NASDAQ: FFIV · Communications Equipment
F5, Inc.
F5 sells application delivery and security products — BIG-IP, NGINX and F5 Distributed Cloud Services — as hardware systems, software (perpetual, subscription and usage-based) and SaaS, plus maintenance and support services. Fiscal 2025 (year ended September 30, 2025) revenue was $3,088 million, of which product revenue was $1,509 million and services $1,579 million; net income was $692 million. In October 2025 it disclosed that a nation-state threat actor had long-term access to its systems and exfiltrated portions of BIG-IP source code, which led to a securities class action. It has no debt and pays no dividend, returning cash through buybacks.
Last updated
Analysis last edited: October 24, 2026 · Financial data fetched: October 24, 2026 09:45 (SEC EDGAR) · Source 10-K filed: November 25, 2025
Built on10-K FY2025 · filed 2025-11-2510-Q (quarter ended 2026-06-30) · filed 2026-08-06Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 5.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 24.8%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +9.3 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -1.6x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.37x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 26.7x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.85
Higher than 29% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 70% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 70% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 6% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 39% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-06-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$335.92close on 2026-11-04
Market cap$19.38B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 26.7x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 5.4x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 21.0x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 4.7%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 27.4x
Earnings: trailing 12 months to 2026-06-30
At FY2025 year-end: 5.2x
Book value at FY2025 year-end
At FY2025 year-end: 20.2x
EBITDA for FY2025
At FY2025 year-end: 4.9%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jun 30, 2026.
- Revenue$780M → $865M (vs. a year earlier)↑ +10.9%$780M → $865M (vs. a year earlier)
- Operating margin25.2% → 24.7% (vs. a year earlier)↓ −0.5 pts25.2% → 24.7% (vs. a year earlier)
- Net income$190M → $208M (vs. a year earlier)↑ +9.6%$190M → $208M (vs. a year earlier)
- Diluted EPS$3.25 → $3.62 (vs. a year earlier)↑ +11.4%$3.25 → $3.62 (vs. a year earlier)
- Cash$1.44B → $1.61B (vs. previous quarter-end)↑ +11.3%$1.44B → $1.61B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 27, 2026.
Management outlook • Issued
Expects fiscal 2027 non-GAAP EPS of $18.00–$18.30. Source sentence
The Company expects fiscal year 2027 non-GAAP earnings per share in a range of $18.00 to $18.30.
Key changes
Guides fiscal 2027 revenue growth of 8%–9%. Source sentence
F5 updated its outlook for its fiscal year 2027, guiding for revenue growth of 8% to 9%.
Board added $1.5B of share repurchases. Source sentence
Board Authorizes Additional $1.5 Billion for Share Repurchases
Systems revenue $239M, up 29%. Source sentence
Systems revenue of $239 million grew 29% from the year-ago period while software revenue of $271 million grew 19%.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- F5, INC.
- Headquarters
- SEATTLE, WA
- Incorporated in
- Washington
- Fiscal year end
- 09/30
- Exchange & ticker
- NASDAQ: FFIV
- Industry
- Communications Equipment
- CIK
- 1048695
- Website
- https://www.f5.com/ ↗
- IR page
- https://investors.f5.com/ ↗
Workforce (as of FY2025 year-end)
Employees
6,578
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q1 FY2027
Quarter end: December 2026. In past years, Q1 results were released 27–29 days after quarter end (Jan 27, 2026; Jan 28, 2025; Jan 29, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around September 30.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 24–30 days after quarter end over the last 13 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q4 FY2026 | — | Oct 27, 2026 | Not yet filed |
| Q3 FY2026 | Jun 30, 2026 | Jul 27, 2026 (+27 days) | Aug 6, 2026 10-Q (+37 days) |
| Q2 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | May 5, 2026 10-Q (+35 days) |
| Q1 FY2026 | Dec 31, 2025 | Jan 27, 2026 (+27 days) | Feb 5, 2026 10-Q (+36 days) |
| Q4 FY2025 | Sep 30, 2025 | Oct 27, 2025 (+27 days) | Nov 25, 2025 10-K (+56 days) |
| Q3 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Aug 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Mar 31, 2025 | Apr 28, 2025 (+28 days) | May 6, 2025 10-Q (+36 days) |
| Q1 FY2025 | Dec 31, 2024 | Jan 28, 2025 (+28 days) | Feb 7, 2025 10-Q (+38 days) |
| Q4 FY2024 | Sep 30, 2024 | Oct 28, 2024 (+28 days) | Nov 18, 2024 10-K (+49 days) |
| Q3 FY2024 | Jun 30, 2024 | Jul 29, 2024 (+29 days) | Aug 6, 2024 10-Q (+37 days) |
| Q2 FY2024 | Mar 31, 2024 | Apr 29, 2024 (+29 days) | May 6, 2024 10-Q (+36 days) |
| Q1 FY2024 | Dec 31, 2023 | Jan 29, 2024 (+29 days) | Feb 5, 2024 10-Q (+36 days) |
| Q4 FY2023 | Sep 30, 2023 | Oct 24, 2023 (+24 days) | Nov 14, 2023 10-K (+45 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Product
BIG-IP
Application delivery and security for on-premises and cloud; competes with Citrix and Broadcom.
Product
NGINX
Lightweight load balancing and Kubernetes traffic management; competes with AWS, Google Cloud Platform, Envoy and HAProxy.
Product
F5 Distributed Cloud Services
SaaS application and API security and multicloud networking.
Product
Application security
Web application firewall, bot and DDoS mitigation, API protection, carrier-grade firewall and access policy management.
Services
Maintenance and support
Support, consulting and training on installed products.
From the Form 10-K, FY2025, year ended 2025-09-30.
U.S. and worldwide share of flagship products/services
F5 gives no market share or market ranking in its 10-K or 10-Q.
Reviewed: Form 10-K (FY2025, year ended 2025-09-30) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
Nine months to June 2026
Revenue $2,499M versus $2,278M; product revenue $1,284M versus $1,095M; net income $536M versus $502M.
Source: Form 10-Q (quarter ended 2026-06-30)
Cyber Incident
On August 9, 2025 F5 learned a nation-state actor had persistent access to its BIG-IP development environment; files with portions of BIG-IP source code were exfiltrated. Disclosed October 15, 2025.
Source: Form 8-K (2025-10-15) — Item 1.05 material cybersecurity incident
Buybacks
Repurchased $501M of stock in the nine months to June 2026; F5 pays no dividend.
Source: Form 10-Q (quarter ended 2026-06-30)
Capex ÷ D&A (FY2025)
0.47x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$43M ÷ $92M = 0.47x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
17.5%
formularesearch & development expense ÷ revenue × 100
e.g.$540M ÷ $3,088M × 100 = 17.5%
M&A spend (6-year total)
$1.67B
Latest year: $171M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $60M in FY2020 to $43M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-25
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$3.09B
As reported in the 10-K
Revenue CAGR (5 years)
+5.6%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($3,088M ÷ $2,351M) ^ (1÷5) − 1 = 5.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
24.8%▲favorable
+8.1pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$766M ÷ $3,088M × 100 = 24.8%
ROE (FY2025)
20.6%▲favorable
6-year average: 16.0%
As reported in the 10-K
P/B (FY2025 end)
5.19x
formulafiscal year-end closing price ÷ book value per share
e.g.$323.19 ÷ $62.27 = 5.19x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
20.2x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($18,643M + $0M − $1,344M) ÷ ($766M + $92M) = 20.2x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +5.6% a year over 5 years (strong growth)
From $2.35B in FY2020 to $3.09B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 16.7% → 24.8%
How much operating profit is left per $100 of revenue. It moved +8.1 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 56.8% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 16.0% over 6 years (latest: 20.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- CalypsoAI
07 · what it does
Key activities
- BIG-IP application delivery and security
- NGINX for cloud-native and Kubernetes traffic
- F5 Distributed Cloud Services (SaaS)
06 · what it draws on
Key resources
- 6,578 employees (Sep 30, 2025)
- Outsourced manufacturing of systems
- R&D expense of $457M in the nine months to June 2026
02 · why customers buy
Value propositions
- Application security and delivery across data centers and clouds.
04 · how it keeps them
Customer relationships
- Recurring maintenance and support; subscription and usage-based software and SaaS.
03 · how it reaches them
Channels
- Mainly through distributors and resellers, with direct sales to large customers.
01 · who it serves
Customer segments
- Enterprises and service providers worldwide
- Two distributors each over 15% of revenue
09 · where money goes
Cost structure
FY2025, share of revenue ($3.09B)
- Cost of revenue18.6%
- Research & development17.5%
- Selling, general & administrative10.4%
- Other operating costs28.7%
Operating profit left: 24.8% of revenue. Depreciation & amortization (inside the costs above): $92M. Capital spending: $43M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Systems $706M
- Software $803M
- Services $1,579M (fiscal 2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Sells systems, software and SaaS mainly through distributors and resellers, then earns recurring maintenance and support revenue on the installed products.
