Stocks NABL Financial statements
Financial statementsN-able, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data N-able, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 264 | 303 | 346 | 372 | 422 | 466 | 509 |
| Cost of revenue | 57.3 | 63.2 | 52.4 | 58.6 | 68.3 | 80.9 | 117 |
| Gross profit | 206 | 240 | 294 | 313 | 354 | 385 | 391 |
| Research and development | 37.2 | 42.7 | 54 | 63.5 | 78.2 | 90.7 | 101 |
| Selling and marketing | 70.3 | 82 | 113 | 125 | 135 | 136 | 163 |
| General and administrative | 39 | 57.3 | 80.6 | 71.1 | 70.1 | 76.2 | 91.7 |
| Operating expenses | 170 | 206 | 261 | 266 | 284 | 303 | 358 |
| Operating income | 36.6 | 33.8 | 33.3 | 47.4 | 70.4 | 81.9 | 33.9 |
| Other non-operating income | -33.4 | -28.9 | -21.7 | -17 | -25.6 | -27.8 | -34.1 |
| Pre-tax income | 3.19 | 4.86 | 11.6 | 30.4 | 44.7 | 54.1 | -0.17 |
| Income tax | 5.71 | 12 | 11.5 | 13.7 | 20.9 | 23.3 | 18.6 |
| Net income | -2.51 | -7.16 | 0.11 | 16.7 | 23.8 | 30.7 | -18.8 |
| EBITDA | 90.8 | 90.2 | 67.1 | 71.8 | 92.1 | 108 | 78.3 |
| EPS, basic | -0.02 | -0.05 | 0.00 | 0.09 | 0.13 | 0.17 | -0.10 |
| EPS, diluted | -0.02 | -0.05 | 0.00 | 0.09 | 0.13 | 0.16 | -0.10 |
| Shares, basic (weighted) | 158 | 158 | 167 | 180 | 182 | 185 | 188 |
| Shares, diluted (weighted) | 158 | 158 | 169 | 181 | 186 | 188 | 188 |
Balance sheet
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 39.3 | 99.8 | 66.7 | 98.8 | 153 | 85.2 | 112 |
| Receivables | 29.1 | 33 | 34.8 | 40 | 44.5 | 50 | |
| Other current assets | 5.58 | 14 | 12.7 | 10.5 | 13.3 | 21.5 | |
| Total current assets | 136 | 121 | 154 | 225 | 184 | 216 | |
| Property, plant and equipment | 19.6 | 38.7 | 37.4 | 36.8 | 36.6 | 38.4 | |
| Lease right-of-use assets | 13.7 | 36.2 | 31.8 | 32.1 | 28 | 28.7 | |
| Goodwill | 837 | 874 | 841 | 829 | 838 | 977 | 1,024 |
| Intangible assets | 27.4 | 8.07 | 8.87 | 6.72 | 83.2 | 64.8 | |
| Other non-current assets | 6.29 | 9.09 | 17.1 | 22.8 | 28.6 | 33.3 | |
| Total assets | 1,080 | 1,056 | 1,079 | 1,163 | 1,339 | 1,410 | |
| Accounts payable | 5.54 | 5.87 | 3.54 | 5.24 | 6.29 | 9 | |
| Accrued liabilities | 22 | 30.9 | 35.6 | 49.4 | 50.6 | 55.3 | |
| Deferred revenue | 9.5 | 10.7 | 11.7 | 12.6 | 24.3 | 27.2 | |
| Short-term debt | 0 | 3.5 | 3.5 | 3.5 | 3.5 | 4 | |
| Total current liabilities | 54.8 | 60.9 | 61.8 | 81.7 | 150 | 184 | |
| Long-term debt | 0 | 335 | 333 | 332 | 330 | 390 | |
| Lease liabilities | 14.6 | 37.8 | 33.1 | 33.1 | 30.1 | 29.3 | |
| Other non-current liabilities | 0.41 | 0.41 | 5.2 | 3.15 | 9.25 | 0.69 | |
| Total liabilities | 449 | 437 | 437 | 451 | 580 | 608 | |
| Total debt | 0 | 339 | 337 | 335 | 333 | 394 | |
| Paid-in capital | 0 | 603 | 633 | 667 | 709 | 747 | |
| Retained earnings | 0 | 0.13 | 16.8 | 40.2 | 71.6 | 52.7 | |
| Treasury stock | 0 | -30 | |||||
| Other comprehensive income | 49 | 15.1 | -7.82 | 4.41 | -21.2 | 32.5 | |
| Shareholders' equity | 564 | 631 | 618 | 642 | 712 | 760 | 802 |
| Total equity | 564 | 631 | 618 | 642 | 712 | 760 | 802 |
| Total liabilities and equity | 1,080 | 1,056 | 1,079 | 1,163 | 1,339 | 1,410 | |
| Shares outstanding | 0 | 179 | 181 | 183 | 188 | 187 |
Cash flow statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | -2.51 | -7.16 | 0.11 | 16.7 | 23.8 | 30.7 | -18.8 |
| Depreciation and amortization | 54.1 | 56.5 | 33.8 | 24.4 | 21.7 | 25.9 | 44.4 |
| Stock-based compensation | 8.66 | 21.1 | 29.4 | 36.5 | 43.6 | 45.4 | 46.6 |
| Deferred income tax | -4.73 | -4.05 | -1.85 | -1.95 | -0.49 | -2.58 | -3.34 |
| Change in receivables | -5.02 | -3.46 | -5.57 | -3.43 | -7.06 | -2.13 | -8.51 |
| Change in payables | -0.24 | 3.27 | -0.46 | -1.62 | 1.83 | -0.46 | 2.54 |
| Cash from operations | 25.5 | 85.7 | 45.3 | 71.4 | 90.1 | 79.4 | 93.2 |
| Capital expenditures | -5.79 | -11.9 | -30.7 | -12.8 | -13.8 | -17.6 | -18.1 |
| Acquisitions | -14.8 | 0 | 0 | -9.2 | 0 | -98.7 | 0 |
| Cash from investing | -23 | -16.1 | -34.8 | -30.2 | -22.3 | -122 | -29 |
| Stock issued | 0 | 0 | 0.02 | 0.11 | 0.07 | 0.01 | 0 |
| Share buybacks | 0 | 0 | -30 | ||||
| Cash from financing | -42.8 | -10.6 | -42.3 | -10.4 | -15.2 | -22.6 | -40.6 |
| Exchange rate effect | 1.79 | 1.48 | -1.24 | 1.31 | 1.62 | -2.27 | 3.02 |
| Net change in cash | -38.5 | 60.4 | -33.1 | 32.1 | 54.2 | -67.9 | |
| Free cash flow | 19.7 | 73.7 | 14.7 | 58.6 | 76.3 | 61.9 | 75.1 |
| Interest paid | 52.7 | 26.6 | 20.4 | 15.6 | 28.4 | 28.7 | 25 |
| Income taxes paid | 8.94 | 14.2 | 19 | 16.3 | 14.9 | 12.8 | 18.1 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 76.5% | Gross profit / revenue. |
| Operating margin | 9.5% | Operating income / revenue. |
| EBITDA margin | 18.0% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 2.6% | Pre-tax income / revenue. |
| Net margin | -1.3% | Net income / revenue. |
| FCF margin | 13.3% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 17.6% | Cash from operations / revenue. |
| Effective tax rate | 149.8% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | -0.9% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | -0.5% | Net income / average total assets. |
