F5, Inc. (FFIV) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$4	$4.73	+18.3%	—	$865.1M	—
Q2 26	$3.46	$3.9	+12.7%	—	$811.7M	—
Q4 25	$3.97	$4.39	+10.6%	—	$810.1M	—
Q3 25	$3.49	$4.16	+19.2%	—	$780.4M	—
Q2 25	$3.09	$3.42	+10.7%	—	$731.1M	—
Q1 25	$3.38	$3.84	+13.6%	—	$766.5M	—
Q4 24	$3.45	$3.67	+6.4%	—	$746.7M	—
Q3 24	$2.97	$3.36	+13.1%	—	$695.5M	—
Q2 24	$2.87	$2.91	+1.4%	—	$681.4M	—
Q1 24	$3.04	$3.43	+12.8%	—	$692.6M	—
Q4 23	$3.21	$3.5	+9.0%	—	$707M	—
Q3 23	$2.86	$3.21	+12.2%	—	$702.6M	—
Q2 23	$2.42	$2.53	+4.5%	—	$703.2M	—
Q1 23	$2.33	$2.47	+6.0%	—	$700.4M	—
Q4 22	$2.52	$2.62	+4.0%	—	$700M	—
Q3 22	$2.23	$2.57	+15.2%	—	$674.5M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$12	—	—	$3.1B	—
FY24	—	$9.65	—	—	$2.8B	—
FY23	—	$6.59	—	—	$2.8B	—
FY22	—	$5.34	—	—	$2.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2B	$2.1B	$2.2B	$2.2B	$2.4B	$2.6B	$2.7B	$2.8B	$2.8B	$3.1B
YoY change	+3.92%	+4.76%	+3.41%	+3.75%	+4.83%	+10.7%	+3.55%	+4.35%	+0.1%	+9.66%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2B	2.1B	2.2B	2.2B	2.4B	2.6B	2.7B	2.8B	2.8B	3.1B
Cost of revenue	337.2M	353.5M	361.5M	356.6M	407.9M	493.1M	539.6M	593.3M	557.6M	574M
Gross profit	1.7B	1.7B	1.8B	1.9B	1.9B	2.1B	2.2B	2.2B	2.3B	2.5B
Gross margin	83.1%	83.1%	83.3%	84.1%	82.6%	81.1%	80%	78.9%	80.2%	81.4%
Research & development	334.2M	350.4M	366.1M	408.1M	441.3M	512.6M	543.4M	540.3M	490.1M	539.8M
Selling, general & administrative	767.2M	809.1M	824.5M	959.3M	1.1B	1.2B	1.2B	1.1B	1.1B	1.2B
Operating expenses	1.1B	1.2B	1.2B	1.4B	1.5B	1.7B	1.7B	1.7B	1.6B	1.7B
Operating income	556.4M	577.1M	609.3M	518.5M	400.1M	394M	411.7M	538M	667.2M	791.4M
Operating margin	27.9%	27.6%	28.2%	23.1%	17%	15.1%	15.3%	19.1%	23.7%	25.6%
Non-operating income, net	-6.5M	-1.5M	-5.6M	22.6M	-3.7M	-7.1M	-26.3M	-52M	28.2M	16.9M
Pretax income	549.9M	575.5M	603.8M	541.1M	396.4M	386.9M	385.4M	486M	695.5M	808.3M
Income tax	184M	154.8M	150.1M	113.4M	89M	55.7M	63.2M	91M	128.7M	116M
Net income	365.9M	420.8M	453.7M	427.7M	307.4M	331.2M	322.2M	394.9M	566.8M	692.4M
Net margin	18.3%	20.1%	21%	19.1%	13.1%	12.7%	12%	14%	20.1%	22.4%
EBITDA	622.3M	651.3M	687.2M	587M	503.7M	509.4M	535.2M	716M	782.9M	909.3M
EPS	5.43	6.56	7.41	7.12	5.05	5.46	5.34	6.59	9.65	12
Diluted EPS	5.38	6.5	7.32	7.08	5.01	5.34	5.27	6.55	9.55	11.8

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	707M	692.6M	681.4M	695.5M	746.7M	766.5M	731.1M	780.4M	810.1M	822.5M	811.7M	865.1M
Cost of revenue	141M	136.4M	141.1M	136.4M	143.7M	140.5M	141M	148.6M	143.9M	151.8M	150.9M	153.6M
Gross profit	566M	556.2M	540.2M	559.1M	603M	626M	590.2M	631.7M	666.2M	670.7M	660.8M	711.5M
Gross margin	80.1%	80.3%	79.3%	80.4%	80.8%	81.7%	80.7%	81%	82.2%	81.5%	81.4%	82.2%
Research & development	127.8M	119.6M	122.2M	124.4M	124M	130.5M	136.6M	136.3M	136.4M	141.2M	151M	164.7M
Selling, general & administrative	266.4M	263.6M	278M	271.5M	288M	279.1M	294.7M	299.1M	310M	315.4M	331.1M	333.6M
Operating expenses	394.3M	383.2M	400.2M	395.9M	411.9M	409.6M	431.3M	435.4M	446.4M	456.5M	482.1M	498.3M
Operating income	171.7M	173M	140.1M	163.2M	191M	216.4M	158.9M	196.3M	219.8M	214.1M	178.7M	213.2M
Operating margin	24.3%	25%	20.6%	23.5%	25.6%	28.2%	21.7%	25.2%	27.1%	26%	22%	24.6%
Non-operating income, net	3.1M	1.4M	5.9M	8.4M	12.5M	-7.4M	12.3M	16.7M	-4.7M	8.8M	10.5M	13M
Pretax income	174.8M	174.4M	145.9M	171.6M	203.5M	209M	171.2M	213M	215.1M	222.9M	189.2M	226.2M
Income tax	22.7M	36M	26.9M	27.5M	38.2M	42.6M	25.7M	23.1M	24.6M	42.9M	41.5M	18M
Net income	152.1M	138.4M	119M	144.1M	165.3M	166.4M	145.5M	189.9M	190.5M	180.1M	147.8M	208.2M
Net margin	21.5%	20%	17.5%	20.7%	22.1%	21.7%	19.9%	24.3%	23.5%	21.9%	18.2%	24.1%
EBITDA	201.3M	210.7M	168.2M	190.1M	214M	250.4M	181.4M	218.8M	258.8M	238.7M	203M	236.6M
EPS	2.57	2.34	2.02	2.46	2.83	2.85	2.51	3.29	3.3	3.12	2.61	3.67
Diluted EPS	2.55	2.32	2	2.44	2.8	2.82	2.48	3.25	3.26	3.1	2.58	3.62

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	8.4B	7.7B	12.2B	8.4B	7.5B	12.1B	8.7B	9.7B	12.9B	18.7B	24.7B
Enterprise value	7.5B	6.7B	11.2B	7.5B	7B	11.9B	8.5B	9.1B	12.1B	17.6B	23.7B
Shares outstanding	67.4M	64.2M	61.3M	60M	60.9M	60.7M	60.3M	59.9M	58.7M	57.9M	57.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	23	18.4	26.9	19.7	24.3	36.4	27.1	24.4	22.8	27	35.3
P/S	4.21	3.7	5.65	3.76	3.18	4.64	3.24	3.43	4.59	6.06	7.58
P/B	7.09	6.29	9.5	4.79	3.35	5.11	3.53	3.45	4.13	5.21	6.53
EV/EBITDA	12.1	10.3	16.3	12.7	14	23.3	15.9	12.8	15.5	19.4	25.7
EV/Sales	3.77	3.22	5.17	3.33	3	4.56	3.15	3.25	4.3	5.71	7.17
Earnings yield	4.35%	5.44%	3.71%	5.07%	4.11%	2.74%	3.69%	4.09%	4.38%	3.7%	2.83%
FCF yield	7.65%	9.02%	5.79%	7.64%	8.04%	5.09%	4.69%	6.21%	5.89%	4.84%	2.91%
PEG	—	—	—	—	—	—	—	—	—	—	3.06

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	83.1%	83.1%	83.3%	84.1%	82.6%	81.1%	80%	78.9%	80.2%	81.4%	82.2%
Operating margin	27.9%	27.6%	28.2%	23.1%	17%	15.1%	15.3%	19.1%	23.7%	25.6%	24.6%
Net margin	18.3%	20.1%	21%	19.1%	13.1%	12.7%	12%	14%	20.1%	22.4%	22%
ROE	30.9%	34.2%	35.3%	24.3%	13.8%	14%	13%	14.1%	18.1%	19.3%	19.8%
ROA	15.9%	17%	17.4%	12.6%	6.57%	6.63%	6.11%	7.53%	10.1%	11%	7.98%
ROIC	122.2%	198.6%	186.1%	51.9%	17.3%	15.6%	15.3%	19.2%	23.6%	27%	28.1%
Return on tangible assets	33.5%	32.9%	31.7%	41.1%	60.5%	368.8%	90.2%	107%	74.1%	55.9%	42.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.53	1.5	1.49	1.37	1.39	1.16	1.04	1.26	1.42	1.56	1.67
Quick ratio	1.49	1.47	1.45	1.34	1.37	1.14	1	1.23	1.36	1.51	1.59
Debt / equity	—	—	—	0	0.35	0.3	0.27	0.1	0.08	0.07	0.07
Debt / assets	—	—	—	0	0.17	0.14	0.13	0.05	0.04	0.04	0.04
Net debt / EBITDA	—	—	—	-1.66	-0.87	-0.38	-0.41	-0.73	-1.05	-1.19	-1.44
Effective tax rate	33.5%	26.9%	24.9%	21%	22.4%	14.4%	16.4%	18.7%	18.5%	14.3%	14.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	29.6	32.6	35.3	37.3	38.6	42.9	44.7	47	48	53.3	57.9
EPS (basic)	5.43	6.56	7.41	7.12	5.05	5.46	5.34	6.59	9.65	12	12
EPS (diluted)	5.38	6.5	7.32	7.08	5.01	5.34	5.27	6.55	9.55	11.8	12.5
Book value per share	17.6	19.2	21	29.3	36.6	38.9	41	46.7	53.3	62	67.9
FCF per share	9.54	10.9	11.6	10.7	9.87	10.1	6.79	10	13	15.7	16.8
Cash per share	13.1	15.8	17	16.2	19.9	15	14.7	13.4	18.3	23.2	28.4
Capex per share	0.94	0.6	0.86	1.72	0.98	0.5	0.56	0.9	0.52	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.18%	1.85%	2.43%	4.62%	2.55%	1.18%	1.25%	1.93%	1.08%	—	—
Capex / operating cash flow	9.39%	5.45%	6.95%	15.7%	9.72%	5.27%	7.7%	8.34%	3.84%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$707M	$692.6M	$681.4M	$695.5M	$746.7M	$766.5M	$731.1M	$780.4M	$810.1M	$822.5M	$811.7M	$865.1M
YoY change	+0.99%	-1.11%	-3.1%	-1.02%	+5.62%	+10.7%	+7.3%	+12.2%	+8.49%	+7.3%	+11%	+10.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	882.4M	1B	1B	972.3M	1.2B	910.6M	884.6M	803.3M	1.1B	1.3B
Receivables	268.2M	291.9M	295.4M	322M	296.2M	340.5M	470M	454.8M	389M	414.4M
Inventory	34.1M	29.8M	30.6M	34.4M	27.9M	22.1M	68.4M	35.9M	76.4M	77.2M
Total current assets	1.3B	1.4B	1.4B	1.5B	1.8B	1.6B	1.9B	1.8B	2.1B	2.5B
Property, plant & equipment	123.2M	122.4M	145M	223.4M	529.9M	436.1M	395.7M	365.9M	329.1M	342.5M
Goodwill & intangibles	1.2B	1.2B	1.2B	2.3B	4.2B	4.9B	4.9B	4.9B	4.8B	5.1B
Total assets	2.3B	2.5B	2.6B	3.4B	4.7B	5B	5.3B	5.2B	5.6B	6.3B
Accounts payable	34.1M	50.8M	57.8M	62.6M	64.5M	62.1M	113.2M	63.3M	67.9M	84M
Short-term debt	—	—	—	—	65.3M	68.6M	392.3M	41.4M	33.8M	31M
Total current liabilities	844.2M	934.5M	954.4M	1.1B	1.3B	1.4B	1.8B	1.5B	1.5B	1.6B
Long-term debt	—	—	—	0	707.8M	646.7M	272.4M	239.6M	215.8M	230.7M
Total liabilities	1.1B	1.2B	1.3B	1.6B	2.4B	2.6B	2.8B	2.4B	2.5B	2.7B
Shareholders' equity	1.2B	1.2B	1.3B	1.8B	2.2B	2.4B	2.5B	2.8B	3.1B	3.6B
Total debt	—	—	—	0	773M	715.3M	664.7M	281M	249.6M	261.8M
Net debt	—	—	—	-599.2M	-76.5M	134.3M	-93.3M	-516.2M	-825M	-1.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	803.3M	825.9M	903.5M	935.6M	1.1B	1.2B	1.3B	1.4B	1.3B	1.2B	1.4B	1.6B
Receivables	454.8M	513.2M	388.3M	420M	389M	485M	379.6M	359.9M	414.4M	493.6M	425.6M	428.7M
Inventory	35.9M	35.8M	69.8M	78.5M	76.4M	73.2M	67.9M	66.9M	77.2M	79.9M	90.3M	126.9M
Total current assets	1.8B	2B	2B	2B	2.1B	2.3B	2.3B	2.5B	2.5B	2.5B	2.7B	2.9B
Property, plant & equipment	365.9M	359.3M	350.5M	339.5M	329.1M	348.2M	338.5M	334.7M	342.5M	348.4M	359.8M	375.5M
Goodwill & intangibles	4.9B	4.9B	4.9B	4.9B	4.8B	4.8B	4.8B	4.8B	5.1B	5.1B	5B	5.1B
Total assets	5.2B	5.3B	5.4B	5.4B	5.6B	5.9B	5.9B	6.1B	6.3B	6.3B	6.5B	6.8B
Accounts payable	63.3M	60.1M	57.7M	53.6M	67.9M	53.6M	43.6M	68.7M	84M	60.7M	79.5M	136.2M