01 what it draws on
Inputs & resources
- 6,578 employees (Sep 30, 2025)
- Outsourced manufacturing of systems
- R&D expense of $457M in the nine months to June 2026
02 what it does
Activities
- BIG-IP application delivery and security
- NGINX for cloud-native and Kubernetes traffic
- F5 Distributed Cloud Services (SaaS)
03 who it serves
Customers
- Enterprises and service providers worldwide
- Two distributors each over 15% of revenue
04 how money comes in
How it earns
- Systems $706M
- Software $803M
- Services $1,579M (fiscal 2025)
How the business makes money
- Remaining performance obligations were $2.0 billion at Sep 30, 2025, 60.7% due within 12 months.
- Systems revenue rose 31% in fiscal 2025 after falling in fiscal 2024.
- Acquired AI-security provider CalypsoAI for $145.2 million in September 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
F5 sells to governments and is subject to export and import controls.
Government as customer
Government customers
A portion of revenue comes from U.S. and foreign government entities.
Supports and constrainsTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Trade & export rules
Export controls, sanctions and tariffs
Subject to export and import controls that could create liability or impair competitiveness.
Constrains the businessTouches: CustomersSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Services
1,579.4 (51%)Software
803.1 (26%)Systems
705.6 (23%)
Source: Form 10-K (FY2025, year ended 2025-09-30) — Note 15, Segment Information F5 has one reportable segment; shown by revenue type. Total net revenues $3,088.1M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 53% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
1,631.2 (53%)Other Americas
92.9 (3%)EMEA
827.2 (27%)APAC
536.8 (17%)
Source: Form 10-K (FY2025, year ended 2025-09-30) — Note 15, Segment Information Total $3,088.1M.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
CalypsoAI
Acquired September 26, 2025 for $145.2 million in cash to add enterprise AI security.
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Enterprises, service providers and government customers, reached mainly through distributors.
Named by the company
End customers are not named; Customers A and B are unnamed distributors.
What the filings disclose
Suppliers
Contract manufacturers and component suppliers.
Named by the company
No supplier is named.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
F5 names competitors by product line in its 10-K.
Competitors named in the 10-K
Application security
- Akamai Technologiessite ↗
- Cisco Systemssite ↗
- Cloudflaresite ↗
- Fortinetsite ↗
- Juniper Networkssite ↗
- Palo Alto Networkssite ↗
- Radwaresite ↗
- Thales (Imperva)site ↗
Distributed Cloud Services
- Akamai Technologiessite ↗
- Cloudflaresite ↗
- Fastlysite ↗
- Broadcomsite ↗
- Cisco Systemssite ↗
- Aviatrixsite ↗
Peer group the company chose
Fiscal 2025 compensation peer group (21 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Chosen with Compensia for financial comparability and industry focus.
- Akamai Technologiessite ↗
- Check Point Software Technologiessite ↗
- Cienasite ↗
- Cloudflaresite ↗
- Datadogsite ↗
- DocuSignsite ↗
- Dropboxsite ↗
- Dynatracesite ↗
- Fortinetsite ↗
- Gen Digitalsite ↗
- Informaticasite ↗
- NetAppsite ↗
- Nutanixsite ↗
- Oktasite ↗
- Everpure (formerly Pure Storage)site ↗
- Teradatasite ↗
- Trimblesite ↗
- Twiliosite ↗
- Unity Softwaresite ↗
- VeriSignsite ↗
- Zscalersite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-25
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-25
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-25
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-25
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 2,351 | 2,603 | 2,696 | 2,813 | 2,816 | 3,088 |
| Operating income | 392 | 394 | 404 | 473 | 659 | 766 |
| Pretax income | 396 | 387 | 385 | 486 | 695 | 808 |
| Net income (attributable) | 307 | 331 | 322 | 395 | 567 | 692 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 10.7% | 3.6% | 4.4% | 0.1% | 9.7% |
