Forensic Analysis · Technology / Software · as of Jun 27, 2026
N-able, Inc. (NABL)
A forensic read on N-able, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
1.9
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-1.3%
ROE
$667M
Market cap
N-able, Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 1.9, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
2%Return on invested capital.Return on invested capital is 2% and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.2%/yrShare-count dilution.Diluted share count changed +4% over the last 3 years to FY2025 (+1.2%/yr). The count is GROWING — existing holders are being diluted. That's ~1.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~4%.
9% of revStock-based comp load.Stock-based compensation ran 9% of revenue and 62% of free cash flow in FY2025 — about $0.25 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin-3.3%
Debt / Equity0.49x
Free Cash Flow$75.1M
Latest Revenue$511.4M
Return on Equity-2.1%
Revenue Growth YoY+9.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on N-able, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about NABL's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown