N-able
NABL on NYSE. N-able sells cybersecurity software to businesses to protect their devices, networks, and data. Market value $843m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $8.48 of spare cash in the past 12 months. A savings account pays about $4.
You pay 22.0 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 4 cents a year. Above 10 is good.
Quality score: 82 of 100. Price score: 48 of 100. Our list needs 70 on quality and 60 on price.
$4.42 a share, 51% above its 1-year low
Over the past year the price has ranged from $2.92 to $8.73.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $346m | $372m | $422m | $466m | $509m |
| Operating margin | |||||
| Operating margin | 9.6% | 12.7% | 16.7% | 17.6% | 6.7% |
| Debt to equity | |||||
| Debt to equity | 0.55 | 0.52 | 0.47 | 0.44 | 0.49 |
| Shares outstanding | |||||
| Shares outstanding | 0.18bn | 0.18bn | 0.19bn | 0.19bn | 0.19bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)Yes
- Debt0.49× equity
- Revenue growth, five yearsStrong, 10.1% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $138 million last quarter, up 6% on a year ago.
- Profit: $2 million, after a loss of $5 million a year ago.
- It keeps 10 cents of each $1 of sales as operating profit, down from 11 cents a year earlier.
- Spare cash over the past 12 months: $71 million, down from $74 million.
- About the same number of shares as a year ago.
- Debt is $277 million more than cash, up from $238 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $117m |
| December 2024 | $116m |
| March 2025 | $118m |
| June 2025 | $131m |
| September 2025 | $131m |
| December 2025 | $129m |
| March 2026 | $132m |
| June 2026 | $138m |
| Quarter to | Amount |
|---|---|
| September 2024 | $12m |
| December 2024 | $3m |
| March 2025 | -$7m |
| June 2025 | -$5m |
| September 2025 | $914,000 |
| December 2025 | -$8m |
| March 2026 | -$2m |
| June 2026 | $2m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
2 long-term investors we follow own it, down from 3 last quarter. 199 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $51,655
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Hotchkis & WileyHotchkis & Wiley team | $7m | <0.1% | Added |
| GAMCO InvestorsMario Gabelli | $51,655 | <0.1% |
Sold out this quarter
- Barrow HanleyBarrow Hanley teamSold out
Largest holders overall
- Silver Lake Group, L.L.C.$226m
- Thoma Bravo, L.P.$184m
- BlackRock$43mCut
- Dimensional Fund Advisors LP$19mAdded
- Vanguard Portfolio Management$17mCut
- State Street$16mAdded
- Nomura Asset Management International$15mCut
- Vanguard Capital Management$12mCut
- AlpInvest Partners B.V.$9m
- JPMorgan Chase$8mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
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.
1 serious warning sign in N-able’s filings.
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 26 Feb 2026, plus the 10-Q filed 10 Aug 2026 and 7 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were not effective as of June 30, 2026 due to the material weakness in internal control over financial reporting described below.”
Show the full paragraph
As of June 30, 2026, the end of the period covered by this Quarterly Report, management performed, with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) an evaluation of the effectiveness of the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”). Based on this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were not effective as of June 30, 2026 due to the material weakness in internal control over financial reporting described below.
From the 10-Q filed 10 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
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.