A10 Networks, Inc. ATEN
We are a global provider of secure application and network infrastructure solutions that enable enterprises and service providers to deliver high-performance, reliable, and protected digital services across on-premises, hybrid cloud, and distributed environments.
Our solutions are designed to operate in mission-critical environments where availability, scalability, low latency, and security are essential. We provide integrated capabilities spanning application delivery, traffic management, distributed denial of service ("DDoS") protection, application and application programming interfaces ("API") security, and centralized management. Our portfolio is built on a unified software architecture that allows customers to deploy consistent performance and security policies across physical, virtual, containerized, and cloud-native environments.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $290.6M | $261.7M | $251.7M | $280.3M | $250.0M | $225.5M | $212.6M | $232.2M | $235.4M | $227.3M |
| Cost of revenue | $60.0M | $51.4M | $48.0M | $56.8M | $53.5M | $50.1M | $48.9M | $51.9M | $53.3M | $54.4M |
| Gross profit | $230.5M | $210.3M | $203.7M | $223.5M | $196.5M | $175.4M | $163.7M | $180.3M | $182.1M | $172.9M |
| R&D | $69.1M | $57.7M | $55.2M | $58.4M | $54.1M | $58.1M | $61.8M | $65.2M | $63.0M | $60.7M |
| SG&A | $29.8M | $25.3M | $23.9M | $23.5M | $23.4M | $21.9M | $23.7M | $39.6M | $28.1M | $26.3M |
| Total operating expenses | $183.4M | $166.3M | $165.1M | $170.4M | $163.1M | $157.6M | $180.8M | $208.0M | $192.5M | $193.5M |
| Operating income | $47.1M | $44.0M | $38.6M | $53.1M | $33.4M | $17.7M | -$17.1M | -$27.7M | -$10.4M | -$20.6M |
| Interest expense | — | — | — | — | $0 | $1.0K | $237.0K | $129.0K | $162.0K | $424.0K |
| Pre-tax income | $52.4M | $58.1M | $43.8M | $52.7M | $31.6M | $19.1M | -$16.4M | -$26.5M | -$9.5M | -$21.6M |
| Income tax | $10.3M | $8.0M | $3.8M | $5.8M | $63.2M | $1.3M | $1.4M | $1.1M | $1.2M | $757.0K |
| Net income | $42.1M | $50.1M | $40.0M | $46.9M | $94.9M | $17.8M | -$17.8M | -$27.6M | -$10.8M | -$22.4M |
| EPS, basic | 0.58 | 0.68 | 0.54 | 0.62 | 1.23 | 0.23 | -0.23 | -0.38 | — | — |
| EPS, diluted | 0.57 | 0.67 | 0.53 | 0.60 | 1.19 | 0.22 | -0.23 | -0.38 | -0.15 | -0.34 |
| Shares, diluted (wtd. avg.) | $73.6M | $75.3M | $75.5M | $77.8M | $80.0M | $80.0M | $76.1M | $72.9M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $71.1M | $95.1M | $97.2M | $68.0M | $78.9M | $83.3M | $45.7M | $40.6M | $46.6M | $29.0M |
| Short-term investments | $306.7M | $100.4M | $62.1M | $83.0M | $106.1M | $74.9M | — | — | — | — |
| Receivables | $62.1M | $76.7M | $74.3M | $72.9M | $61.8M | $51.1M | $53.6M | $54.0M | $54.0M | $61.3M |
| Inventory | $18.0M | $22.0M | $23.5M | $19.7M | $22.5M | $20.7M | $22.4M | $17.9M | $17.6M | $15.8M |
| Total current assets | $476.0M | $307.3M | $271.8M | $257.0M | $284.0M | $242.3M | $220.9M | $214.9M | $203.8M | $196.7M |
| Property, plant and equipment | $50.2M | $39.1M | $29.9M | $19.7M | $10.7M | $7.9M | $7.7M | $7.3M | $9.9M | $8.2M |
| Goodwill | $15.1M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M |
| Other intangibles | $6.3M | $0 | $0 | $0 | $0 | $862.0K | $2.3M | $3.7M | $5.2M | $6.6M |
| Total assets | $629.8M | $432.8M | $389.8M | $369.1M | $393.1M | $290.8M | $274.1M | $235.9M | $224.9M | $216.7M |
| Accounts payable | $11.7M | $12.5M | $7.0M | $6.7M | $6.9M | $4.9M | $7.6M | $8.2M | $9.0M | $9.9M |
| Total current liabilities | $133.7M | $123.6M | $111.1M | $118.2M | $116.1M | $107.8M | $97.6M | $97.4M | $92.7M | $101.4M |
| Long-term debt | $218.8M | $0 | — | — | — | — | — | — | — | — |
| Total liabilities | $418.3M | $201.0M | $181.9M | $188.1M | $184.2M | $174.8M | $165.3M | $132.0M | $126.5M | $134.0M |
| Retained earnings | $1.8M | -$40.3M | -$90.5M | -$130.5M | -$177.4M | -$272.2M | -$290.1M | -$272.2M | -$257.0M | -$246.1M |
| Total equity | $211.5M | $231.8M | $207.9M | $181.0M | $208.9M | $116.0M | $108.8M | $103.9M | $98.4M | $82.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $84.9M | $90.5M | $44.5M | $66.1M | $50.1M | $55.3M | -$426.0K | -$2.7M | $14.3M | $18.8M |
| Depreciation and amortisation | $14.9M | $11.3M | $9.3M | $7.4M | $8.9M | $11.3M | $10.0M | $7.9M | $8.5M | $8.3M |
| Stock-based compensation | $20.0M | $17.0M | $14.1M | $13.3M | $14.4M | $12.3M | $16.5M | $17.0M | $17.2M | $16.9M |
| Capital expenditure | $20.1M | $12.3M | $10.9M | $10.8M | $5.2M | $3.6M | $4.3M | $2.8M | $5.7M | $4.9M |
| Investing cash flow | -$243.6M | -$48.4M | $13.6M | $11.1M | -$38.1M | $5.2M | -$251.0K | -$6.9M | -$5.1M | -$96.4M |
| Financing cash flow | $134.8M | -$44.3M | -$28.8M | -$88.1M | -$16.4M | -$22.9M | $5.8M | $3.6M | $8.4M | $8.4M |
| Dividends paid | $17.4M | $17.8M | $17.8M | $15.9M | $3.9M | $0 | $0 | — | — | — |
| Buybacks | $68.9M | $30.1M | $16.0M | $79.3M | $18.3M | $32.5M | $13.3M | $0 | $3.1M | $1.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001580808-26-000014.
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