.4%

-283.0%

-169.2%

-33.7%

-38.3%

▼ 4.6 pts

Current ratio

9.38×

5.51×

3.22×

2.80×

3.93×

▲ 40%

Quick ratio

9.04×

4.85×

2.94×

2.59×

3.59×

▲ 39%

Debt to equity

0.00×

0.23×

0.24×

0.00×

—

Interest coverage

-197.84×

-53.98×

-40.12×

-57.15×

—