{
  "@context": "https://frontierpicks.com/schemas/dossier.v1.json",
  "ticker": "TTAN",
  "name": "ServiceTitan, Inc.",
  "url": "https://frontierpicks.com/dossiers/TTAN/",
  "json_url": "https://frontierpicks.com/dossiers/TTAN.json",
  "status": "DORMANT",
  "current_conviction": "LOW",
  "archetype": {
    "code": "a3",
    "n": 3
  },
  "current_thesis": "ServiceTitan grows revenue above 20% with widening margins, but slowing transaction volume and a lower third-quarter guide leave the shares more likely to lag the S&P 500; the 3 December 2026 report settles it.",
  "invalidation_trigger": "A daily close above $100.64, the highest close of the last 63 sessions (2026-08-27), would show the shares leading the S&P 500 and prove this call wrong.",
  "catalyst_date": "2026-12-03",
  "portfolio": null,
  "pick": null,
  "themes": [
    "ai-enterprise-software"
  ],
  "tags": [],
  "sources": [],
  "caveats": [],
  "source_links": [
    {
      "title": "Finviz",
      "url": "https://finviz.com/news/417046/servicetitan-to-announce-fiscal-third-quarter-2027-financial-results-on-december-3-2026",
      "date": null
    },
    {
      "title": "ServiceTitan Q2 earnings call highlights",
      "url": "https://www.nasdaq.com/articles/servicetitan-q2-earnings-call-highlights",
      "date": null
    },
    {
      "title": "ServiceTitan Announces Fiscal Second Quarter Financial Results",
      "url": "https://finviz.com/news/389815/servicetitan-announces-fiscal-second-quarter-financial-results",
      "date": null
    }
  ],
  "evidence": [
    {
      "claim": "Fiscal Q2 2027 revenue was $292.8 million, up 21% year over year; subscription revenue $212.4 million, usage revenue $72.1 million.",
      "source": "ServiceTitan fiscal Q2 2027 results and 8-K",
      "as_of": "2026-09-08"
    },
    {
      "claim": "Gross transaction volume was $26.8 billion in fiscal Q2 2027, up 17% year over year.",
      "source": "ServiceTitan fiscal Q2 2027 results",
      "as_of": "2026-09-08"
    },
    {
      "claim": "Non-GAAP operating income was $44.4 million (15.2% margin) versus $29.2 million a year earlier; free cash flow was $50.5 million versus $34.3 million.",
      "source": "ServiceTitan fiscal Q2 2027 8-K",
      "as_of": "2026-09-08"
    },
    {
      "claim": "Fiscal Q3 2027 guidance is revenue of $285 million to $287 million and non-GAAP operating income of $29 million to $30 million; full-year revenue guidance is $1.139 billion to $1.144 billion.",
      "source": "ServiceTitan fiscal Q2 2027 8-K",
      "as_of": "2026-09-08"
    },
    {
      "claim": "ServiceTitan will report fiscal Q3 2027 results on 2026-12-03 after the market close, with a call at 2:00 p.m. Pacific Time.",
      "source": "ServiceTitan press release, 2026-11-05",
      "as_of": "2026-11-05"
    },
    {
      "claim": "Cash and equivalents were $479.5 million at quarter end.",
      "source": "ServiceTitan fiscal Q2 2027 8-K",
      "as_of": "2026-07-31"
    },
    {
      "claim": "TD Cowen reiterated Buy with a $100 price target.",
      "source": "Benzinga",
      "as_of": "2026-10-07"
    },
    {
      "claim": "BTIG reiterated Buy with a $110 price target.",
      "source": "Benzinga",
      "as_of": "2026-10-02"
    }
  ],
  "view_changes": [],
  "frame": null,
  "filed_numbers": {
    "as_of": "2026-11-13",
    "sector": "Technology",
    "financials": {
      "status": "ok",
      "reason": null,
      "close_date": "2026-11-13",
      "latest_quarter": "2026-07-31",
      "figures": {
        "revenue": {
          "status": "ok",
          "quarters": [
            {
              "end": "2026-07-31",
              "filed": "2026-09-08",
              "restated": null,
              "value_musd": 292.8,
              "yoy_pct": 20.9
            },
            {
              "end": "2026-04-30",
              "filed": "2026-06-05",
              "restated": null,
              "value_musd": 268.8,
              "yoy_pct": 24.6
            },
            {
              "end": "2026-01-31",
              "filed": "2026-03-25",
              "restated": null,
              "value_musd": 254,
              "yoy_pct": 21.4
            },
            {
              "end": "2025-10-31",
              "filed": "2025-12-09",
              "restated": null,
              "value_musd": 249.2,
              "yoy_pct": 25
            },
            {
              "end": "2025-07-31",
              "filed": "2025-09-10",
              "restated": null,
              "value_musd": 242.1,
              "yoy_pct": 25.5
            },
            {
              "end": "2025-04-30",
              "filed": "2025-06-12",
              "restated": null,
              "value_musd": 215.7,
              "yoy_pct": 26.6
            }
          ]
        },
        "gross_margin": {
          "status": "ok",
          "quarters": [
            {
              "end": "2026-07-31",
              "filed": "2026-09-08",
              "restated": null,
              "pct": 71.4
            },
            {
              "end": "2026-04-30",
              "filed": "2026-06-05",
              "restated": null,
              "pct": 72.1
            },
            {
              "end": "2026-01-31",
