A10 Networks, Inc. is a US-listed company in the communications equipment industry. Its financial year ends in December.
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~$20
Cash-flow model
Base case. Range ~$16–$26 across our lower- and higher-growth cases (3.3%–13.3% a year).
Modestly overvalued
The price is inside our value range, 18% above our base value.
Price used: $23.52, November 2, 2026
A10 Networks, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $310m, up 12.2% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to 19.6% from 25.6% a year earlier. It passes 4 of our 6 financial-health checks. Our cash-flow model value is $18.43 a share, against a share price of $25.71.
Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
A10 Networks, Inc.'s trailing-twelve-month revenue grew 12.2% year on year, with a free-cash-flow margin of 19.6%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 23 communications equipment companies we cover. Where it lags: stock pay as % of revenue of 7.5% ranks 32 of 37 communications equipment companies we cover.
Our discounted-cash-flow model values the business at ~$20 per share in the base case (~$16–$26 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Revenue growth accelerating: TTM revenue growth rose to 12.2% (+0.1pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
The company also guided to eps outlook (fy yoy growth) of 14.00 to 16.00 for the FY 2026.
The share price implies about 12.5% a year of cash-flow growth for five years.That is faster than the 4.4% a year revenue growth A10 Networks has delivered.
Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($23.94, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies
Our value per share comes from a discounted-cash-flow model of A10 Networks, Inc.'s free cash flow after stock-based pay ( $52.9M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
We value A10 Networks, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.05 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | ~$20 ~$16–$26 | Primary model, counts double |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$18 ~$15–$26 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$19 ~$14–$26 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$14 ~$12–$16 | Included |
| Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$18 ~$14–$20 | 4 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare A10 Networks, Inc. with Communications Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| Discount rate ↓ / growth → | −5% growth | 0% growth | 5% growth | 10% growth | 15% growth | 20% growth |
|---|---|---|---|---|---|---|
| 7% | $12 | $16 | $21 | $28 | $36 | $47 |
| 8.5% | $10 | $13 | $16 | $21 | $27 | $35 |
| 10% | $8 | $11 | $13 | $17 | $22 | $28 |
| At fiscal year end | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Now |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share price | $6.11 | $7.74 | $7.19 | $5.81 | $6.40 | $9.18 | $15.49 | $15.75 | $12.69 | $18.03 | $17.56 | $23.52 |
| Market value | $381m | $508m | $504m | $424m | $487m | $735m | $1.2bn | $1.2bn | $959m | $1.4bn | $1.3bn | $1.7bn |
| + Net debt (− = net cash) | −$98m | −$29m | −$47m | −$41m | −$46m | −$83m | −$79m | −$68m | −$97m | −$95m | $148m | $165m |
| Enterprise value | $283m | $479m | $457m | $383m | $441m | $651m | $1.2bn | $1.2bn | $861m | $1.3bn | $1.4bn | $1.9bn |
| Multiples | ||||||||||||
| Price / sales | 1.9x | 2.2x | 2.1x | 1.8x | 2.3x | 3.3x | 5.0x | 4.4x | 3.8x | 5.2x | 4.4x | 5.6x |
| Price / earnings | — | — | — | — | — | 41.2x | 13.1x | 26.1x | 24.0x | 27.1x | 30.7x | 40.3x |
| Price / free cash flow | — | 36.6x | 58.7x | — | — | 14.2x | 27.6x | 22.1x | 28.5x | 17.4x | 20.0x | 28.4x |
| EV / EBITDA | — | — | — | — | — | 22.4x | 27.4x | 19.1x | 17.9x | 22.8x | 23.2x | 29.8x |
Moderate moat
How hard A10 Networks's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Cash operating profit has been a median 25.8% of total assets over 10 years.
Gross margin has been a median 78.5%, moving by 1.4 percentage points (standard deviation) across 10 years.
Operating margin has been a median 12.5%; its worst year was -10.8%.
Free cash flow was positive in 8 of 10 years, at a median 17.9% of revenue.
The diluted share count fell 8.2% over five years; stock-based pay has been a median 6.5% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (74 before it).
Next results: November 5, 2026, after the close. Analysts expect revenue of $84m and EPS of $0.27 (range $0.26 to $0.29) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $1.04 | +16% | $329m | +13% |
| Next | $1.19 | +14% | $367m | +12% |
Next year's EPS estimate has moved +0.5% in 90 days, across 6 analysts.
The consensus EPS forecast for the current fiscal year is +0.6% on 90 days ago. In the last 30 days, 3 analysts raised A10 Networks, Inc.'s forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $1.04 | $1.18 |
| 60 days ago | $1.04 | $1.19 |
| 30 days ago | $1.04 | $1.19 |
| 7 days ago | $1.04 | $1.19 |
| Now | $1.04 | $1.19 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.24 | $0.25 | +4.2% |
| Mar 2026 | $0.23 | $0.24 | +4.2% |
| Dec 2025 | $0.24 | $0.26 | +9.4% |
| Sept 2025 | $0.21 | $0.23 | +8.2% |
Adjusted EPS as companies report it, against the average analyst estimate.
Our cash-flow model grows A10 Networks, Inc.'s revenue by +11.1% next year and +9.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+12.3%, weight 52%) , management guidance (+12.0%, weight 21%) and the company's own record (+8.3%, weight 28%) . How the weights are set.
Last 12 months +33.3%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $276m | $310m | +12.2% |
| Net margin | 18.5% | 13.9% | −24.9% |
| P/E multiple | 25.8x | 40.3x | +56.2% |
| Share count | 75m | 74m | +1.3% |
Biggest factor: p/e multiple.
Last 3 years +124.4%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $273m | $310m | +13.5% |
| Net margin | 16.7% | 13.9% | −17.2% |
| P/E multiple | 17.4x | 40.3x | +131.3% |
| Share count | 76m | 74m | +3.3% |
Biggest factor: p/e multiple.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| ATEN | +69% | +2% | −19% | +42% | −3% | +34% |
| Industry peers (median) | +17% | −18% | −12% | +23% | +3% | −6% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| ATEN | 67% | 42% | 50% | 75% | 58% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| ATEN | −26% | −24% | −36% | −25% | −31% | −38% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 67% from October 3, 2016 to March 18, 2020. Getting back needed a 206% gain, reached on February 4, 2021, 323 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 5, 2026 | −10.1% | −0.4% | −10.5% | −19.3% |
| April 28, 2026 | −3.8% | −0.5% | −2.0% | +5.8% |
| February 4, 2026 | +11.9% | −1.7% | +21.2% | +18.9% |
| November 4, 2025 | +0.9% | −0.8% | −4.3% | −1.8% |
| August 5, 2025 | +3.0% | +0.3% | −1.9% | −1.6% |
| May 1, 2025 | −0.5% | +2.2% | +2.6% | +7.0% |
| February 4, 2025 | +5.7% | +1.1% | +4.6% | +0.2% |
| November 7, 2024 | +6.3% | +1.2% | +8.7% | +21.2% |
| July 30, 2024 | −7.1% | +1.1% | −12.3% | −3.9% |
| April 30, 2024 | +14.7% | −1.9% | +15.7% | +13.1% |
| February 6, 2024 | +0.2% | +1.1% | −0.5% | +4.5% |
| November 7, 2023 | +6.6% | +0.4% | +14.2% | +14.9% |
How A10 Networks, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
Not offered: fundamentals grade B (needs B+ or better).
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.
For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.
