N-able

NABL

Information Technology Services · Technology

Price

$4.77

+0.09 (+1.92%)

Market Cap

$898.6M

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+4.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 179.0M (2021) → 187.8M (2025)

N-able makes software that helps IT companies manage and protect computers and networks for their clients. Its main customers are managed service providers (MSPs) — small and mid-sized businesses that handle IT work for other companies. N-able's tools let these MSPs monitor devices, back up data, and defend against cyberattacks, all from one platform.

The company earns money through recurring subscriptions, which means customers pay a regular fee to keep using the software. N-able operates globally, with a strong presence in North America and Europe, and generates roughly $450 million in annual revenue. Its moat comes from how deeply its software gets embedded into customers' daily workflows, making it costly and disruptive to switch to a competitor. The main risk is that the MSP market is crowded, with larger rivals like ConnectWise and Kaseya competing for the same customers, which puts pressure on pricing and growth.

Winston Score History

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1 trades / 12mo

0 Congressional buys and 1 sell on NABL in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+91.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$101M/ year

↑ Rising (+11% vs prior year)

19.7% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

61.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$118M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

N-able is putting 20% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

75.8%

Premium pricing power — 75.8% gross margin

Operating Margin

9.8%

Modest — 9.8% operating margin

ROCE

1.1%

Weak — 1.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+12.0%

Steady sales growth (12.0% YoY)

EPS YoY

-164.5%

Earnings shrinking (-164.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

14.1%

Converts sales into free cash efficiently (14.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.50

Conservative — low debt load (0.50)

Interest Cover

2.39x

Tight — interest eats into profit (2.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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