FFIV · F5, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $3.09B | $2.82B | $2.81B | $2.70B | $2.60B | $2.35B |
| Cost of Revenue | $573.98M | $557.65M | $593.31M | $539.63M | $493.15M | $407.89M |
| Gross Profit | $2.51B | $2.26B | $2.22B | $2.16B | $2.11B | $1.94B |
| R&D | $539.82M | $490.12M | $540.28M | $543.37M | $512.63M | $441.32M |
| SG&A | $322.34M | $268.83M | $263.40M | $274.56M | $273.63M | $258.37M |
| Total Operating Expenses | $1.75B | $1.60B | $1.75B | $1.75B | $1.72B | $1.55B |
| D&A | $92.40M | $106.99M | $112.70M | $115.61M | $115.42M | $95.86M |
| Operating Income | $765.95M | $658.59M | $472.57M | $403.79M | $394.02M | $392.27M |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $115.96M | $128.69M | $91.04M | $63.23M | $55.70M | $88.96M |
| Net Income | $692.38M | $566.78M | $394.95M | $322.16M | $331.24M | $307.44M |
| EPS - Basic | $11.96 | $9.65 | $6.59 | $5.34 | $5.46 | $5.05 |
| EPS - Diluted | $11.80 | $9.55 | $6.55 | $5.27 | $5.34 | $5.01 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.34B | $1.07B | $797.16M | $758.01M | $580.98M | $849.56M |
| Accounts Receivable | $414.43M | $389.02M | $454.83M | $469.98M | $340.54M | $296.18M |
| Inventory | $77.23M | $76.38M | $35.87M | $68.36M | $22.05M | $27.90M |
| Accounts Payable | $83.97M | $67.89M | $63.31M | $113.18M | $62.10M | $64.47M |
| Current Assets | $2.52B | $2.11B | $1.85B | $1.91B | $1.61B | $1.79B |
| Total Assets | $6.32B | $5.61B | $5.25B | $5.28B | $5.00B | $4.68B |
| Current Liabilities | $1.61B | $1.49B | $1.47B | $1.84B | $1.39B | $1.29B |
| Long-term Debt | - | - | - | $0 | $349.77M | $369.05M |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $3.59B | $3.13B | $2.80B | $2.47B | $2.36B | $2.23B |
| Retained Earnings | $3.57B | $3.14B | $2.80B | $2.40B | $2.19B | $1.95B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $949.67M | $792.42M | $653.41M | $442.63M | $645.20M | $660.90M |
| Investing Cash Flow | ($219.49M) | ($59.21M) | $36.39M | $218.12M | ($445.33M) | ($747.00M) |
| Financing Cash Flow | ($464.81M) | ($457.00M) | ($653.30M) | ($476.51M) | ($468.28M) | $337.24M |
| CapEx | $43.26M | $30.41M | $54.18M | $33.62M | $30.65M | $59.94M |
| Free Cash Flow | $906.41M | $762.01M | $599.23M | $409.01M | $614.54M | $600.96M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 81.4% | 80.2% | 78.9% | 80.0% | 81.1% | 82.6% |
| Operating margin | 24.8% | 23.4% | 16.8% | 15.0% | 15.1% | 16.7% |
| EBITDA margin | 27.8% | 27.2% | 20.8% | 19.3% | 19.6% | 20.8% |
| Net margin | 22.4% | 20.1% | 14.0% | 12.0% | 12.7% | 13.1% |
| Free cash flow margin | 29.4% | 27.1% | 21.3% | 15.2% | 23.6% | 25.6% |
| FCF / Net income | 1.31 | 1.34 | 1.52 | 1.27 | 1.86 | 1.95 |
| R&D / Revenue | 17.5% | 17.4% | 19.2% | 20.2% | 19.7% | 18.8% |
