A Business at a Glance
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Elastic, the Search AI Company, enables its customers to transform data into answers, actions, and outcomes with Search AI. While search technology revolutionized information retrieval through its ability to instantly return relevant results from massive datasets, it struggles when it comes to understanding context and generating insights. AI, on the other hand, excels at analyzing complex patterns and generating insights, but it lacks the ability to find and access specific information within vast data stores. Elastic’s Search AI Platform (“our platform”) combines the precision of search with the intelligence of AI to help our customers and community solve real-time business problems, unlock potential value, and achieve better outcomes. Our platform, available as either a cloud service or a self-managed software, allows our customers to find insights and drive AI and machine learning use cases from large amounts of data.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.7B | 1.5B | 1.3B | 1.1B | 862M | 608M |
| Net Income | -85M | -108M | 62M | -236M | -204M | -129M |
| EPS | $-0.79 | $-1.04 | $0.59 | $-2.47 | $-2.20 | $-1.48 |
| Free Cash Flow | 257M | 262M | 145M | 33M | 3.2M | 19M |
| ROIC | 783.8% | -7.7% | 4.7% | -24.4% | -20.8% | -28.7% |
| Gross Margin | 76.0% | 74.4% | 74.0% | 72.3% | 73.1% | 73.5% |
| Debt/Equity | 0.72 | 0.64 | 0.80 | 1.49 | 1.43 | 0.06 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -29M | -55M | -130M | -219M | -174M | -129M |
| Operating Margin | -1.7% | -3.7% | -10.3% | -20.5% | -20.1% | -21.3% |
| ROE | -10.7% | -13.0% | 8.4% | -59.2% | -49.1% | -28.7% |
| Shares Outstanding | 104M | 104M | 105M | 96M | 93M | 87M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 160M | 272M | 428M | 608M | 862M | 1.1B | 1.3B | 1.5B | 1.7B |
| Gross Margin | 74.5% | 71.3% | 71.3% | 73.5% | 73.1% | 72.3% | 74.0% | 74.4% | 76.0% |
| R&D | 56M | 101M | 165M | 199M | 274M | 313M | 342M | 366M | 426M |
| SG&A | 29M | 47M | 92M | 104M | 123M | 143M | 161M | 175M | 191M |
| EBIT | -48M | -101M | -171M | -129M | -174M | -219M | -130M | -55M | -29M |
| Op. Margin | -30.0% | -37.3% | -40.0% | -21.3% | -20.1% | -20.5% | -10.3% | -3.7% | -1.7% |
| Net Income | -53M | -102M | -167M | -129M | -204M | -236M | 62M | -108M | -85M |
| Net Margin | -33.0% | -37.7% | -39.1% | -21.3% | -23.6% | -22.1% | 4.9% | -7.3% | -5.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 31M | 4.9M | 225K | 0 |
| Returns on Capital | |||||||||
| ROIC | -26.2% | -38.9% | -40.4% | -28.7% | -20.8% | -24.4% | 4.7% | -7.7% | N/M |
| ROE | N/A | -38.9% | -40.4% | -28.7% | -49.1% | -59.2% | 8.4% | -13.0% | -10.7% |
| ROA | -28.8% | -21.1% | -20.8% | -13.3% | -12.4% | -13.5% | 2.8% | -4.5% | -3.5% |
| Cash Flow | |||||||||
| Op. Cash Flow | -21M | -24M | -31M | 23M | 5.7M | 36M | 149M | 266M | 261M |
| Free Cash Flow | -24M | -27M | -36M | 19M | 3.2M | 33M | 145M | 262M | 257M |
| Owner Earnings | -39M | -70M | -103M | -88M | -155M | -189M | -108M | -3.9M | -36M |
| CapEx | 3.0M | 3.4M | 5.1M | 3.9M | 2.5M | 2.7M | 3.4M | 4.3M | 4.3M |
| Maint. CapEx | 5.1M | 5.7M | 13M | 17M | 20M | 20M | 18M | 12M | 11M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 5.1M | 5.7M | 13M | 17M | 20M | 20M | 18M | 12M | 11M |
| CapEx/OCF | N/A | N/A | N/A | 17.4% | 43.8% | 7.5% | 2.3% | 1.6% | 1.7% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 344K | 344K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 13M | 40M | 60M | 94M | 141M | 204M | 239M | 258M | 287M |
| Debt Repayment | 0 | 0 | 0 | 0 | 9.3M | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||
