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F5, INC.

FFIV· Nasdaq· Computer Communications Equipment

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
29.4%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+5.6%
We record prices for the companies we cover; FFIV is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
58.7M
Revenue
$3.1B
Free cash flow
$906.4M
Owner earnings
$674.9M

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
81.4%
Operating
24.8%
Net
22.4%
Free cash flow
29.4%
Owner earnings
21.9%
Stock pay
7.5%

Returns

ROIC, FY2025
–
ROIC, 5 yr avg
–
ROE, FY2025
19.3%
ROE, 5 yr avg
15.7%

Growth (CAGR)

Revenue, 3 yr
4.6%
Revenue, 5 yr
5.6%
Revenue, 9 yr
5.0%
Diluted EPS, 3 yr
30.8%
Diluted EPS, 5 yr
18.7%
Diluted EPS, 9 yr
9.1%
Free cash flow, 3 yr
30.4%
Free cash flow, 5 yr
8.6%
Free cash flow, 9 yr
3.8%

Financial health · FY2025

Cash and investments
$1.3B
Total debt
–
Net cash
–
Debt/Equity
–
Debt/FCF
–

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
–
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-0.9%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$3.1B

+5.0% a year over 9 years

FY2016: Revenue $2.0BFY2017: Revenue $2.1BFY2018: Revenue $2.2BFY2019: Revenue $2.2BFY2020: Revenue $2.4BFY2021: Revenue $2.6BFY2022: Revenue $2.7BFY2023: Revenue $2.8BFY2024: Revenue $2.8BFY2025: Revenue $3.1B
FY2016FY2025

Margins

Gross81.4%Operating24.8%Net22.4%

FY2025

FY2016: Gross 83.1%, Operating 27.4%, Net 18.3%FY2017: Gross 83.1%, Operating 27.0%, Net 20.1%FY2018: Gross 83.3%, Operating 27.3%, Net 21.0%FY2019: Gross 84.1%, Operating 23.1%, Net 19.1%FY2020: Gross 82.6%, Operating 16.7%, Net 13.1%FY2021: Gross 81.1%, Operating 15.1%, Net 12.7%FY2022: Gross 80.0%, Operating 15.0%, Net 12.0%FY2023: Gross 78.9%, Operating 16.8%, Net 14.0%FY2024: Gross 80.2%, Operating 23.4%, Net 20.1%FY2025: Gross 81.4%, Operating 24.8%, Net 22.4%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$906.4MOwner earnings$674.9M

Free cash flow +3.8% a year

FY2016: Free cash flow $648.0M, Owner earnings $491.3MFY2017: Free cash flow $701.6M, Owner earnings $526.3MFY2018: Free cash flow $707.6M, Owner earnings $549.7MFY2019: Free cash flow $644.3M, Owner earnings $481.4MFY2020: Free cash flow $601.0M, Owner earnings $399.0MFY2021: Free cash flow $614.5M, Owner earnings $371.3MFY2022: Free cash flow $409.0M, Owner earnings $159.8MFY2023: Free cash flow $599.2M, Owner earnings $362.6MFY2024: Free cash flow $762.0M, Owner earnings $542.9MFY2025: Free cash flow $906.4M, Owner earnings $674.9M
FY2016FY2025

Diluted shares

58.7M

-13.7% over 9 years, net buybacks

FY2016: Diluted shares 68.0MFY2017: Diluted shares 64.8MFY2018: Diluted shares 62.0MFY2019: Diluted shares 60.5MFY2020: Diluted shares 61.4MFY2021: Diluted shares 62.1MFY2022: Diluted shares 61.1MFY2023: Diluted shares 60.3MFY2024: Diluted shares 59.4MFY2025: Diluted shares 58.7M
FY2016FY2025

Return on invested capital

–

FY2025

FY2016: ROIC –FY2017: ROIC –FY2018: ROIC –FY2019: ROIC 51.9%FY2020: ROIC 21.6%FY2021: ROIC 18.5%FY2022: ROIC 17.5%FY2023: ROIC –FY2024: ROIC –FY2025: ROIC –
FY2016FY2025

Net cash

–

$534.8M more cash than debt

FY2016: Net cash –FY2017: Net cash –FY2018: Net cash –FY2019: Net cash $972.3MFY2020: Net cash $821.6MFY2021: Net cash $541.6MFY2022: Net cash $534.8MFY2023: Net cash –FY2024: Net cash –FY2025: Net cash –
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$2.0B$2.1B$2.2B$2.2B$2.4B$2.6B$2.7B$2.8B$2.8B$3.1B
Revenue growth3.9%4.8%3.4%3.7%4.8%10.7%3.6%4.4%0.1%9.7%
Gross margin83.1%83.1%83.3%84.1%82.6%81.1%80.0%78.9%80.2%81.4%
Operating margin27.4%27.0%27.3%23.1%16.7%15.1%15.0%16.8%23.4%24.8%
Net income$365.9M$420.8M$453.7M$427.7M$307.4M$331.2M$322.2M$394.9M$566.8M$692.4M
Net margin18.3%20.1%21.0%19.1%13.1%12.7%12.0%14.0%20.1%22.4%
Diluted EPS$5.38$6.50$7.32$7.08$5.01$5.34$5.27$6.55$9.55$11.80
Return on invested capital?–––51.9%21.6%18.5%17.5%–––
Cash
Operating cash flow$711.5M$740.3M$761.1M$747.8M$660.9M$645.2M$442.6M$653.4M$792.4M$949.7M
Capital expenditure$63.5M$38.7M$53.5M$103.5M$59.9M$30.7M$33.6M$54.2M$30.4M$43.3M
Free cash flow$648.0M$701.6M$707.6M$644.3M$601.0M$614.5M$409.0M$599.2M$762.0M$906.4M
Stock-based compensation$156.8M$175.3M$157.9M$162.9M$201.9M$243.3M$249.2M$236.7M$219.1M$231.5M
Owner earnings?$491.3M$526.3M$549.7M$481.4M$399.0M$371.3M$159.8M$362.6M$542.9M$674.9M
Free cash flow per share$9.53$10.83$11.41$10.66$9.79$9.90$6.69$9.94$12.84$15.45
Capital allocation
Dividends paid––––––––––
Share repurchases$700.1M$600.1M$600.1M$201.0M$100.0M$500.0M$500.0M$350.0M$500.6M$502.1M
Diluted shares68.0M64.8M62.0M60.5M61.4M62.1M61.1M60.3M59.4M58.7M
Share count change?-6.3%-4.7%-4.3%-2.5%1.5%1.1%-1.5%-1.4%-1.5%-1.1%
Balance sheet
Cash and equivalents$514.6M$673.2M$424.7M$599.2M$849.6M$581.0M$758.0M$797.2M$1.1B$1.3B
Short-term investments$367.8M$343.7M$614.7M$373.1M$360.3M$329.6M$126.6M$6.2M$0$0
Total debt–––$0$388.3M$369.0M$349.8M–––
Net debt–––-$972.3M-$821.6M-$541.6M-$534.8M–––
Shareholders' equity$1.2B$1.2B$1.3B$1.8B$2.2B$2.4B$2.5B$2.8B$3.1B$3.6B

Latest filings

All on EDGAR
2026-10-278-KEarnings release
2026-08-0610-QQuarterly report
2026-07-278-KEarnings release
2026-05-0510-QQuarterly report
2026-04-288-KEarnings release
2026-02-0510-QQuarterly report
2026-01-278-KEarnings release
2026-01-26DEF 14AProxy statement
2025-11-2510-KAnnual report
2025-10-278-KEarnings release

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