F5, Inc. key statistics and ratios

In fiscal 2025, F5, Inc. had return on equity of 20.6%, an operating margin of 24.8%, debt equal to 0.0% of equity and a current ratio of 1.56. 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.

F5, Inc.: financial ratios, annual
Fiscal year	2009Sept 2009	2010Sept 2010	2011Sept 2011	2012Sept 2012	2013Sept 2013	2014Sept 2014	2015Sept 2015	2016Sept 2016	2017Sept 2017	2018Sept 2018	2019Sept 2019	2020Sept 2020	2021Sept 2021	2022Sept 2022	2023Sept 2023	2024Sept 2024	2025Sept 2025	LTMJun 2026
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%
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%
Return on equity	11.5%	16.8%	22.9%	22.6%	19.3%	21.4%	27.2%	29.2%	34.9%	36.1%	28.1%	15.4%	14.4%	13.3%	15.0%	19.1%	20.6%	19.5%
Return on assets	8.6%	12.4%	16.5%	15.8%	13.4%	14.1%	16.2%	15.8%	17.6%	17.9%	14.3%	7.6%	6.8%	6.3%	7.5%	10.4%	11.6%	11.1%
Asset turnover	0.61	0.73	0.79	0.79	0.72	0.78	0.85	0.86	0.87	0.85	0.75	0.58	0.54	0.52	0.53	0.52	0.52	0.50
Current ratio	2.10	2.11	2.05	1.67	1.48	1.57	1.57	1.53	1.50	1.49	1.37	1.39	1.16	1.04	1.26	1.42	1.56	1.66
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%	17.4%	15.6%	14.2%	0.0%	0.0%	0.0%	0.0%
Effective tax rate	30.5%	36.4%	33.1%	36.3%	36.7%	37.4%	35.0%	33.5%	26.9%	24.9%	21.0%	22.4%	14.4%	16.4%	18.7%	18.5%	14.3%	14.9%
R&D as % of revenue	15.9%	13.4%	12.1%	12.9%	14.2%	15.2%	15.4%	16.8%	16.8%	16.9%	18.2%	18.8%	19.7%	20.2%	19.2%	17.4%	17.5%	17.9%
Capital spending as % of revenue	1.8%	1.4%	2.6%	2.2%	1.8%	1.3%	3.1%	3.2%	1.9%	2.5%	4.6%	2.5%	1.2%	1.2%	1.9%	1.1%	1.4%	2.4%
Free cash flow ÷ net income	207.9%	199.1%	160.1%	169.2%	170.6%	169.1%	171.0%	177.1%	166.7%	156.0%	150.6%	195.5%	185.5%	127.0%	151.7%	134.4%	130.9%	133.5%
Dividends and buybacks ÷ free cash flow	45.9%	24.9%	70.3%	39.7%	42.3%	123.6%	97.2%	108.0%	85.5%	84.8%	31.2%	16.6%	81.4%	122.3%	58.4%	65.7%	55.4%	—

US$ thousands unless shown otherwise. Fiscal quarters.

F5, Inc.: financial ratios, quarterly
Quarter	2024 Q4Sept 2024	2025 Q1Dec 2024	2025 Q2Mar 2025	2025 Q3Jun 2025	2025 Q4Sept 2025	2026 Q1Dec 2025	2026 Q2Mar 2026	2026 Q3Jun 2026
Gross margin	80.8%	81.7%	80.7%	81.0%	82.2%	81.5%	81.4%	82.2%
Operating margin	25.6%	26.8%	21.7%	25.2%	25.4%	26.0%	22.1%	24.7%
Net margin	22.1%	21.7%	19.9%	24.3%	23.5%	21.9%	18.2%	24.1%
Free-cash-flow margin	32.2%	25.4%	33.7%	35.1%	23.7%	18.2%	42.8%	32.4%
Current ratio	1.42	1.48	1.53	1.60	1.56	1.55	1.61	1.66
R&D as % of revenue	16.6%	17.0%	18.7%	17.5%	16.8%	17.2%	18.6%	19.0%

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

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.

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.

Compare with peers

Head to head: FFIV vs UI FFIV vs LITE FFIV vs VSAT CIEN vs FFIV

More: Communications Equipment stocks compared, Technology sector, rankings of US companies

Figures from F5, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to F5, Inc.