A Business at a Glance
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Business Overview The technology landscape is changing rapidly. Cyberthreats are increasing in speed, sophistication, and scale, while the growth of hybrid systems, multi-cloud infrastructure, data volumes, SaaS applications, and AI-enabled processes is driving IT complexity. In this environment, secure and efficient digital operations are essential to overall business health. We are a leading global cybersecurity provider, helping protect businesses from evolving cyberthreats and navigate this fast-changing landscape. Our software platform is designed to provide end-to-end coverage across the IT environment, delivering comprehensive protection and efficient performance. Our solutions encompass three primary vectors: Unified Endpoint Management or “UEM,” Security Operations, and Data Protection.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 511M | 511M | 466M | 422M | 372M | 346M |
| Net Income | -17M | -17M | 31M | 23M | 17M | 113K |
| EPS | $-0.09 | $-0.09 | $0.16 | $0.13 | $0.09 | $0.00 |
| Free Cash Flow | 75M | 75M | 62M | 76M | 59M | 15M |
| ROIC | -23.3% | 2.1% | 5.1% | 4.7% | 3.1% | 2.7% |
| Gross Margin | 77.1% | 77.1% | 53.0% | 50.7% | 51.0% | 51.9% |
| Debt/Equity | 0.53 | 0.53 | 0.49 | 0.53 | 0.59 | 0.62 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 37M | 37M | 82M | 70M | 47M | 33M |
| Operating Margin | 7.2% | 7.2% | 17.7% | 16.7% | 12.7% | 9.6% |
| ROE | -2.1% | -2.2% | 4.2% | 3.5% | 2.7% | 0.0% |
| Shares Outstanding | 189M | 189M | 193M | 180M | 186M | 179M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 264M | 303M | 346M | 372M | 422M | 466M | 511M | 511M |
| Gross Margin | 78.2% | 79.1% | 51.9% | 51.0% | 50.7% | 53.0% | 77.1% | 77.1% |
| R&D | 37M | 43M | 54M | 63M | 78M | 91M | 101M | 101M |
| SG&A | 39M | 57M | 81M | 71M | 70M | 77M | 92M | 92M |
| EBIT | 37M | 34M | 33M | 47M | 70M | 82M | 37M | 37M |
| Op. Margin | 13.9% | 11.1% | 9.6% | 12.7% | 16.7% | 17.7% | 7.2% | 7.2% |
| Net Income | -2.5M | -7.2M | 113K | 17M | 23M | 31M | -17M | -17M |
| Net Margin | -1.0% | -2.4% | 0.0% | 4.5% | 5.5% | 6.6% | -3.3% | -3.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | N/A | 3.8% | 2.7% | 3.1% | 4.7% | 5.1% | 2.1% | -23.3% |
| ROE | N/A | -1.2% | 0.0% | 2.7% | 3.5% | 4.2% | -2.2% | -2.1% |
| ROA | N/A | -1.3% | 0.0% | 1.6% | 2.1% | 2.5% | -1.2% | -1.2% |
| Cash Flow | ||||||||
| Op. Cash Flow | 26M | 86M | 45M | 71M | 90M | 79M | 93M | 93M |
| Free Cash Flow | 20M | 74M | 15M | 59M | 76M | 62M | 75M | 75M |
| Owner Earnings | -37M | 8.2M | -18M | 10M | 25M | 8.4M | 2.6M | 2.6M |
| CapEx | 5.8M | 12M | 31M | 13M | 14M | 18M | 18M | 18M |
| Maint. CapEx | 54M | 56M | 34M | 24M | 22M | 26M | 44M | 44M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 54M | 56M | 34M | 24M | 22M | 26M | 44M | 44M |
| CapEx/OCF | N/A | N/A | 67.6% | 18.0% | 15.3% | 22.1% | 19.5% | 19.5% |
| Capital Allocation | ||||||||
| Dividends Paid | 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 |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 30M | 30M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 2.1% | 3.4% |
| Stock-Based Comp | 8.7M | 21M | 29M | 37M | 44M | 45M | 47M | 47M |
| Debt Repayment | 0 | 0 | 10M | 0 | 0 | 0 | 339M | 339M |
| Balance Sheet | ||||||||
| Net Debt | N/A | -82M | 315M | 277M | 221M | 284M | 319M | 319M |
| Cash & Equiv. | 39M | 100M | 67M | 99M | 153M | 85M | 112M | 112M |
