— Know what they know.
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Not Investment Advice

FFIV

NASDAQ · USD
F5, Inc.
Technology · Software - Infrastructure
CEO Francois Locoh-Donou Employees 6,578 R&D / revenue 17.5%
Last price
$442.03−3.19%last session
Market cap
$25.0B
P/E (TTM)
34.8x
From 52w high
−8.5%
From 52w low
+97.5%
1-year return
+49.7%
RSI 14 · vs SMA200
48.0 · +24.4%
IS score
74.7/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

FFIV   SPY   XLK (sector ETF) · weekly closes
80100120140160Jan 26Apr 26Jul 26Oct 26FFIV 150XLK 129SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
81
Profitability
54
Growth
34
Value
81
Momentum
100
Risk (safety)
94
Quality
88
Balance sheet
65
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Net cash
Warnings
None of the computed warning flags fires for FFIV (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Intangible AssetsPiotroski 9 / 9Altman Z 6.7Beta 1.031 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
48 open-market sales, $14.7M
Form 144 notices (12m): 52, $29.3M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+111
176 new holders, 60 closed
836 filers hold 96.8% · 311 added, 243 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+305
1,281 funds adding shares
976 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
33.2%
20-day avg 47.3%, 50-day avg 50.0%
Latest 14.1 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$3.1B
Revenue growth YoY+9.7%
Gross margin81.4%
Operating income$765.9M
Operating margin24.8%
Net income$692.4M
Net margin22.4%
EPS (diluted)$11.80
Cash flow
Operating cash flow$949.7M
Capital expenditure$43.3M
Free cash flow$906.4M
FCF conversion (FCF / OCF)95.4%
Stock-based compensation$231.5M
FCF less SBC$674.9M
Buybacks$502.1M
Dividends$0
Balance sheet & returns
Cash & short-term investments$1.3B
Total debt$261.8M
Net cash$1.1B
Shareholders' equity$3.6B
Goodwill & intangibles$2.5B
Debt / equity0.07
ROE (TTM)19.9%
ROIC (TTM)13.6%
Operating margin by fiscal year
15.1%FY202115.0%FY202216.8%FY202323.4%FY202424.8%FY2025
Revenue $2.6B (FY2021) to $3.1B (FY2025), a 4.4% CAGR.

Valuation

P/E (TTM)34.8x
EV / EBITDA25.1x
Price / sales7.56x
Price / FCF25.8x
FCF yield3.87%
Buyback yield2.01%
SBC / revenue7.6%
Price / book6.54x
Forward P/E FY202724.5x
Forward P/E FY202822.0x
Forward multiples divide today's price by Street EPS estimates. Street mean target $386.00 across 3 analysts last quarter is theirs, not ours.

FFIV vs industry median

296 companies in Software - Infrastructure
Gross margin 82.2% 65.7% Operating margin 24.5% -1.8% Net margin 22.0% -5.3% ROIC 13.6% 2.0%
FFIV (TTM)Industry median Asset turnover 0.48 vs industry 0.50 · financial leverage 1.77

Earnings delivery

Next report 2026-10-27 · consensus EPS $4.26
100%
beat rate, 12 of 12 quarters
+12.3%
median EPS surprise
12
longest beat streak
+12+9+13+1+13+6+14+10+19+11+22+12
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-24 to 2026-04-28. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
FFIV F5, Inc. $25.0B34.8x19.9%22.0%+9.7% +49.7%
CPAY Corpay, Inc. $26.3B24.0x30.5%18.5%+20.4% +44.0%
IOT Samsara Inc. $23.2B244.9x6.4%3.2%+29.5% +8.6%
RBRK Rubrik, Inc. $23.1Bn/m47.8%-14.5%+42.4% +43.0%
MDB MongoDB, Inc. $27.2B462.1x2.0%5.3%+25.5% +7.4%
VRSN VeriSign, Inc. $27.3B32.8x-40.0%49.8%+6.9% —
CYBR CyberArk Software Ltd. $20.6Bn/m-6.2%-4.6%+36.0% —
OKTA Okta, Inc. $31.3B110.8x4.3%14.4%+11.2% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-07-27Earnings Release; Exhibits
2026-06-23Officer/Director Change; Regulation FD; Exhibits
2026-04-28Officer/Director Change; Other Events; Exhibits
2026-04-28Earnings Release; Exhibits
2026-03-13Departure/Election of Directors; Appointment of Officers; Submission of Matters to a Vote of Security Holders; Financial Statements and Exhibits
2026-01-27Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding56,627,182
Free float99.2%
Institutional ownership96.8%
Beta1.03
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$423.17 / $354.39
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where FFIV sits among 82 scored companies in Software - Infrastructure (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureFFIVIndustry medianIndustry percentileSector median
P/E (TTM) 34.5x 30.5x
59th		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 1.08 1.06
52nd		 1.36
Price / sales 7.6x 3.5x
72nd		 3.9x
Price / book 6.5x 4.9x
64th		 4.4x
Price / tangible book 18.4x 12.4x
62nd		 8.8x
Price / free cash flow 25.8x 19.2x
62nd		 20.3x
Price / operating cash flow 23.9x 13.8x
68th		 17.9x
Enterprise value $23.7B $5.3B
80th		 $5.5B
EV / sales 7.2x 4.0x
70th		 4.1x
EV / EBITDA 25.1x 20.0x
68th		 18.9x
EV / EBIT 28.0x 25.5x
56th		 26.7x
EV / free cash flow 24.4x 20.5x
56th		 21.9x
Earnings yield 2.9% 2.3%
54th		 2.0%
FCF yield 3.9% 4.6%
44th		 3.3%
Operating cash flow yield 4.2% 7.1%
35th		 4.4%
Graham number (per share) $137.65 $13.16
95th		 $28.08

Profitability (TTM)

MeasureFFIVIndustry medianIndustry percentileSector median
Gross margin 82.2% 70.2%
91st		 55.7%
EBITDA margin 28.5% 13.7%
75th		 13.7%
Operating margin 24.5% 8.9%
83rd		 8.2%
EBIT margin 25.6% 9.9%
83rd		 8.6%
Net margin 22.0% 9.3%
83rd		 5.7%
NOPAT margin 20.9% 7.5%
78th		 7.0%
FCF margin 29.3% 18.4%
77th		 15.0%
Operating cash flow margin 31.7% 24.1%
67th		 18.4%
R&D / revenue 17.9% 16.6%
57th		 12.9%
SG&A / revenue 39.0% 36.1%
57th		 25.6%
Stock comp / revenue 7.6% 6.6%
56th		 4.4%
Effective tax rate 14.9% 21.0%
33rd		 21.0%

Returns on capital

MeasureFFIVIndustry medianIndustry percentileSector median
ROE (on average equity) 19.8% 13.4%
62nd		 9.4%
ROA 11.2% 4.7%
74th		 4.1%
ROIC 27.6% 11.3%
74th		 9.0%
ROCE 16.7% 8.1%
80th		 8.6%
Return on tangible assets 13.1% 6.4%
80th		 5.9%
Cash ROIC (OCF / invested capital) 41.9% 30.3%
59th		 20.7%
Gross profitability (GP / assets) 39.8% 32.4%
67th		 30.0%
ROIC, 3-yr average 24.6% 8.3%
83rd		 7.4%
ROIC, 5-yr average 24.8% 8.3%
73rd		 7.9%
ROE, 5-yr average 16.7% -2.1%
77th		 6.9%
Incremental ROIC 83.6% 29.1%
71st		 15.3%

