Elastic
ESTC on NYSE. Elastic sells search software to businesses for finding information in large amounts of data. Market value $10.0bn.
Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to April 2026.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.51 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -13 cents a year. Above 10 is good.
Quality score: 56 of 100. Price score: 40 of 100. Our list needs 70 on quality and 60 on price.
$94.60 a share, 125% above its 1-year low
Over the past year the price has ranged from $42.05 to $108.00.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $862m | $1.1bn | $1.3bn | $1.5bn | $1.7bn |
| Operating margin | |||||
| Operating margin | -20.1% | -20.5% | -10.3% | -3.7% | -1.9% |
| Debt to equity | |||||
| Debt to equity | 1.36 | 1.42 | 0.77 | 0.61 | 0.45 |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.10bn | 0.10bn | 0.10bn | 0.10bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Watch
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)Yes
- Debt0.45× equity
- Revenue growth, five yearsStrong, 23.4% a year
- Buying back its own sharesNo, 9% more shares since 2022
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $478 million last quarter, up 15% on a year ago.
- A loss of $17 million, compared with a loss of $25 million a year ago.
- It loses 3 cents on each $1 of sales, compared with 2 cents a year earlier.
- Spare cash over the past 12 months: $349 million, up from $314 million.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- It has $309 million more cash than debt, up from $92 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $365m |
| January 2025 | $382m |
| April 2025 | $388m |
| July 2025 | $415m |
| October 2025 | $423m |
| January 2026 | $450m |
| April 2026 | $451m |
| July 2026 | $478m |
| Quarter to | Amount |
|---|---|
| October 2024 | -$25m |
| January 2025 | -$17m |
| April 2025 | -$16m |
| July 2025 | -$25m |
| October 2025 | -$51m |
| January 2026 | $8m |
| April 2026 | $436m |
| July 2026 | -$17m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 8 June 2026
- Next quarterly (estimated, 10-Q)
- 27 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 373 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $18m | <0.1% | Added |
Largest holders overall
- BlackRock$363mCut
- AQR Capital Management$346mCut
- Vanguard Portfolio Management$337mAdded
- Pictet Asset Management Holding SA$332mCut
- D. E. Shaw$273mAdded
- Vanguard Capital Management$229m
- FIL$192m
- First Trust Advisors LP$173mAdded
- Alyeska Investment Group, L.P.$141mAdded
- Assenagon Asset Management$103mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- Shay BanonPassive investor6.1%Since 30 October 2025
- AQR Capital Management, LLCPassive investorat least 5.8%−1.3 pts(filed with 1 related holder)Since 30 June 2026
- Schuurman StevenPassive investorat least 5.8%(filed with 1 related holder)Since 31 December 2024
- Vanguard Portfolio ManagementPassive investor5.4%Since 31 March 2026
- PICTET ASSET MANAGEMENT SAPassive investor5.2%+0.3 ptsSince 5 October 2026
What they said
The Reporting Person acquired shares of Elastic NV as part of its investment strategy, which includes considering the clarity and robustness of the issuer's long-term strategy; the functioning and calibre of governance structures and effective leadership; the financial strength…
Read the filing - BlackRock, Inc.Passive investor5.1%+0.2 ptsSince 30 June 2025
- FMR LLCPassive investorat least 4.2%(filed with 1 related holder)Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- BAILLIE GIFFORD & COPassive investorSold down below 5%Since 31 May 2025
| Holder | Stake | Since | |
|---|---|---|---|
Shay Banon Passive investor | 6.1% | 30 October 2025 | |
AQR Capital Management, LLC Passive investor | at least 5.8%−1.3 pts (filed with 1 related holder) | 30 June 2026 | |
Schuurman Steven Passive investor | at least 5.8% (filed with 1 related holder) | 31 December 2024 | |
Vanguard Portfolio Management Passive investor | 5.4% | 31 March 2026 | |
PICTET ASSET MANAGEMENT SA Passive investor | 5.2%+0.3 pts | 5 October 2026 | What they saidThe Reporting Person acquired shares of Elastic NV as part of its investment strategy, which includes considering the clarity and robustness of the issuer's long-term strategy; the functioning and calibre of governance structures and effective leadership; the financial strength… Read the filing |
BlackRock, Inc. Passive investor | 5.1%+0.2 pts | 30 June 2025 | |
FMR LLC Passive investor | at least 4.2% (filed with 1 related holder) | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
BAILLIE GIFFORD & CO Passive investor | Sold down below 5% | 31 May 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $710,230 of shares on the open market. 8 sold $248m, $450,923 of it under preset trading plans.
- Schuurman StevenDirectorSold
- Date
- 5 October 2026
- Shares
- 1,500,000
- Price
- $90.13
- Value
- $135m
- Dodds Mark EugeneChief Revenue OfficerSold
- Date
- 2 October 2026
- Shares
- 10,000
- Price
- $92.58
- Value
- $925,800
- Banon ShayChief Technology Officer, DirectorSold
- Date
- 14 September 2026
- Shares
- 84,207
- Price
- $84.64
- Value
- $7m
- Banon ShayChief Technology Officer, DirectorSold
- Date
- 10 September 2026
- Shares
- 6,201
- Price
- $85.19
- Value
- $528,261
- Banon ShayChief Technology Officer, DirectorSold
- Date
- 9 September 2026
- Shares
- 155,586
- Price
- $86.82
- Value
- $14m
- Kulkarni AshutoshChief Executive Officer, DirectorSold
- Date
- 9 September 2026
- Shares
- 29,227
- Price
- $87.78
- Value
- $3m
- Bone Jane EGVP & CAOSold
- Date
- 9 September 2026
- Shares
- 1,542
- Price
- $87.78
- Value
- $135,357
- Herzog CarolynChief Legal OfficerSold
- Date
- 9 September 2026
- Shares
- 5,485
- Price
- $87.78
- Value
- $481,473
- Dodds Mark EugeneChief Revenue OfficerSold
- Date
- 9 September 2026
- Shares
- 9,673
- Price
- $87.78
- Value
- $849,096
- Welihinda NavamChief Financial OfficerSold
- Date
- 9 September 2026
- Shares
- 8,961
- Price
- $87.78
- Value
- $786,597
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 5 October 2026 | Schuurman Steven Director | Sold | 1,500,000 | $90.13 | $135m |
| 2 October 2026 | Dodds Mark Eugene Chief Revenue Officer | Sold | 10,000 | $92.58 | $925,800 |
| 14 September 2026 | Banon Shay Chief Technology Officer, Director | Sold | 84,207 | $84.64 | $7m |
| 10 September 2026 | Banon Shay Chief Technology Officer, Director | Sold | 6,201 | $85.19 | $528,261 |
| 9 September 2026 | Banon Shay Chief Technology Officer, Director | Sold | 155,586 | $86.82 | $14m |
| 9 September 2026 | Kulkarni Ashutosh Chief Executive Officer, Director | Sold | 29,227 | $87.78 | $3m |
| 9 September 2026 | Bone Jane E GVP & CAO | Sold | 1,542 | $87.78 | $135,357 |
| 9 September 2026 | Herzog Carolyn Chief Legal Officer | Sold | 5,485 | $87.78 | $481,473 |
| 9 September 2026 | Dodds Mark Eugene Chief Revenue Officer | Sold | 9,673 | $87.78 | $849,096 |
| 9 September 2026 | Welihinda Navam Chief Financial Officer | Sold | 8,961 | $87.78 | $786,597 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 8 Jun 2026, plus the 10-Q filed 28 Aug 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.