              "filed": "2026-03-25",
              "restated": null,
              "pct": 69.9
            },
            {
              "end": "2025-10-31",
              "filed": "2025-12-09",
              "restated": null,
              "pct": 70.8
            },
            {
              "end": "2025-07-31",
              "filed": "2025-09-10",
              "restated": null,
              "pct": 70.8
            },
            {
              "end": "2025-04-30",
              "filed": "2025-06-12",
              "restated": null,
              "pct": 68.8
            }
          ]
        },
        "operating_margin": {
          "status": "ok",
          "quarters": [
            {
              "end": "2026-07-31",
              "filed": "2026-09-08",
              "restated": null,
              "pct": -9.4
            },
            {
              "end": "2026-04-30",
              "filed": "2026-06-05",
              "restated": null,
              "pct": -9.6
            },
            {
              "end": "2026-01-31",
              "filed": "2026-03-25",
              "restated": null,
              "pct": -16.8
            },
            {
              "end": "2025-10-31",
              "filed": "2025-12-09",
              "restated": null,
              "pct": -16.9
            },
            {
              "end": "2025-07-31",
              "filed": "2025-09-10",
              "restated": null,
              "pct": -14.4
            },
            {
              "end": "2025-04-30",
              "filed": "2025-06-12",
              "restated": null,
              "pct": -23
            }
          ]
        },
        "pretax_income": {
          "status": "ok",
          "end": "2026-07-31",
          "filed": "2026-09-08",
          "value_musd": -23.5
        },
        "net_income": {
          "status": "ok",
          "end": "2026-07-31",
          "filed": "2026-09-08",
          "four_quarters_end": "2026-07-31",
          "value_musd": -24.9,
          "four_quarters_musd": -129
        },
        "operating_cash_flow": {
          "status": "ok",
          "end": "2026-07-31",
          "filed": "2026-09-08",
          "first_end": "2025-10-31",
          "value_musd": 140.8
        },
        "capital_spending": {
          "status": "ok",
          "end": "2026-07-31",
          "filed": "2026-09-08",
          "first_end": "2025-10-31",
          "value_musd": 4
        },
        "free_cash_flow": {
          "status": "ok",
          "end": "2026-07-31",
          "filed": "2026-09-08",
          "first_end": "2025-10-31",
          "value_musd": 136.8
        },
        "diluted_share_change": {
          "status": "ok",
          "end": "2026-07-31",
          "filed": "2026-09-08",
          "base_end": "2025-07-31",
          "pct": 4.6
        },
        "cash": {
          "status": "ok",
          "end": "2026-07-31",
          "filed": "2026-09-08",
          "value_musd": 479.5
        },
        "debt": {
          "status": "not available"
        },
        "net_cash": {
          "status": "not available"
        },
        "deferred_revenue": {
          "status": "ok",
          "end": "2026-07-31",
          "filed": "2026-09-08",
          "value_musd": 17.4,
          "yoy_pct": 0.6
        },
        "backlog": {
          "status": "ok",
          "end": "2026-07-31",
          "filed": "2026-09-08",
          "value_musd": 527.4,
          "yoy_pct": null
        },
        "receivables": {
          "status": "ok",
          "end": "2026-07-31",
          "filed": "2026-09-08",
          "value_musd": 69.9
        },
        "inventory": {
          "status": "not reported"
        },
        "equity": {
          "status": "ok",
          "end": "2026-07-31",
          "filed": "2026-09-08",
          "value_musd": 1605.7
        },
        "market_value": {
          "status": "ok",
          "close_date": "2026-11-13",
          "basis_end": "2026-07-31",
          "basis_filed": "2026-09-08",
          "value_musd": 7919.3
        },
        "enterprise_value": {
          "status": "not available"
        },
        "ev_sales": {
          "status": "not available"
        },
        "ev_ebit": {
          "status": "not available"
        },
        "pe": {
          "status": "not meaningful"
        },
        "pb": {
          "status": "ok",
          "close_date": "2026-11-13",
          "basis_end": "2026-07-31",
          "basis_filed": "2026-09-08",
          "multiple": 4.9
        },
        "fcf_yield": {
          "status": "ok",
          "close_date": "2026-11-13",
          "basis_end": "2026-07-31",
          "basis_filed": "2026-09-08",
          "pct": 1.7
        }
      }
    },
    "short_interest": {
      "status": "ok",
      "settlement": "2026-10-15",
      "published": "2026-10-26",
      "short_pct_of_outstanding": 8.74,
      "days_to_cover": 4.8,
      "change_pct": 19.4
    },
    "insiders": {
      "status": "ok",
      "as_of": "2026-11-15",
      "windows": [
        {
          "days": 90,
          "status": "ok",
          "from": "2026-08-18",
          "bought_usd": 0,
          "sold_usd": 11385777.37,
          "bought_unpriced": 0,