Growth

MeasureFFIVIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 9.4% 14.3%
35th		 14.3%
Revenue growth (QoQ) 6.6% 5.9%
58th		 6.6%
Revenue CAGR, 3 yr 5.7% 12.0%
30th		 9.6%
Revenue CAGR, 5 yr 5.5% 14.2%
22nd		 11.5%
Gross profit CAGR, 3 yr 7.2% 12.7%
31st		 10.9%
Operating income CAGR, 3 yr 25.7% 17.3%
65th		 11.3%
Net income growth (TTM YoY) 8.9% 16.7%
38th		 21.6%
Net income CAGR, 3 yr 29.8% 10.1%
77th		 9.9%
EPS growth (TTM YoY) 10.4% 21.5%
33rd		 22.3%
EPS CAGR, 3 yr 31.8% 13.1%
77th		 11.2%
EPS CAGR, 5 yr 21.0% 13.8%
58th		 12.0%
FCF growth (TTM YoY) 1.5% 17.2%
29th		 24.6%
FCF CAGR, 3 yr 19.3% 21.6%
43rd		 19.3%
Operating cash flow CAGR, 3 yr 19.3% 22.3%
43rd		 17.9%
Book value CAGR, 3 yr 14.9% 7.1%
63rd		 6.8%
Dividend CAGR, 3 yr —
Sustainable growth rate 19.8% 15.9%
58th		 14.2%

Margin history & stability

MeasureFFIVIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 81.1% 70.5%
90th		 53.2%
Operating margin, 3-yr average 24.1% 5.3%
86th		 6.6%
Net margin, 3-yr average 21.3% 3.4%
86th		 5.2%
FCF margin, 3-yr average 28.6% 14.7%
82nd		 12.7%
Revenue stability (0-1) 0.89 0.96
30th		 0.87
Earnings stability (0-1) 0.91 0.57
90th		 0.45
Margin stability (0-1) 0.98 0.96
84th		 0.95

Liquidity (latest quarter)

MeasureFFIVIndustry medianIndustry percentileSector median
Cash & short-term investments $1.6B $689.5M
69th		 $494.1M
Net cash (− = net debt) $1.4B $140.9M
88th		 $49.8M
Working capital $1.2B $260.0M
79th		 $391.0M
Current ratio 1.66 1.42
67th		 1.92
Quick ratio 1.59 1.38
62nd		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.91 0.94
48th		 0.95
Defensive interval (days) 500 days 494 days
52nd		 521 days

Leverage & solvency (latest quarter)

MeasureFFIVIndustry medianIndustry percentileSector median
Total debt $252.4M $511.2M
42nd		 $349.3M
Debt / equity 0.07 0.39
29th		 0.29
Net debt / equity −0.35 −0.33
46th		 −0.13
Debt / assets 3.7% 27.1%
27th		 16.9%
Debt / capital 6.1% 29.8%
29th		 22.3%
Debt / EBITDA 0.27 2.44
21st		 1.78
Net debt / EBITDA −1.43 −0.49
42nd		 −0.18
Interest coverage (EBIT / interest) —
Cash interest coverage —
Debt payback (years of OCF) 0.2 yrs 2.2 yrs
27th		 1.6 yrs
Liabilities / assets 43.5% 63.9%
28th		 48.7%
IS credit model rating AA+ — —
Implied credit spread (bps) 65 225
6th		 175

Efficiency

MeasureFFIVIndustry medianIndustry percentileSector median
Asset turnover 0.51 0.58
43rd		 0.62
Fixed asset turnover 8.81 10.05
40th		 9.25
Inventory turnover 6.1 8.3
41st		 3.8
Receivables turnover 5.3 6.2
35th		 6.2
Days sales outstanding 69 days 58 days
65th		 59 days
Days inventory outstanding 60 days 44 days
59th		 94 days
Days payables outstanding 64 days 32 days
70th		 46 days
Cash conversion cycle (days) 65 days 34 days
80th		 50 days
Capex / revenue 2.4% 2.1%
57th		 2.3%
Capex / depreciation 0.82 0.47
66th		 0.56
Operating expense ratio 57.6% 57.7%
49th		 44.3%

Cash flow & earnings quality

MeasureFFIVIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.44 1.79
28th		 1.61
FCF / net income 1.33 1.53
34th		 1.33
FCF / operating cash flow 92.4% 90.7%
58th		 88.0%
Capex / operating cash flow 7.6% 9.3%
42nd		 12.0%
Accruals ratio -5.0% -7.9%
68th		 -6.3%
Sloan accruals ratio 2.8% -2.3%
74th		 -1.8%
Earnings quality score (0-1) 1.00 0.75
73rd		 0.75

Dividends & buybacks

MeasureFFIVIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 2.5% 2.0%
56th		 1.2%
Shareholder yield (dividends + buybacks) 2.5% 2.3%
54th		 1.7%
Share count change (YoY) -1.4% 0.0%
44th		 0.1%
Buybacks, last 5 years $2.9B $224.2M
89th		 $215.3M

Scores & forensic checks

MeasureFFIVIndustry medianIndustry percentileSector median
IS score 75 58
86th		 56
IS profitability 81 44
88th		 40
IS growth 54 65
32nd		 65
IS value 34 37
43rd		 39
IS momentum 81 81
50th		 78
IS risk (safety) 100 65
67th		 100
IS quality 94 68
98th		 67
IS balance sheet 88 65
78th		 72
IS earnings quality 65 62
57th		 61
IS cash flow 86 67
79th		 66
Piotroski F-score (0-9) 9 6
95th		 6
Altman Z-score 6.7 2.9
79th		 4.0
Beneish M-score −2.50 −2.61
62nd		 −2.58
Ohlson O-score −9.03 −6.95
19th		 −8.00
IS credit score 92 64
83rd		 69

Per share

MeasureFFIVIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $12.60 $0.68
98th		 $0.84
Book value per share $66.85 $4.49
99th		 $9.77
Tangible book per share $22.86 $1.24
98th		 $3.22
Revenue per share $57.38 $10.67
95th		 $13.00
FCF per share $16.81 $1.54
99th		 $1.78
Operating cash flow per share $18.20 $2.14
98th		 $2.40
Cash per share $27.84 $4.92
96th		 $4.50

Size (TTM)

MeasureFFIVIndustry medianIndustry percentileSector median
Market cap $25.0B $4.3B
80th		 $4.7B
Revenue $3.3B $1.3B
75th		 $1.2B
EBITDA $943.5M $176.5M
80th		 $185.8M
Net income $726.5M $87.5M
84th		 $84.9M
Free cash flow $969.6M $176.3M
81st		 $170.6M
Total assets $6.8B $2.4B
73rd		 $2.4B
Shareholders' equity $3.9B $594.2M
85th		 $1.1B
Employees 6,545 2,856
80th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-14Montoya Michael F
Chief Technology Ops Officer
 Open-market sale 1,296$406.24$526,4874,439
2026-09-14Montoya Michael F
Chief Technology Ops Officer
 Open-market sale 240$408.96$98,1504,199
2026-09-14Montoya Michael F
Chief Technology Ops Officer
 Open-market sale 277$410.37$113,6713,922
2026-09-14Montoya Michael F
Chief Technology Ops Officer
 Open-market sale 1,173$411.50$482,6912,749
2026-09-14Montoya Michael F
Chief Technology Ops Officer
 Open-market sale 920$412.38$379,3871,829
2026-09-14Montoya Michael F
Chief Technology Ops Officer
 Open-market sale 440$413.31$181,8581,389
2026-09-14Montoya Michael F
Chief Technology Ops Officer
 Open-market sale 80$414.18$33,1351,309
2026-09-14Maddison John Anthony
Chief Product Mkting Officer
 Open-market sale 204$406.24$82,8731,149
2026-09-01Okeke Angelique M
EVP, General Counsel
 Award / grant 3,002——3,002
2026-08-05Fountain Thomas Dean
EVP Global Services & Strategy
 Open-market sale 1,208$414.63$500,8738,060
2026-08-05Locoh-Donou Francois
Director, President, CEO & Director
 Open-market sale 200$409.68$81,936150,571
2026-08-05Locoh-Donou Francois
Director, President, CEO & Director
 Open-market sale 1,100$410.94$452,035149,471

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired312,536—
Open-market saleDisposed4839,408$14.7M
Option exerciseAcquired1644,077—
Option exerciseDisposed4144,077—
Tax withholdingDisposed1618,191$6.5M
—Disposed30—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 52 notices · 95,519 shares · $29.3M
FiledFilerShares proposedEst. proceeds
2026-09-14Michael Montoya4,426$1.8M
2026-09-14John Maddison204$83,989
2026-08-05Francois Locoh-Donou3,782$1.6M
2026-08-05Thomas Fountain1,208$497,998
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 8 trades (3 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2025-10-22Julie JohnsonHouseSale$1,001 - $15,0002025-11-17
2025-10-21Julie JohnsonHouseSale$1,001 - $15,0002026-08-06
2025-10-21Julie JohnsonHousePurchase$1,001 - $15,0002026-08-06
2025-10-21Julie JohnsonHousePurchase$1,001 - $15,0002026-08-06
2022-11-30Dan SullivanSenateSale$1,001 - $15,0002023-07-26
2022-11-30Dan SullivanSenateSale (Full)$1,001 - $15,0002023-07-25
2022-11-30Daniel Scott SullivanSenateSale (Full)$1,001 - $15,0002023-07-25
2022-11-30Dan SullivanSenateSale (Full)$1,001 - $15,0002022-12-21
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.6,278,577$2.6B11.09%
VANGUARD CAPITAL MANAGEMENT LLC3,687,295$1.5B6.51%
STATE STREET CORP3,098,509$1.3B5.47%
VANGUARD PORTFOLIO MANAGEMENT LLC2,808,030$1.2B4.96%
GEODE CAPITAL MANAGEMENT, LLC1,779,100$740.8M3.14%
FIRST TRUST ADVISORS LP1,540,207$640.7M2.72%
Invesco Ltd.1,385,078$576.1M2.45%
LYRICAL ASSET MANAGEMENT LP921,848$383.5M1.63%
NORGES BANK834,521$347.1M1.47%
VICTORY CAPITAL MANAGEMENT INC801,485$333.4M1.42%
AMERIPRISE FINANCIAL INC695,442$289.3M1.23%
JPMORGAN CHASE & CO656,349$269.5M1.16%
DIMENSIONAL FUND ADVISORS LP637,365$265.1M1.13%
MORGAN STANLEY624,853$259.9M1.10%
Robeco Institutional Asset Management B.V.591,088$245.9M1.04%

Institutional ownership by quarter

2023-092026-0696.8%
% of shares held by 13F filers
2023-092026-06836
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3083696.8%17631124360
2026-03-3172599.3%12725823465
2025-12-31678104.3%101176312170
2025-09-3076396.9%10729523763
2025-06-3073097.1%11027923259
2025-03-3168897.4%11525422962
2024-12-3164797.9%11721921845
2024-09-3058795.4%10019021041
2024-06-3053297.7%6221118862
2024-03-3154095.6%6918719548
2023-12-3152595.1%6819119447
2023-09-3051295.4%5917419940

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-12SCHEDULE 13G/AHotchkis and Wiley Capital Management, LLC3.6%2,061,574
2026-07-31SCHEDULE 13G/AVanguard Portfolio Management5.0%2,814,640
2026-04-30SCHEDULE 13G/AThe Charger Corporation2.9%1,654,866
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%4,234,436
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.03%$800.0M
VSMPX0.03%$800.0M
VTSAX0.03%$800.0M
VTI0.03%$800.0M
CIBR3.68%$667.6M
VFIAX0.04%$662.2M

