A10 Networks, Inc. (ATEN) 10-Year Financial Performance & Capital Metrics

ATEN • • Industrial / General

TechnologyInfrastructure SoftwareCommunications & Network InfrastructureNetwork Security & Firewall

AboutA10 Networks, Inc. provides networking solutions in the Americas, Japan, other Asia Pacific, and EMEA countries. The company offers Thunder Application Delivery Controller (ADC) that provides advanced server load balancing; Lightning ADC, a cloud-native software-as-a-service platform to boost the delivery and security of applications and microservices; and Thunder Carrier Grade Networking product, which offers standards-compliant address and protocol translation services for service provider networks. It also provides Thunder Threat Protection System (TPS) for the protection of networks and server resources against massive distributed denial of service attacks; Thunder Secure Sockets Layer (SSL) Insight solution that decrypts SSL-encrypted traffic and forwards it to a third-party security device for deep packet inspection; and Thunder Convergent Firewall, which addresses various critical security capabilities in one package by consolidating various security and networking functions in a single appliance. In addition, the company offers intelligent management and automation tools comprising harmony controller that provides intelligent management, automation, and analytics for secure application delivery in multi-cloud environment; and aGalaxy TPS, a multi-device network management solution. A10 Networks, Inc. delivers its solutions on optimized hardware appliances, bare metal software, containerized software, virtual appliances, and cloud-native software. It serves cloud providers; service providers include cloud, telecommunications, and multiple system and cable operators; government organizations; and enterprises in the technology, industrial, retail, financial, gaming, and education industries. The company markets its products through sales organizations, as well as distribution channel partners, including distributors, value added resellers, and system integrators. A10 Networks, Inc. was incorporated in 2004 and is headquartered in San Jose, California.Show more

Revenue $262M +4.0%
EBITDA $55M +15.1%
Net Income $50M +25.4%
EPS (Diluted) 0.67 +26.4%
Gross Margin 80.35% -0.7%
EBITDA Margin 21.12% +10.7%
Operating Margin 16.8% +9.4%
Net Margin 19.16% +20.7%
ROE 22.81% +10.9%
ROIC 23.89% +8.0%
Debt/Equity 0.05 -36.4%
Interest Coverage 5.95

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 22.5%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 29.9% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 19.5%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.84%

5Y4.24%

3Y1.53%

TTM10.27%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-19.15%

TTM1.64%

EPS CAGR

10Y-

5Y-

3Y-17.43%

TTM1.49%

ROCE

10Y Avg-1.83%

5Y Avg14.81%

3Y Avg16.55%

Latest14.96%

Peer Comparison

Network Security & Firewall

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RDWRRadware Ltd.	1.07B	24.64	176	5.2%	5.66%	4.28%	6.2%	0.05
PANWPalo Alto Networks, Inc.	130.85B	187.73	117.33	14.87%	11.69%	12.89%	2.65%	0.04
FTNTFortinet, Inc.	56.76B	76.32	33.77	12.27%	28.58%	254.88%	3.31%	0.67
ATENA10 Networks, Inc.	1.26B	17.58	26.24	3.97%	17.78%	24.52%	6.2%	0.05
CHKPCheck Point Software Technologies Ltd.	20.24B	188.54	25.27	6.22%	37.62%	32.79%	5.08%	0.01
ALARAlarum Technologies Ltd.	67.12M	9.36	11.01	20.88%	3.28%	3.83%	13.1%	0.06
HUBCHUB Cyber Security Ltd.	9.93M	4.55	-0.30	-30.7%	-176.14%
INTZIntrusion Inc.	29.55M	1.47	-0.99	2.85%	-112.36%	-83.5%		0.44

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	198.96M	230M	235.43M	232.22M	212.63M	225.53M	250.04M	280.34M	251.7M	261.7M
Revenue Growth %	0.11%	0.16%	0.02%	-0.01%	-0.08%	0.06%	0.11%	0.12%	-0.1%	0.04%
Cost of Goods Sold+	48.77M	54.91M	53.32M	51.9M	48.88M	50.15M	53.51M	56.83M	47.96M	51.42M
COGS % of Revenue	0.25%	0.24%	0.23%	0.22%	0.23%	0.22%	0.21%	0.2%	0.19%	0.2%
Gross Profit+	150.19M	175.09M	182.11M	180.33M	163.75M	175.38M	196.54M	223.51M	203.74M	210.28M
Gross Margin %	0.75%	0.76%	0.77%	0.78%	0.77%	0.78%	0.79%	0.8%	0.81%	0.8%
Gross Profit Growth %	0.1%	0.17%	0.04%	-0.01%	-0.09%	0.07%	0.12%	0.14%	-0.09%	0.03%
Operating Expenses+	186.43M	192.12M	192.48M	208.01M	180.84M	157.65M	163.15M	170.43M	165.09M	166.31M
OpEx % of Revenue	0.94%	0.84%	0.82%	0.9%	0.85%	0.7%	0.65%	0.61%	0.66%	0.64%
Selling, General & Admin	131.59M	131.42M	129.49M	142.85M	116.49M	99.58M	109.07M	112.03M	109.86M	108.58M
SG&A % of Revenue	0.66%	0.57%	0.55%	0.62%	0.55%	0.44%	0.44%	0.4%	0.44%	0.41%
Research & Development	54.84M	60.7M	62.99M	65.16M	61.82M	58.06M	54.08M	58.4M	55.23M	57.73M
R&D % of Revenue	0.28%	0.26%	0.27%	0.28%	0.29%	0.26%	0.22%	0.21%	0.22%	0.22%
Other Operating Expenses	-332K	-640K	0	0	2.53M	0	0	0	0	0
Operating Income+	-38.45M	-19.12M	-10.37M	-27.68M	-17.09M	17.73M	33.39M	53.08M	38.65M	43.97M
Operating Margin %	-0.19%	-0.08%	-0.04%	-0.12%	-0.08%	0.08%	0.13%	0.19%	0.15%	0.17%
Operating Income Growth %	-0.27%	0.5%	0.46%	-1.67%	0.38%	2.04%	0.88%	0.59%	-0.27%	0.14%
EBITDA+	-29.73M	-10.85M	-1.86M	-19.88M	-7.07M	23.33M	42.3M	60.46M	47.99M	55.26M
EBITDA Margin %	-0.15%	-0.05%	-0.01%	-0.09%	-0.03%	0.1%	0.17%	0.22%	0.19%	0.21%
EBITDA Growth %	-0.48%	0.63%	0.83%	-9.68%	0.64%	4.3%	0.81%	0.43%	-0.21%	0.15%
D&A (Non-Cash Add-back)	8.72M	8.27M	8.51M	7.8M	10.03M	5.6M	8.91M	7.38M	9.35M	11.29M
EBIT	-40.64M	-21.21M	-9.38M	-26.41M	-16.18M	19.14M	33.8M	54.38M	38.65M	43.97M
Net Interest Income+	-509K	-424K	827K	1.14M	682K	1.41M	-1.75M	-363K	5.15M	-637K
Interest Income	0	0	989K	1.27M	919K	1.41M	409K	1.3M	5.15M	6.75M
Interest Expense	509K	424K	162K	129K	237K	0	2.15M	1.67M	0	7.38M
Other Income/Expense	1.02M	-1.06M	827K	1.14M	682K	1.41M	-1.75M	-363K	5.15M	14.13M
Pretax Income+	-39.29M	-20.18M	-9.54M	-26.54M	-16.41M	19.14M	31.64M	52.72M	43.8M	58.1M
Pretax Margin %	-0.2%	-0.09%	-0.04%	-0.11%	-0.08%	0.08%	0.13%	0.19%	0.17%	0.22%
Income Tax+	747K	757K	1.21M	1.08M	1.41M	1.32M	-63.24M	5.81M	3.83M	7.96M
Effective Tax Rate %	1.02%	1.04%	1.13%	1.04%	1.09%	0.93%	3%	0.89%	0.91%	0.86%
Net Income+	-40.03M	-20.94M	-10.75M	-27.62M	-17.82M	17.82M	94.89M	46.91M	39.97M	50.14M
Net Margin %	-0.2%	-0.09%	-0.05%	-0.12%	-0.08%	0.08%	0.38%	0.17%	0.16%	0.19%
Net Income Growth %	-0.15%	0.48%	0.49%	-1.57%	0.35%	2%	4.33%	-0.51%	-0.15%	0.25%
Net Income (Continuing)	-40.03M	-22.39M	-10.75M	-27.62M	-17.82M	17.82M	94.89M	46.91M	39.97M	50.14M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.64	-0.32	-0.15	-0.38	-0.23	0.22	1.19	0.60	0.53	0.67
EPS Growth %	0.1%	0.5%	0.53%	-1.53%	0.39%	1.96%	4.41%	-0.5%	-0.12%	0.26%
EPS (Basic)	-0.64	-0.32	-0.15	-0.38	-0.23	0.23	1.23	0.62	0.54	0.68
Diluted Shares Outstanding	62.43M	65.7M	70.05M	72.88M	76.08M	80.02M	80.04M	77.75M	75.55M	75.3M
Basic Shares Outstanding	62.43M	65.7M	70.05M	72.68M	76.08M	77.78M	77.05M	75.53M	74.21M	74.09M
Dividend Payout Ratio	-	-	-	-	-	-	0.04%	0.34%	0.45%	0.35%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	176.59M	196.7M	203.8M	214.94M	220.94M	242.3M	284.02M	256.99M	271.82M	307.29M
Cash & Short-Term Investments	98.12M	114.35M	131.13M	128.38M	129.92M	158.13M	185.04M	150.99M	159.3M	195.56M
Cash Only	98.12M	28.98M	46.57M	40.62M	45.74M	83.28M	78.92M	67.97M	97.24M	95.13M
Short-Term Investments	0	85.37M	84.57M	87.75M	84.18M	74.85M	106.12M	83.02M	62.06M	100.43M
