N-Able Inc NABL

Information TechnologySoftware & IT ServicesUnited States of America

Last close 5.18 USD on Nov 1, 2026, −30.7% year to date

Quant rating

Quant rating D Rank 283 of 389 in Information Technology

Growth C 196 of 389
Valuation C 164 of 389
Quality D 311 of 389
Revisions D 302 of 389
Momentum C 224 of 389

Wall Street consensus Hold (3.00)Average target 4.68 USD −9.7%

Historical valuation

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

Key data

Market cap: 979M
Enterprise value: 1.3B
52-week range: 2.92 – 8.73
3-year range: 2.92 – 15.27
Dividend yield: –
Beta (5 years): 0.43
Shares outstanding: 189M
Next earnings: Nov 5, 2026

About the company

N-able, Inc. is a global cybersecurity company. The Company's artificial intelligence (AI)-powered cybersecurity platform delivers business resilience to approximately 500,000 organizations worldwide, leveraging end-to-end capabilities, workflows, integrations, and flexible deployment options. It provides unified endpoint management, security and data protection as-a-service solutions that are integrated within its technology platform. Its technology platform is purpose-built to give information technology (IT) services providers visibility and control over distributed and heterogeneous IT environments through a centralized control panel. Its product categories include N-central UEM, N-sight UEM, Endpoint Security, Adlumin SecOps, and Cove Data Protection. Its other products include Passportal, Mail Assure, Take Control, DNS Filtering and MSP Manager. It provides solutions to various industries including finance, healthcare, hospitality, manufacturing, government and education.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	511	466	422	372	346	–
Revenue growth	9.7%	10.5%	13.5%	7.3%	14.4%	11.0%
EPS (basic, normalized)	0.39	0.48	0.37	0.34	0.35	–
EPS growth	−18.7%	29.7%	8.8%	−2.9%	–	–
Gross margin	77.1%	82.7%	83.8%	84.2%	84.9%	82.5%
Net margin	−3.3%	6.6%	5.5%	4.5%	0.0%	2.7%
ROE	−2.2%	4.2%	3.5%	2.7%	0.0%	1.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	116
Current ratio	1.30x
Long-term debt (mil)	388
Net debt (mil)	277
Total equity (mil)	805
Net debt / equity	0.34x
Net debt / EBITDA	1.80x

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
2025 actual	511	+9.7%	2.5x	153	−8.1%	8.2x	0.39	−18.7%	13.3x
2026	541	+5.7%	2.3x	159	+4.1%	7.9x	0.39	−0.5%	13.4x
2027	574	+6.2%	2.2x	175	+9.5%	7.2x	0.43	+11.3%	12.0x
2028	–	–	–	–	–	–	0.48	+11.8%	10.7x

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
2026	541	0.0%	−2.8%	−2.9%	0.39	0.0%	−6.4%	−9.4%
2027	574	0.0%	−4.7%	−5.0%	0.43	0.0%	−10.0%	−7.8%
2028	–	–	–	–	0.48	0.0%	–	–

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	114	119	116	117	118	131	132	130	134	138
Sales mean (mil)	111	117	115	114	116	126	127	127	131	138
Surprise	+2.1%	+2.2%	+1.4%	+2.4%	+2.2%	+4.3%	+3.3%	+2.6%	+1.7%	+0.2%
EPS reported	0.11	0.14	0.13	0.10	0.08	0.11	0.13	0.06	0.09	0.10
EPS mean	0.09	0.10	0.10	0.08	0.07	0.09	0.09	0.10	0.09	0.10
Surprise	+16.8%	+34.6%	+33.5%	+27.7%	+19.7%	+24.2%	+44.4%	−40.0%	+1.9%	+2.2%

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
NABL N-Able Inc	979M	1.80x	−3.3%	1.22x	13.4x	12.0x	7.9x	7.2x
MSFT Microsoft Corporation	3.88T	0.22x	40.3%	8.24x	26.2x	21.9x	16.2x	13.1x
PANW Palo Alto Networks, Inc.	299.4B	−0.31x	2.7%	10.85x	87.5x	75.0x	60.0x	51.7x
CRWD CrowdStrike Holdings, Inc.	256.4B	−3.19x	−3.4%	50.26x	199.4x	155.9x	139.0x	106.5x
NOW ServiceNow, Inc.	109.1B	0.61x	13.2%	8.33x	26.5x	21.9x	17.8x	15.1x
FTNT Fortinet, Inc.	99.8B	−1.71x	27.3%	44.44x	38.3x	35.1x	30.3x	27.3x
Mean		−0.43x	12.8%	20.55x	65.2x	53.6x	45.2x	36.8x
Median		−0.05x	7.9%	9.59x	32.4x	28.5x	24.1x	21.2x

