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Makes cybersecurity products protecting against DDoS attacks and application-layer threats for enterprises and service providers.
Makes cybersecurity products protecting against DDoS attacks and application-layer threats for enterprises and service providers.
Sells through resellers and carriers, historically as appliances installed at customers' sites with support contracts, and now more as cloud subscriptions where traffic is screened in Radware's own network of scrubbing centres. The shift to subscriptions makes revenue steadier but changes the timing of cash compared with large upfront sales.
Moat: narrow (IP / patents, process know-how). Specialized DDoS mitigation technology and threat intelligence, in a competitive cybersecurity market dominated by larger players.
Headquarters: Tel Aviv, Israel · Founded: 1996 · Employees: 1,296
Size Radware (RDWR) is a United States Information Technology company (Computer Communications) with a market value of $1.26B, the 2111th largest of 3,117 United States companies the cockpit tracks. Shares closed at $29.84 on 6 Nov 2026.
Performance Over six months the shares gained 8.6%, against +1.6% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 10.9% over the last twelve months (peer median +5.2%); the operating margin is 4.1% (peer median 5.2%).
Valuation It trades at 22.0× forward earnings against a peer median of 19.3× (5th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +29 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 1.9 points below its cost of capital (9.0% WACC).
Backlog Backlog (remaining performance obligations) was $399M at 31 Dec 2025, up 13% on a year earlier — 1.3 years of trailing revenue. Backlog detail →
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $327M | $302M | $275M | $261M | $293M |
| Revenue growth | — | +10% | +5% | -11% | — |
| Gross profit | $264M | $244M | $222M | $210M | $240M |
| EBITDA | $24.6M | $23.3M | $8.65M | -$19.4M | $8.35M |
| Net income | $13.9M | $20.3M | $6.04M | -$21.6M | -$166,000 |
| Free cash flow | $50.5M | $41.6M | $66.3M | -$8.93M | $23.3M |
| Capital expenditure | $10.9M | $8.54M | $5.28M | $5.43M | $8.81M |
| Total debt | $14.9M | $17.0M | $18.3M | $20.7M | $24.1M |
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 |
|---|---|---|---|---|---|---|
| Radware RDWR | $1.26B | +9% | +11% | 4% | 22.0× | 32.4% |
| Cloudflare NET | $95.7B | +37% | +34% | -8% | 168.8× | n/a |
| Akamai Technologies AKAM | $11.9B | -44% | +6% | 12% | 12.8× | 17.0% |
| F5, Inc. FFIV | $17.7B | -12% | +11% | 24% | 17.1× | 9.7% |
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 | RDWR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.5% | -9.2% | 8th highest of 21 |
| 6-month return | +8.6% | +1.6% | 9th highest of 21 |
| Distance from 52-week high | -22.5% | -31.0% | 9th highest of 21 |
| Revenue growth (TTM) | +10.9% | +5.2% | 7th highest of 21 |
| Operating margin | 4.1% | 5.2% | 9th lowest of 21 |
| Forward P/E | 22.0× | 19.3× | 5th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 32.4% | 0.8% | 4th most demanding of 15 |
| Growth delivered (Del g) | +3.8% | +4.8% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | +28.5 pp | -4.4 pp | 4th most demanding of 15 |
| ROIC minus cost of capital | -1.9 pp | -1.9 pp | 11th highest of 21 |
| EV / EBITDA | 42.5× | 8.8× | most expensive of 8 |
| Net debt / EBITDA | -10.1× | -1.0× | least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Radware RDWR | United States | $1.26B | +9% | +11% | 4% | 22.0× | 32.4% | +3.8% |
| Seojin System 178320.KS | South Korea | $1.33B | -52% | +9% | -5% | n/a | n/a | n/a |
| Jade Bird Integrated Technologies 002960.SZ | China | $1.40B | -12% | -5% | 6% | 23.8× | 12.0% | +13.2% |
| Shenzhen BSC Technology 300951.SZ | China | $1.11B | +33% | +16% | -5% | 19.3× | n/a | n/a |
| Nohmi Bosai 6744.T | Japan | $1.58B | 0% | +6% | 14% | 16.9× | -4.4% | +5.3% |
| Hochiki 6745.T | Japan | $952M | 0% | +5% | 12% | 14.7× | -0.1% | +6.7% |
| Guangdong Shenglu Telecommunication Tech 002446.SZ | China | $928M | -32% | -10% | 0% | 16.9× | 43.5% | +1.0% |
| Nedap NEDAP.AS | Netherlands | $691M | +6% | +13% | 12% | 19.8× | -3.6% | +8.1% |
| Guangdong Champion Asia Electronics 603386.SS | China | $670M | +3% | +15% | 3% | 36.2× | n/a | n/a |
| Nippon Signal 6741.T | Japan | $645M | -3% | +10% | 11% | 8.8× | -7.9% | +4.2% |
| Fujian Star-Net Communication 002396.SZ | China | $2.61B | +13% | +18% | 4% | 19.3× | n/a | n/a |
| Easy Smart 2442.HK | Hong Kong | $2.72B | +72% | -33% | -15% | n/a | n/a | n/a |
| Zero One Technology 3029.TW | Taiwan | $566M | +10% | +76% | 6% | 14.3× | -9.2% | +20.4% |
| Sekisui Jushi 4212.T | Japan | $516M | +28% | +5% | 7% | n/a | 1.8% | +3.8% |
| Cheng Uei Precision Industry 2392.TW | Taiwan | $499M | -8% | -10% | -12% | n/a | n/a | n/a |
| Wuhan Ligong Guangke 300557.SZ | China | $461M | -28% | +3% | 5% | n/a | 31.7% | +11.1% |
| Beijing Bohui Science & Technology 688004.SS | China | $455M | +63% | -33% | -42% | n/a | 39.5% | -9.9% |
| dormakaba DOKA.SW | Switzerland | $3.47B | +28% | -3% | 13% | 21.2× | -9.3% | +2.2% |
| Allot ALLT | United States | $422M | +10% | +14% | 7% | 24.2× | 23.1% | -5.6% |
| Zyxel 3704.TW | Taiwan | $414M | -4% | +5% | 5% | 9.1× | -5.7% | +2.6% |
| Wanma Technology 300698.SZ | China | $397M | -48% | +6% | 3% | 30.8× | 32.9% | +8.5% |
Radware reported $399M of remaining performance obligations at 31 Dec 2025, up 13% from a year earlier. That is 1.3 years of trailing revenue already under contract.