F5, Inc. (FFIV)
Information Technology · Communications Equipment · US stock · S&P 500 component
$450.08
▼ -8.51 (1.86%)
Fair valueFair
$376 −16.4% to fair value
$188fair band $320–$456$564
Day's range
$445.72 – $457.70
52-week range
$223.76 – $483.30
About F5, Inc.
F5 provides application delivery and security technology that helps organizations run and protect their software applications. Its products include load balancing, web application firewalls, bot protection and API security, offered as hardware appliances, software and cloud services. Customers are enterprises, service providers and governments. Revenue comes from product sales, recurring software subscriptions, and support and maintenance contracts.
Revenue over the last twelve months was $3.3 billion, with growth of 4.6% a year over three years. The operating margin stands at 24.5%. The return on invested capital is shown as 28%. The company does not pay a dividend. Its X-Ray Score is 55 out of 100. These numbers describe past results and current financial position, and they are shown for reference only.
Price chart
52-wk range $223.76 – $483.30Volume 494,099Daily, split-adjusted
Vitals
Market cap$25.9B
52-week range$223.76 – $483.30
Volume (last day)494,099
P/E (TTM)35.9
EBIT / EV yield3.3%
Free-cash-flow yield3.7%
Dividend yieldNo dividend
Revenue (TTM)$3.3B
Net income (TTM)$727M
Operating margin24.5%
Return on capital27.6%
Debt incl. leasesData missing
Cash & securities$1.6B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$376middle half of models $378 – $431
Fair
−16.4% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $450
Undervalued < $320Fair $320 – $456Overvalued > $456
P/E multiple
$432
P/B multiple
$384
P/S multiple
$378
EV/EBITDA multiple
$472
EV/EBIT multiple
$420
EV/revenue multiple
$402
10-year DCF, EBITDA exit
$410
5-year DCF, EBITDA exit
$434
10-year DCF, revenue exit
$410
5-year DCF, revenue exit
$431
10-year DCF, growth exit
$241
5-year DCF, growth exit
$230
Earnings power value
$246
Growth the price implies
19.4%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
40/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.3%
Free-cash-flow yield3.7%
Fair value vs price0.8×
Growth
Fair
52/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)4.6%
EPS growth (3y)30.8%
Growth consistency80%
Profitability
Fair
57/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital27.6%
Operating margin24.5%
Gross profitability39.7%
Financial health
Strong
76/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score8 / 9
Interest coverNo interest cost
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+7.3%
Mar '25
+12.2%
Jun '25
+8.5%
Sep '25
+7.3%
Dec '25
+11.0%
Mar '26
+10.9%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $865M, diluted EPS $3.62.
Compare with peers
ANET Arista Networks, Inc.62 MSI Motorola Solutions, In...48 CSCO Cisco Systems, Inc.42 CIEN Ciena Corp40Other Communications Equipment companies by X-Ray Score.
SWOT analysis: F5, Inc.
Strengthsinside the company
- Return on invested capital is 27.6%, against a median of 20.3% for industry peers.
- Earnings per share have compounded at 30.8% a year over three years.
- Operating profit covers interest 50x, so debt costs are a small drag.
- Passes 8 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Revenue growth picked up to 9.7% last year from 4.6% a year over three years.
- Trades at 35.7x earnings, 35% below the 54.7x median of industry peers.
- Our Market Compass rates the backdrop for Information Technology as favourable.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare FFIV with peers and sector
Medians of 5 Communications Equipment peers and of 74 Information Technology stocks in our universe.
Largest peers (X-Ray Score): CSCO 42, ANET 62, MSI 48, LITE 35, CIEN 40.
