OneStream (OS): Reassessing Valuation After Strong Q3, New BTIG Coverage, and Expanded Microsoft AI Partnership

OneStream (OS) just caught investors attention after a packed update that combined upbeat Q3 results, fresh BTIG coverage, a deeper Microsoft AI partnership, and leadership changes that reshape its 2026 roadmap.

See our latest analysis for OneStream.

Those upbeat Q3 numbers and the Microsoft AI tie up appear to be stabilizing sentiment, with a 7 day share price return of 3.83 percent helping offset a still weak year to date share price return of 34.82 percent and a 1 year total shareholder return of 37.9 percent. Momentum looks like it is trying to turn after a tough stretch.

If you like the growth and AI angle but want more ideas on your radar, this is a good moment to explore high growth tech and AI stocks for other potential standouts.

With the stock still trading at a steep discount to analyst targets, despite double digit growth and a high profile AI push, investors now face a key question: is this a mispriced rebound story, or is future upside already reflected in the price?

Most Popular Narrative Narrative: 34.6% Undervalued

With OneStream last closing at 18.42 dollars against a narrative fair value of 28.15 dollars, the valuation case hinges on aggressive growth and margin expansion playing out.

Investment in AI powered features like SensibleAI Forecast, Studio, and Agents is yielding meaningful early traction (60 percent plus year on year AI bookings growth), speeding time to value for clients, and driving up sell opportunities within the existing install base supporting future top line growth, improved gross margins, and potentially higher net income as scale is achieved.

Read the complete narrative.

Want to see what kind of revenue ramp and margin lift those AI bookings are meant to unlock, and how that feeds into a rich future earnings multiple and discounted cash flow path? The full narrative lays out the bold financial glide path behind that upside.

Result: Fair Value of $28.15 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, the narrative could be knocked off course by weaker public sector demand or slower SaaS migrations, which would pressure growth and delay profitability.

Find out about the key risks to this OneStream narrative.

Another Angle on Valuation

While the narrative fair value paints OneStream as comfortably undervalued, the price to sales lens looks harsher. Shares trade at about 6.1 times sales, above US software peers at 4.9 times and even above a 5.4 times fair ratio, which hints at less margin for error if growth slows.

See what the numbers say about this price — find out in our valuation breakdown.

Build Your Own OneStream Narrative

If this take does not fully reflect your view, or you prefer to dive into the numbers yourself, you can build a custom story in minutes at Do it your way.

A great starting point for your OneStream research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.

Ready for more high conviction ideas?

Before you move on, lock in a few fresh, data backed candidates for your watchlist with the Simply Wall St Screener so real opportunities do not slip past.

• Capture potential early movers by scanning these 3624 penny stocks with strong financials that pair tiny share prices with balance sheets strong enough to support serious upside.
• Position yourself at the frontier of automation and machine learning with these 29 healthcare AI stocks, where medical innovation meets scalable business models.
• Secure your income stream by targeting these 13 dividend stocks with yields > 3% offering reliable yields that can help steady portfolio returns through volatile markets.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com