Elastic N.V. ESTC

Information TechnologySoftware & IT ServicesNetherlands

Last close 91.34 USD on Nov 2, 2026, +21.1% year to date

Quant rating

Quant rating A Rank 15 of 200 in Information Technology

Growth A 19 of 200
Valuation C 99 of 200
Quality A 29 of 200
Revisions B 59 of 200
Momentum A 23 of 200

Wall Street consensus Buy (2.10)Average target 109.85 USD +20.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 9.7B
Enterprise value: 8.8B
52-week range: 42.07 – 107.89
3-year range: 42.07 – 133.81
Dividend yield: –
Beta (5 years): 0.96
Shares outstanding: 106M
Next earnings: Nov 16, 2026

About the company

Elastic NV is a Netherlands-based data analytics company. The Company’s platform, which is available as both a hosted, managed service across public clouds as well as self-managed software, allows its customers to find insights from large amounts of data and take action. The Company offers three search-powered solutions - Enterprise Search, Observability, and Security - that are built into the platform, which is built on the Elastic Stack, a set of software products that ingest data from any source, in any format, and perform search, analysis, and visualization of that data. The Company helps organizations, their employees, and their customers find what they need, while keeping mission-critical applications running smoothly, and protecting against cyber threats. The Company generates revenue primarily from sales of subscriptions to its platform.

Growth and profitability fiscal year ends April 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	1,739	1,483	1,267	1,069	862	–
Revenue growth	17.3%	17.0%	18.6%	24.0%	41.7%	23.4%
EPS (basic, normalized)	2.57	2.04	1.19	0.25	−0.33	–
EPS growth	26.0%	71.4%	376.0%	–	–	–
Gross margin	76.1%	74.4%	74.0%	72.3%	73.1%	73.9%
Net margin	21.1%	−7.3%	4.9%	−22.1%	−23.6%	−5.4%
ROE	33.4%	−13.0%	10.9%	−58.0%	−47.1%	−14.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,461
Current ratio	1.81x
Long-term debt (mil)	571
Net debt (mil)	−890
Total equity (mil)	1,297
Net debt / equity	−0.69x
Net debt / EBITDA	−3.09x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	1,739	+17.3%	5.1x	288	+26.8%	30.5x	2.57	+26.0%	35.5x
2027	2,005	+15.3%	4.4x	395	+37.0%	22.3x	3.36	+30.7%	27.2x
2028	2,298	+14.6%	3.8x	495	+25.4%	17.7x	3.95	+17.7%	23.1x
2029	2,632	+14.5%	3.3x	620	+25.1%	14.2x	4.80	+21.3%	19.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	2,005	0.0%	+0.1%	+1.8%	3.36	0.0%	+3.6%	+18.2%
2028	2,298	0.0%	+0.8%	+2.8%	3.95	0.0%	+2.7%	+19.0%
2029	2,632	0.0%	+0.9%	+9.0%	4.80	0.0%	−1.0%	+24.7%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	335	347	365	382	388	415	423	450	451	478
Sales mean (mil)	329	345	357	369	380	397	418	438	447	470
Surprise	+1.7%	+0.8%	+2.5%	+3.6%	+2.1%	+4.6%	+1.3%	+2.6%	+0.9%	+1.8%
EPS reported	0.21	0.35	0.59	0.63	0.47	0.60	0.64	0.73	0.61	0.70
EPS mean	0.20	0.25	0.38	0.47	0.37	0.42	0.58	0.65	0.56	0.58
Surprise	+7.1%	+39.0%	+55.6%	+34.2%	+25.9%	+43.3%	+11.1%	+12.9%	+9.5%	+19.8%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ESTC Elastic N.V.	9.7B	−3.09x	21.1%	7.40x	27.2x	23.1x	22.3x	17.7x
MSFT Microsoft Corporation	3.77T	0.22x	40.3%	8.00x	25.4x	21.2x	15.6x	12.5x
PLTR Palantir Technologies Inc.	428.6B	−4.08x	36.3%	43.84x	111.1x	76.4x	84.3x	54.9x
ORCL Oracle Corporation	361.4B	2.81x	26.6%	5.40x	14.6x	10.8x	8.8x	6.1x
PANW Palo Alto Networks, Inc.	287.9B	−0.31x	2.7%	10.43x	84.1x	72.1x	57.7x	49.7x
CRWD CrowdStrike Holdings, Inc.	247.6B	−3.19x	−3.4%	48.53x	192.6x	150.6x	134.1x	102.7x
Mean		−1.27x	20.6%	20.60x	75.8x	59.0x	53.8x	40.6x
Median		−1.70x	23.9%	9.22x	55.6x	47.6x	40.0x	33.7x

