A10 Networks, Inc. (ATEN) vs Marqeta, Inc. (MQ)

A10 Networks, Inc. and Marqeta, Inc. are both Software Infrastructure companies. Marqeta, Inc. is the larger, with a market value of $1.9B against $1.6B — 1.2× the size. Marqeta, Inc. trades at the lower P/E: 14.6× against 37.8×. Marqeta, Inc. grew revenue faster over the last twelve months: 17.3% against 12.2%. Marqeta, Inc. has the higher net margin (18.8% vs 13.9%) and the lower return on invested capital (2.57% vs 31.3%). Across the 22 metrics below, Marqeta, Inc. leads on 13 and A10 Networks, Inc. on 9.

Valuation

Metric ATEN MQ Software Infrastructure median
P/E 37.77 14.59 24.43
P/S 5.27 2.77 2.81
P/B 6.87 2.29 2.88
Price to free cash flow 26.83 18.00 17.94
EV/EBITDA 25.90 28.75 14.51
EV/Sales 5.53 1.69 2.91
Earnings yield 2.65% 6.85% 0.00%
Free cash flow yield 3.73% 5.56% 0.49%

Profitability

Metric ATEN MQ Software Infrastructure median
Gross margin 79.38% 69.78% 57.45%
Operating margin 16.14% 0.54% 0.00%
Net margin 13.85% 18.76% 0.00%
Free cash flow margin 19.65% 15.40% 0.00%
Return on equity 19.45% 15.45% 0.00%
Return on assets 6.68% 8.66% 0.00%
Return on invested capital 31.25% 2.57% 0.00%

Growth

Metric ATEN MQ Software Infrastructure median
Revenue growth (TTM) 12.20% 17.25% 14.28%
EPS growth (last fiscal year) (14.93%) (160.00%) 18.26%
Revenue growth, 5-year CAGR 5.20% 16.57% 16.15%
Net income growth, 5-year CAGR 18.79% 0.00% 0.00%

Health

Metric ATEN MQ Software Infrastructure median
Debt to equity 0.92 0.26 0.02
Current ratio 1.29 1.70 1.53
Net debt to EBITDA (2.57) 42.70 0.05

Dividend

Metric ATEN MQ Software Infrastructure median
Dividend yield 1.06% — 1.06%
Payout ratio 0.40 — 0.29

Size

Metric ATEN MQ Software Infrastructure median
Market cap 1.64b 1.91b 661.51m

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