ESTC
Elastic N.V.

Elastic N.V.ESTC

Technology · Software - Application
95.26USD
+2.32%
Oct 08, 2026
ESTC overview ready
Elastic is an infrastructure provider and direct enabler: its Elasticsearch platform supplies hybrid search, vector retrieval, analytics, and agent-building capabilities used to ground AI applications in enterprise data, while also serving observability and security workloads.
Narrative is still early
Exposed to the Enterprise Agentic AI Adoption narrative through Enterprise Context Retrieval and Search Infrastructure — infrastructure supplier.
An early price trend
Longer-term context reads early trend, with a near-term setup of daily advance.
Fair valuation
Elastic N.V.
Solid fundamentals
Ev / sales is strong.
Primary risk
Competition from large cloud providers and other AI infrastructure vendors.
Market Oct 8Filing Jul 31Price action Oct 8Research Oct 5

Conviction Level

NarrativeHeat7.1ThemeHeat7.4PriceAction8.9Valuation5.7CompanyPosition9.3BusinessQuality5.3
Price
Loading price history…

Price Action

An early price trend
Longer-term context reads early trend, with a near-term setup of daily advance.
EntryBreakout + retest

Price broke through the weekly SMA200, then retested it constructively and recovered — a fresh structural entry rather than a chase.

Key Financials

Market Cap
$9.8B
Avg Volume (60D)
2.3M
60 sessions
Revenue Growth YoY
+17.3%
FY2026 vs FY2025
Gross Margin
+75.5%
Trailing twelve months
Operating Margin
-2.6%
Trailing twelve months
Free Cash Flow Yield
+3.6%
Distance from 200DMA
+45.6%
Next Earnings
2026-11-19
P/E
26.0x
EV / Sales
4.9x
Market metrics as of Oct 7, 2026
Financial results for the period ended Jul 31, 2026
Filed balance-sheet data as of Jul 31, 2026

Fundamentals & Valuation

Two of the three valuation perspectives say fair; peers is the dissenting view.
Elastic N.V. has a Fair valuation stance because the price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.

What changed

  • Price structure improved
    ESTC: behavior moved from distribution to early trend.
    2026-10-06
  • Price structure deteriorated
    ESTC: behavior moved from early trend to distribution.
    2026-10-01
  • Price structure improved
    ESTC: behavior moved from distribution to early trend.
    2026-09-30
  • Price structure deteriorated
    ESTC: behavior moved from constructive pullback to distribution.
    2026-09-28

Company Research

Thesis
Elastic is an infrastructure provider and direct enabler: its Elasticsearch platform supplies hybrid search, vector retrieval, analytics, and agent-building capabilities used to ground AI applications in enterprise data, while also serving observability and security workloads.
Opportunity
Moderate opportunity
Enterprise spending on governed retrieval, hybrid/vector search, embeddings, reranking, and data-access layers that supply current, relevant, permission-aware context to production AI agents and AI applications.
Key risk
Competition from large cloud providers and other AI infrastructure vendors.

Narrative & Theme

Enterprise Agentic AI Adoption
Part of Enterprise Context Retrieval and Search Infrastructure, with strong fit.
ESTC has a real, specific exposure to the emerging enterprise-agent stack rather than merely generic AI adjacency.
Narrative HeatHeating up7.1 / 10
Theme HeatHeating up7.4 / 10
This is the company’s own research reading. The canonical heat measurement for this story has not run.

Business & Markets

Technology · Software - Application
What they do

Elastic N.V. Develops and provides software platforms that enable data ingestion, storage, search, analysis, and visualization across hybrid, public, private, and multi-cloud environments globally.

How it earns

The company primarily generates revenue through subscription-based licensing of its software products.

Products & services
Elasticsearch Platform
Elastic search distributed real-time vector database and analytics engine
Customers & end markets
Enterprises deploying AI and data analytics solutions
Organizations requiring observability and security workflows
Market position

Leader in search and real-time data analytics platforms for enterprise AI and observability use cases.

Demand drivers
Low cyclicality

Demand is driven by ongoing enterprise digital transformation and AI adoption, which are less sensitive to economic cycles.

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