(ATEN) A10 Network - NYSE
Sector: Technology | Industry: Software - Infrastructure | Exchange: NYSE (USA) | Market Cap: 2.335m USD | Total Return: 89.3% in 12m
Avg Turnover: 36.1M
EPS Trend: 93.0%
Qual. Beats: 0
Rev. Trend: 75.0%
Qual. Beats: 1
Warnings
No concerns identified
Tailwinds
Rs Leader, Idiosyncratic Leader, Tailwind, Confidence
A10 Networks, Inc. (NYSE: ATEN) is a U.S.-based provider of secure application and network infrastructure solutions, headquartered in San Jose, California and incorporated in 2004. The company sells to customers across the Americas, Japan, Asia Pacific, Europe, the Middle East, and Africa, operating in the enterprise networking and cybersecurity hardware/software market, where demand is driven by rising encrypted traffic, DDoS attack volumes, and IPv4-to-IPv6 migration needs.
Its product portfolio is split into two main lines: security offerings (the ThreatX web application protection platform, the A10 Defend family of DDoS detection, orchestration, and mitigation tools, and a next-generation WAF) and infrastructure offerings (Thunder ADC application delivery controllers, Thunder CFW consolidated firewalls, Thunder CGN address translation, and SSL inspection under the SSLi brand). These are managed centrally through the A10 Harmony/A10 Control platform.
A10 sells through a channel-based business model, relying on distributors, value-added resellers, and system integrators to reach end customers in telecommunications, technology, financial services, public sector, industrial, retail, gaming, and education. The company has been publicly traded on the NYSE since its March 2014 IPO and is classified within the Information Technology sector under Systems Software.
- DDoS protection demand accelerates security product revenue growth
- Operating margin expansion driven by software subscription mix
- Share repurchase program continues amid Japan revenue growth
| Net Income: 44.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.10 > 0.02 and ΔFCF/TA -1.60 > 1.0 |
| NWC/Revenue: 117.0% < 20% (prev 129.1%; Δ -12.09% < -1%) |
| CFO/TA 0.11 > 3% & CFO 69.9m > Net Income 44.6m |
| Net Debt (-143.0m) to EBITDA (73.0m): -1.96 < 3 |
| Current Ratio: 3.71 > 1.5 & < 3 |
| Outstanding Shares: last quarter (72.9m) vs 12m ago -2.84% < -2% |
| Gross Margin: 79.50% > 18% (prev 80.01%; Δ -0.50% > 0.5%) |
| Asset Turnover: 48.27% > 50% (prev 44.07%; Δ 4.20% > 0%) |
| Interest Coverage Ratio: 9.06 > 6 (EBIT TTM 57.5m / Interest Expense TTM 6.35m) |
| A: 0.55 (Total Current Assets 479.5m - Total Current Liabilities 129.1m) / Total Assets 634.4m |
| B: -0.10 (Retained Earnings -63.3m / Total Assets 634.4m) |
| C: 0.09 (EBIT TTM 57.5m / Avg Total Assets 620.3m) |
| D: 0.53 (Book Value of Equity 220.8m / Total Liabilities 413.6m) |
| Altman-Z'' = 4.48 = AA |
| DSRI: 0.94 (Receivables 69.0m/65.4m, Revenue 299.4m/267.2m) |
| GMI: 1.01 (GM 80.01% / 79.50%) |
| AQI: 0.93 (AQ_t 0.16 / AQ_t-1 0.17) |
| SGI: 1.12 (Revenue 299.4m / 267.2m) |
| TATA: -0.04 (NI 44.6m - CFO 69.9m) / TA 634.4m) |
| Beneish M = -3.03 (Cap -4..+1) = AA |
As of June 20, 2026, the stock is trading at USD 33.26 with a total of 3,795,400 shares traded.
Over the past week, the price has changed by +1.84%,
over one month by +17.61%,
over three months by +51.51% and
over the past year by +89.32%.
A10 Network has received a consensus analysts rating of 4.17. Therefore, it is recommended to buy ATEN.
- StrongBuy: 3
- Buy: 1
- Hold: 2
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 33.4 | 0.4% |
P/E Trailing = 53.1639
P/E Forward = 45.8716
P/S = 7.7981
P/B = 10.661
P/EG = 14.7609
Revenue TTM = 299.4m USD
EBIT TTM = 57.5m USD
EBITDA TTM = 73.0m USD
Long Term Debt = 219.2m USD (from longTermDebt, last quarter)
Short Term Debt = unknown (none)
Debt = 226.7m USD (from shortLongTermDebtTotal, last quarter) + Leases 7.58m
Net Debt = -143.0m USD (calculated: Debt 226.7m - CCE 369.8m)
Enterprise Value = 2.19b USD (2.33b + Debt 226.7m - CCE 369.8m)
Interest Coverage Ratio = 9.06 (Ebit TTM 57.5m / Interest Expense TTM 6.35m)
EV/FCF = 36.33x (Enterprise Value 2.19b / FCF TTM 60.3m)
FCF Yield = 2.75% (FCF TTM 60.3m / Enterprise Value 2.19b)
FCF Margin = 20.15% (FCF TTM 60.3m / Revenue TTM 299.4m)
Net Margin = 14.90% (Net Income TTM 44.6m / Revenue TTM 299.4m)
Gross Margin = 79.50% ((Revenue TTM 299.4m - Cost of Revenue TTM 61.4m) / Revenue TTM)
Gross Margin QoQ = 80.29% (prev 78.72%)
Tobins Q-Ratio = 3.45 (Enterprise Value 2.19b / Total Assets 634.4m)
Interest Expense / Debt = 2.80% (Interest Expense 6.35m / Debt 226.7m)
Taxrate = 20.55% (11.5m / 56.2m)
NOPAT = 45.7m (EBIT 57.5m * (1 - 20.55%))
Current Ratio = 3.35 (Total Current Assets 479.5m / Total Current Liabilities 143.2m)
Debt / Equity = 1.03 (Debt 226.7m / totalStockholderEquity, last quarter 220.8m)
Debt / EBITDA = -1.96 (Net Debt -143.0m / EBITDA 73.0m)
Debt / FCF = -2.37 (Net Debt -143.0m / FCF TTM 60.3m)
Total Stockholder Equity = 210.6m (last 4 quarters mean from totalStockholderEquity)
RoA = 7.19% (Net Income 44.6m / Total Assets 634.4m)
RoE = 21.19% (Net Income TTM 44.6m / Total Stockholder Equity 210.6m)
RoCE = 13.39% (EBIT 57.5m / Capital Employed (Equity 210.6m + L.T.Debt 219.2m))
RoIC = 9.32% (NOPAT 45.7m / Invested Capital 490.3m)
WACC = 8.09% (E(2.33b)/V(2.56b) * Re(8.66%) + D(226.7m)/V(2.56b) * Rd(2.80%) * (1-Tc(0.21)))
Discount Rate = 8.66% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -60.0 | Cagr: -1.23%
[DCF] Terminal Value 73.89% ; FCFF base≈63.1m ; Y1≈57.9m ; Y5≈51.0m
[DCF] Fair Price = 13.24 (EV 810.3m - Net Debt -143.0m = Equity 953.3m / Shares 72.0m; r=8.35% [WACC [floored]]; 5y FCF grow -10.40% → 2.50% )
EPS Correlation: 92.97 | EPS CAGR: 11.39% | SUE: 0.37 | # QB: 0
Revenue Correlation: 75.01 | Revenue CAGR: 5.07% | SUE: 1.02 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.24 | Chg30d=+0.71% | Revisions=+11% | Analysts=5
EPS next Quarter (2026-09-30): EPS=0.27 | Chg30d=+1.24% | Revisions=+50% | Analysts=5
EPS current Year (2026-12-31): EPS=1.04 | Chg30d=+0.45% | Revisions=+33% | GrowthEPS=+15.3% | GrowthRev=+11.8%
EPS next Year (2027-12-31): EPS=1.18 | Chg30d=-0.70% | Revisions=+60% | GrowthEPS=+13.7% | GrowthRev=+11.9%
[Analyst] Revisions Ratio: +60%