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Friday 6 November 2026
Export FFIV’s income statement to Excel — free account
F5, Inc.
FFIV Technology Software Infrastructure
F5, Inc.’s revenue for fiscal 2026 (year ended September 2026) was $3.4 billion, up 10.6% from fiscal 2025.
- Revenue
- +13.3%
- EPS
- −0.63%
- Free cash flow
- −52.4%
Quarter to September 2026, against a year earlier
312.01
17.71
−5.37%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to September
| Ten-year view | Analyst estimates Powerpack | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | |||||||||||||||||
| Income, $m | Revenue | 2,090 | 2,161 | 2,242 | 2,351 | 2,603 | 2,696 | 2,813 | 2,816 | 3,088 | 3,417 | +5.6% | 3,706 | 3,956 | — | +7.6% | |
| Gross margin, % | 83.09 | 83.28 | 84.10 | 82.65 | 81.06 | 79.98 | 78.91 | 80.20 | 81.41 | 81.88 | (1.2) pt | ||||||
| EBT | 576 | 604 | 541 | 396 | 387 | 385 | 486 | 695 | 808 | 868 | +4.7% | ||||||
| EBT margin, % | 27.54 | 27.93 | 24.13 | 16.86 | 14.86 | 14.30 | 17.28 | 24.70 | 26.18 | 25.40 | (2.1) pt | ||||||
| Net income | 421 | 454 | 428 | 307 | 331 | 322 | 395 | 567 | 692 | 722 | +6.2% | ||||||
| Per share, $ | |||||||||||||||||
| Per share, $ | Revenue | 32.57 | 35.28 | 37.35 | 38.59 | 42.88 | 44.73 | 46.96 | 47.96 | 53.33 | 59.98 | +7.0% | |||||
| Earnings | 6.56 | 7.41 | 7.12 | 5.05 | 5.46 | 5.34 | 6.59 | 9.65 | 11.96 | 12.68 | +7.6% | ||||||
| Cash flow | 11.54 | 12.42 | 12.45 | 10.85 | 10.63 | 7.34 | 10.91 | 13.49 | 16.40 | 16.84 | +4.3% | ||||||
| Capex | (0.67) | (0.86) | (1.72) | (0.98) | (0.50) | (0.56) | (0.90) | (0.52) | (0.75) | (1.59) | +10.2% | ||||||
| Free cash flow | 10.87 | 11.57 | 10.73 | 9.87 | 10.12 | 6.79 | 10.00 | 12.98 | 15.65 | 15.25 | +3.8% | ||||||
| Book value | 19.16 | 20.98 | 29.34 | 36.65 | 38.88 | 40.96 | 46.74 | 53.29 | 62.03 | 70.31 | +15.5% | ||||||
| Shares, m | 64 | 61 | 60 | 61 | 61 | 60 | 60 | 59 | 58 | 57 | (1.3%) | ||||||
| Valuation, × | |||||||||||||||||
| Valuation, × | P/E | 18.83 | 25.73 | 19.75 | 24.31 | 36.41 | 27.05 | 24.54 | 22.82 | 27.05 | 35.11 | 26.2 | |||||
| P/S | 3.80 | 5.41 | 3.76 | 3.18 | 4.64 | 3.24 | 3.45 | 4.59 | 6.06 | 7.40 | 4.6 | ||||||
| P/B | 6.46 | 9.10 | 4.79 | 3.35 | 5.11 | 3.53 | 3.47 | 4.13 | 5.21 | 6.31 | 5.1 | ||||||
| EV/Sales | 3.31 | 4.93 | 3.33 | 2.83 | 4.43 | 3.17 | 3.41 | 4.46 | 5.99 | 7.31 | 4.3 | ||||||
| EV/FCF | 9.92 | 15.12 | 11.65 | 11.15 | 18.88 | 21.07 | 16.12 | 16.56 | 20.98 | 29.55 | 17.1 | ||||||
| Cash, $m | |||||||||||||||||
| Cash, $m | Operating cash flow | 740 | 761 | 748 | 661 | 645 | 443 | 653 | 792 | 950 | 959 | +2.9% | |||||
| Capex | (43) | (52) | (104) | (60) | (31) | (34) | (54) | (30) | (43) | (91) | +8.7% | ||||||
| Free cash flow | 698 | 709 | 644 | 601 | 615 | 409 | 599 | 762 | 906 | 869 | +2.5% | ||||||
| Balance, $m | |||||||||||||||||
| Balance, $m | Working capital | 472 | 463 | 406 | 505 | 220 | 72 | 376 | 620 | 906 | 1,328 | +12.2% | |||||
| Net debt | (1,017) | (1,039) | (972) | (822) | (542) | (535) | (803) | (1,075) | (558) | (651) | (4.8%) | ||||||
| Shareholders’ equity | 1,229 | 1,285 | 1,761 | 2,232 | 2,360 | 2,469 | 2,800 | 3,129 | 3,592 | 4,005 | +14.0% | ||||||
| Returns, % | |||||||||||||||||
| Returns, % | ROA | 17.59 | 17.85 | 14.27 | 7.62 | 6.85 | 6.27 | 7.51 | 10.44 | 11.60 | 10.79 | (6.8) pt | |||||
| ROIC | 165.90 | 150.08 | 41.06 | 17.38 | 13.54 | 13.05 | 14.79 | 20.03 | 15.78 | 15.25 | (150.6) pt | ||||||
| ROE | 34.85 | 36.08 | 28.08 | 15.40 | 14.43 | 13.34 | 14.99 | 19.12 | 20.60 | 19.01 | (15.8) pt | ||||||
| People | |||||||||||||||||
| People | Employees | 4,366 | 4,409 | 5,325 | 6,109 | 6,461 | 7,089 | 6,524 | 6,557 | 6,578 | — | +5.3% | |||||
| Revenue/emp, $m | 0.48 | 0.49 | 0.42 | 0.38 | 0.40 | 0.38 | 0.43 | 0.43 | 0.47 | 0.00 | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Sep 2026 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Service | 1,579 | 51.15% |
|---|---|---|
| Product | 1,509 | 48.85% |
| Gross margin | 81.41% | |
| Operating margin | 24.80% | |
| Pre-tax margin | 26.18% |
F5, 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 |
|---|---|---|---|---|---|---|---|---|---|
| IOT Samsara Inc. | $24.1B | 253× | 223× | +29.88% (above 0%: growing) | n/m | +46.50% (above 0%: growing) | 77.21% | 0.96% | Compare |
