N-able, Inc. key statistics and ratios

In fiscal 2025, N-able, Inc. had return on equity of -2.4%, an operating margin of 6.7%, debt equal to 49.9% of equity and a current ratio of 1.17. 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.

N-able, Inc.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	78.2%	79.1%	84.9%	84.2%	83.8%	82.6%	76.9%	76.5%
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%
Return on equity	−0.4%	−1.2%	0.0%	2.7%	3.5%	4.2%	−2.4%	0.5%
Return on assets	—	−0.7%	0.0%	1.6%	2.1%	2.5%	−1.4%	0.3%
Asset turnover	—	0.28	0.32	0.35	0.38	0.37	0.37	0.38
Current ratio	—	2.48	1.99	2.49	2.75	1.22	1.17	1.30
Debt to equity	0.0%	0.0%	56.5%	53.8%	48.1%	44.6%	49.9%	49.5%
Effective tax rate	—	—	99.0%	45.1%	46.8%	43.2%	—	—
R&D as % of revenue	14.1%	14.1%	15.6%	17.1%	18.5%	19.5%	19.8%	19.5%
Capital spending as % of revenue	2.2%	3.9%	8.9%	3.5%	3.3%	3.8%	3.6%	4.2%
Free cash flow ÷ net income	—	—	>999%	350.6%	320.4%	201.3%	—	>999%
Dividends and buybacks ÷ free cash flow	—	—	—	—	0.0%	0.0%	40.0%	—

US$ thousands unless shown otherwise. Fiscal quarters.

N-able, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	83.0%	79.9%	76.5%	78.0%	77.3%	75.9%	75.9%	76.8%
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%
Current ratio	3.01	1.22	1.20	1.24	1.27	1.17	1.24	1.30
Debt to equity	43.6%	43.9%	42.9%	41.1%	40.8%	49.1%	49.4%	48.8%
R&D as % of revenue	19.6%	20.0%	20.2%	20.2%	19.2%	19.6%	19.7%	19.3%

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

3 of 6 checks passed · June 30, 2026

What it owns · $1.4bn

Short-term assets $212mLonger-term assets $1.2bn

What it owes, and who funded it · $1.4bn

Short-term liabilities $162mLonger-term liabilities $429mShareholders' equity $805m

Short-term assets cover short-term liabilities $212m of assets due within a year against $162m of liabilities due within a year.
Short-term assets cover long-term liabilities $212m short-term assets against $429m of longer-dated liabilities.
More cash than debt $116m of cash against $392m of debt.
Debt below 40% of shareholders' equity Debt is 49% of equity.
Debt burden no higher than five years ago Debt to equity moved from 54% to 49% over five years.
A year's operating cash flow covers at least 20% of debt $93m of operating cash flow against $392m of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From N-able, Inc.'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

64 /100

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.

Returns on capital 15 / 20

Cash operating profit has been a median 11.7% of total assets over 5 years.
Pricing power 19 / 20

Gross margin has been a median 82.7%, moving by 3.0 percentage points (standard deviation) across 6 years.
Durability 12 / 20

Operating margin has been a median 10.9%; its worst year was 7.6%.
Cash conversion 17 / 20

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).

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

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Figures from N-able, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to N-able, Inc.