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F5, Inc. (FFIV) stock

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NASDAQ: FFIV Nasdaq Communications Equipment Next results ~January 26, 2027

B Fundamentals grade

F5, Inc. is a US-listed company in the communications equipment industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$310

Cash-flow model

Base case. Range ~$240–$400 across our lower- and higher-growth cases (2.5%–12.5% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 6% above our base value.

Price used: $324.55, November 2, 2026

F5, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 13 selling0 purchases and 97 sales by directors and officers, last 12 monthsInsider trades
  • Funds473 adding, 302 cuttingOf 79 active managers that changed their stake, 40 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter F5 files

Where F5 stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.31bn, up 9.4% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to 29.3% from 31.6% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 1 financial-health checks. Our cash-flow model value is $304 a share, against a share price of $454. At that price, our model says the market is pricing in about 15.4% a year of cash-flow growth for five years, faster than the 4.9% a year revenue growth it has delivered.

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.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

F5, Inc.'s trailing-twelve-month revenue grew 9.4% year on year, with a free-cash-flow margin of 29.3%. Where it stands out: gross margin of 81.9% ranks 2 of 36 communications equipment companies we cover. Where it lags: stock pay as % of revenue of 7.6% ranks 33 of 37 communications equipment companies we cover.

Our discounted-cash-flow model values the business at ~$310 per share in the base case (~$240–$400 across growth scenarios) — model values under stated assumptions, not a price target.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 29.3% of revenue turned into free cash flow, against a median of 8.2% for communications equipment companies we cover.
  • Shrinking share count. Diluted shares fell 1.7% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $1.6bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 13 insiders sold $29M of stock over the past 365 days and none bought (88% under pre-set trading plans).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 7.6% ranks 33 of 37 communications equipment companies we cover (median 3.9%).

Latest results: FY2026 Q3

Filed August 6, 2026
Earnings per share
$4.42 against an average estimate of $4.26: beat by 3.9%
Revenue
$865m, up 10.9% on a year earlier
Share reaction
-20.8% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
revenue growth growth 8% to 9% (fiscal year 2027); non-GAAP earnings per share $18 to $18.3 (fiscal year 2027)
Next report
January 26, 2027; average EPS estimate $4.36

F5's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.1%
  • 1 week-29.7%
  • 1 month-28.5%
  • This year+27.1%
  • 1 year+28.3%
  • 5 years+46.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.3B
Operating margin
24.5%
Net margin
22.0%
EPS (TTM, diluted)
$12.56

Growth

Revenue growth
+9.4%
Change in growth rate
−0.3 pts
Share count change
−1.7%

Cash

Free cash flow (TTM)
$970M
FCF margin
29.3%
Stock pay % of revenue
7.6%

Earnings

Last results
October 27, 2026
Next results (est.)
January 26, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Announcement
  3. Results
  4. Guidance
  5. Our research
  6. Partnership
  7. Product
  8. Results
  9. Announcement
  10. Announcement
  11. Announcement
  12. Partnership
  13. Announcement
  14. Insider trade
  15. Insider trade
  16. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

F5, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 8.8% a year of cash-flow growth for five years.That is close to the 4.9% a year revenue growth F5 has delivered.

  • Priced in8.8%
  • Last 12 months9.4%
  • 3 years a year5.7%
  • 5 years a year4.9%

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 ($329.25, 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

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$310
Price used
$329.25close November 3, 2026
Implied change
▼ 7%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of F5, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($699M, FY2026 Q3 TTM), growing 6.5% and 7.7% in the next two years (forecasts, guidance and its record), then back to 7.5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$240–~$400 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of F5, Inc.'s free cash flow after stock-based pay ( $699M, FY2026 Q3 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.

Valuation models

We value F5, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
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. ~$310 ~$240–$400 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. ~$320 ~$250–$440 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$170 ~$120–$250 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$140 ~$130–$170 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. ~$250 ~$140–$320 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare F5, 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.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▼ −7%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $206$269$353$464$608$795
8.5% $164$210$271$350$453$585
10% $139$175$221$282$360$461

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$124.64$120.56$199.42$140.42$122.77$198.78$144.73$161.14$220.20$323.19$324.55
Market value$8.5bn$7.8bn$12.4bn$8.5bn$7.5bn$12.3bn$8.8bn$9.7bn$13.1bn$19.0bn$18.8bn
+ Net debt (− = net cash)−$515m−$673m−$425m−$599m−$461m−$212m−$408m−$797m−$1.1bn−$1.3bn−$1.6bn
Enterprise value$8.0bn$7.1bn$11.9bn$7.9bn$7.1bn$12.1bn$8.4bn$8.9bn$12.0bn$17.6bn$17.2bn
Multiples
Price / sales 4.2x3.7x5.7x3.8x3.2x4.7x3.3x3.5x4.6x6.1x5.7x
Price / earnings 23.2x18.6x27.3x19.8x24.5x37.2x27.4x24.6x23.1x27.4x25.8x
Price / free cash flow 13.1x11.1x17.5x13.2x12.5x20.1x21.6x16.2x17.2x20.9x19.4x
EV / EBITDA 13.2x11.4x18.4x13.4x14.5x23.8x16.2x15.2x15.7x20.5x18.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

82 /100

Strong moat

How hard F5'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 23.8% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 81.5%, moving by 1.6 percentage points (standard deviation) across 10 years.

  • Durability 16 / 20

    Operating margin has been a median 23.8%; its worst year was 14.4%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 28.0% of revenue.

  • Discipline 11 / 20

    The diluted share count fell 6.5% over five years; stock-based pay has been a median 8.1% 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 (87 before it).

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

Forecasts and guidance

Next results: January 26, 2027, after the close. Analysts expect revenue of $873m and EPS of $4.36 (range $4.07 to $4.78) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $18.08 +3% $3.6bn +7%
Next $20.39 +13% $3.9bn +8%

Next year's EPS estimate has moved +2.9% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.2% on 90 days ago. In the last 30 days, 10 analysts raised F5, Inc.'s forecast and 2 cut it.

Consensus EPS forecast F5, Inc., last 90 days
$17.00 $18.00 $19.00 $20.00 $21.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $17.68 Current fiscal year, 60 days ago: $18.08 Current fiscal year, 30 days ago: $18.08 Current fiscal year, 7 days ago: $18.08 Current fiscal year, Now: $18.08 $18.08 Next fiscal year, 90 days ago: $19.81 Next fiscal year, 60 days ago: $20.39 Next fiscal year, 30 days ago: $20.39 Next fiscal year, 7 days ago: $20.39 Next fiscal year, Now: $20.39 $20.39

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $17.68$19.81
60 days ago $18.08$20.39
30 days ago $18.08$20.39
7 days ago $18.08$20.39
Now $18.08$20.39

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.26 $4.42 +3.9%
Jun 2026 $4.00 $4.73 +18.2%
Mar 2026 $3.46 $3.90 +12.9%
Dec 2025 $3.65 $4.45 +21.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • revenue growth fiscal year 2027 8% growth to 9% growth
    “F5 updated its outlook for its fiscal year 2027, guiding for revenue growth of 8% to 9%.” source
  • revenue first quarter of fiscal year 2027 $875m to $895m
    “For the first quarter of fiscal year 2027, F5 is guiding to revenue in the range of $875 million to $895 million, with non-GAAP earnings in the range of $4.25 to $4.37 per diluted share.” source
  • non-GAAP earnings per share fiscal year 2027 $18.00 to $18.30 Non-GAAP
    “The Company expects fiscal year 2027 non-GAAP earnings per share in a range of $18.00 to $18.30.” source
  • non-GAAP earnings per diluted share first quarter of fiscal year 2027 $4.25 to $4.37 Non-GAAP
    “For the first quarter of fiscal year 2027, F5 is guiding to revenue in the range of $875 million to $895 million, with non-GAAP earnings in the range of $4.25 to $4.37 per diluted share.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows F5, Inc.'s revenue by +6.5% next year and +7.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.5%, weight 46%) , management guidance (+7.4%, weight 32%) and the company's own record (+7.5%, weight 21%) . How the weights are set.

Analyst recommendations

13 analysts, Oct 2026
Buy538%
Hold754%
Sell18%

Monthly trend

  1. Oct 2026327113
  2. Sep 2026327113
  3. Aug 2026327113

Counts of recommendations published by analysts covering F5, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.9%
of tradable shares
Days to cover
2.29
at average volume
Short interest, 1 month
−20%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
0.5%
of shares
Employees
6,512
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +28.3%

$253.05 on October 31, 2025 to $324.55

ThenNowEffect
Revenue (last 12 months) $3.0bn $3.3bn +9.4%
Net margin 22.1% 22.0% −0.5%
P/E multiple 22.3x 25.8x +15.8%
Share count 59m 58m +1.7%

Biggest factor: p/e multiple.

Last 3 years +110.6%

$154.08 on November 3, 2023 to $324.55

ThenNowEffect
Revenue (last 12 months) $2.8bn $3.3bn +17.9%
Net margin 11.8% 22.0% +85.5%
P/E multiple 28.1x 25.8x −7.9%
Share count 61m 58m +4.6%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FFIV+39%−41%+25%+41%+2%+27%
Industry peers (median)+17%−18%−12%+23%+2%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FFIV58%25%58%83%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FFIV−19%−45%−17%−16%−35%−32%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 55% from September 28, 2018 to March 18, 2020. Getting back needed a 120% gain, reached on January 21, 2021, 309 days after the low.

Price behaviour

52-week range
$223.99 – $479.83
From 52-week high
−32.4%
vs 50-day average
−24.1%
vs 200-day average
−10.7%
Volatility (1 year)
40%
Beta vs S&P 500
1.10

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±9.2%
After a week
8 up, 3 down
typical move ±7.2%
After a month
8 up, 3 down
typical move ±10.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −20.8% +0.9% — —
July 27, 2026 +2.9% +0.3% +3.6% −2.4%
April 28, 2026 +10.2% −0.5% +14.2% +28.8%
January 27, 2026 +9.3% +0.4% +2.7% +3.8%
October 27, 2025 −10.3% +1.4% −16.5% −19.6%
July 30, 2025 +4.7% −0.5% +7.3% +6.4%
April 28, 2025 −2.7% +0.7% −1.1% +4.9%
January 28, 2025 +14.2% +0.4% +14.0% +10.6%
October 28, 2024 +10.8% +0.5% +6.6% +16.2%
July 29, 2024 +13.1% −0.4% +5.5% +12.6%
April 29, 2024 −9.1% −1.2% −7.3% −7.5%
January 29, 2024 +1.7% +0.7% +0.5% +1.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How F5, 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.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.82× the last 60 days’ realised volatility , richer than 5% of the 229 stocks we screen today.
  • Calls are priced 3 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

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.

FFIV F5, Inc. Grade B $325.11

Own 100 shares, sell the $330 call expiring December 18, 2026 (46 days) for $17.20 a share — $1,720 per contract.

Previous session · Bid $17.20, ask $21.00, quoted Mon 2 Nov, 17:23 New York time with FFIV at $325.11. Option prices move with the shares: check the live chain at your broker before trading.

  • If FFIV ends below $330: you keep your shares and the $1,720 — 5.3% extra on the position, 42.0% a year at that pace.
  • If it ends above $330: your shares are sold at $330, a total return of 6.8% including the premium — at or above our value of ~$310.
$2.2k $0 −$6.2k Break-even $307.91 Our value $310 Price $325.11
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$1,720
Annualised
42.0%
Break-even
$307.91
Max gain
$2,209
Chance of selling
~51%

Collar

Own the shares, buy the $310 put and sell the $330 call, both expiring December 18, 2026 (46 days).

  • Net credit of $2.00 a share ($200 per contract of 100 shares).
  • Worst case at expiry: -4.0%, if the shares fall below $310 (-4.6% from today).
  • Best case at expiry: +2.1%, if the shares rise above $330 (+1.5%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $310: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

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.

F5, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) F5, Inc.
$2.6B $2.8B $3B $3.2B $3.4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.8B Revenue (TTM), FY24 Q1: $2.8B Revenue (TTM), FY24 Q2: $2.8B Revenue (TTM), FY24 Q3: $2.8B Revenue (TTM), FY24 Q4: $2.8B Revenue (TTM), FY25 Q1: $2.9B Revenue (TTM), FY25 Q2: $2.9B Revenue (TTM), FY25 Q3: $3B Revenue (TTM), FY25 Q4: $3.1B Revenue (TTM), FY26 Q1: $3.1B Revenue (TTM), FY26 Q2: $3.2B Revenue (TTM), FY26 Q3: $3.3B $3.3B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.8B
FY24 Q1 $2.8B
FY24 Q2 $2.8B
FY24 Q3 $2.8B
FY24 Q4 $2.8B
FY25 Q1 $2.9B
FY25 Q2 $2.9B
FY25 Q3 $3B
FY25 Q4 $3.1B
FY26 Q1 $3.1B
FY26 Q2 $3.2B
FY26 Q3 $3.3B
Revenue growth, TTM YoY F5, Inc.
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 4.4% Revenue growth, TTM YoY, FY24 Q1: 3.6% Revenue growth, TTM YoY, FY24 Q2: 0.2% Revenue growth, TTM YoY, FY24 Q3: -1.1% Revenue growth, TTM YoY, FY24 Q4: 0.1% Revenue growth, TTM YoY, FY25 Q1: 3.0% Revenue growth, TTM YoY, FY25 Q2: 5.6% Revenue growth, TTM YoY, FY25 Q3: 8.9% Revenue growth, TTM YoY, FY25 Q4: 9.7% Revenue growth, TTM YoY, FY26 Q1: 8.8% Revenue growth, TTM YoY, FY26 Q2: 9.7% Revenue growth, TTM YoY, FY26 Q3: 9.4% 9.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 4.4%
FY24 Q1 3.6%
FY24 Q2 0.2%
FY24 Q3 -1.1%
FY24 Q4 0.1%
FY25 Q1 3.0%
FY25 Q2 5.6%
FY25 Q3 8.9%
FY25 Q4 9.7%
FY26 Q1 8.8%
FY26 Q2 9.7%
FY26 Q3 9.4%
Operating margin (TTM) F5, Inc.
15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 16.8% Operating margin (TTM), FY24 Q1: 19.5% Operating margin (TTM), FY24 Q2: 20.8% Operating margin (TTM), FY24 Q3: 23.0% Operating margin (TTM), FY24 Q4: 23.4% Operating margin (TTM), FY25 Q1: 24.2% Operating margin (TTM), FY25 Q2: 24.4% Operating margin (TTM), FY25 Q3: 24.8% Operating margin (TTM), FY25 Q4: 24.8% Operating margin (TTM), FY26 Q1: 24.7% Operating margin (TTM), FY26 Q2: 24.7% Operating margin (TTM), FY26 Q3: 24.5% 24.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 16.8%
FY24 Q1 19.5%
FY24 Q2 20.8%
FY24 Q3 23.0%
FY24 Q4 23.4%
FY25 Q1 24.2%
FY25 Q2 24.4%
FY25 Q3 24.8%
FY25 Q4 24.8%
FY26 Q1 24.7%
FY26 Q2 24.7%
FY26 Q3 24.5%
FCF margin (TTM) F5, Inc.
20% 25% 30% 35% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 21.3% FCF margin (TTM), FY24 Q1: 21.8% FCF margin (TTM), FY24 Q2: 24.9% FCF margin (TTM), FY24 Q3: 25.1% FCF margin (TTM), FY24 Q4: 27.1% FCF margin (TTM), FY25 Q1: 27.7% FCF margin (TTM), FY25 Q2: 28.4% FCF margin (TTM), FY25 Q3: 31.6% FCF margin (TTM), FY25 Q4: 29.4% FCF margin (TTM), FY26 Q1: 27.4% FCF margin (TTM), FY26 Q2: 29.9% FCF margin (TTM), FY26 Q3: 29.3% 29.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 21.3%
FY24 Q1 21.8%
FY24 Q2 24.9%
FY24 Q3 25.1%
FY24 Q4 27.1%
FY25 Q1 27.7%
FY25 Q2 28.4%
FY25 Q3 31.6%
FY25 Q4 29.4%
FY26 Q1 27.4%
FY26 Q2 29.9%
FY26 Q3 29.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar F5 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.

  1. Revenue $3.1B
  2. Other income $42.4M · 1.4%
  3. Cost of revenue $574M · 18.6%
  4. Gross profit $2.5B · 81.4%
  5. Research and development $540M · 17.5%
  6. Selling, general and admin $1.2B · 38.3%
  7. Other operating costs $25.5M · 0.8%
  8. Operating income $766M · 24.8%
  9. Income tax $116M · 3.8%
  10. Net income $692M · 22.4%

Shares of revenue. Source: F5's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

