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Elastic N.V. key statistics and ratios

In fiscal 2026, Elastic N.V. had return on equity of 33.4%, an operating margin of -1.9%, debt equal to 45.0% of equity and a current ratio of 1.68. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2017Apr 20172018Apr 20182019Apr 20192020Apr 20202021Apr 20212022Apr 20222023Apr 20232024Apr 20242025Apr 20252026Apr 2026LTMJul 2026
Gross margin77.5%74.5%71.3%71.3%73.5%73.1%72.3%74.0%74.4%76.1%75.5%
Operating margin−53.5%−30.0%−37.3%−40.0%−21.3%−20.1%−20.5%−10.3%−3.7%−1.9%−2.6%
Net margin−58.9%−33.0%−37.7%−39.1%−21.3%−23.6%−22.1%4.9%−7.3%21.1%20.8%
Free-cash-flow margin−19.2%−14.9%−10.1%−8.3%3.1%0.4%3.1%11.5%17.7%18.5%19.4%
Return on equity——−186.9%−49.4%−29.9%−47.1%−58.0%10.9%−13.0%33.4%29.2%
Return on assets—−28.8%−30.6%−25.9%−14.6%−15.6%−13.9%3.1%−4.5%12.8%12.2%
Asset turnover—0.870.810.660.680.660.630.640.610.610.59
Current ratio—1.062.111.441.421.961.781.761.921.681.81
Debt to equity——0.0%0.0%0.0%138.4%144.1%77.9%62.0%45.0%44.3%
Interest cover (operating income ÷ interest)————n/mn/mn/mn/mn/mn/mn/m
R&D as % of revenue37.0%34.8%37.2%38.7%32.7%31.7%29.3%27.0%24.7%26.0%25.3%
Capital spending as % of revenue1.0%1.9%1.3%1.2%0.6%0.3%0.3%0.3%0.3%0.3%0.3%
Free cash flow ÷ net income———————235.4%—87.5%92.9%
Dividends and buybacks ÷ free cash flow———————0.0%0.0%105.7%108.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 7 checks passed · July 31, 2026
What it owns · $3.0bn
Short-term assets $1.9bnLonger-term assets $1.1bn
What it owes, and who funded it · $3.0bn
Short-term liabilities $1.0bnLonger-term liabilities $668mShareholders' equity $1.3bn
  • Short-term assets cover short-term liabilities $1.9bn of assets due within a year against $1.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.9bn short-term assets against $668m of longer-dated liabilities.
  • More cash than debt $880m of cash against $571m of debt.
  • Debt below 40% of shareholders' equity Debt is 44% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 131% to 44% over five years.
  • A year's operating cash flow covers at least 20% of debt $354m of operating cash flow against $571m of debt.
  • Operating profit covers interest at least five times over Operating income of −$48m against $25m of interest.

From Elastic N.V.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

40 /100

Weak moat

How hard Elastic's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 16 / 20

    Cash operating profit has been a median 12.6% of total assets over 8 years.

  • Pricing power 20 / 20

    Gross margin has been a median 73.6%, moving by 1.4 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median -19.5%; its worst year was -41.1%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 5 of 8 years, at a median 4.4% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 20.2% over five years; stock-based pay has been a median 15.4% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (55 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Elastic N.V.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Elastic N.V.