N-Able had their earnings call, and announced its fourth quarter and full-year results for 2025, reporting a total revenue of $130.3 million, reflecting an 11.8% increase year-over-year. The company also highlighted a significant growth in subscription revenue, which reached $129 million, marking a 12.1% rise from the previous year. Looking ahead, the company projects an 8% to 9% year-over-year growth in constant currency for 2026, alongside an adjusted EBITDA outlook of 30% to 31%. N-able’s shares surged over 9% following the announcement despite reporting a miss in earnings. Analysts noted that while earnings were lower than anticipated, the robust revenue growth highlights N-able’s effective strategies in navigating a competitive market.
Why do we care?
Disclosure, I’m an N-Able shareholder.
The 9% stock pop is the wrong thing to focus on. Here’s what actually matters.
N-able has been public since July 2021. The stock opened around $13-14. It closed at $4.76 on February 20th. That’s a 65% decline over four-plus years while the broader software market recovered.
And this week’s earnings confirmed why. Revenue beat. Earnings missed by $0.04. Net margin is negative. Growth is guiding down from 11.8% to 8-9% for 2026. A vendor that can’t convert growth into durable profitability eventually restructures — pricing, investment, or ownership.
With trust collapsing in tech vendors, clients experiencing negative real IT purchasing power, MSPs caught in input cost inflation — the last thing an MSP needs is deep dependency on a platform vendor whose financial trajectory creates strategic uncertainty. The most exposed MSPs aren’t the ones watching the stock. They’re the ones who stopped evaluating alternatives because switching felt inconvenient. That assumption needs to be revisited before the market forces it.