NABLNYSEServices-Prepackaged SoftwareUS GAAP · USD

N-able, Inc.

N-able, Inc. builds cloud-based software that helps IT services providers and managed service providers monitor, manage, secure, and back up customer environments. Its platform is designed for small and mid-sized businesses, with a strong focus on subscription software, partner-led distribution, and cross-sell across endpoint management, data protection, and security operations.

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Revenue511m USD
+9.7 %y/y
Operating profit (EBIT)36.8m USD
−55.3 %y/y
EBIT margin7.2%
−10.5 ppy/y
Net income-17.0m USD
−155.0 %y/y
Free cash flow75.1m USD
+21.3 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0200400600m USD2020: 303 m USD2020: EBIT 34 m USD20202021: 346 m USD2021: EBIT 33 m USD20212022: 372 m USD2022: EBIT 47 m USD20222023: 422 m USD2023: EBIT 70 m USD20232024: 466 m USD2024: EBIT 82 m USD20242025: 511 m USD2025: EBIT 37 m USD202551137
RevenueOperating profit (EBIT)

Business

Share of revenue
Unified Endpoint Management35 %

Tools to monitor, manage, and secure endpoints across customer environments.

Data Protection as-a-Service25 %

Backup, recovery, and data protection subscriptions for MSP-managed customers.

Security Operations25 %

Security software for threat detection, response, and protection workflows.

Business Management Solutions10 %

Workflow and service-delivery tools that improve MSP operating efficiency.

Professional Services and Other Revenue5 %

Training, support, and other non-subscription revenue tied to customer adoption.

Products

Reported · share of revenue
99.0%FY2025100 %
  • Subscription Revenue99.0 %
  • Other Revenue1.0 %

Source: 10-K/A FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

N-able sells primarily to IT services providers, especially managed service providers, that support small and mid-sized businesses and mid-market customers with fewer than 2,500 employees. It also serves some larger businesses through co-managed IT models, where an internal IT team shares responsibility with an external provider. Customers buy the platform to reduce complexity, improve security, and scale service delivery across many end-customer environments.

Managed Service Providers (MSPs)

Buy the core platform to monitor, manage, secure, and back up many customer environments efficiently.

IT Services Providers

Use the software to deliver outsourced or co-managed IT services to SMB and mid-market end customers.

Small and Mid-Sized Businesses

Often the end-customers of MSPs; they benefit from security and management delivered through the channel.

Co-managed IT Customers

Larger organizations with internal IT teams that outsource part of monitoring and security operations.

Strategy

N-able is focused on expanding its partner-first platform by adding security, data protection, and endpoint management capabilities that can be sold across the same customer base. Management is also emphasizing co-managed IT use cases, global expansion, and deeper integrations with major enterprise technology vendors to widen the number of devices and workflows customers can manage. The strategy is built around recurring subscriptions, land-and-expand adoption, and customer success support that helps MSPs grow their own businesses.

Cross-sell more solutions into the installed MSP baseShort term

Higher product breadth increases retention, wallet share, and recurring revenue.

Grow co-managed IT adoptionMedium term

Co-managed IT expands the addressable market beyond traditional MSP workflows.

Expand internationally through local channelsMedium term

A broader geographic footprint reduces dependence on any one market and supports growth.

Strengthen platform integrations and ecosystem partnershipsMedium term

Integrations increase device coverage and make the platform more sticky for partners.

Geography

Q1/2026

N-able is globally distributed, with just under half of revenue generated outside the United States and the United Kingdom as its other disclosed major market. The company says it has established presence and distribution channels in multiple regions and intends to expand through channel growth, personnel, and market-specific solutions. This international mix makes foreign exchange, local regulation, and regional IT spending trends important to performance.

United States82 %
United Kingdom18 %

Share of the revenue the company reports by geography.

Risks

The business depends on continued subscription growth, customer renewals, and MSP adoption, so slower IT spending or weaker partner conversion can pressure results. Because the platform is security-focused, product defects, breaches, or AI-related issues could damage trust and create liability. International exposure also brings foreign exchange, tax, export-control, and data-privacy risk, while substantial indebtedness adds financial flexibility risk.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cybersecurity incidents1Product defects and security failures3Leverage and debt service burden4Customer acquisition and expansion risk2Foreign exchange and international regulation5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cybersecurity incidentsImpact: CriticalLikelihood: Medium

    Incidents could compromise customer systems, create legal exposure, and hurt renewals.

    Exposure: Company systems and customer environments

  2. Customer acquisition and expansion riskImpact: HighLikelihood: High

    Revenue growth relies on adding new subscriptions and increasing usage by existing customers.

    Exposure: MSP and IT services provider channel

  3. Product defects and security failuresImpact: HighLikelihood: Medium

    A failure to block malware or prevent breaches could harm reputation and reduce sales.

    ExposureSecurityEndpoint managementBackup products
  4. Leverage and debt service burdenImpact: HighLikelihood: Medium

    Substantial indebtedness can constrain investment and increase sensitivity to operating volatility.

    Exposure: Capital structure

  5. Foreign exchange and international regulationImpact: MediumLikelihood: Medium

    A large share of revenue is generated outside the U.S., creating currency and compliance exposure.

    Exposure: United Kingdom and broader international markets

Accounting

Judgemental items
Revenue recognition for subscriptions

Monthly, annual, and multi-year contracts can affect when revenue is recognized and how growth appears.

Impact: Quarterly and annual revenue timing

Long-term committed contracts

These contracts can create a net positive timing effect in subscription revenue recognition.

Impact: Reported subscription growth

Goodwill and acquired intangibles

Acquisitions such as Adlumin add intangible assets and potential impairment risk.

Impact: Balance sheet values and amortization expense

Contingent consideration

Acquisition-related earnouts or deferred payments can change liabilities and earnings.

Impact: Fair value remeasurement and cash flows

Income taxes

Global income allocation, valuation allowances, and uncertain tax positions affect the effective tax rate.

Impact: Tax expense and net income

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Last updated: 24/09/2026

N-able, Inc. (NABL) Revenue, Earnings & Financials 2025 – Clarifo