ServiceTitan: A Calculated Flutter

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It is a truth universally acknowledged, that a portfolio in possession of good fortune must be in want of a bold move. Daventry Group, LP, with a flair for the dramatic, has recently increased its stake in ServiceTitan (TTAN 0.58%), acquiring some 80,718 shares for an estimated $7.88 million. One might say they are not merely investing, but placing a wager on the future – a future, I suspect, most are too timid to envision.

A Most Curious Commitment

The filings with the Securities and Exchange Commission reveal this addition to their holdings, bringing the total value of their ServiceTitan investment to $24.11 million – a rise of $9.42 million. A substantial sum, to be sure, but in the grand theatre of capital, merely a prologue to a more ambitious performance.

The Shape of Things to Come

This purchase elevates ServiceTitan to a commanding 16.03% of the fund’s U.S. equity assets under management. A concentration, some might say, bordering on devotion. Consider their current holdings: NYSE:ESTC at $29.01 million, NASDAQ:MDB at $28.41 million, NASDAQ:SAIL at $18.89 million, and NASDAQ:PTC at $9.21 million. To place such faith in a company that serves not the gilded salons of high finance, but the workshops and vans of plumbers and electricians… it is delightfully subversive.

It is worth noting that ServiceTitan’s shares, presently priced at $61.00, have suffered a decline of 39.5% over the past year, lagging significantly behind the S&P 500. A fall from grace, perhaps? Or merely a temporary eclipse, obscuring a brilliance yet to be fully appreciated?

A Company Defined

Metric Value
Price (as of market close 2/17/26) $61.00
Market Capitalization $6.01 billion
Revenue (TTM) $916.26 million
Net Income (TTM) ($219.06 million)

ServiceTitan, for the uninitiated, is a purveyor of cloud-based workflow tools for those who mend our leaky faucets and install our modern conveniences. A SaaS model, naturally, for who these days does not subscribe to salvation? They cater to the pragmatic world of residential and commercial service providers, a demographic often overlooked by the more… rarefied corners of the investment world.

A Most Intriguing Proposition

To invest when others despair – that is the mark of a true contrarian. ServiceTitan’s revenue, I observe, climbed a respectable 25% year-over-year to $249.2 million, with gross transaction volume surging 22% to $21.7 billion. Non-GAAP income from operations reached $21.5 million, a substantial improvement over the previous year, pushing operating margin to 8.6%. These are not the numbers of a failing enterprise, but of a company quietly building an empire.

They generated $37.7 million in free cash flow and ended with nearly $494 million in cash. Management anticipates revenue of up to $953 million for the full fiscal year. A comfortable sum, even for those accustomed to excess.

The true brilliance of this investment, however, lies in its divergence. While others chase the ephemeral allure of the latest tech fads, Daventry Group has chosen to back a company that addresses a fundamental need: the reliable provision of essential services. It is a decidedly unglamorous pursuit, but one that promises enduring rewards. To operate with leverage, and to see margins expand alongside steady double-digit growth… that is a prospect that makes even the most jaded investor sit up and take notice. The current drawdown, therefore, is not a warning sign, but an opportunity – a chance to acquire a piece of a future that is as solid as the foundations of a well-built home.

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2026-02-21 00:03