At a glance
N-Able Inc is worth $999.3M. Revenue grew 9.3% to $508.8M in fiscal 2025, at a loss; over 5 years it has grown 10.9% a year. It pays no dividend; it spent $30.0M buying back its shares over FY2021–FY2025. The stock returned −35.3% over the past year with dividends reinvested and −16.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 27.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months after the low.
The business in plain English
N-able makes cybersecurity and IT management software for businesses. Its platform covers three areas. The first is unified endpoint management, or UEM: tools to monitor, update and secure laptops, servers and other devices from one screen. The second is security operations, which detects and responds to threats. The third is data protection, meaning backup and recovery. The company focuses on organizations with up to 2,500 employees, and its 10-K says more than 500,000 businesses use its software.
Most of its commercial relationships are with IT services providers rather than with those businesses directly. These partners include managed service providers (MSPs), which are outside firms that run other companies' IT for a recurring fee, plus resellers and distributors. N-able charges through subscriptions and term licenses, and part of its revenue depends on how much customers use its tools. When it signs one provider, it also gains that provider's clients. Revenue then grows as those clients add devices and services. Annualized recurring revenue (ARR) is the yearly value of these ongoing contracts. Customers with more than $50,000 of ARR rose 13.7% to 2,671 as of December 31, 2025, and made up about 61% of total ARR.
Revenue was $511.4 million for 2025, up 9.7% from 2024. By region, the United States supplied roughly half of 2025 revenue, the United Kingdom about 10% and other international markets about 40%.
Price history
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NABL -35.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States, country of domicile | $253.9M | 49.9% |
| All other international | $205.4M | 40.4% |
| United Kingdom | $52.2M | 10.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $138.2M, up 5.9% from a year earlier, and net income was $1.8M.
- For fiscal 2025, revenue was $508.8M (+9.3% year over year; +10.9% a year from FY2020 to FY2025) with a -3.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.9% good |
|---|---|
| Operating margin | 6.7% watch |
| Free cash flow margin | 14.8% good |
| Return on equity (FY2025) | -2.3% weak |
| Return on assets (FY2025) | -1.3% weak |
| Net cash (cash minus debt) | $-276.5M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $302.9M | $-7.2M | $73.7M |
| FY2021 | $346.5M | $113K | $14.7M |
| FY2022 | $371.8M | $16.7M | $58.6M |
| FY2023 | $422.2M | $23.8M | $76.3M |
| FY2024 | $465.6M | $30.7M | $61.9M |
| FY2025 | $508.8M | $-18.8M | $75.1M |
Valuation snapshot
| Market value | $999.3M |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
N-Able’s market value went from $1.99B at the end of 2021 to $999.3M on Oct 28, 2026, down 50%; since the end of 2025 it is down 28%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $999.3M | -28.3% |
| 2025 | $1.39B | -19.7% |
| 2024 | $1.73B | -28.4% |
| 2023 | $2.42B | +30.5% |
| 2022 | $1.86B | -6.5% |
| 2021 | $1.99B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NABL price data to Oct 28, 2026 | -29.3% | -35.3% | -25.4% | -16.7% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -29.3% |
| 2025 | -19.9% |
| 2024 | -29.5% |
| 2023 | +28.9% |
| 2022 | -7.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10.6% over that stretch · deepest drop along the way 27.9%, back to its old high 9.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 3% | Sep 30, 2026 |
ETFs with the most weight in NABL
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.12% |
| FITE SPDR S&P Kensho Future Security ETF | 0.95% |
| XSW SPDR S&P Software & Services ETF | 0.73% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.62% |
| BUYO KraneShares Man Buyout Beta Index ETF | 0.49% |
| VFMV Vanguard U.S. Minimum Volatility ETF | 0.47% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 0.41% |
| PSCT Invesco S&P SmallCap Information Technology ETF | 0.35% |
What could go wrong
- A security failure could damage trust. N-able's products exist to stop attacks. Software flaws, missed malware or a breach of its own systems could harm customers and their clients, lead to legal claims and hurt renewals.
