Latest Ratios: P/E Ratio -45.8x · EV/EBITDA 11.1x · ROE -2.2%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $782M | $1.4B | $1.8B | $2.5B | $1.9B | $2.0B | — | — | — |
| Enterprise Value | $1.1B | $1.8B | $2.0B | $2.7B | $2.1B | $2.3B | — | — | — |
| P/E Ratio → | -45.76 | — | 58.38 | 101.92 | 111.50 | 15857.14 | — | — | — |
| P/S Ratio | 1.53 | 2.75 | 3.78 | 5.84 | 5.01 | 5.74 | — | — | — |
| P/B Ratio | 0.97 | 1.75 | 2.32 | 3.46 | 2.90 | 3.21 | — | — | — |
| P/FCF | 10.41 | 18.72 | 31.59 | 36.37 | 36.98 | 189.14 | — | — | — |
| P/OCF | 8.39 | 15.07 | 22.15 | 27.35 | 26.10 | 43.83 | — | — | — |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.43 | 4.38 | 6.37 | 5.76 | 6.65 | — | — | — |
| EV / EBITDA | 11.10 | 17.23 | 18.91 | 29.71 | 30.29 | 34.69 | — | — | — |
| EV / EBIT | 19.59 | 45.66 | 24.25 | 36.01 | 43.44 | 71.80 | — | — | — |
| EV / FCF | — | 23.35 | 36.69 | 39.64 | 42.47 | 219.09 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.8% | 76.8% | 82.7% | 83.8% | 84.2% | 84.9% | 79.1% | 78.2% | 74.9% |
| Operating Margin | 11.3% | 11.3% | 17.7% | 16.7% | 12.7% | 9.6% | 11.1% | 13.9% | 8.2% |
| Net Profit Margin | -3.3% | -3.3% | 6.6% | 5.5% | 4.5% | 0.0% | -2.4% | -1.0% | -6.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.2% | -2.2% | 4.2% | 3.5% | 2.7% | 0.0% | -1.2% | -0.5% | -2.5% |
| ROA | -1.2% | -1.2% | 2.5% | 2.1% | 1.6% | 0.0% | -0.7% | -0.2% | -1.3% |
| ROIC | 3.9% | 3.9% | 6.3% | 5.7% | 3.8% | 2.7% | 2.7% | 3.0% | 1.5% |
| ROCE | 4.8% | 4.8% | 7.3% | 6.7% | 4.7% | 3.3% | 3.4% | 3.7% | 1.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.57 | 0.57 | 0.49 | 0.53 | 0.59 | 0.62 | 0.62 | 0.72 | 0.82 |
| Debt / EBITDA | 4.52 | 4.52 | 3.42 | 4.14 | 5.32 | 5.75 | 4.32 | 4.50 | 6.02 |
| Net Debt / Equity | — | 0.43 | 0.37 | 0.31 | 0.43 | 0.51 | 0.46 | 0.65 | 0.67 |
| Net Debt / EBITDA | 3.42 | 3.42 | 2.63 | 2.45 | 3.92 | 4.74 | 3.22 | 4.07 | 4.98 |
| Debt / FCF | — | 4.63 | 5.10 | 3.27 | 5.50 | 29.96 | 4.18 | 21.30 | 8.78 |
| Interest Coverage | 1.07 | 1.07 | 2.81 | 2.47 | 2.61 | 1.57 | 1.17 | 1.09 | 0.49 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.19 | 1.19 | 1.23 | 2.75 | 2.49 | 1.99 | 2.48 | 2.18 | 1.92 |
| Quick Ratio | 1.19 | 1.19 | 1.23 | 2.75 | 2.49 | 1.99 | 2.48 | 2.18 | 1.92 |
| Cash Ratio | 0.62 | 0.62 | 0.57 | 1.87 | 1.60 | 1.10 | 1.82 | 1.20 | 1.43 |
| Asset Turnover | — | 0.36 | 0.35 | 0.36 | 0.34 | 0.33 | 0.28 | 0.26 | 0.21 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 59.31 | 66.88 | 41.54 | 41.84 | 42.45 | 36.57 | 37.33 | 35.32 |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 10.9% | — | — | — |
| Payout Ratio | — | — | — | — | — | 191150.4% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 1.7% | 1.0% | 0.9% | 0.0% | — | — | — |
| FCF Yield | 9.6% | 5.3% | 3.2% | 2.7% | 2.7% | 0.5% | — | — | — |
| Buyback Yield | 3.8% | 2.1% | 0.0% | 0.5% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 3.8% | 2.1% | 0.0% | 0.5% | 0.0% | 10.9% | — | — | — |
| Shares Outstanding | — | $188M | $188M | $186M | $181M | $179M | $315M | $315M | $315M |
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying NABL stock.
N-able, Inc.'s current P/E ratio is -45.8x. The historical average is 90.6x.
N-able, Inc.'s current EV/EBITDA is 11.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.2x.
N-able, Inc.'s return on equity (ROE) is -2.2%. The historical average is 0.5%.
Based on historical data, N-able, Inc. is trading at a P/E of -45.8x. Compare with industry peers and growth rates for a complete picture.
N-able, Inc. has 76.8% gross margin and 11.3% operating margin. Operating margin between 10-20% is typical for established companies.
N-able, Inc.'s Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Margin erosion offsets revenue growth
Metrics are mathematically derived from official filings.
Valuation Reflects Recovery Expectations
N-able's forward P/E of 9.52 suggests the market is pricing in a significant earnings recovery from its trailing loss, a sentiment that appears anchored by its robust free cash flow margin of 12.1% as of Q2 2026, as reported in recent SEC filings.
The trailing P/E is meaningless due to negative earnings, but the low forward multiple indicates investors expect a sharp profit rebound. The P/B of 0.92 trades below book value, which may reflect the market's discounting of the company's substantial goodwill asset. This valuation appears to be pricing in a stabilization of margins and successful execution on growth, rather than the current strained profitability.
Margin Compression Undermines Profitability
N-able's operating margin has compressed to 11.9% in Q2 2026 from a peak of 20.5% in Q3 2024, a structural decline that suggests revenue growth is being achieved at the cost of core profitability, according to the company's financial statements.
The gross margin decline from 84.0% to 76.8% over the same period is the primary driver, indicating that the cost of delivering services or acquired technology is rising. Despite this, the free cash flow margin has remained resilient at 12.1%, highlighting that non-cash items, likely stock-based compensation, are the major wedge between operating profit and cash generation. The true earning power is likely better reflected by free cash flow than by volatile net income.
Minimal Returns on Invested Capital
N-able's ROIC has declined to a mere 1.1% in Q2 2026 from 1.9% in Q3 2024, a trajectory that suggests the company is struggling to generate meaningful returns on the capital employed to fund its goodwill-heavy asset base.
The persistently low ROIC is a direct consequence of the compressed operating margins and the large capital base inflated by over $1 billion in goodwill. The trend is deteriorating, not improving, despite accelerating revenue growth. This indicates that incremental revenue is not translating into incremental returns for investors, raising questions about the long-term value creation from past acquisitions.
Interest Coverage Volatile Near Threshold
N-able's interest coverage ratio swung from a concerning 0.45 in Q1 2025 to 1.93 in Q2 2026, a volatility that appears tied to swings in operating income and suggests debt service could become uncomfortable if margin pressure persists.
While the current coverage of 1.93x is acceptable, the recent history of sub-1.0x coverage demonstrates how quickly the position can deteriorate with earnings weakness. The D/E ratio of 0.54 is moderate, but the absolute debt level near $440 million requires consistent earnings to service comfortably. Investors should monitor whether the recent profit rebound is sustainable to prevent a return to precarious coverage levels.
Liquidity Position Adequate but Compressing
N-able's current ratio has contracted sharply from 3.01 in Q1 2024 to 1.30 in Q2 2026, a trend that suggests cash reserves have been reallocated, potentially leaving a thinner cushion for operational needs or unforeseen costs.
The ratio remains above 1.0, indicating current assets still cover current liabilities, but the rapid decline is notable. The quick ratio mirrors the current ratio, confirming minimal inventory exposure, which is typical for a software/services model. The concern is not immediate insolvency but the reduced financial flexibility compared to two years ago, warranting investigation into the uses of the depleted cash.
The Free Cash Flow Yield Misleads on Value
The most commonly misapplied metric for N-able is likely its P/FCF ratio of 9.91, which appears attractive but obscures the significant non-cash stock-based compensation that inflates reported free cash flow versus true economic earnings.
While the FCF margin is strong, a large portion of operating cash flow add-backs are for SBC, which averaged over $11 million per quarter. This makes the FCF yield appear cheaper than it would be on a cash flow metric adjusted for this non-cash expense. Analysts should instead scrutinize the net income trend and non-GAAP metrics that adjust for SBC to gauge the true cash conversion efficiency and shareholder dilution cost, rather than relying on the headline FCF number.