Not offered: no liquid put and call pair for the same expiry.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $258.9M |
| FY23 Q4 | $251.7M |
| FY24 Q1 | $254.7M |
| FY24 Q2 | $249M |
| FY24 Q3 | $257.9M |
| FY24 Q4 | $261.7M |
| FY25 Q1 | $267.2M |
| FY25 Q2 | $276.4M |
| FY25 Q3 | $284.4M |
| FY25 Q4 | $290.6M |
| FY26 Q1 | $299.4M |
| FY26 Q2 | $310.2M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -5.3% |
| FY23 Q4 | -10.2% |
| FY24 Q1 | -7.5% |
| FY24 Q2 | -8.9% |
| FY24 Q3 | -0.4% |
| FY24 Q4 | 4.0% |
| FY25 Q1 | 4.9% |
| FY25 Q2 | 11.0% |
| FY25 Q3 | 10.3% |
| FY25 Q4 | 11.0% |
| FY26 Q1 | 12.1% |
| FY26 Q2 | 12.2% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | 14.3% |
| FY23 Q4 | 15.4% |
| FY24 Q1 | 15.6% |
| FY24 Q2 | 14.2% |
| FY24 Q3 | 16.9% |
| FY24 Q4 | 16.8% |
| FY25 Q1 | 17.0% |
| FY25 Q2 | 17.3% |
| FY25 Q3 | 17.7% |
| FY25 Q4 | 16.2% |
| FY26 Q1 | 17.2% |
| FY26 Q2 | 16.1% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 22.7% |
| FY23 Q4 | 13.4% |
| FY24 Q1 | 26.2% |
| FY24 Q2 | 23.4% |
| FY24 Q3 | 21.1% |
| FY24 Q4 | 29.9% |
| FY25 Q1 | 23.0% |
| FY25 Q2 | 25.6% |
| FY25 Q3 | 25.3% |
| FY25 Q4 | 22.3% |
| FY26 Q1 | 17.2% |
| FY26 Q2 | 19.6% |
Each dollar A10 Networks took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.
| Revenue | $291M | |
|---|---|---|
| Other income | $5.3M | 1.8% of revenue |
| Cost of revenue | $60M | 20.7% of revenue |
| Gross profit | $231M | 79.3% of revenue |
| Research and development | $69.1M | 23.8% of revenue |
| Selling, general and admin | $114M | 39.3% of revenue |
| Operating income | $47.1M | 16.2% of revenue |
| Income tax | $10.3M | 3.5% of revenue |
| Net income | $42.1M | 14.5% of revenue |
| Fiscal year | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||
| Revenue | 120 | 142 | 180 | 196 | 227 | 235 | 232 | 213 | 226 | 250 | 280 | 252 | 262 | 291 | 310 |
| Gross profit | 96 | 108 | 137 | 148 | 173 | 182 | 180 | 164 | 175 | 197 | 224 | 204 | 210 | 231 | 246 |
| EBITDA | −82 | −16 | −20 | −32 | −12 | −2 | −20 | −7 | 29 | 42 | 60 | 48 | 55 | 62 | 64 |
| Operating income | −87 | −23 | −30 | −40 | −21 | −10 | −28 | −17 | 18 | 33 | 53 | 39 | 44 | 47 | 50 |
| Net income | −90 | −27 | −35 | −42 | −22 | −11 | −28 | −18 | 18 | 95 | 47 | 40 | 50 | 42 | 43 |
| Diluted EPS | −$2.16 | −$0.63 | −$0.74 | −$0.67 | −$0.34 | −$0.15 | −$0.38 | −$0.23 | $0.22 | $1.19 | $0.60 | $0.53 | $0.67 | $0.57 | $0.58 |
| Growth (year on year) | |||||||||||||||
| Revenue | — | +18.1% | +26.6% | +9.3% | +15.8% | +3.6% | −1.4% | −8.4% | +6.1% | +10.9% | +12.1% | −10.2% | +4.0% | +11.0% | +12.2% |
