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.
F5, Inc. (FFIV) reported trailing twelve months revenue of $3.22B as of March 2026, a 9.7% increase year-over-year. Quarterly revenue reached $811.70M, reflecting continued top-line momentum.
F5, Inc. generated $708.21M in TTM net income, with quarterly EBITDA of $203.59M. The operating margin expanded from 21.7% to 22.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (22.1%) and net margin (18.2%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 19.9% a year ago, reflecting increased costs or interest expense.
FFIV trades at a P/E of 22.4x (in line with broad market averages) and a P/S of 4.9x. The price-to-book ratio of 4.3x reflects a moderate premium to book value.
The company generated $347.57M in free cash flow over the trailing twelve months, a 41.2% increase year-over-year, indicating cash generation ability. The balance sheet shows $6.50B in total assets with no in long-term debt against $3.65B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 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 21 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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation