F5, Inc.

FFIV · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Valuation
Market cap	$18,566	$12,834	$9,557	$8,620	$12,171	$7,517	$8,598	$12,210	$7,382	$7,632	$7,090	$8,952	$6,742	$8,285	$5,731	$8,264	$3,125	$1,924	$3,178	$1,641	$1,618	$743	$509	$191	$164	$719	$1,389	$189
Enterprise value	$17,715	$12,225	$9,274	$8,673	$12,273	$7,419	$7,626	$11,171	$6,365	$6,749	$6,316	$8,307	$6,199	$7,752	$5,188	$7,836	$2,807	$1,734	$2,919	$1,267	$1,382	$603	$464	$111	$95	$666	$1,361	$182
P/E (TTM) at period end	26.82×	22.64×	24.20×	26.76×	36.74×	24.45×	20.10×	26.91×	17.54×	20.86×	19.42×	28.77×	24.31×	30.11×	23.74×	54.67×	34.13×	25.88×	41.27×	24.86×	34.50×	20.46×	124.53×	–	–	52.65×	–	–
P/S (TTM) at period end	6.01×	4.56×	3.40×	3.20×	4.68×	3.20×	3.83×	5.65×	3.53×	3.83×	3.69×	5.17×	4.55×	6.02×	4.98×	9.37×	4.78×	2.96×	6.04×	4.16×	5.75×	4.34×	4.39×	1.77×	1.53×	6.61×	49.97×	39.30×
P/B at period end	5.17×	4.10×	3.41×	3.49×	5.16×	3.37×	4.88×	9.50×	6.00×	6.44×	5.38×	6.54×	4.38×	6.23×	5.18×	8.23×	3.91×	2.68×	4.12×	2.66×	3.49×	2.42×	4.61×	2.04×	1.70×	8.20×	43.41×	24.82×
EV / EBITDA (TTM)	20.64×	15.97×	15.85×	16.70×	24.09×	15.20×	12.99×	17.18×	10.18×	11.17×	10.43×	15.39×	13.17×	16.80×	13.96×	30.87×	18.93×	22.91×	22.57×	12.46×	18.14×	19.76×	49.19×	–	–	38.45×	–	–
EV / Sales (TTM)	5.74×	4.34×	3.30×	3.22×	4.71×	3.16×	3.40×	5.17×	3.05×	3.38×	3.29×	4.80×	4.19×	5.63×	4.50×	8.88×	4.30×	2.67×	5.55×	3.22×	4.91×	3.52×	4.00×	1.02×	0.88×	6.13×	48.97×	38.01×
Returns
Return on equity	19.3%	18.1%	14.1%	13.0%	14.0%	13.8%	24.3%	35.3%	34.2%	30.9%	27.7%	22.7%	18.0%	20.7%	21.8%	15.1%	11.5%	10.3%	10.0%	10.7%	10.1%	11.8%	3.7%	(9.2%)	(31.9%)	15.6%	(13.4%)	(48.7%)
Return on invested capital	23.9%	21.3%	15.2%	12.7%	12.1%	12.2%	35.3%	51.6%	74.1%	54.3%	38.8%	28.4%	20.2%	24.3%	26.4%	17.5%	12.3%	9.8%	9.6%	9.6%	10.2%	8.9%	3.5%	(13.1%)	(107.5%)	32.1%	(59.4%)	(257.9%)
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.56×	1.42×	1.26×	1.04×	1.16×	1.39×	1.37×	1.49×	1.50×	1.53×	1.57×	1.57×	1.48×	1.67×	2.05×	2.11×	2.10×	1.73×	2.52×	4.65×	4.36×	3.44×	1.94×	3.38×	3.77×	2.90×	3.65×	4.78×
Debt / equity	0.07×	0.08×	0.09×	0.14×	0.16×	0.17×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Effective tax rate	14.3%	18.5%	18.7%	16.4%	14.4%	22.4%	21.0%	24.9%	26.9%	33.5%	35.0%	37.4%	36.7%	36.3%	33.1%	36.4%	30.5%	37.1%	39.7%	38.6%	39.4%	(30.3%)	17.3%	(6.0%)	(15.3%)	13.4%	12.2%	–
Share count
Diluted shares outstanding	59	59	60	61	62	61	60	62	65	68	73	76	79	80	81	81	80	83	85	84	77	144	59	51	45	46	43	25

