N-able, Inc.
NABL NYSE Services-Prepackaged Software Financials FY2019–FY2025
Last close · Oct 23, 2026
$5.12
4.1%
Revenue
Total sales reported in the income statement.
$509M
9.3%
vs prior year
Operating margin
Operating income as a share of revenue.
6.7%
10.9 pts
Net income
Profit after all expenses, interest and tax.
−$18.8M
161.2%
Free cash flow
Cash from operations minus capital spending.
$75.1M
21.3%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
2.5%
2.8 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$968M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.04 EPS (TTM)
What N-able, Inc. does
No business description yet.
- Legal name
- N-able, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001834488-26-000007
0001834488
Revenue and margins
N-able, Inc. had $509M of revenue in fiscal 2025, up 9.3% on the year before.
FY19
Revenue $264M
FY20
Revenue $303M
FY21
Revenue $346M
FY22
Revenue $372M
FY23
Revenue $422M
FY24
Revenue $466M
FY25
Revenue $509M
Q3 '23
Revenue $108M
Q4 '23
Revenue $109M
Q1 '24
Revenue $114M
Q2 '24
Revenue $118M
Q3 '24
Revenue $117M
Q4 '24
Revenue $116M
Q1 '25
Revenue $118M
Q2 '25
Revenue $131M
Q3 '25
Revenue $131M
Q4 '25
Revenue $129M
Q1 '26
Revenue $132M
Q2 '26
Revenue $138M
FY19
Gross 78.2%
Operating 13.9%
Net −1.0%
FCF 7.5%
FY20
Gross 79.1%
Operating 11.1%
Net −2.4%
FCF 24.3%
FY21
Gross 84.9%
Operating 9.6%
Net 0.0%
FCF 4.2%
FY22
Gross 84.2%
Operating 12.7%
Net 4.5%
FCF 15.8%
FY23
Gross 83.8%
Operating 16.7%
Net 5.6%
FCF 18.1%
FY24
Gross 82.6%
Operating 17.6%
Net 6.6%
FCF 13.3%
FY25
Gross 76.9%
Operating 6.7%
Net −3.7%
FCF 14.8%
Gross
Operating
Net
FCF
Q3 '23
Gross 83.9%
Operating 17.1%
Net 5.6%
FCF 22.3%
Q4 '23
Gross 83.7%
Operating 20.1%
Net 9.0%
FCF 25.7%
Q1 '24
Gross 83.9%
Operating 17.8%
Net 6.4%
FCF 0.7%
Q2 '24
Gross 83.8%
Operating 17.6%
Net 7.0%
FCF 20.3%
Q3 '24
Gross 83.0%
Operating 21.2%
Net 10.0%
FCF 15.5%
Q4 '24
Gross 79.9%
Operating 13.8%
Net 2.9%
FCF 16.2%
Q1 '25
Gross 76.5%
Operating 1.4%
Net −6.1%
FCF 13.9%
Q2 '25
Gross 78.0%
Operating 7.1%
Net −3.5%
FCF 15.6%
Q3 '25
Gross 77.3%
Operating 8.3%
Net 0.7%
FCF 13.3%
Q4 '25
Gross 75.9%
Operating 9.3%
Net −6.1%
FCF 16.1%
Q1 '26
Gross 75.9%
Operating 8.4%
Net −1.3%
FCF 11.9%
Q2 '26
Gross 76.8%
Operating 11.9%
Net 1.3%
FCF 12.1%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$2.5M
FY20
Net income −$7.2M
FY21
Net income $0.1M
FY22
Net income $16.7M
FY23
Net income $23.8M
FY24
Net income $30.7M
FY25
Net income −$18.8M
Q3 '23
Net income $6.0M
Q4 '23
Net income $9.8M
Q1 '24
Net income $7.3M
Q2 '24
Net income $8.3M
Q3 '24
Net income $11.8M
Q4 '24
Net income $3.4M
Q1 '25
Net income −$7.2M
Q2 '25
Net income −$4.6M
Q3 '25
Net income $0.9M
Q4 '25
Net income −$7.9M
Q1 '26
Net income −$1.7M
Q2 '26
Net income $1.8M
FY19
Diluted EPS −$0.02
FY20
Diluted EPS −$0.05
FY21
Diluted EPS $0.00
FY22
Diluted EPS $0.09
