Latest Ratios: P/E Ratio 64.1x · EV/EBITDA 44.7x · ROE 19.0%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.6B | $1.3B | $1.4B | $995M | $1.3B | $1.3B | $789M | $523M | $455M | $541M | $546M |
| Enterprise Value | $2.8B | $1.5B | $1.3B | $915M | $1.2B | $1.3B | $734M | $510M | $414M | $494M | $517M |
| P/E Ratio → | 64.07 | 31.04 | 27.46 | 24.85 | 27.72 | 13.93 | 44.82 | — | — | — | — |
| P/S Ratio | 9.02 | 4.48 | 5.29 | 3.95 | 4.61 | 5.31 | 3.50 | 2.46 | 1.96 | 2.30 | 2.37 |
| P/B Ratio | 12.70 | 6.15 | 5.98 | 4.79 | 7.14 | 6.35 | 6.80 | 4.80 | 4.38 | 5.50 | 6.60 |
| P/FCF | 40.44 | 20.10 | 17.71 | 29.60 | 23.38 | 29.54 | 15.25 | — | — | 63.03 | 44.01 |
| P/OCF | 30.85 | 15.33 | 15.31 | 22.35 | 19.56 | 26.49 | 14.27 | — | — | 37.78 | 29.08 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.00 | 4.98 | 3.63 | 4.45 | 5.08 | 3.26 | 2.40 | 1.78 | 2.10 | 2.25 |
| EV / EBITDA | 44.69 | 23.44 | 23.57 | 19.06 | 20.62 | 30.06 | 31.48 | — | — | — | — |
| EV / EBIT | 58.78 | 27.72 | 29.62 | 23.66 | 22.92 | 37.62 | 38.37 | — | — | — | — |
| EV / FCF | — | 22.44 | 16.65 | 27.20 | 22.54 | 28.30 | 14.20 | — | — | 57.60 | 41.67 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.3% | 79.3% | 80.4% | 80.9% | 79.7% | 78.6% | 77.8% | 77.0% | 77.7% | 77.4% | 76.1% |
| Operating Margin | 16.2% | 16.2% | 16.8% | 15.4% | 18.9% | 13.4% | 7.9% | -8.0% | -11.9% | -4.4% | -8.3% |
| Net Profit Margin | 14.5% | 14.5% | 19.2% | 15.9% | 16.7% | 37.9% | 7.9% | -8.4% | -11.9% | -4.6% | -9.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.0% | 19.0% | 22.8% | 20.6% | 24.1% | 58.4% | 15.9% | -16.8% | -27.3% | -11.9% | -26.0% |
| ROA | 7.9% | 7.9% | 12.2% | 10.5% | 12.3% | 27.7% | 6.3% | -7.0% | -12.0% | -4.9% | -10.3% |
| ROIC | 13.8% | 13.8% | 23.9% | 22.1% | 27.7% | 23.3% | 16.9% | -16.1% | -36.1% | -14.7% | -84.7% |
| ROCE | 11.7% | 11.7% | 15.0% | 14.6% | 20.1% | 14.5% | 9.9% | -10.9% | -20.5% | -8.4% | -17.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.05 | 1.05 | 0.05 | 0.08 | 0.12 | 0.11 | 0.25 | 0.30 | — | — | — |
| Debt / EBITDA | 3.59 | 3.59 | 0.22 | 0.35 | 0.36 | 0.55 | 1.23 | — | — | — | — |
| Net Debt / Equity | — | 0.72 | -0.36 | -0.39 | -0.26 | -0.27 | -0.47 | -0.12 | -0.39 | -0.47 | -0.35 |
| Net Debt / EBITDA | 2.44 | 2.44 | -1.51 | -1.68 | -0.77 | -1.32 | -2.34 | — | — | — | — |
| Debt / FCF | — | 2.34 | -1.06 | -2.39 | -0.84 | -1.24 | -1.05 | — | — | -5.43 | -2.34 |
| Interest Coverage | — | — | 5.95 | — | 32.62 | 15.68 | — | -68.25 | -204.70 | -57.92 | -50.02 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.56 | 3.56 | 2.49 | 2.45 | 2.17 | 2.45 | 2.25 | 2.26 | 2.21 | 2.20 | 1.94 |
| Quick Ratio | 3.43 | 3.43 | 2.31 | 2.24 | 2.01 | 2.25 | 2.06 | 2.03 | 2.02 | 2.01 | 1.78 |
| Cash Ratio | 2.83 | 2.83 | 1.58 | 1.43 | 1.28 | 1.59 | 1.47 | 1.33 | 1.32 | 1.41 | 1.13 |
| Asset Turnover | — | 0.46 | 0.60 | 0.65 | 0.76 | 0.64 | 0.78 | 0.78 | 0.98 | 1.05 | 1.06 |
| Inventory Turnover | 3.33 | 3.33 | 2.34 | 2.04 | 2.89 | 2.38 | 2.42 | 2.18 | 2.89 | 3.03 | 3.46 |
| Days Sales Outstanding | — | 77.97 | 106.96 | 107.76 | 94.95 | 90.21 | 82.62 | 91.95 | 84.83 | 74.83 | 97.26 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 1.3% | 1.3% | 1.8% | 1.2% | 0.3% | — | — | — | — | — |
| Payout Ratio | 41.2% | 41.2% | 35.5% | 44.6% | 33.9% | 4.1% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.6% | 3.2% | 3.6% | 4.0% | 3.6% | 7.2% | 2.2% | — | — | — | — |
| FCF Yield | 2.5% | 5.0% | 5.6% | 3.4% | 4.3% | 3.4% | 6.6% | — | — | 1.6% | 2.3% |
| Buyback Yield | 2.6% | 5.3% | 2.2% | 1.6% | 6.1% | 1.4% | 4.1% | 0.0% | 0.0% | 0.6% | 0.3% |
| Total Shareholder Yield | 3.3% | 6.6% | 3.5% | 3.4% | 7.4% | 1.7% | 4.1% | 0.0% | 0.0% | 0.6% | 0.3% |
| Shares Outstanding | — | $74M | $75M | $76M | $78M | $80M | $80M | $76M | $73M | $70M | $66M |
Rising leverage and liquidity
Based on current market data, A10 Networks trades at a forward P/E of 33.63, which appears to price in significant growth expectations that contrast with the company's recent history of lumpy revenue performance and the cyclical nature of its telecommunications-heavy infrastructure business model.
The current valuation multiples, including an EV/EBITDA of 42.91, suggest that the market may be assigning a premium for the company's security-focused pivot. However, given the PEG ratio of 2.93, investors should consider whether this valuation adequately accounts for the potential volatility in earnings as the company transitions toward a more ratable subscription-based revenue model.
As reported in recent financial statements, A10 Networks' ROIC has trended downward from 12.0% in 2023Q4 to 2.6% in 2026Q1, indicating that the company is struggling to maintain its historical ability to compound returns on invested capital amidst a shifting product mix and increased debt usage.
The compression in ROIC suggests that the capital deployed into the business is yielding diminishing returns, likely exacerbated by the recent increase in leverage. This trend warrants further investigation into whether the current capital allocation strategy, including dividends and buybacks, is effectively creating long-term value or merely masking operational inefficiencies.
According to quarterly filings, the company's cash conversion cycle has fluctuated significantly, reaching 115 days in 2026Q1, which reflects persistent challenges in managing inventory and receivables within its hardware-centric infrastructure business compared to more agile software-only peers in the technology sector.
The elevated DIO and DSO figures suggest that A10 Networks faces structural difficulties in optimizing its working capital, likely due to the long sales cycles inherent in selling to large-scale service providers. Investors should monitor whether the shift toward subscription services can successfully compress these cycles and improve overall cash flow velocity.
Based on the provided balance sheet data, the company's debt-to-equity ratio has surged to 0.99 as of 2026Q1, a marked departure from its historical net-cash position that signals a transition toward a more aggressive and potentially riskier capital structure for an infrastructure technology firm.
The rapid accumulation of debt, coupled with a declining interest coverage ratio of 6.02, suggests that the company's ability to service its obligations is becoming less comfortable. This leverage profile may limit management's strategic flexibility, particularly if the company needs to pivot its R&D focus to address competitive threats in the cybersecurity space.
The P/E ratio is frequently misapplied to A10 Networks, as it obscures the significant impact of stock-based compensation and lumpy hardware revenue recognition that often distort the company's true underlying earnings power and cash generation capabilities in any given quarter.
Analysts should instead prioritize free cash flow yield and RPO growth to better understand the company's transition to a subscription-based model. Relying on P/E multiples risks misinterpreting the company's valuation by failing to account for the non-cash expenses and the timing differences inherent in its evolving revenue structure.
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Quick answers to the most common questions about buying ATEN stock.
A10 Networks, Inc.'s current P/E ratio is 64.1x. The historical average is 28.3x. This places it at the 100th percentile of its historical range.
A10 Networks, Inc.'s current EV/EBITDA is 44.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.7x.
A10 Networks, Inc.'s return on equity (ROE) is 19.0%. The historical average is -3.8%.
Based on historical data, A10 Networks, Inc. is trading at a P/E of 64.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
A10 Networks, Inc.'s current dividend yield is 0.65% with a payout ratio of 41.2%.
A10 Networks, Inc. has 79.3% gross margin and 16.2% operating margin. Operating margin between 10-20% is typical for established companies.
A10 Networks, Inc.'s Debt/EBITDA ratio is 3.6x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.