| EBITDA | — | — | — | — | — | — | — | — | — | +45.7% | +42.9% | −20.6% | +15.1% | +12.2% | +9.2% |
| Operating income | — | — | — | — | — | — | — | — | — | +88.3% | +59.0% | −27.2% | +13.8% | +7.2% | +4.5% |
| Net income | — | — | — | — | — | — | — | — | — | +432.6% | −50.6% | −14.8% | +25.4% | −16.0% | −15.8% |
| Diluted EPS | — | — | — | — | — | — | — | — | — | +440.9% | −49.6% | −11.7% | +26.4% | −14.9% | −14.7% |
| Margins | |||||||||||||||
| Gross margin | 79.6% | 76.4% | 76.1% | 75.3% | 76.1% | 77.4% | 77.7% | 77.0% | 77.8% | 78.6% | 79.7% | 80.9% | 80.4% | 79.3% | 79.4% |
| EBITDA margin | −68.6% | −11.2% | −11.3% | −16.2% | −5.4% | −0.8% | −8.5% | −3.3% | 12.9% | 16.9% | 21.6% | 19.1% | 21.1% | 21.3% | 20.5% |
| Operating margin | −72.5% | −16.1% | −16.9% | −20.5% | −9.0% | −4.4% | −11.9% | −8.0% | 7.9% | 13.4% | 18.9% | 15.4% | 16.8% | 16.2% | 16.1% |
| Net margin | −75.1% | −19.1% | −19.3% | −21.3% | −9.9% | −4.6% | −11.9% | −8.4% | 7.9% | 37.9% | 16.7% | 15.9% | 19.2% | 14.5% | 13.9% |
| Free-cash-flow margin | −0.9% | −19.8% | −20.4% | −0.0% | 6.1% | 3.6% | −2.4% | −2.2% | 22.9% | 18.0% | 19.7% | 13.4% | 29.9% | 22.3% | 19.6% |
| Cash flow | |||||||||||||||
| Cash from operations | 3 | −25 | −31 | 3 | 19 | 14 | −3 | −0 | 55 | 50 | 66 | 45 | 90 | 85 | 77 |
| Capital spending | 4 | 3 | 6 | 3 | 5 | 6 | 3 | 4 | 4 | 5 | 11 | 11 | 12 | 20 | 16 |
| Free cash flow | −1 | −28 | −37 | −0 | 14 | 9 | −5 | −5 | 52 | 45 | 55 | 34 | 78 | 65 | 61 |
| Stock-based pay | 3 | 4 | 12 | 17 | 17 | 17 | 17 | 17 | 12 | 14 | 13 | 14 | 17 | 20 | 23 |
| Free cash flow after stock pay | −4 | −32 | −49 | −17 | −3 | −9 | −23 | −21 | 39 | 31 | 42 | 20 | 61 | 45 | 38 |
| Balance sheet | |||||||||||||||
| Cash | 24 | 21 | 92 | 98 | 29 | 47 | 41 | 46 | 83 | 79 | 68 | 97 | 95 | 71 | 55 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 219 | 220 |
| Net debt (negative = net cash) | −24 | −21 | −92 | −98 | −29 | −47 | −41 | −46 | −83 | −79 | −68 | −97 | −95 | 148 | 165 |
| Diluted shares | 42m | 46m | 49m | 62m | 66m | 70m | 73m | 76m | 80m | 80m | 78m | 76m | 75m | 74m | 74m |
| Returned to shareholders | |||||||||||||||
| Dividends | — | — | — | — | — | — | — | 0 | 0 | 4 | 16 | 18 | 18 | 17 | 17 |
| Buybacks | — | — | 0 | 0 | 2 | 3 | 0 | 0 | 33 | 18 | 79 | 16 | 30 | 69 | 23 |
| Total returned | — | — | 0 | 0 | 2 | 3 | 0 | 0 | 33 | 22 | 95 | 34 | 48 | 86 | 40 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 67 | 74 | 66 | 69 | 75 | 80 | 75 | 80 |
| Gross profit | 54 | 59 | 53 | 55 | 60 | 63 | 60 | 63 |
| EBITDA | 12 | 21 | 12 | 13 | 16 | 19 | 17 | 12 |
| Operating income | 10 | 18 | 9 | 10 | 13 | 15 | 13 | 9 |
