The DDOG cohort data nobody cites

The thesis

Durable growth plus FCF margin is a profile the market still discounts.

Net revenue retention is basing, and that's the variable that re-rates the stock.

What I'm watching

• FCF margin trajectory
• billings vs revenue spread
• A clean move through the level I flag below

Positioning

Short on DDOG, 6-36 months horizon. Conviction: Medium. Multiples are sentiment-sensitive here — defined risk only.

Opinion, not investment advice. The author may or may not hold positions discussed.