Stem (STEM) Research & Development (2020 - 2026)
Stem's Research & Development was $6.46 million in Q2 2026, down 35.4% from $9.99 million a year earlier and down 1.8% from the prior quarter.
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Analysis
Stem (STEM) Research & Development (2020 - 2026) Analysis & Trends
On a trailing twelve-month basis, Stem's Research & Development was $27.01 million through Jun 30, 2026, down 37.5% year-over-year; for FY2025, it came in at $35.3 million, down 31.2% from FY2024.
- Research & Development shows a five-year compound annual growth rate of 17.2% (FY2020 to FY2025).
- In earlier years, Research & Development was $51.28 million in FY2024 (-9.2%), $56.51 million in FY2023 (+47.5%), $38.3 million in FY2022 (+68.6%) and $22.72 million in FY2021 (+42.5%).
- The Q2 2026 figure marks the lowest quarterly Research & Development since Q3 2021.
- Compared with a year earlier, Research & Development has declined for eight straight quarters, with an average decline of 31.6% over the last eight quarters.
- The best year-over-year quarter for Research & Development over five years was Q1 2022 (growth of 102.9%); the worst was Q1 2026 (a decline of 42.0%).
- Per Business Quant data, STEM's Research & Development in the three quarters before Q2 2026 was $6.58 million (Q1 2026), $7.06 million (Q4 2025) and $6.92 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 319.55 Bn | 304.63 Bn | 2.30 Bn | 779.00 Mn |
| 2 | CrowdStrike Holdings | 265.46 Bn | 245.90 Bn | 1.10 Bn | 444.20 Mn |
| 3 | Fortinet | 129.36 Bn | 115.29 Bn | 1.64 Bn | 225.00 Mn |
| 4 | Snowflake | 115.65 Bn | 102.97 Bn | 1.04 Bn | 567.48 Mn |
| 5 | Datadog | 96.45 Bn | 78.09 Bn | 881.34 Mn | 477.97 Mn |
| 6 | Axon Enterprise | 34.50 Bn | 29.03 Bn | 546.45 Mn | 208.69 Mn |
| 7 | Okta | 33.79 Bn | 23.89 Bn | 641.00 Mn | 163.00 Mn |
| 8 | Zscaler | 32.51 Bn | 18.63 Bn | - | - |
| 9 | Baidu | 29.59 Bn | -44.04 Bn | 1.47 Mn | 679.00 Mn |
| 10 | Stem | 43.72 Mn | -123.76 Mn | 13.89 Mn | 6.46 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 6.46 Mn |
| Mar 31, 2026 | 6.58 Mn |
| Dec 31, 2025 | 7.06 Mn |
| Sep 30, 2025 | 6.92 Mn |
| Jun 30, 2025 | 9.99 Mn |
| Mar 31, 2025 | 11.33 Mn |
| Dec 31, 2024 | 10.78 Mn |
| Sep 30, 2024 | 11.09 Mn |
| Jun 30, 2024 | 15.28 Mn |
| Mar 31, 2024 | 14.14 Mn |
| Dec 31, 2023 | 14.49 Mn |
| Sep 30, 2023 | 14.42 Mn |
| Jun 30, 2023 | 14.16 Mn |
| Mar 31, 2023 | 13.44 Mn |
| Dec 31, 2022 | 9.87 Mn |
| Sep 30, 2022 | 10.53 Mn |
| Jun 30, 2022 | 8.96 Mn |
| Mar 31, 2022 | 8.94 Mn |
| Dec 31, 2021 | 7.22 Mn |
| Sep 30, 2021 | 6.27 Mn |
API Access
Stem Research & Development 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=research-and-development&ticker=STEM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "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=research-and-development&ticker=STEM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();