What happened
According to an SEC filing dated Feb. 13, 2026, Sands Capital Alternatives, LLC reported acquiring a new stake of 89,856 shares in ServiceTitan (TTAN 4.50%) during the fiscal fourth quarter ended Dec. 31, 2025. The estimated transaction value was $9.57 million, calculated using the average price for the quarter. The quarter-end value of the position also totaled $9.57 million, reflecting the new stock acquisition.
What else to know
This is a new position for the fund, representing 1.85% of its reportable U.S. equity assets under management as of Dec. 31, 2025. It is the 12th-largest of the fund’s 20 holdings.
- Top holdings after the filing include:
- Klayvio: $118.51 million (22.9% of AUM)
- Nu Holdings: $114.86 million (22.2% of AUM)
- Beta Bionics: $108.78 million (21.0% of AUM)
- Inhibikase Therapeutics: $26.69 million (5.1% of AUM)
- DoorDash: $21.66 million (4.2% of AUM)
As of Feb. 17, 2026, ServiceTitan shares were trading at $61.00, down 36.5% over the past year and underperforming the S&P 500 by 50 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close February 17, 2026) | $61.00 |
| Market capitalization | $5.96 billion |
| Revenue (TTM) | $916.26 million |
| Net income (TTM) | ($219.06 million) |
Company snapshot
ServiceTitan:
- Serves residential and commercial customers by providing services related to the installation, maintenance, and service of building infrastructure and systems.
- Operates a cloud-based software platform for field service management, including scheduling, dispatch, invoicing, and customer relationship management.
- Focuses on a subscription-based business model, generating recurring revenue from a large base of service professionals.
ServiceTitan provides technology solutions that help service-based businesses streamline operations and improve efficiency. Its platform is widely used by contractors and service providers across multiple industries.
What this transaction means for investors
Unfortunately, Sands Capital’s opening purchase of ServiceTitan in Q4 may not have been well-timed, with the stock declining 40% in 2026 alone, as the market wrestles with the notion of AI disrupting many of today’s software companies. However, I think we are nearing a point where these AI disruption fears are becoming overdone — especially in a business like ServiceTitan’s.
Tied directly to the broader “trades” industry (HVAC, electrical, plumbing, roofing, etc.), ServiceTitan operates alongside its very physical (not easily disrupted by AI) customers. Said another way, the real-world customers that the company serves, along with its employees, aren’t likely interested in “vibecoding” their own solutions to skirt around ServiceTitan’s platform. Furthermore -- like most software companies -- ServiceTitan is incorporating AI into its operations as quickly as possible, so it isn’t unreasonable to say that AI could be a tailwind, rather than a headwind, over the long term.
I think ServiceTitan is a promising growth stock to consider today, especially trading at a reasonable 6 times sales following its recent drop. Growing sales by more than 25% consistently over the last three years, the company could quickly outgrow this valuation. However, investors will need to keep an eye on ServiceTitan’s stock-based compensation, which currently equals 26% of sales. While this isn’t uncommon for young stocks (TTAN IPO’d in 2023), this figure needs to start declining at some point to avoid diluting shareholders over the long term. Ultimately, I support Sands Capital’s decision to buy ServiceTitan and will be curious to see if they double down on the dip in Q1.