| SG&A / Revenue | 10.4% | 9.5% | 9.4% | 10.2% | 10.5% | 11.0% |
| Effective tax rate | 14.3% | 18.5% | 18.7% | 16.4% | 14.4% | 22.4% |
| Return on assets | 11.0% | 10.1% | 7.5% | 6.1% | 6.6% | 6.6% |
| Return on equity | 19.3% | 18.1% | 14.1% | 13.0% | 14.0% | 13.8% |
| Return on invested capital | - | - | - | 13.7% | 12.4% | 11.7% |
| Liquidity | ||||||
| Current ratio | 1.56 | 1.42 | 1.26 | 1.04 | 1.16 | 1.39 |
| Quick ratio | 1.51 | 1.36 | 1.23 | 1.00 | 1.14 | 1.37 |
| Cash ratio | 0.83 | 0.72 | 0.54 | 0.41 | 0.42 | 0.66 |
| Leverage | ||||||
| Debt / Equity | - | - | - | 0.00 | 0.15 | 0.17 |
| Debt / Assets | - | - | - | 0.00 | 0.07 | 0.08 |
| Debt / EBITDA | - | - | - | 0.00 | 0.69 | 0.76 |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.76 | 1.79 | 1.87 | 2.14 | 2.12 | 2.10 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 0.49 | 0.50 | 0.54 | 0.51 | 0.52 | 0.50 |
| Inventory turnover | 7.43 | 7.30 | 16.54 | 7.89 | 22.36 | 14.62 |
| Days sales outstanding | 49d | 50d | 59d | 64d | 48d | 46d |
| Days inventory outstanding | 49d | 50d | 22d | 46d | 16d | 25d |
| Days payable outstanding | 53d | 44d | 39d | 77d | 46d | 58d |
| Cash conversion cycle | 45d | 56d | 42d | 33d | 18d | 13d |
| Valuation | ||||||
| P / E | 27.4x | 23.1x | 24.6x | 27.5x | 37.2x | 24.5x |
| P / B | 5.3x | 4.2x | 3.5x | 3.6x | 5.2x | 3.4x |
| P / S | 6.1x | 4.6x | 3.5x | 3.3x | 4.7x | 3.2x |
| EV / EBITDA | 20.5x | 15.7x | 15.2x | 15.6x | 23.8x | 14.5x |
| Growth | ||||||
| Revenue growth (YoY) | 9.7% | 0.1% | 4.4% | 3.6% | 10.7% | 4.8% |
| Revenue CAGR (3y) | 4.6% | 2.7% | 6.2% | 6.3% | 6.4% | 4.0% |
| Revenue CAGR (5y) | 5.6% | 4.7% | 5.4% | 5.2% | 5.5% | 4.1% |
| Gross profit growth (YoY) | 11.3% | 1.7% | 3.0% | 2.2% | 8.6% | 3.0% |
| Operating income growth (YoY) | 16.3% | 39.4% | 17.0% | 2.5% | 0.4% | -24.3% |
| Net income growth (YoY) | 22.2% | 43.5% | 22.6% | -2.7% | 7.7% | -28.1% |
| EPS growth (YoY) | 23.6% | 45.8% | 24.3% | -1.3% | 6.6% | -29.2% |
| EPS CAGR (3y) | 30.8% | 21.4% | 9.3% | -9.4% | -10.0% | -8.3% |
| EPS CAGR (5y) | 18.7% | 6.2% | -2.2% | -4.1% | -0.1% | -0.1% |
| FCF growth (YoY) | 18.9% | 27.2% | 46.5% | -33.4% | 2.3% | -6.7% |
| FCF CAGR (5y) | 8.6% | 3.4% | -3.3% | -10.2% | -1.1% | -0.8% |
| Book value growth (YoY) | 14.8% | 11.8% | 13.4% | 4.6% | 5.7% | 26.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-09-30.
Product / service
$3.09B totalService$1.58B · 51.1%
Product$1.51B · 48.9%
Geographic
$4.81B totalAmericas$1.72B · 35.8%
US$1.63B · 33.9%
EMEA$827.17M · 17.2%
Asia Pacific$536.84M · 11.2%
Other Americas$92.89M · 1.9%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Computer Communications Equipment
Comparing F5 against the 5 most active filers in the same SIC group.