N-able, Inc. is a US-listed company in the application software industry. Its financial year ends in December.
Loading chart…
Third-party market data · may be delayed
Under review: data-quality checks not passed.
Under review: data-quality checks not passed. We'll show the comparison once resolved.
N-able, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $531m, up 10.1% on a year earlier, slower than the 11.3% growth a quarter earlier. Free-cash-flow margin fell to 13.3% from 15.3% a year earlier. It passes 3 of our 6 financial-health checks.
Our model value for N-able is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
N-able, Inc.'s trailing-twelve-month revenue grew 10.1% year on year, with a free-cash-flow margin of 13.3%.
Our discounted-cash-flow model values the business at ~$2.6 per share in the base case (~$1.6–$3.9 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 4.2% while net income grew 23.5%: a 28pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in N-able, Inc.'s latest figures clears our strength thresholds.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The company also guided to adjusted ebitda of $41.00m to $42.00m for the third quarter of 2026; total arr of $562.00m to $565.00m for the full-year 2026.
Our value per share comes from a discounted-cash-flow model of N-able, Inc.'s free cash flow after stock-based pay ( $31M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value N-able, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.03 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | ~$2.6 ~$1.6–$3.9 | Primary model, counts double |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$6.0 ~$4.9–$10 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare N-able, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2021 | 2022 | 2023 | 2024 | 2025 | Now |
|---|---|---|---|---|---|---|
| Share price | $11.10 | $10.28 | $13.25 | $9.34 | $7.48 | $5.06 |
| Market value | $1.9bn | $1.9bn | $2.5bn | $1.8bn | $1.4bn | $951m |
| + Net debt (− = net cash) | $282m | $247m | $189m | $253m | $288m | $282m |
| Enterprise value | $2.2bn | $2.1bn | $2.7bn | $2.0bn | $1.7bn | $1.2bn |
| Multiples | ||||||
| Price / sales | 5.4x | 5.0x | 5.8x | 3.8x | 2.8x | 1.8x |
| Price / earnings | n/m | 111.6x | 103.5x | 57.3x | — | n/m |
| Price / free cash flow | 127.6x | 31.8x | 32.3x | 28.4x | 18.7x | 13.4x |
| EV / EBITDA | 32.1x | 29.4x | 28.8x | 18.7x | 21.6x | 12.9x |
Moderate moat
How hard N-able's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Cash operating profit has been a median 11.7% of total assets over 5 years.
Gross margin has been a median 82.7%, moving by 3.0 percentage points (standard deviation) across 6 years.
Operating margin has been a median 10.9%; its worst year was 7.6%.
Free cash flow was positive in 6 of 6 years, at a median 13.3% 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 (79 before it).
Next results: November 5, 2026, before the open. Analysts expect revenue of $135m and EPS of $0.10 (range $0.10 to $0.11) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.39 | −0% | $541m | +6% |
| Next | $0.43 | +11% | $574m | +6% |
Next year's EPS estimate has moved −10.1% in 90 days, across 6 analysts.
The consensus EPS forecast for the current fiscal year is −6.4% on 90 days ago. In the last 30 days, 0 analysts raised N-able, Inc.'s forecast and 6 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.41 | $0.48 |
| 60 days ago | $0.39 | $0.43 |
| 30 days ago | $0.39 | $0.43 |
| 7 days ago | $0.39 | $0.43 |
| Now | $0.39 | $0.43 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.10 | $0.10 | +1.7% |
| Mar 2026 | $0.09 | $0.09 | +2.3% |
| Dec 2025 | $0.10 | $0.06 | −40.0% |
| Sept 2025 | $0.09 | $0.13 | +44.4% |
Adjusted EPS as companies report it, against the average analyst estimate.
Our cash-flow model grows N-able, Inc.'s revenue by +6.1% next year and +9.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.6%, weight 52%) , management guidance (+4.5%, weight 21%) and the company's own record (+10.2%, weight 28%) . How the weights are set.
Last 12 months −35.4%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $482m | $531m | +10.1% |
| Net margin | 0.7% | 0.8% | +12.2% |
| P/E multiple | n/m | n/m | −48.0% |
| Share count | 189m | 188m | +0.6% |
Biggest factor: p/e multiple.
