NTSK // Netskope Inc.

DES <GO> NASDAQ CIK 0002063196 ↗

Technology • Computer Software: Prepackaged Software

$26.19 ▼ -0.33 (-1.24%)

MKT CAP: $10.70B • VOL: 7.29M

52W L $8 52W H $27

ALTMAN Z

1.70 RISK

PIOTROSKI

6 / 9

NTSK // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 59/100 [C-] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C-

RQD CONFIDENCE

59 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Cautious Neutral

01 MASSIVE / SEC XBRL

Forensic Fundamentals

10 / 20

NEUTRAL

FCF +110.5% vs NI -91.6% • ROIC-WACC -41.5% • Z 1.7

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

14 / 20

SOLID

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

13 / 20

SOLID

20 BASE - 7 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON NTSK)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 94/100 Z-SCORE: +3.76σ

NTSK Accounting Gap: Net Income (-91.6%) Outpaced OCF (+134.4%) With +148.7% Working-Capital Build

CASH CONVERSION GAP

-226.0% (NI vs OCF)

RECEIVABLES / WC BLOAT

+148.7% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Netskope Inc. (NTSK) exposes a +-226.0% Cash Conversion Gap as YoY Net Income growth (-91.6%) diverged from Operating Cash Flow growth (+134.4%). Non-cash current assets and receivables expanded +148.7% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

NTSK // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +143.98%▲ ASCENDING CHANNEL

2026-10-30O $25.87H $26.30L $23.73C $24.30VOL 5.55M

RES: $27.03SUP: $15.98SMA50: $18.35SMA200: $13.18

NTSK // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 30/100

BEAR 0

100 BULL

Netskope Inc. (NTSK) exhibits 68.1% gross margins and -35.0% return on invested capital within Technology (Computer Software: Prepackaged Software), balanced against a 24.0x enterprise multiple and 7.9% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 68.1% gross profitability converts into -60.0% operating margin and -35.0% ROIC, outpacing sector cost of capital.

ROIC: -35.0% // GM: 68.1%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +31.7% paired with 0.14% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +31.7% // FCF YLD: 0.14%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 1.70 and Piotroski F-Score of 6/9 indicate low near-term refinancing stress.

ALTMAN Z: 1.70 // F-SCORE: 6/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (35.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±7.9% implied move with a 0.86 put/call ratio around $26.00 max pain.

IMPL MOVE: ±7.9% // P/C: 0.86

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Computer Software: Prepackaged Software require continuous execution to defend -60.0% net margins.

NET MARGIN: -60.0% // D/E: 3.41x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 35.0x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.30).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E 35.0x

EV / EBITDA —

FCF YIELD 0.14%

GROSS MARGIN 68.1%

OPERATING MARGIN -60.0%

NET MARGIN -60.0%

ROIC % -35.0%

REV GROWTH YOY +31.7%

DILUTED EPS TTM $-1.66

DEBT / EQUITY 3.41x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 64.2

5Y EQUITY BETA 1.30

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // NTSKPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $23.96

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for NTSK & activate live FRED threshold breach alerts.

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