Share structure

Shares outstanding56,627,182
Float56,201,912
Free float99.2%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$2.6B$2.7B$2.8B$2.8B$3.1B
Cost of revenue$493.1M$539.6M$593.3M$557.6M$574.0M
Gross profit$2.1B$2.2B$2.2B$2.3B$2.5B
R&D$512.6M$543.4M$540.3M$490.1M$539.8M
SG&A$1.2B$1.2B$1.1B$1.1B$1.2B
Operating income$394.0M$403.8M$472.6M$658.6M$765.9M
EBITDA$509.4M$527.3M$650.7M$774.2M$883.8M
Pretax income$386.9M$385.4M$486.0M$695.5M$808.3M
Income tax$55.7M$63.2M$91.0M$128.7M$116.0M
Net income$331.2M$322.2M$394.9M$566.8M$692.4M
EPS, diluted$5.34$5.27$6.55$9.55$11.80
Diluted shares62.1M61.1M60.3M59.4M58.7M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$910.6M$884.6M$803.3M$1.1B$1.3B
Receivables$555.9M$789.7M$828.9M$790.1M$912.7M
Inventory$22.1M$68.4M$35.9M$76.4M$77.2M
Total current assets$1.6B$1.9B$1.8B$2.1B$2.5B
PP&E, net$436.1M$395.7M$365.9M$329.1M$342.5M
Goodwill & intangibles$2.5B$2.5B$2.4B$2.4B$2.5B
Total assets$5.0B$5.3B$5.2B$5.6B$6.3B
Accounts payable$62.1M$113.2M$63.3M$67.9M$84.0M
Total current liabilities$1.4B$1.8B$1.5B$1.5B$1.6B
Long-term debt$349.8M$0$0$0$230.7M
Total liabilities$2.6B$2.8B$2.4B$2.5B$2.7B
Shareholders' equity$2.4B$2.5B$2.8B$3.1B$3.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$331.2M$322.2M$394.9M$566.8M$692.4M
Depreciation & amortization$115.4M$115.6M$112.7M$107.0M$92.4M
Stock-based compensation$243.3M$249.2M$236.7M$219.1M$231.5M
Change in working capital−$47.6M−$250.3M−$25.7M−$64.0M$26.5M
Operating cash flow$645.2M$442.6M$653.4M$792.4M$949.7M
Capital expenditure−$30.7M−$33.6M−$54.2M−$30.4M−$43.3M
Free cash flow$614.5M$409.0M$599.2M$762.0M$906.4M
Investing cash flow−$445.3M$218.1M$36.4M−$59.2M−$219.5M
Net debt issued / repaid−$20.0M−$20.0M−$350.0M$0−$36.1M
Buybacks−$500.0M−$500.0M−$350.0M−$500.6M−$502.1M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin81.1%80.0%78.9%80.2%81.4%
Operating margin15.1%15.0%16.8%23.4%24.8%
Net margin12.7%12.0%14.0%20.1%22.4%
FCF margin23.6%15.2%21.3%27.1%29.4%
ROE14.4%13.3%15.0%19.1%20.6%
ROIC15.6%15.0%16.9%23.3%23.9%
ROA6.8%6.3%7.5%10.4%11.6%
Debt / equity0.300.270.100.080.14
Interest coverage—————
Current ratio1.161.041.261.421.54
Revenue growth+10.7%+3.6%+4.4%+0.1%+9.7%
EPS growth+7.8%−0.3%+23.5%+44.3%+24.1%
P/E at year end37.0x27.0x24.4x23.1x27.3x
EV / EBITDA at year end23.7x16.1x14.0x15.8x20.4x
FCF yield at year end5.02%4.70%6.23%5.83%4.80%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Service$1.4B$1.4B$1.5B$1.5B$1.6B
Product$1.2B$1.3B$1.3B$1.3B$1.5B

