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F5, Inc. (FFIV)

Juste valeur
TechnologySoftware - InfrastructureUnited States

Fondamental

71

Prix

$446.94

Capitalisation boursière

$25.29B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

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.

Comment l'entreprise gagne de l'argent

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.

Chiffre d'affaires par 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.

Avantage concurrentiel

Coûts de changement · Étroit

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.

Ce qui stimule la demande

Modérément cyclique

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.

Principaux risques

  • 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.

Concentration des clients

Les principaux clients représentent 33.3% du chiffre d'affaires

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.

Les arguments en faveur

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.

Les arguments contre

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 août 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 18 septembre 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.

Bilan & Liquidités

Chiffre d'affaires

$3.31B

12 derniers mois (au 30/06/2026)

Résultat net

$727M

12 derniers mois (au 30/06/2026)

Flux de trésorerie libre

$906M

Capitaux propres totaux

$3.59B

Passif total

$2.73B

Ratio de liquidité général

1.66

Couverture des intérêts

-

Dette/EBITDA

0.29

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Cas généralJustement valorisé

Juste valeur

$402.37

Prix actuel

$446.94

Marge de sécurité

-11.1%

Fourchette de juste valeur

$287.86 - $516.88

Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.

Méthodes d'estimation

Objectif de cours des analystes:$436.10
Flux de trésorerie actualisés (DCF):$507.74
Multiple de résultat (P/E):$314.91
Formule de croissance de Graham:$506.52
Valeur de la capacité bénéficiaire (EPV):$109.62
P/B justifié:$139.75
Actualisation des dividendes (Gordon):Données insuffisantes pour le calculer
P/FFO, les fonds provenant de l'exploitation:$221.74
Bénéfices de milieu de cycle:$363.94
Multiple sur le chiffre d'affaires:$293.51
Consensus des analystes:Acheter (11B / 8H / 1S)
Dernière surprise sur les résultats:+15.93%

Indicateurs de valorisation

Ratio P/E

35.47

ROE

19.3%

Ratio P/B

6.54

P/FCF

26.00

Marge brute

81.9%

ROIC

12.7%

Radar de rentabilité

Création de valeur (avantage concurrentiel)

ROIC

12.7%

WACC

10.1%

ROIC − WACC

+2.5 pp

Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.

Critères d'analyse fondamentale

Réussi (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

Échoué (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%

Indisponible (2)

  • Dividend Payout NaN%
  • Interest Coverage

Score F de Piotroski

8/9

Santé financière solide

score
criteria

Qualité des bénéfices

1.44

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

-1.1%

Rachat d'actions. Favorable aux actionnaires

Participations institutionnelles

Gouvernance

Équipe dirigeante

NomTitreÂge
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-

Risque d'audit

4

Risque du conseil

5

Risque de rémunération

7

Risque droits des actionnaires

4

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Documents

  • Rapport annuel (10-K)

    Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.

    Déposé le 2025-11-25

    Voir le document
  • Rapport trimestriel (10-Q)

    Une mise à jour de la performance financière des trois derniers mois.

    Déposé le 2026-08-06

    Voir le document
  • Rapport d'événement important (8-K)

    Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.

    Déposé le 2026-07-27

    Voir le document

via SEC EDGAR

Historique des résultats

via SEC EDGAR

Latest News

Recent headlines for FFIV, sourced from Markets Gazette.

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