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Sunday 8 November 2026
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Radware Ltd.
RDWRTechnology Software Infrastructure
Radware Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $301.9 million, up 9.81% from fiscal 2024.
- Revenue
- +12.1%
- EPS
- −51.0%
- Free cash flow
- +274.4%
Quarter to September 2026, against a year earlier
29.84
0.34
−1.13%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 197 | 211 | 234 | 252 | 250 | 286 | 293 | 261 | 275 | 302 | 327 | +4.9% | 336 | 366 | 407 | +10.5% | |
| Gross margin, % | 81.84 | 81.26 | 82.22 | 82.08 | 81.97 | 81.69 | 81.64 | 80.21 | 80.63 | 80.67 | 80.35 | (1.2) pt | ||||||
| EBT | (7) | (2) | 15 | 26 | 14 | 23 | 5 | (18) | 13 | 29 | 23 | n/m | ||||||
| EBT margin, % | (3.56) | (0.87) | 6.31 | 10.20 | 5.58 | 7.90 | 1.61 | (6.79) | 4.61 | 9.71 | 6.94 | +13.3 pt | ||||||
| Net income | (9) | (7) | 12 | 23 | 10 | 8 | 0 | (22) | 6 | 20 | 13 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 4.48 | 4.86 | 5.18 | 5.38 | 5.38 | 6.24 | 6.53 | 6.09 | 6.55 | 7.04 | 7.90 | +5.1% | |||||
| Earnings | (0.20) | (0.17) | 0.26 | 0.48 | 0.21 | 0.17 | 0.00 | (0.50) | 0.14 | 0.47 | 0.32 | n/m | ||||||
| Cash flow | 0.88 | 0.72 | 1.09 | 1.13 | 1.37 | 1.56 | 0.72 | (0.08) | 1.71 | 1.17 | 1.44 | +3.2% | ||||||
| Capex | (0.21) | (0.17) | (0.20) | (0.17) | (0.19) | (0.12) | (0.20) | (0.13) | (0.13) | (0.20) | (0.26) | (0.8%) | ||||||
| Free cash flow | 0.66 | 0.56 | 0.89 | 0.95 | 1.19 | 1.44 | 0.52 | (0.21) | 1.58 | 0.97 | 1.19 | +4.3% | ||||||
| Book value | 6.83 | 7.25 | 8.04 | 8.44 | 8.36 | 8.06 | 8.20 | 7.54 | 8.51 | 9.11 | 8.61 | +3.2% | ||||||
| Shares, m | 44 | 43 | 45 | 47 | 46 | 46 | 45 | 43 | 42 | 43 | 42 | (0.3%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 87.35 | 53.71 | 135.70 | 244.94 | 0.00 | 0.00 | 160.93 | 51.26 | 92.25 | 73.4 | |||||
| P/S | 3.23 | 4.00 | 4.39 | 4.79 | 5.16 | 6.67 | 3.07 | 2.68 | 3.44 | 3.42 | 3.78 | 4.1 | ||||||
| P/B | 2.12 | 2.68 | 2.83 | 3.05 | 3.32 | 5.17 | 2.45 | 2.17 | 2.65 | 2.64 | 3.47 | 2.9 | ||||||
| EV/Sales | 2.08 | 3.05 | 3.04 | 4.08 | 3.91 | 5.67 | 2.06 | 1.42 | 2.44 | 2.60 | 2.97 | 3.0 | ||||||
| EV/FCF | 18.67 | 26.58 | 17.63 | 23.02 | 17.73 | 24.55 | (16.45) | (5.37) | 105.86 | (42.52) | (89.11) | 17.0 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 38 | 31 | 49 | 53 | 64 | 72 | 32 | (3) | 72 | 50 | 60 | +3.0% | |||||
| Capex | (9) | (7) | (9) | (8) | (9) | (6) | (9) | (5) | (5) | (9) | (11) | (1.1%) | ||||||
| Free cash flow | 29 | 24 | 40 | 45 | 55 | 66 | 23 | (9) | 66 | 42 | 49 | +4.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 182 | 143 | 241 | 96 | 204 | 155 | 170 | 221 | 152 | 122 | 139 | (4.3%) | |||||
| Net debt | (226) | (201) | (316) | (178) | (310) | (288) | (298) | (331) | (276) | (257) | (264) | +1.4% | ||||||
| Shareholders’ equity | 300 | 315 | 364 | 395 | 388 | 370 | 368 | 323 | 357 | 391 | 356 | +3.0% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (2.01) | (1.66) | 2.34 | 4.00 | 1.58 | 1.24 | (0.03) | (3.55) | 1.01 | 3.14 | 2.12 | +5.1 pt | |||||
| ROIC | (10.81) | (3.64) | 9.89 | 4.86 | 4.94 | 13.87 | (2.96) | 0.00 | (2.99) | 5.34 | 3.82 | +16.2 pt | ||||||
| ROE | (2.80) | (2.44) | 3.45 | 5.94 | 2.46 | 2.06 | (0.04) | (6.24) | 1.77 | 5.42 | 3.74 | +8.2 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 979 | 978 | 961 | 1,094 | 1,122 | 1,143 | 1,278 | 1,218 | 1,208 | 1,296 | — | +3.2% | |||||
| Revenue/emp, $m | 0.20 | 0.22 | 0.24 | 0.23 | 0.22 | 0.25 | 0.23 | 0.21 | 0.23 | 0.23 | — | +1.7% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Radware Ltd. 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 |
|---|---|---|---|---|---|---|---|---|---|
| NYAX Nayax Ltd. | $1.7B | 217× | 175× | +28.25% (above 0%: growing) | n/m | −335.31% (below 0%: shrinking) | 46.86% | (5.42%) | Compare |
| INFQ Infleqtion, Inc. | $1.7B | — (loss-making) | — | — | n/m | +914.79% (above 0%: growing) | 16.01% | (220.55%) | Compare |
| ATEN A10 Networks, Inc. | $1.6B | 36.8× | 39.4× | +22.58% (above 0%: growing) | +41.18% (above 0%: growing) | +69.74% (above 0%: growing) | 78.71% | 19.98% | Compare |
| PGY Pagaya Technologies Ltd. | $1.5B | 10.0× | 10.1× | +11.52% (above 0%: growing) | +96.93% (above 0%: growing) | −28.27% (below 0%: shrinking) | 44.76% | 28.82% | Compare |
| NN NextNav Inc. | $1.4B | — (loss-making) | — (loss-making) | −4.33% (below 0%: shrinking) | n/m | −33.14% (below 0%: shrinking) | (78.70%) | (1,760.78%) | Compare |
| RDWR Radware Ltd. | $1.3B | 92.2× | 124× | +12.08% (above 0%: growing) | −51.00% (below 0%: shrinking) | +274.41% (above 0%: growing) | 80.36% | 2.56% | |
| BAND Bandwidth Inc. | $1.2B | 152× | 111× | +21.95% (above 0%: growing) | n/m | +151.09% (above 0%: growing) | 36.24% | 0.77% | Compare |
| RPD Rapid7, Inc. | $1.0B | 68.9× | 39.9× | −2.55% (below 0%: shrinking) | −65.40% (below 0%: shrinking) | −14.24% (below 0%: shrinking) | 69.61% | 4.21% | Compare |
| PICS PicS N.V. | $918.8M | 0.0× | 4.7× | +87.20% (above 0%: growing) | −99.60% (below 0%: shrinking) | +552.34% (above 0%: growing) | 58.88% | 0.00% | Compare |
| Median of peers | $1.4B | 52.8× | 39.7× | +21.95% | −12.11% | +27.75% | 45.81% | 0.39% |