F5, INC. FFIV
F5 is a multicloud application delivery and security provider committed to bringing a better digital world to life. F5 partners with the world's largest, most advanced organizations to optimize and secure every application and Application Programming Interface ("API") anywhere, including on-premises, in the cloud, and at the network edge. F5 enables businesses to continuously stay ahead of threats while delivering exceptional, secure digital experiences for their customers.
Our application delivery and security solutions are available in a range of deployment and consumption models. We sell packaged software in perpetual, subscription, and usage-based consumption models. We also sell our solutions in software-as-a-service ("SaaS") and managed services deployment models with subscription and usage-based consumption models. In addition, we sell high-performance systems, or hardware, as well as a broad range of global services including maintenance, consulting, training and other technical support services.
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 | $3.09B | $2.82B | $2.81B | $2.70B | $2.60B | $2.35B | $2.24B | $2.16B | $2.09B | $2.00B |
| Cost of revenue | $574.0M | $557.6M | $593.3M | $539.6M | $493.1M | $407.9M | $356.6M | $361.5M | $353.5M | $337.2M |
| Gross profit | $2.51B | $2.26B | $2.22B | $2.16B | $2.11B | $1.94B | $1.89B | $1.80B | $1.74B | $1.66B |
| R&D | $539.8M | $490.1M | $540.3M | $543.4M | $512.6M | $441.3M | $408.1M | $366.1M | $350.4M | $334.2M |
| SG&A | $322.3M | $268.8M | $263.4M | $274.6M | $273.6M | $258.4M | $210.7M | $160.4M | $156.9M | $138.4M |
| Total operating expenses | $1.75B | $1.60B | $1.75B | $1.75B | $1.72B | $1.55B | $1.37B | $1.21B | $1.17B | $1.11B |
| Operating income | $765.9M | $658.6M | $472.6M | $403.8M | $394.0M | $392.3M | $518.5M | $590.9M | $564.0M | $547.4M |
| Pre-tax income | $808.3M | $695.5M | $486.0M | $385.4M | $386.9M | $396.4M | $541.1M | $603.8M | $575.5M | $549.9M |
| Income tax | $116.0M | $128.7M | $91.0M | $63.2M | $55.7M | $89.0M | $113.4M | $150.1M | $154.8M | $184.0M |
| Net income | $692.4M | $566.8M | $394.9M | $322.2M | $331.2M | $307.4M | $427.7M | $453.7M | $420.8M | $365.9M |
| EPS, basic | 11.96 | 9.65 | 6.59 | 5.34 | 5.46 | 5.05 | 7.12 | 7.41 | 6.56 | 5.43 |
| EPS, diluted | 11.80 | 9.55 | 6.55 | 5.27 | 5.34 | 5.01 | 7.08 | 7.32 | 6.50 | 5.38 |
| Shares, diluted (wtd. avg.) | $58.7M | $59.4M | $60.3M | $61.1M | $62.1M | $61.4M | $60.5M | $62.0M | $64.8M | $68.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.34B | $1.07B | $800.8M | $762.2M | $584.3M | $852.8M | $602.3M | $425.9M | $674.5M | $515.7M |
| Short-term investments | $0 | $0 | $6.2M | $126.6M | $329.6M | $360.3M | $373.1M | $614.7M | $343.7M | $367.8M |
| Receivables | $414.4M | $389.0M | $454.8M | $470.0M | $340.5M | $296.2M | $322.0M | $295.4M | $291.9M | $268.2M |
| Inventory | $77.2M | $76.4M | $35.9M | $68.4M | $22.1M | $27.9M | $34.4M | $30.6M | $29.8M | $34.1M |
| Total current assets | $2.52B | $2.11B | $1.85B | $1.91B | $1.61B | $1.79B | $1.51B | $1.42B | $1.41B | $1.29B |
| Property, plant and equipment | $156.9M | $150.9M | $170.4M | $168.2M | $191.2M | $229.2M | $223.4M | $145.0M | $122.4M | $123.2M |
| Goodwill | $2.44B | $2.31B | $2.29B | $2.26B | $2.22B | $1.86B | $1.07B | $556.0M | $556.0M | $556.0M |
| Other intangibles | $96.3M | $111.6M | $151.0M | $200.3M | $237.2M | $225.9M | $108.9M | $31.3M | $42.6M | $50.5M |
| Total assets | $6.32B | $5.61B | $5.25B | $5.28B | $5.00B | $4.68B | $3.39B | $2.61B | $2.48B | $2.31B |
| Accounts payable | $84.0M | $67.9M | $63.3M | $113.2M | $62.1M | $64.5M | $62.6M | $57.8M | $50.8M | $34.1M |
| Short-term debt | — | — | $0 | $349.8M | $19.3M | $19.3M | $0 | — | — | — |
| Total current liabilities | $1.61B | $1.49B | $1.47B | $1.84B | $1.39B | $1.29B | $1.11B | $954.4M | $934.5M | $844.2M |
| Long-term debt | — | — | — | $0 | $349.8M | $369.0M | $0 | — | — | — |
| Total liabilities | — | — | — | — | — | — | $1.63B | — | — | — |
| Retained earnings | $3.57B | $3.14B | $2.80B | $2.40B | $2.19B | $1.95B | $1.64B | $1.29B | $1.23B | $1.19B |
| Total equity | $3.59B | $3.13B | $2.80B | $2.47B | $2.36B | $2.23B | $1.76B | $1.29B | $1.23B | $1.19B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $949.7M | $792.4M | $653.4M | $442.6M | $645.2M | $660.9M | $747.8M | $761.1M | $740.3M | $711.5M |
| Depreciation and amortisation | $92.4M | $107.0M | $112.7M | $115.6M | $115.4M | $95.9M | $68.5M | $59.5M | $61.1M | $56.8M |
| Stock-based compensation | $231.5M | $219.1M | $236.7M | $249.2M | $243.3M | $201.9M | $162.9M | $157.9M | $175.3M | $156.8M |
| Capital expenditure | $43.3M | $30.4M | $54.2M | $33.6M | $30.7M | $59.9M | $103.5M | $53.5M | $38.7M | $63.5M |
| Investing cash flow | -$219.5M | -$59.2M | $36.4M | $218.1M | -$445.3M | -$747.0M | -$414.6M | -$456.0M | -$32.2M | $62.7M |
| Financing cash flow | -$464.8M | -$457.0M | -$653.3M | -$476.5M | -$468.3M | $337.2M | -$155.4M | -$551.3M | -$546.0M | -$652.6M |
| Buybacks | $502.1M | $500.6M | $350.0M | $500.0M | $500.0M | $100.0M | $201.0M | $600.1M | $600.1M | $700.1M |
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 0001048695-25-000157.
Others in SIC 3576
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CSCO | CISCO SYSTEMS, INC. | $430.53B | 32.8x | 11.8% |
| ANET | Arista Networks, Inc. | $244.40B | 70.5x | 28.6% |
| EXTR | EXTREME NETWORKS INC | $2.83B | 70.0x | 12.6% |
| DGII | DIGI INTERNATIONAL INC | $2.63B | 64.2x | 1.5% |
| ATEN | A10 Networks, Inc. | $1.79B | 43.1x | 11.0% |
| NTGR | NETGEAR, INC. | $579.2M | — | 3.8% |
| LTRX | LANTRONIX INC | $243.8M | — | -1.6% |
| CIIT | Tianci International, Inc. | $29.4M | — | 7.7% |