F5 (FFIV)
Market Price (4/8/2026): $316.11 | Market Cap: $18.2 BilSector: Information Technology | Industry: Communications Equipment
F5 (FFIV)
Market Price (4/8/2026): $316.11Market Cap: $18.2 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 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27% Stock buyback supportStock Buyback 3Y Total is 1.6 Bil Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include Cybersecurity, and Cloud Computing. Themes include Cloud Security, Software Security, Show more. | Key risksFFIV key risks include [1] damaged customer confidence following a major security breach that potentially exposed core source code, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27% |
| Stock buyback supportStock Buyback 3Y Total is 1.6 Bil |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include Cybersecurity, and Cloud Computing. Themes include Cloud Security, Software Security, Show more. |
| Key risksFFIV key risks include [1] damaged customer confidence following a major security breach that potentially exposed core source code, Show more. |
Qualitative Assessment
AI Analysis | Feedback
F5 (FFIV) stock has gained about 20% since 12/31/2025 because of the following key factors:
1. F5 reported a significant beat in its fiscal Q1 2026 earnings, surpassing analyst expectations for both revenue and earnings per share. The company announced an EPS of $4.45, exceeding the consensus estimate of $3.63 by 22.6%. Additionally, revenue reached $822.47 million, outperforming analysts' expectations of $755.97 million by 8.8%. This strong performance, which also included a 7.3% year-over-year revenue growth and 11% product revenue growth, with systems revenue up 37%, demonstrated robust operational execution.
2. The company raised its full-year fiscal 2026 financial guidance, signaling increased confidence in future performance. Following the strong Q1 results, F5 updated its fiscal 2026 revenue growth outlook to a range of 5% to 6%, up from the previous range of 0% to 4%. Furthermore, the non-GAAP operating margin guidance was increased to between 34% and 35%, and non-GAAP EPS guidance was raised to a range of $15.65 to $16.05, up from $14.50 to $15.50.
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1. F5 reported a significant beat in its fiscal Q1 2026 earnings, surpassing analyst expectations for both revenue and earnings per share. The company announced an EPS of $4.45, exceeding the consensus estimate of $3.63 by 22.6%. Additionally, revenue reached $822.47 million, outperforming analysts' expectations of $755.97 million by 8.8%. This strong performance, which also included a 7.3% year-over-year revenue growth and 11% product revenue growth, with systems revenue up 37%, demonstrated robust operational execution.
2. The company raised its full-year fiscal 2026 financial guidance, signaling increased confidence in future performance. Following the strong Q1 results, F5 updated its fiscal 2026 revenue growth outlook to a range of 5% to 6%, up from the previous range of 0% to 4%. Furthermore, the non-GAAP operating margin guidance was increased to between 34% and 35%, and non-GAAP EPS guidance was raised to a range of $15.65 to $16.05, up from $14.50 to $15.50.
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Stock Movement Drivers
Fundamental Drivers
The 21.1% change in FFIV stock from 12/31/2025 to 4/7/2026 was primarily driven by a 18.8% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4072026 | Change |
|---|---|---|---|
| Stock Price ($) | 255.26 | 309.10 | 21.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,088 | 3,144 | 1.8% |
| Net Income Margin (%) | 22.4% | 22.5% | 0.2% |
| P/E Multiple | 21.3 | 25.2 | 18.8% |