| Net Debt | N/A | N/A | -559M | -773M | -267M | -321M | -491M | -802M | -677M |
| Cash & Equiv. | 51M | 298M | 297M | 401M | 861M | 644M | 540M | 728M | 1.2B |
| Long-Term Debt | N/A | N/A | N/A | 0 | 567M | 568M | 569M | 570M | 571M |
| Debt/Equity | -0.88 | 0.85 | 0.09 | 0.06 | 1.43 | 1.49 | 0.80 | 0.64 | 0.72 |
| Interest Coverage | -3428.1 | -11261.8 | N/A | -699.9 | -8.4 | -8.7 | -5.0 | -2.2 | -2.2 |
| Equity | -154M | 263M | 414M | 451M | 415M | 399M | 738M | 927M | 791M |
| Total Assets | 183M | 486M | 804M | 973M | 1.6B | 1.7B | 2.2B | 2.6B | 2.4B |
| Total Liabilities | 136M | 223M | 390M | 522M | 1.2B | 1.3B | 1.5B | 1.7B | 1.6B |
| Intangibles | 8.3M | 6.7M | 50M | 36M | 46M | 29M | 21M | 11M | 16M |
| Retained Earnings | -215M | -317M | -484M | -613M | -817M | -1.1B | -992M | -1.1B | -1.2B |
| Working Capital | 7.1M | 226M | 147M | 187M | 570M | 558M | 660M | 923M | 804M |
| Current Assets | 132M | 430M | 480M | 637M | 1.2B | 1.3B | 1.5B | 1.9B | 1.8B |
| Current Liabilities | 125M | 204M | 333M | 450M | 593M | 717M | 871M | 1.0B | 983M |
| Per Share Data | |||||||||
| EPS | -1.65 | -1.86 | -2.12 | -1.48 | -2.20 | -2.47 | 0.59 | -1.04 | -0.79 |
| Owner EPS | -0.51 | -1.26 | -1.31 | -1.01 | -1.67 | -1.97 | -1.04 | -0.04 | -0.35 |
| Book Value | -2.04 | 4.78 | 5.25 | 5.15 | 4.48 | 4.17 | 7.06 | 8.92 | 7.64 |
| Cash Flow/Share | -0.28 | -0.44 | -0.39 | 0.26 | 0.06 | 0.37 | 1.42 | 2.56 | -0.71 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 75.4M | 55.0M | 78.9M | 87.5M | 92.7M | 95.6M | 104.6M | 104.0M | 103.5M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | 182.1 | N/A | -57.7 |
| P/FCF | N/A | N/A | N/A | 595.3 | N/A | 166.0 | 77.3 | 33.7 | 18.4 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 18.1 | 11.6 | 24.6 | 18.1 | 13.7 | 15.2 | 9.5 | 6.0 |
| Price/Sales | N/A | 15.5 | 13.9 | 16.3 | 13.7 | 5.8 | 7.2 | 6.9 | 2.8 |
| FCF Yield | N/A | -0.6% | -0.7% | 0.2% | 0.0% | 0.6% | 1.3% | 3.0% | 5.4% |
| Market Cap | N/A | 4.8B | 4.8B | 11.1B | 7.5B | 5.5B | 11.2B | 8.8B | 4.7B |
| Avg. Price | N/A | 76.77 | 75.18 | 113.73 | 127.34 | 65.22 | 86.74 | 98.49 | 45.59 |
| Year-End Price | N/A | 86.55 | 60.70 | 126.84 | 81.07 | 57.25 | 107.43 | 84.80 | 45.59 |
Elastic N.V. passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 18.4x vs a median of 55.5x. The company's 5-year average gross margin is 73.4%. At current prices, the estimated annualized return to fair value is +71.0%.
Elastic N.V. (ESTC) has a 5-year average return on invested capital (ROIC) of -15.4%. This is below average and may indicate limited pricing power.
Elastic N.V. (ESTC) has a market capitalization of $4.7B. It is classified as a mid-cap stock.
Elastic N.V. (ESTC) does not currently pay a regular dividend.
Elastic N.V. (ESTC) operates in the Services-Prepackaged Software industry, within the Technology sector.
Elastic N.V. (ESTC) reported annual revenue of $1.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Elastic N.V. (ESTC) has a net profit margin of -7.3%. The company is currently unprofitable.
Elastic N.V. (ESTC) generated $262 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Elastic N.V. (ESTC) has a debt-to-equity ratio of 0.64. This indicates moderate leverage.
Elastic N.V. (ESTC) reported earnings per share (EPS) of $-1.04 in its most recent fiscal year.
Elastic N.V. (ESTC) has a return on equity (ROE) of -13.0%. A negative ROE may indicate losses or negative equity.
Elastic N.V. (ESTC) has a 5-year average gross margin of 73.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 8 years of financial data for Elastic N.V. (ESTC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Elastic N.V. (ESTC) has a book value per share of $8.92, based on its most recent annual SEC filing.