A10 Networks (ATEN) Financials

$27.14 +0.10 (+0.36%)

Closing price 03:59 PM Eastern

Extended Trading

$27.68 +0.54 (+1.99%)

As of 07:59 PM Eastern

Annual Income Statements for A10 Networks

This table shows A10 Networks' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-42	-22	-11	-28	-18	18	95	47	40	50	42
Consolidated Net Income / (Loss)	-42	-22	-11	-28	-18	18	95	47	40	50	42
Net Income / (Loss) Continuing Operations	-42	-22	-11	-28	-18	18	95	47	40	50	42
Total Pre-Tax Income	-41	-22	-9.55	-27	-16	19	32	53	44	58	52
Total Operating Income	-40	-21	-10	-28	-17	18	33	53	39	44	47
Total Gross Profit	148	173	182	180	164	175	197	224	204	210	231
Total Revenue	196	227	235	232	213	226	250	280	252	262	291
Operating Revenue	196	227	235	232	213	226	250	280	252	262	291
Total Cost of Revenue	48	54	53	52	49	50	54	57	48	51	60
Operating Cost of Revenue	48	54	53	52	49	50	54	57	48	51	60
Total Operating Expenses	188	193	192	208	181	158	163	170	165	166	183
Selling, General & Admin Expense	27	26	28	40	24	22	23	24	24	25	30
Marketing Expense	105	104	101	103	93	78	86	89	86	83	84
Research & Development Expense	55	61	63	65	62	58	54	58	55	58	69
Total Other Income / (Expense), net	-0.84	-1.06	0.83	1.14	0.68	1.41	-1.75	-0.73	5.15	14	5.28
Interest & Investment Income	-0.33	-0.64	0.99	1.27	0.92	1.41	-1.75	-0.36	5.15	14	5.28
Income Tax Expense	0.75	0.76	1.21	1.08	1.41	1.32	-63	5.81	3.83	7.96	10
Basic Earnings per Share	($0.67)	($0.34)	($0.15)	($0.38)	($0.23)	$0.23	$1.23	$0.62	$0.54	$0.68	$0.58
Weighted Average Basic Shares Outstanding	62.43M	65.70M	70.05M	72.88M	76.08M	77.78M	77.05M	75.53M	74.21M	74.09M	72.25M
Diluted Earnings per Share	($0.67)	($0.34)	($0.15)	($0.38)	($0.23)	$0.22	$1.19	$0.60	$0.53	$0.67	$0.57
Weighted Average Diluted Shares Outstanding	62.43M	65.70M	70.05M	72.88M	76.08M	80.02M	80.04M	77.75M	75.55M	75.30M	73.59M
Weighted Average Basic & Diluted Shares Outstanding	62.43M	65.70M	70.05M	72.88M	76.08M	76.91M	76.39M	148.99M	-	73.97M	71.72M
Cash Dividends to Common per Share	-	-	-	-	-	-	$0.20	$0.24	$0.24	$0.24	$0.24

This table shows A10 Networks' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q2 2025	Q3 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	6/30/2025	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	18	3.96	12	6.47	18	9.73	9.48	13	18	11	12
Consolidated Net Income / (Loss)	18	3.96	12	6.47	18	9.73	9.48	13	18	11	12
Net Income / (Loss) Continuing Operations	18	3.96	12	6.47	18	9.73	9.48	13	18	11	12
Total Pre-Tax Income	16	4.92	15	4.96	19	11	11	14	22	12	14
Total Operating Income	16	6.17	12	2.21	18	7.21	7.92	10	18	10	13
Total Gross Profit	62	47	52	47	57	49	48	54	59	55	60
Total Revenue	78	58	66	58	70	61	60	67	74	69	75
Operating Revenue	78	58	66	58	70	61	60	67	74	69	75
Total Cost of Revenue	16	10	13	11	13	11	12	13	15	15	15
Operating Cost of Revenue	-	10	13	11	13	11	12	13	15	15	15
Total Operating Expenses	46	41	40	45	39	42	40	43	41	44	47
Selling, General & Admin Expense	6.36	7.31	5.26	5.61	5.71	6.74	5.95	6.49	6.10	7.18	6.95
Marketing Expense	22	22	21	21	21	21	19	21	22	21	22
Research & Development Expense	17	12	14	18	12	14	15	16	13	16	18
Total Other Income / (Expense), net	-0.26	-1.25	2.55	2.75	1.09	4.01	3.07	3.95	3.11	1.62	1.00
Interest & Investment Income	-	-	-	1.77	-	1.68	1.76	1.63	-	2.99	3.39
Other Income / (Expense), net	0.84	-2.22	1.88	0.99	-	2.33	1.31	2.31	-	-1.38	-2.39
Income Tax Expense	-1.66	0.96	3.19	-1.51	1.18	1.49	1.51	1.75	3.21	1.39	1.80
Basic Earnings per Share	$0.24	$0.05	$0.16	$0.09	$0.24	$0.13	$0.13	$0.17	$0.25	$0.15	$0.17
Weighted Average Basic Shares Outstanding	75.53M	74.00M	74.02M	74.53M	74.21M	74.45M	74.37M	73.82M	74.09M	72.01M	71.89M
Diluted Earnings per Share	$0.23	$0.05	$0.15	$0.09	$0.24	$0.13	$0.13	$0.17	$0.24	$0.14	$0.17
Weighted Average Diluted Shares Outstanding	77.75M	75.54M	75.43M	75.81M	75.55M	75.32M	75.50M	74.78M	75.30M	73.12M	73.05M
Weighted Average Basic & Diluted Shares Outstanding	148.99M	73.97M	74.11M	74.14M	0.00	72.08M	73.87M	73.80M	73.97M	72.15M	71.73M

