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F5, Inc. (FFIV)

Fair bewertet
TechnologySoftware - InfrastructureUnited States

Fundamental

71

Kurs

$446.94

Marktkapitalisierung

$25.29B

Teil 1 · Was das Unternehmen wert ist

Übersicht

F5 makes the software and hardware that sit between a company's applications and the internet, deciding how traffic is routed, balanced across servers and inspected for attacks. Its core product, BIG-IP, began as a physical box installed in corporate data centres and has been rebuilt into software that also runs in public clouds. Customers are mostly large enterprises, banks, telecoms and government agencies that cannot afford their applications going down.

Wie das Geld verdient wird

Revenue splits across three lines: software (increasingly sold as term-based subscriptions rather than one-time licenses), systems (the physical BIG-IP appliances), and global services (support contracts and professional services tied to the installed base). Because the installed base is large and support renewals are recurring, roughly half of revenue comes from services rather than new sales, giving the business a steady, annuity-like component alongside lumpier hardware and software orders.

Umsatz nach Segment

Global Services51.1%

Support contracts and professional services tied to F5's installed base of software and hardware already deployed at customers.

Software26%

BIG-IP and related application security and delivery software, sold mostly as term subscriptions across data centre and cloud deployments.

Systems22.9%

The physical BIG-IP appliances that customers install in their own data centres, the company's original product line.

Wettbewerbsvorteil

Wechselkosten · Schmal

BIG-IP is wired into the core of a customer's network, handling traffic for critical applications; ripping it out means re-architecting how traffic reaches those applications, which enterprises avoid unless forced. That stickiness is being tested by cloud-native alternatives built into AWS, Azure and by rivals like Cloudflare and Akamai, which is why the advantage looks narrow rather than dominant today.

Was die Nachfrage antreibt

Mäßig zyklisch

Demand tracks enterprise IT infrastructure budgets, which enterprises can delay but rarely cut to zero because the applications F5 protects keep running regardless of the economic cycle. Large deals bunch around refresh cycles and cloud migration projects, so quarterly revenue can be lumpy even though the underlying need for application delivery and security is fairly stable.

Wichtigste Risiken

  • Nation-state breach of internal systems — F5 disclosed in October 2025 that a sophisticated nation-state actor had persistent, long-term access to its internal systems and exfiltrated files including BIG-IP source code, a serious blow to trust for a company whose entire business is securing other people's networks.
  • Distributor concentration — Two distributors accounted for a third of fiscal 2025 revenue; losing or straining either relationship would disrupt a large share of order flow with little notice.
  • Single contract manufacturer — F5 relies on Flex Ltd. to manufacture its hardware appliances; a disruption at that single supplier would directly limit how many systems F5 can ship.
  • Competition from cloud-native and cloud-scale rivals — Akamai, Cloudflare, Cisco and the built-in traffic management tools of the major cloud providers all compete for the same application delivery and security spend, pressuring pricing and share.
  • Execution risk in the shift to subscriptions and SaaS — F5 is moving customers from perpetual hardware and licenses toward recurring software and cloud offerings; a slower-than-planned transition would show up as weaker growth even as the underlying business stays healthy.

Kundenkonzentration

Die größten Kunden machen 33.3 % des Umsatzes aus

Two distribution partners together generated 33.3% of fiscal 2025 revenue. This is channel concentration rather than end-customer concentration, but it still means F5's near-term order flow depends heavily on the health of a couple of distributors.

Die Argumente dafür

Buyers argue that F5's systems revenue swung back to strong growth in fiscal 2025, that its installed base keeps renewing high-margin services almost regardless of the broader IT cycle, and that the shift toward software subscriptions should raise the quality and predictability of earnings over time.

Die Argumente dagegen

Sellers worry that the October 2025 breach will slow sales cycles as customers reassess their trust in F5's security, that two distributors control an outsized share of revenue, and that cloud-native alternatives keep chipping away at the case for a dedicated on-premises appliance.

Written by the editors, published on 18. August 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 18. September 2026 with claude-haiku-4-5 — shared with all users

P/E: 38.4Score: 66Market cap: $15.87B

Akamai's edge platform sells web application firewall, bot defense and API security to the same web-facing application owners targeted by F5 Distributed Cloud Services.

P/E: —Score: 47Market cap: —

Cloudflare delivers load balancing, WAF and DDoS mitigation as a subscription service, pulling the same application-protection spend F5 wants to move to its cloud offering.

P/E: 63.2Score: 75Market cap: $131.09B

Fortinet bundles FortiWeb and FortiADC application security and delivery into the security platform it already sells to the same enterprise security buyers F5 calls on.

NetScaler (Citrix Systems, part of Cloud Software Group, Inc.)Not tracked

NetScaler sells the application delivery controllers and load balancers that compete head-to-head with F5's BIG-IP for the same enterprise and government data-center refresh budgets.

A10 Networks, Inc.ATEN

A10 offers high-throughput hardware and virtual application delivery controllers with DDoS protection, sold to the same service providers and large enterprises F5 serves.

