# Netskope, Inc. (NTSK)

> Source: Nexqual · https://nexqual.com/NTSK · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Netskope, Inc. (NTSK), nexqual.com/NTSK" · informational, not investment advice.

**Price:** USD 22.2 (+1.79% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 21.81 · day 21.48–22.64 · 52w 7.67–24.98 · market cap $9.07B · NMS

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $803M, net income -$737M (-91.8% margin), free cash flow -$70.1M (SEC filings).
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $51.2M; 7 not under a Rule 10b5-1 plan ($51.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $22.0M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.83 on a 1–5 scale) (18 analysts), mean target USD 19.36 (range 16–28).
- Total return with dividends: 1Y -3.5% vs S&P 500 +14.9%; 5Y -10.1% vs S&P 500 +80.3%.
- Next earnings: 2026-09-02, EPS estimate USD -0.04, revenue estimate $228M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|
| Revenue | $407M | $538M | $709M | $803M |
| Gross profit | $243M | $348M | $483M | — |
| Operating income | -$313M | -$256M | -$653M | -$760M |
| Net income | -$345M | -$355M | -$679M | -$737M |
| EPS (diluted) | -$3.77 | -$3.64 | -$3.18 | — |
| Free cash flow | -$198M | -$144M | $15.2M | -$70.1M |
| Gross margin | 59.8% | 64.6% | 68.1% | — |
| Operating margin | -76.9% | -47.5% | -92.0% | -94.7% |
| Net margin | -84.8% | -65.9% | -95.8% | -91.8% |
| Revenue growth | — | +32.3% | +31.7% | — |
| Cash + short-term investments | — | $247M | $1.16B | — |
| Total debt | — | $627M | $721M | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/S 11.3x · EV/Sales 10.8x · P/B 57.9x · FCF yield -0.77% · Earnings yield -8.13% · Net cash $369M · EV $8.70B

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-11 | Lightspeed Venture Partners Select, L.P. |  | 10,621 | $158K | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-11 | Lightspeed Venture Partners Ix, L.P. |  | 10,621 | $158K | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-08…2026-07-09 | Lightspeed Venture Partners Select, L.P. |  | 229,696 | $2.8M | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-08…2026-07-09 | Lightspeed Venture Partners Ix, L.P. |  | 229,696 | $2.8M | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-12…2026-06-15 | Janmohamed Arif | Director | 1,650,000 | $15.1M | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-12…2026-06-15 | Lightspeed Venture Partners Select, L.P. |  | 1,650,000 | $15.1M | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-12…2026-06-15 | Lightspeed Venture Partners Ix, L.P. |  | 1,650,000 | $15.1M | 100% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $22.0M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-10…2026-07-13 | Griffith William J.G. | Director | 306,399 | $3.8M | 12.29 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-10…2026-07-13 | Iconiq Strategic Partners Viii Holdings, L.P. |  | 306,399 | $3.8M | 12.29 | Too little history (no open-market trades in 2023–2025) |
| 2026-07-08 | Iconiq Strategic Partners Viii Holdings, L.P. |  | 610,291 | $7.2M | 11.82 | Too little history (no open-market trades in 2023–2025) |
| 2026-07-08 | Griffith William J.G. | Director | 610,291 | $7.2M | 11.82 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 1.83 on a 1–5 scale), 18 analysts; mean target USD 19.36 (low 16, high 28).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Wells Fargo | Target raised | Overweight | $17 → $22 |
| 2026-10-08 | Amerx | Initiated | Hold |  |
| 2026-10-06 | BTIG | Target raised | Buy | $18 → $22 |
| 2026-09-15 | Stephens & Co. | Initiated | Overweight | $21 |
| 2026-09-03 | JP Morgan | Target raised | Overweight | $16 → $18 |
| 2026-09-03 | BMO Capital | Target raised | Outperform | $13 → $18 |
| 2026-09-03 | Piper Sandler | Target raised | Overweight | $18 → $20 |
| 2026-09-03 | Morgan Stanley | Target raised | Overweight | $14 → $16 |
| 2026-09-03 | RBC Capital | Target raised | Outperform | $18 → $20 |
| 2026-09-03 | Rosenblatt | Target raised | Buy | $18 → $19 |
| 2026-09-03 | Baird | Target raised | Outperform | $18 → $20 |
| 2026-09-03 | BTIG | Target raised | Buy | $17 → $18 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2025-09-15) |
|---|---|---|
| Total return | -3.5% | -10.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -3.5% | -9.2% |
| Volatility (annualized) | 76.9% | 70.5% |
| Max drawdown | -68.1% (Nov 2025→Mar 2026) | -68.7% (Sep 2025→Mar 2026) |

## Peers (Software - Infrastructure)
GTLB (GitLab Inc.) USD 54.53 -1.66% · ZETA (Zeta Global Holdings Corp.) USD 33.52 -1.73% · DBX (Dropbox, Inc.) USD 37.48 +2.43% · S (SentinelOne, Inc.) USD 22.5 -1.19% · PAYP (PayPay Corporation - American D) USD 15.21 -0.91% · PATH (UiPath, Inc.) USD 13.94 +1.68%

## More
Full page: https://nexqual.com/NTSK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NTSK's own 10-K filed 2026-03-31 (https://www.sec.gov/Archives/edgar/data/2063196/000119312526135011/ck0002063196-20260131.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Amazon (AMZN) | "We also engage in regional events that target specific industries or customer personas, as well as large tradeshows such as the RSA Conference, AWS re:Invent, and Black Hat." |
| Partner | Alphabet (Google) (GOOGL) | "We have also forged strong technology partnerships with leading companies such as Amazon, CrowdStrike, Google, MetTel, Microsoft, Okta, and Telstra." |
| Partner | Microsoft (MSFT) | "We have also forged strong technology partnerships with leading companies such as Amazon, CrowdStrike, Google, MetTel, Microsoft, Okta, and Telstra." |
| Competitor | Broadcom (AVGO) | "Our primary competitors include companies such as Broadcom, Cisco, Fortinet, Palo Alto Networks, and Zscaler." |
| Competitor | Cisco (CSCO) | "Our primary competitors include companies such as Broadcom, Cisco, Fortinet, Palo Alto Networks, and Zscaler." |

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Indirect Channels | $213.7M | 96.9% | +31.7% |
| Direct End Customers | $6.8M | 3.1% | -20.0% |
| Total revenue | $220.5M | 100% | — |

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $120.9M | 54.8% | +24.9% |
| United States | $95.9M | 43.5% | +25.5% |
| EMEA | $57.8M | 26.2% | +37.4% |
| Asia Pacific & Japan | $41.8M | 19.0% | +31.1% |
| Total revenue | $220.5M | 100% | — |
The lines above cover 143.5% of total revenue.

## Customer concentration

Period ended 2026-07-31: 15%, 10%, 10%, 10% of revenue from unnamed direct customers (10-Q, filed 2026-09-02).

## Company outlook (8-K filed 2026-09-02)

- "A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, reconciling 2 items that may be incurred in the future, such as stock-based compensation and related employer payroll taxes, the effect of which may be significant."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $-0.04 | $-0.04 | -5.2% | $228.3M | 17 |
| Next quarter (ends 2027-01-31) | $-0.02 | $-0.02 | +17.3% | $240.1M | 17 |
| Current fiscal year (ends 2027-01-31) | $-0.15 | $-0.18 | -16.8% | $890.5M | 18 |
| Next fiscal year (ends 2028-01-31) | $-0.83 | $-0.89 | -6.8% | $1.08B | 6 |