NABL

MKT CAP:$969M

N-able, Inc.

Market Cap

$969M

Technology·Information Technology Services·🇺🇸 United States·NYSE

Technology·IT Services·🇺🇸·NYSE

Stock Price

$5.21-$2.08 (-28.56%)

Apr 17, 2026

Company Details

N-able, Inc. provides cloud-based software solutions for managed service providers (MSPs) in the United States, the United Kingdom, and internationally. The company's solutions enable MSPs to support digital transformation and growth within...

CEO

John Pagliuca

IPO Date

Jul 19, 2021

Website

www.n-able.com

Key Metrics TTM

Revenue

$511M

+9.7% YoY

Net Income

-$17M

EPS (Diluted)

-$0.09

Free Cash Flow

$72M

Revenue / Share

$2.74

Gross Margin

77.9%

Operating Margin

7.7%

Net Margin

-3.3%

FCF Margin

14.1%

P/S

1.9x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 26, 2026

$511M+9.7%EPS -$0.09

Q4 2025

Feb 26, 2026

$130M+11.8%EPS -$0.04

Q3 2025

Nov 6, 2025

$132M+13.1%EPS $0.01

Q2 2025

Aug 7, 2025

$131M+9.9%EPS -$0.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$91M	$77M	$11M
Q2 22	$92M	$77M	$10M
Q3 22	$94M	$78M	$12M
Q4 22	$96M	$81M	$14M
Q1 23	$100M	$84M	$14M
Q2 23	$106M	$89M	$16M
Q3 23	$108M	$90M	$18M
Q4 23	$108M	$91M	$22M
Q1 24	$114M	$95M	$20M
Q2 24	$119M	$100M	$22M
Q3 24	$116M	$97M	$24M
Q4 24	$117M	$93M	$16M
Q1 25	$118M	$91M	$2M
Q2 25	$131M	$103M	$10M
Q3 25	$132M	$106M	$12M
Q4 25	$130M	$99M	$16M

Valuation

Quarter	P/S	P/E
Q1 22	2.7x	102.1x
Q2 22	2.7x	72.6x
Q3 22	2.7x	82.3x
Q4 22	2.6x	58.0x
Q1 23	2.5x	64.0x
Q2 23	2.5x	63.2x
Q3 23	2.4x	46.1x
Q4 23	2.3x	41.4x
Q1 24	2.2x	35.5x
Q2 24	2.2x	30.0x
Q3 24	2.1x	26.2x
Q4 24	2.1x	31.3x
Q1 25	2.1x	59.3x
Q2 25	2.0x	338.5x
Q3 25	1.9x	—
Q4 25	1.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$13M	$9M
Q2 22	$23M	$19M
Q3 22	$17M	$12M
Q4 22	$18M	$11M
Q1 23	$11M	$5M
Q2 23	$21M	$15M
Q3 23	$28M	$22M
Q4 23	$31M	$26M
Q1 24	$4M	-$943.0K
Q2 24	$27M	$22M
Q3 24	$22M	$17M
Q4 24	$26M	$19M
Q1 25	$20M	$14M
Q2 25	$24M	$20M
Q3 25	$24M	$17M
Q4 25	$25M	$21M

