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Elastic N.V. (ESTC) USD

Provides search, observability, and security software built on Elasticsearch.

At a glance: strengths & risks
✓Revenue growing (+15% y/y, Q1 2026)✓Net cash balance sheet✗Margins compressing (-2%→-5%, Q1 2026)

Sector: United States — large cap (SEC filings)

US_ESTC

Price chart

102.43 USDDay 4.30%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
102.43 USD · 4.30%
Market cap
10.7 bn USD

Growth

Δ revenue y/y
15.1%
Δ EBITDA y/y
—

Multiples

P/E (LTM)
28.6x
P/B (FY)
8.4x
P/E (ann.)
<0
EV/EBITDA (LTM)
—
EV/EBITDA (ann.)
<0

Cash return

Dividend yield
—
FCF yield (LTM)
2.9%

Value creation

fundamental value/yr, % of market cap
Value created / year
+6.2%
↓ details

Liquidity

Daily turnover (US listing)
216.2 mln USD

Shares: yahoo_fundamentals_timeseries/ESTC

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-07-31Q3 2026 (3M)OK478.1
y/y 15.1%
-23.6
y/y —
0.7
y/y -69.2%
-22.9
y/y —
-16.7
y/y —
132.0-0.63001.9
y/y 18.9%
1296.8
y/y 33.5%
-5.2%-1446.4SEC EDGAR
2026-04-30Q2 2026 (3M)OK450.7
y/y 16.0%
-16.4
y/y -36.5%
3.2
y/y 36.0%
-13.2
y/y -36.7%
435.9
y/y 2761.0%
152.7-2.93152.7
y/y 21.6%
1276.5
y/y 37.7%
35.6%-778.7Link
2026-01-31Q1 2026 (3M)OK449.9
y/y 17.7%
0.6
y/y —
3.4
y/y 49.2%
4.0
y/y —
7.8
y/y —
42.7-0.92438.4
y/y 4.6%
791.0
y/y -7.9%
1.2%-656.4Link
2025-10-31Q4 2025 (3M)OK423.5
y/y 15.9%
-8.2
y/y —
3.0
y/y -16.3%
-5.3
y/y —
-51.3
y/y —
26.6-28.92476.6
y/y 11.0%
891.1
y/y 9.8%
-22.0%-805.4Link
2025-07-31Q3 2025 (3M)OK415.3
y/y 19.5%
-9.4
y/y —
2.3
y/y -45.5%
-7.2
y/y —
-24.6
y/y —
104.8-9.12524.0
y/y 17.4%
971.4
y/y 27.9%
-10.4%-900.2Link
2025-04-30Q2 2025 (3M)OK388.4
y/y 16.0%
-12.0
y/y 73.7%
2.3
y/y -43.5%
-9.7
y/y 76.7%
-16.4
y/y 60.1%
87.0-2.12592.9
y/y 15.6%
927.2
y/y 25.6%
-12.1%-802.2Link
2025-01-31Q1 2025 (3M)OK382.1
y/y 16.5%
-4.6
y/y —
2.3
y/y -44.3%
-2.4
y/y —
-17.1
y/y -109.7%
88.1-0.82330.1
y/y 13.2%
859.1
y/y 21.4%
-2.7%3.7Link
2024-10-31Q4 2024 (3M)OK365.4
y/y 17.6%
-4.4
y/y —
3.5
y/y -26.2%
-0.9
y/y —
-25.4
y/y —
38.4-0.72231.5
y/y 26.9%
811.5
y/y 78.3%
-13.0%-69.2Link
2024-07-31Q3 2024 (3M)OK347.4
y/y 18.3%
-33.8
y/y —
4.2
y/y -16.6%
-29.7
y/y —
-49.2
y/y —
52.8-0.72150.5
y/y 26.4%
759.4
y/y 84.4%
-26.3%-29.4Link
2024-04-30Q2 2024 (3M)OK335.0
y/y —
-45.7
y/y —
4.1
y/y —
-41.6
y/y —
-41.1
y/y —
60.9-19.92242.6
y/y 28.6%
738.2
y/y 85.1%
8.5%-490.7Link
2024-01-31Q1 2024 (3M)OK328.0
y/y 19.4%
-26.4
y/y —
4.1
y/y -20.0%
-22.3
y/y —
176.1
y/y —
52.4-1.12058.9
y/y 26.5%
707.8
y/y 83.9%
40.4%69.5Link
2023-10-31Q4 2023 (3M)OK310.6
y/y —
-21.5
y/y —
4.8
y/y —
-16.8
y/y —
-24.8
y/y —
-2.4-0.91757.8
y/y —
455.1
y/y —
-22.9%2.1Link
2023-07-31Q3 2023 (3M)OK293.8
y/y —
-36.2
y/y —
5.0
y/y —
-31.2
y/y —
-48.5
y/y —
37.8-0.61701.4
y/y —
411.7
y/y —
-47.1%-39.1Link
2023-06-30Q2 2023 (3M)PARTIAL293.8
y/y —
-36.2
y/y —
—
y/y —
-36.2
y/y —
-48.5
y/y —
37.8-0.61701.4
y/y —
411.7
y/y —
-47.9%≈ -49.9SEC EDGAR
2023-04-30FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——1743.5
y/y —
398.9
y/y —
-60.3%-49.9Link
2023-01-31Q1 2023 (3M)OK274.6
y/y —
-69.3
y/y —
5.1
y/y —
-64.2
y/y —
-72.6
y/y —
7.2-0.21628.0
y/y —
385.0
y/y —
—-280.8Link

Net debt structure (leases included, IFRS 16) 2026-07-31

Short-term debt (incl. ST leases)6
Long-term debt (incl. LT leases)590
− Cash & equivalents1 461
Net debt-865

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-50005001 0001 5002 0002023 q22024 FY2025 FY2026 FY

Year-over-year change

0%5%10%15%20%2023 q22024 FY2025 FY2026 FY

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) ($ mln)

-200-10001002003004002023 H12023 H22024 FY2025 FY2026 FY

Net debt / cash ($ mln)

-1 000-800-600-400-20002023 H12023 FY2024 FY2025 FY2026 FY

Profit and cash

Worth a look
In a typical year of 2022–2026 operating cash flow came to 1.65x of reported net profit; after capex, 1.61x. Loss years (2022, 2023, 2025) are left out of the ratio.
year20222023202420252026
cash flow / profit——2.41x—0.89x
accruals, % of assets-12.8%-15.6%-3.9%-14.4%1.3%
Last twelve months (to 2026-07-31): 0.94x of profit came back as operating cash flow.
EBIT covers interest -1.3x · capex 0.2x of depreciation · share count +3.8% a year
● Capex is 22% of depreciation - the asset base is being consumed faster than replaced.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +3.2%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-07-31 vs 2025-07-31)
= (-23 − -7) × 4.00
-63
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (10 730 + -1 446) ÷ -37
0.0x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (0.0 + 12) ÷ 2
6.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 546 + 0 + 300 − 0
846
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 1.2% × 10 730
−127
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-63 × 6.0 + 846 − 127) ÷ 10 730
+3.2%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • negative LTM EBITDA — value destruction
  • share-count dilution 1.2%/yr (valued at market: -127)

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +17% vs +17% the year before — a +0.2 pp move. 3-year CAGR +18%.
revenue growth by year: 2024 +19% · 2025 +17% · 2026 +17%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Elastic N.V. (ESTC) — from primary filings.

Frequently asked questions

What is Elastic N.V. (ESTC)'s P/E ratio?
Elastic N.V. (ESTC) trades at a P/E of 28.6x (price to trailing 12-month earnings).
What is Elastic N.V. (ESTC)'s P/B ratio?
Elastic N.V. (ESTC) trades at a P/B of 8.4x.
What is Elastic N.V. (ESTC)'s return on equity (ROE)?
Elastic N.V. (ESTC)'s ROE is -5.2%.
What is Elastic N.V. (ESTC)'s market capitalization?
Elastic N.V. (ESTC)'s market cap is 10.7 bn USD.

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