Oracle Has $638 Billion of Contracted Backlog and a $430 Billion Stock
Key PointsOracle reported $638 billion of remaining performance obligations at its fiscal 2026 year end, up 363% year over year.
Oracle reported $638 billion in remaining performance obligations as of fiscal 2026, which refers to contracted work signed by its customers but not yet converted to revenue. Meanwhile, the company's market value is approximately $430 billion, with its stock trading near $150 per share, marking a 57% decline from its peak of $345.72.
This means Oracle's stock is valued about $200 billion less than the revenue its customers have already committed to pay. Even when factoring in Oracle's roughly $98 billion in net debt, the market price still falls about $110 billion short of the total backlog. When Oracle disclosed the $638 billion figure alongside its fiscal 2026 fourth-quarter results in June, the company's market value was closer to $580 billion.
Since then, the stock's decline has only widened the gap between the stock price and the contracted revenue.
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