Atlassian Corporation

“Atlassian is a founder-led PLG SaaS business with durable organizational switching costs in Jira and Confluence, 84.8% gross margins, 31.7% revenue growth, and ~$1.58B in annual free cash flow — trading at just 13x FCF as if the business faces permanent impairment. The Microsoft bundling threat and AI disruption risk are real but bounded by deep installed-base lock-in and active platform extension; the probability of permanent capital loss is low. At current prices, a patient long-term investor is well-compensated for uncertainty, with a 3–4x return the base case over five years on normalized FCF multiple expansion.”