FirmAtlas
Company handbook · FFIV · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
FFIV · CIK 1048695 · LATEST FILING: 10-Q JUN '26 · FILED AUG 6, 2026
F5, Inc.
$442.03
−14.55 (−3.19%)
Close, Oct 16, 2026 · 52-week $224–483
Last fiscal year
F5, Inc. reported revenue of $3.1B for the year ended Sep 30, 2025 (FY25), up 9.7% from FY24. Net income was $692M, operating cash flow $950M and free cash flow $906M. Source: 10-K filed Nov 25, 2025.
Market cap
$25.5B
P/E
35.1
EV/EBITDA
28.1x
P/B
6.6
ROIC
30.5%
Revenue 1Y
9.7%/yr
EPS 1Y
23.6%/yr
Shares 1Y
−0.7%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOFrançois Locoh-Donou
HQSeattle, WA
AuditorPricewaterhouseCoopers LLP
Employees6,578
Year endsSeptember
Revenue by segment · FY25
Service51%
Product49%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
14.2%
16.7%
42.1%
49.7%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$1.3B deployed
Capex
$74M
5.8%
Acquisitions
$204M
15.9%
Buybacks
$1.0B
78.3%
Operating cash flow over the period: $1.7B. Total debt changed by $0M. R&D of $1.0B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Sep 30, 2025 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
2,816
3,088+9.7%
3,309
YoY
+9.7%
Gross profit
2,258
2,514+11.3%
2,709
Gross margin
80.2%
81.4%+1.2 pp
—
Operating income
659
766+16.3%
812
Operating margin
23.4%
24.8%+1.4 pp
—
EBITDA
766
858+12.1%
—
EBITDA margin
27.2%
27.8%+0.6 pp
—
Interest expense
0
0n/m
—
Net income
567
692+22.2%
727
YoY
+22.2%
Net margin
20.1%
22.4%+2.3 pp
—
EPS (diluted, $)
9.55
11.80+23.6%
12.60
YoY
+23.6%
Balance sheet
Total assets
5,613
6,319+12.6%
6,829
Cash & short-term investments
1,078
1,346+24.9%
—
Accounts receivable
389
414+6.5%
—
Inventory
76
77+1.1%
—
Net PP&E
151
157+4.0%
—
Other assets
3,918
4,325+10.4%
—
Total liabilities
2,484
2,727+9.8%
2,973
Accounts payable
68
84+23.7%
—
Other liabilities
2,416
2,644+9.4%
—
Shareholders’ equity
3,129
3,592+14.8%
3,856
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
792
950+19.8%
1,049
Net income
567
692+22.2%
—
Depreciation & amortization
107
92−13.6%
—
Stock-based compensation
219
231+5.7%
—
Working capital & other
(100)
(67)n/m
—
Cash from investing
(59)
(219)n/m
—
Capex
(30)
(43)n/m
—
Acquisitions
(33)
(171)n/m
—
Investments bought
(2)
(6)n/m
—
Investments sold / matured
6
0.5−91.2%
—
Other investing
0
(0.0)n/m
—
Cash from financing
(457)
(465)n/m
—
Debt repaid
0
0n/m
—
Buybacks
(501)
(502)n/m
—
Other financing
44
37−14.4%
—
Net change in cash
276
265−3.9%
—
Free cash flow (OCF − capex)
762
906+18.9%
970
Where the cash went
Operating cash flow
792
950+19.8%
1,049
Reinvested in the business
63
214+238.3%
—
% of operating cash flow
8.0%
22.6%
Capex
30
43+42.2%
80
Acquisitions
33
171+419.3%
—
R&D (memo, already in costs)
490
540+10.1%
—
Free cash flow
762
906+18.9%
970
YoY
+18.9%
Returned to shareholders
501
502+0.3%
—
% of free cash flow
65.7%
55.4%
Buybacks
501
502+0.3%
—
FCF conversion (FCF ÷ net income)
134.4%
130.9%−3.5 pp
—
Owner earnings
—
731
—
Owner earnings margin
—
23.7%
—
Returns & ratios
ROIC (all capital)
26.2%
30.5%+4.4 pp
—
ROIC (operating)
97.9%
117.9%+20.0 pp
—
Cash conversion cycle (days)
56
45−11 d
—
ROE
18.1%
19.3%+1.2 pp
—
ROA
10.1%
11.0%+0.9 pp
—
ROCE
16.0%
16.3%+0.3 pp
—
NOPAT
537
656+22.2%
—
Invested capital (operating)
548
565+3.0%
—
Invested capital (all)
2,051
2,246+9.5%
—
Reinvestment rate
—
2.5%
—
Debtor days
50
49−1 d
—
Inventory days
50
49−1 d
—
Days payable
44
53+9 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
810
822
812
865
vs year-ago quarter
Gross profit
666
671
661
712
Gross margin
82.2%
81.5%
81.4%
82.2%
Operating income
206
214
179
213
Net income
190
180
148
208
vs year-ago quarter
Net margin
23.5%
21.9%
18.2%
24.1%
EPS (diluted, $)
3.30
3.10
2.58
3.62
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
6,319
6,292
6,497
6,829
Cash & equivalents
1,346
1,202
1,445
1,608
Shareholders’ equity
3,592
3,538
3,650
3,856
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
208
159
366
316
Capex
16
10
18
36
Free cash flow
192
149
348
281
vs year-ago quarter