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) Beneish M-score
Elastic N.V.'s Beneish M-score for fiscal 2026 is −2.03; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.03 | 1.03 |
| FY2025 | −3.06 | (0.72) |
| FY2024 | −2.34 | 0.71 |
| FY2023 | −3.05 | (0.09) |
| FY2022 | −2.96 | 0.06 |
| FY2021 | −3.02 | (1.36) |
| FY2020 | −1.67 | 1.13 |
| FY2019 | −2.80 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.05 | — | 0.97 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index | 1.41 | — | 0.57 | |
| Sales growth index | 1.17 | — | 1.05 | |
| Depreciation index | 1.01 | — | 0.12 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | 0.01 | — | 0.06 | |
| Leverage index | 0.93 | — | −0.30 | |
| Beneish M-score | Elevated | −2.03 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CHYM Chime Financial, Inc. compare | −4.8× |
| FIG Figma, Inc. compare | −4.6× |
| IDCC InterDigital, Inc. compare | −3.3× |
| PCOR Procore Technologies, Inc. compare | −3.2× |
| FROG JFrog Ltd. compare | −3.1× |
| HUBS HubSpot, Inc. compare | −3.0× |
| BSY Bentley Systems, Incorporated compare | −2.7× |
| ESTC Elastic N.V. | −2.0× |
| PAYC Paycom Software, Inc. compare | −1.5× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI