F5 Networks FFIV
Public, NASDAQ, reports in USD. Founded 1996.
Theme: Internet.
Firewalls.
2025-08-01 — Seattle Firewall
Financials millions, USD
| Period | Revenue | Growth % | Gross margin % | R&D % | Operating income | Operating margin % | Net income | EPS (diluted) | Rule of 40 | basis |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 3.1bn USD | 9.7 % | 81.4 % | 17.5 % | 791m USD | 25.6 % | 692m USD | 11.80 | 35.3 | |
| 2024 | 2.8bn USD | 0.1 % | 80.2 % | 17.4 % | 667m USD | 23.7 % | 567m USD | 9.55 | 23.8 | |
| 2023 | 2.8bn USD | 4.3 % | 78.9 % | 19.2 % | 473m USD | 16.8 % | 395m USD | 6.55 | 21.2 | |
| 2022 | 2.7bn USD | – | 80.0 % | 20.2 % | 412m USD | 15.3 % | 322m USD | 5.27 | – | |
| 2026-Q3 | 865m USD | 10.9 % | 82.2 % | 19.0 % | 213m USD | 24.6 % | 208m USD | 3.62 | 35.5 | |
| 2026-Q2 | 812m USD | – | 81.4 % | 18.6 % | 179m USD | 22.0 % | 148m USD | 2.58 | – | |
| 2026-Q1 | 822m USD | – | 81.5 % | 17.2 % | 214m USD | 26.0 % | 180m USD | 3.10 | – | |
| 2025-Q4 | 810m USD | – | 82.2 % | 16.8 % | 220m USD | 27.1 % | 190m USD | 3.26 | – | |
| 2025-Q3 | 780m USD | – | 81.0 % | 17.5 % | 196m USD | 25.2 % | 190m USD | 3.25 | – |
Sources
- 2025: yfinance
- 2024: yfinance
- 2023: 2025_10-K_Summary_2026-07-10.xlsx
- 2022: 2025_10-K_Summary_2026-07-10.xlsx
- 2026-Q3: yfinance
- 2026-Q2: yfinance
- 2026-Q1: yfinance
- 2025-Q4: yfinance
- 2025-Q3: yfinance
Latest quarter 2026-Q3, ended 2026-06-30, vs 2025-Q3
| 2026-Q3 | 2025-Q3 | change | |
|---|---|---|---|
| Revenue | 865m USD | 780m USD | +85m (+11 %) |
| Op. margin | 24.6 % | 25.2 % | -0.5 pts |
| FCF | 281m USD | 274m USD | +6.9m (+3 %) |
| Op. income | 213m USD | ||
| Net income | 208m USD | ||
| EPS (diluted) | 3.62 | 11.4 % |
Cash flow millions, USD
| Period | Cash from operations | Capex | Free cash flow | FCF margin % | CFO / net income % | NOPAT | Unlevered FCF | Levered FCF | Net change in cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 950m USD | 43m USD | 906m USD | 29.4 % | 137.2 % | 678m USD | 695m USD | 906m USD | 265m USD |
| 2024 | 792m USD | 30m USD | 762m USD | 27.1 % | 139.8 % | 544m USD | 556m USD | 762m USD | 276m USD |
| 2023 | 653m USD | 54m USD | 599m USD | 21.3 % | 165.4 % | 384m USD | 417m USD | 249m USD | 37m USD |
| 2022 | 443m USD | 34m USD | 409m USD | 15.2 % | 137.4 % | 344m USD | 176m USD | 389m USD | 184m USD |
NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.
Quotes
| Price | 427.00 USD | 2026-09-15 | |
|---|---|---|---|
| Market cap | 24.2bn USD | 2026-09-15 | |
| 52w high | 435.00 USD | 2026-09-15 | |
| 52w low | 223.76 USD | 2026-09-15 | |
| Off 52w high % | -1.8 % | ||
| P/S | 7.8 | ||
| Lifetime CAGR | 3.7 % |
Notes
- 2025-08-01 opinion Seattle Firewall