N-able, Inc.
NABL Technology Information Technology Services
N-able, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $508.8 million, up 9.30% from fiscal 2024. In the quarter to June 2026, revenue grew 5.90%, EPS grew 150.0%, free cash flow fell 19.4% and total debt rose 18.1%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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N-able, Inc. (NABL) Altman Z-score
N-able, Inc.'s Altman Z-score for fiscal 2025 is 1.91, 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) |
|---|---|---|
| FY2025 | 1.91 | (0.54) |
| FY2024 | 2.45 | (1.52) |
| FY2023 | 3.97 | 0.81 |
| FY2022 | 3.16 | 0.11 |
| FY2021 | 3.05 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.02 | — | 0.03 | |
| Retained earnings / total assets | 0.04 | — | 0.05 | |
| EBIT / total assets | 0.02 | — | 0.08 | |
| Market value of equity / total liabilities | 2.31 | — | 1.39 | |
| Sales / total assets | 0.36 | — | 0.36 | |
| Altman Z-score | Grey zone | 1.91 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.82 | ||
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 |
|---|---|
| GDYN Grid Dynamics Holdings, Inc. compare | 7.9× |
| TASK TaskUs, Inc. compare | 3.5× |
| SHAZ SharonAI Holdings Inc. compare | 2.6× |
| BBAI BigBear.ai Holdings, Inc. compare | 2.3× |
| NABL N-able, Inc. | 1.9× |
| VYX NCR Voyix Corporation compare | 1.2× |
| VNET VNET Group, Inc. - Unsponsored ADR compare | 0.2× |
| CLVT Clarivate PLC compare | −0.5× |
| TDTH Trident Digital Tech Holdings Ltd compare | −21.3× |
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