Technical analysis

1M−2.8%
3M+38.8%
1Y+2.4%
3Y+28.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Elastic N.V., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	1,739	1,483	1,267	1,069	862	608
Cost of revenue	416	380	330	297	232	161
Gross profit	1,323	1,103	937	772	630	447
Selling, general & administrative expenses	792	695	639	573	463	331
Research & development	451	366	341	308	268	199
Depreciation/amortization	–	0	2.1	4.9	5.3	5.7
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1.8	0.9	7.4	37.3	7.6	0
Other operating expenses	111	96.7	78.5	68.9	60.7	41.0
Operating income	−33.5	−54.9	−130	−219	−174	−129
Net interest income (expense)	24.6	20.5	−1.4	−25.2	−20.7	−0.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	6.6	2.9	8.6	27.5	−3.4	7.9
Net income before taxes	−2.3	−31.6	−123	−217	−198	−122
Provision for taxes	−370	76.5	−184	19.3	6.1	7.7
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	368	−108	61.7	−236	−204	−129
Extraordinary items	–	–	–	–	–	–
Net income	368	−108	61.7	−236	−204	−129
EBIT, normalized	−31.7	−54.0	−123	−182	−166	−129
EBITDA, normalized	−19.9	−41.7	−105	−162	−146	−112
Basic EPS, normalized	2.57	2.04	1.19	0.25	−0.33	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Elastic N.V., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	1,370	1,397	1,084	915	861	403
Receivables	464	376	323	261	215	160
Total inventory	–	–	–	–	–	–
Prepaid expenses	80.4	68.3	42.8	39.9	41.2	34.6
Other current assets	108	89.9	80.7	58.3	46.3	39.0
Total current assets	2,023	1,931	1,531	1,274	1,164	637
Property, plant & equipment	27.2	28.9	26.0	25.1	32.6	34.3
Goodwill	356	319	319	304	304	199
Intangibles	13.1	11.4	20.6	29.1	45.8	36.3
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	733	302	346	111	96.9	66.5
Total assets	3,153	2,593	2,243	1,743	1,643	973
Liabilities
Accounts payable	8.6	17.1	26.1	35.2	28.4	7.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	190	156	156	130	119	82.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	1,007	835	689	552	446	360
Total current liabilities	1,205	1,008	871	717	593	450
Long-term debt	571	570	569	568	567	0
Minority interest	–	–	–	–	–	–
Other liabilities	100	87.6	64.7	60.4	67.6	72.3
Total liabilities	1,876	1,666	1,504	1,345	1,227	522
Shareholders' equity
Preferred stock	0	0	–	0	0	0
Common stock	1.2	1.1	1.1	1.0	1.0	0.9
Additional paid-in capital	2,311	2,049	1,751	1,472	1,250	1,072
Retained earnings (accumulated deficit)	−732	−1,100	−992	−1,053	−817	−613
Treasury stock	−276	−0.4	−0.4	−0.4	−0.4	−0.4
Other equity	−27.9	−23.2	−21.6	−20.0	−18.1	−8.1
Total equity	1,276	927	738	399	415	451
Total liabilities & shareholders' equity	3,153	2,593	2,243	1,743	1,643	973

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Elastic N.V., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	368	−108	61.7	−236	−204	−129
Depreciation, depletion & amortization	11.8	12.3	18.0	20.2	19.7	17.2
Deferred taxes	−399	57.4	−217	−2.0	−2.4	0
Non-cash items	417	361	323	289	213	133
Changes in working capital	−71.1	−56.2	−36.6	−35.4	−20.6	1.8
Cash from operations	327	266	149	35.7	5.7	22.5
Investing activities
Capital expenditures	−5.1	−4.3	−3.5	−2.7	−7.4	−3.9
Other investing cash flows	31.2	−114	−285	−270	−120	2.4
Cash from investing	26.1	−119	−288	−273	−127	−1.5
Financing activities
Financing cash flow items	–	–	0	0	−9.3	0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−312	40.9	40.1	17.5	611	77.3
Cash from financing	−312	40.9	40.1	17.5	602	77.3
Foreign exchange effects	−1.4	−0.3	−4.4	2.8	−20.6	6.0
Net change in cash	39.3	188	−104	−217	460	104
Free cash flow	322	262	145	33.0	−1.7	18.6

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.