Accounts Receivable	54.75M	61.29M	48.27M	53.97M	53.57M	51.05M	61.8M	72.93M	74.31M	76.69M
Days Sales Outstanding	100.45	97.26	74.83	84.83	91.95	82.62	90.21	94.95	107.76	106.96
Inventory	18.66M	15.85M	17.58M	17.93M	22.38M	20.73M	22.46M	19.69M	23.52M	22M
Days Inventory Outstanding	139.64	105.35	120.33	126.11	167.14	150.88	153.23	126.48	179.01	156.2
Other Current Assets	5.06M	0	1.06M	7.98M	8.9M	8.57M	10.39M	8.07M	8.55M	8.79M
Total Non-Current Assets+	13.3M	20.03M	21.06M	20.94M	53.11M	48.51M	109.07M	112.11M	117.98M	125.53M
Property, Plant & Equipment	8.9M	8.22M	9.91M	7.26M	40.67M	36.13M	33.56M	40.94M	46.25M	50.68M
Fixed Asset Turnover	22.35x	27.98x	23.75x	31.98x	5.23x	6.24x	7.45x	6.85x	5.44x	5.16x
Goodwill	72K	1.31M	1.31M	1.31M	1.31M	1.31M	1.31M	1.31M	1.31M	1.31M
Intangible Assets	795K	6.63M	5.19M	3.75M	2.31M	862K	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	3.53M	3.87M	4.65M	8.62M	7.66M	9.27M	8.43M	6.68M	7.7M	11.18M
Total Assets+	189.89M	216.73M	224.86M	235.88M	274.05M	290.81M	393.08M	369.11M	389.81M	432.81M
Asset Turnover	1.05x	1.06x	1.05x	0.98x	0.78x	0.78x	0.64x	0.76x	0.65x	0.60x
Asset Growth %	0.02%	0.14%	0.04%	0.05%	0.16%	0.06%	0.35%	-0.06%	0.06%	0.11%
Total Current Liabilities+	87.04M	101.42M	92.73M	97.37M	97.58M	107.78M	116.08M	118.25M	111.07M	123.57M
Accounts Payable	10.51M	9.85M	9.03M	8.2M	7.59M	4.85M	6.85M	6.72M	7.02M	12.54M
Days Payables Outstanding	78.65	65.48	61.84	57.69	56.69	35.31	46.74	43.19	53.45	89.03
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	53.3M	63.38M	5.02M	5.55M	12.23M	19.73M	24M	19.83M	7.63M	19.06M
Current Ratio	2.03x	1.94x	2.20x	2.21x	2.26x	2.25x	2.45x	2.17x	2.45x	2.49x
Quick Ratio	1.81x	1.78x	2.01x	2.02x	2.03x	2.06x	2.25x	2.01x	2.24x	2.31x
Cash Conversion Cycle	161.44	137.13	133.32	153.25	202.41	198.2	196.69	178.24	233.31	174.13
Total Non-Current Liabilities+	0	0	0	0	67.69M	67.06M	68.11M	69.84M	70.86M	77.41M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	28.05M	23.5M	19.32M	16.85M	11.82M	7.19M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	1.41M	988K	967K	534K	708K	859K	297K	347K	365K	295K
Total Liabilities	87.04M	101.42M	92.73M	97.37M	165.27M	174.84M	184.2M	188.09M	181.93M	200.99M
Total Debt+	0	0	0	0	33.16M	28.76M	23.3M	21.64M	16.82M	11.94M
Net Debt	-98.12M	-28.98M	-46.57M	-40.62M	-12.59M	-54.52M	-55.63M	-46.33M	-80.42M	-83.19M
Debt / Equity	-	-	-	-	0.30x	0.25x	0.11x	0.12x	0.08x	0.05x
Debt / EBITDA	-	-	-	-	-	1.23x	0.55x	0.36x	0.35x	0.22x
Net Debt / EBITDA	-	-	-	-	-	-2.34x	-1.32x	-0.77x	-1.68x	-1.51x
Interest Coverage	-75.53x	-45.09x	-64.02x	-214.57x	-72.13x	-	15.49x	31.84x	-	5.95x
Total Equity+	78.2M	82.75M	98.39M	103.88M	108.79M	115.97M	208.89M	181.01M	207.88M	231.83M
Equity Growth %	-0.19%	0.06%	0.19%	0.06%	0.05%	0.07%	0.8%	-0.13%	0.15%	0.12%
Book Value per Share	1.25	1.26	1.40	1.43	1.43	1.45	2.61	2.33	2.75	3.08
Total Shareholders' Equity	78.2M	82.75M	98.39M	103.88M	108.79M	115.97M	208.89M	181.01M	207.88M	231.83M
Common Stock	1K	1K	1K	1K	1K	1K	1K	1K	1K	1K
Retained Earnings	-223.68M	-246.07M	-257.02M	-272.25M	-290.06M	-272.25M	-177.36M	-130.45M	-90.48M	-40.34M
Treasury Stock	0	0	0	0	-4.87M	-37.41M	-55.68M	-134.93M	-150.91M	-180.99M
Accumulated OCI	0	-45K	-123K	-144K	251K	98K	-229K	-726K	-71K	194K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.39M	18.78M	14.31M	-2.69M	-426K	55.29M	50.1M	66.1M	44.51M	90.49M
Operating CF Margin %	0.02%	0.08%	0.06%	-0.01%	-0%	0.25%	0.2%	0.24%	0.18%	0.35%
Operating CF Growth %	1.11%	4.54%	-0.24%	-1.19%	0.84%	130.78%	-0.09%	0.32%	-0.33%	1.03%
Net Income	-40.03M	-20.94M	-10.75M	-27.62M	-17.82M	17.82M	94.89M	46.91M	39.97M	50.14M
Depreciation & Amortization	8.72M	8.27M	8.51M	7.88M	10.03M	11.3M	8.91M	7.38M	9.35M	11.29M
Stock-Based Compensation	16.86M	16.92M	17.2M	17.04M	16.53M	12.31M	14.42M	13.33M	14.08M	17.05M
Deferred Taxes	2.53M	1.73M	1.15M	212K	0	0	-64.19M	0	0	0
Other Non-Cash Items	-82K	875K	-422K	-68K	-274K	1.07M	1.07M	757K	-582K	-365K
Working Capital Changes	15.4M	11.92M	-1.37M	-139K	-8.89M	12.79M	-5M	-2.28M	-18.3M	12.38M
Change in Receivables	-5.98M	-11.32M	12.36M	-6.12M	530K	2.35M	-10.4M	-10.06M	-679K	-2.56M
Change in Inventory	-430K	892K	-4.67M	-1.53M	-5.65M	543K	-1.83M	2.04M	-6.3M	-760K
Change in Payables	1.11M	-334K	-942K	-603K	-621K	-2.68M	2M	103K	-3M	2.22M
Cash from Investing+	-3.48M	-96.36M	-5.14M	-6.88M	-251K	5.2M	-38.07M	11.09M	13.61M	-48.35M
Capital Expenditures	-3.48M	-6.37M	-5.73M	-2.8M	-4.34M	-3.56M	-5.17M	-10.8M	-10.9M	-12.27M
CapEx % of Revenue	0.02%	0.03%	0.02%	0.01%	0.02%	0.02%	0.02%	0.04%	0.04%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	-87.1M	592K	-4.08M	4.09M	0	0	0	0	0
Cash from Financing+	6.3M	8.44M	8.42M	3.62M	5.8M	-22.95M	-16.38M	-88.14M	-28.85M	-44.26M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-3.88M	-15.92M	-17.82M	-17.8M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	6.3M	10.23M	11.49M	-77K	-1K	9.59M	5.76M	7.04M	4.94M	3.62M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-86K	12.41M	8.58M	-5.49M	-4.77M	51.72M	44.93M	55.3M	33.62M	78.22M
FCF Margin %	-0%	0.05%	0.04%	-0.02%	-0.02%	0.23%	0.18%	0.2%	0.13%	0.3%
FCF Growth %	1%	145.26%	-0.31%	-1.64%	0.13%	11.85%	-0.13%	0.23%	-0.39%	1.33%
FCF per Share	-0.00	0.19	0.12	-0.08	-0.06	0.65	0.56	0.71	0.44	1.04
FCF Conversion (FCF/Net Income)	-0.08x	-0.90x	-1.33x	0.10x	0.02x	3.10x	0.53x	1.41x	1.11x	1.80x
Interest Paid	170K	194K	111K	100K	262K	4K	4K	0	0	0
Taxes Paid	980K	581K	1.11M	517K	934K	1.03M	199K	1.75M	2.41M	6.28M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-45.81%	-26.02%	-11.87%	-27.31%	-16.76%	15.85%	58.42%	24.06%	20.56%	22.81%
Return on Invested Capital (ROIC)	-	-84.68%	-14.73%	-36.08%	-16.08%	16.87%	23.33%	27.65%	22.12%	23.89%
Gross Margin	75.49%	76.13%	77.35%	77.65%	77.01%	77.76%	78.6%	79.73%	80.94%	80.35%
Net Margin	-20.12%	-9.1%	-4.57%	-11.89%	-8.38%	7.9%	37.95%	16.73%	15.88%	19.16%
Debt / Equity	-	-	-	-	0.30x	0.25x	0.11x	0.12x	0.08x	0.05x
Interest Coverage	-75.53x	-45.09x	-64.02x	-214.57x	-72.13x	-	15.49x	31.84x	-	5.95x
FCF Conversion	-0.08x	-0.90x	-1.33x	0.10x	0.02x	3.10x	0.53x	1.41x	1.11x	1.80x
Revenue Growth	10.83%	15.61%	2.36%	-1.36%	-8.44%	6.07%	10.87%	12.12%	-10.22%	3.97%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Product	3.23M	4.18M	6.16M	-	121.92M	129.88M	148.4M	173.2M	141.08M	139.8M
Product Growth	-	29.35%	47.32%	-	-	6.53%	14.26%	16.71%	-18.54%	-0.91%
Service	-	-	-	-	90.71M	95.65M	101.64M	107.14M	110.62M	121.9M
Service Growth	-	-	-	-	-	5.45%	6.27%	5.40%	3.25%	10.20%
Services	69.57M	88.73M	88.48M	-	-	-	-	-	-	-
Services Growth	-	27.53%	-0.28%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	-	-	-	-	-	-	-	148.67M	132.75M	134.36M
Americas Growth	-	-	-	-	-	-	-	-	-10.71%	1.21%
APJ	-	-	-	-	-	-	-	89.7M	77.61M	87.17M
APJ Growth	-	-	-	-	-	-	-	-	-13.48%	12.33%
EMEA	27.19M	23.09M	27.86M	27.61M	27.54M	30.57M	38.5M	41.96M	41.35M	40.16M
EMEA Growth	-	-15.08%	20.64%	-0.88%	-0.27%	10.99%	25.95%	9.00%	-1.46%	-2.86%
UNITED STATES	106.84M	118.75M	115.54M	103.79M	89.94M	98.15M	121.17M	-	-	-
UNITED STATES Growth	-	11.15%	-2.71%	-10.17%	-13.34%	9.12%	23.45%	-	-	-
JAPAN	35.64M	52.95M	51.49M	55.2M	59.45M	67.05M	61.7M	-	-	-
JAPAN Growth	-	48.59%	-2.76%	7.22%	7.70%	12.78%	-7.98%	-	-	-
Asia Pacific	23.85M	29.83M	33.19M	36.9M	35.69M	29.76M	28.67M	-	-	-
Asia Pacific Growth	-	25.08%	11.26%	11.17%	-3.27%	-16.61%	-3.65%	-	-	-
Latin America	-	-	-	8.71M	-	-	-	-	-	-
Latin America Growth	-	-	-	-	-	-	-	-	-	-
Other Countries	5.44M	5.38M	7.36M	-	-	-	-	-	-	-
Other Countries Growth	-	-1.05%	36.75%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

A10 Networks, Inc. (ATEN) has a price-to-earnings (P/E) ratio of 26.2x. This suggests investors expect higher future growth.

Growth & Financials

A10 Networks, Inc. (ATEN) reported $284.4M in revenue for fiscal year 2024. This represents a 137% increase from $120.1M in 2012.

A10 Networks, Inc. (ATEN) grew revenue by 4.0% over the past year. Growth has been modest.

Yes, A10 Networks, Inc. (ATEN) is profitable, generating $50.6M in net income for fiscal year 2024 (19.2% net margin).

Dividend & Returns

Yes, A10 Networks, Inc. (ATEN) pays a dividend with a yield of 1.34%. This makes it attractive for income-focused investors.

A10 Networks, Inc. (ATEN) has a return on equity (ROE) of 22.8%. This is excellent, indicating efficient use of shareholder capital.

A10 Networks, Inc. (ATEN) generated $72.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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A10 Networks, Inc. (ATEN) 10-Year Financial Performance & Capital Metrics

ATEN • • Industrial / General

TechnologyInfrastructure SoftwareCommunications & Network InfrastructureNetwork Security & Firewall

Revenue $262M +4.0%
EBITDA $55M +15.1%
Net Income $50M +25.4%
EPS (Diluted) 0.67 +26.4%
Gross Margin 80.35% -0.7%
EBITDA Margin 21.12% +10.7%
Operating Margin 16.8% +9.4%
Net Margin 19.16% +20.7%
ROE 22.81% +10.9%
ROIC 23.89% +8.0%
Debt/Equity 0.05 -36.4%
Interest Coverage 5.95

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 22.5%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 29.9% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 19.5%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y3.84%

5Y4.24%

3Y1.53%

TTM10.27%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-19.15%

TTM1.64%

EPS CAGR

10Y-

5Y-

3Y-17.43%

TTM1.49%

ROCE

10Y Avg-1.83%

5Y Avg14.81%

3Y Avg16.55%

Latest14.96%

Peer Comparison

Network Security & Firewall

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RDWRRadware Ltd.	1.07B	24.64	176	5.2%	5.66%	4.28%	6.2%	0.05
PANWPalo Alto Networks, Inc.	130.85B	187.73	117.33	14.87%	11.69%	12.89%	2.65%	0.04
FTNTFortinet, Inc.	56.76B	76.32	33.77	12.27%	28.58%	254.88%	3.31%	0.67
ATENA10 Networks, Inc.	1.26B	17.58	26.24	3.97%	17.78%	24.52%	6.2%	0.05
CHKPCheck Point Software Technologies Ltd.	20.24B	188.54	25.27	6.22%	37.62%	32.79%	5.08%	0.01
ALARAlarum Technologies Ltd.	67.12M	9.36	11.01	20.88%	3.28%	3.83%	13.1%	0.06
HUBCHUB Cyber Security Ltd.	9.93M	4.55	-0.30	-30.7%	-176.14%
INTZIntrusion Inc.	29.55M	1.47	-0.99	2.85%	-112.36%	-83.5%		0.44

