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NABL

N-able, Inc.

NABL

N-able, Inc. • NYSE
$7.20 ▼ -0.55% (-0.04)
Market Cap $1.35 B
52w High $10.60
52w Low $6.07
Dividend Yield 0%
P/E -180
Volume 619.32K
Outstanding Shares 187.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $131.71M ▲ $94.701M ▲ $1.383M ▲ 1.05% ▲ $0.01 ▲ $23.234M ▲
Q2-2025 $131.249M ▲ $92.43M ▲ $-4.022M ▲ -3.064% ▲ $-0.021 ▲ $20.132M ▲
Q1-2025 $118.197M ▲ $88.695M ▲ $-7.162M ▼ -6.059% ▼ $-0.04 ▼ $13.626M ▼
Q4-2024 $116.509M ▲ $77.199M ▲ $3.29M ▼ 2.824% ▼ $0.018 ▼ $22.175M ▼
Q3-2024 $116.442M $72.634M $10.757M 9.238% $0.058 $32.231M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $101.435M ▲ $1.398B ▲ $584.666M ▲ $813.386M ▲
Q2-2025 $93.874M ▼ $1.386B ▲ $576.585M ▼ $809.417M ▲
Q1-2025 $94.09M ▲ $1.352B ▲ $576.976M ▼ $775.101M ▲
Q4-2024 $85.196M ▼ $1.339B ▲ $579.559M ▲ $759.288M ▼
Q3-2024 $174.445M $1.223B $458.507M $764.951M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.383M ▲ $24.002M ▼ $-9.425M ▼ $-11.554M ▲ $7.561M ▲ $17.422M ▼
Q2-2025 $-4.022M ▲ $24.187M ▲ $-6.498M ▼ $-18.291M ▼ $-216K ▼ $20.399M ▲
Q1-2025 $-7.162M ▼ $19.677M ▼ $-6.076M ▲ $-7.289M ▼ $8.894M ▲ $13.601M ▼
Q4-2024 $3.29M ▼ $25.986M ▲ $-106.835M ▼ $-3.199M ▼ $-89.249M ▼ $18.836M ▲
Q3-2024 $10.757M $21.989M $-5.314M $-2.515M $16.936M $16.675M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Other Revenue
Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Subscription Revenue
Subscription Revenue
 $230.00M ▲$120.00M ▼$130.00M ▲$130.00M ▲

Five-Year Company Overview

Income Statement

Income Statement N-able’s income statement shows a business that has been steadily growing and becoming more profitable. Revenue has climbed each year, suggesting its MSP-focused software is gaining wider adoption. At the same time, the company has gradually turned a small loss into a modest but consistently positive profit. Gross and operating margins have improved, indicating better cost control and good scaling of its subscription-like model. Profit levels are still not large, so results remain sensitive to changes in growth or spending, but the overall direction of earnings quality and stability has been positive over the past few years.

Balance Sheet

Balance Sheet The balance sheet looks relatively healthy and consistent for a software company. Total assets have grown, and shareholder equity has steadily increased, which points to value being built over time rather than eroded. Debt levels have stayed fairly stable, so leverage does not appear excessive, though it is meaningful enough that interest and refinancing conditions still matter. Cash balances move around year to year but, paired with positive cash generation, suggest the company can fund operations and moderate investment without heavy reliance on new borrowing, as long as performance does not deteriorate sharply.

Cash Flow

Cash Flow N-able has generated positive operating cash flow every year in the period shown, and free cash flow has also stayed consistently positive. That means the company is bringing in more cash from its core business than it is spending on capital needs, which is a good sign of underlying business health. Capital spending requirements are relatively light, typical of a software and services provider, giving management flexibility to put cash toward product development, acquisitions, or debt reduction. The cash profile is more “steady and solid” than spectacular, but it supports the ongoing investment needed in this competitive technology niche.

Competitive Edge

Competitive Edge N-able is tightly focused on the managed service provider (MSP) segment, which gives it a clear identity and a deep understanding of its core customer. It supports thousands of MSP partners with remote monitoring, management, backup, and security tools, creating substantial integration into their daily workflows. This integration, combined with training and support programs, raises switching costs and helps keep churn low while enabling steady expansion of wallet share per partner. The dual-platform RMM approach lets N-able address both smaller IT teams and more complex MSPs, while its data protection and security products broaden its relevance. At the same time, it operates in a very crowded field that includes well-funded competitors in IT management and cybersecurity, so continued differentiation, customer satisfaction, and channel loyalty are critical to sustaining its current advantage.

Innovation and R&D

Innovation and R&D Innovation is a central part of N-able’s strategy, with a noticeable emphasis on AI, automation, and unified platform experiences. The AI-powered developer portal and “Ecoverse” ecosystem strategy are designed to make it easier for MSPs to build, integrate, and manage tools in one environment, directly tackling the problem of tool sprawl. Products like Cloud Commander aim to deepen N-able’s role in managing Microsoft cloud environments, while the acquisition of Adlumin is intended to strengthen its security capabilities in areas like extended and managed detection and response. This innovation push can strengthen the company’s moat, but it also requires continuous investment, careful integration of acquisitions, and ongoing execution against fast-moving rivals who are pursuing similar AI and security roadmaps.

Summary

Overall, N-able appears to be evolving from an emerging carve-out story into a more established, steadily growing software provider with a focused MSP niche. Financially, it has moved from small losses to recurring profits, backed by positive and reliable free cash flow and a balance sheet that shows rising equity and stable leverage. Strategically, its strength lies in a sticky MSP partner base, deep channel orientation, and an increasingly broad suite of management, backup, and security solutions. The main uncertainties revolve around its ability to execute on ambitious initiatives like the Ecoverse, integrate new security capabilities, and keep pace with intense competition and rapid technological change in AI, cloud management, and cybersecurity. How well it balances growth investments with profitability will be a key factor shaping its future trajectory.

NEWS

November 18, 2025 · 6:00 AM UTC

N-able Delivers on CMMC 2.0 Readiness for N-central, Reinforcing Position as a Trusted Partner in an Increasingly Complex Compliance Environment

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November 12, 2025 · 6:00 AM UTC

N-able Introduces Cyber Warranty Program, Enhancing Business Resilience Amidst Cyberattacks

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November 6, 2025 · 7:00 AM UTC

N-able Announces Third Quarter 2025 Results

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October 23, 2025 · 4:30 PM UTC

N-able to Host Third Quarter Earnings Conference Call on November 6, 2025

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October 16, 2025 · 6:00 AM UTC

With N-able, CRS Technology Consultants Saves CPA Firm From Business-Crippling Ransomware Attack in Under 24 Hours

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