| Operating margincalcoperating income ÷ revenue × 100 | 16.7% | 15.1% | 15.0% | 16.8% | 23.4% | 24.8% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 13.1% | 12.7% | 12.0% | 14.0% | 20.1% | 22.4% |
| Balance sheet ($M) | ||||||
| Total assets | 4,678 | 4,997 | 5,276 | 5,248 | 5,613 | 6,319 |
| Total equity | 2,232 | 2,360 | 2,469 | 2,800 | 3,129 | 3,592 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 388 | 369 | 350 | 0 | 0 | 0 |
| Equity ratio | 47.7% | 47.2% | 46.8% | 53.4% | 55.8% | 56.8% |
| ROE | 13.8% | 14.4% | 13.3% | 15.0% | 19.1% | 20.6% |
| Cash flow ($M) | ||||||
| Operating CF | 661 | 645 | 443 | 653 | 792 | 950 |
| Investing CF | -747 | -445 | 218 | 36 | -59 | -219 |
| Financing CF | 337 | -468 | -477 | -653 | -457 | -465 |
| Free cash flowcalccash flow from operations − capital expenditures | 601 | 615 | 409 | 599 | 762 | 906 |
| Cash and equivalents | 850 | 581 | 758 | 797 | 1,075 | 1,344 |
| Per share & other | ||||||
| EPS ($) | 5.01 | 5.34 | 5.27 | 6.55 | 9.55 | 11.80 |
| BVPS ($) | 36.54 | 38.91 | 41.25 | 47.30 | 53.87 | 62.27 |
| P/E (x) | 24.5 | 37.2 | 27.5 | 24.6 | 23.1 | 27.4 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 14.4 | 23.2 | 15.9 | 14.9 | 15.3 | 20.2 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 3.36 | 5.11 | 3.51 | 3.41 | 4.09 | 5.19 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-06-30 | $865M+10.9% | $213M+8.6% | $208M+9.6% | $3.62 |
| 2026-03-31 | $812M+11.0% | $179M+12.7% | $148M+1.5% | $2.58 |
| 2025-12-31 | $822M+7.3% | $214M+4.4% | $180M+8.2% | $3.10 |
| 2025-09-30 † | $810M+8.5% | $206M+7.7% | $190M+15.2% | — |
| 2025-06-30 | $780M | $196M | $190M | $3.25 |
| 2025-03-31 | $731M | $159M | $146M | $2.48 |
| 2024-12-31 | $766M | $205M | $166M | $2.82 |
| 2024-09-30 † | $747M | $191M | $165M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
18.9%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$766M × (1 − 17%) ÷ $3,361M × 100 = 18.9%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
9.63%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $18.64B ÷ ($18.64B + $0) = 100.0%
e.g.Debt weight: $0 ÷ ($18.64B + $0) = 0.0%
e.g.WACC: 9.6% × 100.0% + 5.0% × (1 − 17%) × 0.0% = 9.63%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.9%–11.8% and ROIC − WACC runs +7.1 to +11.0 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 9.63% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.85 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 9.63%
- Cost of debt
- 4.95% (no debt on record, using the risk-free rate)
- Tax rate
- 17% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 100% : 0%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 9.63%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.85 (price-derived adjusted beta. Raw β 0.77, R² 0.15, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.770 + 0.33 = 0.846
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.85 × 5.5% = 9.6%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
4.6%
Perpetual FCF growth: g = r − FCF ÷ EV = 9.6% − 5.0%
Past FCF growth (FY2020–FY2025)
+8.6%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+5.6%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $906M (operating CF − capex); enterprise value $18.03B = market cap $19.38B (latest close, 2026-11-04) + debt $0 − cash and short-term investments $1.34B; r = WACC of 9.6% using this page’s default assumptions (β 0.85, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$18.13B
FCF $906M ÷ (9.6% − 4.6%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 7.6% | 8.6% | 9.6% | 10.6% | 11.6% |
|---|---|---|---|---|---|
| 0% | 0.66x | 0.58x | 0.52x | 0.47x | 0.43x |
| 2% | 0.90x | 0.76x | 0.66x | 0.58x | 0.52x |
| 4% | 1.40x | 1.09x | 0.90x | 0.76x | 0.66x |
| 6% | 3.14x | 1.93x | 1.40x | 1.09x | 0.90x |
| 8% | — | 8.38x | 3.14x | 1.93x | 1.40x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.65x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.3%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 95%
Most profit comes from core operations.
