F 
F5 FFIV · USD
Information Technology · Communications Equipment · US listing · 🇺🇸 United States
S&P 500
317.75
+2.22%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$3.09bn
FY2016FY2025
Net income
$692.4m
FY2016FY2025
Free cash flow
$906.4m
FY2016FY2025
Shareholders' equity
$3.59bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.09bn | $2.82bn | $2.81bn | $2.70bn | $2.60bn | $2.35bn | $2.24bn | $2.16bn | $2.09bn | $2.00bn |
| Gross profit | $2.51bn | $2.26bn | $2.22bn | $2.16bn | $2.11bn | $1.94bn | $1.89bn | $1.80bn | $1.74bn | $1.66bn |
| Research and development | $539.8m | $490.1m | $540.3m | $543.4m | $512.6m | $441.3m | $408.1m | $366.1m | $350.4m | $334.2m |
| Operating income | $765.9m | $658.6m | $472.6m | $403.8m | $394.0m | $392.3m | $518.5m | $609.3m | $564.0m | $547.4m |
| Net income | $692.4m | $566.8m | $394.9m | $322.2m | $331.2m | $307.4m | $427.7m | $453.7m | $420.8m | $365.9m |
| Diluted earnings per share | 11.90 | 9.60 | 6.62 | 5.33 | 5.35 | 4.94 | 7.03 | 7.48 | 6.73 | 5.57 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $6.32bn | $5.61bn | $5.25bn | $5.28bn | $5.00bn | $4.68bn | $3.39bn | $2.61bn | $2.48bn | $2.31bn |
| Cash and short-term investments | $1.34bn | $1.07bn | $803.3m | $884.6m | $910.6m | $1.21bn | $972.3m | $1.04bn | $1.02bn | $882.4m |
| Total liabilities | $2.73bn | $2.48bn | $2.45bn | $2.81bn | $2.64bn | $2.45bn | $1.63bn | $1.32bn | $1.25bn | $1.12bn |
| Debt | — | — | — | $349.8m | $369.0m | $388.3m | — | — | — | — |
| Shareholders' equity | $3.59bn | $3.13bn | $2.80bn | $2.47bn | $2.36bn | $2.23bn | $1.76bn | $1.29bn | $1.23bn | $1.19bn |
| Shares outstanding | 58m | 59m | 60m | 60m | 62m | 62m | 61m | 61m | 63m | 66m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $949.7m | $792.4m | $653.4m | $442.6m | $645.2m | $660.9m | $747.8m | $761.1m | $740.3m | $711.5m |
| Capital spending | −$43.3m | −$30.4m | −$54.2m | −$33.6m | −$30.7m | −$59.9m | −$103.5m | −$53.5m | −$38.7m | −$68.2m |
| Free cash flow | $906.4m | $762.0m | $599.2m | $409.0m | $614.5m | $601.0m | $644.3m | $707.6m | $701.6m | $643.3m |
| Dividends paid | — | — | −$60.0m | — | −$65.8m | −$52.8m | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $865.1m | $811.7m | $822.5m | $810.1m | $780.4m | $731.1m | $766.5m | $746.7m |
| Gross profit | $711.5m | $672.3m | $670.7m | $666.2m | $631.7m | $590.2m | $626.0m | $603.0m |
| Operating income | $213.3m | $178.7m | $214.1m | $205.7m | $196.3m | $158.9m | $205.1m | $191.0m |
| Net income | $208.2m | $147.8m | $180.1m | $190.5m | $189.9m | $145.5m | $166.4m | $165.3m |
| Diluted earnings per share | 3.61 | 2.56 | 3.10 | 3.28 | 3.27 | 2.50 | 2.82 | 2.80 |
| Cash from operations | $316.0m | $365.0m | $159.0m | $208.0m | $282.0m | $256.0m | $202.0m | $246.0m |
| Capital spending | −$35.0m | −$18.0m | −$9.0m | −$16.0m | −$8.0m | −$10.0m | −$8.0m | −$6.0m |
| Free cash flow | $281.0m | $347.0m | $150.0m | $192.0m | $274.0m | $246.0m | $194.0m | $240.0m |
| Total assets | $6.83bn | $6.50bn | $6.29bn | $6.32bn | $6.11bn | $5.91bn | $5.90bn | $5.61bn |
| Cash and short-term investments | $1.61bn | $1.44bn | $1.20bn | $1.34bn | $1.43bn | $1.26bn | $1.15bn | $1.07bn |
| Debt | $33.7m | $33.3m | $32.9m | $31.0m | $30.4m | $30.2m | $31.5m | $33.8m |
| Shareholders' equity | $3.86bn | $3.65bn | $3.54bn | $3.59bn | $3.47bn | $3.31bn | $3.24bn | $3.13bn |
Financial ratios
Data as of 29 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 81.4% | 80.2% | 78.9% | 80.0% | 81.1% | 82.6% | — |
| Operating margin | 25.6% | 23.7% | 19.1% | 15.3% | 14.9% | 17.0% | — |
| Net margin | 22.4% | 20.1% | 14.0% | 12.0% | 12.7% | 13.1% | — |
| Return on equity | 19.3% | 18.1% | 14.1% | 13.0% | 14.0% | 13.8% | — |
| Return on assets | 11.0% | 10.1% | 7.5% | 6.1% | 6.6% | 6.6% | — |
| Free cash flow yield | 3.9% | 3.2% | 2.7% | 1.8% | 2.5% | 2.7% | — |
| Revenue growth | 9.7% | 0.1% | 4.4% | 3.6% | 10.7% | 4.8% | — |
| Earnings growth | 22.2% | 43.5% | 22.6% | -2.7% | 7.7% | -28.1% | — |
| Current ratio | 1.54x | 1.39x | 1.23x | 1.02x | 1.13x | 1.37x | — |
| Debt to equity | 0.01x | 0.01x | 0.01x | 0.16x | 0.18x | 0.19x | — |
| Equity ratio | 56.8% | 55.8% | 53.4% | 46.8% | 47.2% | 47.7% | — |
| Interest coverage | — | — | — | 22.38x | 54.59x | 34.88x | 22.89x |
| R&D as a share of sales | 17.5% | 17.4% | 19.2% | 20.2% | 19.7% | 18.8% | — |
| Buybacks as a share of market value | 1.5% | 1.0% | 1.2% | 2.4% | 0.6% | -2.4% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.6% | 5.6% | 4.9% |
| Operating income | 23.8% | 14.3% | 3.3% |
| Net income | 29.0% | 17.6% | 6.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 80.8% | 80.2% | 80.7% | 81.7% |
| Operating margin | 24.1% | 20.2% | 18.9% | 22.0% |
| Net margin | 21.3% | 17.3% | 16.0% | 17.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 21.4 | 26.2 | 27.0 | 26.9 | 45.7 | 35.6 | 19.9 | 21.7 | 19.5 | 26.0 |
| Price to sales | 4.8 | 5.3 | 3.8 | 3.2 | 5.8 | 4.7 | 3.8 | 4.5 | 3.9 | 4.8 |
Market value over time
31 Oct 2016 to 28 Sept 2026, in USD
$9.16bn$25.12bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 3% | 41% | 26% | -38% | 32% | 26% | -13% | 20% | -10% | 51% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-for-1 split · 21 Aug 2007
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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