| Shares Outstanding (Mil) | 58 | 58 | 0.0% |
| Cumulative Contribution | 21.1% |
Market Drivers
12/31/2025 to 4/7/2026| Return | Correlation | |
|---|---|---|
| FFIV | 21.1% | |
| Market (SPY) | -5.4% | 50.5% |
| Sector (XLK) | -4.5% | 56.8% |
Fundamental Drivers
The -4.4% change in FFIV stock from 9/30/2025 to 4/7/2026 was primarily driven by a -9.8% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4072026 | Change |
|---|---|---|---|
| Stock Price ($) | 323.19 | 309.10 | -4.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,025 | 3,144 | 3.9% |
| Net Income Margin (%) | 22.1% | 22.5% | 1.8% |
| P/E Multiple | 28.0 | 25.2 | -9.8% |
| Shares Outstanding (Mil) | 58 | 58 | 0.2% |
| Cumulative Contribution | -4.4% |
Market Drivers
9/30/2025 to 4/7/2026| Return | Correlation | |
|---|---|---|
| FFIV | -4.4% | |
| Market (SPY) | -2.9% | 36.7% |
| Sector (XLK) | -2.3% | 35.4% |
Fundamental Drivers
The 16.1% change in FFIV stock from 3/31/2025 to 4/7/2026 was primarily driven by a 9.1% change in the company's Net Income Margin (%).| (LTM values as of) | 3312025 | 4072026 | Change |
|---|---|---|---|
| Stock Price ($) | 266.27 | 309.10 | 16.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,890 | 3,144 | 8.8% |
| Net Income Margin (%) | 20.6% | 22.5% | 9.1% |
| P/E Multiple | 26.1 | 25.2 | -3.3% |
| Shares Outstanding (Mil) | 58 | 58 | 1.1% |
| Cumulative Contribution | 16.1% |
Market Drivers
3/31/2025 to 4/7/2026| Return | Correlation | |
|---|---|---|
| FFIV | 16.1% | |
| Market (SPY) | 16.3% | 56.5% |
| Sector (XLK) | 33.7% | 55.2% |
Fundamental Drivers
The 112.2% change in FFIV stock from 3/31/2023 to 4/7/2026 was primarily driven by a 102.1% change in the company's Net Income Margin (%).| (LTM values as of) | 3312023 | 4072026 | Change |
|---|---|---|---|
| Stock Price ($) | 145.69 | 309.10 | 112.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,709 | 3,144 | 16.1% |
| Net Income Margin (%) | 11.1% | 22.5% | 102.1% |
| P/E Multiple | 29.1 | 25.2 | -13.2% |
| Shares Outstanding (Mil) | 60 | 58 | 4.2% |
| Cumulative Contribution | 112.2% |
Market Drivers
3/31/2023 to 4/7/2026| Return | Correlation | |
|---|---|---|
| FFIV | 112.2% | |
| Market (SPY) | 63.3% | 54.1% |
| Sector (XLK) | 85.6% | 51.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FFIV Return | 39% | -41% | 25% | 41% | 2% | 21% | 75% |
| Peers Return | 66% | -35% | 53% | 23% | 19% | 7% | 160% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -3% | 76% |
Monthly Win Rates [3] | |||||||
| FFIV Win Rate | 58% | 25% | 58% | 83% | 50% | 75% | |
| Peers Win Rate | 72% | 38% | 62% | 55% | 60% | 65% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FFIV Max Drawdown | -1% | -45% | -9% | -8% | -11% | 0% | |
| Peers Max Drawdown | -10% | -41% | -8% | -14% | -17% | -11% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NET, AKAM, FTNT, PANW, CSCO. See FFIV Returns vs. Peers.
[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 4/7/2026 (YTD)
How Low Can It Go
| Event | FFIV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -47.4% | -25.4% |
| % Gain to Breakeven | 90.2% | 34.1% |
| Time to Breakeven | 580 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -35.7% | -33.9% |
| % Gain to Breakeven | 55.5% | 51.3% |
| Time to Breakeven | 41 days | 148 days |
| 2018 Correction | ||
| % Loss | -38.8% | -19.8% |
| % Gain to Breakeven | 63.4% | 24.7% |
| Time to Breakeven | 513 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -60.4% | -56.8% |
| % Gain to Breakeven | 152.6% | 131.3% |
| Time to Breakeven | 563 days | 1,480 days |
Compare to NET, AKAM, FTNT, PANW, CSCO
In The Past
F5's stock fell -47.4% during the 2022 Inflation Shock from a high on 12/29/2021. A -47.4% loss requires a 90.2% gain to breakeven.
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About F5 (FFIV)
F5, Inc. provides multi-cloud application security and delivery solutions for the security, performance, and availability of network applications, servers, and storage systems. The company's multi-cloud application security and delivery solutions enable its customers to develop, deploy, operate, secure, and govern applications in any architecture, from on-premises to the public cloud. It offers application security and delivery products, including BIG-IP appliances and VIPRION chassis and related software modules and software-only Virtual Editions; Local Traffic Manager and DNS Services; Advanced Firewall Manager and Policy Enforcement Manager that leverage the unique performance characteristics of its hardware and software architecture; Application Security Manager and Access Policy Manager; NGINX Plus and NGINX Controller; Shape Defense and Enterprise Defense; Secure Web Gateway, and Silverline DDoS and Application security offerings; and online fraud and abuse prevention solutions. The company also provides a range of professional services, including consulting, training, installation, maintenance, and other technical support services. F5, Inc. sells its products to large enterprise businesses, public sector institutions, governments, and service providers through distributors, value-added resellers, managed service providers, and systems integrators in the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. It has partnerships with public cloud providers, such as Amazon Web Services, Microsoft Azure, and Google Cloud Platform. The company was formerly known as F5 Networks, Inc. and changed its name to F5, Inc. in November 2021. F5, Inc. was incorporated in 1996 and is headquartered in Seattle, Washington.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe F5 (FFIV):
- F5 is like the Cisco for application security and delivery.
- F5 is a more enterprise-focused Cloudflare for application security and delivery.
AI Analysis | Feedback
- BIG-IP appliances and VIPRION chassis: Hardware platforms for application security and delivery solutions.
- Software Modules (e.g., Local Traffic Manager, DNS Services, Advanced Firewall Manager, Application Security Manager, Access Policy Manager): Software components that run on BIG-IP platforms or as Virtual Editions to manage traffic, secure applications, and enforce policies.
- NGINX Plus: A high-performance web server, reverse proxy, and load balancer for modern applications.
- NGINX Controller: A management plane for deploying, monitoring, and managing NGINX instances across various environments.
- Shape Defense and Enterprise Defense: Solutions dedicated to preventing online fraud and abuse.
- Secure Web Gateway: Protects users from web-based threats and ensures compliance.
- Silverline DDoS: A cloud-based service providing protection against distributed denial-of-service attacks.
- Silverline Application Security: Cloud-based offerings for securing web applications.
- Professional Services: Consulting, training, installation, maintenance, and technical support services to assist customers with their F5 solutions.
AI Analysis | Feedback
F5 (FFIV) sells its products primarily to other companies and organizations. Based on the provided description, F5 has partnerships with the following major public cloud providers, which are key entities in its multi-cloud strategy and leverage its solutions:- Amazon Web Services (part of Amazon.com, Inc., Symbol: AMZN)
- Microsoft Azure (part of Microsoft Corporation, Symbol: MSFT)
- Google Cloud Platform (part of Alphabet Inc., Symbol: GOOGL)
AI Analysis | Feedback
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AI Analysis | Feedback
François Locoh-Donou, Chairperson, President & Chief Executive OfficerFrançois Locoh-Donou joined F5 in April 2017 as President, CEO, and director, and was appointed Chairperson of the Board in March 2026. He has been instrumental in transforming F5 from a networking hardware maker into a software- and SaaS-first leader in multi-cloud application security and delivery. Before joining F5, he served as Chief Operating Officer at Ciena Corporation from 2002 to March 2017, where he also held executive roles in Product, Sales, and Marketing. He also held research and development roles at Photonetics, a French opto-electronics company. Locoh-Donou co-founded and chairs Cajou Espoir, a cashew-processing facility in Togo that employs several hundred, primarily women. He also serves on the Board of Directors of Capital One Financial Corp.
Edward Cooper Werner, Executive Vice President, Principal Accounting Officer and Chief Financial Officer
Edward Cooper Werner was appointed Chief Financial Officer of F5 on October 25, 2024, with his role becoming effective after the filing of F5's FY2024 Form 10-K. He initially joined F5 in 2001 and has held various finance leadership positions, including Senior Vice President, Finance since 2012, and Vice President, Finance starting in 2008. He earned a B.A. in Business Administration with an Accounting Concentration from the Foster School of Business at the University of Washington.
Tom Fountain, Chief Operating Officer
Tom Fountain was appointed Chief Operating Officer of F5 in September 2024, where he is responsible for overseeing Global Services and leading the company's digital transformation to accelerate solution delivery and drive operational efficiency. He joined F5 in 2018 from McAfee, where he held the position of Senior Vice President of Strategy and Corporate Development. Prior to McAfee, Fountain held multiple leadership roles at Juniper Networks, including General Manager of the Content & Media Business Unit and Vice President of Corporate Strategy. Earlier in his career, he was a principal at the venture capital firm Mayfield Fund and co-founded Ingrian Networks, a network security firm that was acquired by SafeNet. He also founded and served as CEO of an outsource software development firm and was a faculty member at Stanford University.
