N-able, Inc. (NABL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+76.9%

$9.03

vs $5.11 price

Levered DCF

$27.84

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.56

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-82.47×	54.94×	101.92×	110.78×	15,857.14×	-704.85×	-2,000×	-368.66×
P/B	1.75×	2.28×	3.4×	2.88×	3.21×	8×	8.95×	9.15×
P/S	2.75×	3.71×	5.73×	4.98×	5.74×	16.66×	19.15×	22.11×
EV / EBITDA	21.26×	18.31×	27.87×	28.88×	34.97×	59.67×	59.42×	74.17×
Gross margin	76.8%	82.7%	83.8%	84.2%	84.9%	79.1%	78.2%	74.9%
Operating margin	11.3%	17.7%	16.7%	12.7%	9.6%	11.1%	13.9%	8.2%
Net margin	-3.3%	6.6%	5.5%	4.5%	0.0%	-2.4%	-1.0%	-6.0%
Current ratio	1.19×	1.23×	2.75×	2.49×	1.99×	2.48×	2.18×	1.92×
Debt / equity	0.57×	0.49×	0.53×	0.59×	0.62×	0.62×	0.72×	0.82×
Interest coverage	1.6×	2.74×	2.32×	2.51×	1.63×	1.2×	1.08×	0.54×
Dividend yield	0.0%	0.0%	0.0%	0.0%	10.9%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	191150.4%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.1%	4.1%	3.3%	2.6%	0.0%	-1.1%	-0.4%	-2.5%
Return on invested capital	-33.1%	3.9%	3.4%	2.5%	0.0%	-4.8%	-2.9%	1.4%
Return on assets	-1.2%	2.3%	2.0%	1.5%	0.0%	-0.7%	-0.2%	-1.3%
Free cash flow yield	5.3%	3.2%	2.8%	2.7%	0.5%	1.4%	0.3%	0.8%
Earnings yield	-1.2%	1.8%	1.0%	0.9%	0.0%	-0.1%	-0.0%	-0.3%
Enterprise value	$1.8B	$2B	$2.6B	$2.1B	$2.3B	$5.3B	$5.4B	$5.4B
Net debt / EBITDA	4.22×	2.58×	2.34×	3.76×	4.78×	3.25×	4.05×	5.09×
Cash conversion cycle (days)	32	38	14	20	2	5	25	-5