핵심 요약

1. 엔에이블(NABL)은 2025년 4분기 매출 1억3,000만달러(전년 대비 +12%, 고정환율 +9%)를 기록해 회사 가이던스 상단을 300만달러 상회했고, 연간 매출은 5억1,100만달러(전년 대비 +10%)로 마감했습니다.
2. 수익성은 조정 EBITDA 기준 4분기 3,900만달러, 연간 1억5,300만달러로 분기·연간 모두 30% 마진을 유지했지만, 총마진은 4분기 80%(전년 82%), 연간 81%(전년 84%)로 하락했습니다.
3. 경영진은 AI를 핵심 성장축으로 제시하며 보안운영 자동화율 90%(전년 70%), 데이터보호 ARR 2억달러 돌파, Adlumin 통합 성과 및 2026년 1분기 매출 1억3,100만~1억3,200만달러 가이던스를 제시했습니다.

도입

사이버보안·IT 운영 소프트웨어 기업인 엔에이블(NABL)의 이번 4분기 실적 발표는 단순한 분기 실적 점검을 넘어, 성장률과 수익성의 동시 관리가 가능한지에 대한 시장의 질문에 대한 답변으로 읽힙니다. 회사는 2025년 말 기준 연간 반복매출(ARR) 5억4,000만달러를 제시했고, 매출 성장과 조정 EBITDA 30% 마진을 동시에 유지했다는 점을 전면에 내세웠습니다.

동시에 이번 콜의 핵심은 숫자 자체보다도 성장의 질입니다. 고액 ARR 고객 비중 확대, Adlumin 인수 후 통합 성과, MSP 중심에서 VAR 채널로의 확장, 그리고 AI 기능의 실제 제품 내 전개 속도가 맞물리며 2026년의 매출·마진 궤적을 좌우할 가능성이 커졌기 때문입니다.

특히 보안 업종에서는 AI가 경쟁우위를 약화할 수 있다는 우려와, 반대로 대응 자동화를 통해 격차를 더 벌릴 수 있다는 기대가 공존합니다. 엔에이블 경영진은 이번 콜에서 AI가 해자를 약화시키기보다 확대한다고 명확히 주장했고, 관련 운영 지표를 제시하며 그 논리를 뒷받침했습니다.

실적의 질: 성장률 유지와 마진 방어의 동시 달성

4분기 실적만 놓고 보면 회사의 실행력은 분명합니다. 매출 1억3,000만달러는 가이던스 상단 대비 300만달러 초과였고, 구독 매출이 1억2,900만달러로 사실상 전체 매출을 견인했습니다. 연간 기준으로도 총매출 5억1,100만달러, 구독 매출 5억600만달러를 기록해 구독형 비즈니스의 일관성을 재확인했습니다. 지역적으로는 북미 외 매출 비중이 분기·연간 모두 약 45%로 유지돼 특정 지역 편중이 과도하지 않다는 점도 확인됩니다.

다만 수익성의 세부 항목은 엇갈립니다. 조정 EBITDA 마진은 30%로 방어했지만, 총마진은 분기 80%, 연간 81%로 전년 대비 하락했습니다. 이는 비용구조 변화나 제품 믹스, 인수 통합 영향 등을 점검해야 하는 신호입니다. 그럼에도 비레버드 잉여현금흐름이 4분기 2,800만달러, 연간 1억100만달러를 기록한 점은 현금 창출력이 여전히 견조하다는 근거가 됩니다.

고객구조 업그레이드가 보여주는 질적 개선

ARR 5만달러 이상 고객 수가 2,671개로 전년 대비 약 14% 증가했고, 이들의 ARR 기여도는 61%로 1년 전 57%에서 상승했습니다. 회사가 제시한 2021년 분사 당시 46%와 비교하면 고가치 고객 중심 구조로 빠르게 재편된 셈입니다.

이 고객군의 유지율이 회사 평균 대비 2~3%포인트 높다는 경영진 설명은 중요합니다. 단순히 신규고객을 늘리는 성장보다, 고착성이 높은 고객 비중 확대로 변동성을 낮추는 성장으로 해석할 수 있기 때문입니다. 달러기준 순매출 유지율(NRR)이 103%(고정환율 102%)를 기록한 점도 같은 맥락에서 방어력을 보여줍니다.

AI 전략의 실체: ‘기능 추가’에서 ‘운영 자동화’ 단계로

경영진은 AI를 “SaaS 기록 시스템 + AI 실행 시스템”의 결합으로 설명했습니다. 핵심은 챗봇형 부가 기능이 아니라, 운영 프로세스의 자동화율을 높여 고객의 인력 부담과 대응 시간을 낮추는 구조로 보입니다. 유니파이드 엔드포인트 관리(UEM) 영역의 AI 워크플로우 보조 기능인 N-zo를 제한적 프리뷰로 고객에게 제공하고, 유사 에이전트를 제품군 전반으로 확장하겠다는 계획도 같은 방향입니다.

보안 운영 부문에서 AI가 식별 위협의 90%를 자동 처리한다는 수치는 이번 콜의 핵심 KPI입니다. 전년 70%에서 20%포인트 상승했다는 점은, AI 도입이 단순 마케팅이 아니라 운영 성과로 이어지고 있음을 시사합니다. 여기에 사이버 워런티 프로그램을 결합한 것은 도입 초기 리스크를 낮춰 전환 장벽을 완화하려는 상업적 설계로 해석됩니다.

