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ATEN

A10 Networks, Inc.

ATEN

A10 Networks, Inc. • NYSE
$17.22 ▲ 1.41% (+0.24)
Market Cap $1.24 B
52w High $21.90
52w Low $13.81
Dividend Yield 0.24%
P/E 24.96
Volume 306.89K
Outstanding Shares 71.73M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $74.682M ▲ $46.858M ▲ $12.191M ▲ 16.324% ▲ $0.17 ▲ $17.692M ▲
Q2-2025 $69.383M ▲ $44.4M ▲ $10.538M ▲ 15.188% ▲ $0.15 ▲ $16.986M ▲
Q1-2025 $66.137M ▼ $43.917M ▲ $9.543M ▼ 14.429% ▼ $0.13 ▼ $13.964M ▼
Q4-2024 $74.204M ▲ $40.91M ▼ $18.301M ▲ 24.663% ▲ $0.25 ▲ $21.441M ▲
Q3-2024 $66.721M $43.239M $12.637M 18.94% $0.17 $13.184M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $370.859M ▲ $620.133M ▲ $413.92M ▲ $206.213M ▲
Q2-2025 $367.383M ▲ $607.915M ▲ $403.927M ▼ $203.988M ▲
Q1-2025 $355.842M ▲ $606.223M ▲ $410.339M ▲ $195.884M ▼
Q4-2024 $195.558M ▲ $432.815M ▲ $200.986M ▲ $231.829M ▲
Q3-2024 $182.106M $407.747M $190.477M $217.27M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $12.191M ▲ $22.803M ▲ $-173.817M ▼ $-15.355M ▼ $-166.369M ▼ $18.076M ▲
Q2-2025 $10.538M ▲ $22.18M ▲ $-6.495M ▲ $-6.607M ▼ $9.078M ▼ $17.937M ▲
Q1-2025 $9.543M ▼ $17.204M ▼ $-34.746M ▼ $166.259M ▲ $148.717M ▲ $12.71M ▼
Q4-2024 $18.301M ▲ $25.71M ▲ $-158K ▲ $-8.486M ▲ $17.066M ▲ $23.328M ▲
Q3-2024 $12.637M $20.132M $-5.72M $-13.806M $606K $16.66M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $40.00M ▲$40.00M ▲$40.00M ▲$40.00M ▲
Service
Service
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement A10 shows a pattern of modest revenue growth over the past five years, but not in a straight line – there was a strong year, then a slight cooling off, and then a partial recovery. Profitability is solid for a company of its size: gross margins are high, and operating profits have been consistently positive. Net income had one standout year, then settled back to more normal but still healthy levels, suggesting that earlier strength may have included some one‑time or unusually favorable factors. Overall, the business looks profitable, with reasonable stability but without rapid top‑line expansion.

Balance Sheet

Balance Sheet The balance sheet looks conservative and gradually stronger over time. Total assets and shareholders’ equity have both grown, which points to retained profits and a larger capital base. Cash levels are steady and meaningful relative to the size of the company, while debt is very small, which reduces financial risk. This combination supports flexibility to invest, weather downturns, or navigate industry cycles without heavy balance‑sheet pressure.

Cash Flow

Cash Flow Cash generation is a key strength: operating cash flow has been positive every year and has generally trended upward, despite a soft spot in the middle of the period. Free cash flow is also consistently positive, helped by relatively low spending on equipment and infrastructure. This tells us earnings quality is decent and the business does not require heavy reinvestment just to stand still. Strong, recurring cash flow gives management room to fund R&D, selective acquisitions, or returns of capital, depending on their priorities.

Competitive Edge

Competitive Edge A10 operates in a crowded infrastructure and security software space, competing with large, well‑funded players and fast‑moving cloud providers. Its main edge comes from its proprietary operating system, which is designed for high performance and efficiency, and from combining application delivery and security functions into a single, integrated platform. The company has carved out a niche with telecom operators, 5G deployments, and customers that need very high performance and low latency. The key risk is scale: larger rivals can pressure pricing and outspend on marketing, so A10 must keep differentiating on performance, security depth, and specialized use cases rather than trying to be all things to all customers.

Innovation and R&D

Innovation and R&D Innovation is clearly central to A10’s strategy. Its ACOS platform is a home‑grown technology base that supports high throughput, integrated security, and flexible deployment across hardware, virtual, and cloud environments. The company is pushing into AI‑related security, including AI‑assisted threat detection and protection for large language model workloads, and it has expanded its web application and API protection capabilities through acquisition. Continued success will depend on how well A10 integrates these newer tools, keeps pace with rapidly evolving cyber threats, and convinces enterprise and telecom customers to standardize on its stack rather than on larger, more familiar brands.

Summary

Overall, A10 Networks looks like a financially disciplined, niche infrastructure and security provider with solid profitability and dependable cash flow rather than explosive growth. The balance sheet is strong and lightly leveraged, which supports ongoing R&D and strategic moves without excessive financial strain. Its competitive story rests on performance, integrated security, and specialization in demanding environments such as 5G and AI workloads. The main things to watch are revenue momentum, the adoption of its newer AI‑driven security offerings, and its ability to stand out in a market dominated by much larger infrastructure and cloud security vendors.

NEWS

November 4, 2025 · 4:06 PM UTC

A10 Networks Reports Financial Results for the Third Quarter of 2025

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October 7, 2025 · 8:00 AM UTC

A10 Networks to Announce Third Quarter 2025 Financial Results on November 4, 2025

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September 5, 2025 · 4:05 PM UTC

A10 Networks Announces CFO Transition

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