Netskope Inc is a US-listed company in the systems software industry. Its financial year ends in January.
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~$9.2
Forward price-to-sales vs peers
Base case. Range ~$9.2–$20. Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative.
No Buy/Hold/Sell rating is issued: limited reported history: available models are shown without a Buy/Hold/Sell rating.
Netskope 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 July 2026 was $803m. Free-cash-flow margin held at -8.7%. Operating margin narrowed to -94.7% from -30.3%. It passes 2 of our 5 financial-health checks. Our price-to-sales vs peers value is $12.79 a share, against a share price of $25.73.
Source: 10-Q filed September 2, 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.
Netskope Inc's trailing-twelve-month revenue grew 30.4% year on year, with a free-cash-flow margin of -8.7%.
Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 56% in the quarter to 2026-07-31, the 4th beat in the last four quarters.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Netskope Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.2 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: the projected cash flows don't support a positive value |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$9.2 ~$9.2–$20 | Included, half weight |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$9.2 ~$9.2–$20 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Netskope Inc with Systems 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 | 2026 |
|---|---|
| Share price | $14.85 |
| Market value | $3.2bn |
| + Net debt (− = net cash) | −$433m |
| Enterprise value | $2.7bn |
| Multiples | |
| Price / sales | 4.5x |
| Price / earnings | — |
| Price / free cash flow | n/m |
| EV / EBITDA | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.15 | +69% | $890m | +26% |
| Next | −$0.83 | +23% | $1.1bn | +21% |
The consensus EPS forecast for the current fiscal year is −16.8% on 90 days ago. In the last 30 days, 17 analysts raised Netskope Inc's forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.18 | −$0.89 |
| 60 days ago | −$0.18 | −$0.89 |
| 30 days ago | −$0.15 | −$0.89 |
| 7 days ago | −$0.15 | −$0.84 |
| Now | −$0.15 | −$0.83 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jul 2026 | −$0.07 | −$0.03 | +55.5% |
| Apr 2026 | −$0.07 | −$0.06 | +13.1% |
| Jan 2026 | −$0.06 | −$0.04 | +33.1% |
| Oct 2025 | −$0.25 | −$0.10 | +60.2% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2026 to date |
|---|---|
| Return | |
| NTSK | +25% |
| Industry peers (median) | +26% |
| S&P 500 | +11% |
| Months that ended higher | |
| NTSK | 55% |
| S&P 500 | 46% |
| Largest fall from a high during the year | |
| NTSK | −56% |
| S&P 500 | −9% |
Worst fall since September 18, 2025: 70% from September 22, 2025 to March 27, 2026. Getting back needed a 234% gain, reached on October 27, 2026, 214 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| September 2, 2026 | +2.1% | +1.5% | +7.5% | +26.3% |
| June 3, 2026 | −17.0% | −0.3% | −29.9% | +1.1% |
| March 11, 2026 | −20.5% | −1.6% | −21.1% | −27.8% |
| December 11, 2025 | −7.9% | −0.8% | −16.0% | −27.1% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY26 Q2 | $615.5M |
| FY26 Q3 | $661.2M |
| FY26 Q4 | $709M |
| FY27 Q1 | $752.9M |
| FY27 Q2 | $802.6M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY26 Q2 | -30.3% |
| FY26 Q3 | -87.6% |
| FY26 Q4 | -92.0% |
| FY27 Q1 | -95.1% |
| FY27 Q2 | -94.7% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY26 Q3 | 2.3% |
| FY26 Q4 | 2.1% |
| FY27 Q1 | -7.9% |
| FY27 Q2 | -8.7% |
| Fiscal year | 2024 Jan 2024 | 2025 Jan 2025 | 2026 Jan 2026 | LTM Jul 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 407 | 538 | 709 | 803 |
| Gross profit | 243 | 348 | 483 | 561 |
| EBITDA | −263 | −204 | −607 | −724 |
| Operating income | −313 | −256 | −653 | −760 |
| Net income | −345 | −355 | −679 | −737 |
| Diluted EPS | −$3.77 | −$3.64 | −$3.18 | — |
| Growth (year on year) | ||||
| Revenue | — | +32.3% | +31.7% | +30.4% |
| Margins | ||||
| Gross margin | 59.8% | 64.6% | 68.1% | 69.9% |
| EBITDA margin | −64.7% | −37.9% | −85.6% | −90.2% |
| Operating margin | −76.9% | −47.5% | −92.0% | −94.7% |
| Net margin | −84.8% | −65.9% | −95.8% | −91.8% |
| Free-cash-flow margin | −48.6% | −26.8% | 2.1% | −8.7% |
| Cash flow | ||||
| Cash from operations | −167 | −111 | 38 | −41 |
| Capital spending | 31 | 34 | 23 | 29 |
| Free cash flow | −198 | −144 | 15 | −70 |
| Stock-based pay | 61 | 51 | 516 | 638 |
| Free cash flow after stock pay | −259 | −195 | −501 | −708 |
| Balance sheet | ||||
| Cash | — | 166 | 433 | 221 |
| Total debt | — | 627 | — | 698 |
| Net debt (negative = net cash) | — | 461 | −433 | 477 |
| Diluted shares | 91m | 98m | 214m | — |
| Returned to shareholders | ||||
| Buybacks | 0 | 0 | 1 | — |
| Total returned | 0 | 0 | 1 | — |
| Quarter | 2025 Q3 Oct 2024 | 2025 Q4 Jan 2025 | 2026 Q1 Apr 2025 | 2026 Q2 Jul 2025 | 2026 Q3 Oct 2025 | 2026 Q4 Jan 2026 | 2027 Q1 Apr 2026 | 2027 Q2 Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 139 | 148 | 158 | 171 | 184 | 196 | 202 | 221 |
| Gross profit | 92 | 99 | 110 | 123 | 107 | 143 | 148 | 163 |
| EBITDA | −46 | −29 | −31 | −39 | −439 | −104 | −99 | −82 |
| Operating income | −54 | −41 | −45 | −46 | −447 | −114 | −109 | −90 |
| Net income | −71 | −77 | −79 | −90 | −453 | −57 | −116 | −111 |
| Diluted EPS | −$0.72 | −$0.75 | −$0.76 | −$0.84 | −$1.85 | $0.89 | −$0.29 | −$0.27 |
| Growth (year on year) | ||||||||
| Revenue | — | — | — | — | +32.9% | +32.2% | +27.8% | +29.2% |
| Margins | ||||||||
| Gross margin | 66.2% | 66.9% | 69.4% | 72.2% | 57.9% | 73.0% | 73.5% | 73.9% |
| EBITDA margin | −33.2% | −19.9% | −19.9% | −22.6% | −238.6% | −53.1% | −48.9% | −37.1% |
| Operating margin | −38.9% | −27.7% | −28.8% | −26.9% | −242.7% | −58.2% | −53.9% | −40.7% |
| Net margin | −51.1% | −51.9% | −50.2% | −52.9% | −246.0% | −28.9% | −57.8% | −50.2% |
| Free-cash-flow margin | — | 3.3% | 11.5% | −10.8% | 5.8% | 2.4% | −27.8% | −13.4% |
| Cash flow | ||||||||
| Cash from operations | — | 6 | 26 | −17 | 11 | 18 | −54 | −17 |
| Capital spending | — | 1 | 7 | 2 | 1 | 13 | 2 | 13 |
| Free cash flow | — | 5 | 18 | −19 | 11 | 5 | −56 | −30 |
| Stock-based pay | 12 | 11 | 10 | 8 | 410 | 88 | 76 | 63 |
| Free cash flow after stock pay | — | −6 | 8 | −26 | −400 | −83 | −132 | −93 |
| Last 12 months unless stated | NTSK | TENB | BB | GTLB | DLO | S | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $803m | $1.0bn | $614m | $1.1bn | $1.1bn | $1.1bn | $1.1bn |
| Revenue growth, last 12 months | 30.4% | 9.9% | 14.4% | 23.0% | 46.6% | 21.1% | 17.4% |
| Revenue growth, 3-year average | — | 12.0% | −4.1% | 28.1% | — | 28.0% | 16.1% |
| Revenue growth, latest quarter | 29.2% | 8.6% | 26.0% | 21.3% | — | 20.6% | 20.5% |
