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Makes application delivery controllers and security appliances that manage and protect enterprise network traffic.
Makes application delivery controllers and security appliances that manage and protect enterprise network traffic.
Sells equipment and software up front, then support and subscription contracts afterward, which give a recurring layer. Telecom carriers and large service providers account for a big part of sales, so a handful of customers can swing quarterly results. It sells through resellers and directly, and went public in 2014.
Moat: narrow (switching costs, customer qualification, IP / patents). Network appliances are embedded in critical infrastructure, making replacement disruptive and slow.
Headquarters: San Jose, California, United States · Founded: 2004 · Employees: 494
Size A10 Networks (ATEN) is a United States Information Technology company (Information Technology Services) with a market value of $1.80B, the 1868th largest of 3,117 United States companies the cockpit tracks. Shares closed at $24.76 on 6 Nov 2026.
Performance Over six months the shares fell 10.9%, against +1.1% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 12.2% over the last twelve months (peer median +6.0%); the operating margin is 16.6% (peer median 8.1%).
Valuation It trades at 22.0× forward earnings against a peer median of 19.4× (8th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 28.8 points above its cost of capital (9.3% WACC).
Backlog Backlog (remaining performance obligations) was $157M at 30 Sep 2026, up 9% on a year earlier — 0.5 years of trailing revenue. Backlog detail →
Credit A10 Networks has 1 bond outstanding ($225M).
Short interest Short interest is 13.3% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $310M | $291M | $262M | $252M | $280M |
| Revenue growth | — | +11% | +4% | -10% | — |
| Gross profit | $244M | $221M | $210M | $204M | $224M |
| EBITDA | $67.6M | $62.0M | $55.3M | $48.0M | $60.5M |
| Net income | $43.0M | $42.1M | $50.1M | $40.0M | $46.9M |
| Free cash flow | $60.9M | $64.8M | $78.2M | $33.6M | $55.3M |
| Capital expenditure | $15.9M | $20.1M | $12.3M | $10.9M | $10.8M |
| Total debt | $226M | $228M | $11.9M | $16.8M | $21.6M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| A10 Networks ATEN | $1.80B | -11% | +12% | 17% | 22.0× | 16.7% |
| F5, Inc. FFIV | $17.7B | -12% | +11% | 24% | 17.1× | 9.7% |
| Radware RDWR | $1.26B | +9% | +11% | 4% | 22.0× | 32.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ATEN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.4% | -0.4% | 5th lowest of 21 |
| 6-month return | -10.9% | +1.1% | 10th lowest of 21 |
| Distance from 52-week high | -35.7% | -30.7% | 7th lowest of 21 |
| Revenue growth (TTM) | +12.2% | +6.0% | 7th highest of 21 |
| Operating margin | 16.6% | 8.1% | 5th highest of 21 |
| Forward P/E | 22.0× | 19.4× | 8th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 16.7% | 11.7% | 4th most demanding of 12 |
| Growth delivered (Del g) | +5.2% | +15.8% | 2nd lowest of 12 |
| Hurdle (Req g minus delivered) | +11.5 pp | -3.9 pp | 2nd most demanding of 12 |
| ROIC minus cost of capital | +28.8 pp | -1.1 pp | highest of 18 |
| EV / EBITDA | 24.7× | 14.0× | 3rd most expensive of 11 |
| Net debt / EBITDA | -1.9× | 0.2× | 3rd least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| A10 Networks ATEN | United States | $1.80B | -11% | +12% | 17% | 22.0× | 16.7% | +5.2% |
| Sigma Advanced Systems SIGMAADV.NS | India | $1.83B | +196% | +358% | 12% | n/a | n/a | n/a |
| CETC Cyberspace Security Technology 002268.SZ | China | $1.77B | -11% | -3% | 1% | 45.0× | n/a | n/a |
| Formula Systems (1985) Ltd. Sponsored ADR FORTY | United States | $1.75B | -26% | +1% | 8% | n/a | -3.4% | +6.3% |
| Concentrix CNXC | United States | $1.85B | +25% | +3% | 8% | 2.6× | -11.9% | +15.8% |
| Computer Age Management Services CAMS.NS | India | $1.87B | -15% | +9% | 39% | 32.3× | n/a | n/a |
| Transportation Telecommunication and Information Development Inc. Ltd. Zhejiang 300469.SZ | China | $1.72B | -18% | -15% | -102% | n/a | n/a | n/a |
| Shift 3697.T | Japan | $1.71B | +61% | +24% | 11% | 19.2× | -2.2% | +28.6% |
| Omnicell OMCL | United States | $1.70B | -15% | +6% | 5% | 19.5× | 11.7% | +5.8% |
| Kainos KNOS.L | United Kingdom | $1.92B | +57% | +17% | 11% | 23.2× | 21.7% | +12.9% |
| Northking Information Technology 002987.SZ | China | $1.67B | -14% | +1% | 6% | 30.6× | 16.2% | +16.1% |
| GMO Internet 9449.T | Japan | $1.94B | -4% | +6% | 21% | 13.4× | n/a | n/a |
| Simplex Holdings,Inc 4373.T | Japan | $1.66B | +25% | +20% | 23% | 19.4× | 12.4% | +16.3% |
| secunet Security Networks YSN.DE | Germany | $1.66B | +20% | +13% | 11% | 37.3× | n/a | n/a |
| Mega Fortune MGRT | United States | $1.65B | -14% | -8% | -37% | n/a | n/a | n/a |
| Zen Technologies ZENTEC.NS | India | $1.64B | +6% | +4% | 31% | 45.7× | 53.0% | +66.0% |
| Atea ATEA.OL | Norway | $1.99B | +6% | +12% | 4% | 16.4× | -5.0% | -1.1% |
| CETC Digital Technology 600850.SS | China | $1.62B | -18% | -1% | 2% | 17.3× | 19.1% | +5.8% |
| PC Connection CNXN | United States | $2.00B | +19% | +10% | 4% | 16.6× | n/a | n/a |
| PDF Solutions PDFS | United States | $1.59B | -27% | +23% | 8% | 26.0× | n/a | n/a |
| Globant GLOB | United States | $2.05B | +21% | -1% | 10% | 8.0× | -1.2% | +24.7% |
A10 Networks has 1 bond outstanding with $225M face value.
A10 Networks reported $157M of remaining performance obligations at 30 Sep 2026, up 9% from a year earlier and up 1% from the previous quarter. That is 0.5 years of trailing revenue already under contract. Book-to-bill last quarter: 1.02.