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A10 Networks, Inc. ATEN

Technology — Software Infrastructure
Dividend Champion (5y)
Growth Flags show if company had growth for consecutive years

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Insider Decisions

Total sells
3.19
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — 1 — — 1 — — 2 —
Insider Ownership
3.91%

Capital & Financial Ratios

Market Cap
1,960.00
Revenue
310.17
Net Income
42.97
Free Cash Flow
60.94
Net Debt
(137.83)
Current Ratio
1.29
Debt/Equity
0.92
P/E ratio
43.58
P/S ratio
6.08
P/B ratio
7.93
Past 5Y EPS Growth
—
This Y EPS Growth
15.73%
Next Y EPS Growth
13.83%
Next 5Y EPS Growth
14.66%
in millions of $

Dividends

Payout Ratio
0.38
Annual Dividend Rate
0.24
Annual Dividend Yield
1.90%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 0.25
—
—
—
2025 0.24
—
—
—
—
2024 0.24
—
—
—
—
2023 0.24
—
—
—
—
2022 0.21
—
—
—
—
2021 0.05
—
2020 ‡‡‡
2019 ‡‡‡
2017 ‡‡‡
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 159.30 195.56 377.85 357.35
Receivables 74.31 76.69 62.07 72.24
Inventory 23.52 22.01 18.03 31.73
Other — — — —
271.82 307.29 475.95 483.20
2023 2024 2025 Q'26
Payables 7.02 12.54 11.69 25.22
ST’ Debt — — — 219.52
Other — — — —
111.07 123.57 133.65 374.52
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 75.00 80.14 — —
—
’25 66.14 69.38 74.68 80.36
290.56
’24 60.68 60.10 66.72 74.20
261.70
’23 57.69 65.82 57.78 70.42
251.70
’22 62.67 67.97 72.06 77.63
280.34
’21 54.84 59.17 65.36 70.67
250.04
’20 53.76 52.50 56.61 62.66
225.53
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 2.23 29.12 — —
—
’25 17.20 22.18 22.80 22.71
84.89
’24 32.44 12.21 20.13 25.71
90.49
’23 (0.85) 19.57 23.06 2.73
44.51
’22 15.91 8.83 14.03 27.33
66.10
’21 2.27 17.16 21.77 8.89
50.10
’20 12.18 10.47 15.87 16.77
55.29
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 (0.69) 27.51 — —
—
’25 12.71 17.94 18.08 16.04
64.77
’24 29.52 8.72 16.66 23.33
78.22
’23 (3.52) 17.18 20.37 (0.41)
33.62
’22 12.77 6.95 10.79 24.79
55.30
’21 1.50 15.49 20.82 7.11
44.93
’20 11.32 9.79 14.87 15.75
51.72
in millions of $

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

Target Price Range

High
‡‡‡‡‡
‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

2
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 12.27 10.04 12.27 13.81 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 19.79 17.00 19.37 21.90 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 575 525 481 494 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.49 0.48 0.54 0.59 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 280.34 251.70 261.70 290.56 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 79.73% 80.94% 80.35% 79.34% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 52.72 43.80 58.10 52.42 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 18.80% 17.40% 22.20% 18.04% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 46.91 39.97 50.14 42.14 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7.38 9.35 11.29 14.86 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.71 3.39 3.53 4.02 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 0.62 0.54 0.68 0.58 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.88 0.60 1.22 1.18 — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.14) (0.15) (0.17) (0.28) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.73 0.45 1.06 0.90 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.40 2.80 3.13 2.93 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 75.53 74.21 74.09 72.25 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 26.76 24.13 27.06 29.98 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.54 3.84 5.21 4.40 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7.03 4.65 5.88 6.04 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.08 3.28 4.53 3.87 ‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 20.69 24.56 15.16 17.35 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 66.10 44.51 90.49 84.89 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (10.80) (10.90) (12.27) (20.13) ‡‡‡‡‡ — —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 55.30 33.62 78.22 64.77 — — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 138.74 160.76 183.72 342.30 — — —
Working Cap'
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 21.64 — — 218.79 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (129.35) (159.30) (195.56) (159.07) — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 181.01 207.88 231.83 211.55 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 12.31% 10.53% 12.19% 7.93% — — —
ROA
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡ ‡‡‡‡‡ 64.22% 49.73% 75.76% 56.14% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 24.06% 20.56% 22.81% 19.01% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

A10 Networks (ATEN) has engineered a remarkable turnaround in cybersecurity and application delivery, shifting from chronic losses to robust profitability amid surging demand for threat intelligence and DDoS protection. Revenue grew at a 2% CAGR from $227 million in 2016 to $262 million in 2023, with post-2019 acceleration—11-12% annually—driving projections of 16% growth to $291 million in 2024 and further gains through 2026. Operational efficiency shines through a 43% headcount reduction, doubling revenue per employee to $544,000, while high-margin software subscriptions and AI-driven tools like Harmony Controller fuel recurring revenue and stock highs near $19.

