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About

A10 Networks, Inc. provides secure application and network infrastructure solutions in the United States, the rest of Americas, Japan, rest of the Asia Pacific, Europe, the Middle East, and Africa. The company offers security products, such as ThreatX, a web application protection platform; A10 Defend DDoS Detector, a network-wide anomaly detection product; A10 Defend DDoS Orchestrator, a defense, orchestration, and management product; A10 Defend DDoS Mitigator, a mitigation product with automation; A10 Defend Threat Control, an attack SaaS platform; and Defend Next-Gen WAF, an integrated application delivery and web application firewall. It also provides infrastructure products, including A10 Thunder ADC, an application delivery controller and load balancer; A10 Thunder CFW, a consolidated network security platform with stateful firewall, IPsec VPN, CGN, ADC, SSLi, and secure web gateway; A10 Thunder CGN, a NAT, IPv4 preservation and IPv6 migration product; and SSL insight in Thunder CFW, a TLS and SSL decryption for real-time visibility into encryption traffic under the SSLi brand. In addition, the company provides centralized management and analytics comprising A10 Control, a centralized, management, control, and analytics platform for agile operations and automation. It serves telecommunications, technology, financial services, public sector, industrial, retail, gaming, and education industries through distribution channels, distributors, value added resellers, and system integrators. The company was incorporated in 2004 and is headquartered in San Jose, California.

Fundamentals
Scroll to Statements
Sector Technology Industry Software - Infrastructur Market Cap 1.50B
Enterprise Value 1.33B Income 42.14M Sales 290.56M
Book/sh 2.96 Cash/sh 5.27 Dividend Yield 116.00%
Payout 42.11% Employees 494 IPO
P/E 36.77 Forward P/E 18.45 PEG
P/S 5.17 P/B 7.08 P/C
EV/EBITDA 21.60 EV/Sales 4.57 Quick Ratio 3.29
Current Ratio 3.56 Debt/Eq 107.66 LT Debt/Eq
EPS (ttm) 0.57 EPS next Y 1.14 EPS Growth -47.50%
Revenue Growth 8.30% Earnings 2026-04-28 ROA 5.54%
ROE 19.01% ROIC Gross Margin 79.34%
Oper. Margin 18.37% Profit Margin 14.50% Shs Outstand 71.72M
Shs Float 70.67M Short Float 9.11% Short Ratio 5.42
Short Interest 52W High 21.31 52W Low 13.81
Beta 1.23 Avg Volume 790.71K Volume 359.54K
Target Price $24.50 Recom Buy Prev Close $20.61
Price $20.96 Change 1.70%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$24.50
Mean price target
2. Current target
$20.96
Latest analyst target
3. DCF / Fair value
$15.89
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$20.96
Low
$22.00
High
$28.00
Mean
$24.50

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-20 main BWS Financial Buy → Buy $28
2026-02-20 main Mizuho Neutral → Neutral $23
2026-02-20 reit BTIG Buy → Buy $22
2026-02-05 reit BTIG Buy → Buy $22
2025-08-06 up BTIG Neutral → Buy $22
2025-06-27 init Deutsche Bank — → Buy $22
2025-05-02 main BWS Financial Buy → Buy $24
2025-02-05 main Craig-Hallum Hold → Hold $18
2025-02-05 main BWS Financial Buy → Buy $24
2024-11-13 main BWS Financial Buy → Buy $24
2024-07-09 main BWS Financial Buy → Buy $17
2024-05-01 main Craig-Hallum Buy → Buy $16
2024-05-01 main BWS Financial Buy → Buy $17
2024-02-07 main BWS Financial Buy → Buy $17
2023-10-05 reit BWS Financial Buy → Buy $15
2023-10-04 main Craig-Hallum Buy → Buy $15
2022-11-02 main BWS Financial — → Buy $24
2021-10-29 main BWS Financial — → Buy $20
2021-06-23 init Craig-Hallum — → Buy $16
2020-10-28 main Sidoti & Co. — → Buy $15
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 100000 2060000.0 Sale at price 20.55 - 20.69 per share. TRIVEDI DHRUPAD Chief Executive Officer 2026-02-13 00:00:00 D
1 131516 Stock Award(Grant) at price 0.00 per share. TRIVEDI DHRUPAD Chief Executive Officer 2026-02-12 00:00:00 D
2 7413 Stock Award(Grant) at price 0.00 per share. WEBER ROBERT SCOTT General Counsel 2026-02-12 00:00:00 D
3 7771 Stock Award(Grant) at price 0.00 per share. KHOURY SHEEN GEORGE Officer 2026-02-12 00:00:00 D
4 5978 Stock Award(Grant) at price 0.00 per share. CARON MICHELLE ELIZABETH Chief Financial Officer 2026-02-12 00:00:00 D
5 600 Stock Gift at price 0.00 per share. WEBER ROBERT SCOTT General Counsel 2025-12-12 00:00:00 D
6 13706 Stock Award(Grant) at price 0.00 per share. CARON MICHELLE ELIZABETH Chief Financial Officer 2025-09-30 00:00:00 D
7 600 Stock Gift at price 0.00 per share. WEBER ROBERT SCOTT General Counsel 2025-08-18 00:00:00 D
8 6400 115392.0 Sale at price 18.03 per share. BECKER BRIAN Chief Financial Officer 2025-08-13 00:00:00 D
9 35000 Stock Award(Grant) at price 0.00 per share. KHOURY SHEEN GEORGE Officer 2025-07-14 00:00:00 D
Financials
Line Item2025-12-312024-12-312023-12-312022-12-31
TaxEffectOfUnusualItems0.000.000.000.00
TaxRateForCalcs0.200.140.090.11
NormalizedEBITDA73.63M55.26M47.99M61.76M
TotalUnusualItems0.000.00
TotalUnusualItemsExcludingGoodwill0.000.00
NetIncomeFromContinuingOperationNetMinorityInterest42.14M50.14M39.97M46.91M
ReconciledDepreciation14.86M11.29M9.35M7.38M
ReconciledCostOfRevenue60.04M51.42M47.96M56.83M
EBITDA73.63M55.26M47.99M61.76M
EBIT58.77M43.97M38.65M54.38M
NetInterestIncome5.28M14.13M5.15M-363.00K
InterestExpense6.35M1.67M2.15M
InterestIncome11.63M14.13M5.15M1.30M
NormalizedIncome42.14M50.14M39.97M46.91M
NetIncomeFromContinuingAndDiscontinuedOperation42.14M50.14M39.97M46.91M
TotalExpenses243.41M217.73M213.05M227.26M
TotalOperatingIncomeAsReported47.14M43.97M38.65M53.08M
DilutedAverageShares73.59M75.30M75.55M77.75M
BasicAverageShares72.25M74.09M74.21M75.53M
DilutedEPS0.570.670.240.60
BasicEPS0.580.680.540.62
DilutedNIAvailtoComStockholders42.14M50.14M39.97M46.91M
NetIncomeCommonStockholders42.14M50.14M39.97M46.91M
NetIncome42.14M50.14M39.97M46.91M
NetIncomeIncludingNoncontrollingInterests42.14M50.14M39.97M46.91M
NetIncomeContinuousOperations42.14M50.14M39.97M46.91M
TaxProvision10.29M7.96M3.83M5.81M
PretaxIncome52.42M58.10M43.80M52.72M
SpecialIncomeCharges0.000.00
RestructuringAndMergernAcquisition0.000.00
NetNonOperatingInterestIncomeExpense5.28M14.13M5.15M-363.00K
InterestExpenseNonOperating6.35M1.67M2.15M
InterestIncomeNonOperating11.63M14.13M5.15M1.30M
OperatingIncome47.14M43.97M38.65M53.08M
OperatingExpense183.37M166.31M165.09M170.43M
