Elastic N.V.: 4Q26 Recap: Eyeing Gradual FY27 Accel

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Elastic N.V.: 4Q26 Recap: Eyeing Gradual FY27 Accel

Equity Research

U.S. Software

29 May 2026

Elastic N.V.

4Q26 Recap: Eyeing Gradual FY27

Accel

Softer Q4 beat and Q1 guide drive some caution to the guided ESTC OVERWEIGHT

aggressive ramp throughout FY27. We are encouraged by Unchanged

ESTC's cRPO accel and its more profitable growth strategy U.S. Software UnchangedPOSITIVE

(raised MT op. margin target), though acknowledge the high Price Target USD 68.00

expectations now set for 2H27. lowered -11% from USD 76.00

Price (28-May-26) USD 57.61

Potential Upside/Downside +18.0%

Source: Bloomberg, Barclays Research

Market Cap (USD mn) 5962 THE 2026 EXTEL SURVEY IS NOW OPEN

Shares Outstanding (mn) 103.50

Support our industry-leading analysts with 5-Star Free Float (%) 86.68 52 Wk Avg Daily Volume (mn) 1.9

Dividend Yield (%) N/A votes in this year’s Extel All-America Research

Return on Equity TTM (%) -10.24

Survey Current BVPS (USD) 7.33

Source: Bloomberg

Vote Now View Analysts Price Performance Exchange-NYSE

52 Week range USD 96.06-42.05

We believe that ESTC's Q4 results were slightly weaker than investor expectations, although the

ramp of its FY27 guide highlights mgmt's confidence that some of its bookings momentum

should start to be realized in the backhalf of the year. Mgmt acknowledged NT revenue timing

headwinds from higher cloud mix (more back-end loaded recognition), which drives some

Source: IDC

cautiousness around its FY27 guide, though cRPO acceleration to 20% y/y in cc (vs. 15% in Q3) Link to Barclays Live for interactive charting

and increased ramped sales reps drive the bulk of its confidence. We think the core focus for

ESTC is building investor confidence in the conversion of these bookings into revenue and