Detailed financial statements for Elastic N.V. (ESTC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Elastic N.V., a company specializing in search technologies, furnishes advanced solutions engineered to operate across public, private, and multi-cloud environments. Its flagship offering is the Elastic Stack, a comprehensive software suite designed to acquire, store, search, analyze, and visually present data from a multitude of sources and formats.
Analysis Summary
Elastic N.V. reported revenue of $1.74B in the most recent fiscal year, growing at a 5-year CAGR of 23.4%.
Trailing-twelve-month margins: gross margin 75.5%, operating margin -1.5%, net margin 20.8%. Free cash flow grew at 77.4% CAGR over 5 years.
Balance sheet quality for ESTC: current ratio of 1.6, net cash position of $780.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $321.8M represents 88% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | $88.2M | $159.9M | $271.7M | $427.6M | $608.5M | $862.4M | $1.07B | $1.27B | $1.48B | $1.74B |
| Cost of Revenue | $19.8M | $40.7M | $78.0M | $122.7M | $161.1M | $232.2M | $296.6M | $330.1M | $379.9M | $416.3M |
| Gross Profit | $68.3M | $119.2M | $193.6M | $304.9M | $447.4M | $630.2M | $772.4M | $937.2M | $1.10B | $1.32B |
| Research & Development | $32.6M | $55.6M | $101.2M | $165.4M | $199.2M | $273.8M | $313.5M | $342.0M | $365.8M | $451.9M |
| Selling, General & Admin | $82.9M | $111.5M | $193.8M | $310.7M | $377.7M | $530.1M | $646.8M | $720.3M | $792.4M | $904.6M |
| Operating Expenses | $115.5M | $167.2M | $295.0M | $476.0M | $576.9M | $803.9M | $991.5M | $1.07B | $1.16B | $1.36B |
| Operating Income | -$47.2M | -$48.0M | -$101.4M | -$171.1M | -$129.5M | -$173.7M | -$219.2M | -$129.9M | -$54.9M | -$33.5M |
| EBITDA | -$44.0M | -$42.9M | -$95.7M | -$156.3M | -$104.3M | -$157.3M | -$171.5M | -$78.6M | $6.1M | $34.7M |
| Interest Expense | 0 | 0 | 0 | 0 | $185000 | $20.7M | $25.2M | $26.1M | $25.3M | $25.1M |
| Pre-tax Income | -$47.8M | -$49.4M | -$97.9M | -$169.1M | -$121.7M | -$197.8M | -$216.9M | -$122.8M | -$31.6M | -$2.3M |
| Income Tax | $4.2M | $3.4M | $4.4M | -$2.0M | $7.7M | $6.1M | $19.3M | -$184.5M | $76.5M | -$370.1M |
| Net Income | -$52.0M | -$52.7M | -$102.3M | -$167.2M | -$129.4M | -$203.8M | -$236.2M | $61.7M | -$108.1M | $367.8M |
| EPS | $-0.84 | $-0.85 | $-1.86 | $-2.12 | $-1.48 | $-2.20 | $-2.47 | $0.62 | $-1.04 | $3.49 |
| EPS (Diluted) | $-0.84 | $-0.85 | $-1.86 | $-2.12 | $-1.48 | $-2.20 | $-2.47 | $0.59 | $-1.04 | $3.43 |
| Shares Outstanding (Diluted) | $61.9M | $61.9M | $54.9M | $78.8M | $87.2M | $92.5M | $95.7M | $104.0M | $103.7M | $107.2M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Revenue | $423.5M | $449.9M | $450.7M | $478.1M |
| Gross Profit | $321.5M | $343.4M | $339.6M | $356.2M |
| Operating Income | -$8.2M | $611000 | -$16.4M | -$2.9M |
| EBITDA | $10.5M | $53.3M | -$303000 | $459000 |
| Net Income | -$51.3M | $7.8M | $435.9M | -$16.7M |
| EPS | $-0.48 | $0.07 | $4.18 | $-0.16 |
