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F5

FFIV Nasdaq Communications Equipment Financials FY2016–FY2025

F5's revenue rose 9.7% to $3.1 billion in fiscal 2025. Its operating margin was 24.8%, up from 23.4% a year earlier. Free cash flow was $906 million, up 18.9%. It paid out $502 million in dividends and buybacks, 55% of free cash flow. The diluted share count fell 1.1%.

Last close · Oct 23, 2026

$455.42

1.2%
Value it Compare
Revenue Total sales reported in the income statement.
$3.1B
9.7% vs prior year
Operating margin Operating income as a share of revenue.
24.8%
1.4 pts
Net income Profit after all expenses, interest and tax.
$692M
22.2%
Free cash flow Cash from operations minus capital spending.
$906M
18.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
30.5%
4.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$26.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
36.3x
On $12.56 EPS (TTM)

What F5 does

No business description yet.

Legal name
F5, INC.
Fiscal year ends
September 30, 2025
Latest annual report
—
Accession · CIK
0001048695-25-000157
0001048695

Revenue and margins

F5 had $3.1B of revenue in fiscal 2025, up 9.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 9.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $906M in fiscal 2025, 29.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

F5 returned $502M to shareholders in fiscal 2025, 55% of free cash flow. The diluted share count fell 1.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value F5 yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $1.3B and divides by 58.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 36.3x · peers 54.3x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably F5 can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $911M$885M$803M$1.1B$1.3B
Debt incl. finance leases $369M$350M$0.0M$0.0M$0.0M
Net debt / EBITDA −1.1x−1.0x−1.4x−1.4x−1.6x
Debt / equity 0.2x0.1x0.0x0.0x0.0x
Interest coverage 74.6x50.6x159.1x——
Current ratio 1.2x1.0x1.3x1.4x1.6x
Quick ratio 1.1x1.0x1.2x1.4x1.5x
Total assets $5.0B$5.3B$5.2B$5.6B$6.3B
Total liabilities $2.6B$2.8B$2.4B$2.5B$2.7B
Shareholders' equity $2.4B$2.5B$2.8B$3.1B$3.6B
Net debt (− = net cash) −$542M−$535M−$803M−$1.1B−$1.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$8.2M

10 insiders

Of sales under plans

76%

$6.3M

DateInsiderTradeSharesPriceValueFiling
Sep 14, 2026 John Anthony MaddisonChief Product Mkting Officer Sold plan 204 $406.24 $0.1M Form 4
Sep 14, 2026 Michael F MontoyaChief Technology Ops Officer Sold plan 4,426 $410.16 $1.8M Form 4
Aug 5, 2026 Francois Locoh-DonouPresident, CEO & Director, Director Sold plan 3,782 $412.44 $1.6M Form 4
Aug 5, 2026 Thomas Dean FountainEVP Global Services & Strategy Sold plan 1,208 $414.63 $0.5M Form 4
Aug 3, 2026 Angelique M OkekeEVP, General Counsel Sold plan 515 $404.49 $0.2M Form 4
Aug 3, 2026 Chad Michael WhalenEVP, Worldwide Sales Sold plan 703 $404.86 $0.3M Form 4
Aug 3, 2026 Edward Cooper WernerChief Financial Officer Sold plan 599 $405.92 $0.2M Form 4
Aug 3, 2026 John Anthony MaddisonChief Product Mkting Officer Sold plan 1,000 $405.85 $0.4M Form 4
Aug 3, 2026 Kunal AnandChief Technology Officer Sold plan 392 $404.63 $0.2M Form 4
Jul 30, 2026 Nikhil Ramesh MehtaDirector Sold 4,000 $388.95 $1.6M Form 4
Jun 10, 2026 Elizabeth BuseDirector Sold 1,000 $399.35 $0.4M Form 4
Jun 2, 2026 Edward Cooper WernerChief Financial Officer Sold plan 2,500 $400.00 $1.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 7 / 98 / 98 / 9
Accruals ratio −4.9%−4.2%−4.3%
Altman Z'' 4.014.664.98

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
F5 FFIV $26.2B 9.7% 24.8% 29.4% 30.5% 36.3x 8
Lumentum LITE $56.4B 83.2% 17.4% 10.0% 10.4% — 5 Compare →
Ubiquiti UI $35.6B 27.2% 36.2% 27.8% 104.2% 37.1x 7 Compare →
Viasat VSAT $8.4B 2.7% 2.3% 32.2% 0.6% — 6 Compare →
Ciena CIEN $46.8B 18.8% 4.1% 14.0% 5.1% 71.5x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.0B $2.1B $2.2B $2.2B $2.4B $2.6B $2.7B $2.8B $2.8B $3.1B
Gross profit $1.7B $1.7B $1.8B $1.9B $1.9B $2.1B $2.2B $2.2B $2.3B $2.5B
Research and development $334M $350M $366M $408M $441M $513M $543M $540M $490M $540M
Operating income $547M $564M $591M $519M $392M $394M $404M $473M $659M $766M
Interest expense — — $0.0M $0.0M $6.6M $5.3M $8.0M $3.0M $0.0M $0.0M
Pretax income $550M $576M $604M $541M $396M $387M $385M $486M $696M $808M
Income tax $184M $155M $150M $113M $89.0M $55.7M $63.2M $91.0M $129M $116M
Net income $366M $421M $454M $428M $307M $331M $322M $395M $567M $692M
Diluted EPS $5.38 $6.50 $7.32 $7.08 $5.01 $5.34 $5.27 $6.55 $9.55 $11.80
Diluted shares 0.07B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B
Cash flow
Cash from operations $712M $740M $761M $748M $661M $645M $443M $653M $792M $950M
Capital expenditure $63.5M $38.7M $53.5M $104M $59.9M $30.7M $33.6M $54.2M $30.4M $43.3M
Free cash flow $648M $702M $708M $644M $601M $615M $409M $599M $762M $906M
Depreciation and amortization $56.8M $61.1M $59.5M $68.5M $95.9M $115M $116M $113M $107M $92.4M
Stock-based compensation $157M $175M $158M $163M $202M $243M $249M $237M $219M $232M
Acquisitions $0.0M $0.0M $0.0M $612M $956M $411M $67.9M $35.0M $32.9M $171M
Share buybacks $700M $600M $600M $201M $100M $500M $500M $350M $501M $502M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $700M $600M $600M $201M $100M $500M $500M $350M $501M $502M
Balance sheet
Cash and short-term investments $882M $1.0B $1.0B $972M $1.2B $911M $885M $803M $1.1B $1.3B
Total debt — — — $0.0M $388M $369M $350M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.3B $1.4B $1.4B $1.5B $1.8B $1.6B $1.9B $1.8B $2.1B $2.5B
Current liabilities $844M $935M $954M $1.1B $1.3B $1.4B $1.8B $1.5B $1.5B $1.6B
Inventory $34.1M $29.8M $30.6M $34.4M $27.9M $22.1M $68.4M $35.9M $76.4M $77.2M
Property and equipment, net $123M $122M $145M $223M $229M $191M $168M $170M $151M $157M
Total assets $2.3B $2.5B $2.6B $3.4B $4.7B $5.0B $5.3B $5.2B $5.6B $6.3B
Total liabilities $1.1B $1.2B $1.3B $1.6B $2.4B $2.6B $2.8B $2.4B $2.5B $2.7B
Shareholders' equity $1.2B $1.2B $1.3B $1.8B $2.2B $2.4B $2.5B $2.8B $3.1B $3.6B
Margins
Gross margin 83.1% 83.1% 83.3% 84.1% 82.7% 81.1% 80.0% 78.9% 80.2% 81.4%
Operating margin 27.4% 27.0% 27.3% 23.1% 16.7% 15.1% 15.0% 16.8% 23.4% 24.8%
EBITDA margin 30.3% 29.9% 30.1% 26.2% 20.8% 19.6% 19.3% 20.8% 27.2% 27.8%
Net margin 18.3% 20.1% 21.0% 19.1% 13.1% 12.7% 12.0% 14.0% 20.1% 22.4%
FCF margin 32.5% 33.6% 32.7% 28.7% 25.6% 23.6% 15.2% 21.3% 27.1% 29.4%
Returns
Return on capital — — — — 27.7% 20.9% 18.0% 19.5% 26.5% 30.5%
Return on capital employed 36.3% 37.6% 37.0% 26.4% 13.8% 11.3% 11.5% 13.1% 16.7% 17.4%
Return on equity 29.3% 34.9% 36.1% 28.1% 15.4% 14.4% 13.3% 15.0% 19.1% 20.6%
Return on assets 15.8% 17.6% 17.9% 14.3% 7.6% 6.9% 6.3% 7.5% 10.4% 11.6%
Growth
Revenue growth 3.9% 4.8% 3.4% 3.8% 4.8% 10.7% 3.6% 4.4% 0.1% 9.7%
Net income growth 0.2% 15.0% 7.8% −5.7% −28.1% 7.7% −2.7% 22.6% 43.5% 22.2%
EPS growth 7.0% 20.8% 12.6% −3.3% −29.2% 6.6% −1.3% 24.3% 45.8% 23.6%
FCF growth 3.8% 8.3% 0.9% −9.0% −6.7% 2.3% −33.5% 46.5% 27.2% 19.0%
Share count change −6.3% −4.7% −4.3% −2.5% 1.5% 1.1% −1.6% −1.4% −1.5% −1.1%
Financial health
Net debt / EBITDA — — — −1.7x −1.7x −1.1x −1.0x −1.4x −1.4x −1.6x
Debt / equity — — — 0.0x 0.2x 0.2x 0.1x 0.0x 0.0x 0.0x
Interest coverage — — — — 59.7x 74.6x 50.6x 159.1x — —
Current ratio 1.5x 1.5x 1.5x 1.4x 1.4x 1.2x 1.0x 1.3x 1.4x 1.6x
Quick ratio 1.5x 1.5x 1.5x 1.3x 1.4x 1.1x 1.0x 1.2x 1.4x 1.5x
Capital allocation
Capex / revenue 3.2% 1.9% 2.5% 4.6% 2.6% 1.2% 1.3% 1.9% 1.1% 1.4%
Stock comp / revenue 7.9% 8.4% 7.3% 7.3% 8.6% 9.3% 9.2% 8.4% 7.8% 7.5%
Payouts / FCF 108.0% 85.5% 84.8% 31.2% 16.6% 81.4% 122.3% 58.4% 65.7% 55.4%
Quality scores
Piotroski F-score — — — — 4.0 4.0 5.0 7.0 8.0 8.0
Altman Z'' 5.6 5.4 5.3 4.5 3.6 3.2 3.0 4.0 4.7 5.0
Accruals ratio −15.0% −13.4% −12.1% −10.7% −8.8% −6.5% −2.4% −4.9% −4.2% −4.3%

Source: SEC EDGAR XBRL filings (CIK 0001048695). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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