| Net income | 13 | 18 | 10 | 11 | 12 | 10 | 12 | 9 |
| Diluted EPS | $0.17 | $0.25 | $0.13 | $0.14 | $0.17 | $0.13 | $0.17 | $0.12 |
| Growth (year on year) | ||||||||
| Revenue | +15.5% | +5.4% | +9.0% | +15.5% | +11.9% | +8.3% | +13.4% | +15.5% |
| EBITDA | +233.7% | +4.6% | +22.9% | +33.6% | +29.5% | −11.2% | +39.4% | −4.6% |
| Operating income | +372.7% | +2.2% | +21.7% | +30.3% | +24.4% | −18.1% | +48.1% | −12.5% |
| Net income | +95.3% | +2.1% | −1.9% | +11.2% | −3.5% | −46.1% | +26.1% | −15.7% |
| Diluted EPS | +88.9% | +4.2% | 0.0% | +7.7% | 0.0% | −48.0% | +30.8% | −14.3% |
| Margins | ||||||||
| Gross margin | 80.5% | 79.9% | 79.7% | 78.9% | 80.1% | 78.7% | 79.6% | 79.1% |
| EBITDA margin | 18.0% | 28.9% | 18.4% | 18.3% | 20.9% | 23.7% | 22.6% | 15.1% |
| Operating margin | 15.7% | 24.8% | 13.3% | 14.9% | 17.4% | 18.7% | 17.3% | 11.3% |
| Net margin | 18.9% | 24.7% | 14.4% | 15.2% | 16.3% | 12.3% | 16.0% | 11.1% |
| Free-cash-flow margin | 25.0% | 31.4% | 19.2% | 25.9% | 24.2% | 20.0% | −0.9% | 34.3% |
| Cash flow | ||||||||
| Cash from operations | 20 | 26 | 17 | 22 | 23 | 23 | 2 | 29 |
| Capital spending | 3 | 2 | 4 | 4 | 5 | 7 | 3 | 2 |
| Free cash flow | 17 | 23 | 13 | 18 | 18 | 16 | −1 | 28 |
| Stock-based pay | 4 | 5 | 6 | 4 | 5 | 5 | 5 | 9 |
| Free cash flow after stock pay | 12 | 19 | 7 | 14 | 13 | 11 | −6 | 19 |
| Last 12 months unless stated | ATEN | TSAT | CRNT | CMTL | AUDC | AVNW | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $310m | $299m | $339m | $250m | $246m | $440m | $324m |
| Revenue growth, last 12 months | 12.2% | −28.2% | −14.1% | −17.0% | 1.4% | 1.2% | 11.0% |
| Revenue growth, 3-year average | 4.3% | — | −2.2% | −23.2% | 21.4% | 8.5% | 4.1% |
| Revenue growth, latest quarter | 15.5% | — | — | −8.6% | — | 4.8% | 12.9% |
| Gross margin | 79.4% | 93.4% | 33.8% | 38.9% | 65.0% | 31.5% | 43.7% |
| Operating margin | 16.1% | −72.7% | 2.1% | −7.3% | 5.7% | 4.4% | 2.2% |
| Operating margin, 3-year average | 15.9% | — | 3.6% | −10.7% | 9.3% | 3.9% | −1.4% |
| Net margin | 13.9% | −37.2% | −0.6% | −14.5% | 3.6% | 0.6% | −0.0% |
| Cash from operations / revenue | 24.8% | 16.0% | 9.3% | 15.0% | 12.0% | 3.1% | 9.9% |
| Free-cash-flow margin | 19.6% | −17.7% | 5.3% | 8.9% | 9.3% | 1.4% | 7.7% |
| Free-cash-flow margin, 3-year average | 22.9% | — | −0.2% | −3.1% | 12.7% | 2.2% | 2.2% |
| Stock pay / revenue | 7.5% | 1.0% | 1.2% | 1.3% | 2.7% | 1.4% | 3.9% |
| Change in share count | −1.3% | 5.0% | 1.5% | 1.5% | −5.4% | 1.6% | 1.5% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 12.2% | 11.3% | 18 of 40 |
| Change in growth rate Growth | +0.1pp | +2.0pp | 25 of 40 |