데이터보호 사업의 ARR 2억달러 돌파도 의미가 큽니다. 회사는 1만4,000개 데이터보호 고객 기반에서 DRaaS와 Google Workspace 워크로드 커버리지라는 ‘과금 가능한’ 신규 기능을 예고했습니다. 이는 기존 고객 기반 내 ARPU 확대와 번들링 강화 가능성을 높이는 카드입니다.

Adlumin 통합·채널 다변화·자본정책: 2026년 변수 점검

Adlumin 인수(2024년 11월 20일)는 2025년 4분기에 온기 반영됐고, 경영진은 기존 MSP 고객 대상 교차판매가 인수 계획 대비 앞서 있다고 밝혔습니다. 특히 기회 파이프라인의 70~75%가 그린필드라는 설명은 단순 내부 전환이 아니라 신규 수요 포착이 포함됐다는 신호로 볼 수 있습니다.

채널 측면에서는 MSP 중심 구조에 더해 VAR 채널 확장이 진행 중입니다. 회사는 현장 영업과 채널 계정 인력 투자를 강조했고, UEM에서 특히 강한 반응을 언급했습니다. 이는 제품 포트폴리오의 판매 경로를 다변화해 성장의 단일 리스크를 낮추려는 전략으로 읽힙니다.

재무구조도 공격적 확장과 방어의 균형을 노린 모습입니다. 연말 현금 약 1억1,200만달러, 대출 원금 약 4억달러, 순레버리지 약 1.9배를 제시했고, 4분기 리파이낸싱으로 약정 한도를 3억3,600만달러에서 4억달러로 확대했습니다. 회사는 자사주 매입과 M&A를 동시에 검토할 수 있는 유연성을 강조했고, 연간 3,000만달러 자사주 매입도 집행했습니다.

결론

이번 실적 발표의 본질은 엔에이블(NABL)이 성장률 둔화 압력 구간에서도 구조적 성장 동력을 유지하고 있다는 점입니다. 2025년 매출·ARR·조정 EBITDA의 동시 개선, 고액 ARR 고객 비중 상승, NRR 100% 초반 유지가 이를 뒷받침합니다. 특히 AI의 상용화가 제품 데모를 넘어 보안 운영 자동화율 개선으로 연결된 점은 긍정적입니다.

다만 투자 판단에서는 총마진 하락 추세와 인수 통합 이후의 성장 기저 변화, 2026년 1분기 가이던스(매출 1억3,100만1억3,200만달러, 조정 EBITDA 3,550만3,650만달러)가 시사하는 단기 속도 조절 가능성을 함께 봐야 합니다. 회사가 제시한 ‘AI 해자 확대’ 논리가 유지되려면 자동화 성과가 해지율·업셀 지표 개선으로 계속 이어지는지가 핵심 검증 포인트입니다.

종합하면 엔에이블은 2026년에 AI 기반 보안운영 + 데이터보호 확장 + 채널 다변화라는 3축 전략으로 진입하고 있습니다. 향후 관전 포인트는 Adlumin 교차판매의 지속성, DRaaS 및 Google Workspace 커버리지의 매출 기여 시점, 그리고 마진 방어와 주주환원·M&A 간 자본배분 균형입니다.

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원문 링크: https://www.marketbeat.com/instant-alerts/n-able-q4-earnings-call-highlights-2026-02-23/?utm_source=yahoofinance&utm_medium=yahoofinance&.tsrc=rss

