NABLN-able, Inc.
Is the business good?
The checks split: earnings fully cash-backed (2.3×), but margins compressing.
Operating profit is fully backed by cash.
Operating profit is falling even as sales grow, costs are outrunning the top line.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is NABL?
N-able, Inc. earns 3.7% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 5.3 points below what the capital costs: growth destroys value
- Operating margin
- 9.5%
Operating margin · Information Technology Services median 8.0% · 12 months to Q2 2026
- Cash conversion
- 2.34×
Cash conversion · 2.24× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.15%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 11% |
| FY2021 | 9.6% |
| FY2022 | 13% |
| FY2023 | 17% |
| FY2024 | 18% |
| FY2025 | 6.7% |
Details›
- Gross margin12 months to Q2 2026
- 77%
- Operating margin12 months to Q2 2026
- 9.5%
- Net margin12 months to Q2 2026
- −1.3%
- Free cash flow margin
- 13%
- R&D as % of revenue
- 19%
- Revenue, trailing twelve months
- $531M
- Free cash flow, trailing twelve months
- $71M
- Net income, trailing twelve months
- −$6.9M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 3.7%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Information Technology Services
Ranks #16 of 31 by RyuScore