| EPS (Diluted) | $-0.48 | $0.07 | $4.14 | $-0.16 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $59.6M | $50.9M | $298.0M | $297.1M | $400.8M | $860.9M | $644.2M | $540.4M | $727.5M | $770.5M |
| Short-term Investments | $15.0M | 0 | 0 | 0 | 0 | 0 | $271.0M | $544.0M | $669.7M | $601.5M |
| Receivables | $30.1M | $53.2M | $81.3M | $128.7M | $160.4M | $215.2M | $260.9M | $323.0M | $375.6M | $464.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $120.6M | $132.2M | $429.6M | $480.2M | $637.2M | $1.16B | $1.27B | $1.53B | $1.93B | $1.92B |
| Property, Plant & Equipment | $4.6M | $4.5M | $5.4M | $40.5M | $34.3M | $32.6M | $25.1M | $26.0M | $28.9M | $27.2M |
| Goodwill | $12.1M | $19.2M | $19.8M | $197.9M | $198.9M | $303.9M | $303.6M | $319.4M | $319.4M | $356.4M |
| Intangible Assets | $2.7M | $8.3M | $6.7M | $50.5M | $36.3M | $45.8M | $29.1M | $20.6M | $11.4M | $13.1M |
| Total Assets | $144.3M | $183.0M | $485.7M | $803.9M | $973.2M | $1.64B | $1.74B | $2.24B | $2.59B | $3.15B |
| Accounts Payable | $1.8M | $2.2M | $4.5M | $11.5M | $7.2M | $28.4M | $35.2M | $26.1M | $17.1M | $8.6M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $6.5M |
| Total Current Liabilities | $63.7M | $125.1M | $203.6M | $333.1M | $450.0M | $593.3M | $716.6M | $871.1M | $1.01B | $1.20B |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | $566.5M | $567.5M | $568.6M | $569.7M | $570.9M |
| Total Liabilities | $272.9M | $336.5M | $222.7M | $390.3M | $522.3M | $1.23B | $1.34B | $1.50B | $1.67B | $1.88B |
| Retained Earnings | -$162.0M | -$214.8M | -$317.1M | -$484.3M | -$613.3M | -$817.2M | -$1.05B | -$991.6M | -$1.10B | -$732.0M |
| Total Equity | -$128.5M | -$153.5M | $263.0M | $413.6M | $450.8M | $415.4M | $398.9M | $738.2M | $927.2M | $1.28B |
| Total Debt | 0 | 0 | 0 | $35.5M | $28.2M | $594.2M | $594.2M | $593.7M | $595.0M | $591.6M |
| Net Debt | -$74.6M | -$50.9M | -$298.0M | -$261.6M | -$372.6M | -$266.7M | -$321.0M | -$490.7M | -$802.2M | -$780.5M |
| Working Capital | $56.9M | $7.1M | $226.1M | $147.2M | $187.2M | $570.4M | $557.7M | $659.8M | $922.8M | $711.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Cash & Equivalents | $804.1M | $740.9M | $770.5M | $879.9M |
| Total Assets | $2.48B | $2.44B | $3.15B | $3.00B |
| Total Liabilities | $1.59B | $1.65B | $1.88B | $1.71B |
| Total Equity | $891.1M | $791.0M | $1.28B | $1.30B |
| Total Debt | $590.7M | $591.7M | $591.6M | $595.8M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | -$52.0M | -$52.7M | -$102.3M | -$167.2M | -$129.4M | -$203.8M | -$236.2M | $61.7M | -$108.1M | $435.9M |
| Depreciation & Amortization | $3.1M | $5.1M | $5.7M | $12.9M | $17.2M | $19.7M | $20.2M | $18.0M | $12.3M | $11.8M |
| Stock-based Compensation | $18.9M | $12.7M | $39.9M | $60.0M | $93.7M | $140.6M | $204.0M | $239.1M | $257.8M | $298.4M |
| Change in Working Capital | $4.7M | $1.7M | $7.7M | $19.6M | $1.8M | -$20.6M | -$35.4M | -$36.6M | -$56.2M | -$71.1M |
| Operating Cash Flow | -$16.1M | -$20.8M | -$23.9M | -$30.6M | $22.5M | $5.7M | $35.7M | $148.8M | $266.2M | $326.9M |