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	198.96M	230M	235.43M	232.22M	212.63M	225.53M	250.04M	280.34M	251.7M	261.7M
Revenue Growth %	0.11%	0.16%	0.02%	-0.01%	-0.08%	0.06%	0.11%	0.12%	-0.1%	0.04%
Cost of Goods Sold+	48.77M	54.91M	53.32M	51.9M	48.88M	50.15M	53.51M	56.83M	47.96M	51.42M
COGS % of Revenue	0.25%	0.24%	0.23%	0.22%	0.23%	0.22%	0.21%	0.2%	0.19%	0.2%
Gross Profit+	150.19M	175.09M	182.11M	180.33M	163.75M	175.38M	196.54M	223.51M	203.74M	210.28M
Gross Margin %	0.75%	0.76%	0.77%	0.78%	0.77%	0.78%	0.79%	0.8%	0.81%	0.8%
Gross Profit Growth %	0.1%	0.17%	0.04%	-0.01%	-0.09%	0.07%	0.12%	0.14%	-0.09%	0.03%
Operating Expenses+	186.43M	192.12M	192.48M	208.01M	180.84M	157.65M	163.15M	170.43M	165.09M	166.31M
OpEx % of Revenue	0.94%	0.84%	0.82%	0.9%	0.85%	0.7%	0.65%	0.61%	0.66%	0.64%
Selling, General & Admin	131.59M	131.42M	129.49M	142.85M	116.49M	99.58M	109.07M	112.03M	109.86M	108.58M
SG&A % of Revenue	0.66%	0.57%	0.55%	0.62%	0.55%	0.44%	0.44%	0.4%	0.44%	0.41%
Research & Development	54.84M	60.7M	62.99M	65.16M	61.82M	58.06M	54.08M	58.4M	55.23M	57.73M
R&D % of Revenue	0.28%	0.26%	0.27%	0.28%	0.29%	0.26%	0.22%	0.21%	0.22%	0.22%
Other Operating Expenses	-332K	-640K	0	0	2.53M	0	0	0	0	0
Operating Income+	-38.45M	-19.12M	-10.37M	-27.68M	-17.09M	17.73M	33.39M	53.08M	38.65M	43.97M
Operating Margin %	-0.19%	-0.08%	-0.04%	-0.12%	-0.08%	0.08%	0.13%	0.19%	0.15%	0.17%
Operating Income Growth %	-0.27%	0.5%	0.46%	-1.67%	0.38%	2.04%	0.88%	0.59%	-0.27%	0.14%
EBITDA+	-29.73M	-10.85M	-1.86M	-19.88M	-7.07M	23.33M	42.3M	60.46M	47.99M	55.26M
EBITDA Margin %	-0.15%	-0.05%	-0.01%	-0.09%	-0.03%	0.1%	0.17%	0.22%	0.19%	0.21%
EBITDA Growth %	-0.48%	0.63%	0.83%	-9.68%	0.64%	4.3%	0.81%	0.43%	-0.21%	0.15%
D&A (Non-Cash Add-back)	8.72M	8.27M	8.51M	7.8M	10.03M	5.6M	8.91M	7.38M	9.35M	11.29M
EBIT	-40.64M	-21.21M	-9.38M	-26.41M	-16.18M	19.14M	33.8M	54.38M	38.65M	43.97M
Net Interest Income+	-509K	-424K	827K	1.14M	682K	1.41M	-1.75M	-363K	5.15M	-637K
Interest Income	0	0	989K	1.27M	919K	1.41M	409K	1.3M	5.15M	6.75M
Interest Expense	509K	424K	162K	129K	237K	0	2.15M	1.67M	0	7.38M
Other Income/Expense	1.02M	-1.06M	827K	1.14M	682K	1.41M	-1.75M	-363K	5.15M	14.13M
Pretax Income+	-39.29M	-20.18M	-9.54M	-26.54M	-16.41M	19.14M	31.64M	52.72M	43.8M	58.1M
Pretax Margin %	-0.2%	-0.09%	-0.04%	-0.11%	-0.08%	0.08%	0.13%	0.19%	0.17%	0.22%
Income Tax+	747K	757K	1.21M	1.08M	1.41M	1.32M	-63.24M	5.81M	3.83M	7.96M
Effective Tax Rate %	1.02%	1.04%	1.13%	1.04%	1.09%	0.93%	3%	0.89%	0.91%	0.86%
Net Income+	-40.03M	-20.94M	-10.75M	-27.62M	-17.82M	17.82M	94.89M	46.91M	39.97M	50.14M
Net Margin %	-0.2%	-0.09%	-0.05%	-0.12%	-0.08%	0.08%	0.38%	0.17%	0.16%	0.19%
Net Income Growth %	-0.15%	0.48%	0.49%	-1.57%	0.35%	2%	4.33%	-0.51%	-0.15%	0.25%
Net Income (Continuing)	-40.03M	-22.39M	-10.75M	-27.62M	-17.82M	17.82M	94.89M	46.91M	39.97M	50.14M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.64	-0.32	-0.15	-0.38	-0.23	0.22	1.19	0.60	0.53	0.67
EPS Growth %	0.1%	0.5%	0.53%	-1.53%	0.39%	1.96%	4.41%	-0.5%	-0.12%	0.26%
EPS (Basic)	-0.64	-0.32	-0.15	-0.38	-0.23	0.23	1.23	0.62	0.54	0.68
Diluted Shares Outstanding	62.43M	65.7M	70.05M	72.88M	76.08M	80.02M	80.04M	77.75M	75.55M	75.3M
Basic Shares Outstanding	62.43M	65.7M	70.05M	72.68M	76.08M	77.78M	77.05M	75.53M	74.21M	74.09M
Dividend Payout Ratio	-	-	-	-	-	-	0.04%	0.34%	0.45%	0.35%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	176.59M	196.7M	203.8M	214.94M	220.94M	242.3M	284.02M	256.99M	271.82M	307.29M
Cash & Short-Term Investments	98.12M	114.35M	131.13M	128.38M	129.92M	158.13M	185.04M	150.99M	159.3M	195.56M
Cash Only	98.12M	28.98M	46.57M	40.62M	45.74M	83.28M	78.92M	67.97M	97.24M	95.13M
Short-Term Investments	0	85.37M	84.57M	87.75M	84.18M	74.85M	106.12M	83.02M	62.06M	100.43M
Accounts Receivable	54.75M	61.29M	48.27M	53.97M	53.57M	51.05M	61.8M	72.93M	74.31M	76.69M
Days Sales Outstanding	100.45	97.26	74.83	84.83	91.95	82.62	90.21	94.95	107.76	106.96
Inventory	18.66M	15.85M	17.58M	17.93M	22.38M	20.73M	22.46M	19.69M	23.52M	22M