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

Fiscal year 2009 Sept 2009 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 653 882 1,152 1,377 1,481 1,732 1,920 1,995 2,090 2,161 2,242 2,351 2,603 2,696 2,813 2,816 3,088 3,309
Gross profit 510 710 944 1,141 1,228 1,422 1,588 1,658 1,737 1,800 1,886 1,943 2,110 2,156 2,220 2,258 2,514 2,709
EBITDA 148 254 372 461 471 540 605 604 625 650 587 488 509 519 585 766 858 910
Operating income 122 230 351 426 431 494 553 547 564 591 518 392 394 404 473 659 766 812
Net income 92 151 241 275 277 311 365 366 421 454 428 307 331 322 395 567 692 727
Diluted EPS $1.14 $1.86 $2.96 $3.45 $3.50 $4.09 $5.03 $5.38 $6.50 $7.32 $7.08 $5.01 $5.34 $5.27 $6.55 $9.55 $11.80 $12.56
Growth (year on year)
Revenue +0.4% +35.0% +30.6% +19.6% +7.6% +16.9% +10.8% +3.9% +4.8% +3.4% +3.7% +4.8% +10.7% +3.6% +4.4% +0.1% +9.7% +9.4%
EBITDA +96.0% +71.1% +46.4% +24.2% +2.0% +14.6% +12.2% −0.2% +3.5% +4.0% −9.8% −16.8% +4.4% +2.0% +12.7% +30.8% +12.1% +8.0%
Operating income +22.8% +88.6% +52.5% +21.6% +1.1% +14.6% +12.0% −1.0% +3.0% +4.8% −12.3% −24.3% +0.4% +2.5% +17.0% +39.4% +16.3% +8.1%
Net income +23.1% +65.1% +59.7% +14.0% +0.8% +12.2% +17.3% +0.2% +15.0% +7.8% −5.7% −28.1% +7.7% −2.7% +22.6% +43.5% +22.2% +8.9%
Diluted EPS +28.1% +63.2% +59.1% +16.6% +1.4% +16.9% +23.0% +7.0% +20.8% +12.6% −3.3% −29.2% +6.6% −1.3% +24.3% +45.8% +23.6% +10.7%
Margins
Gross margin 78.1% 80.5% 81.9% 82.9% 82.9% 82.1% 82.7% 83.1% 83.1% 83.3% 84.1% 82.6% 81.1% 80.0% 78.9% 80.2% 81.4% 81.9%
EBITDA margin 22.7% 28.8% 32.3% 33.5% 31.8% 31.2% 31.5% 30.3% 29.9% 30.1% 26.2% 20.8% 19.6% 19.3% 20.8% 27.2% 27.8% 27.5%
Operating margin 18.7% 26.1% 30.4% 31.0% 29.1% 28.5% 28.8% 27.4% 27.0% 27.3% 23.1% 16.7% 15.1% 15.0% 16.8% 23.4% 24.8% 24.5%
Net margin 14.0% 17.1% 21.0% 20.0% 18.7% 18.0% 19.0% 18.3% 20.1% 21.0% 19.1% 13.1% 12.7% 12.0% 14.0% 20.1% 22.4% 22.0%
Free-cash-flow margin 29.1% 34.1% 33.6% 33.8% 31.9% 30.4% 32.5% 32.5% 33.6% 32.7% 28.7% 25.6% 23.6% 15.2% 21.3% 27.1% 29.4% 29.3%
Cash flow
Cash from operations 202 314 417 495 500 549 685 712 740 761 748 661 645 443 653 792 950 1,049
Capital spending 12 13 30 30 27 23 60 63 39 53 104 60 31 34 54 30 43 80
Free cash flow 190 301 386 466 473 526 624 648 702 708 644 601 615 409 599 762 906 970
Stock-based pay 56 71 90 95 104 127 146 157 175 158 163 202 243 249 237 219 231 251
Free cash flow after stock pay 134 230 297 370 369 399 479 491 526 550 481 399 371 160 363 543 675 719
Balance sheet
Cash 111 169 217 211 190 282 390 515 673 425 599 850 581 758 797 1,075 1,344 1,606
Total debt 0 0 0 0 0 0 0 0 0 0 0 388 369 350 — 0 0 0
Net debt (negative = net cash) −111 −169 −217 −211 −190 −282 −390 −515 −673 −425 −599 −461 −212 −408 −797 −1,075 −1,344 −1,606
Diluted shares 80m 81m 81m 80m 79m 76m 73m 68m 65m 62m 60m 61m 62m 61m 60m 59m 59m 58m
Returned to shareholders
Buybacks 87 75 272 185 200 651 607 700 600 600 201 100 500 500 350 501 502 —
Total returned 87 75 272 185 200 651 607 700 600 600 201 100 500 500 350 501 502 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 1 checks passed · June 30, 2026
What it owns · $6.8bn
Short-term assets $2.9bnLonger-term assets $3.9bn
What it owes, and who funded it · $5.6bn
Short-term liabilities $1.8bnShareholders' equity $3.9bn
  • Short-term assets cover short-term liabilities $2.9bn of assets due within a year against $1.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • 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 Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From F5, 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.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$1.4B
Diluted share count
−1.7%
year over year
R&D spending
17.9%
of revenue
Days sales outstanding
47 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in communications equipment
Last 12 months unless stated FFIV UI LITE VSAT CIEN EXTR Median
Revenue, last 12 months $3.3bn $3.3bn $3.0bn $4.6bn $6.0bn $1.3bn $324m
Revenue growth, last 12 months 9.4% 27.2% 83.2% 1.3% 32.6% 11.3% 11.0%
Revenue growth, 3-year average 5.7% 19.0% 19.5% 18.8% 12.5% −1.3% 4.1%
Revenue growth, latest quarter 10.9% 23.5% 109.3% −1.2% 37.0% 9.9% 12.9%
Gross margin 81.9% 46.2% 41.7% — 44.1% 61.9% 43.7%
Operating margin 24.5% 36.2% 17.4% 2.4% 12.3% 5.7% 2.2%
Operating margin, 3-year average 24.1% 31.5% −8.5% −5.7% 7.5% −0.6% −1.4%
Net margin 22.0% 29.3% −230.1% −0.6% 10.9% 4.0% −0.0%
Cash from operations / revenue 31.7% 28.4% 24.9% 34.4% 17.5% 13.9% 9.9%
Free-cash-flow margin 29.3% 27.8% 10.0% 12.5% 13.5% 11.8% 7.7%
Free-cash-flow margin, 3-year average 28.6% 26.5% −1.5% 2.2% 11.3% 5.9% 2.2%
Stock pay / revenue 7.6% 0.2% 5.4% 2.1% 3.5% 6.7% 3.9%
Change in share count −1.7% 0.1% 21.8% 4.9% 0.1% 1.2% 1.5%

