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A10 Networks, Inc.

ATEN Technology Software Infrastructure

A10 Networks, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $290.6 million, up 11.0% from fiscal 2024.

Revenue
+15.5%
EPS
−20.0%
Free cash flow
+53.3%
Total debt
+0.66%

Quarter to June 2026, against a year earlier

22.66 1.15 −4.83%
Market cap
$1.6B
P/E
37.8×
Fwd P/E
39.0×
Dividend yield
1.06%
F-score
5/9
Altman Z
3.20
Beneish M
−3.32
Dividend safety
77/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 3.19
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 — — 1 — — 2 — — —
Insider Ownership 3.92%

Capital & Financial Ratios $m

Size
Market Cap 1,640.00
Revenue ttm 310.17
Net income ttm 42.97
Free cash flow ttm 60.94
Net debt Q (137.83)
Valuation
P/E 37.77 (above 35: high)
Forward P/E 39.00 (above 35: high)
Price / sales 5.27
Forward P/S Powerpack
Price / FCF 26.83
Price / book 6.87 (above 6: high)
Financial health
Current ratio Q 1.29
Debt / equity Q 0.92
Interest coverage Q 6.02
Growth
Revenue growth Q +15.50% (above 0%: growing)
Operating income growth Q −12.48% (below 0%: shrinking)
EPS, this year +17.72% (at or above 15%: strong)
EPS, next year A +15.09% (at or above 15%: strong)
Revenue, next year A +13.30% (at or above 10%: strong)
EPS, past 5 yrs +20.97% (at or above 15%: strong)
EPS, next 5 yrs A +16.43% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.5×, against a ten-year median of 2.9×; over the ten years it ranged from 1.2× in 2018 to 9.0× in 2026.
P/E against its own 10 years 73.70%
10-year low 10-year high
P/S against its own 10 years 91.75%
10-year low 10-year high
P/B against its own 10 years 84.23%
10-year low 10-year high
EV/Sales against its own 10 years 94.79%
10-year low 10-year high
EV/FCF against its own 10 years 67.10%
10-year low 10-year high

Dividends

Yield
1.06%
Annual rate
0.24
Payout ratio
40.0%
Growth, 2021–25
+48.0%/yr
  1. 0.05 ’21
  2. 0.21 ’22 +320
  3. 0.24 ’23 +14
  4. 0.24 ’24 +0
  5. 0.24 ’25 +0
  6. 0.25 ’26e +3
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 159 196 378 357
Receivables 74 77 62 72
Inventory 24 22 18 32
Other — — — —
272 307 476 483
2023 2024 2025 Q'26
Payables 7 13 12 25
ST’ Debt — — — 220
Other — — — —
111 124 134 375

Compound Annual Growth %

10y 5y 3y
Sales 4.00% 5.20% 1.20%
Cash Flow 37.99% 8.96% 8.70%
Earnings 0.00% 18.79% (3.51%)
Book Value 10.20% 12.77% 5.33%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.26 Actual 0.25