FY23
Diluted EPS $0.13
FY24
Diluted EPS $0.16
FY25
Diluted EPS −$0.10
Q3 '23
Diluted EPS $0.03
Q4 '23
Diluted EPS $0.06
Q1 '24
Diluted EPS $0.04
Q2 '24
Diluted EPS $0.04
Q3 '24
Diluted EPS $0.06
Q4 '24
Diluted EPS $0.02
Q1 '25
Diluted EPS −$0.04
Q2 '25
Diluted EPS −$0.02
Q3 '25
Diluted EPS $0.00
Q4 '25
Diluted EPS −$0.04
Q1 '26
Diluted EPS −$0.01
Q2 '26
Diluted EPS $0.01
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity −0.4%
Return on assets —
FY20
Return on capital 4.1%
Return on equity −1.2%
Return on assets −0.7%
FY21
Return on capital 2.4%
Return on equity 0.0%
Return on assets 0.0%
FY22
Return on capital 3.5%
Return on equity 2.7%
Return on assets 1.6%
FY23
Return on capital 5.1%
Return on equity 3.5%
Return on assets 2.1%
FY24
Return on capital 5.3%
Return on equity 4.2%
Return on assets 2.5%
FY25
Return on capital 2.5%
Return on equity −2.4%
Return on assets −1.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $75.1M in fiscal 2025, 14.8% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow $19.7M
FY20
Free cash flow $73.7M
FY21
Free cash flow $14.7M
FY22
Free cash flow $58.6M
FY23
Free cash flow $76.3M
FY24
Free cash flow $61.9M
FY25
Free cash flow $75.1M
Q3 '23
Free cash flow $24.0M
Q4 '23
Free cash flow $27.9M
Q1 '24
Free cash flow $0.7M
Q2 '24
Free cash flow $24.0M
Q3 '24
Free cash flow $18.2M
Q4 '24
Free cash flow $18.8M
Q1 '25
Free cash flow $16.4M
Q2 '25
Free cash flow $20.4M
Q3 '25
Free cash flow $17.4M
Q4 '25
Free cash flow $20.9M
Q1 '26
Free cash flow $15.8M
Q2 '26
Free cash flow $16.7M
FY19
Cash from operations $25.5M
Capital spending $5.8M
FY20
Cash from operations $85.7M
Capital spending $11.9M
FY21
Cash from operations $45.3M
Capital spending $30.7M
FY22
Cash from operations $71.4M
Capital spending $12.8M
FY23
Cash from operations $90.1M
Capital spending $13.8M
FY24
Cash from operations $79.4M
Capital spending $17.6M
FY25
Cash from operations $93.2M
Capital spending $18.1M
Cash from operations
Capital spending
Q3 '23
Cash from operations $27.5M
Capital spending $3.5M
Q4 '23
Cash from operations $31.2M
Capital spending $3.3M
Q1 '24
Cash from operations $4.2M
Capital spending $3.4M
Q2 '24
Cash from operations $27.3M
Capital spending $3.2M
Q3 '24
Cash from operations $22.0M
Capital spending $3.7M
Q4 '24
Cash from operations $26.0M
Capital spending $7.2M
Q1 '25
Cash from operations $19.7M
Capital spending $3.3M
Q2 '25
Cash from operations $24.2M
Capital spending $3.8M
Q3 '25
Cash from operations $24.0M
Capital spending $6.6M
Q4 '25
Cash from operations $25.3M
Capital spending $4.5M
Q1 '26
Cash from operations $17.5M
Capital spending $1.7M
Q2 '26
Cash from operations $26.5M
Capital spending $9.8M
Cash from operations
Capital spending
Dividends, buybacks and share count
N-able, Inc. returned — to shareholders in fiscal 2025. The diluted share count fell 0.3%.