Profitability metrics dazzle: EBT margins exploded from negative to 22% by 2023, with net income hitting $50 million, ROE at 23%, and ROIC at 76%. Free cash flow soared to $78 million in 2023 (FCF/share $1.06), funding 13% share buybacks and bolstering a $196 million net cash position—EV/FCF at a compelling 15x. Valuation multiples like 27x trailing PE and 4.5x EV/Sales appear premium yet justified versus peers, amid tailwinds from vulnerabilities like Log4j.

Caution flags include modest insider selling and execution risks in a competitive field, but analyst targets suggest 16% average upside. ATEN’s lean model positions it as a mid-cap gem, with potential ROE rebound to 25% and FCF/share near $1.50 if subscription mix exceeds 50%—read the full analysis for deeper data correlations and risks.

Read full commentary →

A10 Networks, Inc. (ATEN) Latest News

News by impact score

Fine-tune

14 Aug

4 , 4:09 PM
A10 Networks launches on-prem AI gateway, raising questions if the product reframes the investment case for ATEN. New on-prem AI gateway launch marks major product move in AI segment with potential to shift company trajectory.

4 , 7:12 AM
A10 Networks launches AI Gateway to support enterprise AI infrastructure and security needs. AI Gateway launch marks major product introduction capable of shifting competitive positioning and growth outlook.

3 , 1:11 PM
A10 Networks (ATEN) stock may trade above fair value following its AI Gateway launch. AI Gateway launch introduces new product innovation with potential to influence financial performance and competitive positioning.

13 Aug

4 , 9:00 AM
A10 Networks launches A10 AI Gateway as an intelligent control plane for all AI operations. AI gateway product launch targets expanding sector and strengthens competitive positioning.

12 Aug

4 transcript www.fool.com, 9:00 PM
A10 Networks held its Q2 2026 earnings call, covering quarterly results, guidance and operational updates. Earnings call delivers financial results and outlook that directly shape near-term stock movement and strategy assessment.

6 Aug

4 , 1:09 AM
A10 Networks reported strong revenue growth in Q2 2026 and raised guidance. Strong revenue growth and raised guidance signal improved financial outlook and market momentum for A10 Networks.

3 www.marketbeat.com, 4:04 AM
A10 Networks Q2 earnings call highlighted financial results, revenue performance, profit metrics, and strategic outlook for the company. Quarterly earnings details typically influence short-term stock sentiment and operational views without major long-term shifts.

5 Aug

3 transcript app.moby.co, 9:43 PM
A10 Networks reported Q2 2026 earnings with revenue growth from cybersecurity and application delivery products plus updated forward guidance. Quarterly results and guidance offer moderate updates to financial trajectory and investor expectations.

3 , 8:35 PM
A10 Networks (ATEN) missed Q2 earnings estimates. Q2 earnings miss can pressure near-term stock valuation and investor views on financial performance.

3 , 4:06 PM
A10 Networks, Inc. (ATEN) reported its financial results for the second quarter of 2026. Quarterly earnings release informs performance metrics and may shift near-term investor views.

15 Jun

4 , 9:15 AM
A10 Networks acquires TrojAI Inc. to expand its AI roadmap. Acquisition marks major strategic expansion into AI that can shift company trajectory and investor views.

9 Jun

3 Simply Wall St., 11:10 AM
A10 Networks (ATEN) blended price target has topped US$30, shifting the company's market narrative and outlook. Higher blended price targets can lift near-term sentiment and trading activity without altering core operations.

15 May

3 Simply Wall St., 7:12 AM
Some investors remain optimistic about A10 Networks' (NYSE:ATEN) earnings despite mixed signals, potentially signaling positive momentum in cybersecurity and application delivery markets. Earnings optimism moderately influences financial performance and investor sentiment without fundamentally altering long-term trajectory.

6 May

3 Zacks, 10:00 AM
A10 Networks, Inc. (ATEN) named best momentum stock to buy for May 6th due to strong recent performance and positive trends. Highlight as top momentum stock expected to moderately boost investor sentiment and short-term market performance.

1 May

4 Simply Wall St., 7:16 AM
A10 Networks, Inc. (ATEN) beat analyst earnings forecasts, prompting analysts to update their models with more optimistic projections. Earnings beat and analyst upgrades signal strong financial momentum likely to enhance stock performance and investor sentiment.