N-able Q4 Earnings Call Highlights

N-able NYSE: NABL executives said the company exited fiscal 2025 with “momentum,” pointing to steady growth, expanding profitability, and progress integrating AI across its cybersecurity platform, according to management’s prepared remarks and Q&A on the company’s fourth-quarter 2025 earnings call. Get N-able alerts: Sign Up Fourth-quarter and full-year performance President and CEO John Pagliuca said fourth-quarter and full-year 2025 revenue grew 9% year-over-year in constant currency, and the company exited 2025 with annual recurring revenue (ARR) of $540 million, up 8% in constant currency. He added that adjusted EBITDA was $39 million in the fourth quarter and $153 million for the full year, with both periods reflecting a 30% adjusted EBITDA margin. EVP and CFO Tim O’Brien provided additional detail, stating that fourth-quarter total revenue was $130 million, which he said was $3 million above the high end of guidance, and represented about 12% year-over-year growth on a reported basis and 9% on a constant-currency basis. Subscription revenue was $129 million in the quarter. For the full year, O’Brien said N-able finished ahead of its outlook with total revenue of $511 million, up 10% reported and 9% in constant currency, while subscription revenue was $506 million, also up about 10% reported and 9% in constant currency. He noted that approximately 45% of revenue came from outside North America in both the quarter and the full year. On profitability, O’Brien said fourth-quarter gross margin was 80% versus 82% in the prior-year period, and full-year gross margin was 81% versus 84% in 2024. Unlevered free cash flow was $28 million in the fourth quarter and $101 million for the full year. Customer metrics and upmarket momentum O’Brien said the company ended the quarter with 2,671 customers contributing $50,000 or more of ARR, up about 14% year over year. He said those customers represented about 61% of total ARR, up from roughly 57% a year ago, and compared that mix to 46% at the time of N-able’s 2021 spinoff. He also said this cohort has historically retained at rates roughly 2% to 3% above the total company average. Dollar-based net revenue retention (trailing 12 months) was approximately 103% reported and 102% in constant currency, O’Brien said. AI strategy and product roadmap Pagliuca emphasized AI as a “fundamental tailwind,” saying N-able is combining a “SaaS system of record and context with an AI system of action.” He argued AI does not erode the company’s moat in cybersecurity, but “widens it,” and also said the democratization of coding is contributing to an increase in the “scale, speed, and sophistication of attacks.” Management highlighted several AI-driven initiatives and product developments: Unified Endpoint Management (UEM): Pagliuca said the company plans to debut “N-zo,” an AI workflow assistant intended to help customers complete tasks and run IT and security operations more efficiently. In Q&A, he clarified N-zo is in customers’ hands now in a limited preview, with plans to embed similar in-product AI agents across more offerings over time. Security operations automation: Pagliuca said within N-able’s security operations solution, AI now handles 90% of identified threats automatically, up from 70% a year ago, and described a new cyber warranty program intended to “de-risk adoption and bolster customer confidence.” Data protection expansion: Pagliuca said the company crossed $200 million of ARR in data protection in 2025 and plans to add Disaster Recovery as a Service (DRaaS) and Google Workspace workload coverage, calling them highly requested billable capabilities among its 14,000 data protection customers. Pagliuca also described a fourth-quarter customer win of nearly $300,000 in ARR, in which the customer consolidated UEM, security operations, and data protection on N-able’s platform, displacing five competitors. He said the deal addressed automation gaps, alert fatigue, and high data protection overhead costs. Adlumin integration and go-to-market expansion N-able executives said the integration of Adlumin helped solidify the company’s presence in the AI SOC market. O’Brien noted Adlumin was acquired on Nov. 20, 2024, and said the fourth quarter of 2025 reflected a full quarter of Adlumin revenue contribution, which he said boosted fourth-quarter 2025 growth relative to the company’s Q1 2026 revenue growth expectations. In Q&A, Pagliuca said cross-sell to the existing managed service provider (MSP) base was performing well and “ahead” of the acquisition plan. He attributed adoption to the technology’s AI capabilities, its agnostic ability to ingest data across different environments, and what he described as fast threat assessment and action. O’Brien added that roughly 70% to 75% of opportunities were “greenfield,” which he said contributed to performance. Pagliuca also discussed expansion into the VAR channel to broaden sales reach, citing investments in field representatives and channel account managers and noting “particularly strong traction” with UEM in the VAR channel. Balance sheet, capital allocation, and 2026 outlook O’Brien said the company ended the year with about $112 million of cash and an outstanding loan principal balance of roughly $400 million, representing net leverage of about 1.9 times. He said N-able refinanced its credit facility in the fourth quarter, increasing the commitment from about $336 million to $400 million, and said the new facility supports capital allocation flexibility, including evaluating share buybacks and M&A. He also said N-able executed $30 million of share repurchases during the year and that non-GAAP EPS was $0.06 in the fourth quarter and $0.39 for the full year, noting a roughly $0.02 negative impact to EPS from one-time fees related to the new debt facility. For guidance, O’Brien said N-able expects first-quarter 2026 revenue of $131 million to $132 million and adjusted EBITDA of $35.5 million to $36.5 million (27% to 28% margin). For full-year 2026, the company guided to revenue of about $554 million to $559 million, ARR of $581 million to $586 million, and adjusted EBITDA of $167 million to $171 million (30% to 31% margin). He also guided to unlevered free cash flow of about $114 million to $118 million. In Q&A, management said its ARR guidance assumes steady demand trends, stable retention, and contributions from improving gross retention, cross-sell, new product introductions, and VAR expansion. O’Brien also said the company expects seasonality similar to 2025, with stronger performance in the second half of 2026 as newer product initiatives move from preview toward broader availability. About N-able NYSE: NABL N-able NYSE: NABL is a cloud-based software provider specializing in solutions for managed service providers (MSPs). The company’s platform offers remote monitoring and management (RMM), backup and disaster recovery, endpoint detection and response (EDR), security information and event management (SIEM), and automation tools. By integrating these services into a unified interface, N-able enables MSPs to streamline IT operations, enhance security posture, and deliver proactive maintenance across on-premises, cloud, and hybrid environments. Headquartered in Toronto, Canada, N-able traces its origins to the managed services division of SolarWinds before completing a spin-off and initial public offering in mid-2021. See Also Five stocks we like better than N-able The gold chart Wall Street is terrified of… NEW LAW: Congress Approves Setup For Digital Dollar? Buy this Gold Stock Before May 2026 What a Former CIA Agent Knows About the Coming Collapse This $15 Stock Could Go Down as the #1 Stock of 2026 This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com. Should You Invest $1,000 in N-able Right Now? Before you consider N-able, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and N-able wasn't on the list. While N-able currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here 7 Stocks That Could Be Bigger Than Tesla, Nvidia, and Google Looking for the next FAANG stock before everyone has heard about it? Click the link to see which stocks MarketBeat analysts think might become the next trillion dollar tech company. Get This Free Report

President and CEO John Pagliuca said fourth-quarter and full-year 2025 revenue grew 9% year-over-year in constant currency, and the company exited 2025 with annual recurring revenue (ARR) of $540 million, up 8% in constant currency. He added that adjusted EBITDA was $39 million in the fourth quarter and $153 million for the full year, with both periods reflecting a 30% adjusted EBITDA margin.

EVP and CFO Tim O’Brien provided additional detail, stating that fourth-quarter total revenue was $130 million, which he said was $3 million above the high end of guidance, and represented about 12% year-over-year growth on a reported basis and 9% on a constant-currency basis. Subscription revenue was $129 million in the quarter.

