Share count
188Mpeak FY2024
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NABL, N-able Inc.
Software asset-light
Our software platform is designed to provide end-to-end coverage across the IT environment, delivering comprehensive protection and efficient performance.
Cyberthreats are increasing in speed, sophistication, and scale, while the growth of hybrid systems, multi-cloud infrastructure, data volumes, SaaS applications, and AI-enabled processes is driving IT complexity.
Together, these capabilities enable IT and security teams to secure and optimize devices and networks, detect and respond to threats, and backup and recover their data to ensure business continuity.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$511M
+9.7% YoY · 11% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $527M 5-yr avg $424M
Revenue $134M +13.1% vs yr-ago qtr
Operating margin 9.3% yr-ago 1.5%
Net income ($615K) yr-ago ($7M)
Net margin −0.5% yr-ago −6.1%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Gross margin has run about 83% and operating margin about 13% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. Stock-based pay runs about 9.1% of sales, a real and recurring claim on owners that the GAAP margin understates. Read this kind of business on retention and the cost of growth. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median 3%, above 15% in 0 of 7 years). The steadier read is owner earnings: roughly 15% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →50% of revenue comes from outside the United States.
Revenue by geography, FY2025
- United States50%$254M
- All other international40%$205M
- United Kingdom10%$52M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2019–2025
realized figures from each filing · older years to the left| 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| $264M | $303M | $346M | $372M | $422M | $466M | $511M | $527M | RevenueRevenue |
| 78% | 79% | 85% | 84% | 84% | 83% | 77% | 77% | Gross marginGross mgn |
| 15% | 19% | 23% | 19% | 17% | 16% | 18% | 17% | SG&A / revenueSG&A/rev |
| 14% | 14% | 16% | 17% | 19% | 19% | 20% | 20% | R&D / revenueR&D/rev |
| $37M | $34M | $33M | $47M | $70M | $82M | $37M | $47M | Operating incomeOp. inc. |
| 13.9% | 11.1% | 9.6% | 12.7% | 16.7% | 17.7% | 7.2% | 9.0% | Operating marginOp. mgn |
| ($3M) | ($7M) | $113K | $17M | $23M | $31M | ($17M) | ($10M) | Net incomeNet inc. |
| — | — | — | 45% | 47% | 43% | — | — | Effective tax rateTax rate |
| Cash flow & returns | ||||||||
| $26M | $86M | $45M | $71M | $90M | $79M | $93M | $91M | Operating cash flowOp. cash |
| $54M | $56M | $34M | $24M | $22M | $26M | $44M | $45M | DepreciationDeprec. |
| ($35M) | $15M | ($18M) | ($6M) | $1M | ($23M) | $20M | $11M | Working capital & otherWC & other |
| $6M | $12M | $31M | $13M | $14M | $18M | $18M | $17M | CapexCapex |
| 2.2% | 3.9% | 8.9% | 3.5% | 3.3% | 3.8% | 3.5% | 3.1% | Capex / revenueCapex/rev |
| $20M | $74M | $15M | $59M | $76M | $62M | $75M | $74M | Owner earningsOwner earn. |
| 7.5% | 24.3% | 4.2% | 15.8% | 18.1% | 13.3% | 14.7% | 14.1% | Owner earnings marginOE mgn |
| $20M | $74M | $15M | $59M | $76M | $62M | $75M | $74M | Free cash flowFCF |
| 7.5% | 24.3% | 4.2% | 15.8% | 18.1% | 13.3% | 14.7% | 14.1% | Free cash flow marginFCF mgn |
| $15M | $0 | $0 | $9M | $0 | $99M | $0 | $0 | AcquisitionsAcquis. |
| 3% | 3% | 2% | 3% | 4% | 5% | 2% | 2% | ROICROIC |
| -0% | -1% | 0% | 3% | 3% | 4% | -2% | -1% | Return on equityROE |
| −0% | −1% | 0% | 3% | 3% | 4% | −2% | −1% | Retained to equityRetained/eq |
| Balance sheet | ||||||||
| $39M | $100M | $67M | $99M | $153M | $85M | $112M | $118M | Cash & investmentsCash+inv |
| — | $29M | $33M | $35M | $40M | $45M | $50M | $46M | ReceivablesReceiv. |
| — | $6M | $6M | $4M | $5M | $6M | $9M | $14M | Accounts payablePayables |
| — | $24M | $27M | $31M | $35M | $39M | $41M | $32M | Operating working capitalOper. WC |
| — | $136M | $121M | $154M | $225M | $184M | $216M | $211M | Current assetsCur. assets |
| — | $55M | $61M | $62M | $82M | $150M | $182M | $167M | Current liabilitiesCur. liab. |
| — | 2.5× | 2.0× | 2.5× | 2.8× | 1.2× | 1.2× | 1.3× | Current ratioCurr. ratio |
| $837M | $874M | $841M | $829M | $838M | $977M | $1.0B | $1.0B | GoodwillGoodwill |
| — | $1.1B | $1.1B | $1.1B | $1.2B | $1.3B | $1.4B | $1.4B | Total assetsAssets |
| — | $0 | $339M | $337M | $335M | $333M | $394M | $393M | Total debtDebt |
