Saturday 17 October 2026 Export RDWR’s income statement to Excel — free account

Radware Ltd.

Radware Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $301.9 million, up 9.81% from fiscal 2024. In the quarter to June 2026, revenue grew 11.0%, EPS fell 60.0% and free cash flow fell 23.0%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

27.16 1.21 −4.27%

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Market cap: $1.2B
P/E: 69.6×
Fwd P/E: 124×
Dividend yield: —
F-score: 7/9
Altman Z: 3.24
Beneish M: −1.74
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.05

Total sells 1.02

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	1	—	—	—
Sell	—	—	—	—	—	—	3	—	1	1	1	—

Insider Ownership 18.54%

Capital & Financial Ratios $m

Market Cap 1,190.00

Revenue 317.81

Net Income 17.27

Free Cash Flow 32.49

Net Debt (248.44)

Current Ratio 1.63

Debt/Equity 0.00

P/E ratio 69.64

Fwd P/E 124.00

P/S ratio 3.56

P/B ratio 3.15

Past 5Y EPS Growth 17.61%

This Y EPS Growth 5.80%

Next Y EPS Growth 11.78%

Next Y revenue growth 10.09%

Next 5Y EPS Growth 14.33%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 38.41%

10-year low 10-year high

P/S against its own 10 years 40.69%

10-year low 10-year high

P/B against its own 10 years 77.18%

10-year low 10-year high

EV/Sales against its own 10 years 44.64%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	331	276	257	248
Receivables	20	17	35	39
Inventory	16	14	13	14
Other	10	14	11	19
	376	321	317	320

	2023	2024	2025	Q'26
Payables	4	6	7	8
ST’ Debt	—	—	—	—
Other	—	—	—	2
	155	168	194	196

Compound Annual Growth %

	10y	5y	3y
Sales	3.38%	3.84%	0.95%
Cash Flow	2.50%	(4.74%)	15.93%
Earnings	0.87%	16.02%	0.00%
Book Value	2.04%	0.11%	1.97%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	80	82	—	—	—
’25	72	74	75	80	302
’24	65	67	69	73	275
’23	69	66	62	65	261
’22	74	75	71	74	293
’21	67	70	73	77	286
’20	60	58	63	69	250

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	18	11	—	—	—
’25	22	14	(4)	17	50
’24	21	23	15	13	72
’23	(1)	5	(10)	3	(3)
’22	(10)	32	2	10	32
’21	16	9	18	29	72
’20	21	18	7	18	64

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	15	9	—	—	—
’25	21	12	(6)	14	42
’24	19	22	13	12	66
’23	(3)	3	(11)	2	(9)
’22	(43)	29	(31)	8	23
’21	15	8	16	27	66
’20	19	15	5	16	55

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.08	0.04	—	—	—
’25	0.10	0.09	0.13	0.13	0.45
’24	(0.03)	0.04	0.07	0.06	0.14
’23	(0.07)	(0.13)	(0.16)	(0.14)	(0.50)
’22	0.08	0.07	(0.07)	(0.09)	0.00
’21	0.08	0.10	0.10	(0.12)	0.16
’20	0.05	0.01	0.08	0.06	0.20