| Metric | FFIV | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 55 | 42 | 50 |
| Valuation | 40 | 34 | 52 |
| Growth | 52 | 54 | 54 |
| Profitability | 57 | 49 | 49 |
| Financial health | 76 | 44 | 49 |
| Dividends | – | – | 50 |
Sector leaders: highest X-Ray Score in Information Technology
FFIV ranks #29 of 75 in Information Technology and #2 of 6 in Communications Equipment by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for FFIV
Each factor is rated by where FFIV stands among the 75 Information Technology stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 8 Good · 14 Average · 0 Bad of 22
Growth: 1 · 2 · 0
Profitability: 1 · 4 · 0
Financial strength: 2 · 1 · 0
Valuation: 0 · 5 · 0
Cash flow: 2 · 2 · 0
Efficiency: 2 · 0 · 0
| Factor | FFIV | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +4.6% | Average beats 36% | +9.7% | – | – |
| Revenue growth, last year | +9.7% | Average beats 37% | +13.7% | +4.4% | ▲ Better |
| EPS growth, 3 years a year | +30.8% | Good beats 82% | +5.9% | – | – |
| Profitability | |||||
| Gross margin | 81.9% | Good beats 90% | 57.8% | 80.2% | ≈ In line |
| Operating margin | 24.5% | Average beats 54% | 20.3% | 16.8% | ▲ Better |
| Net margin | 22.0% | Average beats 65% | 17.8% | 14.0% | ▲ Better |
| Return on invested capital | 27.6% | Average beats 65% | 19.4% | – | – |
| Return on equity | 18.8% | Average beats 45% | 21.0% | 14.1% | ▲ Better |
| Financial strength | |||||
| Interest cover | 50.0x | Good beats 75% | 23.0x | – | – |
| Current ratio | 1.66 | Average beats 54% | 1.57 | 1.26 | ▲ Better |
| Piotroski F-score | 8 / 9 | Good beats 89% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 35.7x | Average beats 44% | 33.6x | 27.4x | ▼ Worse |
| Price / book | 6.7x | Average beats 56% | 8.3x | 4.2x | ▼ Worse |
| Price / sales | 7.8x | Average beats 41% | 6.9x | 4.6x | ▼ Worse |
| EV / EBITDA | 27.0x | Average beats 46% | 24.7x | 16.0x | ▼ Worse |
| Free cash flow yield | 3.7% | Average beats 56% | 3.4% | 5.0% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 29.3% | Good beats 69% | 22.3% | 23.6% | ▲ Better |
| Cash from operations / net income | 1.44 | Average beats 53% | 1.39 | 1.40 | ≈ In line |
| Free cash flow growth, 3 years a year | +30.4% | Good beats 78% | +15.4% | – | – |
| Accruals (lower is better) | −4.7% | Average beats 54% | −4.4% | – | – |
| Efficiency | |||||
| Inventory turnover | 4.7x | Good beats 73% | 3.9x | 7.9x | ▼ Worse |
| Days sales outstanding | 47 days | Good beats 77% | 63 days | 50 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 6 Good · ● 7 Average · ● 2 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Good
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Good
Revenue growth (3y)Average
Growth consistencyBad
Balance sheet
Current ratioAverage
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldAverage
Profitability
Return on invested capitalAverage
Operating marginAverage
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 57/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $2.6B | $2.7B | $2.8B | $2.8B | $3.1B |
| Operating income | $394M | $404M | $473M | $659M | $766M |
| Net income | $331M | $322M | $395M | $567M | $692M |
| Operating cash flow | $645M | $443M | $653M | $792M | $950M |
| Operating margin | 15.1% | 15.0% | 16.8% | 23.4% | 24.8% |
| Free cash flow | $615M | $409M | $599M | $762M | $906M |
| Diluted EPS | $5.34 | $5.27 | $6.55 | $9.55 | $11.80 |
Fiscal years, from SEC filings.
Technical summary
Daily
Neutral
7 bullish · 4 neutral · 5 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 0 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 460.2 | Bearish |
| EMA 10 | 455.9 | Bearish |
| SMA 20 | 455.9 | Bearish |
| EMA 20 | 452.4 | Bearish |
| SMA 50 | 427.1 | Bullish |
| EMA 50 | 435.4 | Bullish |
| SMA 100 | 415.9 | Bullish |
| EMA 100 | 411.8 | Bullish |
| SMA 200 | 359.1 | Bullish |
| EMA 200 | 376.2 | Bullish |
Oscillators (daily)
| RSI (14) | 50.94 | Neutral |
| MACD (12, 26) | 6.90 | Bullish |
| Momentum (12) | -4.20 | Bearish |
| Stochastic %K (14) | 25.42 | Neutral |
| Williams %R (14) | -74.58 | Neutral |
| CCI (20) | -32.73 | Neutral |
Pivot points (classic, last session)
S3 432.7 | S2 439.2 | S1 444.6 | Pivot 451.2 | R1 456.6 | R2 463.1 | R3 468.6 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ETFs that hold FFIV
| ETF | Share of the fund |
|---|---|
| CIBR First Trust NASDAQ Cybersecurity | 3.41% |
| COWG Pacer US Large Cap Cash Cows Growth Le... | 1.96% |
| RSPT Invesco S&P 500 Equal Weight Technolog... | 1.41% |
| FDN First Trust Dow Jones Internet Index | 0.96% |
| FMDE Fidelity Enhanced Mid Cap | 0.81% |
| VALQ American Century STOXX U.S. Quality Va... | 0.79% |
| USMV iShares MSCI USA Min Vol Factor | 0.57% |
| NULV Nuveen ESG Large-Cap Value | 0.51% |
The eight funds with the largest weight in FFIV among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
FFIV stock splits
FFIV has split its stock once since 2007. The latest was a 2-for-1 split on 21 Aug 2007.
Full FFIV stock split history →FFIV SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Director or officer change; Other events
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change; Shareholder vote results
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.