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.
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A10 Networks, Inc. (ATEN) Altman Z-score
A10 Networks, Inc.'s Altman Z-score for fiscal 2025 is 3.20, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.20 | (2.19) |
| FY2024 | 5.39 | 1.02 |
| FY2023 | 4.37 | (0.83) |
| FY2022 | 5.20 | 0.24 |
| FY2021 | 4.96 | 2.11 |
| FY2020 | 2.85 | 1.33 |
| FY2019 | 1.53 | (0.12) |
| FY2018 | 1.65 | (0.81) |
| FY2017 | 2.45 | 0.33 |
| FY2016 | 2.12 | 0.65 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.54 | — | 0.65 | |
| Retained earnings / total assets | 0.00 | — | 0.00 | |
| EBIT / total assets | 0.07 | — | 0.25 | |
| Market value of equity / total liabilities | 3.06 | — | 1.83 | |
| Sales / total assets | 0.46 | — | 0.46 | |
| Altman Z-score | Safe zone | 3.20 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.61 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ATEN A10 Networks, Inc. | 3.2× |
| NYAX Nayax Ltd. compare | 2.9× |
| EVTC Evertec, Inc. compare | 2.0× |
| MQ Marqeta, Inc. compare | 1.7× |
| BAND Bandwidth Inc. compare | 1.1× |
| PRGS Progress Software Corporation compare | 1.0× |
| AI C3.ai, Inc. compare | 0.6× |
| NN NextNav Inc. compare | −2.2× |
| FORG ForgeRock, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets