Elastic N.V.
ESTC Technology Software Application
Elastic N.V.’s revenue for fiscal 2026 (year ended April 2026) was $1.7 billion, up 17.3% from fiscal 2025. In the quarter to July 2026, revenue grew 15.1%, EPS grew 30.4%, free cash flow grew 26.1% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Elastic N.V. (ESTC) Altman Z-score
Elastic N.V.'s Altman Z-score for fiscal 2026 is 2.07, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 2.07 | (1.49) |
| FY2025 | 3.55 | (0.62) |
| FY2024 | 4.17 | 1.99 |
| FY2023 | 2.18 | (1.16) |
| FY2022 | 3.34 | (8.28) |
| FY2021 | 11.62 | 4.64 |
| FY2020 | 6.98 | (5.19) |
| FY2019 | 12.17 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.26 | — | 0.31 | |
| Retained earnings / total assets | (0.23) | — | −0.33 | |
| EBIT / total assets | (0.01) | — | −0.04 | |
| Market value of equity / total liabilities | 2.61 | — | 1.56 | |
| Sales / total assets | 0.55 | — | 0.55 | |
| Altman Z-score | Grey zone | 2.07 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.59 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| FROG JFrog Ltd. compare | 9.7× |
| IDCC InterDigital, Inc. compare | 8.1× |
| HUBS HubSpot, Inc. compare | 7.9× |
| FIG Figma, Inc. compare | 7.4× |
| PCOR Procore Technologies, Inc. compare | 6.4× |
| CHYM Chime Financial, Inc. compare | 4.1× |
| BSY Bentley Systems, Incorporated compare | 3.6× |
| ESTC Elastic N.V. | 2.1× |
| PAYC Paycom Software, Inc. compare | 1.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets