A10 Networks, Inc. key statistics and ratios

In fiscal 2025, A10 Networks, Inc. had return on equity of 19.0%, an operating margin of 16.2%, debt equal to 103.4% of equity and a current ratio of 3.56. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

A10 Networks, Inc.: financial ratios, annual
Fiscal year	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
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%
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%
Return on equity	—	—	—	−47.9%	−27.8%	−11.9%	−27.3%	−16.8%	15.9%	58.4%	24.1%	20.6%	22.8%	19.0%	19.1%
Return on assets	—	−28.9%	−24.7%	−22.2%	−11.0%	−4.9%	−12.0%	−7.0%	6.3%	27.7%	12.3%	10.5%	12.2%	7.9%	6.6%
Asset turnover	—	1.51	1.28	1.04	1.12	1.07	1.01	0.83	0.80	0.73	0.74	0.66	0.64	0.55	0.47
Current ratio	—	1.24	2.42	2.03	1.94	2.20	2.21	2.26	2.25	2.45	2.17	2.45	2.49	3.56	1.29
Debt to equity	—	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	103.4%	92.2%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	—	—	—	—	—	8.0x	6.7x
Effective tax rate	—	—	—	—	—	—	—	—	6.9%	—	11.0%	8.7%	13.7%	19.6%	—
R&D as % of revenue	21.2%	23.5%	27.8%	27.9%	26.7%	26.8%	28.1%	29.1%	25.7%	21.6%	20.8%	21.9%	22.1%	23.8%	24.9%
Capital spending as % of revenue	3.5%	2.1%	3.4%	1.8%	2.1%	2.4%	1.2%	2.0%	1.6%	2.1%	3.9%	4.3%	4.7%	6.9%	5.1%
Free cash flow ÷ net income	—	—	—	—	—	—	—	—	290.3%	47.3%	117.9%	84.1%	156.0%	153.7%	141.8%
Dividends ÷ net income	—	—	—	—	—	—	—	—	0.0%	4.1%	33.9%	44.6%	35.5%	41.2%	40.1%
Dividends and buybacks ÷ free cash flow	—	—	—	—	12.9%	35.8%	—	—	62.9%	49.3%	172.1%	100.5%	61.2%	133.2%	65.8%

US$ thousands unless shown otherwise. Fiscal quarters.

A10 Networks, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	80.5%	79.9%	79.7%	78.9%	80.1%	78.7%	79.6%	79.1%
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%
Current ratio	2.23	2.49	4.05	4.23	3.64	3.56	3.71	1.29
Debt to equity	—	0.0%	111.1%	106.9%	105.9%	103.4%	99.2%	92.2%
R&D as % of revenue	23.6%	17.8%	24.0%	23.4%	24.6%	23.1%	25.4%	26.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · June 30, 2026

What it owns · $678m

Short-term assets $483mLonger-term assets $194m

What it owes, and who funded it · $678m

Short-term liabilities $375mLonger-term liabilities $65mShareholders' equity $238m

Short-term assets cover short-term liabilities $483m of assets due within a year against $375m of liabilities due within a year.
Short-term assets cover long-term liabilities $483m short-term assets against $65m of longer-dated liabilities.
More cash than debt $55m of cash against $220m of debt.
Debt below 40% of shareholders' equity Debt is 92% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $77m of operating cash flow against $220m of debt.
Operating profit covers interest at least five times over Operating income of $50m against $8m of interest.

From A10 Networks, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

69 /100

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.

Returns on capital 20 / 20

Cash operating profit has been a median 25.8% of total assets over 10 years.
Pricing power 20 / 20

Gross margin has been a median 78.5%, moving by 1.4 percentage points (standard deviation) across 10 years.
Durability 3 / 20

Operating margin has been a median 12.5%; its worst year was -10.8%.
Cash conversion 17 / 20

Free cash flow was positive in 8 of 10 years, at a median 17.9% of revenue.
Discipline 14 / 20

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).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from A10 Networks, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to A10 Networks, Inc.