Netskope, Inc. Class A Common Stock (NTSK) Stock

Netskope, Inc. Class A Common Stock (NTSK) is a Technology stock trading at $14.37 (as of 2026-08-20), with a market capitalization of $5.76B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Netskope provides a cloud security platform that supports protecting and controlling access to data across applications, websites, and cloud environments, along with visibility and threat prevention capabilities. The platform also addresses network optimization needs for SaaS and related hybrid and AI workloads, serving organizations that deploy these environments.

Understand Netskope, Inc. Class A Common Stock: how it makes money

Netskope provides a cloud security platform (Netskope One) for protecting data and controlling access across apps, web, cloud, and hybrid environments, generating revenue from subscription-style, recurring customers as reflected in its Annual Recurring Revenue metrics.

The profit engine is recurring subscription revenue that expands through customer usage of multiple Netskope One products, as shown by Adjusted Net Revenue Retention Rate above 100% alongside high shares of customers using four or more (57%) and six or more (28%) products.

Business quality (Weak): Strong recurring revenue retention signals customer expansion, but the company shows no reported net new Annual Recurring Revenue in the period and continues to operate at a large operating loss.

Bull case

Recurring revenue base remains sizable: Ending Annual Recurring Revenue is USD_B 0.84, which helps anchor cash flow expectations for a subscription security platform.
Existing customers are expanding: Adjusted Net Revenue Retention Rate is 113.0 percent, and product bundling is common, with 57 percent of customers using four or more Netskope One products (28 percent using six or more).
Strong gross profitability (before operating costs): Gross margin is 73.5 percent, indicating the core platform delivers a high gross profit rate even though operating results are currently negative.

Bear case

No reported net new recurring revenue in the period: Net New Annual Recurring Revenue is 0.0 USD_B, which can limit forward growth if it persists.
Operating losses remain large: Operating margin is -53.9 percent (as of 2026-04-30), so profitability depends on scaling and managing operating expenses.
Visibility into future revenue commitments is not supported by the provided KPI: Remaining Performance Obligations is 0.0 USD_B in the provided data, which could reflect limited measurable backlog for the period reported.

Valuation — source: SEC EDGAR (first-party)
Price	$14.37
Market Cap	$5.76B
Price / Book	32.79
Price / Sales	8.44
FCF Yield	-0.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$709.00M
Net Margin	-95.8%
Revenue Growth (YoY)	31.7%
EPS Growth (YoY)	-12.6%
FCF Growth (YoY)	-110.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	-1.20 (distress)

Valuation vs Sector & Industry
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	30.0

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	ICONIQ Capital, LLC ($562.61M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Business Services
CEO	Sanjay Beri
Employees	2,605
Country	US
IPO Date	2025-09-18

Related Companies (Business model: SaaS / Subscription Software (Enterprise); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.