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A10 Networks, Inc.

Rank #186Op. Leverage

ATEN · NYSE · Technology

A10 Networks, Inc. (ATEN) — Rank #186 by gross profitability (GP/assets 0.34) · ROE 17.7% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001580808 · all metrics point-in-time as of the filing date.

About

A10 Networks, Inc. provides secure application and network infrastructure solutions in the United States, the rest of Americas, Japan, rest of the Asia Pacific, Europe, the Middle East, and Africa.

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The company offers security products, such as ThreatX, a web application protection platform; A10 Defend DDoS Detector, a network-wide anomaly detection product; A10 Defend DDoS Orchestrator, a defense, orchestration, and management product; A10 Defend DDoS Mitigator, a mitigation product with automation; A10 Defend Threat Control, an attack SaaS platform; and Defend Next-Gen WAF, an integrated application delivery and web application firewall. It also provides infrastructure products, including A10 Thunder ADC, an application delivery controller and load balancer; A10 Thunder CFW, a consolidated network security platform with stateful firewall, IPsec VPN, CGN, ADC, SSLi, and secure web gateway; A10 Thunder CGN, a NAT, IPv4 preservation and IPv6 migration product; and SSL insight in Thunder CFW, a TLS and SSL decryption for real-time visibility into encryption traffic under the SSLi brand. In addition, the company provides centralized management and analytics comprising A10 Control, a centralized, management, control, and analytics platform for agile operations and automation. It serves telecommunications, technology, financial services, public sector, industrial, retail, gaming, and education industries through distribution channels, distributors, value added resellers, and system integrators.

The company was incorporated in 2004 and is headquartered in San Jose, California.

Industry
Software - Infrastructure
Sector
Technology
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

ATEN+92.2% · +14.0% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$1.91B

P/E (annual)

46.3

P/S (annual)

6.6

P/B

8.0

P/OCF (annual)

22.6

Shareholder Yield

-7.5%

Employees

494

Industry

Software - Infrastructure

Exchange

NYSE

Signal Flags

3 green2 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.34
Return on equity
17.7%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.85
Current ratio
1.29×
Net cash
$357.35M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
6.9%

Growth

1/2 pass
Revenue growth
27.8%
Piotroski F-Score
N/A
Share dilution
8.4%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

13.2%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 8.4% — per-share value needs a total required return of 21.6% once share-count change is priced in.

vs. own 6-year median revenue growth: 21.1%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

8.6%

r = 10% (base)

13.2%

r = 12%

17.2%

Net debt / market cap: -18.4%

Base FCF: $64.8M3Y mean FCF: $7.5M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / S

Price / revenue per share

2.0xFair
0.3xmed 2.0x2.8x

P / B

Price / book value per share

4.0xCheap
2.1xmed 5.0x7.5x

P / GP

Price / gross profit per share

2.6xFair
0.4xmed 2.7x3.7x

Operating margin expansion and free cash flow are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.34

Primary signal (Novy-Marx).

3rd of 5 SIC 3576 peers

Return on equity

17.7%

Gross margin

79.3%

2nd of 5 SIC 3576 peers

Revenue growth (YoY)

27.8%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2014201520162017
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

—

Revenue CAGR (5Y)

—

Earnings CAGR (3Y)

-3.5%

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.85

5th of 5 SIC 3576 peers (best = lowest)

Current ratio

1.29×

4th of 5 SIC 3576 peers

Quick ratio

1.15×

Net cash

$357.35M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$64.77M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.54

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

6.9%

Stock-based comp intensity.

Dividend safety

Composite score

2.5 / 5

Fair
Payout ratio
41.2%4/5 Strong
FCF coverage
3.73×5/5 Strong
Dividend growth streak
0 yr0/5 Weak
Balance-sheet health
D/E 1.85 · IC N/A1/5 Weak

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20122017
Hypergrowth
Startup
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