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Dutch-founded software company making the Elasticsearch search/analytics engine used for search, observability and security use cases.
Dutch-founded software company making the Elasticsearch search/analytics engine used for search, observability and security use cases.
Sells subscriptions to its software, increasingly as Elastic Cloud, a hosted service billed by usage, rather than software customers run themselves. Much of its adoption starts with free open-source use that grows into paid features. In 2021 it restricted its license after Amazon offered a rival hosted service, then added an open-source license option again in 2024.
Moat: narrow (switching costs, installed base, brand). Elasticsearch is deeply embedded in customer search/data infrastructure, and open-source roots built a large developer base.
Headquarters: Amsterdam, Netherlands · Founded: 2012 · Employees: 4,019
Size Elastic (ESTC) is a United States Information Technology company (Packaged Software) with a market value of $9.12B, the 820th largest of 3,117 United States companies the cockpit tracks. Shares closed at $86.08 on 6 Nov 2026.
Performance Over six months the shares gained 64.8%, against +8.9% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 16.2% over the last twelve months (peer median +22.0%); the operating margin is -1.4% (peer median 11.2%).
Valuation It trades at 24.4× forward earnings against a peer median of 35.2× (6th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.1 points below its cost of capital (9.5% WACC).
Backlog Backlog (remaining performance obligations) was $1.85B at 31 Jul 2026, up 27% on a year earlier — 1.0 years of trailing revenue. Backlog detail →
Credit Elastic has 1 bond outstanding ($575M), rated BB by the agencies and trading like BB at a weighted spread of 142 bp.
Short interest Short interest is 3.9% of the free float (15 Oct 2026).
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.80B | $1.74B | $1.48B | $1.27B | $1.07B |
| Revenue growth | — | +17% | +17% | +19% | — |
| Gross profit | $1.36B | $1.32B | $1.10B | $935M | $767M |
| EBITDA | -$12.4M | -$19.9M | -$41.7M | -$105M | -$162M |
| Net income | $376M | $368M | -$108M | $61.7M | -$236M |
| Free cash flow | $349M | $322M | $262M | $145M | $33.0M |
| Capital expenditure | $5.03M | $5.09M | $4.34M | $3.45M | $2.68M |
| Total debt | $596M | $592M | $595M | $594M | $594M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Elastic ESTC | $9.12B | +65% | +16% | -1% | 24.4× | 13.0% |
| Cisco CSCO | $369B | -3% | +12% | 25% | 18.4× | 15.0% |
| Datadog DDOG | $64.3B | -11% | +33% | 2% | 61.0× | n/a |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 26.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ESTC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.6% | -1.3% | 7th lowest of 21 |
| 6-month return | +64.8% | +8.9% | 6th highest of 21 |
| Distance from 52-week high | -20.3% | -31.6% | 9th highest of 21 |
| Revenue growth (TTM) | +16.2% | +22.0% | 8th lowest of 21 |
| Operating margin | -1.4% | 11.2% | 7th lowest of 21 |
| Forward P/E | 24.4× | 35.2× | 6th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 13.0% | 22.0% | 7th least demanding of 20 |
| Growth delivered (Del g) | +23.4% | +23.1% | 10th highest of 20 |
| Hurdle (Req g minus delivered) | -10.4 pp | -3.7 pp | 9th least demanding of 20 |
| ROIC minus cost of capital | -14.1 pp | +0.3 pp | 3rd lowest of 17 |
| Bond spread | 142 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Elastic ESTC | United States | $9.12B | +65% | +16% | -1% | 24.4× | 13.0% | +23.4% |
| Paylocity PCTY | United States | $9.03B | +56% | +11% | 22% | 19.0× | 2.3% | +22.8% |
| Hinge Health HNGE | United States | $9.34B | +107% | +50% | 19% | 39.6× | 34.1% | +49.9% |
| Full Truck Alliance Co. Ltd. Sponsored ADR YMM | United States | $9.35B | +4% | +9% | 34% | 12.8× | -10.9% | +36.0% |
| Oracle Financial Services Software OFSS.NS | India | $9.43B | +8% | +28% | 52% | 22.7× | 22.0% | +9.0% |
| Netskope NTSK | United States | $8.70B | +83% | +30% | -94% | n/a | n/a | n/a |
| 360 Security Technology 601360.SS | China | $8.63B | -26% | +7% | -4% | 172.6× | 55.2% | -5.7% |
| DigitalOcean DOCN | United States | $8.55B | -56% | +28% | 12% | 44.7× | 41.6% | +23.1% |
| CSG Digital Power Grid Research Institute 301638.SZ | China | $8.52B | -37% | +18% | 10% | n/a | 18.0% | +8.2% |
| Nemetschek NEM.DE | Germany | $8.39B | +10% | +13% | 26% | 29.9× | 11.1% | +14.8% |
| Snap SNAP | United States | $8.39B | -18% | +13% | -5% | 32.3× | 2.7% | +18.8% |
| Xero XRO.AX | Australia | $8.36B | -13% | +27% | 13% | 66.7× | 25.9% | +25.3% |
| HubSpot HUBS | United States | $10.0B | +2% | +21% | 4% | 12.5× | 25.1% | +28.8% |
| Figma FIG | United States | $10.0B | -9% | +43% | -124% | 54.8× | 22.2% | +43.4% |
| Descartes Systems DSG.TO | Canada | $8.10B | +32% | +12% | 33% | 37.9× | 4.4% | +16.8% |
| Wisetech Global WTC.AX | Australia | $10.3B | +15% | +71% | 31% | 32.6× | 30.1% | +32.3% |
| Gitlab GTLB | United States | $8.01B | +85% | +23% | -8% | 55.0× | 18.8% | +44.4% |
| Paycom Software PAYC | United States | $10.5B | +73% | +9% | 30% | 15.9× | 3.3% | +19.5% |
| ServiceTitan TTAN | United States | $7.89B | +36% | +23% | -13% | 55.6× | 20.7% | +27.1% |
| Sangfor Technologies 300454.SZ | China | $7.84B | +5% | +21% | 2% | 71.4× | 46.1% | +6.9% |
| Zeta Global ZETA | United States | $7.79B | +81% | +36% | 3% | 28.2× | 49.7% | +28.8% |
Elastic has 1 bond outstanding with $575M face value. The agencies rate it BB; its bonds trade like BB. Weighted yield 5.94%, a spread of 142 bp over government bonds.
Elastic reported $1.85B of remaining performance obligations at 31 Jul 2026, up 27% from a year earlier and down 6% from the previous quarter. That is 1.0 years of trailing revenue already under contract. Book-to-bill last quarter: 0.73.