Last 3 years −62.4%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $395m | $531m | +34.3% |
| Net margin | 3.9% | 0.8% | −80.3% |
| P/E multiple | 160.9x | n/m | +45.9% |
| Share count | 183m | 188m | −2.4% |
Biggest factor: net margin.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| NABL | −7% | +29% | −30% | −20% | −32% |
| Industry peers (median) | −50% | +19% | +2% | −21% | −14% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| NABL | 58% | 50% | 33% | 50% | 46% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| NABL | −28% | −24% | −39% | −40% | −60% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since July 19, 2021: 81% from July 19, 2021 to June 22, 2026. Getting back needed a 433% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 10, 2026 | −36.9% | −0.3% | −34.5% | −22.8% |
| May 7, 2026 | −11.7% | +0.5% | −37.5% | −34.5% |
| February 19, 2026 | −10.5% | +0.5% | −15.2% | −5.6% |
| November 6, 2025 | +5.9% | −1.0% | −1.5% | −2.8% |
| August 7, 2025 | −6.6% | +0.7% | −4.6% | +3.9% |
| May 8, 2025 | +5.3% | +0.6% | +14.1% | +14.8% |
| March 3, 2025 | −28.0% | −2.9% | −31.0% | −28.3% |
| November 7, 2024 | −11.7% | +1.2% | −15.1% | −18.6% |
| August 8, 2024 | −1.4% | +2.8% | −3.8% | −6.2% |
| May 9, 2024 | −0.2% | +0.7% | +1.5% | +12.1% |
| February 22, 2024 | +5.9% | +2.1% | +5.2% | +2.1% |
| November 13, 2023 | −11.6% | +1.8% | −13.5% | −8.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $409.2M |
| FY23 Q4 | $422.2M |
| FY24 Q1 | $435.9M |
| FY24 Q2 | $448.2M |
| FY24 Q3 | $458.1M |
| FY24 Q4 | $465.6M |
| FY25 Q1 | $470.1M |
| FY25 Q2 | $482.3M |
| FY25 Q3 | $495.9M |
| FY25 Q4 | $508.8M |
| FY26 Q1 | $523.1M |
| FY26 Q2 | $530.8M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 12.0% |
| FY23 Q4 | 13.6% |
| FY24 Q1 | 14.5% |
| FY24 Q2 | 13.4% |
| FY24 Q3 | 11.9% |
| FY24 Q4 | 10.3% |
| FY25 Q1 | 7.8% |
| FY25 Q2 | 7.6% |
| FY25 Q3 | 8.3% |
| FY25 Q4 | 9.3% |
| FY26 Q1 | 11.3% |
| FY26 Q2 | 10.1% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | 15.4% |
| FY23 Q4 | 16.7% |
| FY24 Q1 | 17.5% |
| FY24 Q2 | 18.1% |
| FY24 Q3 | 19.2% |
| FY24 Q4 | 17.6% |
| FY25 Q1 | 13.5% |
| FY25 Q2 | 10.7% |
| FY25 Q3 | 7.6% |
| FY25 Q4 | 6.7% |
| FY26 Q1 | 8.3% |
| FY26 Q2 | 9.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 15.6% |
| FY23 Q4 | 18.1% |
| FY24 Q1 | 16.0% |
| FY24 Q2 | 17.1% |
| FY24 Q3 | 15.5% |
| FY24 Q4 | 13.3% |
| FY25 Q1 | 16.5% |
| FY25 Q2 | 15.3% |
| FY25 Q3 | 14.7% |
| FY25 Q4 | 14.8% |
| FY26 Q1 | 14.2% |
| FY26 Q2 | 13.3% |
| Fiscal year | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 264 | 303 | 346 | 372 | 422 | 466 | 509 | 531 |
| Gross profit | 206 | 240 | 294 | 313 | 354 | 385 | 391 | 406 |
| EBITDA | 91 | 90 | 67 | 72 | 92 | 108 | 78 | 95 |
| Operating income | 37 | 34 | 33 | 47 | 70 | 82 | 34 | 50 |
| Net income | −3 | −7 | 0 | 17 | 24 | 31 | −19 | 4 |
