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Radware LTD (RDWR) stock

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NASDAQ: RDWR Nasdaq Systems Software

C+ Fundamentals grade

Radware LTD is a US-listed company in the systems software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($4.35) was left out of our combined valuation (it is 0.13x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($4.35) was left out of our combined valuation (it is 0.13x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Radware LTD 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.

  • Insiders1 buying, 4 selling1 purchase and 14 sales by directors and officers, last 12 monthsInsider trades
  • Funds66 adding, 59 cuttingOf 24 active managers that changed their stake, 9 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Radware files

Where Radware LTD stands after its latest Filing

Revenue for the twelve months was $302m, up 9.8% on a year earlier, faster than the 5.2% growth a quarter earlier. Free-cash-flow margin fell to 13.8% from 23.1% a year earlier. Operating margin narrowed to 3.8% from 6.4%. The diluted share count is up 3.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 1 financial-health checks.

Our model value for Radware is under review, so past values are not shown until it is resolved.

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

Radware LTD's trailing-twelve-month revenue grew 9.8% year on year, with a free-cash-flow margin of 13.8%. Where it stands out: days sales outstanding of 42 days ranks 4 of 29 systems software companies we cover.

Our discounted-cash-flow model values the business at ~$4.3 per share in the base case (~$3.7–$5.2 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 37.4% while net income grew 235.5%: a 273pp divergence.

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

  • Growth speeding up. The growth rate is 4.6 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 5.2 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Share dilution. Diluted shares rose 3.1% in a year.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results

Earnings per share
$0.32 against an average estimate of $0.29: beat by 9.1%
Next report
October 28, 2026; average EPS estimate $0.35

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

Price chart

  • 1 day-5.6%
  • 1 week+1.1%
  • 1 month+6.3%
  • This year+35.5%
  • 1 year+27.4%
  • 5 years-7.3%
  • S&P 500 this year+11.2%

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

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$302M
Operating margin
3.8%
Net margin
6.7%
EPS (TTM, diluted)
$0.45

Growth

Revenue growth
+9.8%
Change in growth rate
+4.6 pts
Share count change
+3.1%

Cash

Free cash flow (TTM)
$41.6M
FCF margin
13.8%
Stock pay % of revenue
8.0%

News & updates

Updated October 31, 2026

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

No recent updates are available for RDWR from the sources we follow. See filings →

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

Radware LTD valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($4.35) was left out of our combined valuation (it is 0.13x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Radware LTD's free cash flow after stock-based pay ( $5.4M, FY2025 Q4 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.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Radware LTD as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 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. ~$4.3 ~$3.7–$5.2 Left out: out of range vs price (0.13x)
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. ~$23 ~$16–$50 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$1.6 ~$0.9–$2.8 Left out: out of range vs price (0.05x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Radware LTD with Systems Software 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.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025
Share price$15.34$14.58$19.40$22.71$25.78$27.75$41.64$19.75$16.68$22.53$24.09
Market value$717m$640m$843m$1.1bn$1.3bn$1.3bn$2.0bn$888m$715m$977m$1.1bn
+ Net debt (− = net cash)−$34m−$80m−$65m−$45m−$41m−$55m−$93m−$46m−$71m−$99m−$105m
Enterprise value$683m$560m$778m$1.0bn$1.2bn$1.3bn$1.9bn$841m$645m$878m$972m
Multiples
Price / sales 3.3x3.3x4.0x4.6x5.0x5.3x6.9x3.0x2.7x3.6x3.6x
Price / earnings 38.6x——92.3x55.4x137.5xn/m——161.8x53.2x
Price / free cash flow 28.3x22.0x34.8x26.8x28.0x24.0x29.9x38.0x—14.7x25.9x
EV / EBITDA 24.9x—170.6x60.0x42.9x75.9x66.3x100.7x—110.5x42.1x

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

55 /100

Moderate moat

How hard Radware's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Pricing power 20 / 20

    Gross margin has been a median 81.0%, moving by 1.1 percentage points (standard deviation) across 5 years.

  • Durability 0 / 20

    Operating margin has been a median 3.8%; its worst year was -6.5%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 5 of 5 years, at a median 11.5% 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 (60 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

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.26 +10% $335m +11%
Next $1.40 +11% $366m +9%

Next year's EPS estimate has moved +2.4% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.6% on 90 days ago. In the last 30 days, 2 analysts raised Radware LTD's forecast and 0 cut it.

Consensus EPS forecast Radware LTD, last 90 days
$1.20 $1.25 $1.30 $1.35 $1.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.22 Current fiscal year, 60 days ago: $1.22 Current fiscal year, 30 days ago: $1.22 Current fiscal year, 7 days ago: $1.22 Current fiscal year, Now: $1.26 $1.26 Next fiscal year, 90 days ago: $1.36 Next fiscal year, 60 days ago: $1.36 Next fiscal year, 30 days ago: $1.36 Next fiscal year, 7 days ago: $1.36 Next fiscal year, Now: $1.40 $1.40

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.22$1.36
60 days ago $1.22$1.36
30 days ago $1.22$1.36
7 days ago $1.22$1.36
Now $1.26$1.40

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.29 $0.32 +9.1%
Jun 2026 $0.28 $0.25 −11.8%
Mar 2026 $0.28 $0.25 −10.7%
Dec 2025 $0.30 $0.32 +6.3%

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

Analyst recommendations

3 analysts, Oct 2026
Buy133%
Hold267%
Sell00%

Monthly trend

  1. Oct 2026123
  2. Sep 2026123

Counts of recommendations published by analysts covering Radware LTD, 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
2.6%
of tradable shares
Days to cover
2.68
at average volume
Short interest, 1 month
+0%
to October 15, 2026
Held by institutions
84%
of shares
Held by insiders
14.8%
of shares
Employees
1,228
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

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
RDWR+50%−53%−16%+35%+7%+36%
Industry peers (median)+21%−40%+33%+22%−1%+25%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
RDWR75%33%33%58%33%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
RDWR−21%−57%−38%−22%−29%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 66% from December 30, 2021 to November 1, 2023. Getting back needed a 190% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$21.74 – $37.16
From 52-week high
−12.2%
vs 50-day average
+9.2%
vs 200-day average
+17.4%
Volatility (1 year)
45%
Beta vs S&P 500
1.33

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.

Radware LTD in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

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) Radware LTD
$150M $200M $250M $300M $350M FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Revenue (TTM), FY14 Q4: $221.9M Revenue (TTM), FY15 Q4: $216.6M Revenue (TTM), FY16 Q4: $196.6M Revenue (TTM), FY17 Q4: $211.4M Revenue (TTM), FY18 Q4: $234.4M Revenue (TTM), FY19 Q4: $252.1M Revenue (TTM), FY20 Q4: $250M Revenue (TTM), FY21 Q4: $286.5M Revenue (TTM), FY22 Q4: $293.4M Revenue (TTM), FY23 Q4: $261.3M Revenue (TTM), FY24 Q4: $274.9M Revenue (TTM), FY25 Q4: $301.9M $301.9M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY14 Q4 $221.9M
FY15 Q4 $216.6M
FY16 Q4 $196.6M
FY17 Q4 $211.4M
FY18 Q4 $234.4M
FY19 Q4 $252.1M
FY20 Q4 $250M
FY21 Q4 $286.5M
FY22 Q4 $293.4M
FY23 Q4 $261.3M
FY24 Q4 $274.9M
FY25 Q4 $301.9M
Revenue growth, TTM YoY Radware LTD
-20% -10% 0% 10% 20% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Revenue growth, TTM YoY, FY14 Q4: 15.0% Revenue growth, TTM YoY, FY15 Q4: -2.4% Revenue growth, TTM YoY, FY16 Q4: -9.2% Revenue growth, TTM YoY, FY17 Q4: 7.5% Revenue growth, TTM YoY, FY18 Q4: 10.9% Revenue growth, TTM YoY, FY19 Q4: 7.5% Revenue growth, TTM YoY, FY20 Q4: -0.8% Revenue growth, TTM YoY, FY21 Q4: 14.6% Revenue growth, TTM YoY, FY22 Q4: 2.4% Revenue growth, TTM YoY, FY23 Q4: -11.0% Revenue growth, TTM YoY, FY24 Q4: 5.2% Revenue growth, TTM YoY, FY25 Q4: 9.8% 9.8%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY14 Q4 15.0%
FY15 Q4 -2.4%
FY16 Q4 -9.2%
FY17 Q4 7.5%
FY18 Q4 10.9%
FY19 Q4 7.5%
FY20 Q4 -0.8%
FY21 Q4 14.6%
FY22 Q4 2.4%
FY23 Q4 -11.0%
FY24 Q4 5.2%
FY25 Q4 9.8%
Operating margin (TTM) Radware LTD
-20% -10% 0% 10% 20% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Operating margin (TTM), FY14 Q4: 11.3% Operating margin (TTM), FY15 Q4: 8.3% Operating margin (TTM), FY16 Q4: -6.5% Operating margin (TTM), FY17 Q4: -3.2% Operating margin (TTM), FY18 Q4: 3.2% Operating margin (TTM), FY19 Q4: 6.7% Operating margin (TTM), FY20 Q4: 2.5% Operating margin (TTM), FY21 Q4: 6.4% Operating margin (TTM), FY22 Q4: -1.1% Operating margin (TTM), FY23 Q4: -12.1% Operating margin (TTM), FY24 Q4: -1.4% Operating margin (TTM), FY25 Q4: 3.8% 3.8%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY14 Q4 11.3%
FY15 Q4 8.3%
FY16 Q4 -6.5%
FY17 Q4 -3.2%
FY18 Q4 3.2%
FY19 Q4 6.7%
FY20 Q4 2.5%
FY21 Q4 6.4%
FY22 Q4 -1.1%
FY23 Q4 -12.1%
FY24 Q4 -1.4%
FY25 Q4 3.8%
FCF margin (TTM) Radware LTD
-10% 0% 10% 20% 30% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 FCF margin (TTM), FY14 Q4: 19.2% FCF margin (TTM), FY15 Q4: 11.7% FCF margin (TTM), FY16 Q4: 14.8% FCF margin (TTM), FY17 Q4: 11.5% FCF margin (TTM), FY18 Q4: 17.2% FCF margin (TTM), FY19 Q4: 17.7% FCF margin (TTM), FY20 Q4: 22.1% FCF margin (TTM), FY21 Q4: 23.1% FCF margin (TTM), FY22 Q4: 8.0% FCF margin (TTM), FY23 Q4: -3.4% FCF margin (TTM), FY24 Q4: 24.1% FCF margin (TTM), FY25 Q4: 13.8% 13.8%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY14 Q4 19.2%
FY15 Q4 11.7%
FY16 Q4 14.8%
FY17 Q4 11.5%
FY18 Q4 17.2%
FY19 Q4 17.7%
FY20 Q4 22.1%
FY21 Q4 23.1%
FY22 Q4 8.0%
FY23 Q4 -3.4%
FY24 Q4 24.1%
FY25 Q4 13.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

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

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 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
Income
Revenue 109 144 167 189 193 222 217 197 211 234 252 250 286 293 261 275 302
Gross profit 86 115 134 153 156 182 178 161 172 193 207 205 234 240 210 222 244
EBITDA 3 18 29 41 26 33 27 −2 5 17 28 17 28 8 −19 8 23
Operating income −7 8 18 31 18 25 18 −13 −7 8 17 6 18 −3 −32 −4 11
Net income −6 10 21 32 18 25 19 −9 −7 12 23 10 8 −0 −22 6 20
Diluted EPS −$0.31 $0.22 $0.47 $0.68 $0.39 $0.53 $0.40 −$0.20 −$0.17 $0.25 $0.47 $0.20 $0.16 $0.00 −$0.50 $0.14 $0.45
Growth (year on year)
Revenue — +32.3% +15.9% +13.3% +2.0% +15.0% −2.4% −9.2% +7.5% +10.9% +7.5% −0.8% +14.6% +2.4% −11.0% +5.2% +9.8%
EBITDA — +551.1% +64.1% +42.0% −37.1% +29.3% −17.4% −108.7% — +279.4% +62.9% −40.7% +69.9% −70.6% −332.7% — +190.5%
Operating income — — +117.9% +67.8% −43.2% +42.7% −28.2% −170.8% — — +124.8% −63.5% +195.5% −118.3% — — —
Net income — — +121.5% +48.8% −43.1% +38.2% −25.6% −146.6% — — +92.3% −57.3% −18.9% −102.1% — — +235.5%
Diluted EPS — — +113.6% +44.7% −42.6% +35.9% −24.5% −150.0% — — +88.0% −57.4% −20.0% −100.0% — — +221.4%
Margins
Gross margin 78.6% 79.7% 80.0% 81.1% 81.0% 82.1% 82.4% 81.8% 81.3% 82.2% 82.1% 82.0% 81.7% 81.6% 80.2% 80.6% 80.7%
EBITDA margin 2.5% 12.1% 17.2% 21.6% 13.3% 15.0% 12.7% −1.2% 2.2% 7.4% 11.2% 6.7% 9.9% 2.8% −7.4% 2.9% 7.7%
Operating margin −6.5% 5.9% 11.0% 16.3% 9.1% 11.3% 8.3% −6.5% −3.2% 3.2% 6.7% 2.5% 6.4% −1.1% −12.1% −1.4% 3.8%
Net margin −5.5% 6.7% 12.8% 16.8% 9.4% 11.2% 8.6% −4.4% −3.5% 5.0% 9.0% 3.9% 2.7% −0.1% −8.3% 2.2% 6.7%
Free-cash-flow margin 7.9% 24.5% 21.7% 22.3% 11.1% 19.2% 11.7% 14.8% 11.5% 17.2% 17.7% 22.1% 23.1% 8.0% −3.4% 24.1% 13.8%
Cash flow
Cash from operations 14 41 42 52 30 52 39 38 31 49 53 64 72 32 −4 72 50
Capital spending 6 6 6 9 9 9 14 9 7 9 8 9 6 9 5 5 9
Free cash flow 9 35 36 42 21 43 25 29 24 40 45 55 66 23 −9 66 42
Stock-based pay 4 5 5 5 5 7 9 12 13 13 13 17 18 27 34 26 24
Free cash flow after stock pay 5 30 31 37 16 35 16 18 11 28 32 39 49 −4 −43 40 18
Balance sheet
Cash 20 15 17 20 20 45 34 80 65 45 41 55 93 46 71 99 105
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −20 −15 −17 −20 −20 −45 −34 −80 −65 −45 −41 −55 −93 −46 −71 −99 −105
Diluted shares — 43m 46m 47m 47m 47m 47m 44m 43m 48m 49m 48m 48m 45m 43m 43m 45m
Returned to shareholders
Buybacks 0 — — — 8 15 53 22 0 4 25 45 52 59 63 1 10
Total returned 0 — — — 8 15 53 22 0 4 25 45 52 59 63 1 10

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 · December 31, 2025
What it owns · $671m
Short-term assets $317mLonger-term assets $355m
What it owes, and who funded it · $544m
Short-term liabilities $194mShareholders' equity $349m
  • Short-term assets cover short-term liabilities $317m of assets due within a year against $194m 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 Radware LTD'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

FY2025 Q4 TTM
Buybacks (TTM)
$10.5M
Returned to shareholders
25%
of free cash flow
Buybacks, last 3 fiscal years
$74.6M
Diluted share count
+3.1%
year over year
Total shareholder yield
0.7%
dividends 0.0% + buybacks 0.7% of market value
R&D spending
26.2%
of revenue
Days sales outstanding
42 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in systems software
Last 12 months unless stated RDWR NYAX SANG CINT BB GRRR Median
Revenue, last 12 months $302m $400m $200m $490m $614m $101m $1.1bn
Revenue growth, last 12 months 9.8% 27.5% −15.5% 11.5% 14.4% 35.7% 16.9%
Revenue growth, 3-year average 16.1% — — — −4.1% — 16.1%
Gross margin 80.7% 48.2% 70.3% 32.0% 77.9% 33.4% 69.6%
Operating margin 3.8% 9.4% — 13.4% 13.6% −13.5% 3.7%
Operating margin, 3-year average 2.3% — — — 5.7% — 4.0%
Net margin 6.7% 8.9% −40.5% 8.3% 13.1% −11.1% 2.4%
Cash from operations / revenue 16.6% 10.1% 11.8% 12.4% 16.0% −28.3% 16.6%
Free-cash-flow margin 13.8% 8.7% 11.0% 8.5% 15.0% −28.9% 15.0%
Free-cash-flow margin, 3-year average 16.1% — — — 1.9% — 18.8%
Stock pay / revenue 8.0% 1.8% 1.2% 1.0% 4.2% 0.3% 8.2%
Change in share count 3.1% 5.3% −0.8% −2.7% 2.2% 110.6% 2.7%

Median of all 37 companies we cover in systems software. 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

37 systems software companies
Measure Company Peer median Rank
Revenue growth Growth 9.8% 16.9% 26 of 37
Change in growth rate Growth +4.6pp -0.3pp 13 of 37
Gross margin Profitability 80.7% 70.4% 6 of 32
Operating margin Profitability 3.8% 3.8% 17 of 34
Net margin Profitability 6.7% 2.4% 16 of 37
Free-cash-flow margin Cash generation 13.8% 17.3% 21 of 34
Stock pay as % of revenue Cash generation 8.0% 8.5% 18 of 36
Change in share count Balance sheet 3.1% 3.1% 18 of 34
Days sales outstanding Balance sheet 42 days 72 days 4 of 29

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

Who owns it

Funds buying and selling
Reported value
$933M
Institutions reporting
135
Shares held vs prior quarter
▼ 4.7%
Positions opened / closed
27 / 14

Top buyers and sellers, Q2 2026: 66 institutions bought and 59 sold ; the biggest buyer was Citadel Advisors LLC (+232K shares) and the biggest seller Deutsche Bank Ag\ (−844K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Senvest Management, LLC $125M 4.0M 13.4% 0.0%
Penserra Capital Management LLC $84M 2.7M 9.0% ▼ 7.6%
Morgan Stanley $74.5M 2.4M 8.0% ▼ 21.0%
Artisan Partners Limited Partnership $73.3M 2.4M 7.9% ▼ 13.6%
Legal & General Group PLC $71.6M 2.3M 7.7% ▲ 1.0%
Acadian Asset Management LLC $52.3M 1.7M 5.6% ▼ 0.9%
Blackrock, Inc. $51.6M 1.7M 5.5% ▲ 9.0%
Neuberger Berman Group LLC $50.7M 1.6M 5.4% ▲ 5.0%
Renaissance Technologies LLC $39.4M 1.3M 4.2% ▼ 8.0%
Mirae Asset Global Etfs Holdings Ltd. $25.8M 838K 2.8% ▼ 7.5%
First Trust Advisors LP $25.5M 825K 2.7% ▼ 19.2%
Cooper Creek Partners Management LLC $21.8M 707K 2.3% ▼ 4.5%

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 Radware LTD's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $50,420 1 trade by 1 insider, last 12 months Insider sales History → $3.4M 14 trades by 4 insiders · 0% under pre-set plans
Net ▼ $3.3M net selling
Insider Date Trade Shares Price Value
Tauman Yair Director October 30, 2026 Sell 1,919 $36.05 $69,180
Aviv David Meleh Chief Technology Officer October 28, 2026 Sell 7,500 $36.28 $272,133
Goldriech Rivkah Chief People Officer October 28, 2026 Sell 4,125 $36.00 $148,500
Aviv David Meleh Chief Technology Officer October 27, 2026 Sell 10,000 $35.13 $351,250
Aviv David Meleh Chief Technology Officer October 27, 2026 Sell 7,500 $34.12 $255,875
Goldriech Rivkah Chief People Officer October 27, 2026 Sell 100 $35.01 $3,501
Goldriech Rivkah Chief People Officer October 27, 2026 Sell 24,177 $34.66 $838,028
Aviv David Meleh Chief Technology Officer October 26, 2026 Sell 12,500 $32.05 $400,625
Aviv David Meleh Chief Technology Officer September 17, 2026 Sell 15,000 $30.71 $460,650
Malka Gabriel Chief Operating Officer August 27, 2026 Sell 6,500 $30.00 $195,000
Avidan Guy Chief Financial Officer July 31, 2026 Buy 2,000 $25.21 $50,420
Goldriech Rivkah Chief People Officer July 9, 2026 Sell 750 $32.00 $24,000

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.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Radware LTD was last updated.

DataLast updatedSource
Share priceExchange closing prices
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.

Radware LTD in brief

What does Radware LTD do?
Radware LTD is a US-listed company in the systems software industry. Its financial year ends in December.
What is Radware LTD's stock ticker?
Radware LTD trades under the ticker RDWR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Radware LTD's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Radware LTD reported revenue of $302M, 9.8% higher than a year earlier, according to its SEC filings.
What is Radware LTD's free cash flow?
Radware LTD's free-cash-flow margin is 13.8% of revenue over the trailing twelve months, ranking 21 of the 34 systems software companies we cover.
Who are Radware LTD's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Senvest Management, LLC, Penserra Capital Management LLC and Morgan Stanley. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Radware LTD buying back stock, and does it pay a dividend?
Radware LTD spent $10.5M on share repurchases over the trailing twelve months, and its diluted share count still rose 3.1% over the year.
What is Radware LTD's market cap?
On December 31, 2025, Radware LTD's market capitalisation was about $1.1B, with a price-to-earnings ratio of 53.2 and net debt of -$105M. Market figures come from third-party market data and may be delayed.
Who are Radware LTD's competitors?
In our Systems Software peer group, the companies closest to Radware LTD are Nayax Ltd., Sangoma Technologies Corp, CI&T Inc, Blackberry Ltd and Gorilla Technology Group Inc. The side-by-side comparison below sets their revenue, margins and growth against Radware LTD's.
Are insiders buying or selling Radware LTD stock?
Over the last 12 months, Radware LTD's directors and officers reported 1 open-market purchases and 14 sales on Form 4. The insider trading page charts every trade.