| Gross margin Profitability | 79.4% | 44.1% | 4 of 36 |
| Operating margin Profitability | 16.1% | 2.4% | 8 of 40 |
| Net margin Profitability | 13.9% | 0.6% | 8 of 40 |
| Free-cash-flow margin Cash generation | 19.6% | 8.2% | 9 of 38 |
| Stock pay as % of revenue Cash generation | 7.5% | 3.9% | 32 of 37 |
| Long-term debt as % of assets Balance sheet | 0.0% | 10.4% | 1 of 23 |
| Change in share count Balance sheet | -1.3% | 1.6% | 7 of 36 |
| Days sales outstanding Balance sheet | 85 days | 75 days | 24 of 34 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Products | $167M | 57.5% | ▲ 19.5% |
| Services | $123M | 42.5% | ▲ 1.3% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $175M | 60.3% | ▲ 30.4% |
| United States (part of Americas) | $161M | 91.6% | ▲ 36.4% |
| Americas Excluding United States (part of Americas) | $14.7M | 8.4% | ▼ 12.0% |
| APJ | $70.5M | 24.3% | ▼ 19.1% |
| EMEA | $44.9M | 15.4% | ▲ 11.7% |
From A10 Networks, Inc.'s 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $507M | 13.6M | 17.7% | ▲ 3.7% |
| Vanguard Portfolio Management LLC | $129M | 3.5M | 4.5% | ▲ 2.2% |
| First Trust Advisors LP | $121M | 3.2M | 4.2% | ▲ 88.7% |
| State Street Corp | $115M | 3.1M | 4.0% | ▼ 0.2% |
| Vanguard Capital Management LLC | $115M | 3.1M | 4.0% | ▼ 1.6% |
| Penserra Capital Management LLC | $115M | 3.1M | 4.0% | ▼ 14.6% |
| Boston Trust Walden Corp | $90.3M | 2.4M | 3.2% | ▲ 11.2% |
| Wellington Management Group LLP | $73.2M | 2.0M | 2.6% | ▼ 5.5% |
| Geode Capital Management, LLC | $67.8M | 1.8M | 2.4% | ▲ 5.6% |
| Goldman Sachs Group Inc | $66.7M | 1.8M | 2.3% | ▲ 50.4% |
| Dimensional Fund Advisors LP | $59.7M | 1.6M | 2.1% | ▼ 2.3% |
| Renaissance Technologies LLC | $56.8M | 1.5M | 2.0% | ▼ 14.8% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not A10 Networks, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Wolf Dana Elizabeth Director | August 25, 2026 | Sell pre-set plan | 2,652 | $25.65 | $68,024 |
| Weber Robert Scott General Counsel | August 11, 2026 | Sell pre-set plan | 14,086 | $27.86 | $392,436 |
| Singer Eric Director | May 5, 2026 | Sell | 24,698 | $27.21 | $672,033 |
| Trivedi Dhrupad Chief Executive Officer | February 13, 2026 | Sell pre-set plan | 33,334 | $20.55 | $685,014 |
| Trivedi Dhrupad Chief Executive Officer | February 12, 2026 | Sell pre-set plan | 33,333 | $20.56 | $685,326 |
| Trivedi Dhrupad Chief Executive Officer | February 11, 2026 | Sell pre-set plan | 33,333 | $20.69 | $689,660 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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