| Diluted EPS | −$0.02 | −$0.05 | $0.00 | $0.09 | $0.13 | $0.16 | −$0.10 | $0.02 |
| Growth (year on year) | ||||||||
| Revenue | — | +14.9% | +14.4% | +7.3% | +13.6% | +10.3% | +9.3% | +10.1% |
| EBITDA | — | −0.6% | −25.6% | +7.1% | +28.1% | +17.1% | −27.4% | +9.2% |
| Operating income | — | −7.8% | −1.3% | +42.2% | +48.5% | +16.4% | −58.6% | −2.6% |
| Net income | — | — | — | — | +42.6% | +29.1% | −161.2% | — |
| Diluted EPS | — | — | — | — | +44.4% | +23.1% | −162.5% | — |
| Margins | ||||||||
| Gross margin | 78.2% | 79.1% | 84.9% | 84.2% | 83.8% | 82.6% | 76.9% | 76.5% |
| EBITDA margin | 34.4% | 29.8% | 19.4% | 19.3% | 21.8% | 23.2% | 15.4% | 18.0% |
| Operating margin | 13.9% | 11.1% | 9.6% | 12.7% | 16.7% | 17.6% | 6.7% | 9.5% |
| Net margin | −1.0% | −2.4% | 0.0% | 4.5% | 5.6% | 6.6% | −3.7% | 0.8% |
| Free-cash-flow margin | 7.5% | 24.3% | 4.2% | 15.8% | 18.1% | 13.3% | 14.8% | 13.3% |
| Cash flow | ||||||||
| Cash from operations | 26 | 86 | 45 | 71 | 90 | 79 | 93 | 93 |
| Capital spending | 6 | 12 | 31 | 13 | 14 | 18 | 18 | 23 |
| Free cash flow | 20 | 74 | 15 | 59 | 76 | 62 | 75 | 71 |
| Stock-based pay | 9 | 21 | 29 | 37 | 44 | 45 | 47 | 44 |
| Free cash flow after stock pay | 11 | 53 | −15 | 22 | 33 | 17 | 28 | 27 |
| Balance sheet | ||||||||
| Cash | 39 | 100 | 67 | 99 | 153 | 85 | 112 | 116 |
| Total debt | 0 | 0 | 349 | 346 | 342 | 339 | 400 | 398 |
| Net debt (negative = net cash) | −39 | −100 | 282 | 247 | 189 | 253 | 288 | 282 |
| Diluted shares | 158m | 158m | 169m | 181m | 186m | 188m | 188m | 188m |
| Returned to shareholders | ||||||||
| Buybacks | — | — | — | — | 0 | 0 | 30 | — |
| Total returned | — | — | — | — | 0 | 0 | 30 | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 117 | 116 | 118 | 131 | 131 | 129 | 132 | 138 |
| Gross profit | 98 | 93 | 90 | 102 | 101 | 98 | 101 | 106 |
| EBITDA | 31 | 24 | 12 | 20 | 22 | 24 | 23 | 27 |
| Operating income | 25 | 16 | 2 | 9 | 11 | 12 | 11 | 16 |
| Net income | 12 | 3 | −7 | −5 | 1 | 3 | −2 | 2 |
| Diluted EPS | $0.06 | $0.01 | −$0.04 | −$0.02 | $0.00 | $0.02 | −$0.01 | $0.01 |
| Growth (year on year) | ||||||||
| Revenue | +9.2% | +6.9% | +4.0% | +10.3% | +11.6% | +11.2% | +12.1% | +5.9% |
| EBITDA | +30.7% | −12.4% | −53.5% | −24.2% | −28.8% | −0.7% | +85.5% | +33.5% |
| Operating income | +35.4% | −26.9% | −91.8% | −55.2% | −56.3% | −24.6% | — | +76.8% |
| Net income | +95.8% | −65.5% | −199.1% | −155.6% | −92.2% | −9.0% | — | — |
| Diluted EPS | +100.0% | −80.0% | −200.0% | −150.0% | −100.0% | +100.0% | — | — |
| Margins | ||||||||
| Gross margin | 83.0% | 79.9% | 76.5% | 78.0% | 77.3% | 75.9% | 75.9% | 76.8% |
| EBITDA margin | 26.4% | 20.7% | 10.3% | 15.5% | 16.8% | 18.5% | 17.0% | 19.6% |
| Operating margin | 21.2% | 13.8% | 1.4% | 7.1% | 8.3% | 9.3% | 8.4% | 11.9% |
| Net margin | 10.0% | 2.9% | −6.1% | −3.5% | 0.7% | 2.4% | −1.3% | 1.3% |
