Information Technology · Communications Equipment · US stock · price as of 16 Oct 2026
Key indicators
Price
$442.03
52-week range
$223.76 – $483.30
Market cap
$25.4B
P/E (trailing)
35.2×
EV / EBITDA
26.2×
Free-cash-flow yield
3.8%
Dividend yield
–
Revenue (last 12 months)
$3.3B
Revenue growth (3y a year)
4.6%
Operating margin
24.5%
Return on invested capital
27.6%
Net debt / EBITDA
–
Fair value
Blended fair value$377.14 range $362 – $393
Versus priceFair−15% to fair value
Peer multiples
$431.41
Fundamentals-adjusted multiple
$329.61
10-year DCF (market-scaled)
$370.41
Earnings power value (floor, not blended)
$128.90
Model uncertainty
Medium
X-Ray Score
60/ 100 · High confidence · ahead of 76% of sector peers
Valuation56
Growth52
Profitability57
Financial health76
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
F5 provides application delivery and security technology that helps organizations run and protect their software applications. Its products include load balancing, web application firewalls, bot protection and API security, offered as hardware appliances, software and cloud services. Customers are enterprises, service providers and governments. Revenue comes from product sales, recurring software subscriptions, and support and maintenance contracts.
Revenue over the last twelve months was $3.3 billion, with growth of 4.6% a year over three years. The operating margin stands at 24.5%. The return on invested capital is shown as 28%. The company does not pay a dividend. These numbers describe past results and current financial position, and they are shown for reference only.
StocksXray gives F5, Inc. an X-Ray Score of 60 out of 100 (high confidence), ahead of 76% of the S&P 500 stocks in its sector. Its strongest lens is financial health (76) and its weakest is growth (52).
Our fair value blend is $377.14 (range $362.21 to $393.41). At $442.03 the stock trades 17% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
F5, Inc. (FFIV)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$198.78
$144.73
$161.14
$220.20
$323.19
$442.03
Market cap
$12.3B
$8.8B
$9.7B
$13.1B
$19.0B
$25.4B
P/E
37.2×
27.5×
24.6×
23.1×
27.4×
35.2×
EV / revenue
4.5×
3.1×
3.2×
4.3×
5.7×
7.2×
EV / EBITDA
23.2×
16.0×
15.2×
15.7×
20.5×
26.2×
Price / free cash flow
20.1×
21.6×
16.2×
17.2×
20.9×
26.2×
Free-cash-flow yield
5.0%
4.6%
6.2%
5.8%
4.8%
3.8%
Price / book
5.2×
3.6×
3.5×
4.2×
5.3×
6.6×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 6 Good · ● 8 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−4.7%Average
Free-cash-flow yield3.8%Average
Risk models
Altman Z score5.1×Good
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)30.8%Good
Free-cash-flow growth (3y)30.4%Good
Revenue growth (3y)4.6%Average
Growth consistency80%Bad
Balance sheet
Current ratio1.7×Average
Interest coverno interest costGood
Valuation
Fair value vs price0.9×Average
EBIT / EV yield3.4%Average
Profitability
Return on invested capital27.6%Average
Operating margin24.5%Average
Gross profitability39.7%Good
XStocksXray
F5, Inc. (FFIV)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
2,603
2,696
2,813
2,816
3,088
3,309
Gross profit
2,110
2,156
2,220
2,258
2,514
2,709
Operating income
394
404
473
659
766
812
Net income
331
322
395
567
692
727
Diluted EPS ($)
5.34
5.27
6.55
9.55
11.80
12.54
Free cash flow
615
409
599
762
906
970
Gross margin
81.1%
80.0%
78.9%
80.2%
81.4%
81.9%
Operating margin
15.1%
15.0%
16.8%
23.4%
24.8%
24.5%
Net margin
12.7%
12.0%
14.0%
20.1%
22.4%
22.0%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
4,997
5,276
5,248
5,613
6,319
6,829
Cash
581
758
797
1,075
1,344
1,606
Total debt
369
350
0
–
–
–
Equity
2,360
2,469
2,800
3,129
3,592
3,856
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.