Kunal Anand, Chief Product Officer
Kunal Anand leads F5's product organization, overseeing product vision, strategy, and execution to develop solutions for customer challenges. In his previous role at F5, he served as Chief Technology and AI Officer. Before joining F5, Anand held the dual roles of Chief Technology Officer and Chief Information Security Officer at Imperva. His path to Imperva began in 2018 with the acquisition of Prevoty, an application security startup he co-founded in 2013. His experience also includes leadership roles in security, data, technology, and engineering teams at Gravity, MySpace, and the NASA Jet Propulsion Lab.
Chad Whalen, Chief Revenue Officer
Chad Whalen is F5's Chief Revenue Officer, responsible for the company's global sales go-to-market strategy. He joined F5 in 2017 to lead the Cloud Sales team. With over 20 years of experience, Whalen has led global teams across various regions in network infrastructure, security, and Software as a Service. Prior to F5, his roles included running strategic alliances at Fortinet, leading worldwide sales & services at Jasper, overseeing Americas sales and field operations at Ciena, and managing global sales & marketing at World Wide Packets.
AI Analysis | Feedback
The key risks to F5's business are:1. Cybersecurity Incident and Reputational Damage
F5, a company specializing in application security, recently experienced a significant security breach where sophisticated hackers gained and maintained access to its systems for at least 12 months, specifically targeting the BIG-IP product development environment and accessing source code. This incident is considered a major operational and reputational risk, directly impacting customer trust and leading to a cautious near-term outlook and a steep deceleration in the company's fiscal year 2026 revenue guidance. For a cybersecurity firm, a breach of this nature fundamentally undermines the trust customers place in its ability to secure their infrastructure.
2. Intense Competition and Evolving Market Landscape
F5 operates in a highly competitive and dynamic market for multi-cloud application security and delivery solutions. The company faces significant competition from a diverse set of players, including traditional application delivery competitors like Citrix and Broadcom, major cloud providers such as Amazon Web Services and Google Cloud in cloud-native traffic management, and specialized security vendors like Akamai, Cloudflare, Fortinet, and Palo Alto Networks in application security and DDoS protection. This fierce competition contributes to sluggish sales growth and ongoing challenges in acquiring and retaining customers. F5 must continuously innovate to maintain its competitive edge and effectively navigate complex software renewal cycles against rivals who are constantly developing new solutions. The rapid development and adoption of AI technologies also present both opportunities and risks, requiring F5 to adapt and integrate new technologies effectively while addressing potential market disruptions.
3. Reliance on Hardware Sales Amidst Stagnant Software Growth
While F5 demonstrated strong overall revenue growth in fiscal year 2025, a significant portion of this growth was driven by a substantial 42% year-over-year increase in systems revenue (hardware). This surge was primarily fueled by datacenter refresh cycles and investments in enterprise AI infrastructure. In contrast, the company's software segment, which is often considered a key long-term growth driver for technology companies, saw effectively flat growth at only 0.3%. This disparity indicates a potential over-reliance on more cyclical hardware sales, which can be less predictable, while the critical software business, intended for long-term expansion, shows minimal progress. This imbalance poses a risk if hardware refresh cycles slow down or if the software segment fails to accelerate its growth significantly.
AI Analysis | Feedback
The increasing sophistication and native offerings of public cloud providers (Amazon Web Services, Microsoft Azure, and Google Cloud Platform) in application security and delivery. While F5 partners with these providers and offers solutions for the public cloud, these very partners are simultaneously developing and enhancing their own integrated security, load balancing, and application delivery services directly within their cloud platforms. As enterprises adopt more cloud-native architectures, they may increasingly prefer to leverage these deeply integrated, platform-native services for simplicity, cost-efficiency, and seamless operation, potentially reducing the need for F5's specialized third-party solutions, particularly traditional hardware or virtual appliance-based offerings.AI Analysis | Feedback
F5, Inc. operates in several significant addressable markets for its multi-cloud application security and delivery solutions. The company itself estimated its total addressable market (TAM) to be over $28 billion in 2023, with projections to approach $34 billion by 2028.
- Multi-Cloud Security: The global multi-cloud security market size was valued at approximately USD 9.85 billion in 2024 and is projected to reach USD 54.87 billion by 2032, growing at a compound annual growth rate (CAGR) of 23.9% from 2025 to 2032. North America held a 37.63% market share in 2024. Other estimates for regional distribution in January 2026 indicate North America with 49%, Asia Pacific with 26%, and Europe with 16% of the global market share.
- Application Delivery Controllers (ADC): The global application delivery controller market size was valued at USD 4.35 billion in 2024 and is projected to reach USD 8.46 billion by 2030, with a CAGR of 12.9% from 2025 to 2030. North America held the largest share, accounting for over 34% of this market in 2024.
- Application Security: The global application security market size was valued at USD 10.4 billion in 2024 and is estimated to reach USD 34.8 billion by 2033, exhibiting a CAGR of 14.33% from 2025 to 2033. North America dominated this market, holding a significant 40.5% share in 2024.
- Web Application Firewall (WAF): The global web application firewall market size was valued at USD 7.1 billion in 2025 and is projected to reach USD 20.6 billion by 2034, with a CAGR of 12.28% from 2026 to 2034. North America dominated the market in 2025.
- DDoS Protection and Mitigation: The global DDoS protection and mitigation security market size was valued at USD 4.99 billion in 2024 and is projected to reach USD 13.45 billion by 2032, with a CAGR of 13.20% during the forecast period of 2025 to 2032. North America dominated this market with a 39.6% revenue share in 2024.
- Bot Management: The global bot management solution market was valued at USD 1.08 billion in 2024 and is projected to reach USD 4.87 billion by the end of 2030, growing at a CAGR of 24% from 2024 to 2030.
- API Security: The global API security market size was valued at over USD 10.8 billion in 2025 and is estimated to reach USD 46.1 billion by the end of 2035, expanding at a CAGR of 17.5% from 2026 to 2035. North America is the largest market for API security, holding approximately 45% of the global share.
AI Analysis | Feedback
F5 (FFIV) anticipates several key drivers for future revenue growth over the next 2-3 years, based on recent company guidance and analyst observations:
- Hybrid Multi-Cloud Adoption: F5's multi-cloud application security and delivery solutions are well-positioned to benefit from the ongoing trend of enterprises adopting hybrid multi-cloud environments. This strategy helps customers manage and secure applications across various on-premises and public cloud architectures.
- Scaling AI Investment and AI-related Demand: The company is experiencing growing demand related to artificial intelligence (AI), including securing AI workloads and infrastructure. F5 has enhanced its AI runtime security offerings through acquisitions and product developments, such as launching BIG-IP Version 21.0 with native support for demanding AI workloads.
- Growth in Systems Revenue: F5 expects continued strong performance in its systems revenue, driven by technology refresh cycles and data center modernization initiatives among its customers. This segment has shown robust growth recently.
- Demand for Converged Platforms: A strategic focus for F5 is to offer converged networking and security platforms. This approach aims to replace fragmented point products, simplifying customers' IT infrastructure and driving the adoption of F5's integrated solutions.
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Share Repurchases
- F5 announced a $1 billion share buyback plan in November 2020, which included an accelerated repurchase of $500 million in fiscal year 2021 and another $500 million in fiscal year 2022.
- In fiscal year 2025, F5 repurchased shares totaling $502.085 million.
- The Board of Directors authorized an additional $1 billion for its common stock repurchase program in October 2024, supplementing the $422 million remaining in the existing program at that time.
Share Issuance
- F5's shares outstanding have shown a general decline over the past few years, with 57.65 million shares outstanding in 2025, representing a 1.12% decrease from 2024.
- In March 2026, shareholders approved the 2026 Incentive Award Plan, which includes 3,500,000 new shares of common stock available for issuance.
Outbound Investments
- F5 acquired CalypsoAI for $180 million in cash in late 2025. This acquisition aims to enhance real-time threat defense capabilities for organizations utilizing generative and agentic AI.
Capital Expenditures
- F5's capital expenditures were $30.65 million in fiscal year 2021, $33.62 million in fiscal year 2022, and $54.18 million in fiscal year 2023.
- Capital expenditures for fiscal year 2024 were $30.41 million.
