1、Morningstar Equity Company Report|Report as of 29 Aug 2025 07:32,UTC|Reporting Currency:USD|Trading Currency:USD|Exchange:NEW YORK STOCK EXCHANGE,INC.Page 1 of 27?Elastic NV ESTC QQQQ 29 Aug 2025 07:28,UTCLast Price87.79 USD28 Aug 2025Fair Value Estimate121.00 USD29 Aug 2025 07:23,UTCPrice/FVE0.73Ma

2、rket Cap9.26 USD Bil28 Aug 2025Economic MoatTMNarrowEquity Style Box9 Small GrowthUncertaintyHighCapital AllocationStandardESG Risk Rating Assessment1;4 Jun 2025 05:00,UTCMark GiarelliAnalystMContentsAnalyst Note(29 Aug 2025)Business DescriptionBusiness Strategy&Outlook(15 Aug 2025)Bulls Say/Bears S

3、ay(29 Aug 2025)Fair Value and Profit Drivers(29 Aug 2025)Economic Moat(15 Aug 2025)Risk and Uncertainty(15 Aug 2025)Financial Strength(29 Aug 2025)Capital Allocation(15 Aug 2025)FinancialsESG RiskRecent Analyst NotesResearch Methodology for Valuing CompaniesImportant DisclosureThe conduct of Morning

4、stars analysts is governed by Code of Ethics/Code of Conduct Policy,Personal Security Trading Policy(or an equivalent of),and Investment Research Policy.For information regarding conflicts of interest,please visit:http:/ primary analyst covering this company does not own its stock.Reporting Currency

5、:USD|Trading Currency:USDCurrency amounts expressed with$are in U.S.dollars(USD)unless otherwise denoted.1The ESG Risk Rating Assessment is a representation of Sustainalytics ESG Risk Rating.Elastic Earnings:Software Isnt Dead;AI-Search and Security Are Strengthening;Shares UndervaluedAnalyst Note M

6、ark Giarelli,Analyst,29 Aug 2025Elastic shares are up nearly 20%in after-hours trading following the companys first-quarter earnings,where it beat management expectations on revenue,non-GAAP operating margin,and non-GAAP earnings per share.Elastic is more efficiently converting sales and marketing e