| Gross margin | 69.9% | 78.1% | 77.9% | 85.8% | 36.8% | 72.5% | 69.8% |
| Operating margin | −94.7% | 3.6% | 13.6% | −8.5% | 20.1% | −29.5% | 3.6% |
| Operating margin, 3-year average | — | −0.9% | 5.7% | −15.3% | — | −37.1% | 4.0% |
| Net margin | −91.8% | 0.6% | 13.1% | −5.0% | 18.0% | −31.0% | 1.5% |
| Cash from operations / revenue | −5.1% | 25.8% | 16.0% | 21.2% | 38.0% | 5.2% | 16.6% |
| Free-cash-flow margin | −8.7% | 25.3% | 15.0% | 20.3% | 37.8% | 5.1% | 14.6% |
| Free-cash-flow margin, 3-year average | — | 23.6% | 1.9% | 11.5% | — | 3.8% | 18.8% |
| Stock pay / revenue | 79.4% | 17.2% | 4.2% | 21.8% | 2.2% | 29.3% | 8.5% |
| Change in share count | — | −1.9% | 2.2% | 4.2% | −1.1% | 3.4% | 2.7% |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Indirect Channels | $676M | 95.3% | ▲ 34.5% |
| Direct End Customers | $33.3M | 4.7% | ▼ 6.9% |
| Region | Revenue | YoY |
|---|---|---|
| Americas | $401M | ▲ 30.6% |
| United States | $317M | ▲ 26.5% |
| EMEA | $177M | ▲ 35.9% |
| Asia Pacific and Japan | $131M | ▲ 29.8% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Netskope Inc's 10-K filed March 31, 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 |
|---|---|---|---|---|
| Iconiq Capital, LLC | $725M | 66.3M | 34.5% | 0.0% |
| Blackrock, Inc. | $102M | 9.3M | 4.8% | ▲ 173.3% |
| Canada Pension Plan Investment Board | $98M | 9.0M | 4.7% | New |
| Vanguard Capital Management LLC | $83.6M | 7.6M | 4.0% | ▲ 204.8% |
| Vanguard Portfolio Management LLC | $80.1M | 7.3M | 3.8% | ▲ 156.1% |
| Penserra Capital Management LLC | $73.3M | 6.7M | 3.5% | New |
| Sapphire Ventures, L.P. | $55.1M | 5.0M | 2.6% | ▼ 11.2% |
| BAMCO Inc | $50M | 4.6M | 2.4% | ▲ 19.4% |
| First Trust Advisors LP | $46.3M | 4.2M | 2.2% | ▲ 40856.8% |
| Mirae Asset Global Etfs Holdings Ltd. | $45.1M | 4.1M | 2.1% | ▲ 253.5% |
| Citigroup Inc | $43M | 3.9M | 2.0% | ▲ 10898.8% |
| Voya Investment Management LLC | $39.9M | 3.6M | 1.9% | ▲ 26.6% |
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 Netskope Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Lightspeed Spv Ii-B, Llc 10% owner | September 11, 2026 | Sell | 10,621 | $14.90 | $158,253 |
| Lightspeed General Partner Select, L.P. 10% owner | September 11, 2026 | Sell | 10,621 | $14.90 | $158,253 |
| Makan Divesh 10% owner | July 13, 2026 | Buy | 64,771 | $12.42 | $804,456 |
| Griffith William J.G. Director | July 13, 2026 | Buy | 64,771 | $12.42 | $804,456 |
| Makan Divesh 10% owner | July 10, 2026 | Buy | 241,628 | $12.26 | $3M |
| Griffith William J.G. Director | July 10, 2026 | Buy | 241,628 | $12.26 | $3M |
| Lightspeed Ultimate General Partner Xii, Ltd. 10% owner | July 9, 2026 | Sell | 219,075 | $12.23 | $2.7M |
| Lightspeed Ultimate General Partner Select Ii, Ltd. 10% owner | July 9, 2026 | Sell | 219,075 | $12.23 | $2.7M |
| Lightspeed Ultimate General Partner Xii, Ltd. 10% owner | July 8, 2026 | Sell | 10,621 | $11.70 | $124,266 |
| Lightspeed Ultimate General Partner Select Ii, Ltd. 10% owner | July 8, 2026 | Sell | 10,621 | $11.70 | $124,266 |
| Griffith William J.G. Director | July 8, 2026 | Buy | 610,291 | $11.82 | $7.2M |
| Makan Divesh 10% owner | July 8, 2026 | Buy | 200 | $11.67 | $2,334 |
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 December 10, 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 |
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