A10 Networks, Inc. (ATEN) vs Xanadu Quantum Technologies Limited (XNDU)

A10 Networks, Inc. and Xanadu Quantum Technologies Limited are both Software Infrastructure companies. A10 Networks, Inc. is the larger, with a market value of $1.9B against $1.6B — 1.2× the size. Xanadu Quantum Technologies Limited has negative trailing earnings, so its P/E is not meaningful; A10 Networks, Inc. trades at 42.9×. A10 Networks, Inc. has the higher net margin (13.9% vs −1,475.7%) and the higher return on invested capital (31.3% vs −155.2%). Across the 14 metrics below, A10 Networks, Inc. leads on 10 and Xanadu Quantum Technologies Limited on 4.

Valuation

Metric ATEN XNDU Software Infrastructure median
P/E 42.88 n/m 28.02
P/S 5.99 244.44 3.07
P/B 7.80 4.76 3.36
Price to free cash flow 30.47 n/m 17.12
EV/EBITDA 29.24 n/m 14.91
EV/Sales 6.25 198.49 3.03
Earnings yield 2.33% (18.32%) 0.13%
Free cash flow yield 3.28% (4.77%) 1.15%

Profitability

Metric ATEN XNDU Software Infrastructure median
Gross margin 79.38% 94.26% 61.23%
Operating margin 16.14% (1,337.04%) 0.00%
Net margin 13.85% (1,475.65%) 0.00%
Free cash flow margin 19.65% (1,165.01%) 1.67%
Return on equity 19.45% 0.00% 0.59%
Return on assets 6.68% (46.87%) 0.00%
Return on invested capital 31.25% (155.22%) 0.00%

Growth

Metric ATEN XNDU Software Infrastructure median
Revenue growth (TTM) 12.20% — 13.41%
EPS growth (last fiscal year) (14.93%) — —
Revenue growth, 5-year CAGR 5.20% — 15.81%
Net income growth, 5-year CAGR 18.79% — 0.00%

Health

Metric ATEN XNDU Software Infrastructure median
Debt to equity 0.92 0.10 0.06
Current ratio 1.29 25.54 1.55
Net debt to EBITDA (2.57) — 0.08

Dividend

Metric ATEN XNDU Software Infrastructure median
Dividend yield 1.90% — 1.53%
Payout ratio 0.38 — 0.00

Size

Metric ATEN XNDU Software Infrastructure median
Market cap 1.89b 1.57b 835.96m

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