Latest Ratios: P/E Ratio 24.0x · EV/EBITDA N/A · ROE 33.4%. (2017–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.9B | $5.0B | $8.9B | $10.6B | $5.5B | $7.0B | $10.5B | $5.1B | $4.7B | — | — |
| Enterprise Value | $8.7B | $4.8B | $8.8B | $10.7B | $5.4B | $6.8B | $10.1B | $4.8B | $4.4B | — | — |
| P/E Ratio → | 23.98 | 13.54 | — | 173.25 | — | — | — | — | — | — | — |
| P/S Ratio | 4.94 | 2.86 | 6.02 | 8.39 | 5.13 | 8.17 | 17.29 | 11.82 | 17.29 | — | — |
| P/B Ratio | 7.23 | 3.90 | 9.64 | 14.40 | 13.74 | 16.96 | 23.33 | 12.22 | 17.86 | — | — |
| P/FCF | 25.53 | 15.47 | 34.13 | 73.15 | 166.19 | — | 574.30 | — | — | — | — |
| P/OCF | 27.25 | 15.23 | 33.57 | 71.45 | 153.68 | 1242.34 | 466.57 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.76 | 5.93 | 8.43 | 5.08 | 7.86 | 16.67 | 11.21 | 16.19 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | 210.12 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 14.91 | 33.62 | 73.51 | 164.67 | — | 553.96 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.1% | 76.1% | 74.4% | 74.0% | 72.3% | 73.1% | 73.5% | 71.3% | 71.3% | 74.5% | 77.5% |
| Operating Margin | -1.9% | -1.9% | -3.7% | -10.3% | -20.5% | -20.1% | -21.3% | -40.0% | -37.3% | -30.0% | -53.5% |
| Net Profit Margin | 21.1% | 21.1% | -7.3% | 4.9% | -22.1% | -23.6% | -21.3% | -39.1% | -37.7% | -33.0% | -58.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 33.4% | 33.4% | -13.0% | 10.9% | -58.0% | -47.1% | -29.9% | -49.4% | -186.9% | — | — |
| ROA | 12.8% | 12.8% | -4.5% | 3.1% | -13.9% | -15.6% | -14.6% | -25.9% | -30.6% | -32.2% | -36.0% |
| ROIC | -2.7% | -2.7% | -5.2% | -17.1% | -66.1% | -114.8% | -84.4% | -219.3% | — | — | — |
| ROCE | -1.9% | -1.9% | -3.7% | -10.8% | -21.1% | -22.1% | -26.1% | -45.4% | -59.6% | -69.3% | -58.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.46 | 0.46 | 0.64 | 0.80 | 1.49 | 1.43 | 0.06 | 0.09 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.14 | -0.14 | 0.07 | -0.13 | -0.64 | -0.83 | -0.63 | -1.13 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -0.56 | -0.51 | 0.37 | -1.51 | — | -20.34 | — | — | — | — |
| Interest Coverage | 0.91 | 0.91 | -0.25 | -3.70 | -7.62 | -8.55 | -656.91 | — | — | — | — |
Net cash position: cash ($770M) exceeds total debt ($592M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.59 | 1.59 | 1.92 | 1.76 | 1.78 | 1.96 | 1.42 | 1.44 | 2.11 | 1.06 | 1.89 |
| Quick Ratio | 1.59 | 1.59 | 1.92 | 1.76 | 1.78 | 1.96 | 1.42 | 1.44 | 2.11 | 1.06 | 1.89 |
| Cash Ratio | 1.14 | 1.14 | 1.39 | 1.24 | 1.28 | 1.45 | 0.89 | 0.89 | 1.46 | 0.41 | 1.17 |
| Asset Turnover | — | 0.55 | 0.57 | 0.57 | 0.61 | 0.52 | 0.63 | 0.53 | 0.56 | 0.87 | 0.61 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 97.46 | 92.43 | 93.03 | 89.09 | 91.10 | 96.22 | 109.84 | 109.20 | 121.49 | 124.55 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 7.4% | — | 0.6% | — | — | — | — | — | — | — |
| FCF Yield | 3.9% | 6.5% | 2.9% | 1.4% | 0.6% | — | 0.2% | — | — | — | — |
| Buyback Yield | 3.8% | 6.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 3.8% | 6.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $107M | $104M | $104M | $96M | $93M | $87M | $79M | $55M | $62M | $62M |
Includes 30+ ratios · 10 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ESTC stock.
Elastic N.V.'s current P/E ratio is 24.0x. The historical average is 93.4x. This places it at the 50th percentile of its historical range.
Elastic N.V.'s return on equity (ROE) is 33.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -42.5%.
Based on historical data, Elastic N.V. is trading at a P/E of 24.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Elastic N.V. has 76.1% gross margin and -1.9% operating margin.
Key Metrics
Top Statement Risk
Persistent GAAP losses despite cash generation
Metrics are mathematically derived from official filings.
Premium Valuation Amidst Profitability Lag
ESTC trades at a forward P/E of 36.29 and a P/S of 5.46, a significant discount to Datadog's 709.77 P/E but a premium to Dynatrace's 96.11, suggesting the market prices it as a slower-growth but more versatile platform than pure-play observability peers.
The valuation gap versus Datadog appears to reflect ESTC's lower growth profile and persistent operating losses, while the premium to Dynatrace may indicate a belief in its broader platform potential, including AI search. However, the negative TTM ROE of -1.3% and operating margin of -0.6% in 2027Q1 suggest the current multiples are pricing in a successful transition to profitability that has not yet materialized in the financials.
Gross Margin Resilience vs. Operating Leverage Deficit
While gross margin has stabilized in the mid-70% range, the operating margin remains negative at -0.6% in 2027Q1, indicating that the company's high fixed-cost structure, particularly in SG&A, is consuming all gross profit gains and preventing operating leverage.
The gross margin of 74.5% is structurally constrained by cloud infrastructure costs, but the persistent negative operating margin suggests a deeper issue with the efficiency of the sales and marketing engine. The net margin of -3.5% in the latest quarter, despite a 27.5% FCF margin, highlights the significant dilutive impact of stock-based compensation, which masks the true cash-generative potential of the business.
Negative Returns Signal Capital Inefficiency
The company's ROIC has been negative for most of the last ten quarters, hitting -0.2% in 2027Q1, which suggests that the significant capital invested in the business is not yet generating positive economic returns for shareholders.
The negative ROIC trend, coupled with a negative ROE of -1.3%, indicates that ESTC is still in a phase of heavy investment where returns are being sacrificed for growth. The slight improvement from -4.4% in 2024Q4 to -0.2% in 2027Q1 is encouraging, but the company must demonstrate a sustained path to positive returns to justify its capital-intensive business model.
Stable Debt Burden Masked by Equity Growth
Total debt has remained stable at approximately $590M, but the debt-to-equity ratio has improved from 0.80 to 0.46 over ten quarters, indicating that equity growth, primarily from non-cash items, is deleveraging the balance sheet without debt repayment.
The interest coverage ratio of -0.46 in 2027Q1 is concerning, as it suggests operating income is insufficient to cover interest expenses. However, the company's substantial cash position of $879.9M provides a significant buffer. The stable debt level amidst persistent losses implies management is comfortable with the current leverage, but the negative coverage warrants monitoring for any covenant or refinancing risk.
Cash Accumulation Bolsters Short-Term Resilience
The current ratio of 1.81 in 2027Q1, supported by cash and equivalents of $879.9M, indicates a strong liquidity position that should comfortably cover near-term obligations, even under a scenario of reduced customer prepayments.
The liquidity position has strengthened over the past ten quarters, with the current ratio improving from 1.76. The absence of inventory (quick ratio equals current ratio) simplifies the analysis and suggests the company's liquidity is not dependent on selling physical goods. This strong cash position provides operational flexibility and a cushion against the volatility in working capital that has driven cash flow swings.
The Misapplied Metric: Net Margin
The net margin is the ratio most commonly misapplied to ESTC, as it is heavily distorted by non-cash stock-based compensation, which averaged over $70M per quarter and turned a 27.5% FCF margin into a -3.5% net margin in 2027Q1.
Investors focusing solely on the negative net margin may overlook the company's strong underlying cash generation. A more appropriate metric for assessing operational profitability is the FCF margin, which strips out non-cash charges and working capital volatility. The persistent gap between FCF margin and net margin underscores the need to adjust for SBC when evaluating the true economic earnings power of this software business.