A10 Networks, Inc. (ATEN) 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 %
Q2 26	$0.24	$0.25	+4.2%	—	$80.1M	—
Q1 26	$0.23	$0.24	+4.3%	—	$75M	—
Q4 25	$0.24	$0.26	+8.3%	—	$80.4M	—
Q3 25	$0.21	$0.23	+9.5%	—	$74.7M	—
Q2 25	$0.2	$0.21	+5.0%	—	$69.4M	—
Q1 25	$0.18	$0.2	+11.1%	—	$66.1M	—
Q4 24	$0.22	$0.31	+40.9%	—	$74.2M	—
Q3 24	$0.19	$0.21	+10.5%	—	$66.7M	—
Q2 24	$0.17	$0.18	+5.9%	—	$60.1M	—
Q1 24	$0.16	$0.17	+6.3%	—	$60.7M	—
Q4 23	$0.26	$0.25	-3.8%	—	$70.4M	—
Q3 23	$0.14	$0.16	+14.3%	—	$57.8M	—
Q2 23	$0.17	$0.19	+11.8%	—	$65.8M	—
Q4 22	$0.22	$0.24	+9.1%	—	$77.6M	—
Q3 22	$0.18	$0.17	-5.6%	—	$72.1M	—
Q2 22	$0.16	$0.17	+6.3%	—	$68M	—

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	—	$0.58	—	—	$290.6M	—
FY24	—	$0.68	—	—	$261.7M	—
FY23	—	$0.54	—	—	$251.7M	—
FY22	—	$0.62	—	—	$280.3M

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	$227.3M	$235.4M	$232.2M	$212.6M	$225.5M	$250M	$280.3M	$251.7M	$261.7M	$290.6M
YoY change	+15.8%	+3.58%	-1.36%	-8.44%	+6.07%	+10.9%	+12.1%	-10.2%	+3.97%	+11%

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	227.3M	235.4M	232.2M	212.6M	225.5M	250M	280.3M	251.7M	261.7M	290.6M
Cost of revenue	54.4M	53.3M	51.9M	48.9M	50.1M	53.5M	56.8M	48M	51.4M	60M
Gross profit	172.9M	182.1M	180.3M	163.7M	175.4M	196.5M	223.5M	203.7M	210.3M	230.5M
Gross margin	76.1%	77.4%	77.7%	77%	77.8%	78.6%	79.7%	80.9%	80.4%	79.3%
Research & development	60.7M	63M	65.2M	61.8M	58.1M	54.1M	58.4M	55.2M	57.7M	69.1M
Selling, general & administrative	130.7M	129.5M	142.8M	116.5M	99.6M	109.1M	112M	109.9M	108.6M	114.3M
Operating expenses	191.4M	192.5M	208M	178.3M	157.6M	163.1M	170.4M	165.1M	166.3M	183.4M
Operating income	-18.5M	-10.4M	-27.7M	-14.6M	17.7M	33.4M	53.1M	38.6M	44M	47.1M
Operating margin	-8.13%	-4.41%	-11.9%	-6.85%	7.86%	13.4%	18.9%	15.4%	16.8%	16.2%
Non-operating income, net	-2.7M	—	—	-2.5M	—	—	—	—	—	—
Pretax income	-21.6M	-9.5M	-26.5M	-16.4M	19.1M	31.6M	52.7M	43.8M	58.1M	52.4M
Income tax	757K	1.2M	1.1M	1.4M	1.3M	-63.2M	5.8M	3.8M	8M	10.3M
Net income	-22.4M	-10.8M	-27.6M	-17.8M	17.8M	94.9M	46.9M	40M	50.1M	42.1M
Net margin	-9.85%	-4.57%	-11.9%	-8.38%	7.9%	37.9%	16.7%	15.9%	19.2%	14.5%
EBITDA	-10.9M	-872K	-18.5M	-3.6M	30.5M	42.7M	61.8M	48M	55.3M	73.6M
EPS	-0.32	-0.15	-0.38	-0.23	0.23	1.23	0.62	0.54	0.68	0.58
Diluted EPS	-0.32	-0.15	-0.38	-0.23	0.22	1.19	0.6	0.24	0.67	0.57

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	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	57.8M	70.4M	60.7M	60.1M	66.7M	74.2M	66.1M	69.4M	74.7M	80.4M	75M	80.1M
Cost of revenue	11M	13.3M	11.4M	12M	13M	14.9M	13.4M	14.7M	14.8M	17.1M	15.3M	16.8M
Gross profit	46.8M	57.1M	49.2M	48.1M	53.7M	59.3M	52.7M	54.7M	59.9M	63.3M	59.7M	63.4M
Gross margin	80.9%	81.1%	81.1%	80%	80.5%	79.9%	79.7%	78.9%	80.1%	78.7%	79.6%	79.1%
Research & development	17.6M	12M	14.1M	14.7M	15.7M	13.2M	15.9M	16.3M	18.4M	18.6M	19M	21.2M
Selling, general & administrative	26.9M	27.2M	28M	25.4M	27.5M	27.7M	28M	28.1M	28.5M	29.6M	27.7M	33.2M
Operating expenses	44.6M	39.1M	42M	40.1M	43.2M	40.9M	43.9M	44.4M	46.9M	48.2M	46.7M	54.4M
Operating income	2.2M	18M	7.2M	7.9M	10.4M	18.4M	8.8M	10.3M	13M	15.1M	13M	9M
Operating margin	3.82%	25.6%	11.9%	13.2%	15.7%	24.8%	13.3%	14.9%	17.4%	18.7%	17.3%	11.3%
Non-operating income, net	987K	—	2.3M	1.3M	2.3M	—	—	—	-2.4M	—	—	—
Pretax income	5M	19.1M	11.2M	11M	14.4M	21.5M	10.5M	11.9M	14M	16M	14.2M	9.9M
Income tax	-1.5M	1.2M	1.5M	1.5M	1.8M	3.2M	935K	1.4M	1.8M	6.2M	2.2M	1M
Net income	6.5M	17.9M	9.7M	9.5M	12.6M	18.3M	9.5M	10.5M	12.2M	9.9M	12M	8.9M
Net margin	11.2%	25.4%	16%	15.8%	18.9%	24.7%	14.4%	15.2%	16.3%	12.3%	16%	11.1%
EBITDA	4.7M	20.5M	9.9M	10.7M	13.2M	21.4M	14M	17M	16.8M	30.7M	20.4M	16.8M
EPS	0.09	0.24	0.13	0.13	0.17	0.25	0.13	0.15	0.17	0.14	0.17	0.12
Diluted EPS	0.09	0.24	0.13	0.13	0.17	0.24	0.13	0.14	0.17	0.14	0.17	0.12

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	546M	540.8M	454.8M	522.7M	766.9M	1.3B	1.3B	977.3M	1.4B	1.3B	1.9B
Enterprise value	431.6M	409.7M	326.4M	425.9M	637.5M	1.1B	1.1B	834.9M	1.2B	1.1B	1.7B
Shares outstanding	65.7M	70.1M	72.9M	76.1M	77.8M	77M	75.5M	74.2M	74.1M	72.3M	72.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	43	13.5	26.8	24.5	27.2	30.3	44.4
P/S	2.4	2.3	1.96	2.46	3.4	5.11	4.48	3.88	5.21	4.4	6.02
P/B	6.6	5.5	4.38	4.8	6.61	6.12	6.94	4.7	5.88	6.04	7.83
EV/EBITDA	-39.8	-469.8	-17.6	-117.8	20.9	26.1	18.2	17.4	21.3	15.3	25.9
EV/Sales	1.9	1.74	1.41	2	2.83	4.46	4.02	3.32	4.51	3.88	5.6
Earnings yield	—	—	—	—	2.32%	7.43%	3.73%	4.09%	3.68%	3.3%	2.25%
FCF yield	2.27%	1.59%	-1.21%	-0.91%	6.74%	3.52%	4.4%	3.44%	5.74%	5.07%	3.32%
PEG	—	—	—	—	—	—	—	—	—	—	-2.22

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	76.1%	77.4%	77.7%	77%	77.8%	78.6%	79.7%	80.9%	80.4%	79.3%	79.1%
Operating margin	-8.13%	-4.41%	-11.9%	-6.85%	7.86%	13.4%	18.9%	15.4%	16.8%	16.2%	11.3%
Net margin	-9.85%	-4.57%	-11.9%	-8.38%	7.9%	37.9%	16.7%	15.9%	19.2%	14.5%	13.9%
ROE	-27.1%	-10.9%	-26.6%	-16.4%	15.4%	45.4%	25.9%	19.2%	21.6%	19.9%	19.4%
ROA	-10.3%	-4.78%	-11.7%	-6.5%	6.13%	24.1%	12.7%	10.3%	11.6%	6.69%	5%
ROIC	58.5%	31.7%	113%	-121.2%	-123.2%	70.8%	91.4%	53.9%	78.7%	61.7%	37.2%
Return on tangible assets	-11.1%	-5.07%	-12.2%	-6.68%	6.22%	24.3%	12.8%	10.3%	11.7%	7.18%	7.76%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.94	2.2	2.21	2.26	2.25	2.45	2.17	2.45	2.49	3.56	1.29
Quick ratio	1.78	2.01	2.02	2.03	2.06	2.25	2.01	2.24	2.31	3.43	1.21
Debt / equity	—	—	0	0.3	0.25	0.11	0.12	0.08	0.05	1.08	0.95
Debt / assets	—	—	0	0.12	0.1	0.06	0.06	0.04	0.03	0.36	0.33
Net debt / EBITDA	—	—	6.93	26.8	-4.23	-3.79	-2.09	-2.97	-3.32	-2.04	-1.55
Interest coverage	-50	-57.9	-204.7	-68.2	179.9	15.7	32.6	—	—	9.26	9.26
Effective tax rate	0%	0%	0%	0%	6.91%	0%	11%	8.73%	13.7%	19.6%	20.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.46	3.36	3.19	2.79	2.9	3.25	3.71	3.39	3.53	4.02	4.32
EPS (basic)	-0.32	-0.15	-0.38	-0.23	0.23	1.23	0.62	0.54	0.68	0.58	0.58
EPS (diluted)	-0.32	-0.15	-0.38	-0.23	0.22	1.19	0.6	0.24	0.67	0.57	0.58
Book value per share	1.26	1.4	1.43	1.43	1.49	2.71	2.4	2.8	3.13	2.93	3.28
FCF per share	0.19	0.12	-0.08	-0.06	0.67	0.58	0.73	0.45	1.06	0.9	0.81
Cash per share	1.74	1.87	1.76	1.71	2.03	2.4	2	2.15	2.64	5.23	4.92
Capex per share	0.07	0.08	0.04	0.06	0.05	0.07	0.14	—	—	0.28	0.21

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.14%	2.44%	1.2%	2.04%	1.58%	2.07%	3.85%	—	—	6.93%	5.13%
Capex / operating cash flow	34.2%	23.5%	-78%	71%	7.08%	8.85%	16.4%	—	—	23.7%	20.7%
Payout ratio	—	—	—	0%	0%	4.09%	33.9%	44.6%	35.5%	41.2%	41.4%
Dividend yield	—	—	—	0%	0%	0.3%	1.27%	1.82%	1.31%	1.36%	0.94%

Yield

0.94%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.06

ex-dividend Aug 17, 2026

Payout ratio

41%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 17, 2026	$0.06
May 15, 2026	$0.06
Feb 13, 2026	$0.06
Nov 17, 2025	$0.06
Aug 15, 2025	$0.06
May 15, 2025	$0.06
Feb 14, 2025	$0.06
Nov 18, 2024	$0.06

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$57.8M	$70.4M	$60.7M	$60.1M	$66.7M	$74.2M	$66.1M	$69.4M	$74.7M	$80.4M	$75M	$80.1M
YoY change	-19.8%	-9.3%	+5.17%	-8.69%	+15.5%	+5.38%	+9%	+15.5%	+11.9%	+8.29%	+13.4%	+15.5%