For the full year, O’Brien said N-able finished ahead of its outlook with total revenue of $511 million, up 10% reported and 9% in constant currency, while subscription revenue was $506 million, also up about 10% reported and 9% in constant currency. He noted that approximately 45% of revenue came from outside North America in both the quarter and the full year.

On profitability, O’Brien said fourth-quarter gross margin was 80% versus 82% in the prior-year period, and full-year gross margin was 81% versus 84% in 2024. Unlevered free cash flow was $28 million in the fourth quarter and $101 million for the full year. Customer metrics and upmarket momentum O’Brien said the company ended the quarter with 2,671 customers contributing $50,000 or more of ARR, up about 14% year over year. He said those customers represented about 61% of total ARR, up from roughly 57% a year ago, and compared that mix to 46% at the time of N-able’s 2021 spinoff. He also said this cohort has historically retained at rates roughly 2% to 3% above the total company average. Dollar-based net revenue retention (trailing 12 months) was approximately 103% reported and 102% in constant currency, O’Brien said. AI strategy and product roadmap Pagliuca emphasized AI as a “fundamental tailwind,” saying N-able is combining a “SaaS system of record and context with an AI system of action.” He argued AI does not erode the company’s moat in cybersecurity, but “widens it,” and also said the democratization of coding is contributing to an increase in the “scale, speed, and sophistication of attacks.” Management highlighted several AI-driven initiatives and product developments: Unified Endpoint Management (UEM): Pagliuca said the company plans to debut “N-zo,” an AI workflow assistant intended to help customers complete tasks and run IT and security operations more efficiently. In Q&A, he clarified N-zo is in customers’ hands now in a limited preview, with plans to embed similar in-product AI agents across more offerings over time. Security operations automation: Pagliuca said within N-able’s security operations solution, AI now handles 90% of identified threats automatically, up from 70% a year ago, and described a new cyber warranty program intended to “de-risk adoption and bolster customer confidence.” Data protection expansion: Pagliuca said the company crossed $200 million of ARR in data protection in 2025 and plans to add Disaster Recovery as a Service (DRaaS) and Google Workspace workload coverage, calling them highly requested billable capabilities among its 14,000 data protection customers. Pagliuca also described a fourth-quarter customer win of nearly $300,000 in ARR, in which the customer consolidated UEM, security operations, and data protection on N-able’s platform, displacing five competitors. He said the deal addressed automation gaps, alert fatigue, and high data protection overhead costs. Adlumin integration and go-to-market expansion N-able executives said the integration of Adlumin helped solidify the company’s presence in the AI SOC market. O’Brien noted Adlumin was acquired on Nov. 20, 2024, and said the fourth quarter of 2025 reflected a full quarter of Adlumin revenue contribution, which he said boosted fourth-quarter 2025 growth relative to the company’s Q1 2026 revenue growth expectations. In Q&A, Pagliuca said cross-sell to the existing managed service provider (MSP) base was performing well and “ahead” of the acquisition plan. He attributed adoption to the technology’s AI capabilities, its agnostic ability to ingest data across different environments, and what he described as fast threat assessment and action. O’Brien added that roughly 70% to 75% of opportunities were “greenfield,” which he said contributed to performance. Pagliuca also discussed expansion into the VAR channel to broaden sales reach, citing investments in field representatives and channel account managers and noting “particularly strong traction” with UEM in the VAR channel. Balance sheet, capital allocation, and 2026 outlook O’Brien said the company ended the year with about $112 million of cash and an outstanding loan principal balance of roughly $400 million, representing net leverage of about 1.9 times. He said N-able refinanced its credit facility in the fourth quarter, increasing the commitment from about $336 million to $400 million, and said the new facility supports capital allocation flexibility, including evaluating share buybacks and M&A. He also said N-able executed $30 million of share repurchases during the year and that non-GAAP EPS was $0.06 in the fourth quarter and $0.39 for the full year, noting a roughly $0.02 negative impact to EPS from one-time fees related to the new debt facility. For guidance, O’Brien said N-able expects first-quarter 2026 revenue of $131 million to $132 million and adjusted EBITDA of $35.5 million to $36.5 million (27% to 28% margin). For full-year 2026, the company guided to revenue of about $554 million to $559 million, ARR of $581 million to $586 million, and adjusted EBITDA of $167 million to $171 million (30% to 31% margin). He also guided to unlevered free cash flow of about $114 million to $118 million. In Q&A, management said its ARR guidance assumes steady demand trends, stable retention, and contributions from improving gross retention, cross-sell, new product introductions, and VAR expansion. O’Brien also said the company expects seasonality similar to 2025, with stronger performance in the second half of 2026 as newer product initiatives move from preview toward broader availability. About N-able NYSE: NABL N-able NYSE: NABL is a cloud-based software provider specializing in solutions for managed service providers (MSPs). The company’s platform offers remote monitoring and management (RMM), backup and disaster recovery, endpoint detection and response (EDR), security information and event management (SIEM), and automation tools. By integrating these services into a unified interface, N-able enables MSPs to streamline IT operations, enhance security posture, and deliver proactive maintenance across on-premises, cloud, and hybrid environments. Headquartered in Toronto, Canada, N-able traces its origins to the managed services division of SolarWinds before completing a spin-off and initial public offering in mid-2021. See Also Five stocks we like better than N-able The gold chart Wall Street is terrified of… NEW LAW: Congress Approves Setup For Digital Dollar? Buy this Gold Stock Before May 2026 What a Former CIA Agent Knows About the Coming Collapse This $15 Stock Could Go Down as the #1 Stock of 2026 This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com. Should You Invest $1,000 in N-able Right Now? Before you consider N-able, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and N-able wasn't on the list. While N-able currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here 7 Stocks That Could Be Bigger Than Tesla, Nvidia, and Google Looking for the next FAANG stock before everyone has heard about it? Click the link to see which stocks MarketBeat analysts think might become the next trillion dollar tech company. Get This Free Report

