NASDAQ: FFIV
F5
Technology · Computer Communications Equipment
52-week range
$223.76$483.30
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$23.6B
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| Period | Market cap |
|---|---|
| FY2016, ended Sep 30, 2016 | $8.14B |
| FY2017, ended Sep 30, 2017 | $7.55B |
| FY2018, ended Sep 30, 2018 | $12.1B |
| FY2019, ended Sep 30, 2019 | $8.54B |
| FY2020, ended Sep 30, 2020 | $7.56B |
| FY2021, ended Sep 30, 2021 | $12.2B |
| FY2022, ended Sep 30, 2022 | $8.74B |
| FY2023, ended Sep 30, 2023 | $9.62B |
| FY2024, ended Sep 30, 2024 | $12.9B |
| FY2025, ended Sep 30, 2025 | $18.8B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $23.6B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$3.31B
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| Period | Revenue |
|---|---|
| FY2016, ended Sep 30, 2016 | $2.00B |
| FY2017, ended Sep 30, 2017 | $2.09B |
| FY2018, ended Sep 30, 2018 | $2.16B |
| FY2019, ended Sep 30, 2019 | $2.24B |
| FY2020, ended Sep 30, 2020 | $2.35B |
| FY2021, ended Sep 30, 2021 | $2.60B |
| FY2022, ended Sep 30, 2022 | $2.70B |
| FY2023, ended Sep 30, 2023 | $2.81B |
| FY2024, ended Sep 30, 2024 | $2.82B |
| FY2025, ended Sep 30, 2025 | $3.09B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $3.31B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Sep 30, 2016 | $366M | $648M |
| FY2017, ended Sep 30, 2017 | $421M | $702M |
| FY2018, ended Sep 30, 2018 | $454M | $708M |
| FY2019, ended Sep 30, 2019 | $428M | $644M |
| FY2020, ended Sep 30, 2020 | $307M | $601M |
| FY2021, ended Sep 30, 2021 | $331M | $615M |
| FY2022, ended Sep 30, 2022 | $322M | $409M |
| FY2023, ended Sep 30, 2023 | $395M | $599M |
| FY2024, ended Sep 30, 2024 | $567M | $762M |
| FY2025, ended Sep 30, 2025 | $692M | $906M |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $727M | $970M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.61B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Sep 30, 2016 | $515M |
| FY2017, ended Sep 30, 2017 | $673M |
| FY2018, ended Sep 30, 2018 | $425M |
| FY2019, ended Sep 30, 2019 | $599M |
| FY2020, ended Sep 30, 2020 | $850M |
| FY2021, ended Sep 30, 2021 | $581M |
| FY2022, ended Sep 30, 2022 | $758M |
| FY2023, ended Sep 30, 2023 | $797M |
| FY2024, ended Sep 30, 2024 | $1.07B |
| FY2025, ended Sep 30, 2025 | $1.34B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $1.61B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.—
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| Period | Total debt |
|---|---|
| FY2016, ended Sep 30, 2016 | — |
| FY2017, ended Sep 30, 2017 | — |
| FY2018, ended Sep 30, 2018 | — |
| FY2019, ended Sep 30, 2019 | $0 |
| FY2020, ended Sep 30, 2020 | $388M |
| FY2021, ended Sep 30, 2021 | $369M |
| FY2022, ended Sep 30, 2022 | $350M |
| FY2023, ended Sep 30, 2023 | — |
| FY2024, ended Sep 30, 2024 | — |
| FY2025, ended Sep 30, 2025 | — |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | — |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 13.3% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.56.6M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Sep 30, 2016 | 65.3M |
| FY2017, ended Sep 30, 2017 | 62.6M |
| FY2018, ended Sep 30, 2018 | 60.6M |
| FY2019, ended Sep 30, 2019 | 60.8M |
| FY2020, ended Sep 30, 2020 | 61.6M |
| FY2021, ended Sep 30, 2021 | 61.2M |
| FY2022, ended Sep 30, 2022 | 60.4M |
| FY2023, ended Sep 30, 2023 | 59.7M |
| FY2024, ended Sep 30, 2024 | 58.6M |
| FY2025, ended Sep 30, 2025 | 58.1M |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | 56.6M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $375M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Sep 30, 2016 | $700M | $157M |
| FY2017, ended Sep 30, 2017 | $600M | $175M |
| FY2018, ended Sep 30, 2018 | $600M | $158M |
| FY2019, ended Sep 30, 2019 | $201M | $163M |
| FY2020, ended Sep 30, 2020 | $100M | $202M |
| FY2021, ended Sep 30, 2021 | $500M | $243M |
| FY2022, ended Sep 30, 2022 | $500M | $249M |
| FY2023, ended Sep 30, 2023 | $350M | $237M |
| FY2024, ended Sep 30, 2024 | $501M | $219M |
| FY2025, ended Sep 30, 2025 | $502M | $231M |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $626M | $251M |
Revenue (TTM)
$3.31B
+9.4% YoY
Net income (TTM)
$727M
+8.9% YoY
Cash
$1.61B
+12.5% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $19.2B
- P/E
- 26.4×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 5.8×
- Price / Book
- 5.0×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $3.31B
- Revenue Growth YoY
- 9.4%
- Revenue CAGR 3Y
- 4.6%
- Revenue CAGR 5Y
- 5.6%
- EPS Growth YoY
- 10.7%
- Net Income Growth YoY
- 8.9%
Profitability
Trailing 12 months- Gross Margin
- 81.9%
- Operating Margin
- 24.5%
- Net Margin
- 22.0%
- FCF Margin
- 29.3%
- Return on Equity
- 19.8%
Earnings
Trailing 12 months- Net Income
- $727M
- EPS (diluted)
- $12.55
- EBITDA
- $910M
- Operating Income
- $812M
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $1.61B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $6.83B
- Total Liabilities
- $2.97B
- Shareholders' Equity
- $3.86B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.05B
- Capital Expenditure
- $79.8M
- Free Cash Flow
- $970M
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.03
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 9.4% year over year, at $3.31B.
Note
Net margin of 22.0% over the last 12 months.
Strength
Turns 29.3% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Sep 30, 2025 · filed Nov 25, 2025
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K68Mildly positive
68Mildly positive
10-K for the fiscal year ended Sep 30, 2024
Filed Nov 18, 2024 · Read the filing on EDGAR
- Revenue was flat at $2.82 billion, up 0.1%, but operating income rose 39% to $658.6 million and net income rose 44% to $566.8 million.
- Profit growth came from lower costs and higher gross margin, not sales: workforce cuts reduced operating expenses, and restructuring charges fell to $8.7 million.
- Systems hardware revenue fell about 20% to $537.3 million, while software rose 10.8% to $735.5 million and services rose 4.4% to $1.54 billion.
- F5 ended the year with $1.08 billion in cash and investments and no revolver borrowings, after spending $500.6 million on buybacks and related taxes.
Business momentum
Improving
“Total net revenues increased 0.1% in fiscal year 2024 from fiscal year 2023, compared to an increase of 4.4% in fiscal year 2023 from the prior year.”
Outlook
Neutral
“Over the course of fiscal 2024, we have seen customer demand stabilizing, however, we will continue to closely monitor the macroeconomic environment and its impacts on our business.”
Financial stress
None
“As of September 30, 2024, there were no outstanding borrowings under the Revolving Credit Facility, and we had available borrowing capacity of $350.0 million.”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Software revenue returned to double-digit growth after a flat prior year
“As a component of net product revenues, software revenues increased 10.8% in fiscal year 2024, and remained relatively flat in fiscal year 2023, compared from the prior year.”
Operating cash flow rose strongly, helped by higher profit and customer receipts
“Cash provided by operating activities during fiscal year 2024 was $792.4 million compared to $653.4 million in fiscal year 2023 and $442.6 million in fiscal year 2022.”
Cash and investments grew by $274.8 million even after large buybacks
“Cash and cash equivalents, short-term investments and long-term investments totaled $1,083.2 million as of September 30, 2024, compared to $808.4 million as of September 30, 2023, representing an increase of $274.8 million.”
Concerns
Product revenue fell 4.6% as hardware systems sales dropped sharply
“The decrease of $61.8 million in net product revenues for fiscal year 2024 was due to a decrease in systems sales, partially offset by an increase in software revenue primarily from packaged software sales.”
Profit growth relied on job cuts while revenue stayed flat
“The decrease in research and development expense for fiscal year 2024 was primarily due to a decrease of $36.7 million in personnel costs, largely driven by reductions in workforce”
Two distributors account for about a third of revenue
“In addition, two worldwide distributors of our products accounted for 32.2% of our total net revenue for fiscal year 2024.”
New risks since the previous report
Legal, regulatory and reputational problems from using AI in products and operations
“AI-related issues, deficiencies and/or failures could (i) give rise to legal and/or regulatory action, including with respect to proposed legislation regulating AI in jurisdictions such as the European Union and others”
Conflict in Israel could disrupt local staff and operations
“If many of our employees in Israel are called for active duty for a significant period of time, our operations and our business could be disrupted and may not be able to function at full capacity.”
Senior leadership changes could disrupt the business
“Changes in our management team may be disruptive to our business, and any failure to successfully integrate key new hires or promoted employees could adversely affect our business and results of operations.”
New global minimum tax rules could raise F5's tax bill
“The Company operates in countries that have enacted, or have committed to enact, a minimum tax in accordance with the Organisation for Economic Co-operation and Development’s Pillar Two framework, which may increase our tax liability in future years.”
New climate reporting rules could add costs and penalties
“In addition, we are subject to a range of new and anticipated climate-related and sustainability-focused laws and regulations, including the E.U.’s Corporate Sustainability Reporting Directive.”
Biggest risks named
- Security breaches and flaws in F5's systems or products
- Weak economy and tight customer budgets reducing demand
- Shift to cloud and subscriptions could reduce revenue or margins
- Reliance on one contract manufacturer and limited component suppliers
- Intense competition and dependence on two major distributors
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | +2 | |
| Financial stress | +2 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 68 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Nov 25, 2025 | Pro | |||
| 10-K | Nov 18, 2024 | 68 | Improving | None | |
| 10-K | Nov 14, 2023 | 64 | Improving | None | |
| 10-K | Nov 15, 2022 | 62 | Improving | None | |
| 10-K | Nov 16, 2021 | 61 | Improving | 1 minor | |
| 10-K | Nov 19, 2020 | 53 | Mixed | None | |
| 10-K | Nov 15, 2019 | 57 | Mixed | None | |
| 10-K | Nov 21, 2018 | 65 | Improving | 1 minor | |
| 10-K | Nov 3, 2017 | 65 | Improving | 1 minor | |
| 10-K | Nov 4, 2016 | 64 | Improving | 2 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Jun 30, 2026), filed Aug 6, 2026. View filings on SEC EDGAR