| — | ($100M) | $272M | $238M | $182M | $248M | $282M | $275M | Net debt / (cash)Net debt |
| $564M | $631M | $618M | $642M | $711M | $759M | $805M | $799M | Shareholders’ equityEquity |
| 3.3% | 7.0% | 8.5% | 9.8% | 10.3% | 9.7% | 9.1% | 8.7% | Stock comp / revenueSBC/rev |
| Per share | ||||||||
| 158M | 158M | 169M | 181M | 186M | 188M | 188M | 188M | Shares out (diluted)Shares |
| $1.67 | $1.92 | $2.05 | $2.05 | $2.27 | $2.47 | $2.72 | $2.81 | Revenue / shareRev/sh |
| $-0.02 | $-0.05 | $0.00 | $0.09 | $0.13 | $0.16 | $-0.09 | $-0.06 | EPS (diluted)EPS |
| $0.12 | $0.47 | $0.09 | $0.32 | $0.41 | $0.33 | $0.40 | $0.40 | Owner earnings / shareOE/sh |
| $0.12 | $0.47 | $0.09 | $0.32 | $0.41 | $0.33 | $0.40 | $0.40 | Free cash flow / shareFCF/sh |
| $0.04 | $0.08 | $0.18 | $0.07 | $0.07 | $0.09 | $0.10 | $0.09 | Cap. spending / shareCapex/sh |
| $3.56 | $3.99 | $3.67 | $3.54 | $3.82 | $4.03 | $4.28 | $4.26 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 6-yr | 5-yr | |
|---|---|---|
| Revenue / share | +8.5%/yr | +7.3%/yr |
| Owner earnings / share | +21.4%/yr | −3.0%/yr |
| Capital spending / share | +17.5%/yr | +5.1%/yr |
| Book value / share | +3.1%/yr | +1.4%/yr |
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Subscription Revenue+10.3%
“Subscription revenue increased $47.3 million, or 10.3%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase in subscription revenue was primarily driven by growth in sales of our data protection, security and UEM solutions, inclusive of the impact from long-term committed contracts.”
✓ figure matches the filed record
The record, charted
FY2019–2025Each measure over its full record; the current point and the worst year marked.
ROIC
2%low FY2025
Gross margin
77%low FY2025
Net debt ÷ owner earnings
3.8×peak FY2021
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$75Mowner earningsvs.($17M)net incomelow FY2021
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cashEach year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.
FY2019FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned a $17M loss into $75M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | ($17M) | $31M | $23M | $17M | $113K |
| Depreciation & amortizationnon-cash charge added back | +$44M | +$26M | +$22M | +$24M | +$34M |
| Stock-based compensationreal costnon-cash, but a real cost | +$47M | +$45M | +$44M | +$37M | +$29M |
| Working capital & othertiming of cash in and out, other non-cash items | +$20M | −$23M | +$1M | −$6M | −$18M |
| Cash from operations | $93M | $79M | $90M | $71M | $45M |
| Capital expenditurecash put back in to keep running and to grow | −$18M | −$18M | −$14M | −$13M | −$31M |
| Owner earnings | $75M | $62M | $76M | $59M | $15M |
| Owner-earnings marginowner earnings ÷ revenue | 15% | 13% | 18% | 16% | 4% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $47M), owner earnings is nearer $28M.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Will it survive?
- Interest expense not tagged in the data
What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
- How heavy is the debt, net of cash? $282M · 7.7× operating profitHeavy net debtCash $112M − debt $394M
What this means
Netting $112M of cash and short-term investments against $394M of debt leaves $282M owed, about 7.7× a year's operating profit (10.7× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- TightDSO 36 + DIO 0 − DPO 28 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)
Is it a good business?
- Below average through the cycle7-yr median, range 2%–5%; 2% latest = NOPAT $18M ÷ invested capital $1.1BIndustry peers: median -19%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 7 years (it ran 2% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Solid through the cycle7-yr median margin, range 4%–24%; latest $75M = operating cash $93M − maintenance capex $18MIndustry peers: median 3%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 15% of revenue this year, a 15% median across 7 years. Treating stock comp as the real expense it is (less $47M of SBC) leaves $28M.
- Loss, but cash-generativeNet income ($17M) · cash from operations $93M
In the filing’s words And the filing leans heavily on adjusted, non-GAAP earnings — steering you off the GAAP figure just where the cash is not backing it. Read the reconciliation in the notes before taking the adjusted number.