- ✓
Days sales outstanding: 46 → 47 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-25
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-25
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$950M ÷ $692M = 1.37x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$766M ÷ $808M × 100 = 95%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($389M + $414M) ÷ 2 ÷ $3,088M × 365 = 47 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($76M + $77M) ÷ 2 ÷ $574M × 365 = 49 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 96.6%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 3.4%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 101 of 416
- Beta (adjusted)
- 0.85
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 24% of covered companies have more
above 1 = swings more than the market
- 54.7M shares reported by 830 13F filers ÷ 56.6M shares outstanding on 2026-08-03. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-01-26 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-08-03)
20
Strengths & weaknessesSite analysis
Strengths
1. Debt-free balance sheet
The $350 million revolving facility expired on January 31, 2025 with no borrowings; cash rose to $1,344M at Sep 30, 2025.
Evidence: Form 10-K (FY2025, year ended 2025-09-30)
2. Rising profitability
Operating income rose from $392M (fiscal 2020) to $766M (fiscal 2025).
Evidence: SEC EDGAR XBRL
3. Recurring services and subscriptions
Services revenue of $1,579M and remaining performance obligations of $2.0 billion.
Evidence: Form 10-K (FY2025, year ended 2025-09-30)
Weaknesses
1. Distributor concentration
Customer A (15.8%) and Customer B (17.5%) distributors accounted for a third of fiscal 2025 revenue.
Evidence: Form 10-K (FY2025, year ended 2025-09-30)
2. Security incident
A nation-state actor exfiltrated portions of BIG-IP source code and information on undisclosed vulnerabilities.
Evidence: Form 8-K (2025-10-15) — Item 1.05 material cybersecurity incident
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
27.4x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
4.9%
(Operating CF − capex) ÷ market cap
1. Net cash and buybacks
No debt and $1.3B of cash; $922.4M of repurchase authorization remained at Sep 30, 2025.
- What has to hold
- Cash flow stays strong.
- The other side
- Security-incident costs and litigation.
Evidence: Form 10-K (FY2025, year ended 2025-09-30)
2. EPS growth
Diluted EPS rose from $5.01 (fiscal 2020) to $11.80 (fiscal 2025).
- What has to hold
- Margins hold as software grows.
- The other side
- Systems demand is cyclical.
Evidence: SEC EDGAR XBRL
Fiscal years end September 30. Interest-bearing debt is zero from fiscal 2023 (term loan repaid; revolver expired January 2025 undrawn).
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$1.34B vs. —
Interest coverage (operating income ÷ interest expense)
Not disclosed
Interest expense isn’t reported as a separate line.
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Services base
Maintenance and support services provided $1,579M of fiscal 2025 revenue, more than half of the total.
Source: Form 10-K (FY2025, year ended 2025-09-30)
No debt
No borrowings; cash $1,344M at Sep 30, 2025.
Source: Form 10-K (FY2025, year ended 2025-09-30)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
F5 faces a securities class action and derivative suits tied to its October 2025 Cyber Incident disclosure, government inquiries about the incident, and a long-running copyright suit over NGINX.
4 open matters (1 flagged as major)
Smith v. F5, Inc. (securities class action)
PendingClass actionMajorLead Plaintiffs Stichting Bedrijfspensioenfonds voor het Bakkersbedrijf et al. v. F5 and executives (W.D. Wash.)
Alleges false or misleading statements about F5’s cybersecurity capabilities for purchasers from October 28, 2024 to October 27, 2025; seeks damages.
- Next step
- Motion to dismiss the amended complaint filed July 22, 2026.
Source: Form 10-Q (quarter ended 2026-06-30) — Note 8, Commitments and Contingencies
In re F5 Inc. Derivative Litigation
PendingLawsuitStockholders on behalf of F5 v. certain officers and directors (W.D. Wash.)
Two derivative suits filed February 2026 allege breaches of fiduciary duty and securities law violations by officers and directors; consolidated March 11, 2026.
- Next step
- Stayed until motions to dismiss in the class action are resolved.
Source: Form 10-Q (quarter ended 2026-06-30) — Note 8, Commitments and Contingencies
Cyber Incident inquiries and claims
PendingGovernment investigationGovernmental authorities; F5
F5 received a small number of inquiries from governmental authorities about the Cyber Incident and is cooperating; customers and third parties may assert claims.
Source: Form 10-Q (quarter ended 2026-06-30) — Note 8, Commitments and Contingencies
Lynwood Investment CY Limited v. F5 (NGINX copyright)
PendingLawsuitLynwood Investment CY Limited v. F5 and others (N.D. Cal.)
Lynwood alleges ownership claims over NGINX; the Ninth Circuit affirmed dismissal of state law claims and remanded part of the copyright claim focused on NGINX Plus.