| Return on invested capital (ROIC) | 3.7% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| R&D / revenue | 19.5% | Research and development expense / revenue. |
| Stock-based pay / revenue | 8.1% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 4.2% | Capital expenditures / revenue. |
| D&A / revenue | 8.5% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 9.3% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 11.0% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 10.9% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 1.8% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 7.7% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 10.3% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | -58.6% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | -10.6% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | 0.1% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | -27.4% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | 2.9% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA CAGR, 5y | -2.8% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -161.2% | Net income vs the same period a year earlier. Only from a positive base. |
| EPS growth, 1y | -162.5% | EPS vs the same period a year earlier. Only from a positive base. |
| Operating cash flow growth, 1y | 17.3% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 9.3% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 1.7% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 21.3% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 8.6% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 0.4% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 5.6% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 7.7% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 4.9% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 5.3% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 9.3% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 5.5% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -0.3% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 1.2% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 3.5% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 1.30x | Current assets / current liabilities. |
| Quick ratio | 1.00x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.71x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 0.49x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 28.1% | Total debt / total assets. |
| Liabilities / assets | 42.3% | Total liabilities / total assets. |
| Net debt | $276.5M | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 2.90x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Working capital | $49.5M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 76.5% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | -$262.8M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.38x | Revenue / average total assets. |
| Fixed asset turnover | 12.2x | Revenue / average property, plant and equipment. |
| Receivables turnover | 11.5x | Revenue / average receivables. |
| Days sales outstanding | 32 days | 365 x average receivables / revenue. |
| Days payables | 52 days | 365 x average accounts payable / cost of revenue. |
| Capex / operating cash flow | 24.2% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | -$0.04 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $2.81 | Revenue / diluted weighted shares. |
| FCF per share | $0.37 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $0.49 | Cash from operations / diluted weighted shares. |
| Book value per share | $4.26 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | -$1.39 | Tangible book value / shares outstanding. |
| Cash per share | $0.61 | (Cash + short-term investments) / shares outstanding. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $755.6M | Share price x shares outstanding. |
| Enterprise value | $1.03B | Market cap + total debt - cash - short-term investments. |
| P/S | 1.42x | Market cap / revenue. |
| P/B | 0.94x | Market cap / shareholders' equity. Only when equity is positive. |
| P/FCF | 10.7x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 8.10x | Market cap / cash from operations, when positive. |
| EV/Sales | 1.94x | Enterprise value / revenue. |
| EV/EBIT | 20.5x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 10.8x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 14.6x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 9.4% | Free cash flow / market cap. |
| Earnings yield | -0.9% | Net income / market cap (the inverse of P/E). |
What was N-able, Inc.'s revenue in fiscal 2025?
N-able, Inc. reported revenue of $508.8M for fiscal 2025, 9.3% higher than the year before.
Was N-able, Inc. profitable in fiscal 2025?
No. It reported a net loss of $18.8M.
How much free cash flow did N-able, Inc. generate in fiscal 2025?
Cash from operations of $93.2M minus capital expenditures of $18.1M left free cash flow of $75.1M.