This table details how cash moves in and out of A10 Networks' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	6.21	-69	18	-5.95	5.12	38	-4.36	-11	29	-2.12	-24
Net Cash From Operating Activities	3.39	19	14	-2.69	-0.43	55	50	66	45	90	85
Net Cash From Continuing Operating Activities	3.39	19	14	-2.69	-0.43	55	50	66	45	90	85
Net Income / (Loss) Continuing Operations	-42	-22	-11	-28	-18	18	95	47	40	50	42
Consolidated Net Income / (Loss)	-42	-22	-11	-28	-18	18	95	47	40	50	42
Depreciation Expense	8.72	8.27	8.51	7.88	10	11	8.91	7.38	9.35	11	15
Non-Cash Adjustments To Reconcile Net Income	19	19	18	17	16	13	15	14	13	17	23
Changes in Operating Assets and Liabilities, net	17	14	-1.37	-0.14	-8.82	13	-69	-2.28	-18	12	4.99
Net Cash From Investing Activities	-3.48	-96	-5.14	-6.88	-0.25	5.20	-38	11	14	-48	-244
Net Cash From Continuing Investing Activities	-3.48	-96	-5.14	-6.88	-0.25	5.20	-38	11	14	-48	-244
Purchase of Property, Plant & Equipment	-3.48	-4.87	-5.73	-2.80	-4.34	-3.56	-5.17	-11	-11	-12	-20
Acquisitions	0.00	-5.88	-	-	-	-	-	-	0.00	0.00	-19
Purchase of Investments	0.00	-126	-87	-88	-72	-58	-129	-55	-85	-143	-342
Sale and/or Maturity of Investments	0.00	41	88	84	76	67	96	77	110	107	138
Net Cash From Financing Activities	6.30	8.44	8.42	3.62	5.80	-23	-16	-88	-29	-44	135
Net Cash From Continuing Financing Activities	6.30	8.44	8.42	3.62	5.80	-23	-16	-88	-29	-44	135
Repayment of Debt	-	-0.10	-0.10	-0.08	-0.00	-	-	-	0.00	0.00	-7.33
Repurchase of Common Equity	0.00	-1.80	-3.07	0.00	0.00	-33	-18	-79	-16	-30	-69
Payment of Dividends	-	-	-	-	0.00	0.00	-3.88	-16	-18	-18	-17
Issuance of Debt	0.28	-	-	-	-	-	-	-	0.00	0.00	225
Issuance of Common Equity	6.02	10	12	3.70	5.80	9.59	5.76	7.04	4.94	3.62	3.37
Cash Interest Paid	0.17	0.19	0.11	0.10	0.26	0.00	0.00	0.00	0.00	0.00	3.33
Cash Income Taxes Paid	0.98	0.58	1.11	0.52	0.93	1.03	0.20	1.75	2.41	6.28	6.78

This table details how cash moves in and out of A10 Networks' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q3 2025	Q4 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	36	0.55	43	-7.03	-6.91	26	-45	0.61	17	-166	-15
Net Cash From Operating Activities	27	-0.85	20	23	2.73	32	12	20	26	23	23
Net Cash From Continuing Operating Activities	27	-0.85	20	23	2.73	32	12	20	26	23	23
Net Income / (Loss) Continuing Operations	18	3.96	12	6.47	18	9.73	9.48	13	18	12	9.87
Consolidated Net Income / (Loss)	18	3.96	12	6.47	18	9.73	9.48	13	18	12	9.87
Depreciation Expense	1.84	2.11	2.20	2.54	2.50	2.69	2.82	2.74	3.05	3.80	3.98
Non-Cash Adjustments To Reconcile Net Income	4.22	3.57	3.37	5.01	1.55	4.30	3.41	3.57	5.41	6.35	5.46
Changes in Operating Assets and Liabilities, net	3.23	-10	2.37	9.04	-19	16	-3.49	1.19	-1.05	0.47	3.40
Net Cash From Investing Activities	11	5.37	32	-24	0.17	0.64	-43	-5.72	-0.16	-174	-29
Net Cash From Continuing Investing Activities	11	5.37	32	-24	0.17	0.64	-43	-5.72	-0.16	-174	-29
Purchase of Property, Plant & Equipment	-2.54	-2.68	-2.39	-2.69	-3.14	-2.93	-3.49	-3.47	-2.38	-4.73	-6.66
Purchase of Investments	-9.71	-21	-23	-30	-10	-41	-66	-21	-15	-211	-63
Sale and/or Maturity of Investments	23	29	58	9.48	14	44	26	19	18	42	41
Net Cash From Financing Activities	-2.03	-3.97	-8.58	-6.49	-9.80	-7.42	-15	-14	-8.49	-15	-9.54
Net Cash From Continuing Financing Activities	-2.03	-3.97	-8.58	-6.49	-9.80	-7.42	-15	-14	-8.49	-15	-9.54
Repurchase of Common Equity	-	0.00	-6.23	-2.44	-7.30	-3.04	-12	-9.45	-5.76	-11	-6.91
Payment of Dividends	-4.41	-4.45	-4.43	-4.49	-4.45	-4.47	-4.47	-4.43	-4.43	-4.32	-4.29
Issuance of Common Equity	2.38	0.47	2.09	0.44	1.95	0.09	1.77	0.07	1.71	-	1.66
Cash Income Taxes Paid	-	-	-	-	-	-	-	-	-	-	3.08

This table presents A10 Networks' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	190	217	225	236	274	291	393	369	390	433	630
Total Current Assets	177	197	204	215	221	242	284	257	272	307	476
Cash & Equivalents	98	29	47	41	0.00	0.00	79	68	97	95	71
Short-Term Investments	0.00	85	85	88	84	75	106	83	62	100	307
Accounts Receivable	55	61	48	54	54	51	62	73	74	77	62
Inventories, net	19	16	18	18	22	21	22	20	24	22	18
Prepaid Expenses	5.06	5.22	6.83	15	15	12	15	13	15	13	18
Plant, Property, & Equipment, net	8.90	8.22	9.91	7.26	7.66	7.89	11	20	30	39	50
Total Noncurrent Assets	4.40	12	11	14	45	41	98	92	88	86	104
Goodwill	0.07	1.31	1.31	1.31	1.31	1.31	1.31	1.31	1.31	1.31	15
Intangible Assets	0.80	6.63	5.19	3.75	2.31	0.86	0.00	0.00	0.00	0.00	6.26
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	0.94	66	63	63	62	62
Other Noncurrent Operating Assets	3.53	3.87	4.65	8.62	42	38	31	28	24	23	20
Total Liabilities & Shareholders' Equity	190	217	225	236	274	291	393	369	390	433	630
Total Liabilities	112	134	126	132	165	175	184	188	182	201	418
Total Current Liabilities	87	101	93	97	98	108	116	118	111	124	134
Accounts Payable	11	9.85	9.03	8.20	7.59	4.85	6.85	6.73	7.02	13	12
Accrued Expenses	28	32	22	25	28	37	36	37	21	33	41
Current Deferred Revenue	49	60	62	64	62	66	73	74	83	78	81
Total Noncurrent Liabilities	25	33	34	35	68	67	68	70	71	77	285
Long-Term Debt	-	-	-	-	-	-	-	-	-	0.00	219
Noncurrent Deferred Revenue	23	32	33	34	39	43	48	53	59	70	62
Other Noncurrent Operating Liabilities	1.41	0.99	0.97	0.53	29	24	20	17	12	7.49	3.85
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	78	83	98	104	109	116	209	181	208	232	212
Total Preferred & Common Equity	78	83	98	104	109	116	209	181	208	232	212
Total Common Equity	78	83	98	104	109	116	209	181	208	232	212
Common Stock	302	329	356	376	403	426	446	467	487	508	532
Retained Earnings	-224	-246	-257	-272	-290	-272	-177	-130	-90	-40	1.79
Treasury Stock	-	-	-	-	-4.87	-37	-56	-135	-151	-181	-250
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.05	-0.12	-0.14	0.25	0.10	-0.23	-0.73	-0.07	0.19	0.66
Other Equity Adjustments	-	-	-	-	-	-	-3.88	-20	-38	-55	-73