Short-term debt	41.4M	41.3M	38.5M	38.1M	33.8M	31.5M	30.2M	30.4M	31M	32.9M	33.3M	33.7M
Total current liabilities	1.5B	1.5B	1.5B	1.5B	1.5B	1.6B	1.5B	1.6B	1.6B	1.6B	1.7B	1.8B
Long-term debt	239.6M	235M	228.4M	222.5M	215.8M	242.9M	236.6M	229.4M	230.7M	234.9M	226.6M	218.7M
Total liabilities	2.4B	2.5B	2.5B	2.4B	2.5B	2.7B	2.6B	2.6B	2.7B	2.8B	2.8B	3B
Shareholders' equity	2.8B	2.9B	2.9B	3B	3.1B	3.2B	3.3B	3.5B	3.6B	3.5B	3.6B	3.9B
Total debt	281M	276.3M	266.8M	260.6M	249.6M	274.3M	266.8M	259.8M	261.8M	267.7M	259.9M	252.4M
Net debt	-516.2M	-546.3M	-635.8M	-674.2M	-825M	-876.6M	-992.5M	-1.2B	-1.1B	-932M	-1.2B	-1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	365.9M	420.8M	453.7M	427.7M	307.4M	331.2M	322.2M	394.9M	566.8M	692.4M
Depreciation & amortization	56.8M	61.1M	59.5M	68.5M	95.9M	115.4M	115.6M	112.7M	107M	92.4M
Stock-based compensation	156.8M	175.3M	157.9M	162.9M	201.9M	243.3M	249.2M	236.7M	219.1M	231.5M
Change in working capital	93.7M	57.2M	61.4M	-9.6M	-37.3M	-70.6M	-250.3M	-25.7M	-64M	-31.5M
Operating cash flow	676.1M	709.8M	754.5M	658.6M	616.5M	581.6M	436.5M	650M	792.4M	949.7M
Capital expenditure	-63.5M	-38.7M	-52.5M	-103.5M	-59.9M	-30.7M	-33.6M	-54.2M	-30.4M	—
Investing cash flow	67.5M	-28.3M	-456M	-414.6M	-747M	-445.3M	218.1M	36.4M	-59.2M	-176.2M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-700.1M	-600.1M	-600.1M	-201M	-100M	-500M	-500M	-350M	-500.6M	-502.1M
Financing cash flow	-697.5M	-593.1M	-600.1M	-201M	284.4M	-534M	-541M	-713.3M	-512.1M	-524M
Net change in cash	46.1M	88.5M	-301.6M	43M	153.9M	-397.8M	113.5M	-26.9M	221.1M	249.5M
Free cash flow	643.3M	697.6M	707.6M	644.3M	601M	614.5M	409M	599.2M	762M	906.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	152.1M	138.4M	119M	144.1M	165.3M	166.4M	145.5M	189.9M	190.5M	180.1M	147.8M	208.2M
Depreciation & amortization	29.5M	29.3M	28M	26.8M	22.9M	22.7M	22.5M	22.5M	24.8M	24.6M	24.6M	23.4M
Stock-based compensation	53.3M	56M	55.1M	54.2M	53.8M	57.9M	58.9M	57.5M	57.2M	60M	68M	65.5M
Change in working capital	-46M	-42.8M	40M	-55.8M	15.4M	-48.4M	87.4M	6.6M	-58.1M	-57.6M	97M	-31.6M
Operating cash flow	173.3M	178.8M	229.1M	159M	246.5M	196.2M	297M	267.4M	208.1M	159.2M	365.9M	316.2M
Capital expenditure	-15.4M	-9M	-9.5M	-5.8M	-6.1M	-8.1M	-10.5M	-8.5M	—	—	—	—
Investing cash flow	-7.6M	-7.1M	-6.9M	-6.4M	-5.7M	-10M	-10.5M	-25.1M	-147.7M	-837K	-328K	-49.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-60M	-150M	-100M	-150M	-100.5M	-125M	-127.1M	-125M	-125M	-301.1M	-100M	-100M
Financing cash flow	-61.8M	-156.8M	-101.8M	-151.3M	-102.1M	-138.4M	-129.8M	-128.5M	-127.3M	-315.9M	-103.4M	-104.6M
Net change in cash	103.9M	14.8M	120.3M	1.2M	138.7M	47.9M	156.7M	113.8M	-66.9M	-157.5M	262.2M	162.4M
Free cash flow	174.4M	156.3M	212.2M	153.1M	240.4M	194.7M	246.1M	273.7M	191.9M	149.5M	347.6M	280.6M

F5, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement