# Elastic N.V. (ESTC) — Stock CV

Elastic N.V. is a $10.3B technology company. Revenue grew 16.2% over the last year, and it keeps 21¢ of every dollar of sales as profit. It trades at 27.5× earnings — in the cheapest third of its own history.

> Elastic is a software company that specializes in AI-search, observability, and security deployments. Its search division offers both traditional keyword search and vector search methods to enable more context-aware querying.

## Identity

- **Ticker**: ESTC
- **Sector**: Technology
- **Industry**: Services-Prepackaged Software
- **Headquarters**: SAN FRANCISCO, CA
- **Employees**: 3 834
- **Website**: https://www.elastic.co
- **Market cap**: $10.3B
- **Last price**: $98.51
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $1.80B
- **Net income**: $376M
- **Free cash flow**: $349M
- **P/E**: 27.5
- **Revenue growth (YoY)**: 16.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 59 |
| Growth | 20 |
| Profitability | 50 |
| Health | 18 |
| Quality | 27 |
| Moat | 35 |

## Qualifications (beginner checklist) — 7 of 10 passed

- [x] Revenue growing — +16.2% YoY
- [x] Profitable — $376M TTM
- [x] Profit growing — +440.2% YoY
- [x] Generates cash — $349M TTM
- [x] Debt under control — current ratio 1.81
- [x] Established company — $10.3B market cap
- [ ] Not printing shares — +15.9% shares over ~5y
- [ ] Proven track record — 2/8 profitable years
- [ ] Financially stable — health score 18/100
- [x] Valuation not extreme — P/E 27.5

## Experience (career milestones)

- **FY2026** — Best year on record: $368M net income
- **FY2025** — Became debt-free: cash now exceeds total debt
- **FY2024** — Turned profitable: $61.7M net income after a loss year
- **FY2023** — Revenue crossed $1B: $1.07B for the year
- **FY2021** — Positive free cash flow every year since: 6-year streak
- **2015** — The company rebranded as Elastic
- **2012** — Originally known as Elasticsearch, the company was founded in 2012 in Amsterdam, Netherlands
- **2004** — Shay Banon developed a recipe software application for his wife, who was studying at Le Cordon Bleu

## Strengths

- High gross margin (75.5%)
- Strongly profitable — 20.8% net margin
- Revenue growing 16.2% year over year
- Strong cash conversion — FCF is 19.4% of revenue

## Watch-outs

- Thin interest coverage (-84.7×)
- Loss-making in 6 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $862M | -$204M | $3.19M |
| FY2023 | $1.07B | -$236M | $33.0M |
| FY2024 | $1.27B | $61.7M | $145M |
| FY2025 | $1.48B | -$108M | $262M |
| FY2026 | $1.74B | $368M | $322M |

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Source: https://stockcv.com/ESTC — derived from company filings; may be delayed or incomplete. Information, not investment advice.