N-able (NABL)
NYSE:NABL
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N-able
(NYSE:NABL)
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Rating:61Neutral
Price Target:
$5.50
▲(5.77% Upside)
Action:ReiteratedDate:02/20/26
The score reflects a tug-of-war between (1) mixed financial performance with strong cash generation and a solid balance sheet but a concerning TTM revenue/profitability deterioration, and (2) a positive earnings outlook with profitable-growth guidance and AI/security momentum. These are offset by (3) weak technicals (clear downtrend) and (4) limited valuation support due to negative P/E and no dividend.
Positive Factors
Subscription / MSP recurring model
A subscription model sold through MSPs creates durable, high-quality recurring revenue and embedded distribution. This structure supports predictable cash flow, steady ARR expansion as MSPs add endpoints/modules, and naturally enables retention-led expansion and margin leverage over multiple quarters.
Negative Factors
Sharp TTM revenue and profitability reset
A large TTM revenue decline and swing to net losses signal meaningful near-term demand or recognition shifts, impairing return metrics. Restoring prior growth and margins may require extended execution on cross-sell, pricing and cost control, making near-term returns and investor outcomes uncertain.
Read all positive and negative factors
Positive Factors
Negative Factors
Subscription / MSP recurring model
A subscription model sold through MSPs creates durable, high-quality recurring revenue and embedded distribution. This structure supports predictable cash flow, steady ARR expansion as MSPs add endpoints/modules, and naturally enables retention-led expansion and margin leverage over multiple quarters.
Read all positive factors
N-able (NABL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$994.64M
Dividend YieldN/A
Average Volume (3M)2.08M
Price to Earnings (P/E)―
Beta (1Y)0.95
Revenue Growth9.71%
EPS Growth-154.25%
CountryUS
Employees1,800
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)0.06
Shares Outstanding188,378,300
10 Day Avg. Volume1,747,615
30 Day Avg. Volume2,081,308
Financial Highlights & Ratios
PEG Ratio0.54
Price to Book (P/B)1.75
Price to Sales (P/S)2.75
P/FCF Ratio18.72
Enterprise Value/Market Cap1.35
Enterprise Value/Revenue2.62
Enterprise Value/Gross Profit3.37
Enterprise Value/Ebitda15.87
Forecast
1Y Price Target
$7.31Price Target Upside40.62% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.43
Revenue Forecast (FY)$556.78M
N-able Business Overview & Revenue Model
Company Description
N-able, Inc. provides cloud-based software solutions for managed service providers (MSPs) in the United States, the United Kingdom, and internationally. The company's solutions enable MSPs to support digital transformation and growth within small ...
How the Company Makes Money
N-able primarily makes money by selling its software products to MSPs under subscription-based arrangements, generating recurring revenue that is typically billed monthly or annually. Key revenue streams come from licensing its RMM and security/ba...
N-able Key Performance Indicators (KPIs)
Any
Revenue by Type
Categorizes revenue based on different streams, such as product sales or services, highlighting the diversity of income sources and potential areas of growth or risk.
Categorizes revenue based on different streams, such as product sales or services, highlighting the diversity of income sources and potential areas of growth or risk.
Data provided by:
The Fly
The FlyN-able Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call conveyed strong execution and profitable growth: ARR and revenue growth, a stable 30% adjusted EBITDA margin, successful Adlumin integration and clear AI-driven product progress (including a jump to 90% automated threat handling) are major positives. Headwinds include gross margin compression, FX/seasonality effects, modest net revenue retention relative to high-growth benchmarks, and elevated net leverage following refinancing. Management provided a confident, profitable-growth outlook for 2026 but with reliance on continued cross-sell, VAR expansion and AI monetization to hit higher-end targets.Positive Updates
ARR Growth and Scale
Exited 2025 with $540 million ARR, representing 12% year-over-year growth on a reported basis and 8% year-over-year growth on a constant currency basis.
Negative Updates
Gross Margin Compression
Gross margin declined to 80% in Q4 2025 from 82% in Q4 2024 and to 81% for full year 2025 from 84% in 2024, indicating some margin pressure year-over-year.
Read all updates
Q4-2025 Updates
Positive
Negative
ARR Growth and Scale
Exited 2025 with $540 million ARR, representing 12% year-over-year growth on a reported basis and 8% year-over-year growth on a constant currency basis.
Read all positive updates
Company Guidance
N‑able guided Q1 2026 revenue of $131–132M (≈11–12% YoY reported; 6–7% constant currency) and full‑year revenue of $554–559M (≈8–9% YoY reported; 7–8% constant currency), with ARR expected to reach $581–586M (8–9% YoY). They forecast Q1 adjusted EBITDA of $35.5–36.5M (27–28% margin) and full‑year adjusted EBITDA of $167–171M (30–31% margin), CapEx ~5% of revenue, unlevered free cash flow of $114–118M, cash interest of ~ $27M, and a non‑GAAP tax rate of 24–27%; weighted average diluted shares are expected to be 188–189M in Q1 and 188–191M for the year. Guidance assumes FX of €/$1.17 and £/$1.34 and notes the high‑end ARR target implies roughly 20% more net new ARR dollars on a constant‑currency basis than in 2025.N-able Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
70
Positive
Cash Flow
76
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 511.43M | 466.15M | 421.88M | 371.77M | 346.46M |
| Gross Profit | 392.85M | 385.47M | 353.67M | 313.16M | 294.02M |
| EBITDA | 82.44M | 110.03M | 94.65M | 72.55M | 65.09M |
| Net Income | -17.03M | 30.96M | 23.41M | 16.71M | 113.00K |
Balance Sheet | |||||
| Total Assets | 1.41B | 1.34B | 1.16B | 1.08B | 1.06B |
| Cash, Cash Equivalents and Short-Term Investments | 111.84M | 85.20M | 153.05M | 98.85M | 66.74M |
| Total Debt | 459.64M | 369.19M | 374.52M | 375.87M | 381.53M |
| Total Liabilities | 605.25M | 579.56M | 451.43M | 436.79M | 437.34M |
| Stockholders Equity | 804.65M | 759.29M | 711.36M | 642.07M | 618.36M |
Cash Flow | |||||
| Free Cash Flow | 75.06M | 55.71M | 67.75M | 50.40M | 10.51M |
| Operating Cash Flow | 93.20M | 79.44M | 90.09M | 71.41M | 45.34M |
| Investing Cash Flow | -28.96M | -122.42M | -22.34M | -30.21M | -34.83M |
| Financing Cash Flow | -40.63M | -22.59M | -15.17M | -10.40M | -42.32M |
N-able Technical Analysis
Neutral
5.20
Price Trends
4.88
Positive
5.99
Negative
6.96
Negative
Market Momentum
-0.01
Negative
59.91
Neutral
98.09
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NABL, the sentiment is Neutral. The current price of 5.2 is above the 20-day moving average (MA) of 4.77, above the 50-day MA of 4.88, and below the 200-day MA of 6.96, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 59.91 is Neutral, neither overbought nor oversold. The STOCH value of 98.09 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NABL.
N-able Risk Analysis
N-able disclosed 30 risk factors in its most recent earnings report. N-able reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Our revenue recognition policy and other factors may distort our financial results in any given period and make them difficult to predict. Q4, 2025
2.
Changes in financial accounting standards or practices may cause adverse, unexpected financial reporting fluctuations and affect our reported results of operations. Q4, 2025
3.
Failure to maintain proper and effective internal controls could have a material adverse effect on our business, operating results and stock price. Q4, 2025
N-able Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $1.66B | 128.39 | 1.67% | ― | 26.59% | 404.59% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $994.64M | -82.49 | -2.13% | ― | 9.71% | -154.25% | |
54 Neutral | $577.66M | 10.43 | 18.33% | ― | 18.95% | 119.95% | |
49 Neutral | $1.83B | -83.08 | -69.72% | ― | -19.32% | 19.23% | |
48 Neutral | $1.29B | -2.86 | -55.55% | ― | -16.22% | -41.59% | |
47 Neutral | $955.01M | 33.66 | 5.44% | ― | -14.18% | ― |
* Technology Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.