A10 Networks, Inc. (ATEN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-32.6%

$16.14

vs $23.96 price

Levered DCF

$26.62

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.28

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	30.5×	27.06×	24.39×	26.82×	13.48×	42.87×	-29.87×	-16.42×
P/B	6.04×	5.88×	4.7×	6.94×	6.12×	6.61×	4.8×	4.37×
P/S	4.4×	5.21×	3.88×	4.48×	5.11×	3.4×	2.46×	1.95×
EV / EBITDA	21.25×	16.67×	16.88×	19.59×	28.61×	23.4×	-82.98×	-22.29×
Gross margin	79.3%	80.4%	80.9%	79.7%	78.6%	77.8%	77.0%	77.7%
Operating margin	16.2%	16.8%	15.4%	18.9%	13.4%	7.9%	-8.0%	-11.9%
Net margin	14.5%	19.2%	15.9%	16.7%	37.9%	7.9%	-8.4%	-11.9%
Current ratio	3.56×	2.49×	2.45×	2.17×	2.45×	2.25×	2.26×	2.21×
Debt / equity	1.05×	0.05×	0.08×	0.12×	0.11×	0.25×	0.3×	0×
Interest coverage	0×	5.95×	0×	31.84×	15.49×	0×	-72.13×	-214.57×
Dividend yield	1.4%	1.3%	1.8%	1.3%	0.3%	0.0%	0.0%	0.0%
Payout ratio	41.2%	35.5%	44.6%	33.9%	4.1%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.9%	21.6%	19.2%	25.9%	45.4%	15.4%	-16.4%	-26.6%
Return on invested capital	7.6%	12.1%	12.4%	18.5%	11.9%	8.8%	-9.4%	-20.0%
Return on assets	6.7%	11.6%	10.3%	12.7%	24.1%	6.1%	-6.5%	-11.7%
Free cash flow yield	5.1%	5.7%	3.4%	4.4%	3.5%	6.7%	-0.9%	-1.2%
Earnings yield	3.3%	3.7%	4.1%	3.7%	7.4%	2.3%	-3.4%	-6.1%
Enterprise value	$1.4B	$1.3B	$896.9M	$1.2B	$1.2B	$712.3M	$510.1M	$412.9M
Net debt / EBITDA	2.25×	-1.08×	-1.51×	-0.75×	-1.3×	-1.79×	2.05×	2.19×
Cash conversion cycle (days)	117	174	233	178	197	198	202	153