Radware Ltd.RDWR

Radware competes directly on application delivery, web application firewall and DDoS protection for enterprises and carriers, the core of F5's product line.

Bilanz & Liquidität

Umsatz

$3.31B

Letzte 12 Monate (bis 30.6.2026)

Nettogewinn

$727M

Letzte 12 Monate (bis 30.6.2026)

Freier Cashflow

$906M

Gesamtes Eigenkapital

$3.59B

Gesamtverbindlichkeiten

$2.73B

Current Ratio

1.66

Zinsdeckungsgrad

-

Schulden/EBITDA

0.29

Gewinn je Aktie

Umsatz & Nettogewinn

Freier Cashflow

Ertragsaufschlüsselung

Historische Aufstellung

Margen im Zeitverlauf

Verschuldung im Zeitverlauf

Wie schwer die Schulden wiegen

Wachstumsraster

Wachstum — Umsatz

Innerer-Wert-Schätzung

Allgemeiner FallFair bewertet

Innerer Wert

$402.37

Aktueller Kurs

$446.94

Sicherheitsmarge

-11.1%

Innerer-Wert-Spanne

$287.86 - $516.88

Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.

Bewertungsmethoden

Kursziel der Analysten:$436.10
Diskontierter Cashflow (DCF):$507.74
Gewinnmultiplikator (P/E):$314.91
Graham-Wachstumsformel:$506.52
Ertragskraftwert (EPV):$109.62
Gerechtfertigtes P/B:$139.75
Dividendendiskontierung (Gordon):Nicht genügend Daten zur Berechnung
P/FFO, Funds from Operations:$221.74
Gewinn im Zyklusmittel:$363.94
Umsatzmultiplikator:$293.51
Analystenkonsens:Kaufen (11B / 8H / 1S)
Letzte Gewinnüberraschung:+15.93%

Bewertungskennzahlen

P/E-Verhältnis

35.47

ROE

19.3%

P/B-Verhältnis

6.54

P/FCF

26.00

Bruttomarge

81.9%

ROIC

12.7%

Rentabilitäts-Radar

Wertschöpfung (Wettbewerbsvorteil)

ROIC

12.7%

WACC

10.1%

ROIC − WACC

+2.5 pp

Der ROIC übersteigt die Kapitalkosten: Das Unternehmen schafft Wert für die Aktionäre.

Fundamentalanalyse-Kriterien

Bestanden (21)

  • EPS shows upward trend
  • EPS CAGR 16.42%
  • Price CAGR 12.16%
  • ROIC 12.7%
  • Gross Margin 81.9%
  • P/FCF 26.00
  • Debt/Equity ratio
  • Operating Margin 24.5%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 19.9%
  • Revenue Growth 5Y 5.6%
  • Analyst Consensus 55% Buy
  • Earnings Surprise avg 13.6%
  • PEG Ratio 1.89
  • Earnings Quality (OCF/NI) 1.44
  • Share Dilution -1.1%
  • Piotroski F-Score 8/9

Nicht bestanden (5)

  • P/B Ratio 6.54
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Net Margin Trend 22.0% vs 22.1%

Nicht verfügbar (2)

  • Dividend Payout NaN%
  • Interest Coverage

Piotroski F-Score

8/9

Starke finanzielle Gesundheit

score
criteria

Gewinnqualität

1.44

Hohe Qualität: Gewinne durch Cashflow gedeckt

Aktienverwässerung

-1.1%

Aktienrückkäufe. Aktionärsfreundlich

Institutionelle Beteiligungen

Unternehmensführung

Führungsteam

NamePositionAlter
Mr. Francois Locoh-DonouPresident, CEO & Chairman54
Mr. Edward Cooper WernerExecutive VP & Chief Financial Officer50
Dr. Thomas Dean Fountain Ph.D.Executive VP & COO48
Mr. John MaddisonExecutive VP & Chief Marketing Officer61
Mr. Chad Michael Whalen Esq.Executive VP & Chief Revenue Officer53
Mr. Michael F. MontoyaExecutive VP & Chief Technology Operations Officer54
Ms. Suzanne DuLongVice President of Investor Relations-
Ms. Angelique M. OkekeExecutive VP, General Counsel & Secretary49
Mr. Rob GrueningDirector of Corporate Communications-
Ms. Cathy PetermanExecutive VP & Chief People Officer-

Prüfungsrisiko

4

Vorstandsrisiko

5

Vergütungsrisiko

7

Aktionärsrechterisiko

4

Teil 2 · Der Preis und der Einstiegszeitpunkt

Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.

Dokumente

  • Jahresbericht (10-K)

    Ein jährlicher Überblick über das Geschäft, die Finanzergebnisse und die Risiken des Unternehmens.

    Eingereicht am 2025-11-25

    Dokument ansehen
  • Quartalsbericht (10-Q)

    Ein Update zur finanziellen Entwicklung der letzten drei Monate.

    Eingereicht am 2026-08-06

    Dokument ansehen
  • Ad-hoc-Meldung (8-K)

    Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.

    Eingereicht am 2026-07-27

    Dokument ansehen

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Ertragshistorie

via SEC EDGAR

Latest News

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