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RDWR

Radware Ltd.

RDWR

Radware Ltd. • NASDAQ
$22.94 ▲ 0.92% (+0.21)
Market Cap $978.85 M
52w High $31.57
52w Low $18.46
Dividend Yield 0%
P/E 60.37
Volume 69.38K
Outstanding Shares 42.67M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $75.311M ▲ $57.551M ▲ $5.65M ▲ 7.502% ▲ $0.13 ▲ $10.712M ▲
Q2-2025 $74.215M ▲ $56.964M ▲ $4.222M ▼ 5.689% ▼ $0.099 ▼ $5.662M ▲
Q1-2025 $72.079M ▼ $56.52M ▼ $4.344M ▲ 6.027% ▲ $0.1 ▲ $4.721M ▲
Q4-2024 $73.031M ▲ $58.048M ▲ $2.452M ▼ 3.357% ▼ $0.058 ▼ $3.909M ▲
Q3-2024 $69.488M $56.102M $3.144M 4.525% $0.075 $2.941M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $241.084M ▼ $661.499M ▲ $271.787M ▼ $348.424M ▲
Q2-2025 $273.506M ▼ $658.54M ▲ $278.798M ▼ $338.574M ▲
Q1-2025 $291.718M ▲ $645.694M ▲ $279.616M ▲ $325.055M ▲
Q4-2024 $275.781M ▼ $618.676M ▲ $261.601M ▲ $316.273M ▲
Q3-2024 $322.223M $608.177M $260.982M $306.392M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $5.65M ▲ $-2.857M ▼ $-14.122M ▲ $-128.189K ▲ $-16.561M ▼ $-4.98M ▼
Q2-2025 $4.222M ▼ $14.67M ▼ $-21.857M ▼ $-3.185M ▼ $-10.397M ▼ $11.992M ▼
Q1-2025 $4.344M ▲ $22.442M ▲ $-6.921M ▲ $4K ▲ $15.525M ▲ $21.33M ▲
Q4-2024 $2.452M ▼ $12.749M ▼ $-29.451M ▼ $-14.781K ▲ $-16.702M ▼ $11.69M ▼
Q3-2024 $3.144M $14.708M $13.906M $-16.876K $28.614M $13.296M

Five-Year Company Overview

Income Statement

Income Statement Radware’s income statement shows a business with solid gross margins but very thin overall profitability. Revenue has inched up over the last five years but not in a straight line, with a dip and then a mild recovery more recently. Operating profit and net profit hover around breakeven, with a small loss in one recent year and a modest return to profit afterward. This suggests a company investing heavily to stay competitive, but without much earnings cushion if growth slows or costs rise. The shift toward more recurring and cloud-based revenue likely supports stability over time, but it has not yet translated into consistently strong bottom-line performance.

Balance Sheet

Balance Sheet The balance sheet looks conservatively managed. Total assets have been fairly steady, while cash has generally trended upward, giving Radware a decent liquidity buffer. Debt levels are low, which reduces financial risk and interest burdens. Shareholders’ equity has drifted down over several years, then partially recovered, reflecting a period of weaker profitability and possibly capital returns. Overall, the company appears financially sound with modest leverage, but it doesn’t have a rapidly expanding asset or equity base, which aligns with its slow and uneven profit growth.

Cash Flow

Cash Flow Cash flow is a relative bright spot. The business usually generates positive cash from operations, with only one flat year before bouncing back. Capital spending needs are modest and predictable, which means free cash flow is generally positive in most years. This pattern indicates that, even with thin accounting profits, Radware’s business model produces real cash that can support ongoing R&D, cloud expansion, and balance sheet strength. The main risk is that if operating performance weakens again, that cash flow strength could soften, but the recent rebound is encouraging.

Competitive Edge

Competitive Edge Radware operates in a tough, crowded segment of cybersecurity and application delivery, going up against larger names like Cloudflare, F5, and Akamai. Its edge comes from deep specialization: AI-driven, behavior-based threat detection, strong DDoS protection, advanced web application security, and an integrated set of cloud-native security and delivery tools. A high share of recurring revenue and a growing cloud security business strengthen customer stickiness and revenue visibility. Its global network of security centers adds credibility for large, distributed customers. Still, the company is relatively small versus key competitors, so it must rely on technical differentiation and service quality rather than scale or brand alone.

Innovation and R&D

Innovation and R&D Innovation is clearly at the center of Radware’s strategy. The company is doubling down on AI, with platforms like EPIC-AI and SOC X aimed at automating and improving threat detection and response. The new firewall for large language models shows it is moving early to secure emerging generative AI use cases. Radware is also pushing into API security, advanced bot management, and cloud-native defenses, and it emphasizes its proprietary algorithms as a core long-term moat. This heavy R&D focus likely constrains near-term profitability but supports a differentiated product set. The key uncertainty is how effectively these innovations turn into faster growth and better margins over time, especially against larger, well-funded rivals.

Summary

Radware comes across as a technically strong, financially conservative cybersecurity player with modest growth and thin, sometimes volatile, profitability. The company’s balance sheet and cash generation provide a solid foundation, with low debt and generally positive free cash flow. Strategically, it is leaning hard into AI-powered, cloud-based security with a high and rising share of recurring revenue, which supports long-term stability and customer retention. The main watchpoints are whether revenue growth can re-accelerate, margins can move meaningfully above breakeven, and its AI- and API-focused innovations can carve out enough differentiation against much larger competitors. In short, Radware looks like a niche, innovation-driven security provider with manageable financial risk but meaningful execution and competitive pressures.

NEWS

November 18, 2025 · 6:01 AM UTC

Radware Protects Generative AI Use within Enterprises with New LLM Firewall

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November 13, 2025 · 6:00 AM UTC

Hitachi Solutions and Radware To Launch Radware Cloud Application Protection Service to Defend Against Evolving Web DDoS Attacks Using AI

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October 29, 2025 · 6:00 AM UTC

Radware Reports Third Quarter 2025 Financial Results

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October 15, 2025 · 6:01 AM UTC

Radware AI SOC Xpert Now Covers New Use Cases To Drive Efficiencies

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October 6, 2025 · 6:01 AM UTC

Radware Schedules Conference Call for Its Third Quarter 2025 Earnings

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