This table presents A10 Networks' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q2 2025	Q3 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2025	6/30/2024	9/30/2024	6/30/2025	9/30/2025
Total Assets	385	353	357	368	378	606	397	408	608	620
Total Current Assets	272	238	245	256	265	458	275	284	457	469
Cash & Equivalents	84	32	69	111	104	244	77	78	253	87
Short-Term Investments	83	96	76	43	65	112	100	104	114	284
Accounts Receivable	68	74	67	69	59	65	57	65	52	62
Inventories, net	22	21	20	20	24	21	25	23	20	19
Prepaid Expenses	15	15	13	13	13	16	15	13	17	17
Plant, Property, & Equipment, net	15	18	22	25	26	42	34	37	44	47
Total Noncurrent Assets	98	97	90	87	87	106	88	87	106	104
Goodwill	1.31	1.31	1.31	1.31	1.31	15	1.31	1.31	15	15
Intangible Assets	-	-	-	-	-	7.40	-	-	7.02	6.64
Noncurrent Deferred & Refundable Income Taxes	66	66	62	60	61	62	62	63	62	63
Other Noncurrent Operating Assets	31	30	27	25	25	21	24	23	22	20
Total Liabilities & Shareholders' Equity	385	353	357	368	378	606	397	408	608	620
Total Liabilities	190	192	172	175	181	410	183	190	404	414
Total Current Liabilities	122	122	103	107	111	113	115	127	108	129
Accounts Payable	5.57	6.05	5.91	6.40	8.21	7.64	5.64	7.54	7.00	11
Accrued Expenses	37	41	21	23	24	26	27	30	28	35
Current Deferred Revenue	80	75	76	78	80	80	82	90	73	82
Total Noncurrent Liabilities	67	70	69	68	70	297	68	63	296	285
Long-Term Debt	-	-	-	-	-	218	-	-	218	218
Noncurrent Deferred Revenue	48	51	53	54	56	73	58	55	71	61
Other Noncurrent Operating Liabilities	19	18	16	15	13	6.33	9.82	8.73	6.66	5.27
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	195	161	186	193	197	196	214	217	204	206
Total Preferred & Common Equity	195	161	186	193	197	196	214	217	204	206
Total Common Equity	195	161	186	193	197	196	214	217	204	206
Common Stock	456	461	471	477	482	514	498	502	521	525
Retained Earnings	-161	-148	-126	-115	-108	-31	-71	-59	-20	-8.07
Treasury Stock	-87	-135	-135	-141	-144	-228	-166	-175	-232	-243
Accumulated Other Comprehensive Income / (Loss)	-1.21	-1.34	-0.16	0.54	0.33	0.15	0.47	0.21	-0.14	0.47
Other Equity Adjustments	-12	-15	-24	-29	-33	-60	-47	-51	-64	-68

This table displays calculated financial ratios and metrics derived from A10 Networks' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.35%	15.80%	3.58%	-1.36%	-8.44%	6.07%	10.87%	12.12%	-10.22%	3.97%	11.03%
EBITDA Growth	-56.79%	61.06%	84.87%	-963.89%	64.31%	510.93%	45.66%	42.09%	-20.14%	15.14%	12.20%
EBIT Growth	-33.16%	48.97%	49.58%	-166.86%	38.24%	203.74%	88.28%	57.89%	-26.69%	13.77%	7.22%
NOPAT Growth	-33.16%	48.97%	49.58%	-166.86%	38.24%	237.95%	506.54%	-52.83%	-25.32%	7.58%	-0.14%
Net Income Growth	-20.67%	46.56%	51.99%	-156.88%	35.48%	199.98%	432.59%	-50.56%	-14.79%	25.44%	-15.96%
EPS Growth	9.46%	49.25%	55.88%	-153.33%	39.47%	195.65%	440.91%	-49.58%	-11.67%	26.42%	-14.93%
Operating Cash Flow Growth	111.10%	453.76%	-23.77%	-118.82%	84.19%	13,077.93%	-9.39%	31.94%	-32.66%	103.29%	-6.19%
Free Cash Flow Firm Growth	89.69%	25.47%	-124.87%	-352.42%	44.55%	344.93%	-9.09%	-34.05%	56.76%	42.46%	-56.85%
Invested Capital Growth	-527.30%	-58.67%	-3.65%	25.21%	13.71%	-99.47%	156.56%	103.71%	0.00%	-25.33%	44.69%
Revenue Q/Q Growth	4.67%	3.34%	104.24%	-34.00%	-19.25%	29.61%	3.31%	2.55%	-2.79%	0.00%	0.00%
EBITDA Q/Q Growth	12.14%	40.18%	46.60%	-23.02%	31.41%	35.73%	8.72%	7.20%	1.93%	0.00%	0.00%
EBIT Q/Q Growth	11.46%	27.61%	13.96%	-13.42%	12.76%	76.89%	13.84%	8.34%	0.65%	0.00%	0.00%
NOPAT Q/Q Growth	11.46%	27.61%	13.96%	-13.42%	37.57%	135.23%	-10.53%	14.93%	-2.09%	0.00%	0.00%
Net Income Q/Q Growth	13.96%	21.08%	93.65%	-121.35%	-131.62%	127.07%	3.14%	18.44%	-0.28%	0.00%	0.00%
EPS Q/Q Growth	-15.52%	24.44%	25.00%	-11.76%	14.81%	57.14%	4.39%	17.65%	1.92%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	136.14%	6.71%	105.69%	-120.10%	86.17%	25.65%	-13.58%	38.67%	-35.59%	0.00%	-3.42%
Free Cash Flow Firm Q/Q Growth	73.46%	49.06%	27.86%	-3.44%	34.04%	56.36%	-41.54%	-7.30%	-14.19%	789.96%	0.00%
Invested Capital Q/Q Growth	-1.66%	7.47%	4.02%	-0.02%	-3.48%	-12.69%	47.76%	47.37%	74.23%	3.15%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.34%	76.06%	77.35%	77.65%	77.01%	77.76%	78.60%	79.73%	80.94%	80.35%	79.34%
EBITDA Margin	-16.10%	-5.41%	-0.79%	-8.53%	-3.32%	12.87%	16.92%	21.44%	19.07%	21.12%	21.34%
Operating Margin	-20.54%	-9.05%	-4.41%	-11.92%	-8.04%	7.86%	13.35%	18.93%	15.35%	16.80%	16.22%
EBIT Margin	-20.54%	-9.05%	-4.41%	-11.92%	-8.04%	7.86%	13.35%	18.80%	15.35%	16.80%	16.22%
Profit (Net Income) Margin	-21.35%	-9.85%	-4.57%	-11.89%	-8.38%	7.90%	37.95%	16.73%	15.88%	19.16%	14.50%
Tax Burden Percent	101.82%	103.50%	112.63%	104.08%	108.57%	93.09%	299.88%	88.98%	91.27%	86.30%	80.38%
Interest Burden Percent	102.09%	105.17%	92.03%	95.87%	96.01%	107.93%	94.77%	100.00%	113.32%	132.14%	111.20%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	6.91%	-199.88%	11.02%	8.73%	13.70%	19.62%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	130.43%	72.61%	89.44%	85.39%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	130.62%	69.66%	82.57%	83.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-107.92%	-53.39%	-66.64%	-66.38%
Return on Equity (ROE)	-47.95%	-27.82%	-11.87%	-27.31%	-16.76%	15.85%	58.42%	22.51%	19.23%	22.81%	19.01%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	143.08%	62.14%	72.61%	118.45%	48.86%
Operating Return on Assets (OROA)	-21.39%	-10.12%	-4.70%	-12.02%	-6.70%	6.28%	9.76%	13.47%	9.91%	10.69%	8.87%
Return on Assets (ROA)	-22.23%	-11.01%	-4.87%	-11.99%	-6.99%	6.31%	27.75%	11.98%	10.25%	12.19%	7.93%
Return on Common Equity (ROCE)	-47.95%	-27.82%	-11.87%	-27.31%	-16.76%	15.85%	58.42%	22.51%	19.23%	22.81%	19.01%
Return on Equity Simple (ROE_SIMPLE)	-53.57%	-27.06%	-10.93%	-26.58%	-16.38%	15.36%	45.42%	22.57%	19.23%	21.63%	0.00%
Net Operating Profit after Tax (NOPAT)	-28	-14	-7.26	-19	-12	17	100	47	35	38	38
NOPAT Margin	-14.38%	-6.33%	-3.08%	-8.34%	-5.63%	7.32%	40.04%	16.85%	14.01%	14.50%	13.04%
Net Nonoperating Expense Percent (NNEP)	-14.40%	-7.52%	-2.84%	-6.35%	-4.53%	0.91%	-3.05%	-0.19%	2.95%	6.87%	2.39%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	22.72%	16.97%	16.37%	8.81%
Cost of Revenue to Revenue	24.66%	23.94%	22.65%	22.35%	22.99%	22.24%	21.40%	20.27%	19.06%	19.65%	20.66%
SG&A Expenses to Revenue	13.56%	11.57%	11.95%	17.07%	11.15%	9.69%	9.37%	8.39%	9.49%	9.66%	10.26%
R&D to Revenue	27.94%	26.71%	26.76%	28.06%	29.08%	25.75%	21.63%	20.83%	21.94%	22.06%	23.78%
Operating Expenses to Revenue	95.88%	85.11%	81.76%	89.57%	85.05%	69.90%	65.25%	60.79%	65.59%	63.55%	63.11%
Earnings before Interest and Taxes (EBIT)	-40	-21	-10	-28	-17	18	33	53	39	44	47
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-32	-12	-1.86	-20	-7.07	29	42	60	48	55	62
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.07	6.44	5.30	4.23	4.61	6.22	5.89	5.66	4.61	5.84	5.98
Price to Tangible Book Value (P/TBV)	5.12	7.12	5.67	4.44	4.77	6.34	5.93	5.70	4.64	5.87	6.65
Price to Revenue (P/Rev)	2.02	2.34	2.21	1.89	2.36	3.20	4.92	4.20	3.80	5.17	4.35
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	40.50	12.97	25.10	23.96	27.01	30.02
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.32%	1.31%	1.86%	1.31%	1.36%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	2.47%	7.71%	3.98%	4.17%	3.70%	3.33%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	43.83	20.96	16.43	31.94	21.08
Enterprise Value to Revenue (EV/Rev)	1.52	1.84	1.66	1.34	1.96	2.87	4.18	3.63	3.17	4.43	3.81
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	22.27	24.71	16.94	16.63	20.97	17.84
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	36.47	31.30	19.31	20.65	26.35	23.46
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	39.17	10.44	21.55	22.63	30.53	29.19
Enterprise Value to Operating Cash Flow (EV/OCF)	87.94	22.28	27.24	0.00	0.00	11.70	20.86	15.40	17.93	12.80	13.03
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	17.23	30.63	45.24	22.63	23.06	51.01
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.03
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.03
Financial Leverage	-1.09	-1.32	-1.36	-1.28	-1.21	-1.28	-1.06	-0.83	-0.77	-0.81	-0.80
Leverage Ratio	2.16	2.53	2.44	2.28	2.40	2.51	2.11	1.88	1.88	1.87	2.40
Compound Leverage Factor	2.20	2.66	2.24	2.18	2.30	2.71	2.00	1.88	2.12	2.47	2.67
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	50.84%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	50.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	49.16%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.53
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-2.57
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.53
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.77
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-4.20
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.77
Altman Z-Score	1.38	2.06	2.36	1.58	1.45	2.70	4.80	5.22	4.30	5.36	3.18
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.03	1.94	2.20	2.21	2.26	2.25	2.45	2.45	2.45	2.49	3.56
Quick Ratio	1.76	1.73	1.93	1.87	1.41	1.17	2.13	2.10	2.10	2.20	3.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3.64	-2.72	-6.11	-28	-15	38	34	23	35	50	22
Operating Cash Flow to CapEx	97.53%	385.43%	249.63%	-96.32%	-9.82%	1,551.23%	968.81%	612.09%	408.54%	737.63%	421.77%
Free Cash Flow to Firm to Interest Expense	-7.16	-6.41	-37.70	-214.20	-64.65	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	6.66	44.29	88.36	-20.88	-1.80	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-0.17	32.80	52.96	-42.57	-20.11	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.04	1.12	1.07	1.01	0.83	0.80	0.73	0.72	0.65	0.64	0.55
Accounts Receivable Turnover	3.61	3.92	4.30	4.54	3.95	4.31	4.43	4.12	3.39	3.47	4.19
Inventory Turnover	2.46	3.15	3.19	2.92	2.43	2.33	2.48	2.47	2.04	2.26	3.00
Fixed Asset Turnover	19.94	26.55	25.97	27.04	28.51	29.02	26.92	13.82	8.42	7.58	6.50
Accounts Payable Turnover	4.96	5.35	5.65	6.02	6.19	8.06	9.14	8.19	6.83	5.26	4.95
Days Sales Outstanding (DSO)	101.12	93.17	84.92	80.35	92.30	84.66	82.36	88.60	107.76	105.30	87.15
Days Inventory Outstanding (DIO)	148.40	115.73	114.41	124.87	150.51	156.90	147.32	147.66	179.01	161.59	121.69
Days Payable Outstanding (DPO)	73.53	68.28	64.64	60.61	58.97	45.28	39.92	44.56	53.45	69.45	73.67
Cash Conversion Cycle (CCC)	175.99	140.62	134.70	144.60	183.85	196.28	189.77	191.71	233.31	197.44	135.18
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-20	-32	-33	-24	-21	-42	24	49	49	36	52
Invested Capital Turnover	-25.74	-8.83	-7.32	-8.11	-9.32	-7.13	-27.31	7.74	5.18	6.17	6.55
Increase / (Decrease) in Invested Capital	-25	-12	-1.15	8.26	3.36	-21	66	25	0.00	-12	16
Enterprise Value (EV)	298	418	390	311	418	647	1,045	1,018	798	1,159	1,106
Market Capitalization	396	533	521	439	502	721	1,230	1,177	957	1,354	1,265
Book Value per Share	$1.23	$1.23	$1.39	$1.41	$1.42	$1.51	$2.69	$2.83	$2.80	$3.14	$2.95
Tangible Book Value per Share	$1.22	$1.11	$1.30	$1.34	$1.37	$1.48	$2.68	$2.81	$2.79	$3.12	$2.65
Total Capital	78	83	98	104	109	116	209	208	208	232	430
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	219
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	219
Net Debt	-98	-114	-131	-128	-84	-75	-185	-159	-159	-196	-159
Capital Expenditures (CapEx)	3.48	4.87	5.73	2.80	4.34	3.56	5.17	11	11	12	20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-8.57	-19	-20	-11	39	60	-17	1.46	1.46	-12	-36
Debt-free Net Working Capital (DFNWC)	90	95	111	118	123	135	168	161	161	184	342
Net Working Capital (NWC)	90	95	111	118	123	135	168	161	161	184	342
Net Nonoperating Expense (NNE)	14	7.99	3.49	8.24	5.85	-1.31	5.24	0.32	-4.70	-12	-4.24
Net Nonoperating Obligations (NNO)	-98	-114	-131	-128	-130	-158	-185	-159	-159	-196	-159
Total Depreciation and Amortization (D&A)	8.72	8.27	8.51	7.88	10	11	8.91	7.38	9.35	11	15
Debt-free, Cash-free Net Working Capital to Revenue	-4.36%	-8.39%	-8.52%	-4.65%	18.43%	26.46%	-6.84%	0.52%	0.58%	-4.53%	-12.23%
Debt-free Net Working Capital to Revenue	45.62%	41.92%	47.18%	50.63%	58.02%	59.65%	67.16%	57.34%	63.87%	70.20%	117.81%
Net Working Capital to Revenue	45.62%	41.92%	47.18%	50.63%	58.02%	59.65%	67.16%	57.34%	63.87%	70.20%	117.81%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.64)	($0.32)	($0.15)	($0.38)	($0.23)	$0.23	$1.23	$0.00	$0.00	$0.68	$0.58
Adjusted Weighted Average Basic Shares Outstanding	64.31M	68.35M	70.05M	75.05M	78.27M	77.78M	77.05M	0.00	0.00	74.09M	72.25M
Adjusted Diluted Earnings per Share	($0.64)	($0.32)	($0.15)	($0.38)	($0.23)	$0.22	$1.19	$0.00	$0.00	$0.67	$0.57
Adjusted Weighted Average Diluted Shares Outstanding	64.31M	68.35M	70.05M	75.05M	78.27M	80.02M	80.04M	0.00	0.00	75.30M	73.59M
Adjusted Basic & Diluted Earnings per Share	($0.64)	($0.32)	($0.15)	($0.38)	($0.23)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	62.43M	65.70M	70.05M	72.88M	76.08M	76.91M	76.39M	0.00	0.00	73.97M	71.72M
Normalized Net Operating Profit after Tax (NOPAT)	-27	-13	-7.26	-19	-10	17	23	47	35	38	38
Normalized NOPAT Margin	-13.59%	-5.69%	-3.08%	-8.34%	-4.79%	7.32%	9.35%	16.85%	14.01%	14.50%	13.04%
Pre Tax Income Margin	-20.96%	-9.52%	-4.05%	-11.43%	-7.72%	8.49%	12.65%	18.80%	17.40%	22.20%	18.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-79.19	-48.51	-64.02	-214.57	-72.13	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-55.43	-33.96	-44.82	-150.20	-50.49	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-86.02	-60.00	-99.42	-236.25	-90.44	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-62.27	-45.45	-80.21	-171.88	-68.80	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.09%	33.94%	44.58%	35.49%	41.22%
Augmented Payout Ratio	0.00%	-8.03%	-28.56%	0.00%	0.00%	182.64%	23.34%	202.91%	84.54%	95.49%	204.78%