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks —
Q4 '23
Dividends —
Buybacks —
Q1 '24
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks —
Q1 '25
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Q3 '25
Dividends —
Buybacks $10.0M
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends —
Buybacks —
Q2 '26
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares 0.16B
FY20
Diluted shares 0.16B
FY21
Diluted shares 0.17B
FY22
Diluted shares 0.18B
FY23
Diluted shares 0.19B
FY24
Diluted shares 0.19B
FY25
Diluted shares 0.19B
Balance sheet
Cash, debt and the ratios that show how comfortably N-able, Inc. can carry it.
FY19
Cash $39.3M
Debt —
FY20
Cash $99.8M
Debt $0.0M
FY21
Cash $66.7M
Debt $339M
FY22
Cash $98.8M
Debt $337M
FY23
Cash $153M
Debt $335M
FY24
Cash $85.2M
Debt $333M
FY25
Cash $112M
Debt $394M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $66.7M | $98.8M | $153M | $85.2M | $112M |
| Debt incl. finance leases | $339M | $337M | $335M | $333M | $394M |
| Net debt / EBITDA | 4.1x | 3.3x | 2.0x | 2.3x | 3.6x |
| Debt / equity | 0.5x | 0.5x | 0.5x | 0.4x | 0.5x |
| Current ratio | 2.0x | 2.5x | 2.8x | 1.2x | 1.2x |
| Quick ratio | 2.0x | 2.5x | 2.8x | 1.2x | 1.2x |
| Total assets | $1.1B | $1.1B | $1.2B | $1.3B | $1.4B |
| Total liabilities | $437M | $437M | $451M | $580M | $608M |
| Shareholders' equity | $618M | $642M | $712M | $760M | $802M |
| Net debt (− = net cash) | $272M | $238M | $182M | $248M | $282M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✓ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✓ | ✓ | ✓ | ✕ |
| Current ratio rose | — | — | ✕ | ✓ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Gross margin rose | — | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✓ | ✕ | ✓ |
| F-score | — / 3 | — / 5 | 6 / 9 | 7 / 9 | 7 / 9 | 5 / 9 | 4 / 9 |
| Accruals ratio | — | −8.6% | −4.2% | −5.1% | −5.9% | −3.9% | −8.2% |
| Altman Z'' | — | 2.18 | 2.07 | 2.45 | 2.98 | 2.13 | 1.82 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $264M | $303M | $346M | $372M | $422M | $466M | $509M |
| Gross profit | $206M | $240M | $294M | $313M | $354M | $385M | $391M |
| Research and development | $37.2M | $42.7M | $54.0M | $63.5M | $78.2M | $90.7M | $101M |
| Operating income | $36.6M | $33.8M | $33.3M | $47.4M | $70.4M | $81.9M | $33.9M |
| Pretax income | $3.2M | $4.9M | $11.6M | $30.4M | $44.7M | $54.1M | −$0.2M |
| Income tax | $5.7M | $12.0M | $11.5M | $13.7M | $20.9M | $23.3M | $18.6M |
| Net income | −$2.5M | −$7.2M | $0.1M | $16.7M | $23.8M | $30.7M | −$18.8M |
| Net income to common | −$2.5M | −$7.2M | $0.1M | $16.7M | — | — | — |
| Diluted EPS | −$0.02 | −$0.05 | $0.00 | $0.09 | $0.13 | $0.16 | −$0.10 |
| Diluted shares | 0.16B | 0.16B | 0.17B | 0.18B | 0.19B | 0.19B | 0.19B |
| Cash flow | |||||||
| Cash from operations | $25.5M | $85.7M | $45.3M | $71.4M | $90.1M | $79.4M | $93.2M |
| Capital expenditure | $5.8M | $11.9M | $30.7M | $12.8M | $13.8M | $17.6M | $18.1M |