Capital Expenditures

Quarter	CapEx
Q1 22	$4M
Q2 22	$4M
Q3 22	$5M
Q4 22	$8M
Q1 23	$6M
Q2 23	$6M
Q3 23	$6M
Q4 23	$5M
Q1 24	$5M
Q2 24	$5M
Q3 24	$5M
Q4 24	$7M
Q1 25	$6M
Q2 25	$4M
Q3 25	$7M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+9.2%	+2.3%
Q2 22	+7.4%	+7.8%
Q3 22	+5.8%	+4.0%
Q4 22	+7.0%	+0.5%
Q1 23	+9.9%	+7.1%
Q2 23	+15.8%	+11.0%
Q3 23	+15.0%	+9.1%
Q4 23	+13.2%	+6.3%
Q1 24	+14.0%	+9.1%
Q2 24	+12.6%	+8.0%
Q3 24	+8.3%	+3.7%
Q4 24	+7.5%	+16.1%
Q1 25	+3.9%	+24.8%
Q2 25	+9.9%	+24.3%
Q3 25	+13.1%	+29.8%
Q4 25	+11.8%	+13.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$8M	9.0%
Q2 22	$10M	10.7%
Q3 22	$10M	10.8%
Q4 22	$8M	8.8%
Q1 23	$10M	9.9%
Q2 23	$12M	11.1%
Q3 23	$11M	10.5%
Q4 23	$11M	9.8%
Q1 24	$12M	10.2%
Q2 24	$12M	9.9%
Q3 24	$12M	9.9%
Q4 24	$10M	9.0%
Q1 25	$12M	9.9%
Q2 25	$13M	9.8%
Q3 25	$12M	9.0%
Q4 25	$10M	7.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$15M	$18M	$31M
Q2 22	$15M	$18M	$32M
Q3 22	$16M	$18M	$31M
Q4 22	$17M	$17M	$31M
Q1 23	$19M	$17M	$33M
Q2 23	$20M	$18M	$35M
Q3 23	$20M	$18M	$34M
Q4 23	$19M	$16M	$34M
Q1 24	$22M	$17M	$36M
Q2 24	$22M	$23M	$33M
Q3 24	$23M	$17M	$32M
Q4 24	$23M	$19M	$35M
Q1 25	$24M	$24M	$40M
Q2 25	$26M	$23M	$42M
Q3 25	$29M	$19M	$40M
Q4 25	$25M	$26M	$32M

Revenue Segments

Quarter	Other Revenue	Subscription Revenue
Q1 22	$2M	$89M
Q2 22	$2M	$89M
Q3 22	$2M	$91M
Q4 22	$2M	$93M
Q1 23	$2M	$97M
Q2 23	$3M	$103M
Q3 23	$2M	$105M
Q4 23	$2M	$106M
Q1 24	$2M	$112M
Q2 24	$2M	$117M
Q3 24	$1M	$115M
Q1 25	$1M	$117M
Q2 25	$1M	$130M
Q3 25	$1M	$131M
Q4 25	$1M	$129M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$70M	$0	$70M
Q2 22	$87M	$0	$87M
Q3 22	$88M	$0	$88M
Q4 22	$99M	$0	$99M
Q1 23	$98M	$0	$98M
Q2 23	$109M	$0	$109M
Q3 23	$127M	$0	$127M
Q4 23	$153M	$0	$153M
Q1 24	$139M	$0	$139M
Q2 24	$158M	$0	$158M
Q3 24	$174M	$0	$174M
Q4 24	$85M	$0	$85M
Q1 25	$94M	$0	$94M
Q2 25	$94M	$0	$94M
Q3 25	$101M	$0	$101M
Q4 25	$112M	$0	$112M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	180M	-0.0%	-42.9%
Q2 22	181M	+0.2%	+1.0%
Q3 22	181M	+0.4%	+3.1%
Q4 22	182M	+0.6%	+1.1%
Q1 23	183M	+0.6%	+1.7%
Q2 23	186M	+1.3%	+2.8%
Q3 23	186M	+0.3%	+2.8%
Q4 23	186M	+0.1%	+2.4%
Q1 24	187M	+0.4%	+2.2%
Q2 24	187M	+0.1%	+0.9%
Q3 24	188M	+0.4%	+1.0%
Q4 24	188M	+0.2%	+1.0%
Q1 25	188M	-0.1%	+0.6%
Q2 25	189M	+0.3%	+0.8%
Q3 25	188M	-0.2%	+0.2%
Q4 25	187M	-0.9%	-0.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$64.9K	1K
Q2 22	$65.5K	1K
Q3 22	$66.9K	1K
Q4 22	$65.5K	1K
Q1 23	$68.3K	1K
Q2 23	$72.6K	1K
Q3 23	$73.6K	1K
Q4 23	$68.4K	2K
Q1 24	$71.8K	2K
Q2 24	$75.4K	2K
Q3 24	$73.5K	2K
Q4 24	$46.6K	3K
Q1 25	$47.3K	3K
Q2 25	$52.5K	3K
Q3 25	$52.7K	3K
Q4 25	$52.1K	3K

Revenue / Employee