This table displays calculated financial ratios and metrics derived from A10 Networks' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q2 2025	Q3 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2025	6/30/2024	9/30/2024	12/31/2024	6/30/2025	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.85%	-7.95%	-3.17%	-19.82%	-9.30%	14.64%	-8.69%	15.48%	5.38%	15.45%	11.93%
EBITDA Growth	38.22%	-34.28%	6.79%	-65.51%	8.23%	87.94%	-26.38%	170.25%	4.55%	-21.16%	-7.03%
EBIT Growth	44.41%	-46.42%	5.25%	-78.40%	5.27%	120.01%	-34.83%	299.09%	2.17%	-3.11%	-16.84%
NOPAT Growth	59.21%	-26.90%	-4.16%	-76.89%	-5.71%	61.21%	-29.06%	218.47%	-7.33%	33.37%	23.43%
Net Income Growth	68.06%	-37.66%	11.62%	-46.59%	-0.63%	141.11%	-18.49%	95.35%	2.14%	11.21%	-3.53%
EPS Growth	64.29%	-37.50%	15.38%	-43.75%	4.35%	160.00%	-13.33%	88.89%	0.00%	7.69%	0.00%
Operating Cash Flow Growth	207.25%	-105.32%	121.56%	64.33%	-90.01%	3,934.99%	-37.62%	-12.70%	841.41%	0.00%	13.27%
Free Cash Flow Firm Growth	87.55%	71.00%	97.62%	282.53%	347.88%	40.18%	702.70%	-76.28%	65.52%	-196.82%	-487.58%
Invested Capital Growth	103.71%	92.54%	39.55%	-15.41%	0.00%	41.03%	-4.64%	26.12%	-25.33%	46.95%	53.01%
Revenue Q/Q Growth	7.74%	-25.69%	14.09%	-12.22%	21.88%	-6.08%	-0.95%	11.02%	11.22%	0.00%	7.64%
EBITDA Q/Q Growth	13.97%	-71.05%	170.04%	-64.93%	257.64%	-44.51%	-1.59%	28.74%	38.36%	0.00%	61.23%
EBIT Q/Q Growth	15.60%	-76.91%	258.32%	-77.41%	463.39%	-51.75%	-3.32%	38.31%	44.23%	0.00%	18.71%
NOPAT Q/Q Growth	43.76%	-72.32%	94.14%	-70.09%	486.54%	-52.67%	9.23%	34.29%	70.68%	0.00%	24.28%
Net Income Q/Q Growth	48.85%	-78.05%	193.73%	-44.36%	176.97%	-46.74%	-2.57%	33.36%	44.82%	0.00%	15.69%
EPS Q/Q Growth	43.75%	-78.26%	200.00%	-40.00%	166.67%	-45.83%	0.00%	30.77%	41.18%	0.00%	21.43%
Operating Cash Flow Q/Q Growth	94.73%	-114.74%	2,413.00%	17.85%	-88.16%	1,087.99%	-62.38%	64.94%	27.71%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	-56.27%	-116.11%	90.27%	655.33%	112.21%	-152.16%	-42.31%	-78.14%	1,380.50%	0.00%	12.49%
Invested Capital Q/Q Growth	47.37%	-15.68%	-4.72%	-28.56%	74.23%	18.92%	15.45%	-5.52%	3.15%	0.00%	-1.62%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	79.72%	82.29%	79.54%	80.95%	81.15%	79.68%	79.97%	80.46%	79.92%	78.85%	80.14%
EBITDA Margin	24.41%	10.50%	24.84%	9.92%	29.12%	17.21%	20.03%	23.23%	28.89%	12.88%	19.29%
Operating Margin	20.95%	10.69%	18.64%	3.82%	25.57%	13.27%	13.17%	15.65%	24.79%	14.86%	17.40%
EBIT Margin	22.03%	6.85%	21.50%	5.53%	25.57%	13.14%	15.35%	19.12%	24.79%	12.88%	14.20%
Profit (Net Income) Margin	23.22%	6.86%	17.66%	11.20%	25.44%	14.43%	15.77%	18.94%	24.66%	15.19%	16.32%
Tax Burden Percent	110.14%	80.41%	78.49%	130.37%	93.81%	91.08%	86.28%	87.82%	85.09%	88.34%	87.12%
Interest Burden Percent	95.70%	124.64%	104.68%	155.26%	106.07%	120.60%	119.10%	112.81%	116.91%	133.51%	131.92%
Effective Tax Rate	-10.14%	19.59%	21.51%	-30.37%	6.19%	8.92%	13.72%	12.18%	14.91%	11.66%	12.88%
Return on Invested Capital (ROIC)	178.66%	76.07%	119.31%	42.43%	124.30%	63.71%	0.00%	0.00%	130.13%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	178.59%	76.71%	118.06%	40.01%	123.65%	62.61%	0.00%	0.00%	128.64%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-147.56%	-63.86%	-97.66%	-33.20%	-94.76%	-46.40%	0.00%	0.00%	-103.82%	0.00%	0.00%
Return on Equity (ROE)	31.10%	12.20%	21.65%	9.22%	29.54%	17.30%	0.00%	0.00%	26.31%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	62.14%	82.92%	100.92%	135.12%	72.61%	43.11%	4.75%	-23.10%	118.45%	0.00%	0.00%
Operating Return on Assets (OROA)	15.78%	5.24%	15.60%	3.92%	16.51%	7.09%	0.00%	0.00%	15.77%	0.00%	0.00%
Return on Assets (ROA)	16.63%	5.25%	12.82%	7.94%	16.43%	7.79%	0.00%	0.00%	15.69%	0.00%	0.00%
Return on Common Equity (ROCE)	31.10%	12.20%	21.65%	9.22%	29.54%	17.30%	0.00%	0.00%	26.31%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	0.00%	24.00%	23.70%	20.35%	0.00%	23.26%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	18	4.96	9.63	2.88	17	7.99	6.83	9.17	16	9.11	11
NOPAT Margin	23.08%	8.60%	14.63%	4.98%	23.99%	12.09%	11.36%	13.75%	21.10%	13.13%	15.16%
Net Nonoperating Expense Percent (NNEP)	0.07%	-0.65%	1.25%	2.42%	0.64%	1.10%	1.60%	1.97%	1.49%	0.88%	0.52%
Return On Investment Capital (ROIC_SIMPLE)	8.62%	-	-	-	8.13%	1.93%	-	-	6.75%	2.16%	2.67%
Cost of Revenue to Revenue	20.28%	17.71%	20.46%	19.06%	18.85%	20.32%	20.03%	19.54%	20.08%	21.15%	19.86%
SG&A Expenses to Revenue	8.19%	12.67%	7.98%	9.72%	8.11%	12.81%	9.90%	9.73%	8.22%	10.35%	9.31%
R&D to Revenue	21.79%	20.22%	21.22%	30.50%	17.01%	24.04%	24.52%	23.58%	17.78%	23.43%	24.61%
Operating Expenses to Revenue	58.77%	71.60%	60.91%	77.12%	55.58%	66.40%	66.80%	64.81%	55.13%	63.99%	62.74%
Earnings before Interest and Taxes (EBIT)	17	3.95	14	3.20	18	8.69	9.22	13	18	8.94	11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	19	6.06	16	5.73	21	11	12	15	21	8.94	14
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.66	6.03	5.47	5.56	4.61	6.17	4.79	4.91	5.84	6.84	6.35
Price to Tangible Book Value (P/TBV)	5.70	6.07	5.51	5.59	4.64	6.97	4.82	4.94	5.87	7.67	7.10
Price to Revenue (P/Rev)	4.20	4.06	3.86	4.23	3.80	4.65	0.00	0.00	5.17	0.00	0.00
Price to Earnings (P/E)	25.10	25.11	23.09	27.29	23.96	26.53	0.00	0.00	27.01	0.00	0.00
Dividend Yield	1.31%	1.46%	1.61%	1.63%	1.86%	1.47%	1.74%	1.66%	1.31%	1.24%	1.32%
Earnings Yield	3.98%	3.98%	4.33%	3.66%	4.17%	3.77%	0.00%	0.00%	3.70%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	20.96	23.76	23.11	33.17	16.43	18.53	22.82	25.15	31.94	22.77	21.51