Median of all 40 companies we cover in communications equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 communications equipment companies
Measure Company Peer median Rank
Revenue growth Growth 9.4% 11.3% 23 of 40
Change in growth rate Growth -0.3pp +2.0pp 28 of 40
Gross margin Profitability 81.9% 44.1% 2 of 36
Operating margin Profitability 24.5% 2.4% 4 of 40
Net margin Profitability 22.0% 0.6% 4 of 40
Free-cash-flow margin Cash generation 29.3% 8.2% 3 of 38
Stock pay as % of revenue Cash generation 7.6% 3.9% 33 of 37
Change in share count Balance sheet -1.7% 1.6% 6 of 36
Days sales outstanding Balance sheet 47 days 75 days 10 of 34

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Products and services
Line of business Revenue Share YoY
Services $1.6B 51.1% ▲ 2.3%
Products $1.5B 48.9% ▲ 18.5%
Geography
Region Revenue Share YoY
Americas $1.7B 55.8% ▲ 9.0%
United States $1.6B 94.6% ▲ 9.6%
Other Americas $92.9M 5.4% 0.0%
EMEA $827M 26.8% ▲ 9.4%
Asia Pacific $537M 17.4% ▲ 12.1%

From F5, Inc.'s 10-K filed November 25, 2025, 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.

Who owns it

Funds buying and selling
Reported value
$22.6B
Institutions reporting
829
Shares held vs prior quarter
▼ 3.3%
Positions opened / closed
163 / 60

Top buyers and sellers, Q2 2026: 473 institutions bought and 302 sold ; the biggest buyer was Jane Street Group, LLC (+868K shares) and the biggest seller Hotchkis & Wiley Capital Management LLC (−2.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.6B 6.3M 11.5% ▲ 0.7%
Vanguard Capital Management LLC $1.5B 3.7M 6.8% ▲ 0.5%
State Street Corp $1.3B 3.1M 5.7% ▲ 4.0%
Vanguard Portfolio Management LLC $1.2B 2.8M 5.2% ▼ 5.6%
Jericho Capital Asset Management L.P. $881M 2.1M 3.9% ▼ 19.8%
Hotchkis & Wiley Capital Management LLC $858M 2.1M 3.8% ▼ 55.0%
Geode Capital Management, LLC $741M 1.8M 3.3% ▲ 2.1%
First Trust Advisors LP $641M 1.5M 2.8% ▲ 4.3%
Invesco Ltd. $576M 1.4M 2.5% ▼ 4.1%
AQR Capital Management LLC $385M 926K 1.7% ▲ 35.6%
Lyrical Asset Management LP $383M 922K 1.7% ▼ 2.7%
Jane Street Group, LLC $368M 885K 1.6% ▲ 5094.8%

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 F5, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $29.1M 97 trades by 13 insiders · 88% under pre-set plans
Net ▼ $29.1M net selling
Insider Date Trade Shares Price Value
Maddison John Anthony Chief Product Mkting Officer September 14, 2026 Sell pre-set plan 204 $406.24 $82,873
Montoya Michael F Chief Technology Ops Officer September 14, 2026 Sell pre-set plan 80 $414.18 $33,135
Montoya Michael F Chief Technology Ops Officer September 14, 2026 Sell pre-set plan 440 $413.31 $181,858
Montoya Michael F Chief Technology Ops Officer September 14, 2026 Sell pre-set plan 920 $412.38 $379,387
Montoya Michael F Chief Technology Ops Officer September 14, 2026 Sell pre-set plan 1,173 $411.50 $482,691
Montoya Michael F Chief Technology Ops Officer September 14, 2026 Sell pre-set plan 277 $410.37 $113,671
Montoya Michael F Chief Technology Ops Officer September 14, 2026 Sell pre-set plan 240 $408.96 $98,150
Montoya Michael F Chief Technology Ops Officer September 14, 2026 Sell pre-set plan 1,296 $406.24 $526,487
Locoh-Donou Francois President, CEO & Director August 5, 2026 Sell pre-set plan 40 $416.83 $16,673
Locoh-Donou Francois President, CEO & Director August 5, 2026 Sell pre-set plan 200 $415.97 $83,193
Locoh-Donou Francois President, CEO & Director August 5, 2026 Sell pre-set plan 284 $415.03 $117,870
Locoh-Donou Francois President, CEO & Director August 5, 2026 Sell pre-set plan 320 $414.10 $132,512

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.

Trades by members of Congress

All 4 trades and filings

No trades in F5, Inc. disclosed in the last 12 months; 4 earlier trades on record.

  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded October 22, 2025, filed November 14, 2025
  • Julie Johnson(D-TX 32):Purchase, $1,001 - $15,000, traded October 21, 2025, filed August 5, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded October 21, 2025, filed August 5, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 27, 2026
  • April 28, 2026
  • January 27, 2026
  • October 27, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on F5, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

F5, Inc. in brief

What does F5, Inc. do?
F5, Inc. is a US-listed company in the communications equipment industry. Its financial year ends in September.
What is F5, Inc.'s stock ticker?
F5, Inc. trades under the ticker FFIV on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is F5, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, F5, Inc. reported revenue of $3.3B, 9.4% higher than a year earlier, according to its SEC filings.
What is F5, Inc.'s free cash flow?
F5, Inc.'s free-cash-flow margin is 29.3% of revenue over the trailing twelve months, ranking 3 of the 38 communications equipment companies we cover.
What is F5, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of F5, Inc.'s free cash flow after stock-based pay gives ~$310 per share in the base case, and ~$240–$400 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are F5, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is F5, Inc.'s market cap?
On November 2, 2026, F5, Inc.'s market capitalisation was about $18.8B, with a price-to-earnings ratio of 25.8 and net debt of -$1.6B. Market figures come from third-party market data and may be delayed.
Who are F5, Inc.'s competitors?
In our Communications Equipment peer group, the companies closest to F5, Inc. are Ubiquiti Inc., Lumentum, Viasat Inc, Ciena and Extreme Networks Inc. The side-by-side comparison below sets their revenue, margins and growth against F5, Inc.'s.
Are insiders buying or selling F5, Inc. stock?
Over the last 12 months, F5, Inc.'s directors and officers reported 0 open-market purchases and 97 sales on Form 4. The insider trading page charts every trade.
When is F5, Inc.'s next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — F5, Inc. announces its own schedule.