Business Description
A10 Networks, Inc. provides secure application services and solutions for on-premises, cloud, and edge-cloud environments. The company specializes in application delivery controllers (ADCs), DDoS protection, and web application firewalls that ensure the performance, availability, and security of business-critical applications. Headquartered in San Jose, California, A10 serves telecommunications providers, cloud operators, government organizations, and large enterprises globally.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 290,557 | 261,696 | 251,700 | 280,338 |
| Cost of Sales | 60,042 | 51,419 | 47,962 | 56,832 |
| Gross Profit | 230,515 | 210,277 | 203,738 | 223,506 |
| Selling, General & Administrative Expenses | 114,269 | 108,583 | 109,861 | 112,029 |
| Research & Development Expenses | 69,104 | 57,726 | 55,229 | 58,398 |
| Operating Profit | 47,142 | 43,968 | 38,648 | 53,079 |
| Total Non-Operating Income | (1,068) | 21,515 | 5,216 | (2,030) |
| Income Before Provision for Income Taxes | 46,074 | 65,483 | 43,864 | 51,049 |
| Provision for Income Taxes | 10,285 | 7,959 | 3,825 | 5,808 |
| Consolidated Net Income | 42,137 | 50,140 | 39,970 | 46,908 |
| Net Income Attributable to Common Shareholders | 42,137 | 50,140 | 39,970 | 46,908 |
| Basic EPS | 0.58 | 0.68 | 0.54 | 0.62 |
| Diluted EPS | 0.57 | 0.67 | 0.53 | 0.60 |
| Basic Weighted Average Shares Outstanding | 72,253 | 74,088 | 74,210 | 75,528 |
| Diluted Weighted Average Shares Outstanding | 73,590 | 75,302 | 75,550 | 77,751 |
| Shares Outstanding | 71,498 | 73,693 | 74,359 | 73,738 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 71,139 | 95,129 | 97,244 | 67,971 |
| Short-Term Investments | 306,714 | 100,429 | 62,056 | 83,018 |
| Total Cash and Cash Equivalents | 377,853 | 195,558 | 159,300 | 150,989 |
| Accounts Receivable | 62,069 | 76,687 | 74,307 | 72,928 |
| Total Trade Receivables | 62,069 | 76,687 | 74,307 | 72,928 |
| Inventories | 18,032 | 22,005 | 23,522 | 19,693 |
| Other Current Assets | 18,000 | 13,038 | 14,695 | 13,381 |
| Total Current Assets | 475,954 | 307,288 | 271,824 | 256,991 |
| Net Property, Plant & Equipment | 50,221 | 39,142 | 29,876 | 19,743 |
| Net Intangible Assets | 6,259 | — | — | — |
| Goodwill | 15,134 | 1,307 | 1,307 | 1,307 |
| Other Long-Term Assets | 82,245 | 85,078 | 86,802 | 91,064 |
| Total Assets | 629,813 | 432,815 | 389,809 | 369,105 |
| Accounts Payable | 11,694 | 12,542 | 7,024 | 6,725 |
| Accrued Expenses | 41,132 | 32,696 | 21,388 | 37,183 |
| Unearned Revenue | 80,824 | 78,335 | 82,657 | 74,340 |
| Total Current Liabilities | 133,650 | 123,573 | 111,069 | 118,248 |
| Long-Term Debt | 218,787 | — | — | — |
| Other Long-Term Liabilities | 65,830 | 77,413 | 70,864 | 69,845 |
| Total Long-Term Liabilities | 284,617 | 77,413 | 70,864 | 69,845 |
| Total Liabilities | 418,267 | 200,986 | 181,933 | 188,093 |
| Common Stock | 1 | 1 | 0 | 1 |
| Treasury Stock | (249,912) | (180,992) | (150,909) | (134,934) |
| Additional Paid-in Capital | 531,790 | 508,387 | 486,958 | 466,927 |
| Accumulated Other Comprehensive Income | 659 | 194 | (71) | (726) |
| Retained Earnings | (70,992) | (95,761) | (128,103) | (150,256) |
| Total Common Shareholders' Equity | 211,546 | 231,829 | 207,875 | 181,012 |
| Total Shareholders' Equity | 211,546 | 231,829 | 207,875 | 181,012 |
| Total Liabilities and Shareholders' Equity | 629,813 | 432,815 | 389,809 | 369,105 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 42,137 | 50,140 | 39,970 | 46,908 |
| Depreciation & Amortization | 14,859 | 11,293 | 9,346 | 7,381 |
| Share-Based Compensation Expense | 20,030 | 17,048 | 14,081 | 13,331 |
| Other Adjustments | 2,883 | (365) | (582) | 757 |
| Changes in Trade Receivables | 14,569 | (2,555) | (679) | (10,065) |
| Changes in Inventories | 3,659 | (760) | (6,302) | 2,035 |
| Changes in Accounts Payable | (1,516) | 2,224 | (2,999) | 103 |
| Changes in Accrued Expenses | 4,568 | 6,609 | (20,801) | (1,338) |
| Changes in Unearned Revenue | (7,969) | 6,925 | 14,342 | 5,361 |
| Changes in Other Operating Activities | (8,326) | (67) | (1,862) | 1,627 |
| Cash from Operating Activities | 84,894 | 90,492 | 44,514 | 66,100 |
| Capital Expenditure | (20,128) | (12,268) | (10,896) | (10,799) |
| Purchases of Investments | (342,028) | (142,759) | (85,420) | (55,411) |
| Proceeds from Sale of Investments | 137,618 | 106,677 | 109,924 | 77,297 |
| Payments for Business Acquisitions | (19,100) | — | — | — |
| Cash from Investing Activities | (243,638) | (48,350) | 13,608 | 11,087 |
| Issuance of Long-Term Debt | 225,000 | — | — | — |
| Net Issuance / (Repayments) of Long-Term Debt | 225,000 | — | — | — |
| Issuance of Common Shares | 3,373 | 3,624 | 4,943 | 7,038 |
| Repurchases of Common Shares | (68,920) | (30,084) | (15,975) | (79,257) |
| Net Issuance / (Repurchases) of Common Shares | (65,547) | (26,460) | (11,032) | (72,219) |
| Common Share Dividends Paid | (17,369) | (17,797) | (17,817) | (15,922) |
| Other Financing Activities | (7,330) | — | — | — |
| Cash from Financing Activities | 134,754 | (44,257) | (28,849) | (88,141) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (23,990) | (2,115) | 29,273 | (10,954) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $1.26B |
| P/E | 31.04x |
| P/S | 4.35x |
| EV/EBITDA | 17.83x |
| Return on Equity | 19.0% |
| Return on Invested Capital | 26.2% |
| Current Ratio | 3.56x |
| Dividend Yield | 1.4% |
| Free Cash Flow Margin | 22.3% |
Margins
Gross margin
79.3%
Operating margin
16.2%
Net margin
14.5%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $75M | +13.4% | 17.3% | $13M |
| Q4 2025 | $80M | +8.3% | 18.7% | $15M |
| Q3 2025 | $75M | +11.9% | 17.4% | $13M |
| Q2 2025 | $69M | +15.5% | 14.9% | $10M |
| Q1 2025 | $66M | — | 13.3% | $9M |
| Q4 2024 | $74M | — | 24.8% | $18M |
| Q3 2024 | $67M | — | 15.7% | $10M |
| Q2 2024 | $60M | — | 13.2% | $8M |
More on A10 Networks, Inc.
Figures compiled from public company filings.
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