| Free cash flow | $19.7M | $73.7M | $14.7M | $58.6M | $76.3M | $61.9M | $75.1M |
| Depreciation and amortization | $54.1M | $56.5M | $33.8M | $24.4M | $21.7M | $25.9M | $44.4M |
| Stock-based compensation | $8.7M | $21.1M | $29.4M | $36.5M | $43.6M | $45.4M | $46.6M |
| Acquisitions | $14.8M | $0.0M | $0.0M | $9.2M | $0.0M | $98.7M | $0.0M |
| Balance sheet | |||||||
| Cash and short-term investments | $39.3M | $99.8M | $66.7M | $98.8M | $153M | $85.2M | $112M |
| Total debt | — | $0.0M | $339M | $337M | $335M | $333M | $394M |
| Current assets | — | $136M | $121M | $154M | $225M | $184M | $216M |
| Current liabilities | — | $54.8M | $60.9M | $61.8M | $81.7M | $150M | $184M |
| Property and equipment, net | — | $19.6M | $38.7M | $37.4M | $36.8M | $36.6M | $38.4M |
| Goodwill | $837M | $874M | $841M | $829M | $838M | $977M | $1.0B |
| Intangible assets | — | $27.4M | $8.1M | $8.9M | $6.7M | $83.2M | $64.8M |
| Total assets | — | $1.1B | $1.1B | $1.1B | $1.2B | $1.3B | $1.4B |
| Total liabilities | — | $449M | $437M | $437M | $451M | $580M | $608M |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $564M | $631M | $618M | $642M | $712M | $760M | $802M |
| Margins | |||||||
| Gross margin | 78.2% | 79.1% | 84.9% | 84.2% | 83.8% | 82.6% | 76.9% |
| Operating margin | 13.9% | 11.1% | 9.6% | 12.7% | 16.7% | 17.6% | 6.7% |
| EBITDA margin | 34.4% | 29.8% | 19.4% | 19.3% | 21.8% | 23.2% | 15.4% |
| Net margin | −1.0% | −2.4% | 0.0% | 4.5% | 5.6% | 6.6% | −3.7% |
| FCF margin | 7.5% | 24.3% | 4.2% | 15.8% | 18.1% | 13.3% | 14.8% |
| Returns | |||||||
| Return on capital | — | 4.1% | 2.4% | 3.5% | 5.1% | 5.3% | 2.5% |
| Return on capital employed | — | 3.3% | 3.4% | 4.7% | 6.5% | 6.9% | 2.8% |
| Return on equity | −0.4% | −1.2% | 0.0% | 2.7% | 3.5% | 4.2% | −2.4% |
| Return on assets | — | −0.7% | 0.0% | 1.6% | 2.1% | 2.5% | −1.4% |
| Growth | |||||||
| Revenue growth | — | 14.9% | 14.4% | 7.3% | 13.6% | 10.3% | 9.3% |
| Net income growth | — | — | — | 14,685.0% | 42.6% | 29.1% | −161.2% |
| EPS growth | — | — | — | — | 44.4% | 23.1% | −162.5% |
| FCF growth | — | 273.5% | −80.1% | 299.1% | 30.3% | −18.9% | 21.3% |
| Share count change | — | 0.0% | 6.7% | 7.5% | 2.6% | 1.3% | −0.3% |
| Financial health | |||||||
| Net debt / EBITDA | — | −1.1x | 4.1x | 3.3x | 2.0x | 2.3x | 3.6x |
| Debt / equity | — | 0.0x | 0.5x | 0.5x | 0.5x | 0.4x | 0.5x |
| Current ratio | — | 2.5x | 2.0x | 2.5x | 2.8x | 1.2x | 1.2x |
| Quick ratio | — | 2.5x | 2.0x | 2.5x | 2.8x | 1.2x | 1.2x |
| Capital allocation | |||||||
| Capex / revenue | 2.2% | 3.9% | 8.9% | 3.5% | 3.3% | 3.8% | 3.6% |
| Stock comp / revenue | 3.3% | 7.0% | 8.5% | 9.8% | 10.3% | 9.7% | 9.2% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 6.0 | 7.0 | 7.0 | 5.0 | 4.0 |
| Altman Z'' | — | 2.2 | 2.1 | 2.5 | 3.0 | 2.1 | 1.8 |
| Accruals ratio | — | −8.6% | −4.2% | −5.1% | −5.9% | −3.9% | −8.2% |
Source: SEC EDGAR XBRL filings (CIK 0001834488). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.