ResearchAndDevelopment69.10M57.73M55.23M58.40M
SellingGeneralAndAdministration114.27M108.58M109.86M112.03M
SellingAndMarketingExpense84.47M83.30M85.98M88.51M
GeneralAndAdministrativeExpense29.80M25.28M23.89M23.52M
OtherGandA29.80M25.28M23.89M23.52M
GrossProfit230.51M210.28M203.74M223.51M
CostOfRevenue60.04M51.42M47.96M56.83M
TotalRevenue290.56M261.70M251.70M280.34M
OperatingRevenue290.56M261.70M251.70M280.34M
Line Item2025-12-312024-12-312023-12-312022-12-31
TreasurySharesNumber20.50M16.83M14.64M13.38M
OrdinarySharesNumber71.50M73.69M74.36M73.74M
ShareIssued92.00M90.52M89.00M87.12M
NetDebt147.65M
TotalDebt227.76M11.94M16.82M21.64M
TangibleBookValue190.15M230.52M206.57M179.71M
InvestedCapital430.33M231.83M207.88M181.01M
WorkingCapital342.30M183.72M160.75M138.74M
NetTangibleAssets190.15M230.52M206.57M179.71M
CapitalLeaseObligations8.97M11.94M16.82M21.64M
CommonStockEquity211.55M231.83M207.88M181.01M
TotalCapitalization430.33M231.83M207.88M181.01M
TotalEquityGrossMinorityInterest211.55M231.83M207.88M181.01M
StockholdersEquity211.55M231.83M207.88M181.01M
OtherEquityInterest-72.78M-55.42M-37.62M-19.80M
GainsLossesNotAffectingRetainedEarnings659.00K194.00K-71.00K-726.00K
OtherEquityAdjustments659.00K194.00K-71.00K-726.00K
TreasuryStock249.91M180.99M150.91M134.93M
RetainedEarnings1.79M-40.34M-90.48M-130.45M
AdditionalPaidInCapital531.79M508.39M486.96M466.93M
CapitalStock1.00K1.00K1.00K1.00K
CommonStock1.00K1.00K1.00K1.00K
TotalLiabilitiesNetMinorityInterest418.27M200.99M181.93M188.09M
TotalNonCurrentLiabilitiesNetMinorityInterest284.62M77.41M70.86M69.84M
OtherNonCurrentLiabilities439.00K295.00K365.00K347.00K
NonCurrentDeferredLiabilities61.98M69.92M58.68M52.65M
NonCurrentDeferredRevenue61.98M69.92M58.68M52.65M
LongTermDebtAndCapitalLeaseObligation222.20M7.19M11.82M16.85M
LongTermCapitalLeaseObligation3.41M7.19M11.82M16.85M
LongTermDebt218.79M
CurrentLiabilities133.65M123.57M111.07M118.25M
CurrentDeferredLiabilities80.82M78.33M82.66M74.34M
CurrentDeferredRevenue80.82M78.33M82.66M74.34M
CurrentDebtAndCapitalLeaseObligation5.56M4.74M5.00M4.79M
CurrentCapitalLeaseObligation5.56M4.74M5.00M4.79M
PensionandOtherPostRetirementBenefitPlansCurrent23.07M19.06M7.63M19.83M
PayablesAndAccruedExpenses24.20M21.44M15.78M19.28M
CurrentAccruedExpenses9.26M6.21M7.33M10.92M
InterestPayable1.55M0.00
Payables14.94M15.23M8.45M8.36M
TotalTaxPayable3.25M2.69M1.43M1.64M
AccountsPayable11.69M12.54M7.02M6.72M
TotalAssets629.81M432.81M389.81M369.11M
TotalNonCurrentAssets153.86M125.53M117.98M112.11M
OtherNonCurrentAssets3.58M4.69M1.63M655.00K
NonCurrentPrepaidAssets2.00M1.67M1.70M1.74M
NonCurrentDeferredAssets67.80M67.18M67.10M67.47M
NonCurrentDeferredTaxesAssets62.11M62.36M62.73M63.18M
GoodwillAndOtherIntangibleAssets21.39M1.31M1.31M1.31M
OtherIntangibleAssets6.26M
Goodwill15.13M1.31M1.31M1.31M
NetPPE59.08M50.68M46.25M40.94M
AccumulatedDepreciation-36.84M-29.80M-24.09M-22.74M
GrossPPE95.92M80.48M70.35M63.68M
Leases3.56M3.44M3.21M3.27M
ConstructionInProgress29.31M22.65M13.73M9.15M
OtherProperties55.49M48.15M47.55M48.23M
MachineryFurnitureEquipment7.55M6.24M5.86M3.04M
Properties0.000.000.000.00
CurrentAssets475.95M307.29M271.82M256.99M