- In fiscal year 2025, capital expenditures amounted to $43.26 million.
Latest Trefis Analyses
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| 03312026 | PANW | Palo Alto Networks | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 03312026 | ALKT | Alkami Technology | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | DBX | Dropbox | 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 | 2.6% | 2.6% | 0.0% |
| 03272026 | DLB | Dolby Laboratories | 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 | 3.5% | 3.5% | 0.0% |
| 03272026 | PTC | PTC | 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 | 3.5% | 3.5% | 0.0% |
| 01232026 | FFIV | F5 | 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 | 11.6% | 11.6% | 0.0% |
| 09302022 | FFIV | F5 | 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 | 0.7% | 11.3% | -10.0% |
| 05312019 | FFIV | F5 | 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 | 10.3% | 9.7% | -31.4% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 141.88 |
| Mkt Cap | 69.1 |
| Rev LTM | 5,504 |
| Op Inc LTM | 1,106 |
| FCF LTM | 1,543 |
| FCF 3Y Avg | 1,352 |
| CFO LTM | 2,055 |
| CFO 3Y Avg | 1,862 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.6% |
| Rev Chg 3Y Avg | 10.3% |
| Rev Chg Q | 12.2% |
| QoQ Delta Rev Chg LTM | 2.9% |
| Op Mgn LTM | 19.1% |
| Op Mgn 3Y Avg | 20.1% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 32.5% |
| CFO/Rev 3Y Avg | 31.8% |
| FCF/Rev LTM | 24.1% |
| FCF/Rev 3Y Avg | 24.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 69.1 |
| P/S | 7.4 |
| P/EBIT | 24.2 |
| P/E | 31.2 |
| P/CFO | 24.0 |
| Total Yield | 2.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.2% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 5.6% |
| 3M Rtn | 8.5% |
| 6M Rtn | -1.0% |
| 12M Rtn | 39.3% |
| 3Y Rtn | 74.0% |
| 1M Excs Rtn | 7.4% |
| 3M Excs Rtn | 12.6% |
| 6M Excs Rtn | 0.2% |
| 12M Excs Rtn | 11.0% |
| 3Y Excs Rtn | 10.3% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $309.10 | |
| Market Cap ($ Bil) | 17.8 | |
| First Trading Date | 06/04/1999 | |
| Distance from 52W High | -9.9% | |
| 50 Days | 200 Days | |
| DMA Price | $282.68 | $287.11 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 9.3% | 7.7% |
| 3M | 1YR | |
| Volatility | 37.3% | 32.9% |
| Downside Capture | 0.38 | 0.57 |
| Upside Capture | 197.53 | 95.83 |
| Correlation (SPY) | 46.3% | 51.1% |
FFIV Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.80 | 1.38 | 1.51 | 1.09 | 1.01 | 1.01 |
| Up Beta | -2.26 | -0.59 | -0.08 | 0.36 | 0.92 | 0.84 |
| Down Beta | 1.88 | 2.19 | 2.12 | 1.57 | 1.16 | 1.22 |
| Up Capture | 169% | 212% | 238% | 93% | 94% | 118% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 12 | 23 | 33 | 64 | 132 | 405 |
| Down Capture | -2% | 97% | 98% | 110% | 101% | 99% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 10 | 19 | 30 | 62 | 119 | 344 |
[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 FFIV | |
|---|---|---|---|---|
| FFIV | 22.0% | 33.2% | 0.64 | - |
| Sector ETF (XLK) | 41.6% | 26.1% | 1.29 | 52.4% |
| Equity (SPY) | 21.3% | 18.3% | 0.94 | 53.7% |
| Gold (GLD) | 51.9% | 28.0% | 1.49 | 7.5% |
| Commodities (DBC) | 20.3% | 17.2% | 1.02 | 16.8% |
| Real Estate (VNQ) | 6.9% | 16.1% | 0.23 | 32.3% |
| Bitcoin (BTCUSD) | -17.5% | 44.0% | -0.31 | 30.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FFIV | |
|---|---|---|---|---|
| FFIV | 8.1% | 29.8% | 0.29 | - |
