Latest Ratios: P/E Ratio -48.3x · EV/EBITDA 11.5x · 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 | $825M | $1.4B | $1.8B | $2.5B | $1.9B | $2.0B | — | — | — |
| Enterprise Value | $1.2B | $1.8B | $2.0B | $2.7B | $2.1B | $2.3B | — | — | — |
| P/E Ratio → | -48.29 | — | 58.38 | 101.92 | 111.50 | 15857.14 | — | — | — |
| P/S Ratio | 1.61 | 2.75 | 3.78 | 5.84 | 5.01 | 5.74 | — | — | — |
| P/B Ratio | 1.02 | 1.75 | 2.32 | 3.46 | 2.90 | 3.21 | — | — | — |
| P/FCF | 10.99 | 18.72 | 31.59 | 36.37 | 36.98 | 189.14 | — | — | — |
| P/OCF | 8.85 | 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 | 11.53 | 17.23 | 18.91 | 29.71 | 30.29 | 34.69 | — | — | — |
| EV / EBIT | 20.34 | 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 | 9.1% | 5.3% | 3.2% | 2.7% | 2.7% | 0.5% | — | — | — |
| Buyback Yield | 3.6% | 2.1% | 0.0% | 0.5% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 3.6% | 2.1% | 0.0% | 0.5% | 0.0% | 10.9% | — | — | — |
| Shares Outstanding | — | $188M | $188M | $186M | $181M | $179M | $315M | $315M | $315M |
Competitive cloud-native disruption
Based on current market data, N-able trades at a forward P/E of 8.53, which appears to reflect a scarcity premium for its pure-play MSP software status despite the company's recent history of negative GAAP net income and significant non-cash amortization charges impacting bottom-line performance.
The valuation multiple suggests that investors are pricing the company based on its recurring revenue stability rather than current earnings, which are heavily distorted by spin-off related accounting. Compared to broader IT services peers, the forward multiple appears modest, yet it warrants caution given the competitive threat from more agile, cloud-native entrants that may be capturing market share in the SMB segment.
According to reported financial statements, N-able's ROIC has remained consistently low, hovering near 0.9% in 2026Q1, which suggests that the company is struggling to generate meaningful returns on its invested capital base, largely due to the heavy weight of acquired intangible assets on the balance sheet.
The persistent gap between invested capital and operational returns indicates that the company's growth strategy, heavily reliant on past acquisitions, has yet to yield the expected compounding effect. Investors should monitor whether management can improve capital efficiency by shifting focus toward organic growth and higher-margin security product adoption rather than further inorganic expansion.
As indicated by recent quarterly filings, N-able's asset turnover remains stagnant at approximately 0.10, reflecting a business model that is heavily burdened by non-operating assets and goodwill rather than high-velocity physical inventory or capital-intensive infrastructure that would typically drive higher turnover ratios.
The lack of improvement in asset turnover suggests that the company's operational footprint is not scaling efficiently with its revenue growth. While the subscription model provides predictable cash flows, the underlying asset base appears bloated, potentially masking the true operational velocity of the core RMM platform.
Based on the latest quarterly data, N-able maintains a healthy debt-to-equity ratio of 0.55, which provides a significant buffer against rising interest costs and suggests that the company is prioritizing balance sheet stability over aggressive, debt-funded expansion in a highly competitive MSP software market.
The company's interest coverage ratio, which has fluctuated between 1.32 and 3.47 over the last ten quarters, indicates that while debt service is currently manageable, the volatility in operating income leaves little room for error. This conservative leverage profile is a critical defensive feature, allowing the firm to navigate potential market downturns without the immediate threat of liquidity distress.
The most commonly misapplied metric for N-able is GAAP net income, which, as reported in recent filings, consistently fails to capture the company's true economic earning power due to the heavy impact of non-cash stock-based compensation and the amortization of intangible assets from the spin-off.
Relying on GAAP net income obscures the underlying cash-generative nature of the subscription-based model, leading to an overly pessimistic view of the company's profitability. Analysts should instead prioritize Adjusted EBITDA or Free Cash Flow, which better reflect the operational reality of the business and its ability to fund future growth without relying on external financing.
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 -48.3x. The historical average is 90.6x.
N-able, Inc.'s current EV/EBITDA is 11.5x. 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 -48.3x. 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.