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	9.98	14.04	18.00	21.99	16.02	24.93	17.42	13.53	15.71	18.46	Analyst estimates 2026–2028 Powerpack
	High	15.20	20.78	28.50	26.98	27.89	42.19	41.67	23.35	24.76	31.57
People
People	Employees	979	978	961	1,094	1,122	1,143	1,278	1,218	1,208	1,296
	Revenue/emp, $m	0.20	0.22	0.24	0.23	0.22	0.25	0.23	0.21	0.23	0.23
Income, $m
Income, $m	Revenue	197	211	234	252	250	286	293	261	275	302
	Gross margin, %	81.84	81.26	82.22	82.08	81.97	81.69	81.64	80.21	80.63	80.67
	EBT	(7)	(2)	15	26	14	23	5	(18)	13	29
	EBT margin, %	(3.56)	(0.87)	6.31	10.20	5.58	7.90	1.61	(6.79)	4.61	9.71
	Net income	(9)	(7)	12	23	10	8	0	(22)	6	20
	Depreciation	10	11	10	11	11	10	12	12	12	12
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
	Earnings	(0.20)	(0.17)	0.26	0.48	0.21	0.17	0.00	(0.50)	0.14	0.47
	Cash flow	0.88	0.72	1.09	1.13	1.37	1.56	0.72	(0.08)	1.71	1.17
	Capex	(0.21)	(0.17)	(0.20)	(0.17)	(0.19)	(0.12)	(0.20)	(0.13)	(0.13)	(0.20)
	Free cash flow	0.66	0.56	0.89	0.95	1.19	1.44	0.52	(0.21)	1.58	0.97
	Book value	6.83	7.25	8.04	8.44	8.36	8.06	8.20	7.54	8.51	9.11
	Shares, m	44	43	45	47	46	46	45	43	42	43
Valuation, ×
Valuation, ×	P/E	0.00	0.00	87.35	53.71	135.70	244.94	0.00	0.00	160.93	51.26
	P/S	3.23	4.00	4.39	4.79	5.16	6.67	3.07	2.68	3.44	3.42
	P/B	2.12	2.68	2.83	3.05	3.32	5.17	2.45	2.17	2.65	2.64
	EV/Sales	2.08	3.05	3.04	4.08	3.91	5.67	2.06	1.42	2.44	2.60
	EV/FCF	18.67	26.58	17.63	23.02	17.73	24.55	(16.45)	(5.37)	105.86	(42.52)
Cash, $m
Cash, $m	Operating cash flow	38	31	49	53	64	72	32	(3)	72	50
	Capex	(9)	(7)	(9)	(8)	(9)	(6)	(9)	(5)	(5)	(9)
	Free cash flow	29	24	40	45	55	66	23	(9)	66	42
Balance, $m
Balance, $m	Working capital	182	143	241	96	204	155	170	221	152	122
	Total debt	—	—	—	19	30	27	24	—	—	—
	Net debt	(226)	(201)	(316)	(178)	(310)	(288)	(298)	(331)	(276)	(257)
	Shareholders’ equity	300	315	364	395	388	370	368	323	357	391
Returns, %
Returns, %	ROA	(2.01)	(1.66)	2.34	4.00	1.58	1.24	(0.03)	(3.55)	1.01	3.14
	ROIC	(10.81)	(3.64)	9.89	4.86	4.94	13.87	(2.96)	0.00	(2.99)	5.34
	ROE	(2.80)	(2.44)	3.45	5.94	2.46	2.06	(0.04)	(6.24)	1.77	5.42

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	209×	85.0×	+28.25% (above 0%: growing)	n/m	−335.31% (below 0%: shrinking)	46.86%	(5.42%)	Compare
PRGS Progress Software Corporation	$1.7B	18.6×	18.0×	−1.52% (below 0%: shrinking)	+23.27% (above 0%: growing)	+19.24% (above 0%: growing)	82.74%	18.92%	Compare
BAND Bandwidth Inc.	$1.6B	722×	157×	+22.16% (above 0%: growing)	n/m	−7.38% (below 0%: shrinking)	35.72%	(2.07%)	Compare
PGY Pagaya Technologies Ltd.	$1.5B	11.5×	10.5×	+18.58% (above 0%: growing)	+165.00% (above 0%: growing)	+33.06% (above 0%: growing)	43.49%	27.34%	Compare
RDWR Radware Ltd.	$1.2B	69.6×	124×	+11.03% (above 0%: growing)	−60.00% (below 0%: shrinking)	−22.99% (below 0%: shrinking)	80.77%	3.00%
XNDU Xanadu Quantum Technologies Limited	$971.0M	— (loss-making)	—	—	n/m	—	91.53%	(1,984.84%)	Compare
TUYA Tuya Inc. Sponsored ADR	$928.5M	15.0×	17.7×	+15.98% (above 0%: growing)	+50.00% (above 0%: growing)	−58.87% (below 0%: shrinking)	46.32%	10.02%	Compare
RPD Rapid7, Inc.	$881.6M	40.7×	27.8×	−1.55% (below 0%: shrinking)	−30.77% (below 0%: shrinking)	−24.49% (below 0%: shrinking)	68.92%	1.43%	Compare
PAYS Paysign, Inc.	$880.8M	52.9×	28.6×	+48.08% (above 0%: growing)	+300.00% (above 0%: growing)	−108.06% (below 0%: shrinking)	63.35%	24.82%	Compare
Median of peers	$1.2B	40.7×	27.8×	+18.58%	+50.00%	−24.49%	55.11%	5.72%

All 173 Software Infrastructure stocks →

Radware Ltd. (RDWR) key facts

Strength: Radware Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $301.9 million, up 9.81% from fiscal 2024.
Radware Ltd. (RDWR) is a Software Infrastructure company in the Technology sector, listed on Nasdaq.
As of October 16, 2026, RDWR traded at $27.16, a market capitalization of $1.2 billion.
Return on equity was 5.42% and debt-to-equity 0.00.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 3.24 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.