ATEN
A10 Networks, Inc.
Next earnings Aug 3, 2026 · consensus $0.25 EPS, $78.8M rev
Last earnings +1.6% on 2026-04-28
$36.30
▼ -0.08%$36.30▲ +92.14%
over 1Y
L $16.47H $36.33
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-0.1%
1W+4.5%
1M+11.2%
3M+51.6%
YTD+110.3%
1Y+92.1%
Sell
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 12 analysts
Buy
Quality niche security/networking name, but 63x earnings and 9x sales price in growth that declining EPS and a freshly levered balance sheet don't deliver.
P/E (price / FY diluted EPS) 63.7 · FY2025
The read
Weak on both the fundamentals and the price — little to like at the current level.
A10 is a genuinely solid operating business: 79.3% gross margin, 16.2% operating margin, ~20% ROE, and $84.9M of operating cash flow that converts well above its $42.1M of GAAP net income. Revenue grew 11.0% to $291M, R&D rose 19.7%, and the MD&A frames the portfolio (secure app delivery, DDoS/API protection) around AI-ready infrastructure demand — a real, durable end-market. On business quality alone this is a keeper.
The problem is the price relative to what the numbers actually show. The stock trades at 63.7x FY2025 diluted EPS and 9.0x sales — software-grade multiples — yet earnings are going the wrong way: net income fell 16.0% and diluted EPS fell 14.9% even as revenue grew. Over four years net income has gone from $94.9M (FY2021) to $42.1M (FY2025) while revenue rose from $250M to $291M, i.e. margins have been compressing, not expanding. Paying 63x for an 11%-revenue-grower with shrinking profit is a poor risk/reward; even a generous re-rate toward the high-20s/low-30s P/E or ~6x sales implies meaningful downside from $36.33.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 29, 2026, 11:46 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $250M | $280M | $252M | $262M | $291M |
| Gross profit | $197M | $224M | $204M | $210M | $231M |
| Operating income | $33.4M | $53.1M | $38.6M | $44.0M | $47.1M |
| Net income | $94.9M | $46.9M | $40.0M | $50.1M | $42.1M |
| Diluted EPS | $1.19 | $0.60 | $0.53 | $0.67 | $0.57 |
| Net margin | 37.9% | 16.7% | 15.9% | 19.2% | 14.5% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$2.76B
EV / EBITDA44.5
EV / Sales9.5
EV / FCF42.6
P / FCF40.4
PEG (trailing)—
Earnings yield1.6%
FCF yield2.5%
Quality & risk
ROIC (est.)8.7%
Free cash flow$64.8M
Total debt$219M
Net cash-$148M
Altman Z-Score5.11 safe
Piotroski F-Score5/9
Capital returns
Buyback yield2.6%
Dividend yield (est.)0.7%
Shareholder yield3.3%
Shares Δ YoY-3.0%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Officer / director change2026-05-07
Q1 FY26: revenue growth continued, buybacks ongoing
- 10-Q Quarterly report2026-05-07
Q1 FY26: revenue growth continued, buybacks ongoing
- 8-K Officer / director change2026-05-01
Officer/director transition disclosed (Item 5.02)
- 8-K Earnings results2026-04-28
Q1 FY26 earnings release; double-digit revenue growth trend continued
- 8-K Shareholder vote2026-04-23
Annual meeting voting results filed (Item 5.07); routine governance
- DEF 14A Proxy statement2026-03-10
Annual proxy: director elections, say-on-pay, auditor ratification
- 10-K Annual report2026-02-25
FY25 revenue +11% to $291M; net income -16%, debt-funded M&A doubled liabilities
- 8-K Earnings results2026-02-04
Q4/FY25 earnings: record revenue +11% but net income fell 16%
- 8-K Earnings results2025-11-04
Q3 FY25 quarterly results; enterprise-mix shift continued
Recent filings
all on EDGAR ↗144Filing2026-07-02open ↗144Filing2026-06-10open ↗SDFiling2026-05-21open ↗4/APeriod ending 2026-05-152026-05-15open ↗4/APeriod ending 2026-05-152026-05-15open ↗4/APeriod ending 2026-05-152026-05-15open ↗4Period ending 2026-05-142026-05-15open ↗4Period ending 2026-05-142026-05-15open ↗4Period ending 2026-05-142026-05-15open ↗8-KPeriod ending 2026-05-022026-05-07open ↗10-QPeriod ending 2026-03-312026-05-07open ↗4Period ending 2026-05-052026-05-06open ↗
Frequently asked
- Is A10 Networks, Inc. (ATEN) a buy?
- ATEN currently carries a Sell rating with 3/5 conviction, derived from its latest SEC filings. Quality niche security/networking name, but 63x earnings and 9x sales price in growth that declining EPS and a freshly levered balance sheet don't deliver.
- What is ATEN's fair value?
- A Modified-Graham model based on ATEN's SEC fundamentals estimates a fair value of about $5.33. It is an estimate from reported earnings, not a price target.
- Is ATEN overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, ATEN currently appears overvalued relative to its SEC-grounded earnings power.
- What is A10 Networks, Inc.'s quality score?
- ATEN scores 61.842025170649805/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001580808, latest 10-Q filed 2026-05-07) · EODHD · Proprietary analysis · as of 6/30/2026, 3:46:33 AM.
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