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FFIV

F5, Inc.

FFIV

F5, Inc. • NASDAQ
$239.16 ▲ 0.39% (+0.94)
Market Cap $13.85 B
52w High $346.00
52w Low $223.76
Dividend Yield 0%
P/E 20.28
Volume 432.62K
Outstanding Shares 57.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $810.09M ▲ $460.556M ▲ $190.493M ▲ 23.515% ▼ $3.3 ▲ $240.04M ▲
Q3-2025 $780.37M ▲ $445.675M ▲ $189.912M ▲ 24.336% ▲ $3.29 ▲ $218.788M ▲
Q2-2025 $731.123M ▼ $431.267M ▲ $145.53M ▼ 19.905% ▼ $2.51 ▼ $181.368M ▼
Q1-2025 $766.489M ▲ $420.897M ▲ $166.445M ▲ 21.715% ▼ $2.85 ▲ $239.069M ▲
Q4-2024 $746.674M $411.929M $165.296M 22.138% $2.83 $213.954M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $1.344B ▼ $6.319B ▲ $2.727B ▲ $3.592B ▲
Q3-2025 $1.427B ▲ $6.113B ▲ $2.642B ▲ $3.472B ▲
Q2-2025 $1.259B ▲ $5.907B ▲ $2.593B ▼ $3.314B ▲
Q1-2025 $1.151B ▲ $5.901B ▲ $2.665B ▲ $3.236B ▲
Q4-2024 $1.075B $5.613B $2.484B $3.129B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $190.493M ▲ $208.068M ▼ $-163.802M ▼ $-127.155M ▼ $-82.663M ▼ $191.927M ▼
Q3-2025 $189.912M ▲ $282.219M ▲ $-25.113M ▼ $-93.38M ▲ $167.774M ▲ $273.676M ▲
Q2-2025 $145.53M ▼ $256.597M ▲ $-20.603M ▼ $-129.597M ▼ $108.359M ▲ $246.094M ▲
Q1-2025 $166.445M ▲ $202.782M ▼ $-9.973M ▼ $-114.683M ▼ $74.558M ▼ $194.709M ▼
Q4-2024 $165.296M $246.505M $-5.743M $-101.871M $139.817M $240.445M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Product
Product
 $370.00M ▲$340.00M ▼$390.00M ▲$410.00M ▲
Service
Service
 $400.00M ▲$390.00M ▼$390.00M ▲$400.00M ▲

Five-Year Company Overview

Income Statement

Income Statement F5’s income statement shows a steady, healthy move in the right direction. Revenue has been inching up year after year, not exploding, but clearly growing. More importantly, profits are rising faster than sales, which suggests stronger pricing power, better cost control, or a more profitable mix of software and services. Gross margins remain high, and operating income and net income have climbed meaningfully over the last five years. Earnings per share have grown sharply, helped both by better profitability and likely share count reductions. Overall, the business looks more efficient and more profitable than it was a few years ago, though growth so far is more “steady and improving” than “hyper‑growth.”

Balance Sheet

Balance Sheet F5’s balance sheet appears solid and conservative. Cash has built up over time while debt has come down, leaving the company in a net cash position with financial flexibility. Shareholders’ equity has grown, which reflects accumulated profits and a generally stronger financial foundation. The company does not look over-levered, and its asset base is supported mainly by its strong software, services, and customer relationships rather than heavy physical infrastructure. The only caution is that some of the latest year’s detail is incomplete, but the multi‑year trend still points to a strong and resilient financial position.

Cash Flow

Cash Flow Cash generation is a key strength. Operating cash flow has grown over the period and consistently exceeds accounting profits, which signals good earnings quality and effective working capital management. Free cash flow has been robust and rising, helped by relatively light capital spending needs for a software‑heavy business. This gives F5 room to fund R&D, acquisitions, and shareholder returns without stretching its finances. The pattern is of a business that reliably converts a large share of its revenue into cash, even through its strategic transition away from hardware.

Competitive Edge

Competitive Edge F5 holds a strong, though evolving, competitive position. Its historic dominance in application delivery controllers gave it deep technical expertise and a large base of loyal enterprise customers. The strategic shift toward software, security, and cloud services has extended that position into multi‑cloud and modern application environments. Key differentiators include its cloud‑agnostic approach, its integrated platform that combines traffic management and security, and the combination of BIG‑IP, NGINX, and Distributed Cloud Services. That said, the company faces intense competition from large cloud providers and focused security vendors, and it must manage reputational risk from past security incidents. Its moat is meaningful but must be actively defended through ongoing innovation and execution.

Innovation and R&D

Innovation and R&D Innovation is at the center of F5’s strategy. The company is deliberately moving from hardware appliances to a unified software and SaaS platform that spans data centers, public clouds, and edge environments. Acquisitions such as NGINX and Volterra have strengthened its position in modern, cloud‑native and distributed architectures, while the CalypsoAI deal pushes it into AI security for large language models and AI workloads. The ADSP platform aims to bring all of these capabilities together in a single, simpler experience. F5 is also experimenting with emerging technologies like WebAssembly and post‑quantum cryptography. Overall, R&D is clearly focused on long‑term trends—multi‑cloud, API security, AI, and edge—though successful commercialization and adoption of these innovations remain key execution risks.

Summary

F5 looks like a mature, profitable technology company in the middle of a significant but generally well‑managed transformation. Financially, it shows steady revenue growth, improving margins, and strong cash generation, supported by a clean balance sheet with net cash and growing equity. Strategically, it is shifting from hardware to a software‑ and SaaS‑led model, leaning into application security, multi‑cloud delivery, and AI‑related use cases. Its long history in traffic management, large enterprise customer base, and cloud‑agnostic positioning support a solid competitive footing. The main opportunities lie in accelerating software and subscription growth, scaling its unified platform, and capitalizing on AI‑driven application and security needs. The main risks revolve around intense competition from cloud and security players, successful integration of new technologies and acquisitions, potential lingering effects of past security incidents, and the challenge of executing a complex business model shift. Overall, the picture is of a financially strong company with meaningful competitive assets, working to translate them into durable, software‑centric growth.

NEWS

November 19, 2025 · 2:59 PM UTC

F5, Inc. (FFIV) Faces Investor Scrutiny Amid Cybersecurity Incident Impact on Company's Business, Shares Slide Again – Hagens Berman

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November 19, 2025 · 9:00 AM UTC

F5 Launches ADSP Partner Program With Leading Technology Companies to Revolutionize Application Delivery and Security

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November 18, 2025 · 9:00 AM UTC

F5 Launches BIG-IP v21.0 to Power Application Delivery and Security in the AI Era

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November 13, 2025 · 11:18 AM UTC

F5, Inc. (FFIV) Faces Investor Scrutiny Amid Cybersecurity Incident Impact on Company's Business, Shares Slide Again – Hagens Berman

Read more

November 12, 2025 · 4:05 PM UTC

F5 to Participate in Upcoming Financial Conference

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