Stem (STEM) Gross Margin (2020 - 2026)
Stem's Gross Margin was 41.26% in Q2 2026, up 7.91 percentage points from 33.36% a year earlier and up 3.82 percentage points from the prior quarter.
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Analysis
Stem (STEM) Gross Margin (2020 - 2026) Analysis & Trends
On a trailing twelve-month basis, Stem's Gross Margin was 41.45% through Jun 30, 2026, up 24.08 percentage points year-over-year; for FY2025, it was 38.37%, up 46.02 percentage points from FY2024.
- Gross Margin shows a five-year change of +49.14 percentage points (FY2020 to FY2025).
- In earlier years, Gross Margin was -7.65% in FY2024 (-8.44 pp), 0.79% in FY2023 (-8.32 pp), 9.12% in FY2022 (+8.14 pp) and 0.98% in FY2021 (+11.75 pp).
- Quarterly Gross Margin has moved between -94.98% (Q1 2024) and 48.87% (Q4 2025) over five years.
- Compared with a year earlier, Gross Margin has increased for six straight quarters, with an average year-over-year change of +29.88 percentage points over the last eight quarters.
- The best year-over-year quarter for Gross Margin over five years was Q1 2025 (a gain of 127.39 percentage points); the worst was Q1 2024 (a drop of 96.46 percentage points).
- Per Business Quant data, STEM's Gross Margin in the three quarters before Q2 2026 was 37.44% (Q1 2026), 48.87% (Q4 2025) and 35.52% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 319.55 Bn | 304.63 Bn | 2.30 Bn | 67.57% |
| 2 | CrowdStrike Holdings | 265.46 Bn | 245.90 Bn | 1.10 Bn | 74.57% |
| 3 | Fortinet | 129.36 Bn | 115.29 Bn | 1.64 Bn | 80.24% |
| 4 | Snowflake | 115.65 Bn | 102.97 Bn | 1.04 Bn | 67.02% |
| 5 | Datadog | 96.45 Bn | 78.09 Bn | 881.34 Mn | 78.59% |
| 6 | Axon Enterprise | 34.50 Bn | 29.03 Bn | 546.45 Mn | 60.42% |
| 7 | Okta | 33.79 Bn | 23.89 Bn | 641.00 Mn | 79.63% |
| 8 | Zscaler | 32.51 Bn | 18.63 Bn | - | - |
| 9 | Baidu | 29.59 Bn | -44.04 Bn | 1.47 Mn | 0.03% |
| 10 | Stem | 43.72 Mn | -123.76 Mn | 13.89 Mn | 41.26% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 41.26% |
| Mar 31, 2026 | 37.44% |
| Dec 31, 2025 | 48.87% |
| Sep 30, 2025 | 35.52% |
| Jun 30, 2025 | 33.36% |
| Mar 31, 2025 | 32.41% |
| Dec 31, 2024 | -4.37% |
| Sep 30, 2024 | 21.15% |
| Jun 30, 2024 | 27.57% |
| Mar 31, 2024 | -94.98% |
| Dec 31, 2023 | 6.62% |
| Sep 30, 2023 | -15.17% |
| Jun 30, 2023 | 12.77% |
| Mar 31, 2023 | 1.47% |
| Dec 31, 2022 | 8.06% |
| Sep 30, 2022 | 9.17% |
| Jun 30, 2022 | 11.63% |
| Mar 31, 2022 | 8.87% |
| Dec 31, 2021 | -3.12% |
| Sep 30, 2021 | 7.88% |
API Access
Stem Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=STEM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "STEM", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=STEM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();