F5, Inc. (FFIV) 10-Year Financial Performance & Capital Metrics

FFIV • • Industrial / General

TechnologyInfrastructure SoftwareCommunications & Network InfrastructureContent Delivery & Network Optimization

AboutF5, Inc. provides multi-cloud application security and delivery solutions for the security, performance, and availability of network applications, servers, and storage systems. The company's multi-cloud application security and delivery solutions enable its customers to develop, deploy, operate, secure, and govern applications in any architecture, from on-premises to the public cloud. It offers application security and delivery products, including BIG-IP appliances and VIPRION chassis and related software modules and software-only Virtual Editions; Local Traffic Manager and DNS Services; Advanced Firewall Manager and Policy Enforcement Manager that leverage the unique performance characteristics of its hardware and software architecture; Application Security Manager and Access Policy Manager; NGINX Plus and NGINX Controller; Shape Defense and Enterprise Defense; Secure Web Gateway, and Silverline DDoS and Application security offerings; and online fraud and abuse prevention solutions. The company also provides a range of professional services, including consulting, training, installation, maintenance, and other technical support services. F5, Inc. sells its products to large enterprise businesses, public sector institutions, governments, and service providers through distributors, value-added resellers, managed service providers, and systems integrators in the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. It has partnerships with public cloud providers, such as Amazon Web Services, Microsoft Azure, and Google Cloud Platform. The company was formerly known as F5 Networks, Inc. and changed its name to F5, Inc. in November 2021. F5, Inc. was incorporated in 1996 and is headquartered in Seattle, Washington.Show more

Revenue $3.09B +9.7%
EBITDA $858M +12.1%
Net Income $692M +22.2%
EPS (Diluted) 11.81 +23.7%
Gross Margin 81.75% +1.9%
EBITDA Margin 27.8% +2.2%
Operating Margin 24.8% +6.1%
Net Margin 22.42% +11.4%
ROE 20.6% +7.8%
ROIC 24.02% +11.6%
Debt/Equity 0.06 -19.4%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 17.6%
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 29.4% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 18.2%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.87%

5Y5.61%

3Y4.63%

TTM9.66%

Profit (Net Income) CAGR

10Y6.61%

5Y17.63%

3Y29.05%

TTM22.16%

EPS CAGR

10Y8.91%

5Y18.71%

3Y30.86%

TTM23.54%

ROCE

10Y Avg22.2%

5Y Avg13.97%

3Y Avg15.71%

Latest17.35%

Peer Comparison

Content Delivery & Network Optimization

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VRSNVeriSign, Inc.	23.1B	249.22	31.15	4.31%	49.86%		3.79%
AKAMAkamai Technologies, Inc.	13.17B	91.53	27.99	4.7%	12.26%	10.71%	6.33%	0.95
FFIVF5, Inc.	15.92B	273.99	23.20	9.66%	22.42%	19.28%	5.69%	0.06
FATNFatPipe, Inc. Common Stock	27.85M	2.00	13.33	-8.8%	6.11%	4.13%		0.41
NETCloudflare, Inc.	58.05B	184.14	-800.61	28.76%	-5.12%	-7.65%	0.34%	1.40

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	2B	2.09B	2.16B	2.24B	2.35B	2.6B	2.7B	2.81B	2.82B	3.09B
Revenue Growth %	0.04%	0.05%	0.03%	0.04%	0.05%	0.11%	0.04%	0.04%	0%	0.1%
Cost of Goods Sold+	337.2M	353.49M	361.48M	356.58M	407.89M	493.15M	539.63M	593.31M	557.65M	563.73M
COGS % of Revenue	0.17%	0.17%	0.17%	0.16%	0.17%	0.19%	0.2%	0.21%	0.2%	0.18%
Gross Profit+	1.66B	1.74B	1.8B	1.89B	1.94B	2.11B	2.16B	2.22B	2.26B	2.52B
Gross Margin %	0.83%	0.83%	0.83%	0.84%	0.83%	0.81%	0.8%	0.79%	0.8%	0.82%
Gross Profit Growth %	0.04%	0.05%	0.04%	0.05%	0.03%	0.09%	0.02%	0.03%	0.02%	0.12%
Operating Expenses+	1.1B	1.17B	1.21B	1.37B	1.55B	1.72B	1.74B	1.75B	1.59B	1.76B
OpEx % of Revenue	0.55%	0.56%	0.56%	0.61%	0.66%	0.66%	0.65%	0.62%	0.57%	0.57%
Selling, General & Admin	767.17M	809.13M	824.52M	959.35M	1.1B	1.2B	1.2B	1.14B	1.1B	1.18B
SG&A % of Revenue	0.38%	0.39%	0.38%	0.43%	0.47%	0.46%	0.45%	0.41%	0.39%	0.38%
Research & Development	334.23M	350.37M	366.08M	408.06M	441.32M	512.63M	543.37M	540.28M	490.12M	539.82M
R&D % of Revenue	0.17%	0.17%	0.17%	0.18%	0.19%	0.2%	0.2%	0.19%	0.17%	0.17%
Other Operating Expenses	9.05M	13.11M	0	0	7.8M	0	0	65.39M	0	35.73M
Operating Income+	547.38M	563.96M	609.33M	518.46M	392.27M	394.02M	403.79M	472.57M	658.59M	765.95M
Operating Margin %	0.27%	0.27%	0.28%	0.23%	0.17%	0.15%	0.15%	0.17%	0.23%	0.25%
Operating Income Growth %	-0.01%	0.03%	0.08%	-0.15%	-0.24%	0%	0.02%	0.17%	0.39%	0.16%
EBITDA+	604.15M	625.1M	668.82M	586.97M	488.12M	509.45M	519.4M	585.27M	765.58M	858.35M
EBITDA Margin %	0.3%	0.3%	0.31%	0.26%	0.21%	0.2%	0.19%	0.21%	0.27%	0.28%
EBITDA Growth %	-0%	0.03%	0.07%	-0.12%	-0.17%	0.04%	0.02%	0.13%	0.31%	0.12%
D&A (Non-Cash Add-back)	56.78M	61.15M	59.49M	68.51M	95.86M	115.42M	115.61M	112.7M	106.99M	92.4M
EBIT	556.43M	577.07M	609.33M	518.46M	400.07M	394.02M	411.7M	537.96M	667.25M	808.34M
Net Interest Income+	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	2.51M	11.56M	-5.57M	22.65M	4.13M	-7.09M	-18.4M	13.42M	36.87M	42.39M
Pretax Income+	549.89M	575.52M	603.76M	541.11M	396.4M	386.94M	385.39M	485.99M	695.47M	808.34M
Pretax Margin %	0.28%	0.28%	0.28%	0.24%	0.17%	0.15%	0.14%	0.17%	0.25%	0.26%
Income Tax+	184.04M	154.76M	150.07M	113.38M	88.96M	55.7M	63.23M	91.04M	128.69M	115.96M
Effective Tax Rate %	0.67%	0.73%	0.75%	0.79%	0.78%	0.86%	0.84%	0.81%	0.81%	0.86%
Net Income+	365.86M	420.76M	453.69M	427.73M	307.44M	331.24M	322.16M	394.95M	566.78M	692.38M
Net Margin %	0.18%	0.2%	0.21%	0.19%	0.13%	0.13%	0.12%	0.14%	0.2%	0.22%
Net Income Growth %	0%	0.15%	0.08%	-0.06%	-0.28%	0.08%	-0.03%	0.23%	0.44%	0.22%
Net Income (Continuing)	365.86M	420.76M	453.69M	427.73M	307.44M	331.24M	322.16M	394.95M	566.78M	692.38M
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)+	5.38	6.50	7.32	7.08	5.01	5.34	5.27	6.55	9.55	11.81
EPS Growth %	0.07%	0.21%	0.13%	-0.03%	-0.29%	0.07%	-0.01%	0.24%	0.46%	0.24%
EPS (Basic)	5.43	6.56	7.41	7.12	5.05	5.46	5.34	6.59	9.65	11.95
Diluted Shares Outstanding	67.98M	64.78M	62.01M	60.46M	61.38M	62.06M	61.1M	60.27M	59.36M	58.42M
Basic Shares Outstanding	67.43M	64.17M	61.26M	60.04M	60.91M	60.71M	60.27M	59.91M	58.72M	57.65M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	1.29B	1.41B	1.42B	1.51B	1.79B	1.61B	1.91B	1.85B	2.11B	2.52B
Cash & Short-Term Investments	882.39M	1.02B	1.04B	972.28M	1.21B	910.61M	884.57M	803.32M	1.07B	1.34B
Cash Only	514.57M	673.23M	424.71M	599.22M	849.56M	580.98M	758.01M	797.16M	1.07B	1.34B
Short-Term Investments	367.82M	343.7M	614.71M	373.06M	360.33M	329.63M	126.55M	6.16M	0	0
Accounts Receivable	268.18M	291.92M	295.35M	401.44M	434.28M	555.93M	789.69M	828.95M	790.13M	414.43M
Days Sales Outstanding	49.06	50.98	49.88	65.34	67.43	77.94	106.92	107.55	102.41	48.98
Inventory	34.05M	29.83M	30.57M	34.4M	27.9M	22.05M	68.36M	35.87M	76.38M	77.23M
Days Inventory Outstanding	36.86	30.81	30.87	35.21	24.96	16.32	46.24	22.07	49.99	50
Other Current Assets	104.18M	67.54M	12.79M	54.42M	74.21M	62.87M	112.27M	96.13M	74.9M	682.77M
Total Non-Current Assets+	1.02B	1.07B	1.19B	1.88B	2.88B	3.39B	3.36B	3.4B	3.5B	3.8B
Property, Plant & Equipment	123.25M	122.42M	145.04M	223.43M	529.92M	436.1M	395.66M	365.89M	329.12M	342.55M
Fixed Asset Turnover	16.19x	17.07x	14.90x	10.04x	4.44x	5.97x	6.81x	7.69x	8.56x	9.02x
Goodwill	555.97M	555.97M	555.97M	1.07B	1.86B	2.22B	2.26B	2.29B	2.31B	2.44B
Intangible Assets	50.5M	42.55M	31.26M	108.9M	225.9M	237.18M	200.29M	150.97M	111.58M	0
Long-Term Investments	276.38M	284.8M	411.18M	358.4M	102.94M	132.78M	9.54M	5.07M	8.58M	15.69M
Other Non-Current Assets	9.39M	11.44M	10.93M	94.88M	121.55M	235.38M	315.83M	293.64M	375.94M	552.28M
Total Assets+	2.31B	2.48B	2.61B	3.39B	4.68B	5B	5.28B	5.25B	5.61B	6.32B
Asset Turnover	0.87x	0.84x	0.83x	0.66x	0.50x	0.52x	0.51x	0.54x	0.50x	0.49x
Asset Growth %	-0%	0.07%	0.05%	0.3%	0.38%	0.07%	0.06%	-0.01%	0.07%	0.13%
Total Current Liabilities+	844.24M	934.54M	954.43M	1.11B	1.29B	1.39B	1.84B	1.47B	1.49B	1.61B
Accounts Payable	34.12M	50.76M	57.76M	62.63M	64.47M	62.1M	113.18M	63.31M	67.89M	83.97M
Days Payables Outstanding	36.93	52.41	58.32	64.11	57.69	45.96	76.55	38.95	44.44	54.37
Short-Term Debt	0	0	0	0	19.27M	19.27M	349.77M	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	40.65M	49.34M	48.51M	65.61M	72.63M	68.98M	0	0	0	315.38M
Current Ratio	1.53x	1.50x	1.49x	1.37x	1.39x	1.16x	1.04x	1.26x	1.42x	1.56x
Quick Ratio	1.49x	1.47x	1.45x	1.34x	1.37x	1.14x	1.00x	1.23x	1.36x	1.51x
Cash Conversion Cycle	48.99	29.37	22.42	36.45	34.7	48.31	76.61	90.67	107.96	44.62
Total Non-Current Liabilities+	276.82M	312.55M	365.55M	523.25M	1.16B	1.25B	967.26M	975.32M	993.97M	1.11B
Long-Term Debt	0	0	0	0	369.05M	349.77M	0	0	0	0
Capital Lease Obligations	0	0	0	0	338.71M	296.94M	272.38M	239.56M	215.78M	230.75M
Deferred Tax Liabilities	4.21M	63K	35K	313K	602K	2.41M	2.78M	4.64M	7.18M	1.92M
Other Non-Current Liabilities	34.14M	44.59M	65.89M	131.85M	59.51M	75.24M	67.71M	82.57M	94.73M	96.23M
Total Liabilities	1.12B	1.25B	1.32B	1.63B	2.45B	2.64B	2.81B	2.45B	2.48B	2.73B
Total Debt+	0	0	0	0	773.05M	715.28M	664.67M	280.99M	249.56M	230.75M
Net Debt	-514.57M	-673.23M	-424.71M	-599.22M	-76.51M	134.3M	-93.34M	-516.18M	-825.04M	-1.11B
Debt / Equity	-	-	-	-	0.35x	0.30x	0.27x	0.10x	0.08x	0.06x
Debt / EBITDA	-	-	-	-	1.58x	1.40x	1.28x	0.48x	0.33x	0.27x
Net Debt / EBITDA	-0.85x	-1.08x	-0.64x	-1.02x	-0.16x	0.26x	-0.18x	-0.88x	-1.08x	-1.30x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	1.19B	1.23B	1.29B	1.76B	2.23B	2.36B	2.47B	2.8B	3.13B	3.59B
Equity Growth %	-0.1%	0.04%	0.05%	0.37%	0.27%	0.06%	0.05%	0.13%	0.12%	0.15%
Book Value per Share	17.43	18.98	20.73	29.14	36.37	38.03	40.41	46.46	52.72	61.49
Total Shareholders' Equity	1.19B	1.23B	1.29B	1.76B	2.23B	2.36B	2.47B	2.8B	3.13B	3.59B
Common Stock	13.19M	17.63M	20.43M	142.6M	305.45M	192.46M	91.05M	24.4M	5.89M	42.02M
Retained Earnings	1.19B	1.23B	1.29B	1.64B	1.95B	2.19B	2.4B	2.8B	3.14B	3.57B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-13.19M	-18M	-22.18M	-19.19M	-18.72M	-20.07M	-26.18M	-23.22M	-20.91M	-18.32M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	711.53M	740.28M	761.07M	747.84M	660.9M	645.2M	442.63M	653.41M	792.42M	949.67M
Operating CF Margin %	0.36%	0.35%	0.35%	0.33%	0.28%	0.25%	0.16%	0.23%	0.28%	0.31%
Operating CF Growth %	0.04%	0.04%	0.03%	-0.02%	-0.12%	-0.02%	-0.31%	0.48%	0.21%	0.2%
Net Income	365.86M	420.76M	453.69M	427.73M	307.44M	331.24M	322.16M	394.95M	566.78M	692.38M
Depreciation & Amortization	56.78M	61.15M	59.49M	68.51M	95.86M	115.42M	115.61M	112.7M	106.99M	92.4M
Stock-Based Compensation	156.76M	175.33M	157.85M	162.91M	201.95M	243.28M	249.22M	236.65M	219.11M	231.49M
Deferred Taxes	2.97M	-4.63M	20.81M	7.44M	7.29M	-76.93M	-40.24M	-108.52M	-68.52M	-72.18M
Other Non-Cash Items	2.22M	-73K	1.19M	16.15M	50.93M	79.81M	46.18M	43.35M	32.08M	-20.95M
Working Capital Changes	126.96M	87.75M	68.03M	65.1M	-2.58M	-47.63M	-250.29M	-25.73M	-64.01M	26.52M
Change in Receivables	9.73M	-24.11M	-4.89M	-18.3M	46.5M	-46.29M	-130.6M	16.7M	63.95M	-28.41M
Change in Inventory	-334K	4.22M	-734K	-3.83M	6.5M	5.84M	-46.31M	32.49M	-40.5M	-851K
Change in Payables	33.22M	30.52M	22.64M	-23.48M	34.74M	-223.61M	19.16M	-63.1M	40.37M	28.9M
Cash from Investing+	62.72M	-32.21M	-455.99M	-414.63M	-747M	-445.33M	218.12M	36.39M	-59.21M	-219.49M
Capital Expenditures	-63.49M	-38.68M	-53.47M	-103.54M	-59.94M	-30.65M	-33.62M	-54.18M	-30.41M	-43.26M
CapEx % of Revenue	0.03%	0.02%	0.02%	0.05%	0.03%	0.01%	0.01%	0.02%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-4.75M	-4M	1.04M	0	0	0	0	0	0	0
Cash from Financing+	-652.65M	-546.03M	-551.26M	-155.45M	337.24M	-468.28M	-476.51M	-653.3M	-457M	-464.81M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	47.48M	54.06M	48.82M	45.6M	49.8M	51.72M	43.52M	46.75M	43.56M	38.19M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	643.3M	697.6M	707.6M	644.3M	600.96M	614.54M	409.01M	599.23M	762.01M	906.41M
FCF Margin %	0.32%	0.33%	0.33%	0.29%	0.26%	0.24%	0.15%	0.21%	0.27%	0.29%
FCF Growth %	0.04%	0.08%	0.01%	-0.09%	-0.07%	0.02%	-0.33%	0.47%	0.27%	0.19%
FCF per Share	9.46	10.77	11.41	10.66	9.79	9.90	6.69	9.94	12.84	15.52
FCF Conversion (FCF/Net Income)	1.94x	1.76x	1.68x	1.75x	2.15x	1.95x	1.37x	1.65x	1.40x	1.37x
Interest Paid	0	0	0	0	6.57M	5.28M	7.98M	2.97M	0	0
Taxes Paid	164.36M	162.94M	104.88M	100.57M	80.24M	99.38M	110.04M	191.57M	181.63M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	29.25%	34.85%	36.08%	28.08%	15.4%	14.43%	13.34%	14.99%	19.12%	20.6%
Return on Invested Capital (ROIC)	51.41%	68.95%	64.5%	38.44%	17.73%	12.71%	12.44%	15.21%	21.53%	24.02%
Gross Margin	83.1%	83.09%	83.28%	84.1%	82.65%	81.06%	79.98%	78.91%	80.2%	81.75%
Net Margin	18.34%	20.13%	20.99%	19.07%	13.08%	12.72%	11.95%	14.04%	20.13%	22.42%
Debt / Equity	-	-	-	-	0.35x	0.30x	0.27x	0.10x	0.08x	0.06x
FCF Conversion	1.94x	1.76x	1.68x	1.75x	2.15x	1.95x	1.37x	1.65x	1.40x	1.37x
Revenue Growth	3.92%	4.76%	3.41%	3.75%	4.83%	10.74%	3.55%	4.35%	0.1%	9.66%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Service	-	-	-	1.26B	1.32B	1.36B	1.38B	1.48B	1.54B	1.58B
Service Growth	-	-	-	-	5.42%	2.37%	1.65%	7.24%	4.38%	2.34%
Product	-	-	-	985.59M	1.03B	1.25B	1.32B	1.33B	1.27B	1.51B
Product Growth	-	-	-	-	4.09%	21.57%	5.62%	1.33%	-4.63%	18.53%

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Americas	1.23B	1.3B	1.32B	1.35B	1.41B	1.55B	1.66B	1.68B	1.67B	1.82B
Americas Growth	-	5.22%	1.90%	2.53%	4.37%	9.69%	7.01%	1.37%	-0.43%	8.53%
EMEA	487.97M	506.57M	546.24M	553.7M	593.31M	667.22M	634.76M	741.6M	755.93M	827.17M
EMEA Growth	-	3.81%	7.83%	1.37%	7.15%	12.46%	-4.86%	16.83%	1.93%	9.42%
Asia Pacific	287.02M	302.89M	315.57M	443.08M	440.45M	478.46M	488.23M	487.2M	478.91M	536.84M
Asia Pacific Growth	-	5.53%	4.19%	40.40%	-0.59%	8.63%	2.04%	-0.21%	-1.70%	12.09%

Frequently Asked Questions

Valuation & Price

F5, Inc. (FFIV) has a price-to-earnings (P/E) ratio of 23.2x. This is roughly in line with market averages.

Growth & Financials

F5, Inc. (FFIV) reported $3.09B in revenue for fiscal year 2025. This represents a 124% increase from $1.38B in 2012.

F5, Inc. (FFIV) grew revenue by 9.7% over the past year. This is steady growth.

Yes, F5, Inc. (FFIV) is profitable, generating $692.4M in net income for fiscal year 2025 (22.4% net margin).

Dividend & Returns

F5, Inc. (FFIV) has a return on equity (ROE) of 20.6%. This is excellent, indicating efficient use of shareholder capital.

F5, Inc. (FFIV) generated $906.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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