Upside case
Bull case
$480+41.1%
FFIV would need investors to value it at roughly 29x earnings — about 8x more generous than today's 21x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated May 1, 2026
F5, Inc. (FFIV) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
61
analysts
24 bullish · 3 bearish · 61 covering FFIV
Strong Buy
1
Buy
23
Hold
34
Sell
3
Strong Sell
0
Consensus Target
$311
-8.6% vs today
Scenario Range
$207 – $480
Model bear to bull value window
Coverage
61
Published analyst ratings
Valuation Context
20.6x
Forward P/E · Market cap $19.2B
FFIV price targets
Three scenarios for where FFIV stock could go
Current
~$340
Confidence
73 / 100
Updated
May 1, 2026
Where we are now
Current · $340
Bear
$207
Base
$455
Bull
$480
Market caseClosest to today
Base case
$455+33.9%
At 28x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$207-39.1%
If investor confidence fades or macro conditions deteriorate, a 8x multiple contraction could push FFIV down roughly 39% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
F5, Inc.
FFIV · NASDAQTechnologySoftware - InfrastructureSeptember year-end
F5 is a multi-cloud application security and delivery company that helps organizations secure, optimize, and govern applications across hybrid environments. It generates revenue primarily through software subscriptions—which now represent over 80% of total revenue—along with hardware appliance sales and professional services. The company's key advantage lies in its deep application-layer expertise and the F5 Distributed Cloud platform, which provides consistent security and delivery policies across on-premises, cloud, and edge environments.
Market Cap
$19.2B
Revenue TTM
$3.2B
Net Income TTM
$708M
Net Margin
22.0%
FFIV Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
100%Exceptional
12 quarters tracked
Revenue Beat Rate
92%Exceptional
vs consensus estimates
Avg EPS Surprise
+11.9%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$4.16/$3.51
Revenue
$780M/$754M
Q4 2025
EPS
$4.39/$3.97
Revenue
$810M/$795M
Q1 2026
EPS
$4.45/$3.64
Revenue
$822M/$764M
Q2 2026
EPS
$3.90/$3.47
Revenue
$812M/$784M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $4.16/$3.51 | +18.5% | $780M/$754M | +3.5% |
| Q4 2025 | $4.39/$3.97 | +10.6% | $810M/$795M | +1.9% |
| Q1 2026 | $4.45/$3.64 | +22.3% | $822M/$764M | +7.6% |
| Q2 2026 | $3.90/$3.47 | +12.4% | $812M/$784M | +3.6% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$3.4B
+6.1% YoY
FY2
$3.7B
+7.0% YoY
EPS Outlook
FY1
$14.58
+18.0% YoY
FY2
$15.80
+8.3% YoY
Trailing FCF (TTM)$963M
FCF Margin: 29.9%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
FFIV beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
FFIV Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $3.1B
Product Mix
Latest annual revenue by segment or product family
Service
51.1%
+2.3% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Americas
55.8%
+9.0% YoY
Tap, hover, or focus a slice to inspect segment detail.
Service is the largest disclosed segment at 51.1% of FY 2025 revenue, up 2.3% YoY.
Americas is the largest reported region at 55.8%, up 9.0% YoY.
FFIV Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Undervalued
Fair value est. $434 — implies +34.3% from today's price.
Upside to Fair Value
34.3%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
FFIV
28.8x
vs
S&P 500
25.1x
+15% premium
vs Technology Trailing P/E
FFIV
28.8x
vs
Technology
26.7x
+8% premium
vs FFIV 5Y Avg P/E
Today
28.8x
vs
5Y Average
27.9x
In line with benchmark
Forward PE
20.6x
S&P 500
19.1x
+8%
Technology
22.1x
-7%
5Y Avg
—
—
Trailing PE
28.8x
S&P 500
25.1x
+15%
Technology
26.7x
+8%
5Y Avg
27.9x
+3%
PEG Ratio
1.54x
S&P 500
1.72x
-10%
Technology
1.52x
+1%
5Y Avg
—
—
EV/EBITDA
21.4x
S&P 500
15.2x
+41%
Technology
17.5x
+22%
5Y Avg
19.2x
+11%
Price/FCF
21.2x
S&P 500
21.1x
+1%
Technology
19.5x
+9%
5Y Avg
19.2x
+10%
Price/Sales
6.2x
S&P 500
3.1x
+99%
Technology
2.4x
+155%
5Y Avg
4.5x
+40%
Dividend Yield
—
S&P 500
1.87%
—
Technology
1.16%
—
5Y Avg
—
—
| Metric | FFIV | S&P 500 | Technology | 5Y Avg FFIV |
|---|---|---|---|---|
| Forward PE | 20.6x | 19.1x | 22.1x | — |
| Trailing PE | 28.8x | 25.1x+15% | 26.7x | 27.9x |
| PEG Ratio | 1.54x | 1.72x-10% | 1.52x | — |
| EV/EBITDA | 21.4x | 15.2x+41% | 17.5x+22% | 19.2x+11% |
| Price/FCF | 21.2x | 21.1x | 19.5x | 19.2x+10% |
| Price/Sales | 6.2x | 3.1x+99% | 2.4x+155% | 4.5x+40% |
| Dividend Yield | — | 1.87% | 1.16% | — |
FFIV trades above S&P 500 benchmarks on 3 of 6 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolFFIV Financial Health
Verdict
Exceptional
FFIV generates $963M in free cash flow at a 29.9% margin — 21.8% ROIC signals a durable competitive advantage · returns 2.6% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$3.2B
Revenue Growth
TTM vs prior year
+9.7%
Gross Margin
Gross profit as a share of revenue
81.9%
Operating Margin
Operating income divided by revenue
24.6%
Net Margin
Net income divided by revenue
22.0%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$12.36
Free Cash Flow (TTM)
Cash generation after capex
$963M
FCF Margin
FCF as share of revenue — the primary cash quality signal
29.9%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
21.8%
ROA
Return on assets, trailing twelve months
11.2%
Cash & Equivalents
Liquid assets on the balance sheet
$1.3B
Net Cash
Cash exceeds total debt — no net leverage
$852M
Debt Serviceability
Net debt as a multiple of annual free cash flow
Net cash ✓
ROE
Return on equity, trailing twelve months
19.9%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
2.6%
Dividend
—
Buyback
2.6%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$502M
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
57M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageFFIV Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Cybersecurity Breach
F5, Inc. faced a significant risk from a sophisticated, nation-state-backed cyberattack that compromised its systems for over a year. This breach not only accessed source code but also information on previously unknown vulnerabilities, severely undermining customer trust in F5's security products.
High Risk
Reputational Damage
The breach of a cybersecurity company like F5 is particularly damaging to its reputation, directly impacting customer trust in its security offerings. This reputational harm could lead to customer defections and a slowdown in new business acquisitions.
High Risk
Source Code Compromise
Access to F5's source code raises serious concerns about undisclosed exploits in widely deployed products. This situation poses a significant risk to the company's product integrity and customer confidence.
Medium
Customer Defections
The uncertainty created by the cybersecurity breach raises the risk of customer defections and could slow down new business wins for F5. Despite mitigation efforts, the long-term impact on customer confidence remains a significant concern.
Medium
Competition
F5 faces intense competition from cloud-native Application Delivery Controller (ADC) providers, which could pressure its market share and pricing strategies. The competitive landscape is evolving rapidly, necessitating continuous innovation and adaptation.
Medium
Valuation Concerns
Some analyses suggest that F5 may be overvalued, indicated by a higher PEG ratio compared to industry benchmarks. This valuation risk could lead to significant stock price corrections if market expectations change.
Lower
Volatility
F5's stock has exhibited high volatility, with significant price swings noted. This volatility can create challenges for investors and may impact long-term investment strategies.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why FFIV Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Strong Financial Performance
FFIV reported impressive financial results for the second quarter of 2026, achieving an earnings per share (EPS) of $3.90, outperforming projections by 13.37%. The company also reported revenue of $812 million, surpassing anticipated figures, with a gross profit margin of 81% and a perfect Piotroski Score of 9.
Hybrid Multi-Cloud Adoption and AI
The company is benefiting from the increasing adoption of hybrid multi-cloud strategies and the expansion of AI infrastructure. RBC Capital notes that enterprise AI adoption is reaching an inflection point with new AI use cases, positioning FFIV favorably in this evolving market.
Potential for Multiple Expansion
Despite a recent rally, RBC Capital believes the stock has additional room to rise due to potential upside to estimates and multiple expansion. This suggests that FFIV could see significant growth in its valuation metrics moving forward.
Undervalued Status
InvestingPro data suggests FFIV may still be undervalued, placing it on the platform's 'Most Undervalued' list. This indicates that there is a potential for price appreciation as the market recognizes the company's true value.
Technical Strength
FFIV has demonstrated decent performance in both short and medium-term time frames, with a positive long-term trend. While currently trading in the upper part of its 52-week range, it is considered an average performer compared to the overall market, indicating resilience.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
FFIV Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$339.90
52W Range Position
95%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$223.76
+51.9% from the low
52-Week High
$346.00
-1.8% from the high
1 Month
+10.49%
3 Month
+25.33%
YTD
+32.4%
1 Year
+27.2%
3Y CAGR
+36.6%
5Y CAGR
+13.5%
10Y CAGR
+12.9%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
FFIV vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
20.6x
vs 22.7x median
-9% below peer median
Revenue Growth
+6.1%
vs +4.2% median
+45% above peer median
Net Margin
22.0%
vs 13.0% median
+70% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
FFI FFIV F5, Inc. | $19.2B | 20.6x | +6.1% | 22.0% | Hold | -8.6% |
CSC CSCO Cisco Systems, Inc. | $373.4B | 22.7x | +4.2% | 18.8% | Buy | +2.3% |
ANE ANET Arista Networks, Inc. | $214.3B | 48.1x | +30.4% | 38.3% | Buy | +9.4% |
NTC NTCT NetScout Systems, Inc. | $2.6B | 14.8x | -1.1% | 11.1% | Hold | -18.9% |
RBB RBBN Ribbon Communications Inc. | $479M | 21.0x | +1.1% | 3.8% | Buy | +28.2% |
PAN PANW Palo Alto Networks, Inc. | $129.3B | 49.9x | +15.3% | 13.0% | Buy | +13.0% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
FFIV Dividend and Capital Return
FFIV returns 2.6% annually — null% through dividends and 2.6% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
2.6%
Dividend + buyback return per year
Buyback Yield
2.6%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.00
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
—
0 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$502M
Estimated Shares Retired
1M
Approx. Share Reduction
2.6%
Shares Outstanding
Current diluted share count from the screening snapshot
57M
At 2.6%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
FAQ
7 questionsFFIV Investor Questions
Common questions answered from live analyst data and company financials.
01Is F5, Inc. (FFIV) stock a buy or sell in 2026?
F5, Inc. (FFIV) is rated Hold by Wall Street analysts as of 2026. Of 61 analysts covering the stock, 24 rate it Buy or Strong Buy, 34 rate it Hold, and 3 rate it Sell or Strong Sell. The consensus 12-month price target is $311, implying -8.6% from the current price of $340. The bear case scenario is $207 and the bull case is $480.
02What is the FFIV stock price target for 2026?
The Wall Street consensus price target for FFIV is $311 based on 61 analyst estimates. The high-end target is $345 (+1.5% from today), and the low-end target is $292 (-14.1%). The base case model target is $455.
03Is F5, Inc. (FFIV) stock overvalued in 2026?
FFIV trades at 20.6x times forward earnings. The stock's valuation is broadly in line with the broader market. Based on current multiples versus the peer group, the relative model signals significantly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for F5, Inc. (FFIV) stock in 2026?
The primary risks for FFIV in 2026 are: (1) Cybersecurity Breach — F5, Inc. (2) Reputational Damage — The breach of a cybersecurity company like F5 is particularly damaging to its reputation, directly impacting customer trust in its security offerings. (3) Source Code Compromise — Access to F5's source code raises serious concerns about undisclosed exploits in widely deployed products. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is F5, Inc.'s revenue and earnings forecast?
Analyst consensus estimates FFIV will report consensus revenue of $3.4B (+6.1% year-over-year) and EPS of $14.58 (+18.0% year-over-year) for the upcoming fiscal year. The following year, analysts project $3.7B in revenue.
06When does F5, Inc. (FFIV) report its next earnings?
A confirmed upcoming earnings date for FFIV is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does F5, Inc. generate?
F5, Inc. (FFIV) generated $963M in free cash flow over the trailing twelve months — a free cash flow margin of 29.9%. FFIV returns capital to shareholders through and share repurchases ($502M TTM).