- Growth depends on partners renewing and expanding. The model depends on subscription renewals, mostly through IT service providers. If partners leave, stop adding services or fail to win new clients, N-able's revenue growth could slow.
- Heavy competition and pressure on prices. The 10-K describes highly competitive markets. It warns that N-able may need to cut prices or change its pricing model to win and keep customers, which could hurt growth and profits.
- Substantial debt limits flexibility. As of June 30, 2026, N-able had $392.3 million of debt and $115.8 million of cash and investments. Its credit agreement restricts some business and financing decisions.
- Controlling shareholders hold sway over votes. A shareholder group the 10-K calls "the Sponsors" has controlling influence over shareholder votes. Together with anti-takeover provisions, this could block deals that other shareholders might welcome.
- Half of revenue comes from abroad. About half of revenue comes from outside the United States. Currency swings, foreign regulations, export controls and tax changes in other countries can therefore affect reported results.
Recent events
- Investor presentation or announcement; Other company announcement
- Quarterly results released; Restructuring or exit costs
- Executive or board change; Other company announcement
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Executive or board change
- Quarterly results released
- Quarterly results released
- Executive or board change
- Major agreement signed; New debt or financial obligation
For income and retirement investors
N-able pays no dividend, and its 10-K says it does not intend to pay one. Any return has to come from a rising share price, so the stock provides no income for investors who rely on their portfolio for cash. From 2021 through 2025, its only share repurchases (buybacks) came in 2025, when it spent about $30.0 million. Even so, the number of shares outstanding grew about 5.6% between November 2, 2021, and August 5, 2026.
In the 2022 bear market, the stock fell 27.9% from its February 15, 2022, peak to its May 11 low. It recovered by February 23, 2023, about 9.5 months later. Its price history does not go back to the 2008 crisis or the 2020 COVID crash. Later declines were deeper. At its worst, the stock was 80.7% below its high, and it was down 35.3% over the year to October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
Does N-able pay a dividend?
No. N-able paid no dividends from 2021 through 2025, and its 10-K for 2025 says it does not intend to pay one. Shareholder returns depend entirely on the share price. The company has used some cash to repurchase shares instead, spending about $30.0 million in 2025. For income investors, that means the stock adds no regular cash payments to a portfolio.
How does N-able make money?
N-able charges for its cybersecurity and IT management software through subscriptions and term licenses, and some revenue depends on usage. Most of its commercial relationships are with IT services providers such as managed service providers (MSPs). These firms use N-able's tools to manage devices, detect threats and back up data for their own clients. Revenue grows as partners add clients, devices and services. Revenue was $511.4 million for 2025, and roughly half came from outside the United States.
Is N-able profitable?
Not on a net basis for 2025. N-able reported a net loss of $17.0 million for 2025, after net income of $31.0 million in 2024 and $23.4 million in 2023. It still generated about $75.1 million of free cash flow in 2025. Free cash flow is the cash left after running the business and paying for equipment. In the quarter ended June 30, 2026, it earned $1.8 million on revenue of $138.2 million, up 5.9% from a year earlier.
How has N-able stock performed?
Weakly over most periods. As of October 28, 2026, the shares were down 29.3% year to date, 35.3% over one year and about 60% in total over five years, despite a 30.6% rise over the prior month. They fell 29.5% in 2024 and 19.9% in 2025, after gaining 28.9% in 2023. At its worst, the stock was 80.7% below its peak. Its one-year volatility, a gauge of how widely the price swings, was 76.5%.
How much debt does N-able have?
A significant amount for its size. As of June 30, 2026, N-able had $392.3 million of total debt and $115.8 million of cash and investments, leaving net debt of about $276.5 million. Shareholders' equity was $804.6 million. The company disclosed a new debt obligation in a June 17, 2026, filing. Its 10-K calls its debt substantial and says the credit agreement restricts some decisions. Its market value was about $999 million as of October 28, 2026.