F5, Inc. FFIV

Information TechnologySoftware & IT ServicesUnited States of America

Last close 338.34 USD on Nov 1, 2026, +32.5% year to date

Quant rating

Quant rating C Rank 158 of 389 in Information Technology

Growth C 248 of 389
Valuation B 94 of 389
Quality A 47 of 389
Revisions C 246 of 389
Momentum C 225 of 389

Wall Street consensus Hold (2.79)Average target 434.43 USD +28.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 19.2B
Enterprise value: 17.6B
52-week range: 223.77 – 483.30
3-year range: 151.92 – 483.30
Dividend yield: –
Beta (5 years): 1.07
Shares outstanding: 56.8M
Next earnings: Jan 27, 2027

About the company

F5, Inc. is a provider of multi-cloud application security and delivery solutions. The Company enables its customers to deploy, operate, secure, optimize, and govern every application and application programming interface (API) across any architecture, on-premises, in the cloud, at the edge. Its enterprise-grade application services are available as hardware, software, and software-as-a-service solutions optimized for hybrid, multi-cloud environments, with modules that can run independently, or as part of an integrated solution on its appliances. Through its F5 BIG-IP, F5 NGINX, and F5 Distributed Cloud Services product families, which deliver a range of integrated, application and delivery services leveraging artificial intelligence (AI) and machine learning capabilities that support application performance and protect legacy, modern, and AI-powered applications and APIs across the data center, public clouds, and edge locations.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	3,088	2,816	2,813	2,696	2,603	–
Revenue growth	9.7%	0.1%	4.4%	3.6%	10.7%	5.6%
EPS (basic, normalized)	15.81	13.37	11.70	10.19	10.81	–
EPS growth	18.2%	14.3%	14.8%	−5.7%	–	–
Gross margin	81.4%	80.2%	78.9%	80.0%	81.3%	80.4%
Net margin	22.4%	20.1%	14.0%	12.0%	12.7%	16.3%
ROE	20.6%	19.1%	15.0%	13.3%	14.4%	16.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,591
Current ratio	1.73x
Long-term debt (mil)	0
Net debt (mil)	−1,591
Total equity (mil)	4,005
Net debt / equity	−0.40x
Net debt / EBITDA	−1.23x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	3,088	+9.7%	5.7x	1,297	+12.8%	13.6x	17.49	+10.6%	19.3x
2027	3,706	+20.0%	4.8x	1,368	+5.5%	12.9x	18.22	+4.2%	18.6x
2028	3,960	+6.9%	4.5x	1,501	+9.8%	11.7x	19.91	+9.3%	17.0x
2029	4,215	+6.4%	4.2x	1,536	+2.3%	11.5x	21.53	+8.1%	15.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	3,706	+1.7%	+1.7%	+6.3%	18.22	+0.8%	+0.8%	+4.7%
2028	3,960	+0.9%	+0.9%	+9.9%	19.91	−1.9%	−1.9%	+7.2%
2029	4,215	−1.2%	+1.2%	−0.2%	21.53	−6.8%	−3.7%	−6.0%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	681	695	747	766	731	780	810	822	812	865
Sales mean (mil)	685	686	731	715	719	758	793	758	784	833
Surprise	−0.6%	+1.4%	+2.2%	+7.1%	+1.7%	+3.0%	+2.1%	+8.5%	+3.6%	+3.9%
EPS reported	2.91	3.36	3.67	3.84	3.42	4.16	4.39	4.45	3.90	4.73
EPS mean	2.87	2.97	3.45	3.36	3.10	3.50	3.97	3.65	3.46	4.00
Surprise	+1.6%	+13.1%	+6.4%	+14.3%	+10.2%	+18.8%	+10.6%	+21.9%	+12.8%	+18.3%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FFIV F5, Inc.	19.2B	−1.23x	22.4%	4.80x	18.6x	17.0x	12.9x	11.7x
RNG RingCentral, Inc.	6.9B	1.70x	1.7%	36.76x	16.0x	14.7x	10.8x	10.2x
Mean		0.24x	12.1%	20.78x	17.3x	15.8x	11.8x	11.0x
Median		0.24x	12.1%	20.78x	17.3x	15.8x	11.8x	11.0x

