Updated
The most significant concentration Elastic discloses is outside United States revenue at 46%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Elastic’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'Revenue from customers located outside the United States accounted for 46%, 44%, and 42% of our total revenue for the years ended April 30, 2026, 2025, and 2024, respectively.'”
“10-K Item 1: 'One customer, a channel partner, accounted for 11% of total revenue for the years ended April 30, 2026 and 2024, and 12% of total revenue for the year ended April 30, 2025.'”
The company's disclosed concentration profile is narrow, combining a medium-share geographic exposure with a small single-channel-partner dependency. Revenue from customers outside the United States accounted for 46% of total revenue in the most recent year, a medium share that has grown steadily from 42% three years ago. The character is structural — this reflects where the company's enterprise search end-markets are situated globally, not reliance on any particular contract that could be terminated. Because the filing discloses no specific country or region, the exposure is diffuse across many international markets, making it less susceptible to a single-jurisdiction shock than a named-country concentration would be. The one customer-specific exposure is a single channel partner that contributed 11% of total revenue in the most recent year. By disclosed size this is a low-share relationship, and while its character is dependency, it operates through a partner intermediary — the underlying end-user demand is distributed across that partner's own customer base rather than residing in one buyer's budget. The two exposures do not compound each other in a meaningful way. On balance, the disclosed concentration profile is well-contained: neither the geographic mix nor the channel-partner reliance individually or together appears likely to move the investment verdict absent a structural shift in one of those relationships.
For the engine’s reasoning on ESTC’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ADSK | Autodesk, Inc. | 1 | 1 | 1 | 3 |
| ADEA | Adeia Inc. | 1 | 0 | 0 | 1 |
| AGYS | Agilysys, Inc. | 0 | 2 | 0 | 2 |
| ESTC● | Elastic N.V. | 0 | 1 | 1 | 2 |
| ADBE | Adobe Inc. | 0 | 0 | 0 | 0 |
| ADP | Automatic Data Processing, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.