| Long-Term Debt | N/A | 0 | 335M | 333M | 332M | 330M | 390M | 390M |
| Debt/Equity | N/A | 0.03 | 0.62 | 0.59 | 0.53 | 0.49 | 0.53 | 0.53 |
| Interest Coverage | 0.7 | 1.3 | 1.6 | 3.0 | 2.5 | 2.9 | 1.5 | 1.5 |
| Equity | N/A | 631M | 618M | 642M | 711M | 759M | 805M | 805M |
| Total Assets | N/A | 1.1B | 1.1B | 1.1B | 1.2B | 1.3B | 1.4B | 1.4B |
| Total Liabilities | N/A | 449M | 437M | 437M | 451M | 580M | 605M | 605M |
| Intangibles | N/A | 27M | 8.1M | 8.9M | 6.7M | 83M | 65M | 65M |
| Retained Earnings | N/A | 0 | 127K | 17M | 40M | 71M | 54M | 54M |
| Working Capital | N/A | 81M | 60M | 92M | 143M | 34M | 35M | 35M |
| Current Assets | N/A | 136M | 121M | 154M | 225M | 184M | 216M | 216M |
| Current Liabilities | 0 | 55M | 61M | 62M | 82M | 150M | 182M | 182M |
| Per Share Data | ||||||||
| EPS | -0.02 | -0.05 | 0.00 | 0.09 | 0.13 | 0.16 | -0.09 | -0.09 |
| Owner EPS | -0.30 | 0.06 | -0.10 | 0.06 | 0.14 | 0.04 | 0.01 | 0.01 |
| Book Value | N/A | 4.41 | 3.45 | 3.46 | 3.95 | 3.92 | 4.25 | 4.25 |
| Cash Flow/Share | 0.20 | 0.60 | 0.25 | 0.38 | 0.50 | 0.41 | 0.49 | 0.14 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 125.6M | 143.2M | 179.0M | 185.6M | 180.1M | 193.5M | 189.2M | 189.2M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | 109.3 | 102.0 | 58.7 | N/A | -51.8 |
| P/FCF | N/A | N/A | 136.8 | 31.2 | 31.3 | 29.4 | 18.7 | 11.7 |
| EV/EBIT | N/A | N/A | 67.5 | 41.6 | 34.4 | 24.1 | 42.8 | 32.6 |
| Price/Book | N/A | N/A | 3.3 | 2.8 | 3.4 | 2.4 | 1.7 | 1.1 |
| Price/Sales | N/A | N/A | 6.8 | 5.1 | 5.5 | 5.3 | 3.0 | 1.7 |
| FCF Yield | N/A | N/A | 0.7% | 3.2% | 3.2% | 3.4% | 5.4% | 8.5% |
| Market Cap | N/A | N/A | 2.0B | 1.8B | 2.4B | 1.8B | 1.4B | 882M |
| Avg. Price | N/A | N/A | 13.02 | 10.20 | 12.77 | 12.77 | 8.01 | 4.66 |
| Year-End Price | N/A | N/A | 11.21 | 9.84 | 13.26 | 9.39 | 7.40 | 4.66 |
N-able, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 11.7x vs a median of 30.3x. The company's 5-year average ROIC is 3.5% with a gross margin of 56.8%. Total shareholder yield (buybacks) is 3.4%. At current prices, the estimated annualized return to fair value is +25.5%.
N-able, Inc. (NABL) has a 5-year average return on invested capital (ROIC) of 3.5%. This is below average and may indicate limited pricing power.
N-able, Inc. (NABL) has a market capitalization of $882M. It is classified as a small-cap stock.
N-able, Inc. (NABL) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 3.41%.
N-able, Inc. (NABL) operates in the Services-Prepackaged Software industry, within the Technology sector.
N-able, Inc. (NABL) reported annual revenue of $511 million in its most recent fiscal year, based on SEC EDGAR filings.
N-able, Inc. (NABL) has a net profit margin of -3.3%. The company is currently unprofitable.
N-able, Inc. (NABL) generated $75 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
N-able, Inc. (NABL) has a debt-to-equity ratio of 0.53. This indicates moderate leverage.
N-able, Inc. (NABL) reported earnings per share (EPS) of $-0.09 in its most recent fiscal year.
N-able, Inc. (NABL) has a return on equity (ROE) of -2.2%. A negative ROE may indicate losses or negative equity.
N-able, Inc. (NABL) has a 5-year average gross margin of 56.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 7 years of financial data for N-able, Inc. (NABL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
N-able, Inc. (NABL) has a book value per share of $4.25, based on its most recent annual SEC filing.