- Next step
- First phase of discovery on whether NGINX Plus code was written by Rambler employees before end-2011.
Source: Form 10-Q (quarter ended 2026-06-30) — Note 8, Commitments and Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-24. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Information security
Cyber Incident follow-on effects
- Company disclosure (summarized from the 10-K)
- The Cyber Incident may lead to customer and third-party claims, government inquiries and higher costs; F5 incurred $26.5M of response costs in the nine months to June 2026.
- Company’s stated mitigation
- Software updates to address BIG-IP vulnerabilities; insurance recoveries of $5.3M.
- This site’s assessment
- Impact High / Likelihood Med
- 2Competition & technology shift
Shift to cloud delivery
- Company disclosure (summarized from the 10-K)
- Competitors including public cloud providers and edge vendors are deploying cloud-based services as pricing and delivery models evolve.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 3Customer/supplier concentration
Distributor dependence
- Company disclosure (summarized from the 10-K)
- Two distributors each supply over 15% of revenue.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Supply chain
Outsourced manufacturing
- Company disclosure (summarized from the 10-K)
- Systems are built by contract manufacturers; F5 has purchase commitments with a component supplier.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Law & regulation
Securities and IP litigation
- Company disclosure (summarized from the 10-K)
- A securities class action over cybersecurity statements and Lynwood’s copyright claim over NGINX Plus are pending.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (5)
The Cyber Incident has had and may continue to have an adverse effect on our business, reputation, customer, employee and partner relations, results of operations, financial condition and cash flows
The Cyber Incident may harm our reputation, our customers, employee and partner relations and our operations and business. Read more
Customers may in the future defer purchasing or choose to cancel or not renew their agreements or subscriptions with us.
We may expend significant costs and expenses related to the Cyber Incident including in connection with our investigations, and to address the damage to our reputation, customer, employee and partner relations. Read more
If we are unable to maintain the trust of our current and prospective customers and partners, or our personnel continue to have to devote significant time to the Cyber Incident, our business, market share, results of operations and financial condition could be negatively affected.
As a result of the Cyber Incident and market forces beyond our control, the cost of our insurance may increase substantially, and we may not be able to obtain additional or comparable insurance coverage on commercially reasonable terms. Read more
In addition, governmental authorities investigating the Cyber Incident may seek to impose undertakings, injunctive relief, consent decrees, or other civil or criminal penalties, which could, among other things, materially increase our software development and related expenses or otherwise require us to alter how we operate our business. Further, any legislative or regulatory changes adopted in reaction to the Cyber Incident could require us to make modifications to the operation of our business that could have an adverse effect or increase or accelerate our compliance costs.
We have not seen any evidence of modification to our software supply chain, including our source code and our build release pipelines. Read more
We have confirmed that the threat actor exfiltrated files from our BIG-IP product development environment and engineering knowledge management platform. The discovery of new or different information regarding the Cyber Incident, including with respect to its scope and impact on our systems, products or customers, could increase our costs and liabilities related to the Cyber Incident and result in further damage to our business, reputation, intellectual property, results of operations and financial condition. The Cyber Incident also may embolden other threat actors to further target our systems, which could result in additional harm to our business. We cannot ensure that our steps to secure our systems, our product development environments and protect the…
No longer in the text (2)
Our products must successfully operate with products from other vendors. Read more
As a result, when problems occur in a network, it may be difficult to identify the source of the problem. The occurrence of software or hardware problems, whether caused by our products or another vendor’s products, may result in the delay or loss of market acceptance of our products. The occurrence of any of these problems may harm our business and results of operations.
In addition, the impact of Brexit on EU-UK political, trade, economic and diplomatic relations continues to be uncertain and such impact may not be fully realized for several years or more. Read more
Continued uncertainty and friction may result in regulatory, operational, and cost challenges to our UK and global operations.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Nov 25, 2025 ↗ with the 10-K filed Nov 18, 2024 ↗.
26
What to watch going forwardSite analysis
- Ruling on the July 22, 2026 motion to dismiss the securities class action (Smith v. F5).
- Remaining costs and any customer claims or government action from the Cyber Incident.
- Systems refresh demand and software subscription growth.
- Integration of CalypsoAI AI-security technology.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 24, 2026 · Financial data fetched: October 24, 2026 09:45 (SEC EDGAR) · Source 10-K filed: November 25, 2025
Built on10-K FY2025 · filed 2025-11-25Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent F5, Inc.’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.