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. In the quarter to June 2026, revenue grew 15.5%, EPS fell 20.0%, free cash flow grew 53.3% and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years.

24.46 0.93 −3.66%
Market cap
$1.8B
P/E
40.8×
Fwd P/E
41.0×
Dividend yield
0.98%
F-score
5/9
Altman Z
3.20
Beneish M
−3.32
Dividend safety
77/100
Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21 Dec '22 Dec '23 Dec '24 Dec '25
Piotroski F-Score
6 6 4 3 6 7 7 7 7 5
P/E ratio
0.00 0.00 0.00 0.00 43.59 13.48 26.76 24.13 27.06 29.98
P/S ratio
2.43 2.31 1.96 2.46 3.40 5.11 4.54 3.84 5.21 4.40
Altman Z-Score
2.12 2.45 1.65 1.53 2.85 4.96 5.20 4.37 5.39 3.20
Altman Z″-Score (non-manufacturers)
(0.81) 0.02 (0.45) (0.23) 1.09 3.09 3.29 3.81 4.37 4.61
P/FCF ratio
39.78 63.28 0.00 0.00 14.83 28.43 23.03 28.76 17.43 19.74
Beneish M-Score
(2.74) (3.18) (2.83) (2.05) (3.16) (1.34) (2.50) (2.48) (2.92) (3.32)
P/Operating CF
(180.73) 126.43 161.04 95.40 45.74 143.63 46.60 354.07 53.02 56.29
P/B ratio
6.69 5.52 4.38 4.80 6.61 6.12 7.03 4.65 5.88 6.04
Dividend Safety Score
— — — — — — — — — 77
Price to Tangible BV
7.39 5.91 4.60 4.97 6.74 6.15 7.09 4.68 5.91 6.72
EV/Sales
1.93 1.75 1.41 2.00 2.83 4.46 4.08 3.28 4.53 3.87
EV/EBITDA
0.00 0.00 0.00 0.00 21.96 26.38 18.92 17.20 21.46 18.13
EV/Operating CF
23.37 28.77 (121.16) (999.77) 11.53 22.27 17.31 18.55 13.10 13.24
EV/FCF
31.56 47.99 (59.44) (89.36) 12.33 24.83 20.69 24.56 15.16 17.35
Quick Ratio
1.73 1.93 1.87 1.88 1.94 2.13 1.89 2.10 2.20 3.29
Current Ratio
1.94 2.20 2.21 2.26 2.25 2.45 2.17 2.45 2.49 3.56
Net Debt/EBITDA
9.29 70.46 6.48 14.42 (4.64) (3.92) (2.22) (3.32) (3.54) (2.57)
Debt/Assets
0.00% 0.00% 0.00% 10.23% 8.08% 4.91% 4.56% 0.00% 0.00% 34.74%
Debt/Equity
0.00 0.00 0.00 0.26 0.20 0.09 0.09 0.00 0.00 1.03
Asset Turnover
1.11 1.07 1.01 0.83 0.80 0.73 0.74 0.66 0.64 0.55
Operating CF/Net income
(0.84) (1.33) 0.10 0.02 3.10 0.53 1.41 1.11 1.80 2.01
Capex/Depreciation
(0.77) (0.67) (0.35) (0.43) (0.32) (0.58) (1.46) (1.17) (1.09) (1.35)
Interest Coverage
(48.51) (64.02) (214.57) (72.13) 17,733.00 — 40.70 — — 7.43
ROE
(27.50%) (11.87%) (27.31%) (16.76%) 15.85% 58.42% 24.06% 20.56% 22.81% 19.01%
ROA
(10.94%) (4.87%) (11.99%) (6.99%) 6.31% 27.75% 12.31% 10.53% 12.19% 7.93%
ROIC
0.00% 0.00% 0.00% (154.59%) 0.00% 48.35% 70.78% 49.73% 75.76% 56.14%
Return on Tangible Assets
(21.63%) (8.89%) (22.12%) (13.60%) 12.51% 53.12% 29.60% 20.97% 22.50% 10.73%
Average Days of Receivables
98.42 74.83 84.83 91.95 82.62 90.21 94.95 107.76 106.96 77.97
Research and Development Expense of Revenue
26.71% 26.76% 28.06% 29.08% 25.75% 21.63% 20.83% 21.94% 22.06% 23.78%
Selling, General and Administrative Expense of Revenue
57.49% 55.00% 61.51% 54.78% 44.16% 43.62% 39.96% 43.65% 41.49% 39.33%
Intangible Assets out of Total Assets
0.04 0.03 0.02 0.01 0.01 0.00 0.00 0.00 0.00 0.03
Share Based Compensation of Revenue
7.44% 7.31% 7.34% 7.77% 5.46% 5.77% 4.76% 5.59% 6.51% 6.89%
Graham Net Nets
0.11 0.14 0.18 0.11 0.09 0.08 0.05 0.09 0.08 0.05
Graham Number
0.00 0.00 0.00 0.00 2.75 8.66 5.83 5.83 6.92 6.23
Earnings Yield
(4.11%) (2.06%) (5.97%) (3.46%) 2.29% 7.42% 3.74% 4.14% 3.70% 3.34%
Free Cash Flow Yield
2.51% 1.58% (1.21%) (0.91%) 6.74% 3.52% 4.34% 3.48% 5.74% 5.07%
Revenue per Share
3.46 3.36 3.19 2.79 2.90 3.25 3.71 3.39 3.53 4.02
Operating CF per Share
0.29 0.20 (0.04) (0.01) 0.71 0.65 0.88 0.60 1.22 1.18
Capex per Share
(0.10) (0.08) (0.04) (0.06) (0.05) (0.07) (0.14) (0.15) (0.17) (0.28)
Free Cash Flow per Share
0.19 0.12 (0.08) (0.06) 0.67 0.58 0.73 0.45 1.06 0.90
Cash per Share
1.74 1.87 1.76 1.71 2.03 2.40 2.00 2.15 2.64 5.23
Shareholders Equity per Share
1.26 1.40 1.43 1.43 1.49 2.71 2.40 2.80 3.13 2.93
Interest Debt per Share
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Book value per Share
1.26 1.40 1.43 1.43 1.49 2.71 2.40 2.80 3.13 2.93
Free Cash Flow
12.41 8.58 (5.49) (4.77) 51.72 44.93 55.30 33.62 78.22 64.77
Working Capital
95.29 111.08 117.57 123.36 134.52 167.93 138.74 160.76 183.72 342.30
Capital Expenditures
(6.37) (5.73) (2.80) (4.34) (3.56) (5.17) (10.80) (10.90) (12.27) (20.13)
Net Current Asset Value
62.72 77.33 82.95 55.67 67.47 99.82 68.90 89.89 106.30 57.69
EV/EBIT
0.00 0.00 0.00 0.00 35.95 33.42 21.55 21.36 26.97 23.84
Capex to Sales
0.03 0.02 0.01 0.02 0.02 0.02 0.04 0.04 0.05 0.07
Price to Operating Income
0.00 0.00 0.00 0.00 43.25 38.26 23.99 25.02 31.00 27.11
Other line items
Depreciation/Fixed assets
1.01 0.86 1.09 1.31 1.43 0.83 0.37 0.31 0.29 0.30
Cash ROIC
6.29% 3.74% (2.36%) (1.79%) 17.38% 10.87% 15.85% 9.16% 18.30% 8.01%
Accounts Receivable Turnover
3.82 4.30 4.54 3.95 4.31 4.43 4.16 3.42 3.47 4.19
Accounts Payable Turnover
5.35 5.65 6.02 6.19 8.06 9.14 8.37 6.98 5.26 4.95
Inventory Turnover
3.19 3.19 2.92 2.43 2.33 2.48 2.70 2.22 2.26 3.00
Average Days of Payables
66.08 61.84 57.69 56.69 35.31 46.74 43.19 53.45 89.03 71.09
Days of Inventory on Hand
106.31 120.33 126.11 167.14 150.88 153.23 126.48 179.01 156.20 109.62
Average Receivables
59.53 54.78 51.12 53.77 52.31 56.42 67.36 73.62 75.50 69.38
Average Payables
10.18 9.44 8.62 7.90 6.22 5.85 6.79 6.87 9.78 12.12
Average Inventory
17.07 16.71 17.75 20.16 21.56 21.60 21.08 21.61 22.76 20.02
Average Assets
204.64 220.80 230.37 254.96 282.43 341.95 381.10 379.46 411.31 531.31
Average Common Equity
81.41 90.57 101.13 106.34 112.38 162.43 194.95 194.44 219.85 221.69

Fold the line items

Columns are period end dates