Revenue by region · FY2025

Americas$1.7B · 56%
EMEA$827.2M · 27%
Asia Pacific$536.8M · 17%

Street estimates by fiscal year

Next report 2026-10-27 · consensus EPS $4.26 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$3.4B$3.3B – $3.4B$17.33$17.29 – $17.41825.5x
2027$3.6B$3.5B – $3.7B$18.03$17.66 – $18.77824.5x
2028$3.9B$3.8B – $4.1B$20.13$17.41 – $22.85222.0x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-28$3.47$3.90+12.4%$783.8M$811.7M+3.6%
2026-01-27$3.64$4.45+22.3%$764.2M$822.5M+7.6%
2025-10-27$3.97$4.39+10.6%$794.9M$810.1M+1.9%
2025-07-30$3.51$4.16+18.5%$753.9M$780.4M+3.5%
2025-04-28$3.10$3.42+10.3%$718.5M$731.1M+1.8%
2025-01-28$3.36$3.84+14.3%$715.4M$766.5M+7.1%
2024-10-28$3.45$3.67+6.4%$730.4M$746.7M+2.2%
2024-07-29$2.97$3.36+13.1%$686.1M$695.5M+1.4%
2024-04-29$2.87$2.91+1.4%$685.5M$681.4M−0.6%
2024-01-29$3.03$3.43+13.2%$685.3M$692.6M+1.1%
2023-10-24$3.22$3.50+8.7%$700.9M$707.0M+0.9%
2023-07-24$2.86$3.21+12.2%$699.4M$702.6M+0.5%
2023-04-19$2.42$2.53+4.5%$699.0M$703.2M+0.6%
2023-01-24$2.34$2.47+5.6%$700.7M$700.4M−0.1%
2022-10-25$2.54$2.62+3.1%$692.0M$700.0M+1.2%
2022-07-25$2.23$2.57+15.2%$667.3M$674.5M+1.1%
2022-04-26$2.01$2.13+6.0%$634.2M$634.2M+0.0%
2022-01-25$2.79$2.89+3.6%$677.6M$687.1M+1.4%
2021-10-26$2.77$3.01+8.7%$672.2M$682.0M+1.5%
2021-07-26$2.47$2.76+11.7%$672.2M$651.5M−3.1%
2021-04-27$2.39$2.50+4.6%$636.1M$645.3M+1.4%
2021-01-26$2.50$2.59+3.6%$594.3M$624.6M+5.1%
2020-10-26$2.38$2.43+2.1%$140.5M$614.8M+337.7%
2020-07-27$2.05$2.18+6.3%$545.8M$583.3M+6.9%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.306-220.406-290.307-060.307-130.307-200.607-270.408-030.308-100.208-170.208-240.208-31
Week ofNotionalSharesTrades
2026-08-31$217.0M549,28532,998
2026-08-24$209.3M529,24831,734
2026-08-17$247.1M636,36738,870
2026-08-10$347.3M835,79339,409
2026-08-03$441.5M1,076,87043,610
2026-07-27$645.9M1,611,98658,898

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1533.2%
DateShort shareShort volumeTotal volume
2026-10-1533.2%71,533215,171
2026-10-1449.1%98,052199,598
2026-10-1351.9%132,991256,459
2026-10-1254.9%87,280158,852
2026-10-0928.3%61,081215,976
2026-10-0838.2%82,516216,081
2026-10-0758.9%76,817130,454
2026-10-0646.2%88,033190,648
2026-10-0543.5%60,739139,584
2026-10-0240.7%78,725193,263
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.6Jan+0.2Feb-0.9Mar+2.0Apr+2.6May+0.4Jun+4.5Jul-0.9Aug+1.0Sep+3.2Oct+4.7Nov+1.3Dec
MonthAvg returnUp yearsYears
Jan−0.6%45%20
Feb+0.2%55%20
Mar−0.9%43%21
Apr+2.0%40%20
May+2.6%75%20
Jun+0.4%60%20
Jul+4.5%60%20
Aug−0.9%40%20
Sep+1.0%60%20
Oct+3.2%55%20
Nov+4.7%75%20
Dec+1.3%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1448.0
MFI52.6
ADX26.3
Stochastic %K / %D42.4 / 59.8
Williams %R-75.9
CCI-54
TSI / signal20.2 / 24.5
Chaikin money flow0.01
ATR$14.30
Bollinger width11.0%
Volume vs 20-day avg0.95x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$455.38 (−2.9%)
SMA 50$423.75 (+4.3%)
SMA 200$355.31 (+24.4%)
EMA 21$450.87 (−2.0%)
EMA 50$432.12 (+2.3%)
EMA 200$372.97 (+18.5%)
Bollinger upper$480.38 (−8.0%)
Bollinger lower$430.38 (+2.7%)
Parabolic SAR$482.51 (−8.4%)
Open the live chart, 110+ indicators

About F5, Inc.

F5, Inc. is a technology company specializing in comprehensive solutions designed to secure and optimize the delivery of applications across various cloud environments. Their core mission is to guarantee the security, peak performance, and constant availability of critical network applications, servers, and storage systems for their clients. Through their multi-cloud offerings, F5 empowers organizations to seamlessly develop, deploy, operate, secure, and govern their applications, whether these reside in traditional on-premises infrastructures or modern public cloud platforms. The company's extensive product portfolio includes a range of application security and delivery tools: Robust hardware like BIG-IP appliances and VIPRION chassis, complemented by their software modules and virtual editions. Software-defined solutions such as Local Traffic Manager and DNS Services for efficient traffic handling. Advanced network protection with Advanced Firewall Manager and Policy Enforcement Manager. Security and access control via Application Security Manager and Access Policy Manager. The NGINX product family, including NGINX Plus and NGINX Controller, for web serving and application delivery. Sophisticated threat and fraud prevention tools like Shape Defense, Enterprise Defense, Secure Web Gateway, Silverline DDoS, and other application security services. Beyond products, F5 offers a suite of professional services, encompassing expert consulting, training, installation, maintenance, and ongoing technical support. F5 serves a diverse global clientele, including major enterprise businesses, public sector organizations, government bodies, and service providers. Their solutions are distributed through a broad network of partners, including distributors, value-added resellers, managed service providers, and systems integrators, reaching customers across the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. The company also fosters strategic partnerships with leading public cloud providers like Amazon Web Services, Microsoft Azure, and Google Cloud Platform. Established in Seattle, Washington, in 1996, the company officially changed its name from F5 Networks, Inc. to F5, Inc. in November 2021.

https://www.f5.com

Key executives

NameTitlePayBorn
Francois Locoh-DonouPresident, CEO & Chairman$2.4M1971
Thomas Dean FountainExecutive Vice President & Chief Operating Officer$1.3M1977
Chad Michael WhalenExecutive Vice President & Chief Revenue Officer$1.1M1972
Edward Cooper WernerExecutive Vice President & Chief Financial Officer$975,6611975
John MaddisonExecutive VP & Chief Marketing Officer$895,9301964
Angelique OkekeExecutive Vice President, General Counsel & Secretary$780,9271976
Michael F. MontoyaExecutive VP & Chief Technology Operations Officer$92,5001971
Cathy PetermanExecutive Vice President & Chief People Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
François Locoh-Donou President and Chief Executive Officer2025$962,000$20.6M$1.4M$23.0M
Tom Fountain Chief Operating Officer2025$582,000$7.0M$650,792$8.2M
Chad Whalen Chief Revenue Officer2025$519,000$5.4M$580,346$6.5M
John Maddison Executive VP and Chief Marketing Officer2025$416,667$4.5M$371,304$5.3M
Cooper Werner Executive VP and Chief Financial Officer2025$500,000$2.7M$447,280$3.7M
Frank Pelzer Former Executive VP and Chief Financial Officer2025$454,461$2.1M$0$2.9M

Employees

4k20185k20196k20206k20217k20227k20237k20247k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Narrow · Intangible Assets · 2026-06-30
Cost advantage58
Intangibles76
Switching costs54
Network effect57
Efficient scale65
Our component scores (0-100) and overall 62.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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