| Capital Expenditure | -$843000 | -$3.0M | -$3.4M | -$5.1M | -$4.2M | -$7.4M | -$2.7M | -$3.5M | -$4.3M | -$5.1M |
| Acquisitions | -$4.5M | -$3.7M | -$2.0M | -$24.4M | 0 | -$119.9M | 0 | -$19.1M | 0 | -$36.8M |
| Stock Repurchased | -$25000 | -$344000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$340.1M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$16.9M | -$23.8M | -$27.4M | -$35.6M | $18.3M | -$1.7M | $33.0M | $145.3M | $261.8M | $321.8M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Operating Cash Flow | $26.6M | $42.7M | $152.7M | $132.0M |
| Capital Expenditure | -$605000 | -$936000 | -$2.9M | -$590000 |
| Free Cash Flow | $26.0M | $41.8M | $149.8M | $131.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $72.9M | $78.1M | $77.5M | $74.8M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue Growth (YoY) | | +81.4% | +69.9% | +57.4% | +42.3% | +41.7% | +24.0% | +18.6% | +17.0% | +17.3% |
| Net Income Growth (YoY) | | -1.5% | -94.0% | -63.4% | +22.6% | -57.5% | -15.9% | +126.1% | -275.2% | +440.2% |
| EPS Growth (YoY) | | -1.2% | -118.8% | -14.0% | +30.2% | -48.6% | -12.3% | +125.1% | -267.7% | +435.6% |
| Shares Change (YoY) | | +0.0% | -11.3% | +43.6% | +10.7% | +6.1% | +3.4% | +8.6% | -0.3% | +3.4% |
| FCF Growth (YoY) | | -40.3% | -15.1% | -30.1% | +151.4% | -109.5% | +1989.9% | +340.6% | +80.2% | +22.9% |
| Gross Margin | 77.5% | 74.5% | 71.3% | 71.3% | 73.5% | 73.1% | 72.3% | 74.0% | 74.4% | 76.1% |
| Operating Margin | -53.5% | -30.0% | -37.3% | -40.0% | -21.3% | -20.1% | -20.5% | -10.3% | -3.7% | -1.9% |
| EBITDA Margin | -49.9% | -26.8% | -35.2% | -36.5% | -17.1% | -18.2% | -16.0% | -6.2% | 0.4% | 2.0% |
| Net Margin | -58.9% | -33.0% | -37.7% | -39.1% | -21.3% | -23.6% | -22.1% | 4.9% | -7.3% | 21.1% |
| FCF Margin | -19.2% | -14.9% | -10.1% | -8.3% | 3.0% | -0.2% | 3.1% | 11.5% | 17.7% | 18.5% |
| Effective Tax Rate | -8.8% | -6.8% | -4.5% | 1.2% | -6.3% | -3.1% | -8.9% | 150.3% | -242.5% | 16082.9% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | $-0.27 | $-0.38 | $-0.50 | $-0.45 | $0.21 | $-0.02 | $0.34 | $1.40 | $2.53 | $3.00 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $61.9M | $61.9M | $54.9M | $78.8M | $87.2M | $92.5M | $95.7M | $99.6M | $103.7M | $105.3M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Gross Margin | 75.50% |
| Operating Margin | -1.49% |
| Net Margin | 20.84% |
Financial Health
| Debt / Equity | 0.46 |
| Current Ratio | 1.81 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | -83.33 | -82.35 | -45.99 | -30.25 | -81.50 | -34.61 | -22.86 | 164.87 | -82.88 | 13.30 |
| P/B | -33.72 | -28.23 | 17.86 | 12.22 | 23.33 | 16.96 | 13.55 | 13.80 | 9.64 | 3.83 |
| P/S | 49.15 | 27.10 | 17.29 | 11.82 | 17.29 | 8.17 | 5.06 | 8.04 | 6.02 | 2.81 |
| Gross Margin | 77.5% | 74.5% | 71.3% | 71.3% | 73.5% | 73.1% | 72.3% | 74.0% | 74.4% | 76.1% |
| Operating Margin | -53.5% | -30.0% | -37.3% | -40.0% | -21.3% | -20.1% | -20.5% | -10.3% | -3.7% | -1.9% |
| Net Margin | -58.9% | -33.0% | -37.7% | -39.1% | -21.3% | -23.6% | -22.1% | 4.9% | -7.3% | 21.1% |