A10 Networks (ATEN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

A10 Networks

NYSE•Technology•Software - Infrastructure

$26.15-0.80(-0.03%)Market closed

Market Cap

$1.89B

P/E

43.9x

P/S

6.1x

P/B

7.9x

A10 Networks, Inc. provides secure application and network infrastructure solutions in the United States, the rest of Americas, Japan, rest of the Asia Pacific, Europe, the Middle East, and Africa. The company offers security products, such as ThreatX, a web application protection platform; A10 Defend DDoS Detector, a network-wide anomaly detection product; A10 Defend DDoS Orchestrator, a defense, orchestration, and management product; A10 Defend DDoS Mitigator, a mitigation product with automation; A10 Defend Threat Control, an attack SaaS platform; and Defend Next-Gen WAF, an integrated application delivery and web application firewall. It also provides infrastructure products, including A10 Thunder ADC, an application delivery controller and load balancer; A10 Thunder CFW, a consolidated network security platform with stateful firewall, IPsec VPN, CGN, ADC, SSLi, and secure web gateway; A10 Thunder CGN, a NAT, IPv4 preservation and IPv6 migration product; and SSL insight in Thunder CFW, a TLS and SSL decryption for real-time visibility into encryption traffic under the SSLi brand. In addition, the company provides centralized management and analytics comprising A10 Control, a centralized, management, control, and analytics platform for agile operations and automation. It serves telecommunications, technology, financial services, public sector, industrial, retail, gaming, and education industries through distribution channels, distributors, value added resellers, and system integrators. The company was incorporated in 2004 and is headquartered in San Jose, California.

How this company scores

GoodMetricSide Score: 60/100

Strongest: Cash & Earnings Quality (17/25); weakest: Balance Sheet & Red Flags (12/25).

Profitability16/25

Growth15/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality17/25

Strengths

Strong marginsHigh ROECash-backed earningsConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 43.9x5y range 10.5x – 43.9x

Currently above its 20-quarter median.

P/S · 6.1x5y range 3.7x – 6.1x

Currently above its 20-quarter median.

P/B · 7.9x5y range 4.7x – 7.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Margin Pressure

Watch

Operating margins declined 5.6% — watch for continued compression, which may signal competitive or cost pressure.

Price & Volume

Market Cap $1.89B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $310.17M
Q. Revenue: $80.14M
TTM EBITDA: $66.28M
TTM Op. Income: $50.08M
Q. Op. Income: $9.02M
TTM Net Income: $42.97M
Q. Net Income: $8.88M
EPS: $0.12
Shares Out.: $72.16M

$310.17M in TTM revenue grew 12.2% YoY, reaching $80.14M last quarter. TTM EBITDA of $66.28M and TTM operating income of $50.08M show growth is flowing through to the bottom line. TTM net income of $42.97M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 79.1%
EBITDA Margin: 16.8%
Op. Margin: 11.3%
Net Margin: 11.1%

Op. margin of 11.3% is down 3.6% YoY — costs are rising relative to revenue. Net margin at 11.1% and gross margin of 79.1% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 43.9x
P/S Ratio: 6.1x
P/B Ratio: 7.9x

At 43.9x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 6.1x and P/B of 7.9x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 3 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $677.68M
Cash: $54.68M
Long-Term Debt: N/A
Book Value: $237.97M
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $29.11M
TTM Free Cash Flow: $60.94M
FCF Margin: 19.6%
FCF / Net Income: 1.4

TTM FCF of $60.94M on $29.11M in operating cash flow. The FCF / Net Income ratio of 1.4x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 14% — an improving trend.