29 Apr

4 Simply Wall St., 7:08 PM
A10 Networks reaffirms 2026 guidance, signaling sustained growth amid strong demand for threat protection and cloud solutions, while introducing a quarterly dividend of $0.06 per share starting Q1 2025, boosting shareholder returns and stock appeal. Reaffirmed long-term guidance and new dividend initiation reflect financial strength and shareholder commitment, likely driving positive investor sentiment and stock valuation.

4 app.moby.co, 8:30 AM
A10 Networks, Inc. releases Q1 2026 earnings call summary detailing financial results, guidance, and strategic updates. Q1 earnings call summary provides key financial metrics and forward guidance with potential to significantly influence stock performance and market perception.

4 GuruFocus.com, 3:09 AM
A10 Networks Inc (ATEN) reported strong revenue growth in Q1 2026 earnings call amidst regional challenges. Strong revenue growth highlights significant positive impact on ATEN's financial performance and market trajectory.

28 Apr

4 Zacks, 7:00 PM
A10 Networks (ATEN) Q1 earnings and revenues beat analyst estimates. Beating Q1 earnings estimates enhances financial outlook and investor sentiment for ATEN.

4 transcript www.fool.com, 5:53 PM
A10 Networks (ATEN) released Q1 2026 earnings call transcript detailing quarterly financial results, revenue growth, profitability metrics, and forward guidance. Q1 2026 earnings transcript discloses key financials and strategic outlook likely to significantly sway ATEN's stock performance and investor sentiment.

4 www.marketbeat.com, 5:40 PM
A10 Networks Q1 earnings call highlights financial results, operational updates, strategic initiatives, and forward guidance. Q1 earnings call highlights reveal financial performance and guidance that significantly sway investor sentiment and stock trajectory.

4 Business Wire, 4:06 PM
A10 Networks, Inc. (ATEN) reported financial results for the first quarter of 2026. Quarterly financial results directly impact ATEN's stock price, revenue guidance, and investor sentiment.

4 transcript www.fool.com, 3:33 PM
A10 Networks (ATEN) Q2 2025 earnings call transcript details quarterly financial results, revenue growth, profitability metrics, and future guidance from executives. Q2 2025 earnings transcript provides detailed financial outcomes and strategic outlook capable of significantly swaying market performance and investor sentiment.

14 Apr

4 transcript www.fool.com, 11:39 AM
A10 Networks (ATEN) released Q4 2024 earnings call transcript detailing financial results, performance highlights, and management outlook. Q4 earnings transcript discloses key financial metrics, guidance, and strategic updates that significantly influence ATEN's future performance and investor sentiment.

7 Apr

4 Simply Wall St., 7:09 PM
AI trends are boosting A10 Networks (ATEN) investment case by driving demand for its application security and delivery controllers to protect AI infrastructure and workloads. AI-driven demand enhances A10 Networks' competitive edge in cybersecurity for data centers and cloud, significantly lifting growth prospects.

18 Mar

4 Simply Wall St., 5:07 AM
Investors react to A10 Networks (ATEN) AI-fueled raised guidance and earnings upgrade, signaling strong demand in AI infrastructure security. AI-fueled guidance raise and earnings upgrade indicate significant revenue acceleration and improved financial outlook for A10 Networks.

17 Mar

3 Zacks, 12:00 PM
A10 Networks (ATEN) upgraded to Buy rating by analysts, driven by strong growth prospects, robust product demand, expanding multi-cloud security solutions, and attractive valuation metrics. Analyst upgrade to Buy signals moderately positive shift in market sentiment and potential for improved stock performance amid competitive cybersecurity landscape.

12 Mar

3 Insider Monkey, 12:13 PM
BWS Financial predicts A10 Networks (ATEN) will benefit from surging AI network traffic, boosting demand for its secure application delivery and networking solutions. Analyst forecast ties ATEN's growth to AI traffic trends, moderately enhancing competitive positioning and investor sentiment.

24 Feb

3 Zacks, 9:55 AM
Wall Street analysts expect A10 Networks (ATEN) stock to rally 28.83%, prompting questions on its potential realization. Analysts' consensus targets a 28.83% upside, likely influencing investor sentiment and short-to-medium term performance moderately.

13 Feb

3 Simply Wall St., 6:17 AM
A10 Networks, Inc. (ATEN) has experienced a rebound in its share price, prompting a reevaluation of its valuation. Analysts are assessing the company's financial health and market position following recent developments. The rebound may indicate positive investor sentiment and potential growth opportunities, although challenges remain in the competitive landscape. Overall, the analysis suggests that while the recent price increase is noteworthy, it is essential to consider broader market trends and the company's strategic direction moving forward. The share price rebound indicates moderate investor interest, but broader market conditions and competitive challenges may limit its overall impact.
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