A10 Networks, Inc. (ATEN) vs Infleqtion, Inc. (INFQ)

A10 Networks, Inc. and Infleqtion, Inc. are both Software Infrastructure companies. A10 Networks, Inc. and Infleqtion, Inc. are of similar size ($1.9B and $1.8B). Infleqtion, Inc. has negative trailing earnings, so its P/E is not meaningful; A10 Networks, Inc. trades at 40.7×. A10 Networks, Inc. has the higher net margin (13.9% vs −338.6%) and the higher return on invested capital (31.3% vs −26.0%). Across the 16 metrics below, A10 Networks, Inc. leads on 13 and Infleqtion, Inc. on 3.

Valuation

Metric ATEN INFQ Software Infrastructure median
P/E 40.72 n/m 26.15
P/S 5.68 50.46 2.87
P/B 7.41 3.21 2.94
Price to free cash flow 28.93 n/m 17.26
EV/EBITDA 27.83 n/m 15.00
EV/Sales 5.95 37.42 2.95
Earnings yield 2.46% (20.28%) 0.00%
Free cash flow yield 3.46% (0.56%) 0.39%

Profitability

Metric ATEN INFQ Software Infrastructure median
Gross margin 79.38% 22.45% 59.21%
Operating margin 16.14% (147.92%) 0.00%
Net margin 13.85% (338.57%) 0.00%
Free cash flow margin 19.65% (28.13%) 0.00%
Return on equity 19.45% (43.14%) 0.00%
Return on assets 6.68% (23.38%) 0.00%
Return on invested capital 31.25% (26.00%) 0.00%

Growth

Metric ATEN INFQ Software Infrastructure median
Revenue growth (TTM) 12.20% — 13.57%
EPS growth (last fiscal year) (14.93%) (26,711.59%) 20.22%
Revenue growth, 5-year CAGR 5.20% — 16.02%
Net income growth, 5-year CAGR 18.79% — 0.00%

Health

Metric ATEN INFQ Software Infrastructure median
Debt to equity 0.92 0.00 0.02
Current ratio 1.29 9.34 1.54
Net debt to EBITDA (2.57) 0.09 0.05

Dividend

Metric ATEN INFQ Software Infrastructure median
Dividend yield 0.98% — 1.09%
Payout ratio 0.40 — 0.30

Size

Metric ATEN INFQ Software Infrastructure median
Market cap 1.76b 1.90b 655.75m

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