Days Inventory Outstanding	139.64	105.35	120.33	126.11	167.14	150.88	153.23	126.48	179.01	156.2
Other Current Assets	5.06M	0	1.06M	7.98M	8.9M	8.57M	10.39M	8.07M	8.55M	8.79M
Total Non-Current Assets+	13.3M	20.03M	21.06M	20.94M	53.11M	48.51M	109.07M	112.11M	117.98M	125.53M
Property, Plant & Equipment	8.9M	8.22M	9.91M	7.26M	40.67M	36.13M	33.56M	40.94M	46.25M	50.68M
Fixed Asset Turnover	22.35x	27.98x	23.75x	31.98x	5.23x	6.24x	7.45x	6.85x	5.44x	5.16x
Goodwill	72K	1.31M	1.31M	1.31M	1.31M	1.31M	1.31M	1.31M	1.31M	1.31M
Intangible Assets	795K	6.63M	5.19M	3.75M	2.31M	862K	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	3.53M	3.87M	4.65M	8.62M	7.66M	9.27M	8.43M	6.68M	7.7M	11.18M
Total Assets+	189.89M	216.73M	224.86M	235.88M	274.05M	290.81M	393.08M	369.11M	389.81M	432.81M
Asset Turnover	1.05x	1.06x	1.05x	0.98x	0.78x	0.78x	0.64x	0.76x	0.65x	0.60x
Asset Growth %	0.02%	0.14%	0.04%	0.05%	0.16%	0.06%	0.35%	-0.06%	0.06%	0.11%
Total Current Liabilities+	87.04M	101.42M	92.73M	97.37M	97.58M	107.78M	116.08M	118.25M	111.07M	123.57M
Accounts Payable	10.51M	9.85M	9.03M	8.2M	7.59M	4.85M	6.85M	6.72M	7.02M	12.54M
Days Payables Outstanding	78.65	65.48	61.84	57.69	56.69	35.31	46.74	43.19	53.45	89.03
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	53.3M	63.38M	5.02M	5.55M	12.23M	19.73M	24M	19.83M	7.63M	19.06M
Current Ratio	2.03x	1.94x	2.20x	2.21x	2.26x	2.25x	2.45x	2.17x	2.45x	2.49x
Quick Ratio	1.81x	1.78x	2.01x	2.02x	2.03x	2.06x	2.25x	2.01x	2.24x	2.31x
Cash Conversion Cycle	161.44	137.13	133.32	153.25	202.41	198.2	196.69	178.24	233.31	174.13
Total Non-Current Liabilities+	0	0	0	0	67.69M	67.06M	68.11M	69.84M	70.86M	77.41M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	28.05M	23.5M	19.32M	16.85M	11.82M	7.19M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	1.41M	988K	967K	534K	708K	859K	297K	347K	365K	295K
Total Liabilities	87.04M	101.42M	92.73M	97.37M	165.27M	174.84M	184.2M	188.09M	181.93M	200.99M
Total Debt+	0	0	0	0	33.16M	28.76M	23.3M	21.64M	16.82M	11.94M
Net Debt	-98.12M	-28.98M	-46.57M	-40.62M	-12.59M	-54.52M	-55.63M	-46.33M	-80.42M	-83.19M
Debt / Equity	-	-	-	-	0.30x	0.25x	0.11x	0.12x	0.08x	0.05x
Debt / EBITDA	-	-	-	-	-	1.23x	0.55x	0.36x	0.35x	0.22x
Net Debt / EBITDA	-	-	-	-	-	-2.34x	-1.32x	-0.77x	-1.68x	-1.51x
Interest Coverage	-75.53x	-45.09x	-64.02x	-214.57x	-72.13x	-	15.49x	31.84x	-	5.95x
Total Equity+	78.2M	82.75M	98.39M	103.88M	108.79M	115.97M	208.89M	181.01M	207.88M	231.83M
Equity Growth %	-0.19%	0.06%	0.19%	0.06%	0.05%	0.07%	0.8%	-0.13%	0.15%	0.12%
Book Value per Share	1.25	1.26	1.40	1.43	1.43	1.45	2.61	2.33	2.75	3.08
Total Shareholders' Equity	78.2M	82.75M	98.39M	103.88M	108.79M	115.97M	208.89M	181.01M	207.88M	231.83M
Common Stock	1K	1K	1K	1K	1K	1K	1K	1K	1K	1K
Retained Earnings	-223.68M	-246.07M	-257.02M	-272.25M	-290.06M	-272.25M	-177.36M	-130.45M	-90.48M	-40.34M
Treasury Stock	0	0	0	0	-4.87M	-37.41M	-55.68M	-134.93M	-150.91M	-180.99M
Accumulated OCI	0	-45K	-123K	-144K	251K	98K	-229K	-726K	-71K	194K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.39M	18.78M	14.31M	-2.69M	-426K	55.29M	50.1M	66.1M	44.51M	90.49M
Operating CF Margin %	0.02%	0.08%	0.06%	-0.01%	-0%	0.25%	0.2%	0.24%	0.18%	0.35%
Operating CF Growth %	1.11%	4.54%	-0.24%	-1.19%	0.84%	130.78%	-0.09%	0.32%	-0.33%	1.03%
Net Income	-40.03M	-20.94M	-10.75M	-27.62M	-17.82M	17.82M	94.89M	46.91M	39.97M	50.14M
Depreciation & Amortization	8.72M	8.27M	8.51M	7.88M	10.03M	11.3M	8.91M	7.38M	9.35M	11.29M
Stock-Based Compensation	16.86M	16.92M	17.2M	17.04M	16.53M	12.31M	14.42M	13.33M	14.08M	17.05M
Deferred Taxes	2.53M	1.73M	1.15M	212K	0	0	-64.19M	0	0	0
Other Non-Cash Items	-82K	875K	-422K	-68K	-274K	1.07M	1.07M	757K	-582K	-365K
Working Capital Changes	15.4M	11.92M	-1.37M	-139K	-8.89M	12.79M	-5M	-2.28M	-18.3M	12.38M
Change in Receivables	-5.98M	-11.32M	12.36M	-6.12M	530K	2.35M	-10.4M	-10.06M	-679K	-2.56M
Change in Inventory	-430K	892K	-4.67M	-1.53M	-5.65M	543K	-1.83M	2.04M	-6.3M	-760K
Change in Payables	1.11M	-334K	-942K	-603K	-621K	-2.68M	2M	103K	-3M	2.22M
Cash from Investing+	-3.48M	-96.36M	-5.14M	-6.88M	-251K	5.2M	-38.07M	11.09M	13.61M	-48.35M
Capital Expenditures	-3.48M	-6.37M	-5.73M	-2.8M	-4.34M	-3.56M	-5.17M	-10.8M	-10.9M	-12.27M
CapEx % of Revenue	0.02%	0.03%	0.02%	0.01%	0.02%	0.02%	0.02%	0.04%	0.04%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	-87.1M	592K	-4.08M	4.09M	0	0	0	0	0
Cash from Financing+	6.3M	8.44M	8.42M	3.62M	5.8M	-22.95M	-16.38M	-88.14M	-28.85M	-44.26M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-3.88M	-15.92M	-17.82M	-17.8M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	6.3M	10.23M	11.49M	-77K	-1K	9.59M	5.76M	7.04M	4.94M	3.62M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-86K	12.41M	8.58M	-5.49M	-4.77M	51.72M	44.93M	55.3M	33.62M	78.22M
FCF Margin %	-0%	0.05%	0.04%	-0.02%	-0.02%	0.23%	0.18%	0.2%	0.13%	0.3%
FCF Growth %	1%	145.26%	-0.31%	-1.64%	0.13%	11.85%	-0.13%	0.23%	-0.39%	1.33%
FCF per Share	-0.00	0.19	0.12	-0.08	-0.06	0.65	0.56	0.71	0.44	1.04
FCF Conversion (FCF/Net Income)	-0.08x	-0.90x	-1.33x	0.10x	0.02x	3.10x	0.53x	1.41x	1.11x	1.80x
Interest Paid	170K	194K	111K	100K	262K	4K	4K	0	0	0
Taxes Paid	980K	581K	1.11M	517K	934K	1.03M	199K	1.75M	2.41M	6.28M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-45.81%	-26.02%	-11.87%	-27.31%	-16.76%	15.85%	58.42%	24.06%	20.56%	22.81%
Return on Invested Capital (ROIC)	-	-84.68%	-14.73%	-36.08%	-16.08%	16.87%	23.33%	27.65%	22.12%	23.89%
Gross Margin	75.49%	76.13%	77.35%	77.65%	77.01%	77.76%	78.6%	79.73%	80.94%	80.35%
Net Margin	-20.12%	-9.1%	-4.57%	-11.89%	-8.38%	7.9%	37.95%	16.73%	15.88%	19.16%
Debt / Equity	-	-	-	-	0.30x	0.25x	0.11x	0.12x	0.08x	0.05x
Interest Coverage	-75.53x	-45.09x	-64.02x	-214.57x	-72.13x	-	15.49x	31.84x	-	5.95x
FCF Conversion	-0.08x	-0.90x	-1.33x	0.10x	0.02x	3.10x	0.53x	1.41x	1.11x	1.80x
Revenue Growth	10.83%	15.61%	2.36%	-1.36%	-8.44%	6.07%	10.87%	12.12%	-10.22%	3.97%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Product	3.23M	4.18M	6.16M	-	121.92M	129.88M	148.4M	173.2M	141.08M	139.8M
Product Growth	-	29.35%	47.32%	-	-	6.53%	14.26%	16.71%	-18.54%	-0.91%
Service	-	-	-	-	90.71M	95.65M	101.64M	107.14M	110.62M	121.9M
Service Growth	-	-	-	-	-	5.45%	6.27%	5.40%	3.25%	10.20%
Services	69.57M	88.73M	88.48M	-	-	-	-	-	-	-
Services Growth	-	27.53%	-0.28%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	-	-	-	-	-	-	-	148.67M	132.75M	134.36M
Americas Growth	-	-	-	-	-	-	-	-	-10.71%	1.21%
APJ	-	-	-	-	-	-	-	89.7M	77.61M	87.17M
APJ Growth	-	-	-	-	-	-	-	-	-13.48%	12.33%
EMEA	27.19M	23.09M	27.86M	27.61M	27.54M	30.57M	38.5M	41.96M	41.35M	40.16M
EMEA Growth	-	-15.08%	20.64%	-0.88%	-0.27%	10.99%	25.95%	9.00%	-1.46%	-2.86%
UNITED STATES	106.84M	118.75M	115.54M	103.79M	89.94M	98.15M	121.17M	-	-	-
UNITED STATES Growth	-	11.15%	-2.71%	-10.17%	-13.34%	9.12%	23.45%	-	-	-
JAPAN	35.64M	52.95M	51.49M	55.2M	59.45M	67.05M	61.7M	-	-	-
JAPAN Growth	-	48.59%	-2.76%	7.22%	7.70%	12.78%	-7.98%	-	-	-
Asia Pacific	23.85M	29.83M	33.19M	36.9M	35.69M	29.76M	28.67M	-	-	-
Asia Pacific Growth	-	25.08%	11.26%	11.17%	-3.27%	-16.61%	-3.65%	-	-	-
Latin America	-	-	-	8.71M	-	-	-	-	-	-
Latin America Growth	-	-	-	-	-	-	-	-	-	-
Other Countries	5.44M	5.38M	7.36M	-	-	-	-	-	-	-
Other Countries Growth	-	-1.05%	36.75%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

A10 Networks, Inc. (ATEN) has a price-to-earnings (P/E) ratio of 26.2x. This suggests investors expect higher future growth.

Growth & Financials

A10 Networks, Inc. (ATEN) reported $284.4M in revenue for fiscal year 2024. This represents a 137% increase from $120.1M in 2012.

A10 Networks, Inc. (ATEN) grew revenue by 4.0% over the past year. Growth has been modest.

Yes, A10 Networks, Inc. (ATEN) is profitable, generating $50.6M in net income for fiscal year 2024 (19.2% net margin).

Dividend & Returns

Yes, A10 Networks, Inc. (ATEN) pays a dividend with a yield of 1.34%. This makes it attractive for income-focused investors.

A10 Networks, Inc. (ATEN) has a return on equity (ROE) of 22.8%. This is excellent, indicating efficient use of shareholder capital.

A10 Networks, Inc. (ATEN) generated $72.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.