O’Brien said the company ended the quarter with 2,671 customers contributing $50,000 or more of ARR, up about 14% year over year. He said those customers represented about 61% of total ARR, up from roughly 57% a year ago, and compared that mix to 46% at the time of N-able’s 2021 spinoff. He also said this cohort has historically retained at rates roughly 2% to 3% above the total company average.

Dollar-based net revenue retention (trailing 12 months) was approximately 103% reported and 102% in constant currency, O’Brien said. AI strategy and product roadmap Pagliuca emphasized AI as a “fundamental tailwind,” saying N-able is combining a “SaaS system of record and context with an AI system of action.” He argued AI does not erode the company’s moat in cybersecurity, but “widens it,” and also said the democratization of coding is contributing to an increase in the “scale, speed, and sophistication of attacks.” Management highlighted several AI-driven initiatives and product developments: Unified Endpoint Management (UEM): Pagliuca said the company plans to debut “N-zo,” an AI workflow assistant intended to help customers complete tasks and run IT and security operations more efficiently. In Q&A, he clarified N-zo is in customers’ hands now in a limited preview, with plans to embed similar in-product AI agents across more offerings over time. Security operations automation: Pagliuca said within N-able’s security operations solution, AI now handles 90% of identified threats automatically, up from 70% a year ago, and described a new cyber warranty program intended to “de-risk adoption and bolster customer confidence.” Data protection expansion: Pagliuca said the company crossed $200 million of ARR in data protection in 2025 and plans to add Disaster Recovery as a Service (DRaaS) and Google Workspace workload coverage, calling them highly requested billable capabilities among its 14,000 data protection customers. Pagliuca also described a fourth-quarter customer win of nearly $300,000 in ARR, in which the customer consolidated UEM, security operations, and data protection on N-able’s platform, displacing five competitors. He said the deal addressed automation gaps, alert fatigue, and high data protection overhead costs. Adlumin integration and go-to-market expansion N-able executives said the integration of Adlumin helped solidify the company’s presence in the AI SOC market. O’Brien noted Adlumin was acquired on Nov. 20, 2024, and said the fourth quarter of 2025 reflected a full quarter of Adlumin revenue contribution, which he said boosted fourth-quarter 2025 growth relative to the company’s Q1 2026 revenue growth expectations. In Q&A, Pagliuca said cross-sell to the existing managed service provider (MSP) base was performing well and “ahead” of the acquisition plan. He attributed adoption to the technology’s AI capabilities, its agnostic ability to ingest data across different environments, and what he described as fast threat assessment and action. O’Brien added that roughly 70% to 75% of opportunities were “greenfield,” which he said contributed to performance. Pagliuca also discussed expansion into the VAR channel to broaden sales reach, citing investments in field representatives and channel account managers and noting “particularly strong traction” with UEM in the VAR channel. Balance sheet, capital allocation, and 2026 outlook O’Brien said the company ended the year with about $112 million of cash and an outstanding loan principal balance of roughly $400 million, representing net leverage of about 1.9 times. He said N-able refinanced its credit facility in the fourth quarter, increasing the commitment from about $336 million to $400 million, and said the new facility supports capital allocation flexibility, including evaluating share buybacks and M&A. He also said N-able executed $30 million of share repurchases during the year and that non-GAAP EPS was $0.06 in the fourth quarter and $0.39 for the full year, noting a roughly $0.02 negative impact to EPS from one-time fees related to the new debt facility. For guidance, O’Brien said N-able expects first-quarter 2026 revenue of $131 million to $132 million and adjusted EBITDA of $35.5 million to $36.5 million (27% to 28% margin). For full-year 2026, the company guided to revenue of about $554 million to $559 million, ARR of $581 million to $586 million, and adjusted EBITDA of $167 million to $171 million (30% to 31% margin). He also guided to unlevered free cash flow of about $114 million to $118 million. In Q&A, management said its ARR guidance assumes steady demand trends, stable retention, and contributions from improving gross retention, cross-sell, new product introductions, and VAR expansion. O’Brien also said the company expects seasonality similar to 2025, with stronger performance in the second half of 2026 as newer product initiatives move from preview toward broader availability. About N-able NYSE: NABL N-able NYSE: NABL is a cloud-based software provider specializing in solutions for managed service providers (MSPs). The company’s platform offers remote monitoring and management (RMM), backup and disaster recovery, endpoint detection and response (EDR), security information and event management (SIEM), and automation tools. By integrating these services into a unified interface, N-able enables MSPs to streamline IT operations, enhance security posture, and deliver proactive maintenance across on-premises, cloud, and hybrid environments. Headquartered in Toronto, Canada, N-able traces its origins to the managed services division of SolarWinds before completing a spin-off and initial public offering in mid-2021. See Also Five stocks we like better than N-able The gold chart Wall Street is terrified of… NEW LAW: Congress Approves Setup For Digital Dollar? Buy this Gold Stock Before May 2026 What a Former CIA Agent Knows About the Coming Collapse This $15 Stock Could Go Down as the #1 Stock of 2026 This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com. Should You Invest $1,000 in N-able Right Now? Before you consider N-able, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and N-able wasn't on the list. While N-able currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here 7 Stocks That Could Be Bigger Than Tesla, Nvidia, and Google Looking for the next FAANG stock before everyone has heard about it? Click the link to see which stocks MarketBeat analysts think might become the next trillion dollar tech company. Get This Free Report

Pagliuca emphasized AI as a “fundamental tailwind,” saying N-able is combining a “SaaS system of record and context with an AI system of action.” He argued AI does not erode the company’s moat in cybersecurity, but “widens it,” and also said the democratization of coding is contributing to an increase in the “scale, speed, and sophistication of attacks.”

