N-able, Inc. NABL
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. Together, these capabilities enable IT and security teams to secure and optimize devices and networks, detect and respond to threats, and backup and recover their data to ensure business continuity. We also provide an open ecosystem that seamlessly integrates with third-party tools, empowering customers to tailor their environments to their unique needs. By providing coverage across the entire attack lifecycle, we drive true business resilience.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $508.8M | $465.6M | $422.2M | $371.8M | $346.5M | $302.9M | $263.5M | — |
| Cost of revenue | $117.4M | $80.9M | $68.3M | $58.6M | $52.4M | $63.2M | $57.3M | — |
| Gross profit | $391.5M | $384.7M | $353.9M | $313.2M | $294.0M | $239.7M | $206.2M | — |
| R&D | $100.7M | $90.7M | $78.2M | $63.5M | $54.0M | $42.7M | $37.2M | — |
| SG&A | $91.7M | $76.2M | $70.1M | $71.1M | $80.6M | $57.3M | $39.0M | — |
| Total operating expenses | $357.6M | $302.8M | $283.5M | $265.8M | $260.7M | $205.9M | $169.6M | — |
| Operating income | $33.9M | $81.9M | $70.4M | $47.4M | $33.3M | $33.8M | $36.6M | — |
| Pre-tax income | -$167.0K | $54.1M | $44.7M | $30.4M | $11.6M | $4.9M | $3.2M | — |
| Income tax | $18.6M | $23.3M | $20.9M | $13.7M | $11.5M | $12.0M | $5.7M | — |
| Net income | -$18.8M | $30.7M | $23.8M | $16.7M | $113.0K | -$7.2M | -$2.5M | — |
| EPS, basic | -0.10 | 0.17 | 0.13 | 0.09 | 0.00 | -0.05 | -0.02 | — |
| EPS, diluted | -0.10 | 0.16 | 0.13 | 0.09 | 0.00 | -0.05 | -0.02 | — |
| Shares, diluted (wtd. avg.) | $187.8M | $188.4M | $186.0M | $181.3M | $168.7M | $158.1M | $158.1M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $111.8M | $85.2M | $153.0M | $98.8M | $66.7M | $99.8M | $39.3M | $77.9M |
| Receivables | $50.0M | $44.5M | $40.0M | $34.8M | $33.0M | $29.1M | — | — |
| Total current assets | $216.1M | $183.7M | $224.8M | $154.2M | $121.0M | $135.7M | — | — |
| Property, plant and equipment | $38.4M | $36.6M | $36.8M | $37.4M | $38.7M | $19.6M | — | — |
| Goodwill | $1.02B | $977.0M | $838.5M | $828.8M | $840.9M | $874.1M | $836.6M | — |
| Other intangibles | $64.8M | $83.2M | $6.7M | $8.9M | $8.1M | $27.4M | — | — |
| Total assets | $1.41B | $1.34B | $1.16B | $1.08B | $1.06B | $1.08B | — | — |
| Accounts payable | $9.0M | $6.3M | $5.2M | $3.5M | $5.9M | $5.5M | — | — |
| Short-term debt | $4.0M | $3.5M | $3.5M | $3.5M | $3.5M | $0 | — | — |
| Total current liabilities | $184.2M | $150.0M | $81.7M | $61.8M | $60.9M | $54.8M | — | — |
| Long-term debt | $389.9M | $329.6M | $331.5M | $333.5M | $335.4M | $0 | — | — |
| Total liabilities | $607.7M | $579.5M | $451.4M | $436.8M | $437.3M | $448.5M | — | — |
| Retained earnings | $52.7M | $71.6M | $40.2M | $16.8M | $127.0K | $0 | — | — |
| Total equity | $802.0M | $759.6M | $711.9M | $642.2M | $618.4M | $631.2M | $563.7M | $551.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $93.2M | $79.4M | $90.1M | $71.4M | $45.3M | $85.7M | $25.5M | — |
| Depreciation and amortisation | $44.4M | $25.9M | $21.7M | $24.4M | $33.8M | $56.5M | $54.1M | — |
| Stock-based compensation | $46.6M | $45.4M | $43.6M | $36.5M | $29.4M | $21.1M | $8.7M | — |
| Capital expenditure | $18.1M | $17.6M | $13.8M | $12.8M | $30.7M | $11.9M | $5.8M | — |
| Investing cash flow | -$29.0M | -$122.4M | -$22.3M | -$30.2M | -$34.8M | -$16.1M | -$23.0M | — |
| Financing cash flow | -$40.6M | -$22.6M | -$15.2M | -$10.4M | -$42.3M | -$10.6M | -$42.8M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001834488-26-000046.
Others in SIC 7372
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP | $3.71T | 27.8x | 17.8% |
| ORCL | ORACLE CORP | $457.36B | 27.2x | 17.3% |
| PLTR | Palantir Technologies Inc. | $418.36B | 276.7x | 56.2% |
| CRWD | CrowdStrike Holdings, Inc. | $218.20B | — | 21.7% |
| CRM | Salesforce, Inc. | $213.35B | 33.2x | 9.6% |
| SHOP | SHOPIFY INC. | $187.92B | 154.4x | 30.1% |
| NOW | ServiceNow, Inc. | $146.06B | 84.6x | 20.9% |
| SNOW | Snowflake Inc. | $118.96B | — | 29.2% |