Netskope Inc

NTSKdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Netskope Inc earns about -349% on equity, but has diluted owners by 134% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2024	FY 2025	FY 2026
Revenue	$406.9M¹	$538.3M¹	$709M¹
Net income	−$344.9M²	−$354.5M²	−$679.4M²
Operating cash flow	−$167.2M³	−$110.7M³	$38.1M³
Capital expenditure	$30.6M⁴	$33.7M⁴	$22.9M⁴
Free cash flow (derived)	−$197.8M³	−$144.4M³	$15.2M³
Total debt	—	—	—
Cash & equivalents	—	$166M⁵	$432.6M⁵
Diluted shares	91.4M	97.5M	213.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$9.09

your share of equity

Profit it earned you last year

−$31.76

Free cash flow it threw off

$0.71

Debt you’d be carrying

—

10 shares is a claim on $9.09 of net worth that earned you −$31.76 and generated $0.71 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-349% avg · 3y

FY24 —FY25 —FY26 -349%

It earned an average -349% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+134% shares · 3y

Share count is up 134% over 3 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2024-01-31 · accession 0001193125-26-135011 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2024-01-31 · accession 0001193125-26-135011 (NetIncomeLoss)
10-K · period ending 2024-01-31 · accession 0001193125-26-135011 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-01-31 · accession 0001193125-26-135011 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2025-01-31 · accession 0001193125-26-135011 (CashAndCashEquivalentsAtCarryingValue)