Technical analysis

1M−22.3%
3M−16.1%
1Y+26.4%
3Y+125.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, F5, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	3,088	2,816	2,813	2,696	2,603	2,351
Cost of revenue	574	558	593	540	487	408
Gross profit	2,514	2,258	2,220	2,156	2,117	1,943
Selling, general & administrative expenses	1,183	1,101	1,142	1,195	1,173	1,077
Research & development	540	490	540	543	500	441
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	25.5	8.7	65.4	14.1	50.2	32.8
Other operating expenses	0	0	0	0	0	0
Operating income	766	659	473	404	394	392
Net interest income (expense)	40.8	–	–	–	−7.1	4.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.6	36.9	13.4	−18.4	0	0
Net income before taxes	808	695	486	385	387	396
Provision for taxes	116	129	91.0	63.2	55.7	89.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	692	567	395	322	331	307
Extraordinary items	–	–	–	–	–	–
Net income	692	567	395	322	331	307
EBIT, normalized	791	667	538	418	444	425
EBITDA, normalized	884	774	651	533	560	521
Basic EPS, normalized	15.81	13.37	11.70	10.19	10.81	–

Balance sheet in millions of USD, fiscal years

Balance sheet, F5, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	1,344	1,075	803	885	911	1,210
Receivables	913	790	829	790	556	434
Total inventory	77.2	76.4	35.9	68.4	22.1	27.9
Prepaid expenses	86.3	93.5	84.5	57.3	59.6	47.2
Other current assets	98.1	74.9	96.1	112	62.9	74.2
Total current assets	2,519	2,109	1,849	1,912	1,611	1,793
Property, plant & equipment	343	329	366	396	436	530
Goodwill	2,444	2,312	2,289	2,259	2,217	1,859
Intangibles	96.3	112	151	200	237	226
Long-term investments	15.7	8.6	5.1	9.5	133	103
Note receivable	340	278	203	225	159	62.4
Other long-term assets	562	464	386	274	205	104
Total assets	6,319	5,613	5,248	5,276	4,997	4,678
Liabilities
Accounts payable	84.0	67.9	63.3	113	62.1	64.5
Payable/accrued	–	–	–	–	–	–
Accrued expenses	271	255	248	269	297	288
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	0	350	19.3	19.3
Other current liabilities	1,257	1,167	1,161	1,108	1,013	916
Total current liabilities	1,613	1,490	1,473	1,840	1,392	1,288
Long-term debt	0	0	0	0	350	369
Minority interest	–	–	–	–	–	–
Other liabilities	1,115	994	975	967	896	788
Total liabilities	2,727	2,484	2,448	2,807	2,637	2,446
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	42.0	5.9	24.4	91.0	192	305
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	3,568	3,144	2,799	2,404	2,188	1,946
Treasury stock	–	–	–	–	–	–
Other equity	−18.3	−20.9	−23.2	−26.2	−20.1	−18.7
Total equity	3,592	3,129	2,800	2,469	2,360	2,232
Total liabilities & shareholders' equity	6,319	5,613	5,248	5,276	4,997	4,678

Cash flow statement in millions of USD, fiscal years

Cash flow statement, F5, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	692	567	395	322	331	307
Depreciation, depletion & amortization	92.4	107	113	116	115	95.9
Deferred taxes	−72.2	−68.5	−109	−40.2	−76.9	7.3
Non-cash items	269	251	280	295	323	253
Changes in working capital	−31.5	−64.0	−25.7	−250	−47.6	−2.6
Cash from operations	950	792	653	443	645	661
Investing activities
Capital expenditures	−43.3	−30.4	−54.2	−33.6	−30.7	−59.9
Other investing cash flows	−176	−28.8	90.6	252	−415	−687
Cash from investing	−219	−59.2	36.4	218	−445	−747
Financing activities
Financing cash flow items	−21.9	−11.5	−13.2	−21.0	−14.0	−5.6
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−443	−445	−640	−455	−454	343
Cash from financing	−465	−457	−653	−477	−468	337
Foreign exchange effects	2.7	1.3	2.1	−6.4	−0.1	−0.6
Net change in cash	268	278	38.6	178	−268	251
Free cash flow	906	762	599	409	615	601

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.