Enterprise Value to Revenue (EV/Rev)	3.63	3.53	3.30	3.57	3.17	4.12	0.00	0.00	4.43	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	16.94	17.09	15.55	19.64	16.63	20.63	0.00	0.00	20.97	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	19.31	19.74	18.04	24.09	20.65	25.95	0.00	0.00	26.35	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	21.55	21.40	20.10	25.67	22.63	28.11	0.00	0.00	30.53	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	15.40	19.72	15.01	13.38	17.93	17.11	0.00	0.00	12.80	14.61	13.17
Enterprise Value to Free Cash Flow (EV/FCFF)	45.24	37.72	26.68	22.50	22.63	50.31	469.45	0.00	23.06	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	1.11	0.00	0.00	0.00	1.07	1.06
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	1.11	0.00	0.00	0.00	1.07	1.06
Financial Leverage	-0.83	-0.83	-0.83	-0.83	-0.77	-0.74	-0.81	-0.85	-0.81	-0.78	-0.79
Leverage Ratio	1.88	1.94	1.94	2.04	1.88	2.53	1.88	1.90	1.87	2.40	2.43
Compound Leverage Factor	1.80	2.41	2.03	3.17	1.99	3.05	2.24	2.14	2.19	3.21	3.20
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	52.64%	0.00%	0.00%	0.00%	51.67%	51.44%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	52.64%	0.00%	0.00%	0.00%	51.67%	51.44%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	47.36%	100.00%	100.00%	100.00%	48.33%	48.56%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	4.20	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-2.66	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	4.20	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	5.72	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-3.63	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	5.72	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	4.92	4.69	4.53	4.43	4.13	2.86	3.68	3.72	5.17	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.45	2.38	2.40	2.38	2.45	4.05	2.39	2.23	2.49	4.23	3.64
Quick Ratio	2.10	2.05	2.08	2.05	2.10	3.72	2.04	1.94	2.20	3.88	3.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-6.81	-15	-1.43	7.96	17	-8.81	8.64	1.89	28	-8.36	-7.32
Operating Cash Flow to CapEx	1,076.71%	-31.63%	818.74%	858.24%	86.86%	1,109.20%	349.84%	579.84%	1,079.35%	0.00%	482.40%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.72	0.77	0.73	0.71	0.65	0.54	0.00	0.00	0.64	0.00	0.00
Accounts Receivable Turnover	4.12	4.74	3.99	3.91	3.39	3.93	0.00	0.00	3.47	0.00	0.00
Inventory Turnover	2.47	2.63	2.56	2.25	2.04	2.50	0.00	0.00	2.26	0.00	0.00
Fixed Asset Turnover	13.82	15.40	13.57	11.77	8.42	8.07	0.00	0.00	7.58	0.00	0.00
Accounts Payable Turnover	8.19	9.95	9.06	7.07	6.83	7.56	0.00	0.00	5.26	0.00	0.00
Days Sales Outstanding (DSO)	88.60	77.07	91.57	93.44	107.76	92.87	0.00	0.00	105.30	0.00	0.00
Days Inventory Outstanding (DIO)	147.66	138.78	142.68	162.30	179.01	145.93	0.00	0.00	161.59	0.00	0.00
Days Payable Outstanding (DPO)	44.56	36.70	40.30	51.60	53.45	48.28	0.00	0.00	69.45	0.00	0.00
Cash Conversion Cycle (CCC)	191.71	179.16	193.95	204.15	233.31	190.52	0.00	0.00	197.44	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	49	41	39	28	49	58	37	35	36	55	54
Invested Capital Turnover	7.74	8.85	8.16	8.51	5.18	5.27	0.00	0.00	6.17	0.00	0.00
Increase / (Decrease) in Invested Capital	25	20	11	-5.08	0.00	17	-1.81	7.28	-12	17	19
Enterprise Value (EV)	1,018	973	902	925	798	1,071	849	885	1,159	1,245	1,157
Market Capitalization	1,177	1,118	1,056	1,094	957	1,209	1,026	1,067	1,354	1,395	1,310
Book Value per Share	$2.83	$2.50	$2.61	$2.66	$2.80	$2.65	$2.88	$2.94	$3.14	$2.83	$2.86
Tangible Book Value per Share	$2.81	$2.49	$2.59	$2.64	$2.79	$2.34	$2.86	$2.92	$3.12	$2.52	$2.56
Total Capital	208	186	193	197	208	414	214	217	232	422	425
Total Debt	0.00	0.00	0.00	0.00	0.00	218	0.00	0.00	0.00	218	218
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	218	0.00	0.00	0.00	218	218
Net Debt	-159	-145	-154	-169	-159	-138	-177	-182	-196	-149	-152
Capital Expenditures (CapEx)	2.54	2.68	2.39	2.69	3.14	2.93	3.49	3.47	2.38	0.00	4.73
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1.46	-2.59	-4.52	-16	1.46	-11	-17	-25	-12	-18	-31
Debt-free Net Working Capital (DFNWC)	161	142	149	153	161	345	160	157	184	349	340
Net Working Capital (NWC)	161	142	149	153	161	345	160	157	184	349	340
Net Nonoperating Expense (NNE)	-0.11	1.00	-2.00	-3.59	-1.03	-1.55	-2.65	-3.47	-2.65	-1.43	-0.87
Net Nonoperating Obligations (NNO)	-159	-145	-154	-169	-159	-138	-177	-182	-196	-149	-152
Total Depreciation and Amortization (D&A)	1.84	2.11	2.20	2.54	2.50	2.69	2.82	2.74	3.05	0.00	3.80
Debt-free, Cash-free Net Working Capital to Revenue	0.52%	-0.94%	-1.66%	-6.08%	0.58%	-4.18%	0.00%	0.00%	-4.53%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	57.34%	51.55%	54.68%	59.21%	63.87%	132.60%	0.00%	0.00%	70.20%	0.00%	0.00%
Net Working Capital to Revenue	57.34%	51.55%	54.68%	59.21%	63.87%	132.60%	0.00%	0.00%	70.20%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.24	$0.05	$0.16	$0.09	$0.24	$0.13	$0.13	$0.17	$0.25	$0.15	$0.17
Adjusted Weighted Average Basic Shares Outstanding	75.53M	74.00M	74.02M	74.53M	74.21M	73.56M	74.37M	73.82M	74.09M	72.01M	71.89M
Adjusted Diluted Earnings per Share	$0.23	$0.05	$0.15	$0.09	$0.24	$0.13	$0.13	$0.17	$0.24	$0.14	$0.17
Adjusted Weighted Average Diluted Shares Outstanding	77.75M	75.54M	75.43M	75.81M	75.55M	75.05M	75.50M	74.78M	75.30M	73.12M	73.05M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	148.99M	73.97M	74.11M	74.14M	0.00	72.08M	73.87M	73.80M	73.97M	72.15M	71.73M
Normalized Net Operating Profit after Tax (NOPAT)	11	4.96	9.63	1.55	17	7.99	6.83	9.17	16	9.11	11
Normalized NOPAT Margin	14.67%	8.60%	14.63%	2.68%	23.99%	12.09%	11.36%	13.75%	21.10%	13.13%	15.16%
Pre Tax Income Margin	21.09%	8.53%	22.50%	8.59%	27.12%	15.84%	18.28%	21.57%	28.98%	17.19%	18.74%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	33.94%	37.06%	37.48%	44.36%	44.58%	39.08%	0.00%	0.00%	35.49%	0.00%	0.00%
Augmented Payout Ratio	202.91%	151.48%	154.98%	65.99%	84.54%	177.39%	0.00%	0.00%	95.49%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

A10 Networks (ATEN) has shown a pattern of positive cash generation and solid liquidity over the last four years, with meaningful gross margin and selectively growing revenue. While earnings and financing activity reflect ongoing capital returns and debt considerations, the company maintains a strong operating cash flow base and a sizable liquidity cushion that supports its ongoing operations and investment activity.

Operating cash flow remained positive in 2025, with net cash from continuing operating activities around $22.8 million in Q3 2025 and about $22.7 million in Q4 2025.
Liquidity is robust, with cash and short-term investments totaling about $370.9 million in Q3 2025 (Cash $86.6M + Short-Term Investments $284.3M) and total current assets of $468.7 million against current liabilities of $128.7 million, indicating a strong liquidity cushion.
Gross margins remained solid in recent quarters, with Q3 2025 gross profit of approximately $59.85 million on revenue of $74.68 million (roughly an 80% margin).
Revenue trends show strength into 2025, with Q3 2025 operating revenue of about $74.68 million, reflecting a sustained top-line level compared with earlier periods.
Net income from continuing operations stayed positive in 2025, including about $12.19 million in Q3 2025 and $9.87 million in Q4 2025, signaling ongoing earnings power despite quarterly fluctuations.
Balance sheet leverage is moderate, with total liabilities around $413.9 million and total equity around $206.2 million in Q3 2025, yielding a debt-to-equity ratio near 2.0x.
Treasury stock is sizable, reducing total equity by roughly $243 million in Q3 2025, which can affect book value and per-share metrics.
Investing cash flows show sizable outflows, including large purchases of investments (e.g., around $210.8 million in Q3 2025), contributing to negative net cash from investing in some periods.
Net income declined in 2025 versus 2024; for example, Q4 2025 net income was about $9.87 million compared with Q4 2024's roughly $18.30 million, indicating earnings pressure this year.
Financing cash outflows persisted, with quarterly net cash from financing activities meaningfully negative (e.g., roughly $15.34 million in Q3 2025 and about $9.54 million in Q4 2025), reflecting ongoing capital returns and debt servicing considerations.

