Elastic N.V.

ESTC
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$450M
Q3 FY2026 · +18% YoY

Financial Snapshot


ticker: ESTC step: 04 generated: 2026-05-13 source: quick-research

Elastic N.V. (ESTC) — Financial Snapshot

Note: Elastic's fiscal year ends April 30. FY2025 = May 2024 – April 2025.

Income Statement Summary

Metric FY2023 FY2024 FY2025 YoY
Revenue $1.069B ~$1.27B $1.483B +17%
Gross Margin ~73% ~74% ~74% stable
GAAP Operating Margin ~-27% ~-15% ~-8% improving
Non-GAAP Operating Margin ~12% ~18% ~22% improving rapidly
GAAP Net Income ~-$0.3B ~-$0.2B ~-$0.12B improving

Q1 FY2026 (ended July 2025): Revenue $415.3M (+20% YoY, re-accelerating). Gross margin ~75%. Operating margin up 9+ points YoY. FCF margin surpassed 20% in recent quarters. Elastic Cloud now >50% of revenue, growing 22%+ YoY. 1,510 customers with $100K+ ACV.

Cash Flow & Balance Sheet (FY2025)

Metric Value
Operating Cash Flow ~$250–280M
Free Cash Flow ~$230–260M (~15–18% FCF margin)
Capital Expenditures ~$25M
Cash & Equivalents ~$1.0B
Total Debt ~$575M (convertible notes)

Net cash positive. FCF trajectory improving rapidly — from near-zero (FY2022) to ~18% margins (FY2025), reflecting SaaS operating leverage. Q1 FY2026 FCF: $64M on $415M revenue (15%). Non-GAAP operating margins have expanded 10+ points in 2 years — approaching 20%+ on a sustainable basis. GAAP losses narrowing rapidly as SBC (~15% of revenue) stays flat while revenue scales.

Key Ratios (approximate)

  • P/E: ~35–45x (non-GAAP FY2026E) | EV/Sales: ~4–5x | FCF Yield: ~3.5%
  • Revenue Growth (TTM): ~17–20% | Non-GAAP Operating Margin: ~22%

Growth Profile

Elastic grew from $1.07B (FY2023) to $1.48B (FY2025) — 39% in 2 years — with growth decelerating from 24% (FY2023) to 17% (FY2025) before re-accelerating to 20% in Q1 FY2026. The re-acceleration is driven by Elastic Cloud growth and Vector Search adoption by AI application developers. FCF margin expansion from near-zero to 18%+ is the key financial story — demonstrating that Elastic's business model has inherent operating leverage as the installed base scales.

Forward Estimates

  • FY2026: Revenue ~$1.7–1.8B (+15–20% YoY); Elastic Cloud growth 22–25%
  • Non-GAAP EPS: improving toward $3–4/share as margins expand
  • FCF margin: targeting 20–25% as non-GAAP operating margin reaches 22–25%
  • Analyst median PT: $106.50 (range $75–119; 39 analysts, Strong Buy consensus)
  • Implied upside: ~72% from ~$62 stock price

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $ESTC.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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