Management highlighted several AI-driven initiatives and product developments: Unified Endpoint Management (UEM): Pagliuca said the company plans to debut “N-zo,” an AI workflow assistant intended to help customers complete tasks and run IT and security operations more efficiently. In Q&A, he clarified N-zo is in customers’ hands now in a limited preview, with plans to embed similar in-product AI agents across more offerings over time. Security operations automation: Pagliuca said within N-able’s security operations solution, AI now handles 90% of identified threats automatically, up from 70% a year ago, and described a new cyber warranty program intended to “de-risk adoption and bolster customer confidence.” Data protection expansion: Pagliuca said the company crossed $200 million of ARR in data protection in 2025 and plans to add Disaster Recovery as a Service (DRaaS) and Google Workspace workload coverage, calling them highly requested billable capabilities among its 14,000 data protection customers. Pagliuca also described a fourth-quarter customer win of nearly $300,000 in ARR, in which the customer consolidated UEM, security operations, and data protection on N-able’s platform, displacing five competitors. He said the deal addressed automation gaps, alert fatigue, and high data protection overhead costs. Adlumin integration and go-to-market expansion N-able executives said the integration of Adlumin helped solidify the company’s presence in the AI SOC market. O’Brien noted Adlumin was acquired on Nov. 20, 2024, and said the fourth quarter of 2025 reflected a full quarter of Adlumin revenue contribution, which he said boosted fourth-quarter 2025 growth relative to the company’s Q1 2026 revenue growth expectations. In Q&A, Pagliuca said cross-sell to the existing managed service provider (MSP) base was performing well and “ahead” of the acquisition plan. He attributed adoption to the technology’s AI capabilities, its agnostic ability to ingest data across different environments, and what he described as fast threat assessment and action. O’Brien added that roughly 70% to 75% of opportunities were “greenfield,” which he said contributed to performance. Pagliuca also discussed expansion into the VAR channel to broaden sales reach, citing investments in field representatives and channel account managers and noting “particularly strong traction” with UEM in the VAR channel. Balance sheet, capital allocation, and 2026 outlook O’Brien said the company ended the year with about $112 million of cash and an outstanding loan principal balance of roughly $400 million, representing net leverage of about 1.9 times. He said N-able refinanced its credit facility in the fourth quarter, increasing the commitment from about $336 million to $400 million, and said the new facility supports capital allocation flexibility, including evaluating share buybacks and M&A. He also said N-able executed $30 million of share repurchases during the year and that non-GAAP EPS was $0.06 in the fourth quarter and $0.39 for the full year, noting a roughly $0.02 negative impact to EPS from one-time fees related to the new debt facility. For guidance, O’Brien said N-able expects first-quarter 2026 revenue of $131 million to $132 million and adjusted EBITDA of $35.5 million to $36.5 million (27% to 28% margin). For full-year 2026, the company guided to revenue of about $554 million to $559 million, ARR of $581 million to $586 million, and adjusted EBITDA of $167 million to $171 million (30% to 31% margin). He also guided to unlevered free cash flow of about $114 million to $118 million. In Q&A, management said its ARR guidance assumes steady demand trends, stable retention, and contributions from improving gross retention, cross-sell, new product introductions, and VAR expansion. O’Brien also said the company expects seasonality similar to 2025, with stronger performance in the second half of 2026 as newer product initiatives move from preview toward broader availability. About N-able NYSE: NABL N-able NYSE: NABL is a cloud-based software provider specializing in solutions for managed service providers (MSPs). The company’s platform offers remote monitoring and management (RMM), backup and disaster recovery, endpoint detection and response (EDR), security information and event management (SIEM), and automation tools. By integrating these services into a unified interface, N-able enables MSPs to streamline IT operations, enhance security posture, and deliver proactive maintenance across on-premises, cloud, and hybrid environments. Headquartered in Toronto, Canada, N-able traces its origins to the managed services division of SolarWinds before completing a spin-off and initial public offering in mid-2021. See Also Five stocks we like better than N-able The gold chart Wall Street is terrified of… NEW LAW: Congress Approves Setup For Digital Dollar? Buy this Gold Stock Before May 2026 What a Former CIA Agent Knows About the Coming Collapse This $15 Stock Could Go Down as the #1 Stock of 2026 This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com. Should You Invest $1,000 in N-able Right Now? Before you consider N-able, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and N-able wasn't on the list. While N-able currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here 7 Stocks That Could Be Bigger Than Tesla, Nvidia, and Google Looking for the next FAANG stock before everyone has heard about it? Click the link to see which stocks MarketBeat analysts think might become the next trillion dollar tech company. Get This Free Report