Notes: Figures are taken from ATEN quarterly reports spanning 2022–2025. Cash flow, balance sheet, and income statement data include continuing operations and reflect fluctuations common to a mid-cap tech hardware/software solutions provider. Retail investors should consider how leverage, treasury stock activity, and investing outflows could influence future cash generation and equity metrics.

05/05/26 11:49 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About A10 Networks' Financials

When does A10 Networks' financial year end?

According to the most recent income statement we have on file, A10 Networks' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has A10 Networks' net income changed over the last 10 years?

A10 Networks' net income appears to be on an upward trend, with a most recent value of $42.14 million in 2025, falling from -$41.90 million in 2015. The previous period was $50.14 million in 2024. Check out A10 Networks' forecast to explore projected trends and price targets.

What is A10 Networks' operating income?

A10 Networks' total operating income in 2025 was $47.14 million, based on the following breakdown:

Total Gross Profit: $230.52 million
Total Operating Expenses: $183.37 million

How has A10 Networks' revenue changed over the last 10 years?

Over the last 10 years, A10 Networks' total revenue changed from $196.29 million in 2015 to $290.56 million in 2025, a change of 48.0%.

How much debt does A10 Networks have?

A10 Networks' total liabilities were at $418.27 million at the end of 2025, a 108.1% increase from 2024, and a 274.5% increase since 2015.

How much cash does A10 Networks have?

In the past 10 years, A10 Networks' cash and equivalents has ranged from $0.00 in 2019 to $98.12 million in 2015, and is currently $71.14 million as of their latest financial filing in 2025.

How has A10 Networks' book value per share changed over the last 10 years?

Over the last 10 years, A10 Networks' book value per share changed from 1.23 in 2015 to 2.95 in 2025, a change of 138.8%.

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Financial statements for NYSE:ATEN last updated on 2/26/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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A10 Networks (ATEN) Financials

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A10 Networks (ATEN) Financials

Annual Income Statements for A10 Networks

Quarterly Income Statements for A10 Networks

Annual Cash Flow Statements for A10 Networks

Quarterly Cash Flow Statements for A10 Networks

Annual Balance Sheets for A10 Networks

Quarterly Balance Sheets for A10 Networks

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Quarterly Metrics And Ratios for A10 Networks

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Key Financial Trends

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