OtherCurrentAssets3.77M2.59M2.38M1.93M
CurrentDeferredAssets8.33M6.20M6.18M6.14M
PrepaidAssets5.90M4.25M6.14M5.31M
Inventory18.03M22.00M23.52M19.69M
FinishedGoods7.58M9.12M8.05M6.92M
RawMaterials10.46M12.88M15.47M12.77M
Receivables62.07M76.69M74.31M72.93M
AccountsReceivable62.07M76.69M74.31M72.93M
AllowanceForDoubtfulAccountsReceivable-66.00K-465.00K-405.00K-32.00K
GrossAccountsReceivable62.13M77.15M74.71M72.96M
CashCashEquivalentsAndShortTermInvestments377.85M195.56M159.30M150.99M
OtherShortTermInvestments306.71M100.43M62.06M83.02M
CashAndCashEquivalents71.14M95.13M97.24M67.97M
CashEquivalents8.79M5.93M44.79M13.63M
CashFinancial62.35M89.19M52.45M54.34M
Line Item2025-12-312024-12-312023-12-312022-12-31
FreeCashFlow64.77M78.22M33.62M55.30M
RepurchaseOfCapitalStock-68.92M-30.08M-15.97M-79.26M
IssuanceOfDebt225.00M0.000.00
CapitalExpenditure-20.13M-12.27M-10.90M-10.80M
InterestPaidSupplementalData3.33M0.000.000.00
IncomeTaxPaidSupplementalData6.78M6.28M2.41M1.75M
EndCashPosition71.14M95.13M97.24M67.97M
BeginningCashPosition95.13M97.24M67.97M78.92M
ChangesInCash-23.99M-2.12M29.27M-10.95M
FinancingCashFlow134.75M-44.26M-28.85M-88.14M
CashFlowFromContinuingFinancingActivities134.75M-44.26M-28.85M-88.14M
NetOtherFinancingCharges-7.33M
ProceedsFromStockOptionExercised3.37M3.62M4.94M7.04M
CashDividendsPaid-17.37M-17.80M-17.82M-15.92M
CommonStockDividendPaid-17.37M-17.80M-17.82M-15.92M
NetCommonStockIssuance-68.92M-30.08M-15.97M-79.26M
CommonStockPayments-68.92M-30.08M-15.97M-79.26M
NetIssuancePaymentsOfDebt225.00M0.000.00
NetLongTermDebtIssuance225.00M0.000.00
LongTermDebtIssuance225.00M0.000.00
InvestingCashFlow-243.64M-48.35M13.61M11.09M
CashFlowFromContinuingInvestingActivities-243.64M-48.35M13.61M11.09M
NetInvestmentPurchaseAndSale-204.41M-36.08M24.50M21.89M
SaleOfInvestment137.62M106.68M109.92M77.30M
PurchaseOfInvestment-342.03M-142.76M-85.42M-55.41M
NetBusinessPurchaseAndSale-19.10M0.000.00
PurchaseOfBusiness-19.10M0.000.00
NetPPEPurchaseAndSale-10.80M-5.17M
PurchaseOfPPE-10.80M-5.17M
CapitalExpenditureReported-20.13M-12.27M-10.90M-10.80M
OperatingCashFlow84.89M90.49M44.51M66.10M
CashFlowFromContinuingOperatingActivities84.89M90.49M44.51M66.10M
ChangeInWorkingCapital4.99M12.38M-18.30M-2.28M
ChangeInOtherWorkingCapital-7.97M6.92M14.34M5.36M
ChangeInPayablesAndAccruedExpense3.05M8.83M-23.80M-1.24M
ChangeInAccruedExpense4.57M6.61M-20.80M-1.34M
ChangeInPayable-1.52M2.22M-3.00M103.00K
ChangeInAccountPayable-1.52M2.22M-3.00M103.00K
ChangeInPrepaidAssets-8.33M-67.00K-1.86M1.63M
ChangeInInventory3.66M-760.00K-6.30M2.04M
ChangeInReceivables14.57M-2.56M-679.00K-10.06M
ChangesInAccountReceivables14.57M-2.56M-679.00K-10.06M
OtherNonCashItems3.28M-424.00K117.00K793.00K
StockBasedCompensation20.03M17.05M14.08M13.33M
ProvisionandWriteOffofAssets-399.00K59.00K-699.00K-36.00K
DeferredTax0.000.00-64.19M
DeferredIncomeTax0.000.00-64.19M
DepreciationAmortizationDepletion14.86M11.29M9.35M7.38M
DepreciationAndAmortization14.86M11.29M9.35M7.38M
NetIncomeFromContinuingOperations42.14M50.14M39.97M46.91M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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