Extreme Networks (EXTR)
Market Price (5/4/2026): $22.32 | Market Cap: $3.0 BilSector: Information Technology | Industry: Communications Equipment
Extreme Networks (EXTR)
Market Price (5/4/2026): $22.32Market Cap: $3.0 BilSector: Information TechnologyIndustry: Communications Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Cybersecurity, and Cloud Computing. Themes include Network Equipment, Show more. | Trading close to highsDist 52W High is -2.5% Weak multi-year price returns3Y Excs Rtn is -42% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 68x, P/EPrice/Earnings or Price/(Net Income) is 182x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.8% Key risksEXTR key risks include [1] intense competition from dominant market players, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Cybersecurity, and Cloud Computing. Themes include Network Equipment, Show more. |
| Trading close to highsDist 52W High is -2.5% |
| Weak multi-year price returns3Y Excs Rtn is -42% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 68x, P/EPrice/Earnings or Price/(Net Income) is 182x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.8% |
| Key risksEXTR key risks include [1] intense competition from dominant market players, Show more. |
Qualitative Assessment
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1. Exceptional Financial Performance and Upbeat Guidance.
Extreme Networks delivered strong results for both its second and third fiscal quarters of 2026. For Q2 2026, reported on January 28, 2026, the company surpassed analysts' EPS estimates by 36.84%, reporting $0.26 per share, and achieved revenue of $318 million, representing 14% year-over-year growth. This momentum continued into Q3 2026, reported on April 29, 2026, where non-GAAP diluted EPS of $0.26 exceeded estimates by 8.33%, and revenue of $316.9 million beat expectations by 1.66%, marking the fifth consecutive quarter of double-digit revenue growth. Following these results, Extreme Networks raised its full fiscal year 2026 revenue guidance to a range of $1.275 billion to $1.280 billion, suggesting 12% year-over-year growth at the midpoint, and also increased its non-GAAP EPS guidance to $1.02 to $1.04. The stock surged 28.15% on April 29, 2026, following the positive Q3 report.
2. Accelerated Growth in AI-powered Cloud Networking and SaaS Annual Recurring Revenue (ARR).
The company demonstrated significant success in its strategic focus on AI-powered cloud networking solutions, particularly with its Platform ONE offering. SaaS Annual Recurring Revenue (ARR) saw substantial growth, increasing by 25% year-over-year to $227 million in Q2 2026, and further accelerating to 29% year-over-year, reaching $236.4 million in Q3 2026. The strong adoption of these cloud-based solutions has been a key factor in driving market share gains, with Platform ONE noted for its ability to reduce network costs by 32% for enterprises.
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Stock Movement Drivers
Fundamental Drivers
The 52.9% change in EXTR stock from 1/31/2026 to 5/3/2026 was primarily driven by a 73.4% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.58 | 22.29 | 52.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,220 | 1,252 | 2.7% |
| Net Income Margin (%) | 0.7% | 1.3% | 73.4% |
| P/E Multiple | 213.6 | 182.1 | -14.7% |
| Shares Outstanding (Mil) | 134 | 133 | 0.7% |
| Cumulative Contribution | 52.9% |
Market Drivers
1/31/2026 to 5/3/2026| Return | Correlation | |
|---|---|---|
| EXTR | 52.9% | |
| Market (SPY) | 3.6% | 42.4% |
| Sector (XLK) | 12.6% | 26.7% |
Fundamental Drivers
The 17.2% change in EXTR stock from 10/31/2025 to 5/3/2026 was primarily driven by a 77.5% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.02 | 22.29 | 17.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,181 | 1,252 | 6.0% |
| Net Income Margin (%) | 0.7% | 1.3% | 77.5% |
| P/E Multiple | 292.5 | 182.1 | -37.7% |
| Shares Outstanding (Mil) | 133 | 133 | 0.0% |
| Cumulative Contribution | 17.2% |
Market Drivers
10/31/2025 to 5/3/2026| Return | Correlation | |
|---|---|---|
| EXTR | 17.2% | |
| Market (SPY) | 5.5% | 44.1% |
| Sector (XLK) | 8.0% | 32.7% |
Fundamental Drivers
The 69.4% change in EXTR stock from 4/30/2025 to 5/3/2026 was primarily driven by a 38.0% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.16 | 22.29 | 69.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,016 | 1,252 | 23.2% |
| P/S Multiple | 1.7 | 2.4 | 38.0% |
| Shares Outstanding (Mil) | 132 | 133 | -0.4% |
| Cumulative Contribution | 69.4% |
Market Drivers
4/30/2025 to 5/3/2026| Return | Correlation | |
|---|---|---|
| EXTR | 69.4% | |
| Market (SPY) | 30.4% | 46.7% |
| Sector (XLK) | 55.1% | 38.4% |
Fundamental Drivers
The 25.4% change in EXTR stock from 4/30/2023 to 5/3/2026 was primarily driven by a 361.5% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.78 | 22.29 | 25.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,227 | 1,252 | 2.1% |
| Net Income Margin (%) | 4.7% | 1.3% | -72.5% |
| P/E Multiple | 39.4 | 182.1 | 361.5% |
| Shares Outstanding (Mil) | 129 | 133 | -3.1% |
| Cumulative Contribution | 25.4% |
Market Drivers
4/30/2023 to 5/3/2026| Return | Correlation | |
|---|---|---|
| EXTR | 25.4% | |
| Market (SPY) | 78.7% | 49.1% |
| Sector (XLK) | 119.1% | 43.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EXTR Return | 128% | 17% | -4% | -5% | -1% | 33% | 221% |
| Peers Return | 76% | -18% | 49% | 45% | 11% | 15% | 295% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 92% |
Monthly Win Rates [3] | |||||||
| EXTR Win Rate | 50% | 50% | 58% | 42% | 25% | 50% | |
| Peers Win Rate | 73% | 42% | 62% | 63% | 63% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| EXTR Max Drawdown | 0% | -45% | -14% | -40% | -35% | -17% | |
| Peers Max Drawdown | -6% | -31% | -6% | -8% | -26% | -12% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CSCO, ANET, HPE, FTNT, PANW.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/1/2026 (YTD)
How Low Can It Go
| Event | EXTR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.6% | -18.8% |
| % Gain to Breakeven | 48.4% | 23.1% |
| Time to Breakeven | 37 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.6% | -6.7% |
| % Gain to Breakeven | 19.9% | 7.1% |
| Time to Breakeven | 31 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -45.5% | -24.5% |
| % Gain to Breakeven | 83.5% | 32.4% |
| Time to Breakeven | 131 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -70.8% | -33.7% |
| % Gain to Breakeven | 242.0% | 50.9% |
| Time to Breakeven | 272 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -13.3% | -19.2% |
| % Gain to Breakeven | 15.4% | 23.7% |
| Time to Breakeven | 21 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -10.8% | -3.7% |
| % Gain to Breakeven | 12.1% | 3.9% |
| Time to Breakeven | 14 days | 6 days |
In The Past
Extreme Networks's stock fell -32.6% during the 2025 US Tariff Shock. Such a loss loss requires a 48.4% gain to breakeven.
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| Event | EXTR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.6% | -18.8% |
| % Gain to Breakeven | 48.4% | 23.1% |
| Time to Breakeven | 37 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -45.5% | -24.5% |
| % Gain to Breakeven | 83.5% | 32.4% |
| Time to Breakeven | 131 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -70.8% | -33.7% |
| % Gain to Breakeven | 242.0% | 50.9% |
| Time to Breakeven | 272 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.1% | -12.2% |
| % Gain to Breakeven | 26.8% | 13.9% |
| Time to Breakeven | 21 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -60.0% | -6.8% |
| % Gain to Breakeven | 150.2% | 7.3% |
| Time to Breakeven | 531 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -30.5% | -17.9% |
| % Gain to Breakeven | 43.9% | 21.8% |
| Time to Breakeven | 143 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -27.0% | -15.4% |
| % Gain to Breakeven | 37.0% | 18.2% |
| Time to Breakeven | 237 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -71.4% | -53.4% |
| % Gain to Breakeven | 250.0% | 114.4% |
| Time to Breakeven | 697 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -23.9% | -8.6% |
| % Gain to Breakeven | 31.4% | 9.5% |
| Time to Breakeven | 81 days | 47 days |
In The Past
Extreme Networks's stock fell -32.6% during the 2025 US Tariff Shock. Such a loss loss requires a 48.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Extreme Networks (EXTR)
AI Analysis | Feedback
They are like Cisco Systems for business networks, but with a strong focus on cloud-managed, AI-powered solutions.
AI Analysis | Feedback
- ExtremeCloud IQ: An ML/AI powered cloud solution for wired and wireless network management, offering advanced visibility and control.
- ExtremeCloud IQ – Site Engine: A network management solution providing task automation, access control, granular visibility, and multi-vendor device management.
- ExtremeCloud IQ Essentials: Offers essential wireless security (WIPS), location services, IoT management, and guest management features.
- Wireless Access Point Products: Hardware devices designed to provide wireless network connectivity.
- ExtremeSwitching Portfolio: A range of physical network switches and routers for access, aggregation, core, and data center environments, supporting Ethernet and Power-over-Ethernet.
- Cloud Native Platforms and Applications: Software solutions specifically designed for service providers leveraging cloud-native architectures.
- Customer Support and Services: Provides comprehensive post-sale assistance and technical support for Extreme Networks' products.
AI Analysis | Feedback
Extreme Networks (EXTR) sells its software-driven networking solutions primarily to other companies and organizations, operating on a business-to-business (B2B) model. The company markets and sells its products through distributors, resellers, and its field sales organizations to a broad range of organizations within several key vertical markets. While specific customer company names are not disclosed in the provided background information, Extreme Networks targets and serves the following major categories of customers:
- Healthcare organizations
- Educational institutions
- Government entities
- Manufacturing companies
- Retail businesses
- Hospitality groups
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Ed Meyercord, President and CEO
Ed Meyercord was appointed President and CEO of Extreme Networks in April 2015. He initially joined Extreme Networks' Board of Directors as an independent director in October 2009 and served as Chairman from March 2011 through August 2015. Prior to his operating role at Extreme, Meyercord co-founded Critical Alert Systems, LLC, a software-driven, healthcare information technology company, in July 2010, where he served as CEO and Director. He also held CEO, President, and Director positions at Talk America, Inc., a publicly traded provider of phone and internet services, and Cavalier Telephone & TV, a privately held voice, video, and data services company. Earlier in his career, he worked as a Vice President in the investment banking division of Salomon Brothers (now Citigroup).
Kevin Rhodes, Executive Vice President and Chief Financial Officer
Kevin Rhodes, CPA, joined Extreme Networks as Executive Vice President and Chief Financial Officer in May 2023. Before his tenure at Extreme, Rhodes was the EVP and CFO at Duck Creek Technologies, a global vertical SaaS provider, where he played a significant role in leading the company to a successful acquisition by Vista Equity Partners for $2.6 billion. His experience also includes CFO roles at Finvi, Markforged, and Brightcove.
Nabil Bukhari, President of AI Platforms and EVP, Chief Technology Officer
Nabil Bukhari leads the development and strategy for AI Platforms and serves as Extreme Networks' Chief Technology Officer. He is responsible for leading the company's efforts in AI-first networking and the Extreme Platform ONE™. His professional background includes leadership roles at notable technology companies such as Cisco and Dell. He holds an Engineering degree and an Executive MBA.
Norman J. Rice, III, Chief Commercial Officer
Norman J. Rice, III, serves as the Chief Commercial Officer, overseeing the company's sales, services, and supply chain organizations with a focus on driving revenue growth. He holds a master's degree in management and an MS in Engineering from Dartmouth College, as well as a BS from the University of Michigan.
Katy Motiey, Executive Vice President and Chief Legal, Administrative & Sustainability Officer
Katy Motiey is the Executive Vice President and Chief Legal, Administrative & Sustainability Officer at Extreme Networks. In this role, she oversees legal and governance matters for the company. She has over 22 years of global legal and employment experience.
AI Analysis | Feedback
Here are the key risks to Extreme Networks (EXTR):
1. Intense Competition and Market Consolidation
Extreme Networks operates in a fiercely competitive enterprise networking sector, contending with established and larger firms such as Cisco Systems, Broadcom, Hewlett Packard Enterprise (HPE), and Juniper Networks. This intense competition can lead to pricing pressure, erosion of market share, and a continuous demand for innovation. The ongoing merger of HPE and Juniper Networks is also reshaping the competitive landscape, posing both challenges and opportunities for Extreme Networks. The company acknowledges lacking the brand recognition and marketing budget of these larger competitors.
2. Rapid Technological Change and Product Development Delays
The networking industry is characterized by rapid technological advancements, requiring continuous innovation to maintain a competitive edge. Extreme Networks must constantly develop and introduce new technologies, such as their AI-driven Platform ONE, to meet evolving customer needs and stay relevant. Delays in the development or introduction of these new products could negatively affect customer response, impacting Extreme Networks' market position and mission.
3. Challenges in Transitioning to a SaaS/Subscription Model and Revenue Volatility
Extreme Networks is actively pursuing a cloud-first, subscription-driven business model, focusing on offerings like ExtremeCloud IQ and Platform ONE. While there has been strong growth in SaaS annual recurring revenue (ARR), the company faces risks such as ARR growth dropping below target rates or hardware revenue outpacing subscription revenue. Additionally, there have been periods of sharp revenue decline, and the company's outlook has sometimes called for slower revenue growth, which can spook investors.
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Extreme Networks (symbol: EXTR) operates within several addressable markets for its diverse range of networking products and services.
The company itself estimates that its total addressable market (TAM) for networking solutions, encompassing cloud networking, wireless local area networks (WLAN), campus local area networks (LAN), Ethernet switching, data center networking, Software-Defined Wide Area Network (SD-WAN) solutions, and elements of Secure Access Service Edge (SASE), exceeded $42 billion in calendar year 2024, globally.
Beyond this overarching estimate, specific product and service categories contribute to this market as follows:
- Enterprise Networking Market: The global enterprise networking market was estimated at USD 215.45 billion in 2024 and is projected to reach USD 298.30 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.4% from 2025 to 2030. Another estimate indicates the global market size was USD 207.69 billion in 2024 and is projected to reach USD 385.45 billion by 2035, with a CAGR of 5.78% from 2025 to 2035.
- Ethernet Switching: The global Ethernet switch market size was valued at USD 43.84 billion in 2025 and is projected to reach USD 76.4 billion by 2034, exhibiting a CAGR of 6.48% during the forecast period.
- Wireless Local Area Networks (WLAN): The global enterprise WLAN market was valued at USD 16.04 billion in 2024 and is projected to reach USD 44.88 billion by 2034, exhibiting a CAGR of 16.2% during the forecast period. The broader global WLAN market size was estimated at USD 31.52 billion in 2024 and is projected to reach USD 59.59 billion by 2035, growing at a CAGR of 5.96% from 2025 to 2035.
- Data Center Networking: The global data center networking market is projected to grow from USD 55.64 billion in 2025 to USD 139.08 billion by 2031, at a CAGR of 16.5% during the forecast period.
- Cloud-Managed Networking Software: The global cloud managed network market size was approximately USD 27.43 billion in 2023 and is predicted to grow to around USD 97.14 billion by 2033, with a CAGR of 13.48% between 2023 and 2033.
- Multi-Cloud Networking: The multi-cloud networking market size was USD 4.0 billion for 2025, and it is expected to grow by 20.8% from 2026-2032, reaching USD 15.0 billion by 2032, globally.
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Extreme Networks (EXTR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Continued Growth in Subscription Business and Recurring Revenue: Extreme Networks is experiencing a significant shift towards a software-centric business model, with strong momentum in its SaaS Annual Recurring Revenue (ARR) and overall recurring revenue. The company's SaaS ARR grew 25.2% year-over-year to $226.8 million in Q2 fiscal 2026, indicating a move towards more predictable revenue streams. Management has consistently highlighted this as a positive story, with total recurring revenue representing a substantial portion of overall revenue.
- Expansion of AI-Powered Platform ONE and Advanced AI/ML Capabilities: The company's AI-driven platform, Extreme Platform ONE, is a significant driver. Bookings for Platform ONE have exceeded expectations, underscoring customer demand for a solution that simplifies operations, automates complex networking tasks, and delivers enhanced performance through advanced AI. Extreme Networks emphasizes its competitive advantage in AI capabilities, with its AI agents capable of autonomous diagnosis and resolution.
- Market Share Gains and Customer Acquisition: Extreme Networks is actively gaining market share from larger competitors in the enterprise networking space and winning larger projects. This is evidenced by an increase in net new customer additions, particularly in the middle market, and significant customer wins in sectors like state, local, and education (SLED) and healthcare.
- Launch and Adoption of New Products and Solutions: The introduction of new products designed to meet evolving market demands is a key growth driver. This includes new offerings such as Wi-Fi 7 access points, 4000-series universal switches, and Extreme Cloud Universal Zero Trust Network Access (ZTNA) solutions, all leveraging AI/ML-driven cloud management and integrated security.
- Strategic Price Increases: Extreme Networks successfully implemented a 7% price increase with minimal customer resistance, which is contributing to improved gross margins and revenue. These strategic pricing actions are expected to continue benefiting the company's financial performance.
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Share Repurchases
- Extreme Networks authorized a new $200 million share repurchase program over a three-year period, commencing July 1, 2025.
- Approximately $50 million remained from a previous share repurchase authorization approved in May 2022, set to expire on June 30, 2025.
- The company completed a $25 million share buyback, representing 1.13% of its shares. Additionally, $12.0 million in share repurchases, totaling approximately 0.6 million shares, occurred during the quarter ended September 30, 2025.
Share Issuance
- In February 2026, Extreme Networks filed a shelf registration to potentially issue 6,800,000 shares of common stock, valued at up to $95.20 million, in connection with an ESOP-related offering.
- Net payments for tax withholdings related to the issuance of common stock were ($14.5) million for the quarter ended December 31, 2025, and ($8.3) million for the quarter ended December 31, 2024.
Inbound Investments
- Institutional investors significantly increased their holdings in Extreme Networks; for example, Arrowstreet Capital Limited Partnership boosted its position by 3,302.5% during the second quarter, acquiring 2,460,851 shares valued at $44.17 million.
- Alyeska Investment Group L.P. increased its holdings by 301.9% during the fourth quarter, reaching 2,971,718 shares valued at $49.48 million.
- Jain Global LLC purchased a new position in the fourth quarter valued at approximately $17.36 million, and Cubist Systematic Strategies LLC acquired a new position in the second quarter valued at $11.27 million.
Capital Expenditures
- Capital expenditures for property, equipment, and capitalized software development costs amounted to $7.1 million for the quarter ended December 31, 2025, and $5.4 million for the quarter ended December 31, 2024.
- For the quarter ended September 30, 2025, capital expenditures for property, equipment, and capitalized software development costs were $6.9 million, consistent with $6.9 million for the same quarter in the prior year.
