A10 Networks

ATEN · NYSE · Information Technology · Financials, fiscal 2016 to 2025

ATEN · Last close · November 6, 2026

$24.76

A10 Networks' revenue rose 11.0% to $291 million in fiscal 2025. Its operating margin was 16.2%, down from 16.8% a year earlier. Free cash flow was $65 million, down 17.2%. It paid out $86 million in dividends and buybacks, 133% of free cash flow. The diluted share count fell 2.3%.

A10 NETWORKS, INC. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001580808-26-000014 Updated November 7, 2026

Revenue

$291M

11.0%

Operating margin

16.2%

0.6 pts

Net income

$42M

16.0%

Free cash flow

$65M

17.2%

Return on equity

19.0%

3.8 pts

Market cap

$1.9B

Nov 6 close

P/E

38.1x

On $0.65 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What A10 Networks does

A10 Networks sells secure application and network infrastructure products. They help companies and service providers keep applications fast, available and protected. Its portfolio covers application delivery, traffic management, protection against distributed denial of service attacks (floods of traffic meant to knock a service offline), and security for applications and their programming interfaces (APIs).

Its customers are telecommunications, technology, financial services, public sector, industrial, retail, gaming and education organizations around the world. It earns most of its revenue from selling secure networking and cybersecurity products, plus maintenance and support, which customers usually buy with the first purchase and renew over time. It sells directly and through channel partners, and says it is shifting toward subscription, term-based and software offerings.

In February 2025 it bought the assets and key staff of ThreatX Protect, which adds cloud-delivered protection for web applications and APIs. It says it faces strong competition, especially from larger, well-established companies.

Its biggest risks, as it describes them

Failing to foresee what customers need, or to build new products quickly enough.
Strong competition from larger companies with more resources.
A few large service-provider customers making up much of its revenue.
Results that swing from quarter to quarter, with sales bunched at quarter-end.
Past net losses and the chance it cannot stay profitable.

From A10 Networks's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2020 to 2025, earnings per share grew 21.0% a year and net income 18.8% a year, as buybacks cut the share count by 8%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	185	151	154	196	378
Debt incl. finance leases	—	—	—	0	219
Net debt (negative means net cash)	—	—	—	−196	−159
Net debt to EBITDA	—	—	—	−3.5x	−2.6x
Debt to equity	—	—	—	0.0x	1.0x
Interest coverage	—	—	—	—	8.0x
Current ratio	2.5x	2.2x	2.5x	2.5x	3.6x
Quick ratio	2.2x	2.0x	2.2x	2.3x	3.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project A10 Networks' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open A10 Networks' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought A10 Networks shares on the open market, and 4 insiders sold $3.2 million, $2.5 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 25, 2026	Dana Elizabeth WolfDirector	Sold plan	2,652	$25.65	$68,024	Form 4
Aug 11, 2026	Robert Scott WeberGeneral Counsel	Sold plan	14,086	$27.86	$392,436	Form 4
May 5, 2026	Eric SingerDirector	Sold	24,698	$27.21	$672,033	Form 4
Feb 13, 2026	Dhrupad TrivediChief Executive Officer, Director	Sold plan	33,334	$20.55	$685,014	Form 4
Feb 12, 2026	Dhrupad TrivediChief Executive Officer, Director	Sold plan	33,333	$20.56	$685,326	Form 4
Feb 11, 2026	Dhrupad TrivediChief Executive Officer, Director	Sold plan	33,333	$20.69	$689,660	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	5 of 9
Rule of 40	3.1%	33.9%	33.3%
Altman Z''	3.81	4.37	4.61
Accruals ratio	−1.2%	−9.8%	−8.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Fail	Fail	Fail
F-score	—	—	5 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put A10 Networks side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
A10 Networks	FY25	11.0%	16.2%	22.3%	—	−2.6x	5
N-able	FY25	9.3%	6.7%	14.8%	2.6%	3.6x	3	Compare
BlackBerry	FY26	2.6%	8.8%	8.5%	7.5%	−2.5x	6	Compare
Qualys	FY25	10.1%	33.2%	45.5%	169.1%	−1.9x	6	Compare
Progress Software	FY25	29.8%	15.7%	23.5%	7.6%	8.2x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	227	235	232	213	226	250	280	252	262	291
Revenue growth	15.8%	3.6%	−1.4%	−8.4%	6.1%	10.9%	12.1%	−10.2%	4.0%	11.0%
Gross profit	173	182	180	164	175	196	224	204	210	230
Research and development	61	63	65	62	58	54	58	55	58	69
Operating income	−21	−10	−28	−17	18	33	53	39	44	47
Net income	−22	−11	−28	−18	18	95	47	40	50	42
Diluted EPS (US$)	−0.34	−0.15	−0.38	−0.23	0.22	1.19	0.60	0.53	0.67	0.57
Diluted shares (millions)	66	70	73	76	80	80	78	76	75	74
Cash flow
Cash from operations	19	14	−3	−0	55	50	66	44	90	85
Capital expenditure	5	6	3	4	4	5	11	11	12	20
Free cash flow	14	9	−5	−5	52	45	55	34	78	65
Dividends paid	0	0	0	0	0	4	16	18	18	17
Share buybacks	2	3	0	0	32	18	79	16	30	69
Acquisitions	4	0	0	0	0	0	0	0	0	19
Stock-based compensation	17	17	17	16	12	14	13	14	17	20
Balance sheet at fiscal year end
Cash and short-term investments	29	47	41	46	158	185	151	154	196	378
Debt incl. finance leases	—	—	—	—	—	—	—	—	0	219
Total assets	217	225	236	274	291	393	369	390	433	630
Total liabilities	134	126	132	165	175	184	188	182	201	418
Shareholders' equity	83	98	104	109	116	209	181	208	232	212
Margins and ratios
Gross margin	76.1%	77.3%	77.7%	77.0%	77.8%	78.6%	79.7%	80.9%	80.3%	79.3%
Operating margin	−9.1%	−4.4%	−11.9%	−8.0%	7.9%	13.3%	18.9%	15.3%	16.8%	16.2%
Net margin	−9.8%	−4.6%	−11.9%	−8.4%	7.9%	38.0%	16.7%	15.9%	19.2%	14.5%
Free cash flow margin	6.1%	3.6%	−2.4%	−2.2%	22.9%	18.0%	19.7%	13.4%	29.9%	22.3%
Rule of 40 (growth + FCF margin)	21.9%	7.2%	−3.7%	−10.7%	29.0%	28.8%	31.8%	3.1%	33.9%	33.3%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	−27.8%	−11.9%	−27.3%	−16.8%	15.8%	58.4%	24.1%	20.6%	22.8%	19.0%
Return on assets	−11.0%	−4.9%	−12.0%	−7.0%	6.3%	27.8%	12.3%	10.5%	12.2%	7.9%
Net debt to EBITDA	—	—	—	—	—	—	—	—	−3.5x	−2.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: A10 Networks' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with A10 Networks.