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

Fold the line items

Columns are period end dates