- The primary focus of capital expenditures is on investments in property, equipment, and capitalized software development costs.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Extreme Networks Earnings Notes | 12/23/2025 | |
| How Low Can Extreme Networks Stock Really Go? | 10/17/2025 | |
| How Does Extreme Networks Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Extreme Networks (EXTR) Debt Comparison | 08/08/2025 | |
| Extreme Networks (EXTR) Operating Income Comparison | 08/08/2025 | |
| Extreme Networks (EXTR) EBITDA Comparison | 08/08/2025 | |
| Extreme Networks (EXTR) Net Income Comparison | 08/08/2025 | |
| Extreme Networks (EXTR) Operating Cash Flow Comparison | 08/08/2025 | |
| Extreme Networks (EXTR) Tax Expense Comparison | 08/08/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to EXTR.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | PLTR | Palantir Technologies | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 04102026 | ADSK | Autodesk | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 8.5% | 8.5% | 0.0% |
| 04102026 | BSY | Bentley Systems | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.2% | 4.2% | 0.0% |
| 04102026 | ENPH | Enphase Energy | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.7% | 5.7% | 0.0% |
| 04102026 | BL | BlackLine | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 3.2% | 3.2% | -3.0% |
| 02292024 | EXTR | Extreme Networks | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 24.9% | 22.2% | -16.3% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 89.07 |
| Mkt Cap | 95.8 |
| Rev LTM | 9,450 |
| Op Inc LTM | 1,901 |
| FCF LTM | 2,896 |
| FCF 3Y Avg | 2,642 |
| CFO LTM | 4,173 |
| CFO 3Y Avg | 3,376 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.7% |
| Rev Chg 3Y Avg | 11.3% |
| Rev Chg Q | 14.8% |
| QoQ Delta Rev Chg LTM | 3.6% |
| Op Inc Chg LTM | 24.4% |
| Op Inc Chg 3Y Avg | 33.0% |
| Op Mgn LTM | 18.8% |
| Op Mgn 3Y Avg | 17.7% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 30.3% |
| CFO/Rev 3Y Avg | 30.9% |
| FCF/Rev LTM | 26.7% |
| FCF/Rev 3Y Avg | 27.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 95.8 |
| P/S | 7.8 |
| P/Op Inc | 43.5 |
| P/EBIT | 42.1 |
| P/E | 48.2 |
| P/CFO | 26.0 |
| Total Yield | 1.6% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.3% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 16.2% |
| 3M Rtn | 19.9% |
| 6M Rtn | 13.4% |
| 12M Rtn | 58.9% |
| 3Y Rtn | 110.3% |
| 1M Excs Rtn | 8.5% |
| 3M Excs Rtn | 15.7% |
| 6M Excs Rtn | 8.0% |
| 12M Excs Rtn | 36.2% |
| 3Y Excs Rtn | 27.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Development, marketing, and sale of network infrastructure equipment and related software | 1,117 | ||||
| Product | 932 | 762 | 699 | 654 | |
| Subscription and support | 380 | 351 | 310 | 294 | |
| Total | 1,117 | 1,312 | 1,112 | 1,009 | 948 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Development, marketing, and sale of network infrastructure equipment and related software | -86 | ||||
| Total | -86 |
Price Behavior
| Market Price | $22.29 | |
| Market Cap ($ Bil) | 3.0 | |
| First Trading Date | 04/09/1999 | |
| Distance from 52W High | -2.5% | |
| 50 Days | 200 Days | |
| DMA Price | $15.98 | $17.76 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 39.5% | 25.5% |
| 3M | 1YR | |
| Volatility | 66.1% | 48.4% |
| Downside Capture | -0.21 | 0.50 |
| Upside Capture | 148.20 | 122.58 |
| Correlation (SPY) | 21.6% | 37.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.35 | 0.84 | 0.96 | 1.07 | 1.45 | 1.39 |
| Up Beta | 0.25 | 0.18 | 0.29 | 0.73 | 1.73 | 1.25 |
| Down Beta | -3.39 | 1.20 | 1.03 | 1.56 | 1.61 | 1.74 |
| Up Capture | 129% | 177% | 157% | 94% | 139% | 154% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 15 | 26 | 38 | 67 | 136 | 390 |
| Down Capture | 144% | 60% | 98% | 112% | 122% | 108% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 7 | 15 | 24 | 55 | 111 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXTR | |
|---|---|---|---|---|
| EXTR | 69.4% | 48.5% | 1.24 | - |
| Sector ETF (XLK) | 55.3% | 20.5% | 2.04 | 38.4% |
| Equity (SPY) | 30.6% | 12.5% | 1.88 | 46.8% |
| Gold (GLD) | 39.5% | 27.2% | 1.20 | -4.2% |
| Commodities (DBC) | 51.5% | 17.9% | 2.20 | -11.3% |
| Real Estate (VNQ) | 13.1% | 13.5% | 0.67 | 16.6% |
| Bitcoin (BTCUSD) | -17.1% | 42.2% | -0.33 | 23.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXTR | |
|---|---|---|---|---|
| EXTR | 17.3% | 48.0% | 0.50 | - |
| Sector ETF (XLK) | 18.6% | 24.8% | 0.67 | 48.8% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 52.8% |
| Gold (GLD) | 20.5% | 17.9% | 0.94 | 1.0% |
| Commodities (DBC) | 14.3% | 19.1% | 0.61 | 11.2% |
| Real Estate (VNQ) | 3.5% | 18.8% | 0.09 | 36.1% |
| Bitcoin (BTCUSD) | 7.7% | 56.2% | 0.35 | 20.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EXTR | |
|---|---|---|---|---|
| EXTR | 21.4% | 54.1% | 0.58 | - |
| Sector ETF (XLK) | 23.6% | 24.4% | 0.88 | 48.1% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 51.7% |
| Gold (GLD) | 13.6% | 15.9% | 0.71 | 0.6% |
| Commodities (DBC) | 9.7% | 17.7% | 0.46 | 17.6% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 38.2% |
| Bitcoin (BTCUSD) | 67.7% | 66.9% | 1.07 | 17.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 28.2% | ||
| 1/28/2026 | 2.2% | 1.3% | -4.4% |
| 10/29/2025 | -15.3% | -16.3% | -17.8% |
| 8/6/2025 | 14.0% | 17.7% | 27.1% |
| 4/30/2025 | -1.2% | 6.5% | 19.6% |
| 1/29/2025 | -3.0% | -5.4% | -5.1% |
| 10/30/2024 | 12.0% | 7.6% | 15.5% |
| 8/7/2024 | -2.3% | 7.4% | 9.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 12 |
| # Negative | 10 | 8 | 11 |
| Median Positive | 6.1% | 7.6% | 20.7% |
| Median Negative | -8.2% | -10.1% | -5.1% |
| Max Positive | 28.2% | 18.3% | 29.4% |
| Max Negative | -18.8% | -26.5% | -24.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 01/29/2026 | 10-Q |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/18/2025 | 10-K |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 01/30/2025 | 10-Q |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/16/2024 | 10-K |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/01/2024 | 10-Q |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/24/2023 | 10-K |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 01/27/2023 | 10-Q |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 08/29/2022 | 10-K |
Recent Forward Guidance [BETA]
Latest: Q3 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | 330.00 Mil | 332.50 Mil | 335.00 Mil | 6.7% | Raised | Guidance: 311.60 Mil for Q3 2026 | |
| Q4 2026 Operating Margin | 6.1% | 6.6% | 7.1% | ||||
| Q4 2026 EPS | 0.12 | 0.14 | 0.15 | 200.0% | Raised | Guidance: 0.04 for Q3 2026 | |
| 2026 Revenue | 1.27 Bil | 1.28 Bil | 1.28 Bil | 0.9% | Raised | Guidance: 1.27 Bil for 2026 | |
| 2026 EPS | 0.3 | 0.32 | 0.33 | 18.9% | Raised | Guidance: 0.27 for 2026 | |
Prior: Q2 2026 Earnings Reported 1/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 309.10 Mil | 311.60 Mil | 314.10 Mil | -0.1% | Lower New | Actual: 312.00 Mil for Q2 2026 | |
| Q3 2026 EPS | 0.03 | 0.04 | 0.06 | 0 | Same New | Actual: 0.04 for Q2 2026 | |
| 2026 Revenue | 1.26 Bil | 1.27 Bil | 1.27 Bil | 0.8% | Raised | Guidance: 1.26 Bil for 2026 | |
| 2026 EPS | 0.24 | 0.27 | 0.29 | ||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Meyercord, Edward | PRESIDENT AND CEO | Direct | Sell | 4022026 | 15.30 | 50,000 | 765,185 | 29,035,251 | Form |
| 2 | Meyercord, Edward | PRESIDENT AND CEO | Direct | Sell | 3032026 | 13.94 | 50,000 | 697,205 | 26,455,723 | Form |
| 3 | Meyercord, Edward | PRESIDENT AND CEO | Direct | Sell | 2032026 | 14.91 | 50,000 | 745,340 | 27,896,854 | Form |
| 4 | Meyercord, Edward | PRESIDENT AND CEO | Direct | Sell | 1052026 | 16.54 | 50,000 | 827,000 | 30,953,254 | Form |
| 5 | Meyercord, Edward | PRESIDENT AND CEO | Direct | Sell | 12012025 | 17.46 | 50,000 | 872,930 | 32,672,338 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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