| Free-cash-flow margin | 15.5% | 16.2% | 13.9% | 15.6% | 13.3% | 16.1% | 11.9% | 12.1% |
| Cash flow | ||||||||
| Cash from operations | 22 | 26 | 20 | 24 | 24 | 25 | 17 | 27 |
| Capital spending | 4 | 7 | 3 | 4 | 7 | 4 | 2 | 10 |
| Free cash flow | 18 | 19 | 16 | 20 | 17 | 21 | 16 | 17 |
| Stock-based pay | 12 | 10 | 12 | 13 | 12 | 10 | 11 | 10 |
| Free cash flow after stock pay | 7 | 8 | 5 | 7 | 5 | 11 | 5 | 6 |
| Last 12 months unless stated | NABL | PAR | MSTR | PD | LIF | SPT | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $531m | $497m | $495m | $495m | $573m | $482m | $488m |
| Revenue growth, last 12 months | 10.1% | 18.8% | 4.2% | 2.3% | 34.0% | 11.8% | 11.9% |
| Revenue growth, 3-year average | 10.3% | 23.0% | −0.6% | 6.8% | 28.9% | 18.5% | 11.1% |
| Revenue growth, latest quarter | 5.9% | 18.7% | −2.5% | 0.8% | 37.8% | 10.8% | 11.8% |
| Gross margin | 76.5% | 42.2% | 67.8% | 84.8% | 77.6% | 77.4% | 69.3% |
| Operating margin | 9.5% | −12.6% | <−999% | 6.5% | 1.1% | −5.9% | 1.2% |
| Operating margin, 3-year average | 12.8% | −18.9% | −593.7% | −6.7% | −1.2% | −12.6% | −0.8% |
| Net margin | 0.8% | −14.5% | <−999% | 37.2% | 25.7% | −6.1% | 1.6% |
| Cash from operations / revenue | 17.6% | −2.6% | −1.5% | 26.6% | 18.2% | 11.2% | 18.1% |
| Free-cash-flow margin | 13.3% | −3.2% | −2.2% | 25.6% | 18.0% | 10.5% | 14.9% |
| Free-cash-flow margin, 3-year average | 15.3% | −7.4% | −8.4% | 24.0% | 12.0% | 6.2% | 15.9% |
| Stock pay / revenue | 8.2% | 5.9% | 10.3% | 16.3% | 12.1% | 15.1% | 9.2% |
| Change in share count | −0.6% | 6.3% | 22.3% | −6.1% | 8.5% | 3.2% | 2.2% |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Subscription Revenue | $506M | 99.0% | ▲ 10.3% |
| Other Revenue | $5.2M | 1.0% | ▼ 27.9% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $254M | 49.6% | ▲ 13.1% |
| Non US Excluding United Kingdom | $205M | 40.2% | ▲ 6.5% |
| United Kingdom | $52.2M | 10.2% | ▲ 7.1% |
From N-able, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Silver Lake Group, L.L.C. | $226M | 61.5M | 32.2% | 0.0% |
| Thoma Bravo, L.P. | $184M | 50.1M | 26.2% | 0.0% |
| Blackrock, Inc. | $43.1M | 11.7M | 6.1% | ▼ 6.1% |
| Dimensional Fund Advisors LP | $18.6M | 5.1M | 2.7% | ▲ 6.2% |
| Vanguard Portfolio Management LLC | $16.6M | 4.5M | 2.4% | ▼ 22.8% |
| State Street Corp | $15.5M | 4.2M | 2.2% | ▲ 7.9% |
| Nomura Asset Management International Inc. | $15.2M | 4.2M | 2.2% | ▼ 2.7% |
| Vanguard Capital Management LLC | $12.2M | 3.3M | 1.7% | ▼ 3.5% |
| Alpinvest Partners B.V. | $8.8M | 2.4M | 1.2% | 0.0% |
| Jpmorgan Chase & Co | $8.4M | 2.3M | 1.2% | ▲ 374.7% |
| Dana Investment Advisors, Inc. | $7.5M | 2.0M | 1.1% | ▲ 39.4% |
| Morgan Stanley | $7.3M | 2.0M | 1.0% | ▲ 16.9% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not N-able, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
New research on the companies we cover arrives in the weekly email. Free, one email a week.