| RBRK Rubrik, Inc. | $21.9B | — (loss-making) | — (loss-making) | +37.89% (above 0%: growing) | n/m | +14.13% (above 0%: growing) | 78.44% | (16.83%) | Compare |
| TOST Toast, Inc. | $20.4B | 37.6× | 33.1× | +21.31% (above 0%: growing) | +62.17% (above 0%: growing) | +18.30% (above 0%: growing) | 27.41% | 8.33% | Compare |
| GEN Gen Digital Inc. | $18.2B | 15.3× | 16.9× | +12.21% (above 0%: growing) | +118.86% (above 0%: growing) | +201.87% (above 0%: growing) | 75.89% | 37.03% | Compare |
| FFIV F5, Inc. | $17.7B | 24.6× | 36.4× | +13.25% (above 0%: growing) | −0.63% (below 0%: shrinking) | −52.44% (below 0%: shrinking) | 82.24% | 23.08% | |
| KSPI Joint Stock Company Kaspi.kz Sponsored ADR | $17.4B | 8.5× | 6.4× | +20.70% (above 0%: growing) | +5.19% (above 0%: growing) | +73.38% (above 0%: growing) | 74.32% | 0.00% | Compare |
| NTNX Nutanix | $16.0B | 10.6× | 53.4× | +15.89% (above 0%: growing) | +3,250.00% (above 0%: growing) | +33.59% (above 0%: growing) | 86.03% | 9.24% | Compare |
| CHKP Check Point Software Technologies Ltd. | $15.1B | 17.7× | 19.7× | −1.14% (below 0%: shrinking) | −45.32% (below 0%: shrinking) | +9.88% (above 0%: growing) | 86.91% | 26.46% | Compare |
| GDDY GoDaddy Inc. | $14.6B | 16.4× | 15.6× | +6.05% (above 0%: growing) | +36.60% (above 0%: growing) | +9.40% (above 0%: growing) | 62.83% | 27.02% | Compare |
| Median of peers | $17.8B | 16.4× | 19.7× | +18.30% | +49.39% | +25.94% | 76.55% | 8.79% |
From the latest earnings call
- François Locoh-Donou said hybrid multicloud adoption, application-security demand and AI use cases were supporting demand across F5’s delivery and security offerings.
- Cooper Werner said higher-performance systems and lower component costs improved the Q4 gross-margin outlook, while FY2027 guidance remained unchanged amid component-pricing uncertainty.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
96.18%
Held by the ten largest
48.06%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 7.09m | 12.48% | −138.95k |
| BlackRock | 6.28m | 11.05% | +44.15k |
| State Street | 3.10m | 5.45% | +119.48k |
| Jericho Capital Asset Management L.P. | 2.12m | 3.73% | −524.26k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | 2.06m | 3.63% | −2.52m |
| Geode Capital Management | 1.78m | 3.13% | +36.63k |
| First Trust | 1.54m | 2.71% | +63.22k |
| Invesco | 1.39m | 2.44% | −59.74k |
| UBS | 1.03m | 1.82% | −121.81k |
| AQR Capital Management | 924.66k | 1.63% | +242.30k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 26 January 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 23.04m | 44.51m | 263.25 |
| 2024 | 18.04m | 28.66m | 179.36 |
| 2023 | 10.86m | 13.81m | 131.25 |
| 2022 | 12.82m | 5.48m | 117.89 |
| 2021 | 11.47m | 21.79m | 161.91 |
Ownership
Directors and executive officers, together
less than 1%
The Vanguard Group100 Vanguard Blvd., Malvern, PA
13.09%
BlackRock, Inc.50 Hudson Yards, New York, New York
10.90%
Hotchkis & Wiley Capital Management, LLC601 S. Figueroa Street
8.51%
State Street CorporationState Street Financial Center,
5.46%
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
F5, Inc. (FFIV) Latest News
FFIV metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
F5 is a multicloud application delivery and security provider. It helps organizations run, connect, speed up, manage and protect applications and application programming interfaces (APIs) across their own data centers, public clouds and network-edge locations. It was founded in 1996, is headquartered in Seattle, and is led by President and Chief Executive Officer François Locoh-Donou.
The company’s three main product families are F5 BIG-IP, F5 NGINX and F5 Distributed Cloud Services. BIG-IP is aimed principally at established, business-critical applications, providing traffic management, availability, access controls and application security through software and purpose-built systems. NGINX is designed for newer container-based, microservices applications and APIs; it can act as a web server, load balancer, proxy, API gateway and cache. Distributed Cloud Services provide cloud-delivered security, networking and application-management services.