Pagliuca also described a fourth-quarter customer win of nearly $300,000 in ARR, in which the customer consolidated UEM, security operations, and data protection on N-able’s platform, displacing five competitors. He said the deal addressed automation gaps, alert fatigue, and high data protection overhead costs. Adlumin integration and go-to-market expansion N-able executives said the integration of Adlumin helped solidify the company’s presence in the AI SOC market. O’Brien noted Adlumin was acquired on Nov. 20, 2024, and said the fourth quarter of 2025 reflected a full quarter of Adlumin revenue contribution, which he said boosted fourth-quarter 2025 growth relative to the company’s Q1 2026 revenue growth expectations. In Q&A, Pagliuca said cross-sell to the existing managed service provider (MSP) base was performing well and “ahead” of the acquisition plan. He attributed adoption to the technology’s AI capabilities, its agnostic ability to ingest data across different environments, and what he described as fast threat assessment and action. O’Brien added that roughly 70% to 75% of opportunities were “greenfield,” which he said contributed to performance. Pagliuca also discussed expansion into the VAR channel to broaden sales reach, citing investments in field representatives and channel account managers and noting “particularly strong traction” with UEM in the VAR channel. Balance sheet, capital allocation, and 2026 outlook O’Brien said the company ended the year with about $112 million of cash and an outstanding loan principal balance of roughly $400 million, representing net leverage of about 1.9 times. He said N-able refinanced its credit facility in the fourth quarter, increasing the commitment from about $336 million to $400 million, and said the new facility supports capital allocation flexibility, including evaluating share buybacks and M&A. He also said N-able executed $30 million of share repurchases during the year and that non-GAAP EPS was $0.06 in the fourth quarter and $0.39 for the full year, noting a roughly $0.02 negative impact to EPS from one-time fees related to the new debt facility. For guidance, O’Brien said N-able expects first-quarter 2026 revenue of $131 million to $132 million and adjusted EBITDA of $35.5 million to $36.5 million (27% to 28% margin). For full-year 2026, the company guided to revenue of about $554 million to $559 million, ARR of $581 million to $586 million, and adjusted EBITDA of $167 million to $171 million (30% to 31% margin). He also guided to unlevered free cash flow of about $114 million to $118 million. In Q&A, management said its ARR guidance assumes steady demand trends, stable retention, and contributions from improving gross retention, cross-sell, new product introductions, and VAR expansion. O’Brien also said the company expects seasonality similar to 2025, with stronger performance in the second half of 2026 as newer product initiatives move from preview toward broader availability. About N-able NYSE: NABL N-able NYSE: NABL is a cloud-based software provider specializing in solutions for managed service providers (MSPs). The company’s platform offers remote monitoring and management (RMM), backup and disaster recovery, endpoint detection and response (EDR), security information and event management (SIEM), and automation tools. By integrating these services into a unified interface, N-able enables MSPs to streamline IT operations, enhance security posture, and deliver proactive maintenance across on-premises, cloud, and hybrid environments. Headquartered in Toronto, Canada, N-able traces its origins to the managed services division of SolarWinds before completing a spin-off and initial public offering in mid-2021. See Also Five stocks we like better than N-able The gold chart Wall Street is terrified of… NEW LAW: Congress Approves Setup For Digital Dollar? Buy this Gold Stock Before May 2026 What a Former CIA Agent Knows About the Coming Collapse This $15 Stock Could Go Down as the #1 Stock of 2026 This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com. Should You Invest $1,000 in N-able Right Now? Before you consider N-able, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and N-able wasn't on the list. While N-able currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here 7 Stocks That Could Be Bigger Than Tesla, Nvidia, and Google Looking for the next FAANG stock before everyone has heard about it? Click the link to see which stocks MarketBeat analysts think might become the next trillion dollar tech company. Get This Free Report

N-able executives said the integration of Adlumin helped solidify the company’s presence in the AI SOC market. O’Brien noted Adlumin was acquired on Nov. 20, 2024, and said the fourth quarter of 2025 reflected a full quarter of Adlumin revenue contribution, which he said boosted fourth-quarter 2025 growth relative to the company’s Q1 2026 revenue growth expectations.

In Q&A, Pagliuca said cross-sell to the existing managed service provider (MSP) base was performing well and “ahead” of the acquisition plan. He attributed adoption to the technology’s AI capabilities, its agnostic ability to ingest data across different environments, and what he described as fast threat assessment and action. O’Brien added that roughly 70% to 75% of opportunities were “greenfield,” which he said contributed to performance.

Pagliuca also discussed expansion into the VAR channel to broaden sales reach, citing investments in field representatives and channel account managers and noting “particularly strong traction” with UEM in the VAR channel. Balance sheet, capital allocation, and 2026 outlook O’Brien said the company ended the year with about $112 million of cash and an outstanding loan principal balance of roughly $400 million, representing net leverage of about 1.9 times. He said N-able refinanced its credit facility in the fourth quarter, increasing the commitment from about $336 million to $400 million, and said the new facility supports capital allocation flexibility, including evaluating share buybacks and M&A. He also said N-able executed $30 million of share repurchases during the year and that non-GAAP EPS was $0.06 in the fourth quarter and $0.39 for the full year, noting a roughly $0.02 negative impact to EPS from one-time fees related to the new debt facility. For guidance, O’Brien said N-able expects first-quarter 2026 revenue of $131 million to $132 million and adjusted EBITDA of $35.5 million to $36.5 million (27% to 28% margin). For full-year 2026, the company guided to revenue of about $554 million to $559 million, ARR of $581 million to $586 million, and adjusted EBITDA of $167 million to $171 million (30% to 31% margin). He also guided to unlevered free cash flow of about $114 million to $118 million. In Q&A, management said its ARR guidance assumes steady demand trends, stable retention, and contributions from improving gross retention, cross-sell, new product introductions, and VAR expansion. O’Brien also said the company expects seasonality similar to 2025, with stronger performance in the second half of 2026 as newer product initiatives move from preview toward broader availability. About N-able NYSE: NABL N-able NYSE: NABL is a cloud-based software provider specializing in solutions for managed service providers (MSPs). The company’s platform offers remote monitoring and management (RMM), backup and disaster recovery, endpoint detection and response (EDR), security information and event management (SIEM), and automation tools. By integrating these services into a unified interface, N-able enables MSPs to streamline IT operations, enhance security posture, and deliver proactive maintenance across on-premises, cloud, and hybrid environments. Headquartered in Toronto, Canada, N-able traces its origins to the managed services division of SolarWinds before completing a spin-off and initial public offering in mid-2021. See Also Five stocks we like better than N-able The gold chart Wall Street is terrified of… NEW LAW: Congress Approves Setup For Digital Dollar? Buy this Gold Stock Before May 2026 What a Former CIA Agent Knows About the Coming Collapse This $15 Stock Could Go Down as the #1 Stock of 2026 This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com. Should You Invest $1,000 in N-able Right Now? Before you consider N-able, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and N-able wasn't on the list. While N-able currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here 7 Stocks That Could Be Bigger Than Tesla, Nvidia, and Google Looking for the next FAANG stock before everyone has heard about it? Click the link to see which stocks MarketBeat analysts think might become the next trillion dollar tech company. Get This Free Report

O’Brien said the company ended the year with about $112 million of cash and an outstanding loan principal balance of roughly $400 million, representing net leverage of about 1.9 times. He said N-able refinanced its credit facility in the fourth quarter, increasing the commitment from about $336 million to $400 million, and said the new facility supports capital allocation flexibility, including evaluating share buybacks and M&A.

He also said N-able executed $30 million of share repurchases during the year and that non-GAAP EPS was $0.06 in the fourth quarter and $0.39 for the full year, noting a roughly $0.02 negative impact to EPS from one-time fees related to the new debt facility.

For guidance, O’Brien said N-able expects first-quarter 2026 revenue of $131 million to $132 million and adjusted EBITDA of $35.5 million to $36.5 million (27% to 28% margin). For full-year 2026, the company guided to revenue of about $554 million to $559 million, ARR of $581 million to $586 million, and adjusted EBITDA of $167 million to $171 million (30% to 31% margin). He also guided to unlevered free cash flow of about $114 million to $118 million.

In Q&A, management said its ARR guidance assumes steady demand trends, stable retention, and contributions from improving gross retention, cross-sell, new product introductions, and VAR expansion. O’Brien also said the company expects seasonality similar to 2025, with stronger performance in the second half of 2026 as newer product initiatives move from preview toward broader availability. About N-able NYSE: NABL N-able NYSE: NABL is a cloud-based software provider specializing in solutions for managed service providers (MSPs). The company’s platform offers remote monitoring and management (RMM), backup and disaster recovery, endpoint detection and response (EDR), security information and event management (SIEM), and automation tools. By integrating these services into a unified interface, N-able enables MSPs to streamline IT operations, enhance security posture, and deliver proactive maintenance across on-premises, cloud, and hybrid environments. Headquartered in Toronto, Canada, N-able traces its origins to the managed services division of SolarWinds before completing a spin-off and initial public offering in mid-2021. See Also Five stocks we like better than N-able The gold chart Wall Street is terrified of… NEW LAW: Congress Approves Setup For Digital Dollar? Buy this Gold Stock Before May 2026 What a Former CIA Agent Knows About the Coming Collapse This $15 Stock Could Go Down as the #1 Stock of 2026 This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com. Should You Invest $1,000 in N-able Right Now? Before you consider N-able, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and N-able wasn't on the list. While N-able currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here 7 Stocks That Could Be Bigger Than Tesla, Nvidia, and Google Looking for the next FAANG stock before everyone has heard about it? Click the link to see which stocks MarketBeat analysts think might become the next trillion dollar tech company. Get This Free Report

N-able NYSE: NABL is a cloud-based software provider specializing in solutions for managed service providers (MSPs). The company’s platform offers remote monitoring and management (RMM), backup and disaster recovery, endpoint detection and response (EDR), security information and event management (SIEM), and automation tools. By integrating these services into a unified interface, N-able enables MSPs to streamline IT operations, enhance security posture, and deliver proactive maintenance across on-premises, cloud, and hybrid environments.

Headquartered in Toronto, Canada, N-able traces its origins to the managed services division of SolarWinds before completing a spin-off and initial public offering in mid-2021. See Also Five stocks we like better than N-able The gold chart Wall Street is terrified of… NEW LAW: Congress Approves Setup For Digital Dollar? Buy this Gold Stock Before May 2026 What a Former CIA Agent Knows About the Coming Collapse This $15 Stock Could Go Down as the #1 Stock of 2026 This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com. Should You Invest $1,000 in N-able Right Now? Before you consider N-able, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and N-able wasn't on the list. While N-able currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here 7 Stocks That Could Be Bigger Than Tesla, Nvidia, and Google Looking for the next FAANG stock before everyone has heard about it? Click the link to see which stocks MarketBeat analysts think might become the next trillion dollar tech company. Get This Free Report

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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