FIVETRAN·Data integration / data movement (ELT + CDC), now spanning transformation and semantic layer post-dbt mergerPre-IPO · Private

Fivetran

ConvictionContext

Usage-based SaaS. Consumption pricing on Monthly Active Rows (MAR); recurring connector subscriptions plus overage/consumption charges and enterprise governance/security tiers. Reportedly moved toward per-connection MAR billing in 2025. 600+ pre-built managed connectors (company-stated, March 2024).

Revenue

Combined entity approaching ~$600M ARR post-mergerJun 2026, company-stated). Fivetran standalone surpassed ~$300M ARR (Sept 2024, company-stated).

Rev growth

Fivetran standalone ~50% YoY ARR growthcompany-stated: $200M FY2023 -> $300M Sept 2024). Third-party (Sacra) estimates a lower ~33% on a higher base; company figure used here.

Gross margin

not disclosedprivate; typical managed-ELT SaaS is ~70-80% but Fivetran has not published

Op margin

not disclosed

Capex intensity

not disclosedasset-light SaaS running on public cloud (low structural capex, opex-heavy on cloud infra + R&D + S&M

Valuation

~$5.6Blast priced standalone round: Series D, Sep 2021, $565M raised). Combined Fivetran+dbt entity unpriced post-merger (all-stock, completed Jun 1, 2026); press/analyst chatter of >$10B is speculative, not officially disclosed.

Valuation trail

$10B8.3× since Jun 2020

3 marks · Jun 2020–Jun 2026

private — no public price

Priced round

Only the Series C ($1.2B) and Series D ($5.6B) are confirmed priced rounds. The June 2026 dbt merger was all-stock and set no fresh cash valuation; the ~$10B point is speculative press/analyst chatter, not officially disclosed. dbt Labs was independently valued at ~$4.2B (Feb 2022).

The read

Where our coverage leans

Coverage leans bearish

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Full financial intelligence for Fivetran

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not financial advice — analyst work product for a qualified professional.