          "sold_unpriced": 0
        },
        {
          "days": 365,
          "status": "ok",
          "from": "2025-11-16",
          "bought_usd": 0,
          "sold_usd": 77873997.25,
          "bought_unpriced": 0,
          "sold_unpriced": 0
        }
      ]
    }
  },
  "body_markdown": "## Current Thesis\n\nServiceTitan still grows revenue above 20% with widening margins, but slowing transaction volume and a third-quarter revenue guide below the second quarter's actual leave the shares more likely to lag the S&P 500 than lead it over the next three months. The fiscal third-quarter report, now confirmed for 2026-12-03 after the market close, decides whether the slowdown is temporary.\n\nThe company sells software that runs plumbing, heating, electrical and other home-trade contractors. For the quarter ended 2026-07-31, reported on 2026-09-08, revenue rose 21% to $292.8 million and free cash flow reached $50.5 million against $34.3 million a year earlier. Gross transaction volume (GTV), the dollar value of contractor jobs processed through the platform, grew 17% to $26.8 billion. GTV growth is the part of the case that weakened.\n\nThe shares closed at $81.62 on 2026-10-27 and $82.52 on 2026-11-09. The only new company item is the 2026-11-05 announcement of the report date. The story is well known: the AI-agent story is well known, and the last product news was the 2026-10-06 Pantheon 2026 launch.\n\n## Bull Case\n- **Profitability is improving quickly.** Non-GAAP operating income was $44.4 million in the July quarter, a 15.2% margin, against $29.2 million a year earlier (company 8-K, 2026-09-08).\n- **Usage revenue is a second engine.** Usage revenue reached $72.1 million and subscription revenue $212.4 million in fiscal Q2 2027 (company results, 2026-09-08).\n- **The AI product is broadly available.** On 2026-10-06 the company opened its Max package to every residential in-home contractor and launched the Atlas mobile app and Homh, a service that makes contractors bookable through AI assistants (GlobeNewswire release).\n- **The partner network keeps widening.** On 2026-09-30 ServiceTitan announced an integration with Ramp, adding AI-driven bill pay and expense management (Benzinga).\n- **Analyst targets sit above the price.** TD Cowen reiterated Buy with a $100 target on 2026-10-07, and BTIG reiterated Buy with a $110 target on 2026-10-02 (Benzinga).\n- **Cash is ample.** Cash and equivalents were $479.5 million at 2026-07-31 (fiscal Q2 8-K).\n\n## Bear Case\n- **Transaction volume growth slowed.** GTV grew 17% in fiscal Q2 2027, and management said on the 2026-09-08 call that it lacked clarity on what drove consumer lead volume.\n- **The next quarter guides down sequentially.** Fiscal Q3 revenue is guided to $285 million to $287 million, below the $292.8 million just reported, and non-GAAP operating income to $29 million to $30 million, below $44.4 million (2026-09-08 8-K).\n- **Expansion was paused to fund Max.** The company paused its push into new commercial trades and residential exteriors to concentrate on Max, which delays revenue from those markets.\n- **The shares sit well below the high.** The close of $82.52 on 2026-11-09 is 25.2% under the 52-week high of $110.31, and the three-month price change is −10.3% (adjusted daily closes).\n- **Some targets were cut after the September report.** Benzinga's target listing shows Citigroup cutting its target to $76 in September 2026 and Canaccord lowering its target to $90.\n\n## Setup & Price Structure\nThe last close was $82.52 on 2026-11-09. The 52-week high is $110.31, and the 14-day relative strength index, a momentum gauge on a 0-to-100 scale, reads 53.1, which is neutral. The shares have recovered from the $72.69 close on 2026-10-14 and have moved little since the 2026-10-27 close of $81.62.\n\nCrowding evidence is limited. CNBC's Halftime Report named ServiceTitan among its final trades on 2026-10-07, but the shares are not extended above a rising moving average. The one crowding factor that can be observed is timing: the earnings report is 23 days away, so the next large move is likely to come from the 2026-12-03 results.\n\n## Catalyst Calendar\n\n- **2026-12-03:** Fiscal Q3 2027 results after the close, call at 2:00 p.m. Pacific Time. Shows whether revenue beats the $285 million to $287 million guide, whether GTV growth holds near 17%, and how Max enrollment compares with the 700-location year-end target.\n\n## What Would Change Our Mind\n\nA daily close above $100.64, the highest close of the last 63 sessions (2026-08-27), would show the shares leading the S&P 500 and prove this call wrong.\n\n## Correlation Notes\nServiceTitan trades with application-software peers such as Shopify and PTC when investors worry that AI agents displace seat-based software. Its usage revenue also follows US home-services demand, so housing-related data and consumer spending on repairs matter to GTV. A move in the shares that matches peers without company news points to sector sentiment.",
  "first_seen": "2026-11-10",
  "last_analyzed": "2026-11-10T12:35:55+00:00",
  "last_synthesized": "2026-11-10",
  "date_modified": "2026-11-10",
  "license": "Content © FrontierPicks. Cite the canonical URL."
}