Technical analysis

1M+27.9%
3M+19.4%
1Y−36.6%
3Y−59.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, N-Able Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	511	466	422	372	346	303
Cost of revenue	117	80.7	68.2	58.6	52.4	63.2
Gross profit	394	385	354	313	294	240
Selling, general & administrative expenses	255	212	205	196	193	139
Research & development	101	90.7	78.2	63.5	54.0	42.7
Depreciation/amortization	2.0	0.3	0.6	5.9	13.5	23.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	36.8	82.4	70.3	47.4	33.3	33.8
Net interest income (expense)	−35.7	−32.6	−29.4	−18.9	−20.5	−28.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.3	4.5	3.4	1.9	−1.3	−0.8
Net income before taxes	2.4	54.3	44.3	30.4	11.6	4.9
Provision for taxes	19.4	23.3	20.9	13.7	11.5	12.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−17.0	31.0	23.4	16.7	0.1	−7.2
Extraordinary items	–	–	–	–	–	–
Net income	−17.0	31.0	23.4	16.7	0.1	−7.2
EBIT, normalized	57.7	91.3	72.1	52.0	33.3	33.8
EBITDA, normalized	102	117	93.7	76.4	67.1	90.2
Basic EPS, normalized	0.39	0.48	0.37	0.34	0.35	–

Balance sheet in millions of USD, fiscal years

Balance sheet, N-Able Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	112	85.2	153	98.8	66.7	99.8
Receivables	83.1	85.4	48.0	42.6	40.3	30.3
Total inventory	–	–	–	–	–	–
Prepaid expenses	21.5	13.3	23.7	12.7	14.0	5.6
Other current assets	0	0	0	0	0	0
Total current assets	216	184	225	154	121	136
Property, plant & equipment	66.6	64.2	68.9	69.2	75.0	33.3
Goodwill	1,024	977	838	829	841	874
Intangibles	64.8	83.2	6.7	8.9	8.1	27.4
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	37.8	30.6	23.9	17.9	10.8	9.3
Total assets	1,410	1,339	1,163	1,079	1,056	1,080
Liabilities
Accounts payable	9.0	6.3	5.2	3.5	5.9	5.5
Payable/accrued	–	–	–	–	–	–
Accrued expenses	55.1	53.3	46.8	39.5	34.0	25.8
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	4.0	3.5	3.5	3.5	4.0	8.0
Other current liabilities	114	87.0	26.1	15.3	17.1	15.5
Total current liabilities	182	150	81.7	61.8	60.9	54.8
Long-term debt	390	330	332	333	335	373
Minority interest	–	–	–	–	–	–
Other liabilities	33.6	99.9	38.2	41.5	41.1	21.1
Total liabilities	605	580	451	437	437	449
Shareholders' equity
Preferred stock	0	–	–	–	–	–
Common stock	0.2	0.2	0.2	0.2	0.2	582
Additional paid-in capital	747	709	667	633	603	–
Retained earnings (accumulated deficit)	54.2	71.2	40.2	16.8	0.1	–
Treasury stock	−30.0	–	–	–	–	–
Other equity	33.7	−21.1	4.4	−7.8	15.1	49.0
Total equity	805	759	711	642	618	631
Total liabilities & shareholders' equity	1,410	1,339	1,163	1,079	1,056	1,080

Cash flow statement in millions of USD, fiscal years

Cash flow statement, N-Able Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−17.0	31.0	23.4	16.7	0.1	−7.2
Depreciation, depletion & amortization	44.1	25.7	21.6	24.4	33.8	56.5
Deferred taxes	−3.8	−2.0	0.3	−1.4	−1.9	−4.1
Non-cash items	71.3	46.2	42.6	35.5	33.3	24.2
Changes in working capital	−1.3	−21.5	2.1	−3.8	−19.9	16.2
Cash from operations	93.2	79.4	90.1	71.4	45.3	85.7
Investing activities
Capital expenditures	−18.1	−17.6	−13.8	−12.8	−30.7	−11.9
Other investing cash flows	−10.8	−105	−8.6	−17.4	−4.2	−4.2
Cash from investing	−29.0	−122	−22.3	−30.2	−34.8	−16.1
Financing activities
Financing cash flow items	−74.3	−21.5	−13.4	−8.3	−18.8	11.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	33.7	−1.1	−1.7	−2.1	−23.5	−21.8
Cash from financing	−40.6	−22.6	−15.2	−10.4	−42.3	−10.6
Foreign exchange effects	3.0	−2.3	1.6	1.3	−1.2	1.5
Net change in cash	26.6	−67.9	54.2	32.1	−33.1	60.4
Free cash flow	75.1	61.9	76.3	58.6	14.7	73.7

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 1, 2026 after market close.