N-Able Inc Financials
N-Able Inc (NABL) reported $508.8M in revenue for fiscal year 2025, up 9.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
N-able’s cash conversion stayed strong even as margin compression turned a growing revenue base into a FY2025 accounting loss.
From FY2023 to FY2025, operating cash flow rose slightly to$93.2M even as net income fell to-$18.8M . That divergence says customer cash collection remained healthy, while earnings absorbed heavier non-cash charges and expense growth that cash flow did not reflect as sharply.
The business still looks structurally software-like, with a gross margin of
The balance sheet is less cushioned than book equity suggests: goodwill reached
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of N-Able Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
N-Able Inc has an operating margin of 6.7%, meaning the company retains $7 of operating profit per $100 of revenue. This strong profitability earns a score of 71/100, reflecting efficient cost management and pricing power. This is down from 17.6% the prior year.
N-Able Inc's revenue grew 9.3% year-over-year to $508.8M, a solid pace of expansion. This earns a growth score of 64/100.
N-Able Inc has elevated debt relative to equity (D/E of 0.49), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 17/100, reflecting increased financial risk.
N-Able Inc's current ratio of 1.17 is below the typical benchmark, resulting in a score of 27/100. However, the company holds substantial cash reserves (61% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
N-Able Inc converts 14.8% of revenue into free cash flow ($75.1M). This strong cash generation earns a score of 79/100.
N-Able Inc posts a -2.4% return on equity (ROE), meaning it loses $2 for every $100 of shareholders' equity. This results in a returns score of 55/100. This is down from 4.0% the prior year.
N-Able Inc scores 1.20, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($685.7M) relative to total liabilities ($607.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
N-Able Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
N-Able Inc reported a net loss of $18.8M while generating $93.2M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
N-Able Inc generated $508.8M in revenue in fiscal year 2025. This represents an increase of 9.3% from the prior year.
N-Able Inc's EBITDA was $78.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 27.4% from the prior year.
N-Able Inc reported -$18.8M in net income in fiscal year 2025. This represents a decrease of 161.2% from the prior year.
N-Able Inc earned -$0.10 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 162.5% from the prior year.
Cash & Balance Sheet
N-Able Inc generated $75.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 21.3% from the prior year.
N-Able Inc held $111.8M in cash against $389.9M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
N-Able Inc's gross margin was 76.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 5.7 percentage points from the prior year.
N-Able Inc's operating margin was 6.7% in fiscal year 2025, reflecting core business profitability. This is down 10.9 percentage points from the prior year.
N-Able Inc's net profit margin was -3.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 10.3 percentage points from the prior year.
N-Able Inc's ROE was -2.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 6.4 percentage points from the prior year.
Capital Allocation
N-Able Inc invested $100.7M in research and development in fiscal year 2025. This represents an increase of 11.0% from the prior year.
N-Able Inc spent $30.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
N-Able Inc invested $18.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 3.2% from the prior year.
NABL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $530.8M | $508.8M+9.3% | $465.6M+10.3% | $422.2M+13.6% | $371.8M+7.3% | $346.5M+14.4% | $302.9M+14.9% | $263.5M |
| Cost of Revenue | $124.7M | $117.4M+45.1% | $80.9M+18.5% | $68.3M+16.5% | $58.6M+11.8% | $52.4M-17.0% | $63.2M+10.2% | $57.3M |
| Gross Profit | $406.1M | $391.5M+1.8% | $384.7M+8.7% | $353.9M+13.0% | $313.2M+6.5% | $294.0M+22.7% | $239.7M+16.2% | $206.2M |
| R&D Expenses | $103.3M | $100.7M+11.0% | $90.7M+16.0% | $78.2M+23.1% | $63.5M+17.7% | $54.0M+26.3% | $42.7M+14.9% | $37.2M |
| SG&A Expenses | $84.7M | $91.7M+20.3% | $76.2M+8.8% | $70.1M-1.5% | $71.1M-11.7% | $80.6M+40.5% | $57.3M+47.1% | $39.0M |
| Operating Income | $50.5M | $33.9M-58.6% | $81.9M+16.4% | $70.4M+48.5% | $47.4M+42.2% | $33.3M-1.3% | $33.8M-7.8% | $36.6M |
| Income Tax | $20.7M | $18.6M-20.1% | $23.3M+11.6% | $20.9M+52.5% | $13.7M+19.5% | $11.5M-4.5% | $12.0M+110.6% | $5.7M |
| Net Income | -$6.9M | -$18.8M-161.2% | $30.7M+29.1% | $23.8M+42.6% | $16.7M+14685.0% | $113K+101.6% | -$7.2M-185.0% | -$2.5M |
| EPS (Diluted) | -$0.04 | -$0.10-162.5% | $0.16+23.1% | $0.13+44.4% | $0.09 | $0.00+100.0% | -$0.05-150.0% | -$0.02 |
Not reported in any period shown, so not listed: Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NABL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $1.4B+5.3% | $1.3B+15.2% | $1.2B+7.8% | $1.1B+2.2% | $1.1B-2.2% | $1.1B | N/A |
| Current Assets | $216.1M+17.6% | $183.7M-18.3% | $224.8M+45.8% | $154.2M+27.4% | $121.0M-10.9% | $135.7M | N/A |
| Cash & Equivalents | $111.8M+31.3% | $85.2M-44.3% | $153.0M+54.8% | $98.8M+48.1% | $66.7M-33.1% | $99.8M+153.6% | $39.3M |
| Accounts Receivable | $50.0M+12.2% | $44.5M+11.3% | $40.0M+15.0% | $34.8M+5.3% | $33.0M+13.6% | $29.1M | N/A |
| Goodwill | $1.0B+4.8% | $977.0M+16.5% | $838.5M+1.2% | $828.8M-1.4% | $840.9M-3.8% | $874.1M+4.5% | $836.6M |
| Total Liabilities | $607.7M+4.9% | $579.5M+28.4% | $451.4M+3.4% | $436.8M-0.1% | $437.3M-2.5% | $448.5M | N/A |
| Current Liabilities | $184.2M+22.8% | $150.0M+83.6% | $81.7M+32.2% | $61.8M+1.5% | $60.9M+11.0% | $54.8M | N/A |
| Long-Term Debt | $389.9M+18.3% | $329.6M-0.6% | $331.5M-0.6% | $333.5M-0.6% | $335.4M | $0 | N/A |
| Total Equity | $802.0M+5.6% | $759.6M+6.7% | $711.9M+10.9% | $642.2M+3.9% | $618.4M-2.0% | $631.2M+12.0% | $563.7M |
| Retained Earnings | $52.7M-26.3% | $71.6M+77.8% | $40.2M+139.1% | $16.8M+13155.1% | $127K | $0 | N/A |
Not reported in any period shown, so not listed: Inventory.
NABL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $93.3M | $93.2M+17.3% | $79.4M-11.8% | $90.1M+26.2% | $71.4M+57.5% | $45.3M-47.1% | $85.7M+235.4% | $25.5M |
| Capital Expenditures | $22.6M | $18.1M+3.2% | $17.6M+27.5% | $13.8M+7.4% | $12.8M-58.1% | $30.7M+157.3% | $11.9M+105.7% | $5.8M |
| Free Cash Flow | $70.8M | $75.1M+21.3% | $61.9M-18.9% | $76.3M+30.3% | $58.6M+299.1% | $14.7M-80.1% | $73.7M+273.5% | $19.7M |
| Investing Cash Flow | -$33.1M | -$29.0M+76.3% | -$122.4M-448.1% | -$22.3M+26.1% | -$30.2M+13.3% | -$34.8M-115.8% | -$16.1M+29.9% | -$23.0M |
| Financing Cash Flow | -$34.1M | -$40.6M-79.8% | -$22.6M-48.9% | -$15.2M-45.9% | -$10.4M+75.4% | -$42.3M-300.9% | -$10.6M+75.3% | -$42.8M |
| Share Buybacks | N/A | $30.0M | $0 | $0 | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NABL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 76.9%-5.7pp | 82.6%-1.2pp | 83.8%-0.4pp | 84.2%-0.6pp | 84.9%+5.7pp | 79.1%+0.9pp | 78.3% |
| Operating Margin | 6.7%-10.9pp | 17.6%+0.9pp | 16.7%+3.9pp | 12.8%+3.1pp | 9.6%-1.5pp | 11.2%-2.7pp | 13.9% |