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Revenue and gross profit
Revenue	$3,309	$3,088	$2,816	$2,813	$2,696	$2,603	$2,351	$2,242	$2,161	$2,090	$1,995	$1,920	$1,732	$1,481	$1,377	$1,152	$882	$653	$650	$526	$394	$281	$171	$116	$108	$107	$109	$28	$5
Cost of revenue	($600)	($574)	($558)	($593)	($540)	($493)	($408)	($357)	($361)	($353)	($337)	($332)	($310)	($253)	($236)	($208)	($172)	($143)	($149)	($118)	($88)	($65)	($39)	($27)	($30)	($46)	($30)	($7)	($1)
Gross profit	$2,709	$2,514	$2,258	$2,220	$2,156	$2,110	$1,943	$1,886	$1,800	$1,737	$1,658	$1,588	$1,422	$1,228	$1,141	$944	$710	$510	$501	$407	$306	$216	$132	$89	$78	$62	$78	$21	$4
Operating expenses
Research and development	($593)	($540)	($490)	($540)	($543)	($513)	($441)	($408)	($366)	($350)	($334)	($297)	($264)	($210)	($177)	($139)	($118)	($104)	($103)	($69)	($49)	($32)	($24)	($19)	($18)	($17)	($14)	($6)	($2)
Selling, general and administrative	($372)	($322)	($269)	($263)	($275)	($274)	($258)	($211)	($160)	($157)	($138)	($136)	($106)	($102)	($92)	($84)	($69)	($55)	($56)	($225)	($167)	($115)	($82)	($66)	($66)	($70)	($47)	($17)	($5)
Total operating expenses	($1,897)	($1,748)	($1,600)	($1,747)	($1,752)	($1,716)	($1,551)	($1,367)	($1,209)	($1,173)	($1,110)	($1,035)	($929)	($797)	($715)	($593)	($480)	($388)	($402)	($294)	($216)	($147)	($107)	($85)	($87)	($91)	($66)	($26)	($7)
Total costs and expenses	($2,497)	($2,322)	($2,158)	($2,341)	($2,292)	($2,209)	($1,959)	($1,724)	($1,571)	($1,526)	($1,448)	($1,367)	($1,238)	($1,050)	($951)	($801)	($652)	($531)	($551)	($412)	($304)	($212)	($146)	($112)	($118)	($136)	($96)	($33)	($8)
Operating income	$812	$766	$659	$473	$404	$394	$392	$518	$591	$564	$547	$553	$494	$431	$426	$351	$230	$122	$99	$114	$90	$69	$25	$4	($10)	($29)	$13	($5)	($4)
Earnings
EBITDA	$910	$858	$766	$585	$519	$509	$488	$587	$650	$625	$604	$605	$540	$471	$461	$372	$254	$148	$76	$129	$102	$76	$31	$9	($3)	($21)	$17	($2)	($3)
Interest income	$38	$41	$35	$18	$2	$2	$12	$25	$17	$8	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$853	$808	$695	$486	$385	$387	$396	$541	$604	$576	$550	$561	$497	$438	$432	$361	$238	$132	$118	$128	$108	$77	$28	$5	($8)	($27)	$16	($5)	–
Income tax expense	($127)	($116)	($129)	($91)	($63)	($56)	($89)	($113)	($150)	($155)	($184)	($196)	($186)	($161)	($157)	($119)	($86)	($40)	($44)	($51)	($42)	($31)	$8	($1)	($0)	($4)	($2)	$1	($4)
Net income	$727	$692	$567	$395	$322	$331	$307	$428	$454	$421	$366	$365	$311	$277	$275	$241	$151	$92	$74	$77	$66	$47	$36	$4	($9)	($31)	$14	($4)	($4)
Per share
Diluted EPS (GAAP)	$12.56	$11.80	$9.55	$6.55	$5.27	$5.34	$5.01	$7.08	$7.32	$6.50	$5.38	$5.03	$4.09	$3.50	$3.45	$2.96	$1.86	$1.14	$0.89	$0.90	$0.79	$0.61	$0.26	$0.07	($0.17)	($0.68)	$0.30	($0.0989)	($0.15)
Basic EPS (GAAP)	$12.70	$11.96	$9.65	$6.59	$5.34	$5.46	$5.05	$7.12	$7.41	$6.56	$5.43	$5.07	$4.13	$3.53	$3.48	$2.99	$1.90	$1.16	$0.90	$0.93	$1.08	$0.63	$0.74	$0.075	($0.17)	($0.68)	$0.33	($0.11)	($0.15)
Basic shares outstanding	57	58	59	60	60	61	61	60	61	64	67	72	75	79	79	81	80	79	82	83	61	74	49	53	51	45	42	41	25
Margins
Gross margin	81.9%	81.4%	80.2%	78.9%	80.0%	81.1%	82.6%	84.1%	83.3%	83.1%	83.1%	82.7%	82.1%	82.9%	82.9%	81.9%	80.5%	78.1%	77.1%	77.5%	77.6%	76.8%	77.0%	76.8%	71.8%	57.6%	72.2%	76.3%	77.1%
Operating margin	24.5%	24.8%	23.4%	16.8%	15.0%	15.1%	16.7%	23.1%	27.3%	27.0%	27.4%	28.8%	28.5%	29.1%	31.0%	30.4%	26.1%	18.7%	15.3%	21.6%	22.9%	24.6%	14.7%	3.6%	(8.8%)	(26.7%)	11.8%	(17.5%)	(75.2%)
Net margin	22.0%	22.4%	20.1%	14.0%	12.0%	12.7%	13.1%	19.1%	21.0%	20.1%	18.3%	19.0%	18.0%	18.7%	20.0%	21.0%	17.1%	14.0%	11.4%	14.6%	16.8%	16.7%	21.2%	3.5%	(8.0%)	(28.7%)	12.6%	(15.5%)	(77.1%)

Analyst consensus

Hold61 analysts

Bearish · 3 · Hold · 33 · Bullish · 25

Earnings history

	EPS	Estimate
Q4 2024	$3.67	$3.45	Beat
Q1 2025	$3.84	$3.36	Beat
Q2 2025	$3.42	$3.10	Beat
Q3 2025	$4.16	$3.51	Beat
Q4 2025	$4.39	$3.97	Beat
Q1 2026	$4.45	$3.64	Beat
Q2 2026	$3.90	$3.46	Beat
Q3 2026	$4.73	$4.00	Beat

Peers

Company overview

IPO dateJun 4, 1999

CEOFrancois Locoh-Donou

Employees6,545

SectorTechnology

IndustrySoftware - Infrastructure

CountryUS

ExchangeNASDAQ Global Select

Websitewww.f5.com

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.

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