F5 Inc
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+ FollowMarket Cap$20.55B
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Earnings Call Q4 2026
October 27, 2026 - AI Summary
Q4 & FY26 performance exceeded guidance; growth strongly product-led
- Q4 revenue: $917M (+13% YoY) and above the top end of guidance; product revenue +23% YoY (key driver).
- Product momentum: 9 consecutive quarters of double-digit product revenue growth.
- FY26 revenue: $3.4B (+11% YoY) with product revenue +19%.
- Profitability (Q4): GAAP gross margin 82.2% (non-GAAP 84%); GAAP operating margin 23.1% (non-GAAP 33.7%).
- Cash: CFO $118M and free cash flow $91M in Q4.
FY27 outlook: solid but not “breakout”; confidence anchored in AI security + runtime/in-data-path positioning
- FY27 revenue guidance: +8% to +9% growth (vs FY26 baseline that already finished strong above expectations).
- Product growth expectation: management expects a 3rd consecutive year of double-digit product revenue growth.
- Revenue category outlook (FY27):
- Systems: upper single-digit growth (expects stronger in H1 given refresh cycle).
- Software: solid double-digit growth (strong renewal/expansion visibility; timing stronger in H2).
- Services: low-to-mid single digit growth.
- Margins & EPS (FY27): non-GAAP gross margin 80.5%–82.5% (component cost pressure cited); non-GAAP operating margin 33%–35%; non-GAAP EPS $18.00–$18.30.
- Q1 guidance: revenue $875M–$895M; non-GAAP EPS $4.25–$4.37 (seasonality noted with lower operating margin in Q2 next).
Big strategic narrative: threat landscape + hybrid multi-cloud + AI inference drive demand for platform runtime security
- Management attributes acceleration to 3 megatrends: hybrid multi-cloud adoption, expanding threat landscape, accelerating AI inference.
- They emphasize a core differentiation: runtime enforcement must be in the data path (F5’s historical footprint) and innovation is strengthening that structural advantage.
- Adoption proof (AI-powered WAF): launched in March; by Q4 300+ customers deployed; >75% in blocking mode (interpreted as production trust, not just evaluation).
- Threat urgency examples cited: vulnerability discovery pace (e.g., “70k+ vulnerabilities” through Sep, up ~50% vs 2025; “patching cycle” described as no longer fast enough).
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$314.99
4.5% downside
Current Fair Value
4.5% downsideOvervalued by 4.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $20.55 Billion |
|---|---|
| Enterprise Value | $20.45 Billion |
| Earnings per Share | $12.68 |
| Beta | 1.03 |
| Outstanding Shares | 56,760,000 |
Return
| Return on Equity | 18.84% |
|---|---|
| Return on Assets | 10.64% |
| Return on Invested Capital | 16.84% |
Valuation & Multiples
| P/E Ratio | 26.68 |
|---|---|
| PEG | -22065.3 |
| Price to Sales | 5.5 |
| Price to Book Ratio | 4.92 |
| Enterprise Value to Revenue | 5.95 |
| Enterprise Value to EBIT | 24.01 |
| Enterprise Value to Net Income | 28 |
| Total Debt to Enterprise | 0.07 |
| Debt to Equity | 0.39 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 27, 2026
EPS Estimate
$4.26
Consensus analyst estimateRevenue Estimate
$884.03 M
Consensus analyst estimateNext Earnings Call
Expected Date
January 26, 2027
EPS Estimate
$4.34
Consensus analyst estimateRevenue Estimate
$886.39 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 95.75% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 5.48%▼ 91.86% |
|---|---|
| Total Invested | $1.39B▼ 93.91% |
| Investors Holding | 289▼ 569.00% |
About F5 Networks, Inc.
6,578 employees
CEO: Francois Locoh-Donou
F5, Inc. provides multicloud application security and delivery solutions in the United States, Europe, the Middle East, Africa, and the Asia Pacific region. The company's distributed cloud services enable its customers to deploy, secure,...