Dec. 27 at 4:25 PM
$PATH — Reframing the Narrative 📊
Most people focus on
$PATH’s 5-year drawdown (-70%+), pointing to past revenue deceleration and weaker NDR/NNARR.
But zoom out to the yearly view, and the story changes materially:
Performance:
• Since Dec 27, 2024,
$PATH is +30.7%, nearly 2×
$SPY
Fundamentals improving:
• Revenue growth re-accelerated:
– Q1: 6%
– Q2: 14%
– Q3: 16%
•
$1.5B cash, no debt
• NNARR growing again (first time since 2024)
• NDR stabilizing ~107%
• Large customers (
$100K–
$1M) expanding to ~113% NDR
📌 This doesn’t resemble a broken business. It looks like a stabilization → re-acceleration phase.
With agentic automation tailwinds and Maestro gaining traction, 2026 sets up well.
🌓
$PATH may quietly become a dark horse performer next year.
