FFIV
F5, INC.
Technology • CIK: 0001048695
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Market Cap
$14.74B
P/E (TTM)
20.9x
Rev Growth (TTM)
+8.8%
Net Margin (TTM)
22.5%
FCF Yield (TTM)
5.8%
FCF Margin (TTM)
27.4%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$861M
Q '26
$149M-22%
Q4 '25
$192M-30%
FCF Margin
TTM27.4%
Q '2618.2%-23%
Sector: 14.5%Top 25%
OCF Margin28.8%
OCF/NI1.28x
CapEx Coverage20.2x
FCF Yield5.8%
FCF Growth (2Y)+22%
Cash Conversion Cycle
53 days
DSO: 48+DIO: 45−DPO: 40
Capital Allocation & Returns
Total Shareholder YieldFY
FY0.0%
Div Yield0.0%
+Buyback (FY)2.7%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$861.2M
Stock Repurchases (FY)$502.1M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
-50.5%
Stable
+0.1% YoY+4.2%
P25MedianP75
25th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
21.2%
8Q: 20.9%
Asset Turnover
0.51x
8Q: 0.52x
Leverage (1+D/E)
–
Asset & CapEx Efficiency
Fixed Asset Turn
20.56x
8Q:19.98x
+436.5%
Invested Cap Turn
-2.39x
8Q:-2.64x
+56.8%
CapEx Intensity
-3.4%
8Q:-2.9%
CapEx/Depreciation
0.48x
Depreciation Rate Trend
⚠ Declining -4.8%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $3.1B | $822.5M↑1.5% | $810.1M↑3.8% | $780.4M↑6.7% | $731.1M↓4.6% | $766.5M↑2.7% | $746.7M↑7.4% | $695.5M↑2.1% | $681.4M |
Operating Income | $775.1M | $214.2M↑4.1% | $205.7M↑4.8% | $196.3M↑23.5% | $158.9M↓22.5% | $205.1M↑7.4% | $191.0M↑17.1% | $163.1M↑16.5% | $140.0M |
Net Income | $706.0M | $180.1M↓5.5% | $190.5M↑0.3% | $189.9M↑30.5% | $145.5M↓12.6% | $166.4M↑0.7% | $165.3M↑14.7% | $144.1M↑21.1% | $119.0M |
Operating Cash Flow | $906.1M | $159.2M↓23.5% | $208.1M↓26.3% | $282.2M↑10.0% | $256.6M↑26.5% | $202.8M↓17.7% | $246.5M↑55.1% | $159.0M↓28.3% | $221.6M |
Free Cash Flow | $861.2M | $149.5M↓22.1% | $191.9M↓29.9% | $273.7M↑11.2% | $246.1M↑26.4% | $194.7M↓19.0% | $240.4M↑57.0% | $153.1M↓27.8% | $212.2M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
20.9x
Valuation Lenses
Earnings
20.9x
vs – sector
Cash Flow
17.5x
EV/FCF vs –
Growth-Adj
1.0xPEG
Fair for growth
Quality-Adj
–P/E per %ROIC
ROIC: -50.5%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$14.74B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
-44/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)
–
8Q:–
Return on Invested Capital (ROIC)Below Avg
-50.5%
8Q:–
+4.2%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 21.2%
Asset Turnover: 0.51x
Earnings Quality
Cash Conversion
1.28x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin81.4%
Capital Efficiency
Invested Capital Turnover-2.39x
Working Capital
Cash Conversion Cycle53 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
69/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
8.8%
OpInc Growth YoY
4.4%
EPS Growth YoY
20.2%
FCF 3Y CAGR
22.0%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
81.4%
Operating
24.7%
Top 25% in sector
Net
22.5%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+4.9 pts
FCF: 27.4% | Net: 22.5%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $1.20B
Interest Coverage
–
+Net cash position: $1.20B
Leverage Metrics
Debt-to-Equity
–x
Balance sheet risk & solvency analysis