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.21 0.23 Beat by 0.02
Q4 FY25 0.26 0.26 Met by 0.00
Q1 FY26 0.22 0.24 Beat by 0.02
Q2 FY26 0.26 0.25 Miss by 0.01
Q3 FY26 0.27 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.17 0.12 — — —
’25 0.13 0.14 0.17 0.14 0.57
’24 0.13 0.13 0.17 0.24 0.67
’23 0.05 0.15 0.09 0.24 0.53
’22 0.08 0.13 0.16 0.24 0.60
’21 0.03 0.08 0.94 0.13 1.19
’20 0.00 0.05 0.08 0.10 0.22
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 75 80 — — —
’25 66 69 75 80 291
’24 61 60 67 74 262
’23 58 66 58 70 252
’22 63 68 72 78 280
’21 55 59 65 71 250
’20 54 53 57 63 226
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2 29 — — —
’25 17 22 23 23 85
’24 32 12 20 26 90
’23 (1) 20 23 3 45
’22 16 9 14 27 66
’21 2 17 22 9 50
’20 12 10 16 17 55
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1) 28 — — —
’25 13 18 18 16 65
’24 30 9 17 23 78
’23 (4) 17 20 0 34
’22 13 7 11 25 55
’21 2 15 21 7 45
’20 11 10 15 16 52
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 227 235 232 213 226 250 280 252 262 291 310 +2.8% 329 367 409 +12.1%
Gross margin, % 76.06 77.35 77.65 77.01 77.76 78.60 79.73 80.94 80.35 79.34 79.38 +3.3 pt
EBT (22) (10) (27) (16) 19 32 53 44 58 52 54 n/m
EBT margin, % (9.52) (4.05) (11.43) (7.72) 8.49 12.65 18.80 17.40 22.20 18.04 17.46 +27.6 pt
Net income (22) (11) (28) (18) 18 95 47 40 50 42 43 n/m
Per share, $
Per share, $ Revenue 3.46 3.36 3.19 2.79 2.90 3.25 3.71 3.39 3.53 4.02 4.30 +1.7%
Earnings (0.32) (0.15) (0.38) (0.23) 0.23 1.23 0.62 0.54 0.68 0.58 0.60 n/m
Cash flow 0.29 0.20 (0.04) (0.01) 0.71 0.65 0.88 0.60 1.22 1.18 1.07 +17.0%
Capex (0.10) (0.08) (0.04) (0.06) (0.05) (0.07) (0.14) (0.15) (0.17) (0.28) (0.22) +12.4%
Free cash flow 0.19 0.12 (0.08) (0.06) 0.67 0.58 0.73 0.45 1.06 0.90 0.84 +18.9%
Book value 1.26 1.40 1.43 1.43 1.49 2.71 2.40 2.80 3.13 2.93 3.30 +9.8%
Shares, m 66 70 73 76 78 77 76 74 74 72 72 +1.1%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 43.59 13.48 26.76 24.13 27.06 29.98 37.77 16.5
P/S 2.43 2.31 1.96 2.46 3.40 5.11 4.54 3.84 5.21 4.40 5.27 3.6
P/B 6.69 5.52 4.38 4.80 6.61 6.12 7.03 4.65 5.88 6.04 6.87 5.8
EV/Sales 1.93 1.75 1.41 2.00 2.83 4.46 4.08 3.28 4.53 3.87 5.53 3.0
EV/FCF 31.56 47.99 (59.44) (89.36) 12.33 24.83 20.69 24.56 15.16 17.35 28.17 4.6
Cash, $m
Cash, $m Operating cash flow 19 14 (3) 0 55 50 66 45 90 85 77 +18.3%
Capex (6) (6) (3) (4) (4) (5) (11) (11) (12) (20) (16) +13.6%
Free cash flow 12 9 (5) (5) 52 45 55 34 78 65 61 +20.2%
Balance, $m
Balance, $m Working capital 95 111 118 123 135 168 139 161 184 342 109 +15.3%
Net debt (114) (131) (128) (102) (135) (166) (134) (159) (196) (159) (138) +3.7%
Shareholders’ equity 83 98 104 109 116 209 181 208 232 212 238 +11.0%
Returns, %
Returns, % ROA (10.94) (4.87) (11.99) (6.99) 6.31 27.75 12.31 10.53 12.19 7.93 6.68 +18.9 pt
ROIC 0.00 0.00 0.00 (154.59) 0.00 48.35 70.78 49.73 75.76 56.14 31.25 +56.1 pt
ROE (27.50) (11.87) (27.31) (16.76) 15.85 58.42 24.06 20.56 22.81 19.01 19.45 +46.5 pt
People
People Employees 837 835 834 810 740 590 575 525 481 494 — (5.7%)
Revenue/emp, $m 0.27 0.28 0.28 0.26 0.30 0.42 0.49 0.48 0.54 0.59 — +9.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

A10 Networks, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MQ Marqeta, Inc. $1.9B 14.6× 66.4× +7.88% (above 0%: growing) n/m −77.59% (below 0%: shrinking) 69.30% 3.56% Compare
AI C3.ai, Inc. $1.8B — (loss-making) — (loss-making) −25.46% (below 0%: shrinking) n/m +106.02% (above 0%: growing) 31.83% (187.62%) Compare
PRGS Progress Software Corporation $1.8B 20.3× 36.0× −1.52% (below 0%: shrinking) +22.22% (above 0%: growing) +19.24% (above 0%: growing) 82.74% 18.92% Compare
STNE StoneCo Ltd. $1.8B 3.0× 3.0× +14.89% (above 0%: growing) −2.63% (below 0%: shrinking) +2,108.82% (above 0%: growing) 68.05% 43.79% Compare
NYAX Nayax Ltd. $1.7B 214× 179× +28.25% (above 0%: growing) n/m −335.31% (below 0%: shrinking) 46.86% (5.42%) Compare
INFQ Infleqtion, Inc. $1.7B — (loss-making) — — n/m +914.79% (above 0%: growing) 16.01% (220.55%) Compare
ATEN A10 Networks, Inc. $1.6B 37.8× 39.0× +15.50% (above 0%: growing) −20.00% (below 0%: shrinking) +53.34% (above 0%: growing) 79.09% 11.26%
PGY Pagaya Technologies Ltd. $1.5B 9.9× 11.2× +11.52% (above 0%: growing) +96.93% (above 0%: growing) −28.27% (below 0%: shrinking) 44.76% 28.82% Compare
NN NextNav Inc. $1.4B — (loss-making) — (loss-making) −4.33% (below 0%: shrinking) n/m −33.14% (below 0%: shrinking) (78.70%) (1,760.78%) Compare
Median of peers $1.8B 14.6× 36.0× +7.88% +22.22% −4.52% 45.81% (0.93%)

All 183 Software Infrastructure stocks →

Pay and ownership Proxy statement filed 10 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.97m 6.60m —
2024 6.34m 10.37m —
2023 4.58m 2.50m —
2022 4.45m 4.36m —
2021 3.14m 7.25m —

Ownership

Directors and executive officers, together 1.21%
BlackRock, Inc. 18.38%
The Vanguard Group 10.37%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

A10 Networks, Inc. (ATEN) Latest News

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stockrow.com/ATEN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com