Catapult is scaling a sticky, integrated sports SaaS platform with an A$8.85 probability-weighted five-year target, but dilution and execution remain decisive risks.
Overview
Catapult Group International is a global sports technology provider combining wearable athlete monitoring, video analysis, scouting and computer-vision solutions through a recurring SaaS model. Approximately 95% of recurring revenue is SaaS-based, and its integrated workflow creates high switching costs because teams accumulate proprietary multi-season biometric data. The company serves more than 4,600 teams against an estimated elite-team TAM of 20,000, with only 19.1% of customers using multiple verticals. **FY26 demonstrated strong operating momentum:** revenue reached US$140.72 million, up 20.8% statutory and 19% constant currency; ACV reached US$133.8 million, up 28% constant currency and 18% organically; and management EBITDA rose 67% to US$24.7 million. However, statutory net loss widened to US$23.96 million from US$8.75 million, reflecting acquisition costs, contingent payments and stock-based compensation. **The valuation case rests on cross-selling and operating leverage**, with management targeting US$1 billion of ACV over the long term. The report assigns a probability-weighted five-year target of A$8.85 versus a current A$3.63, supported by IMPECT expansion, receivables collection, margin improvement and accelerating FCF.