| Sector ETF (XLK) | 16.9% | 24.7% | 0.61 | 59.8% |
| Equity (SPY) | 11.7% | 17.0% | 0.53 | 62.0% |
| Gold (GLD) | 22.5% | 17.8% | 1.04 | 10.8% |
| Commodities (DBC) | 12.0% | 18.8% | 0.52 | 14.6% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.09 | 43.1% |
| Bitcoin (BTCUSD) | 3.1% | 56.5% | 0.28 | 24.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FFIV | |
|---|---|---|---|---|
| FFIV | 11.3% | 29.7% | 0.42 | - |
| Sector ETF (XLK) | 21.4% | 24.3% | 0.81 | 57.4% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 59.4% |
| Gold (GLD) | 13.9% | 15.9% | 0.73 | 3.6% |
| Commodities (DBC) | 8.4% | 17.6% | 0.40 | 19.2% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 40.4% |
| Bitcoin (BTCUSD) | 66.6% | 66.8% | 1.06 | 16.2% |
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 |
| 1/27/2026 | 8.1% | 1.6% | 2.6% |
| 10/27/2025 | -7.9% | -14.2% | -17.4% |
| 7/30/2025 | 4.8% | 7.4% | 6.5% |
| 4/28/2025 | -0.9% | 0.8% | 6.9% |
| 1/28/2025 | 11.4% | 11.1% | 7.9% |
| 10/28/2024 | 10.1% | 5.9% | 15.4% |
| 7/29/2024 | 13.0% | 5.4% | 12.5% |
| 4/29/2024 | -9.2% | -7.4% | -7.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 17 |
| # Negative | 10 | 9 | 7 |
| Median Positive | 6.2% | 5.4% | 7.4% |
| Median Negative | -8.1% | -7.4% | -10.3% |
| Max Positive | 13.0% | 11.1% | 31.3% |
| Max Negative | -12.8% | -14.2% | -18.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/25/2025 | 10-K |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/07/2025 | 10-Q |
| 09/30/2024 | 11/18/2024 | 10-K |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/05/2024 | 10-Q |
| 09/30/2023 | 11/14/2023 | 10-K |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-Q |
| 09/30/2022 | 11/15/2022 | 10-K |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 1/27/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 770.00 Mil | 780.00 Mil | 790.00 Mil | ||||
| Q2 2026 EPS | 3.34 | 3.4 | 3.46 | ||||
| 2026 Revenue Growth | 5.0% | 5.5% | 6.0% | 175.0% | 3.5% | Raised | Guidance: 2.0% for 2026 |
| 2026 Operating Margin | 34.0% | 34.5% | 35.0% | 1.5% | 0.5% | Raised | Guidance: 34.0% for 2026 |
| 2026 EPS | 15.7 | 15.8 | 16.1 | 5.7% | Raised | Guidance: 15 for 2026 | |
Prior: Q4 2025 Earnings Reported 10/27/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 730.00 Mil | 755.00 Mil | 780.00 Mil | -4.4% | Lower New | Actual: 790.00 Mil for Q4 2025 | |
| Q1 2026 EPS | 3.35 | 3.6 | 3.85 | -8.4% | Lower New | Actual: 3.93 for Q4 2025 | |
| 2026 Revenue Growth | 0.0% | 2.0% | 4.0% | -77.8% | -7.0% | Lower New | Actual: 9.0% for 2025 |
| 2026 Operating Margin | 33.5% | 34.0% | 34.5% | ||||
| 2026 EPS | 14.5 | 15 | 15.5 | ||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Fountain, Thomas Dean | EVP Global Services & Strategy | Direct | Sell | 12302025 | 262.86 | 1,100 | 289,146 | 3,872,716 | Form |
| 2 | Fountain, Thomas Dean | EVP Global Services & Strategy | Direct | Sell | 12232025 | 257.90 | 1,110 | 286,269 | 4,083,331 | Form |
| 3 | Fountain, Thomas Dean | EVP Global Services & Strategy | Direct | Sell | 12172025 | 264.76 | 1,110 | 293,884 | 4,485,829 | Form |
| 4 | Fountain, Thomas Dean | EVP Global Services & Strategy | Direct | Sell | 12102025 | 248.66 | 1,110 | 276,013 | 4,489,059 | Form |
| 5 | Higginson, Alan | Direct | Sell | 12042025 | 237.11 | 1,309 | 310,377 | 2,041,517 | 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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