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.41×HarvestingCapex $18M ÷ depreciation $44M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $511M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 1.19×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · $394M vs $35M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (7-yr record) · 3 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth —Earnings +33% over the record · —
What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.07/share (latest year $-0.09), the averaged base the calculator's gate runs on, and book value is $4.27/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2019–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 4 of 7
What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 0 of 6 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin 12% → 14% (3-yr avg ends)
What this means
Through the cycle the operating margin widened — about 12% early to 14% lately, median 13% — pricing power intact or improving.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Owner earnings growth +7%/yr
What this means
Owner earnings grew about 7% a year over the record.
- Worst year 2025 · 7.2% op. margin
What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
- Share count +2.9%/yr
What this means
The share count is rising, dilution works against you on a per-share basis.
Does AI threaten the moat?
Elevated contestabilityThe product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.
In its own filing A competitive risk, new this year
Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“Our competitors or other third parties may adopt or deploy AI technologies more quickly, effectively, or efficiently than we do, which could impair our ability to compete and adversely affect our business, reputation, or financial results.”
AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$211M
- Cash & short-term investments$118M
- Receivables$46M
- Other current assets$47M
Current liabilities$167M
- Debt due within a year$4M
- Accounts payable$14M
- Other current liabilities$150M
Current ratio1.26×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.26×stricter: inventory excluded
Cash ratio0.70×strictest: cash alone against what's due
Working capital$44Mthe cushion left after near-term bills
Debt due this year vs. cash$4M due · $118M cash
covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet
Revenue, latest quarter vs. a year ago+13.1%the freshest read on whether the business is still growing
Current ratio, recent quarters3.0× → 1.3×
Deeper floors
Tangible book value($276M)equity stripped of goodwill & intangibles
Net current asset value($386M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$436M$43M of it operating leases
Deferred revenue$22Mcustomer cash collected before delivery; operating float
From the company's latest filing.
How the cash was used, 2019–2025
Over the record, the business generated $491M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.
- Reinvested$111M · 23%
- Retained (debt / cash)$380M · 77%
- Net change in share count18.6%
The diluted count rose from 158M to 188M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
- Return on what it retained79%
Of the earnings it kept rather than paid out ($44M over the span), annual owner earnings (first three years vs last three) grew $35M, so each retained $1 added about 0.79 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Acquisitions & goodwill
from the balance sheet & the 7-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$1.1B77% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equityexceeds itgoodwill alone is larger than the company’s entire book equity; stripped of the acquisition premium, there is no net book worth
Cash spent acquiring$123Mover 7 years buying other businesses, against $111M of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 7-year record, from the company's own filings.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2021 | (1) | $9.5M | $7.9M | $15M |
| 2022 | (1) | $6.3M | $4.8M | $59M |
| 2023 | (1) | $6.2M | $13.7M | $76M |
| 2024 | (1) | $6.4M | $1.1M | $62M |
| 2025 | (1) | $7.7M | $4.2M | $75M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- CEO pay ratio91:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
- Stock-based compensation$47M
The slice of the business handed to employees in shares this year, 9% of revenue, equal to 127% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Inverting the record
Invert: instead of why N-able Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2019–2025.
1 of the 3 tests turned up something to look into; the other 2 came back clean.
- Look hereDid the share count rise anyway?18.6%
Diluted shares grew 18.6% over 2019–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.
And these came back clean
- Is it less profitable than it was?
- Did reported profit become cash?
Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition, Income taxes, Acquisitions, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Software
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| NCNOnCino | $595M | 59% | -20.4% | -6% | 2% |
| BBBlackBerry Limited | $549M | 72% | 0.1% | 0% | 3% |
| FROGJFrog | $532M | 79% | -21.4% | -10% | 14% |
| NABLN-able Inc. | $511M | 83% | 12.7% | 3% | 15% |
| INTAIntapp | $504M | 67% | -9.8% | -23% | 6% |
| PDPagerDuty | $493M | 84% | -33.4% | -24% | 3% |
| SPTSprout Social Inc | $458M | 76% | -20.6% | -52% | 2% |
| XPERXperi Inc. Common Stock | $448M | — | -29.1% | -19% | -7% |
| Group median | — | 76% | -20.5% | -14% | 3% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what N-able Inc. has delivered.
$
Through the cycle, N-able Inc. earns about $75M on its 14.7% median owner-earnings margin. This year’s 14.7% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’21→’25+17%/yr
Owner-earnings growth · ’19→’25+7%/yr
Owner-earnings growth · ’19→’25+7%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $74M on 188M shares outstanding, per the 10-Q cover, as of 2026-05-04; net debt $275M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "N-able Inc. (NABL), the owner's record," https://ownerscorecard.com/c/NABL, data as of 2026-07-09.
Manual order: ← MZTI its page in the Manual NAMS →
Industry order: ← MTLS the Software chapter NAVN →