<p><strong>Datadog</strong>(DDOG 2.33%) 和 <strong>PagerDuty</strong>(PD -1.27%) 都帮助 IT 团队通过基于云的服务监控和管理其软件和硬件基础设施。Datadog 的平台为 IT 专业人员提供实时可视化，让他们通过统一的仪表板查看公司的基础设施、应用程序和日志。这种简化的方法帮助他们在问题变得更严重之前发现潜在问题。PagerDuty 的平台帮助 IT 专业人员通过组织值班时间表、升级策略和警报机制快速响应重大事件。</p>
<p>Datadog 和 PagerDuty 都在 2019 年上市。Datadog 的股价自上市以来上涨了 388%，但 PagerDuty 的股价仍比上市价格低约 8%。让我们看看为什么这家主动型公司的表现远远超过这家被动型公司。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODI0ODcvaXQtc2VjdXJpdHktd29ya2VyLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODI0ODcvaXQtc2VjdXJpdHktd29ya2VyLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Datadog 的增长速度如何？</h2>
<p>Datadog 的营收从 2019 年到 2022 年以每年 67% 的复合年增长率增长，同时其至少产生 10 万美元年度循环收入（ARR）的大客户数量增加了三倍以上。</p>
<p>但在 2023 年，其营收仅增长 27%，大客户群体增长 15%。其净美元基础留存率在 2022 年始终保持在 130% 以上，但到 2023 年底下降至中等 110%。与其行业同行一样，Datadog 将这种减速归因于驱使许多公司控制其云支出的宏观逆风。但值得一提的是，随着削减开支，它在 2023 年根据普遍公认的会计原则（GAAP）实现了盈利。</p>
<p>展望未来，Datadog 仍面临来自 <strong>思科</strong> 的 AppDynamics、<strong>Dynatrace</strong>、<strong>New</strong> <strong>Relic</strong>、LogicMonitor、<strong>微软</strong> 的 Azure Monitor 和 <strong>IBM</strong> 的 Instana 等类似平台的激烈竞争。其核心市场也在成熟：根据 Markets and Markets 的数据，全球可观察性工具和平台市场从 2023 年到 2028 年的复合年增长率可能仅为 11.7%。</p>
<p>从 2023 年到 2026 年，分析师预计 Datadog 的营收以每年 25% 的复合年增长率增长，其 GAAP 每股收益以每年 85% 的复合年增长率增加。这些增长率令人印象深刻，但其股价并不便宜，按照前瞻调整后的收益计算，达到 78 倍，今年销售额的 17 倍。这可能是为什么 Datadog 今年仅上涨约 9%，以及为什么其内部人士在过去 12 个月中出售的股份略多于购买的股份。</p>
<h2>PagerDuty 的增长速度如何？</h2>
<p>从 2020 财年到 2023 财年（截至 2023 年 1 月），PagerDuty 的营收以 30% 的复合年增长率增长，付费客户总数增长 20%。在 GAAP 基础上仍未盈利，但其非 GAAP 收益在 2023 年转为正数。</p>
<p>但在 2024 财年，PagerDuty 的营收仅增长 16%，付费客户总数下降 1%。其美元基础留存率在第四季度下降至 107%，而一年前为 120%。与 Datadog 一样，PagerDuty 似乎在应对云软件市场的严峻宏观逆风方面遇到困难。但它还处于一个充满更大竞争对手的拥挤市场，如思科的 Splunk 和数字工作流服务领导者 <strong>ServiceNow</strong>。</p>
<p>从 2024 财年到 2027 财年，分析师预计 PagerDuty 的营收以每年 12% 的复合年增长率增加，其调整后的收益以每年 20% 的复合年增长率增长。以此为参照，去年 ServiceNow 的营收是 PagerDuty 的 20 倍多，但预计其营收将从 2023 年到 2026 年以 21% 的复合年增长率增长。ServiceNow 在 GAAP 基础上也稳定盈利。</p>
<p>根据这些乏善可陈的预测，PagerDuty 的股价并不便宜，按照前瞻收益计算，达到 33 倍，今年销售额的 5 倍。这可能是为什么其股价仍低于上市价格。然而，其内部人士在过去一年中仍然是净买家，Ark Invest 的 Cathie Wood 最近几个月一直在增持更多股份。</p>
<h2>更值得购买的股票：Datadog</h2>
<p>Datadog 的股价可能会在这个水平徘徊，直到其营收增长和留存率稳定，但它似乎比 PagerDuty 有着更光明的未来。在我认为 PagerDuty 在这个波动市场中成为一个值得投资的转机之前，它需要明显扩大其护城河，并比其更大的竞争对手增长更快。</p>

DDOG

<p>Datadog 和 PagerDuty 都是基于云的服务，帮助 IT 团队监控和管理软件和硬件基础设施。虽然 Datadog 的股价自首次公开上市以来飙升，但 PagerDuty 的股价仍低于首次公开价格。Datadog 的营收增长迅速，但面临竞争和市场成熟化的挑战。PagerDuty 的营收增长放缓，运营在一个竞争激烈的市场中。总体而言，Datadog 似乎比 PagerDuty 拥有更光明的未来</p>

<p><strong>Datadog</strong>(DDOG 2.33%) and <strong>PagerDuty</strong>(PD -1.27%) both help IT teams monitor and manage their software and hardware infrastructure through cloud-based services. Datadog's platform provides IT professionals with real-time visibility into a company's infrastructure, applications, and logs through unified dashboards. That streamlined approach helps them spot potential problems before they become more serious issues. PagerDuty's platform helps IT professionals quickly respond to major incidents by organizing their on-call schedules, escalation policies, and alert mechanisms.</p>
<div class="lb-trans"><p><strong>Datadog</strong>(DDOG 2.33%) 和 <strong>PagerDuty</strong>(PD -1.27%) 都帮助 IT 团队通过基于云的服务监控和管理其软件和硬件基础设施。Datadog 的平台为 IT 专业人员提供实时可视化，让他们通过统一的仪表板查看公司的基础设施、应用程序和日志。这种简化的方法帮助他们在问题变得更严重之前发现潜在问题。PagerDuty 的平台帮助 IT 专业人员通过组织值班时间表、升级策略和警报机制快速响应重大事件。</p>
</div><p>Datadog and PagerDuty both went public in 2019. Datadog's stock has surged 388% since its IPO, but PagerDuty still trades about 8% below its debut price. Let's see why the proactive player outperformed the reactive one by such a wide margin.</p>
<div class="lb-trans"><p>Datadog 和 PagerDuty 都在 2019 年上市。Datadog 的股价自上市以来上涨了 388%，但 PagerDuty 的股价仍比上市价格低约 8%。让我们看看为什么这家主动型公司的表现远远超过这家被动型公司。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODI0ODcvaXQtc2VjdXJpdHktd29ya2VyLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F782487%2Fit-security-worker.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>How fast is Datadog growing?</h2>
<div class="lb-trans"><h2>Datadog 的增长速度如何？</h2>
</div><p>Datadog's revenue increased at a compound annual growth rate (CAGR) of 67% from 2019 to 2022, while its number of large customers -- which generated at least $100,000 in annual recurring revenue (ARR) -- more than tripled.</p>
<div class="lb-trans"><p>Datadog 的营收从 2019 年到 2022 年以每年 67% 的复合年增长率增长，同时其至少产生 10 万美元年度循环收入（ARR）的大客户数量增加了三倍以上。</p>
</div><p>But in 2023, its revenue only rose 27% as its large customer base grew 15%. Its net dollar-based retention rate, which stayed above 130% in all of 2022, slipped to the mid-110s by the end of 2023. Like many of its industry peers, Datadog attributed that deceleration to the macro headwinds that drove many companies to rein in their cloud spending. But on the bright side, it turned profitable on a generally accepted accounting principles (GAAP) basis in 2023 as it trimmed its expenses.</p>
<div class="lb-trans"><p>但在 2023 年，其营收仅增长 27%，大客户群体增长 15%。其净美元基础留存率在 2022 年始终保持在 130% 以上，但到 2023 年底下降至中等 110%。与其行业同行一样，Datadog 将这种减速归因于驱使许多公司控制其云支出的宏观逆风。但值得一提的是，随着削减开支，它在 2023 年根据普遍公认的会计原则（GAAP）实现了盈利。</p>
</div><p>Looking ahead, Datadog still faces fierce competition from similar platforms like <strong>Cisco</strong>'s AppDynamics, <strong>Dynatrace</strong>, <strong>New</strong> <strong>Relic</strong>, LogicMonitor, <strong>Microsoft</strong>'s Azure Monitor, and <strong>IBM</strong>'s Instana. Its core market is also maturing: The global observability tools and platform market might only expand at a CAGR of 11.7% from 2023 to 2028, according to Markets and Markets.</p>
<div class="lb-trans"><p>展望未来，Datadog 仍面临来自 <strong>思科</strong> 的 AppDynamics、<strong>Dynatrace</strong>、<strong>New</strong> <strong>Relic</strong>、LogicMonitor、<strong>微软</strong> 的 Azure Monitor 和 <strong>IBM</strong> 的 Instana 等类似平台的激烈竞争。其核心市场也在成熟：根据 Markets and Markets 的数据，全球可观察性工具和平台市场从 2023 年到 2028 年的复合年增长率可能仅为 11.7%。</p>
</div><p>From 2023 to 2026, analysts expect Datadog's revenue to grow at a CAGR of 25% as its GAAP EPS increases at a CAGR of 85%. Those growth rates are impressive, but its stock isn't cheap at 78 times its forward adjusted earnings and 17 times this year's sales. That's probably why Datadog's only advanced about 9% this year, and why its insiders sold slightly more shares than they bought over the past 12 months.</p>
<div class="lb-trans"><p>从 2023 年到 2026 年，分析师预计 Datadog 的营收以每年 25% 的复合年增长率增长，其 GAAP 每股收益以每年 85% 的复合年增长率增加。这些增长率令人印象深刻，但其股价并不便宜，按照前瞻调整后的收益计算，达到 78 倍，今年销售额的 17 倍。这可能是为什么 Datadog 今年仅上涨约 9%，以及为什么其内部人士在过去 12 个月中出售的股份略多于购买的股份。</p>
</div><h2>How fast is PagerDuty growing?</h2>
<div class="lb-trans"><h2>PagerDuty 的增长速度如何？</h2>
</div><p>From fiscal 2020 to fiscal 2023 (which ended in January 2023), PagerDuty's revenue rose at a CAGR of 30% as its total number of paying customers grew 20%. It's still unprofitable on a GAAP basis, but its non-GAAP earnings turned positive in 2023.</p>
<div class="lb-trans"><p>从 2020 财年到 2023 财年（截至 2023 年 1 月），PagerDuty 的营收以 30% 的复合年增长率增长，付费客户总数增长 20%。在 GAAP 基础上仍未盈利，但其非 GAAP 收益在 2023 年转为正数。</p>
</div><p>But in fiscal 2024, PagerDuty's revenue only grew 16% as its total number of paying customers declined 1%. Its dollar-based retention rate slipped to 107% in the fourth quarter -- compared to 120% a year earlier. Like Datadog, it seems to be struggling with the tough macro headwinds for the cloud software market. But it also operates in a crowded market filled with bigger competitors like Cisco's Splunk and the digital workflow services leader <strong>ServiceNow</strong>.</p>
<div class="lb-trans"><p>但在 2024 财年，PagerDuty 的营收仅增长 16%，付费客户总数下降 1%。其美元基础留存率在第四季度下降至 107%，而一年前为 120%。与 Datadog 一样，PagerDuty 似乎在应对云软件市场的严峻宏观逆风方面遇到困难。但它还处于一个充满更大竞争对手的拥挤市场，如思科的 Splunk 和数字工作流服务领导者 <strong>ServiceNow</strong>。</p>
</div><p>From fiscal 2024 to fiscal 2027, analysts expect PagerDuty's revenue to increase at CAGR of only 12% as its adjusted earnings grow at a CAGR of 20%. To put that into perspective, ServiceNow generated more than 20 times as much revenue as PagerDuty last year, but it's expected to grow its revenue at a CAGR of 21% from 2023 to 2026. ServiceNow is also firmly profitable on a GAAP basis.</p>
<div class="lb-trans"><p>从 2024 财年到 2027 财年，分析师预计 PagerDuty 的营收以每年 12% 的复合年增长率增加，其调整后的收益以每年 20% 的复合年增长率增长。以此为参照，去年 ServiceNow 的营收是 PagerDuty 的 20 倍多，但预计其营收将从 2023 年到 2026 年以 21% 的复合年增长率增长。ServiceNow 在 GAAP 基础上也稳定盈利。</p>
</div><p>Based on those lackluster estimates, PagerDuty's stock isn't cheap at 33 times forward earnings and 5 times this year's sales. That's probably why its stock still trades at discount to its IPO price. However, its insiders have still been net buyers over the past year, and Ark Invest's Cathie Wood has been accumulating more shares in recent months.</p>
<div class="lb-trans"><p>根据这些乏善可陈的预测，PagerDuty 的股价并不便宜，按照前瞻收益计算，达到 33 倍，今年销售额的 5 倍。这可能是为什么其股价仍低于上市价格。然而，其内部人士在过去一年中仍然是净买家，Ark Invest 的 Cathie Wood 最近几个月一直在增持更多股份。</p>
</div><h2>The better buy: Datadog</h2>
<div class="lb-trans"><h2>更值得购买的股票：Datadog</h2>
</div><p>Datadog's stock might tread water at these levels until its revenue growth and retention rates stabilize, but it seems to have a much brighter future than PagerDuty. PagerDuty needs to meaningfully widen its moat and grow faster than its larger competitors again before I consider it to be a worthwhile turnaround play in this choppy market.</p>
<div class="lb-trans"><p>Datadog 的股价可能会在这个水平徘徊，直到其营收增长和留存率稳定，但它似乎比 PagerDuty 有着更光明的未来。在我认为 PagerDuty 在这个波动市场中成为一个值得投资的转机之前，它需要明显扩大其护城河，并比其更大的竞争对手增长更快。</p>
</div>

更好的云计算股票：Datadog 与 PagerDuty 对比