Radware Ltd. (RDWR) Financial Ratios
28 years of historical data (1998–2025) · Technology · Software - Infrastructure
EV/EBITDA
↓
46.37
↓-43% vs avg
5yr avg: 81.63
30Y Low18.4·High98.8
P/FCF
↓
27.89
+3% vs avg
5yr avg: 27.14
30Y Low14.7·High126.6
P/B Ratio
↓
3.07
-1% vs avg
5yr avg: 3.09
30Y Low0.7·High7.7
ROE
↑
5.4%
↓+814% vs avg
5yr avg: 0.6%
30Y Low-48%·High13%
Debt/EBITDA
↓
0.74
↓-57% vs avg
5yr avg: 1.72
30Y Low0.7·High2.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
RDWR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Radware Ltd. trades at 59.7x earnings, 62% below its 5-year average of 158.2x, sitting at the 67th percentile of its historical range. Compared to the Technology sector median P/E of 27.5x, the stock trades at a premium of 117%. On a free-cash-flow basis, the stock trades at 27.9x P/FCF, roughly in line with the 5-year average of 27.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.2B | $1.1B | $977M | $715M | $888M | $2.0B | $1.3B | $1.3B | $1.1B | $843M | $640M |
| Enterprise Value | $1.1B | $989M | $897M | $665M | $866M | $1.9B | $1.3B | $1.2B | $1.0B | $778M | $560M |
| P/E Ratio → | 59.69 | 53.53 | 160.93 | — | — | 260.25 | 138.75 | 54.85 | 90.84 | — | — |
| P/S Ratio | 3.84 | 3.57 | 3.55 | 2.74 | 3.03 | 6.90 | 5.30 | 4.96 | 4.62 | 3.99 | 3.25 |
| P/B Ratio | 3.07 | 2.76 | 2.74 | 2.21 | 2.41 | 5.35 | 3.41 | 3.16 | 2.98 | 2.67 | 2.13 |
| P/FCF | 27.89 | 25.91 | 14.73 | — | 38.04 | 29.89 | 24.93 | 27.99 | 26.82 | 34.78 | 21.94 |
| P/OCF | 23.14 | 21.50 | 13.64 | — | 27.61 | 27.56 | 21.43 | 23.67 | 21.99 | 26.81 | 16.56 |
P/E links to full P/E history page with 30-year chart
RDWR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Radware Ltd.'s enterprise value stands at 46.4x EBITDA, 43% below its 5-year average of 81.6x. The Technology sector median is 17.4x, placing the stock at a 167% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.28 | 3.26 | 2.55 | 2.95 | 6.68 | 5.20 | 4.88 | 4.43 | 3.68 | 2.85 |
| EV / EBITDA | 46.37 | 42.82 | 112.78 | — | 103.63 | 67.31 | 77.72 | 43.59 | 59.97 | 170.62 | — |
| EV / EBIT | 93.87 | 86.67 | — | — | — | 104.96 | 210.78 | 72.67 | 137.94 | — | — |
| EV / FCF | — | 23.79 | 13.52 | — | 37.10 | 28.91 | 24.47 | 27.50 | 25.70 | 32.09 | 19.21 |
RDWR Profitability
Margins and return-on-capital ratios measuring operating efficiency
Radware Ltd. earns an operating margin of 3.8%. Operating margins have expanded from -12.1% to 3.8% over the past 3 years, signaling improving operational efficiency. ROE of 5.4% is modest. ROIC of 3.0% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.7% | 80.7% | 80.6% | 80.2% | 81.6% | 81.7% | 82.0% | 82.1% | 82.2% | 81.3% | 81.8% |
| Operating Margin | 3.8% | 3.8% | -1.4% | -12.1% | -1.1% | 6.4% | 2.5% | 6.7% | 3.2% | -3.2% | -6.5% |
| Net Profit Margin | 6.7% | 6.7% | 2.2% | -8.3% | -0.1% | 2.7% | 3.9% | 9.0% | 5.0% | -3.5% | -4.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.4% | 5.4% | 1.8% | -6.2% | -0.0% | 2.1% | 2.5% | 5.9% | 3.5% | -2.4% | -2.8% |
| ROA | 3.1% | 3.1% | 1.0% | -3.6% | -0.0% | 1.2% | 1.6% | 4.0% | 2.3% | -1.7% | -2.0% |
| ROIC | 3.0% | 3.0% | -1.1% | -7.7% | -0.8% | 4.1% | 1.3% | 3.7% | 2.0% | -2.1% | -3.8% |
| ROCE | 2.5% | 2.5% | -0.9% | -7.1% | -0.7% | 3.8% | 1.3% | 3.8% | 1.9% | -1.9% | -3.7% |
RDWR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Radware Ltd. carries a Debt/EBITDA ratio of 0.7x, which is very conservative (74% below the sector average of 2.9x). The company holds a net cash position — cash of $105M exceeds total debt of $17M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.05 | 0.06 | 0.07 | 0.07 | 0.08 | 0.05 | — | — | — |
| Debt / EBITDA | 0.74 | 0.74 | 2.30 | — | 2.89 | 0.97 | 1.80 | 0.68 | — | — | — |
| Net Debt / Equity | — | -0.23 | -0.23 | -0.15 | -0.06 | -0.18 | -0.06 | -0.05 | -0.12 | -0.21 | -0.27 |
| Net Debt / EBITDA | -3.81 | -3.81 | -10.12 | — | -2.64 | -2.29 | -1.48 | -0.77 | -2.61 | -14.30 | — |
| Debt / FCF | — | -2.12 | -1.21 | — | -0.94 | -0.98 | -0.46 | -0.48 | -1.12 | -2.69 | -2.73 |
| Interest Coverage | — | — | -16.47 | -160.81 | -16.13 | 91.13 | 32.63 | 136.43 | 66.58 | -74.96 | -109.91 |
Net cash position: cash ($105M) exceeds total debt ($17M)
RDWR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.63x means Radware Ltd. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 2.43x to 1.63x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.63 | 1.63 | 1.90 | 2.43 | 2.05 | 1.93 | 2.42 | 1.77 | 3.03 | 2.31 | 3.13 |
| Quick Ratio | 1.57 | 1.57 | 1.82 | 2.32 | 1.98 | 1.86 | 2.32 | 1.66 | 2.87 | 2.14 | 2.93 |
| Cash Ratio | 1.33 | 1.33 | 1.64 | 2.13 | 1.82 | 1.74 | 2.16 | 1.41 | 2.67 | 1.87 | 2.65 |
| Asset Turnover | — | 0.45 | 0.44 | 0.46 | 0.46 | 0.45 | 0.40 | 0.42 | 0.44 | 0.45 | 0.46 |
| Inventory Turnover | 4.41 | 4.41 | 3.80 | 3.33 | 4.72 | 4.53 | 3.24 | 3.24 | 2.26 | 2.11 | 2.09 |
| Days Sales Outstanding | — | 42.35 | 22.34 | 28.31 | 22.08 | 16.81 | 24.60 | 32.74 | 26.73 | 27.89 | 36.03 |
RDWR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Radware Ltd. returns 0.9% to shareholders annually primarily through share buybacks. The earnings yield of 1.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.7% | 1.9% | 0.6% | — | — | 0.4% | 0.7% | 1.8% | 1.1% | — | — |
| FCF Yield | 3.6% | 3.9% | 6.8% | — | 2.6% | 3.3% | 4.0% | 3.6% | 3.7% | 2.9% | 4.6% |
| Buyback Yield | 0.9% | 1.0% | 0.1% | 8.8% | 6.7% | 2.7% | 3.4% | 2.0% | 0.4% | 0.0% | 3.4% |
| Total Shareholder Yield | 0.9% | 1.0% | 0.1% | 8.8% | 6.7% | 2.7% | 3.4% | 2.0% | 0.4% | 0.0% | 3.4% |
| Shares Outstanding | — | $45M | $43M | $43M | $45M | $48M | $48M | $49M | $48M | $43M | $44M |
Peer Comparison
Compare RDWR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 RDWRYou | $1B | 59.7 | 46.4 | 27.9 | 80.7% | 3.8% | 5.4% | 3.0% | 0.7 |
 FFIV | $19B | 28.9 | 21.5 | 21.3 | 81.4% | 24.8% | 20.6% | 21.8% | 0.6 |
 NTCT | $3B | -7.0 | — | 12.2 | 78.3% | -44.7% | -21.3% | -19.3% | — |
 QLYS | $3B | 16.7 | 13.1 | 10.6 | 82.8% | 33.2% | 38.2% | 47.5% | 0.4 |
 PANW | $129B | 114.7 | 80.1 | 37.2 | 73.4% | 13.5% | 17.5% | 17.1% | 0.2 |
 FTNT | $67B | 37.0 | 29.1 | 29.9 | 80.8% | 30.6% | 135.7% | — | 0.4 |
 CHKP | $12B | 11.9 | 13.1 | 9.9 | 85.4% | 30.5% | 37.3% | 23.2% | 2.1 |
 CWAN | $7B | -173.4 | — | 40.1 | 67.3% | -1.1% | -2.5% | -0.3% | — |
 AKAM | $18B | 37.3 | 19.0 | 21.9 | 59.4% | 13.4% | 10.7% | 4.5% | 3.9 |
 NET | $88B | -857.2 | 1028.8 | 270.9 | 74.4% | -9.4% | -8.2% | -4.6% | 42.0 |
 CSCO | $363B | 35.9 | 26.2 | 27.3 | 64.9% | 20.8% | 22.1% | 13.0% | 2.0 |
| Technology Median | — | 27.5 | 17.4 | 19.8 | 48.6% | -0.5% | 2.4% | 2.9% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonRDWR — Frequently Asked Questions
Quick answers to the most common questions about buying RDWR stock.
What is Radware Ltd.'s P/E ratio?
Radware Ltd.'s current P/E ratio is 59.7x. The historical average is 64.5x. This places it at the 67th percentile of its historical range.
What is Radware Ltd.'s EV/EBITDA?
Radware Ltd.'s current EV/EBITDA is 46.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 47.0x.
What is Radware Ltd.'s ROE?
Radware Ltd.'s return on equity (ROE) is 5.4%. The historical average is -0.0%.
Is RDWR stock overvalued?
Based on historical data, Radware Ltd. is trading at a P/E of 59.7x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Radware Ltd.'s profit margins?
Radware Ltd. has 80.7% gross margin and 3.8% operating margin.
How much debt does Radware Ltd. have?
Radware Ltd.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.