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	114.3M	131.1M	128.4M	129.9M	158.1M	185M	151M	159.3M	195.6M	377.9M
Receivables	61.3M	48.3M	54M	53.6M	51.1M	61.8M	72.9M	74.3M	76.7M	62.1M
Inventory	15.8M	17.6M	17.9M	22.4M	20.7M	22.5M	19.7M	23.5M	22M	18M
Total current assets	196.7M	203.8M	214.9M	220.9M	242.3M	284M	257M	271.8M	307.3M	476M
Property, plant & equipment	8.2M	9.9M	7.3M	40.7M	36.1M	33.6M	40.9M	46.3M	50.7M	59.1M
Goodwill & intangibles	15.9M	13M	10.1M	7.2M	4.3M	2.6M	2.6M	2.6M	2.6M	42.8M
Total assets	216.7M	224.9M	235.9M	274.1M	290.8M	393.1M	369.1M	389.8M	432.8M	629.8M
Accounts payable	9.9M	9M	8.2M	7.6M	4.9M	6.9M	6.7M	7M	12.5M	11.7M
Short-term debt	—	—	—	5.1M	5.3M	4M	4.8M	5M	4.7M	5.6M
Total current liabilities	101.4M	92.7M	97.4M	97.6M	107.8M	116.1M	118.2M	111.1M	123.6M	133.7M
Long-term debt	—	—	0	28M	23.5M	19.3M	16.8M	11.8M	7.2M	222.2M
Total liabilities	134M	126.5M	132M	165.3M	174.8M	184.2M	188.1M	181.9M	201M	418.3M
Shareholders' equity	82.8M	98.4M	103.9M	108.8M	116M	208.9M	181M	207.9M	231.8M	211.5M
Total debt	—	—	0	33.2M	28.8M	23.3M	21.6M	16.8M	11.9M	227.8M
Net debt	—	—	-40.6M	-12.6M	-54.5M	-55.6M	-46.3M	-80.4M	-83.2M	156.6M

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	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	169M	159.3M	182.1M	177.1M	182.1M	195.6M	355.8M	367.4M	370.9M	377.9M	369.8M	357.3M
Receivables	59.1M	74.3M	55.9M	57.4M	64.9M	76.7M	65.4M	52.4M	61.6M	62.1M	69M	72.2M
Inventory	23.6M	23.5M	24.9M	25.2M	23.4M	22M	20.5M	20.1M	19M	18M	20.2M	31.7M
Total current assets	264.6M	271.8M	276.1M	275M	283.8M	307.3M	458.2M	457.1M	468.7M	476M	479.5M	483.2M
Property, plant & equipment	26.1M	46.3M	30.3M	34M	37.3M	50.7M	42.2M	44.5M	47M	59.1M	59.5M	56M
Goodwill & intangibles	2.6M	2.6M	2.6M	2.6M	2.6M	2.6M	44.9M	44.2M	43.5M	42.8M	42M	124.3M
Total assets	377.8M	389.8M	395.7M	397.2M	407.7M	432.8M	606.2M	607.9M	620.1M	629.8M	634.4M	677.7M
Accounts payable	8.2M	7M	5M	5.6M	7.5M	12.5M	7.6M	7M	11.2M	11.7M	14.1M	25.2M
Short-term debt	4.9M	5M	5M	4.9M	4.9M	4.7M	4.7M	5.5M	5.5M	5.6M	5.6M	225.2M
Total current liabilities	111.3M	111.1M	112.9M	115M	127M	123.6M	113.2M	108.2M	128.7M	133.7M	129.1M	374.5M
Long-term debt	—	11.8M	—	—	—	7.2M	223.7M	224.4M	223.3M	222.2M	221.1M	838K
Total liabilities	180.9M	181.9M	181.3M	182.8M	190.5M	201M	410.3M	403.9M	413.9M	418.3M	413.6M	439.7M
Shareholders' equity	196.9M	207.9M	214.3M	214.4M	217.3M	231.8M	195.9M	204M	206.2M	211.5M	220.8M	238M
Total debt	4.9M	16.8M	5M	4.9M	4.9M	11.9M	228.4M	229.8M	228.8M	227.8M	226.7M	226.1M
Net debt	-99.3M	-80.4M	-117.9M	-72.6M	-73.2M	-83.2M	-15.4M	-23.1M	142.3M	156.6M	168.8M	171.4M

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	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-22.4M	-10.8M	-27.6M	-17.8M	17.8M	94.9M	46.9M	40M	50.1M	42.1M
Depreciation & amortization	8.3M	8.5M	7.9M	10M	11.3M	8.9M	7.4M	9.3M	11.3M	14.9M
Stock-based compensation	16.9M	17.2M	17M	16.5M	12.3M	14.4M	13.3M	14.1M	17M	20M
Change in working capital	10.6M	9.9M	-821K	-2.5M	7.7M	2.7M	-2.6M	4.4M	5.8M	8.7M
Operating cash flow	14.2M	24.4M	-3.6M	6.1M	50.3M	58.4M	65.8M	67.9M	83.9M	84.9M
Capital expenditure	-4.9M	-5.7M	-2.8M	-4.3M	-3.6M	-5.2M	-10.8M	—	—	-20.1M
Investing cash flow	-94.9M	-5.1M	-6.9M	-251K	5.2M	-38.1M	11.1M	24.5M	-36.1M	-243.6M
Dividends paid	—	—	—	0	0	-3.9M	-15.9M	-17.8M	-17.8M	-17.4M
Share repurchases	-1.8M	-3.1M	0	0	-32.5M	-18.3M	-79.3M	-16M	-30.1M	-68.9M
Financing cash flow	-1.9M	-3.8M	-77K	-1K	-32.5M	-22.1M	-95.2M	-33.8M	-47.9M	131.4M
Net change in cash	-82.5M	15.5M	-10.5M	5.9M	23M	-1.8M	-18.2M	58.6M	-72K	-27.4M
Free cash flow	12.4M	8.6M	-5.5M	-4.8M	51.7M	44.9M	55.3M	33.6M	78.2M	64.8M

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	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	6.5M	17.9M	9.7M	9.5M	12.6M	18.3M	9.5M	10.5M	12.2M	9.9M	12M	8.9M
Depreciation & amortization	2.5M	2.5M	2.7M	2.8M	2.7M	3M	3.4M	3.7M	3.8M	4M	4M	4.4M
Stock-based compensation	4M	2.9M	3.8M	4.3M	4.2M	4.8M	6M	4.4M	4.8M	4.8M	4.8M	9M
Change in working capital	11.1M	-11.9M	12.4M	-3.2M	-1.6M	-1.7M	8.1M	4.8M	-4.8M	600K	-3.9M	4.1M
Operating cash flow	25.1M	10.7M	29.1M	12.5M	17.3M	25M	28.3M	22.2M	22.8M	22.7M	2.2M	29.1M
Capital expenditure	-2.7M	—	—	—	—	—	—	-4.2M	-4.7M	-6.7M	-2.9M	-1.6M
Investing cash flow	-23.6M	3.3M	3.6M	-39.6M	-2.2M	2.2M	-30.3M	-6.5M	-173.8M	-28.6M	-8.7M	-27.3M
Dividends paid	-4.5M	-4.4M	-4.5M	-4.5M	-4.4M	-4.4M	-4.4M	-4.3M	-4.3M	-4.3M	-4.3M	-4.3M
Share repurchases	-2.4M	-7.3M	-3M	-11.8M	-9.4M	-5.8M	-47M	-3.9M	-11M	-6.9M	-2.5M	-2.4M
Financing cash flow	-6.9M	-11.8M	-7.5M	-16.3M	-13.9M	-10.2M	166.3M	-8.3M	-15.4M	-11.2M	-6.8M	-6.7M
Net change in cash	-5.4M	2.3M	25.1M	-43.5M	1.2M	17M	164.3M	7.4M	-166.4M	-17.1M	-13.2M	-4.9M
Free cash flow	20.4M	-413K	29.5M	8.7M	16.7M	23.3M	12.7M	17.9M	18.1M	16M	-689K	27.5M

A10 Networks, 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

Dividend per share

Recent payouts

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