| Net Margin | -3.7%-10.3pp | 6.6%+1.0pp | 5.6%+1.1pp | 4.5%+4.5pp | 0.0%+2.4pp | -2.4%-1.4pp | -0.9% |
| Return on Equity | -2.4%-6.4pp | 4.0%+0.7pp | 3.4%+0.8pp | 2.6%+2.6pp | 0.0%+1.1pp | -1.1%-0.7pp | -0.4% |
| Return on Assets | -1.3%-3.6pp | 2.3%+0.2pp | 2.1%+0.5pp | 1.6%+1.5pp | 0.0%+0.7pp | -0.7% | N/A |
| Current Ratio | 1.17-0.1x | 1.22-1.5x | 2.75+0.3x | 2.49+0.5x | 1.99-0.5x | 2.48 | N/A |
| Debt-to-Equity | 0.49+0.1x | 0.430.0x | 0.47-0.1x | 0.520.0x | 0.54+0.5x | 0.00 | N/A |
| FCF Margin | 14.8%+1.5pp | 13.3%-4.8pp | 18.1%+2.3pp | 15.8%+11.5pp | 4.2%-20.1pp | 24.3%+16.9pp | 7.5% |
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Where N-Able Inc Ranks
Frequently Asked Questions
What is N-Able Inc's annual revenue?
N-Able Inc (NABL) reported $508.8M in total revenue for fiscal year 2025. This represents a 9.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is N-Able Inc's revenue growing?
N-Able Inc (NABL) revenue grew by 9.3% year-over-year, from $465.6M to $508.8M in fiscal year 2025.
Is N-Able Inc profitable?
No, N-Able Inc (NABL) reported a net income of -$18.8M in fiscal year 2025, with a net profit margin of -3.7%.
What is N-Able Inc's EBITDA?
N-Able Inc (NABL) had EBITDA of $78.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does N-Able Inc have?
As of fiscal year 2025, N-Able Inc (NABL) had $111.8M in cash and equivalents against $389.9M in long-term debt.
What is N-Able Inc's gross margin?
N-Able Inc (NABL) had a gross margin of 76.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is N-Able Inc's operating margin?
N-Able Inc (NABL) had an operating margin of 6.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is N-Able Inc's net profit margin?
N-Able Inc (NABL) had a net profit margin of -3.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is N-Able Inc's return on equity (ROE)?
N-Able Inc (NABL) has a return on equity of -2.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is N-Able Inc's free cash flow?
N-Able Inc (NABL) generated $75.1M in free cash flow during fiscal year 2025. This represents a 21.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is N-Able Inc's operating cash flow?
N-Able Inc (NABL) generated $93.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are N-Able Inc's total assets?
N-Able Inc (NABL) had $1.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are N-Able Inc's capital expenditures?
N-Able Inc (NABL) invested $18.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does N-Able Inc spend on research and development?
N-Able Inc (NABL) invested $100.7M in research and development during fiscal year 2025.
What is N-Able Inc's current ratio?
N-Able Inc (NABL) had a current ratio of 1.17 as of fiscal year 2025, which is considered adequate.
What is N-Able Inc's debt-to-equity ratio?
N-Able Inc (NABL) had a debt-to-equity ratio of 0.49 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is N-Able Inc's return on assets (ROA)?
N-Able Inc (NABL) had a return on assets of -1.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is N-Able Inc's Altman Z-Score?
N-Able Inc (NABL) has an Altman Z-Score of 1.20, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is N-Able Inc's Piotroski F-Score?
N-Able Inc (NABL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are N-Able Inc's earnings high quality?
N-Able Inc (NABL) reported a net loss of $18.8M while generating $93.2M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is N-Able Inc?
N-Able Inc (NABL) scores 52 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.