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Makes cloud-managed enterprise networking equipment (switches, wireless access points) for businesses and campuses.
Makes cloud-managed enterprise networking equipment (switches, wireless access points) for businesses and campuses.
Sells through channel partners such as distributors and resellers, who install and support the equipment for enterprises, and adds subscriptions for cloud management and support contracts, which make revenue steadier than one-off hardware sales. Cisco and HPE are far larger rivals, so winning mid-size education, healthcare and government accounts is its route.
Moat: narrow (installed base, switching costs, brand). Established enterprise networking installed base, but competes against much larger vendors like Cisco and HPE Aruba.
Headquarters: Morrisville, North Carolina, US · Founded: 1996 · Employees: 2,894
Size Extreme Networks (EXTR) is a United States Information Technology company (Computer Peripherals) with a market value of $3.15B, the 1510th largest of 3,117 United States companies the cockpit tracks. Shares closed at $24.03 on 6 Nov 2026.
Performance Over six months the shares was unchanged, against -11.1% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 11.3% over the last twelve months (peer median +8.4%); the operating margin is 6.4% (peer median 9.7%).
Valuation It trades at 17.2× forward earnings against a peer median of 15.2× (6th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +22 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 78.8 points above its cost of capital (13.3% WACC).
Backlog Backlog (remaining performance obligations) was $666M at 30 Sep 2026, up 5% on a year earlier — 0.5 years of trailing revenue. Backlog detail →
Short interest Short interest is 4.4% of the free float (15 Oct 2026).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $1.31B | $1.28B | $1.14B | $1.12B | $1.31B |
| Revenue growth | — | +13% | +2% | -15% | — |
| Gross profit | $797M | $773M | $695M | $629M | $753M |
| EBITDA | $135M | $113M | $60.0M | $12.0M | $159M |
| Net income | $52.5M | $42.1M | -$7.47M | -$86.0M | $78.1M |
| Free cash flow | $151M | $95.2M | $127M | $37.4M | $235M |
| Capital expenditure | $27.8M | $27.9M | $24.7M | $18.1M | $13.8M |
| Total debt | $228M | $195M | $223M | $240M | $265M |
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 |
|---|---|---|---|---|---|---|
| Extreme Networks EXTR | $3.15B | 0% | +11% | 6% | 17.2× | 27.3% |
| Cisco CSCO | $369B | -3% | +12% | 25% | 18.4× | 15.0% |
| Hewlett Packard Enterprise HPE | $59.4B | +43% | +27% | 8% | 9.6× | 16.2% |
| Juniper Green Energy JNPR.NS | $1.54B | n/a | +1,313% | 52% | 100.5× | n/a |
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 | EXTR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.6% | -14.2% | 5th highest of 21 |
| 6-month return | 0.0% | -11.1% | 7th highest of 21 |
| Distance from 52-week high | -28.8% | -38.1% | 7th highest of 21 |
| Revenue growth (TTM) | +11.3% | +8.4% | 10th highest of 21 |
| Operating margin | 6.4% | 9.7% | 9th lowest of 21 |
| Forward P/E | 17.2× | 15.2× | 6th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 27.3% | 7.4% | 2nd most demanding of 10 |
| Growth delivered (Del g) | +4.9% | +12.5% | 4th lowest of 10 |
| Hurdle (Req g minus delivered) | +22.4 pp | -9.7 pp | 2nd most demanding of 10 |
| ROIC minus cost of capital | +78.8 pp | +11.3 pp | 2nd highest of 21 |
| EV / EBITDA | 23.2× | 8.2× | 2nd most expensive of 13 |
| Net debt / EBITDA | -0.1× | -0.3× | 5th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Extreme Networks EXTR | United States | $3.15B | 0% | +11% | 6% | 17.2× | 27.3% | +4.9% |
| ADATA Technology 3260.TWO | Taiwan | $3.16B | -33% | +125% | 34% | 4.5× | n/a | n/a |
| Transcend Information 2451.TW | Taiwan | $3.22B | -13% | +286% | 67% | 3.2× | n/a | n/a |
| AURAS Technology 3324.TWO | Taiwan | $2.90B | -10% | +71% | 16% | 15.1× | n/a | n/a |
| Micro-Star International 2377.TW | Taiwan | $3.50B | +43% | +1% | 5% | 11.6× | n/a | n/a |
| Hangzhou EZVIZ Network 688475.SS | China | $3.53B | -4% | +8% | 12% | 30.1× | 15.7% | +13.8% |
| Sichuan Changhong Electric 600839.SS | China | $3.55B | -41% | +4% | 0% | n/a | n/a | n/a |
| Innodisk 5289.TWO | Taiwan | $2.76B | -35% | +334% | 49% | 2.5× | n/a | n/a |
| VusionGroup VU.PA | France | $2.61B | +11% | +45% | 10% | 16.5× | n/a | n/a |
| Venustech 002439.SZ | China | $2.58B | -9% | 0% | -16% | 169.0× | 19.0% | -8.6% |
| Newland Digital Technology 000997.SZ | China | $2.56B | -14% | +29% | 11% | 16.0× | n/a | n/a |
| Societe Industrielle & Financiere de l'Artois ARTO.PA | France | $2.55B | -26% | -6% | -8% | n/a | n/a | n/a |
| Netweb Technologies India NETWEB.NS | India | $2.37B | -12% | +175% | 13% | 55.9× | 46.1% | +72.5% |
| Kardex KARN.SW | Switzerland | $2.35B | -9% | +3% | 9% | 30.3× | 11.8% | +12.5% |
| Tianma Microelectronics 000050.SZ | China | $2.05B | -27% | -3% | -1% | 29.5× | -6.2% | +4.4% |
| Beijing Dahao Technology 603025.SS | China | $2.04B | -25% | +23% | 29% | n/a | 7.4% | +29.2% |
| E Ink 8069.TWO | Taiwan | $4.98B | +2% | -3% | 29% | 12.4× | -0.3% | +18.6% |
| Chicony Electronics 2385.TW | Taiwan | $1.96B | -31% | -8% | 7% | 15.4× | -9.6% | +0.1% |
| Seiko Epson 6724.T | Japan | $5.39B | +27% | +8% | 6% | 11.9× | 0.8% | +7.2% |
| Gigabyte Technology 2376.TW | Taiwan | $6.01B | +7% | +38% | 5% | 8.1× | n/a | n/a |
| AUO 2409.TW | Taiwan | $6.02B | +49% | -1% | -2% | n/a | n/a | n/a |
Extreme Networks reported $666M of remaining performance obligations at 30 Sep 2026, up 5% from a year earlier and up 2% from the previous quarter. That is 0.5 years of trailing revenue already under contract. Book-to-bill last quarter: 1.04.