F5, Inc.FFIV
NasdaqGS•Technology•Software - Infrastructure
F5, Inc. provides multicloud application security and delivery solutions in the United States, Europe, the Middle East, Africa, and the Asia Pacific region. The company's distributed cloud services enable its customers to deploy, secure, and operate applications in any architecture, from on-premises to the public cloud. It also offers unified, security, networking, and application management solutions, such as web app and API protection; multi-cloud networking; application delivery and deployment; domain name system; content delivery network; and application deployment and orchestration. In addition, the company provides application security and delivery products, including NGINX Plus; NGINX One Console; NGINX Ingress Controller; WAF for NGINX; BIG-IP Packaged Software; and BIG-IP Systems. Further, it provides a range of professional services, including maintenance, consulting, training, and other technical support services. The company sells its products to large enterprise businesses, public sector institutions, governments, and service providers through distributors, value-added resellers, managed service providers, systems integrators, and other indirect channel partners. It has partnerships with public cloud providers, such as Amazon Web Services, Microsoft Azure, and Google Cloud Platform. The company was formerly known as F5 Networks, Inc. and changed its name to F5, Inc. in November 2021. F5, Inc. was incorporated in 1996 and is headquartered in Seattle, Washington.
as of March 2026
Are revenues and earnings expanding?
$3.22B in TTM revenue grew 9.7% YoY, reaching $811.70M last quarter. TTM EBITDA of $891.62M on operating income of $179.02M shows growth is flowing through. Net income of $708.21M TTM confirms the company is converting revenue into profit. Revenue is growing at a healthy pace — a signal to hold.
Is revenue turning into profit effectively?
Op. margin of 22.1% is up 0.3% YoY — cost efficiency is improving. Net margin at 18.2% and gross margin of 81.4%. ROE of 19.4% shows the company generates solid returns on shareholder equity.
Is the stock cheap or expensive?
At 30.8x P/E, the stock trades at a premium — the market expects above-average growth. P/S of 6.8x and P/B of 6.0x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory.
Is the company financially stable?
Is the business self-funding?
FCF of $347.57M on $365.92M in operating cash flow. The FCF / Net Income ratio of 0.5x indicates partial cash conversion — earnings quality needs attention. Cash reserves of $1.44B provide financial flexibility. Shares outstanding declined 2.0% YoY — buybacks are returning capital to shareholders.
Competitive analysis based on 64 quarters of fundamental data
Operating margins are stable at ~24.5%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 18.9% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~16.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 64 quarters
Margins are stable or improving at ~24.7% — no sign of cost or pricing stress.
FCF covers net income by 1.4x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 3.2% — net buybacks are reducing shares outstanding and boosting per-share value.