Latest Ratios: P/E Ratio 16.4x · 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 | $5.8B | $5.0B | $8.9B | $10.6B | $5.5B | $7.0B | $10.5B | $5.1B | $4.7B | — | — |
| Enterprise Value | $5.6B | $4.8B | $8.8B | $10.7B | $5.4B | $6.8B | $10.1B | $4.8B | $4.4B | — | — |
| P/E Ratio → | 16.40 | 13.54 | — | 173.25 | — | — | — | — | — | — | — |
| P/S Ratio | 3.35 | 2.86 | 6.02 | 8.39 | 5.13 | 8.17 | 17.29 | 11.82 | 17.29 | — | — |
| P/B Ratio | 4.72 | 3.90 | 9.64 | 14.40 | 13.74 | 16.96 | 23.33 | 12.22 | 17.86 | — | — |
| P/FCF | 18.09 | 15.47 | 34.13 | 73.15 | 166.19 | — | 574.30 | — | — | — | — |
| P/OCF | 17.81 | 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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | -1.33 | -1.33 | -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 | 6.1% | 7.4% | — | 0.6% | — | — | — | — | — | — | — |
| FCF Yield | 5.5% | 6.5% | 2.9% | 1.4% | 0.6% | — | 0.2% | — | — | — | — |
| Buyback Yield | 5.8% | 6.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 5.8% | 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 |
Cloud consumption volatility
Based on recent market data, Elastic's forward P/E of 22.24 suggests that investors are pricing in a transition toward more sustainable, albeit slower, growth compared to high-multiple peers like Datadog, which currently trades at significantly higher valuation premiums in the observability and security software sector.
The current P/S multiple of 3.35 indicates a valuation that is increasingly sensitive to the company's ability to maintain its competitive moat against hyperscaler-integrated alternatives. This valuation level appears to imply that the market is discounting the company's potential as a foundational AI infrastructure provider, favoring a more conservative outlook on its long-term enterprise expansion.
According to reported financial statements, Elastic's ROIC has struggled to maintain positive territory, fluctuating between -4.4% and 0.1% over the last ten quarters, which suggests that the company has yet to achieve the necessary scale to generate consistent returns on its invested capital base.
The persistent negative ROIC trend highlights the heavy reliance on R&D and sales-related capital expenditures to defend its market position. Investors should monitor whether the recent shift toward GAAP profitability can translate into a sustained improvement in capital efficiency as the business matures.
As reported in recent filings, Elastic's DSO has shown volatility, ranging from 52 to 81 days over the last ten quarters, which indicates that the company's cash conversion cycle is heavily influenced by the timing of large enterprise contract renewals and shifts in customer payment behavior.
The lack of a stable CCC suggests that the company's working capital management is secondary to its primary goal of securing long-term enterprise commitments. This variability warrants further investigation into whether the current collection cycle is structurally sound or if it reflects increasing pressure on customer budget cycles.
Based on financial data, Elastic maintains a debt-to-equity ratio that has stabilized around 0.46 to 0.84, suggesting that the company is utilizing a moderate level of leverage to fund its operations without overextending its balance sheet in a high-interest rate environment.
The company's ability to manage its debt load while maintaining a healthy current ratio of 1.59 provides a buffer against potential downturns in cloud consumption. This leverage profile appears sustainable, provided that the company continues to convert its top-line revenue into the free cash flow necessary for debt service.
As evidenced by the provided financial data, the GAAP net margin is a frequently misapplied metric for Elastic, as it is heavily distorted by significant non-cash stock-based compensation expenses that do not reflect the company's underlying cash-generative capacity or its operational performance.
Investors should prioritize free cash flow margins over GAAP net margins to better understand the company's true economic performance. Relying on GAAP figures obscures the reality that the business is becoming increasingly cash-generative, even while accounting charges continue to suppress reported net income.
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Quick answers to the most common questions about buying ESTC stock.
Elastic N.V.'s current P/E ratio is 16.4x. 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 16.4x. 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.