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Netskope, Inc.
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NASDAQ: NTSK Technology IT 🔎 Screen
$3.1B
Market Cap
—
P/E
—
PEG
-1,076.5%
ROCE
466.8%
ROE
3.83
D/E
-92.0%
OPM
-46.0%
% from 52W High
27
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for NTSK including FX impact
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Ratio Health
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About

Netskope, Inc., a cybersecurity company, provides security, networking, and analytics solutions to largest enterprises to mid-sized companies worldwide.

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📈 Growth Pattern
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⭐ Superinvestors Holding NTSK
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Manager Shares Value % of Fund Period
Tiger Global Management Tiger Global Management LLC 500.0K $4.2M 0.02% Mar 2026
Steve Cohen Point72 Asset Management 336.5K $2.9M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Netskope Q1 2027: ARR $845M (+29%), revenue $202M (+28%), AI security products gaining traction
Revenue & Profitability
Revenue for Q1 2027 was $201.6 million, up 28% year-over-year and ahead of guidance. Net loss per share was $0.06 on a non-GAAP basis, with an operating margin of -14%. ARR ended at $845 million, up 29% year-over-year, and net new ARR was $34 million. The company reported negative free cash flow of $57 million for the quarter, with expectations of positive free cash flow in the second half of fiscal 2027. Full-year revenue guidance was raised to $879-883 million (approximately 24% growth).
Outlook
Management sees strong durable demand driven by the AI super cycle, digital transformation, and the widening security gap as enterprises adopt AI at scale. The average Global 2000 company uses over 140 AI apps, with 90% of usage led by business units (shadow AI), creating a growing need for independent, real-time security enforcement. The rapid adoption of agentic AI and frontier models like Anthropic's Mythos and OpenAI's GPT-5.5 further expands the attack surface. Despite a tough year-over-year comparison in Q1, management expects net new ARR to re-accelerate in the second half of fiscal 2027 as recently hired sales reps ramp and AI security products gain traction.
Growth Drivers
Growth levers highlighted include (1) expansion of the newly hired sales force, with approximately half of reps still ramping and expected to become more productive in the second half; (2) rapid adoption of AI security products (AI Gateway, AI Guardrails, Agentic Broker, AI Command Center, and AgentSkope), which generated the fastest pipeline growth in company history; (3) upselling existing customers on the unified platform, as evidenced by 57% of customers using four or more products (up from 49% a year ago); (4) geographic strength across Americas (27% revenue growth), EMEA (31%), and APJ (25%); and (5) expansion of partnerships, including a managed SASE service with Deloitte and telco/MSP wins in APJ. New logo ARR grew 59% year-over-year in Q1.
Balance Sheet & CapEx
Not discussed in this earnings call with specific capital expenditure numbers, though the company continues to invest in its NewEdge private cloud infrastructure spanning more than 120 data centers. The transition to annual billings is progressing faster than expected, impacting cash collections but creating predictable future cash flows; contracted future billings grew 71% year-over-year. Free cash flow improvement is expected, with positive free cash flow margin of 2-4% for the full year.
Margins
Non-GAAP gross margin improved to 77% in Q1, up approximately three percentage points year-over-year, driven by scale economies from the NewEdge architecture. Operating margin improved four percentage points to -14%, ahead of guidance, reflecting leverage from R&D productivity (R&D expense improved 300 basis points to 37% of revenue). For the full year, management guided to an operating margin of approximately -9.5% to -10%, showing continued commitment to driving leverage. Free cash flow margin is expected to be 2-4% positive for fiscal 2027, with a return to positive quarterly free cash flow in the second half.
Key Risks
Management and analysts flagged several risks: (1) the company faces tough year-over-year comparisons, particularly from a strong upsell quarter in Q1 2026 with multiple seven-figure expansion deals; (2) approximately half of sales reps are still ramping, and any delays in their productivity could impact net new ARR growth; (3) the transition to annual billings is progressing faster than expected, temporarily depressing free cash flow (though Q1 is expected to be the low-water mark); (4) the AI security market is still in its infancy, and customer budgets for securing AI are not yet fully established, leading to possible longer evaluation cycles; and (5) the rapid pace of AI model releases requires continuous innovation to maintain technological leadership.
Generated by AI · Q1 2027 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (3 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (3)
Q1 2027 Q1 2027 2026-06-03
Q1 revenue and ARR grew 28% and 29% year-over-year, respectively, with strong new logo growth and record gross retention. Five new AI security products launched, fueling pipeline momentum, and full-year revenue guidance was raised as ramping sales reps are expected to drive growth in the second half.
Q4 2026 Q4 2026 2026-03-11
Fiscal 2026 closed with 32% revenue growth, record ARR, and first-ever positive free cash flow. Strong AI-driven product innovation and customer expansion fueled results, with FY27 guidance reflecting continued growth and investment amid macro caution.
Q3 2026 Q3 2026 2025-12-11
Q3 saw 34% ARR and 33% revenue growth, strong free cash flow, and margin expansion, with robust multi-product adoption and major customer wins. Guidance calls for continued double-digit growth, ongoing innovation, and disciplined investment, supported by a strong cash position.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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No Investment Recommendation:
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Information Sources:
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