A10 Networks, Inc. (ATEN) Stock Analysis
Technology · Software - Infrastructure · NYSE
A10 Networks, Inc. (ATEN) posted $290.56M in revenue for fiscal 2025 (up 11.0% year over year), at a 14.5% net margin, and has compounded revenue about 5.2%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on A10 Networks, Inc.
A10 Networks, Inc. has grown revenue from $227.30M to $290.56M over the last 10 fiscal years, compounding about 5.2% a year. The most recent year was up 11%, so growth is actually accelerating.
Net margin sits at 14.5%, down 4.7 points year over year on a 79.3% gross margin. It carries about $218.79M of total debt.
At today's valuation the market is pricing in roughly 15.4% annual free-cash-flow growth — versus the 4.6% it actually delivered over the last five years, so the price already assumes a step-up from the recent record.
Synthesised from A10 Networks, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
A10 Networks, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $227.30M | $235.43M | $232.22M | $212.63M | $225.53M | $250.04M | $280.34M | $251.70M | $261.70M | $290.56M |
| Gross profit | $172.88M | $182.11M | $180.33M | $163.75M | $175.38M | $196.54M | $223.51M | $203.74M | $210.28M | $230.51M |
| Net income | $-22.39M | $-10.75M | $-27.62M | $-17.82M | $17.82M | $94.89M | $46.91M | $39.97M | $50.14M | $42.14M |
| Net margin | -9.9% | -4.6% | -11.9% | -8.4% | 7.9% | 37.9% | 16.7% | 15.9% | 19.2% | 14.5% |
Source: A10 Networks, Inc. SEC filings (10-K). 14 years of history available in the interactive view.
A10 Networks, Inc.: no obvious red flags in the filings
Our deterministic scan of the filed statements — receivables vs sales, earnings vs cash, dilution, leverage and margins — didn't flag anything. Ask about the risks →
What growth is priced into ATEN stock?
At today's market cap of $2.28B, A10 Networks, Inc. is priced for free-cash-flow growth of about 15.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $64.77M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 4.6%/yr over the last five fiscal years and revenue 5.2%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 14 years of A10 Networks, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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A10 Networks, Inc. financial history by metric
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About A10 Networks, Inc.
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.
A10 Networks, Inc. — frequently asked questions
What is A10 Networks, Inc.'s revenue?
A10 Networks, Inc. (ATEN) reported revenue of $290.56M for fiscal year 2025, up 11.0% from the prior year, according to its SEC filings.
Is A10 Networks, Inc. profitable?
Yes. ATEN earned net income of $42.14M in fiscal 2025, a net margin of 14.5%.
What is ATEN's P/E ratio?
A10 Networks, Inc. trades at a price-to-earnings ratio of about 52.0 based on the latest data in our nightly-refreshed cache.
How fast is A10 Networks, Inc. growing?
ATEN's revenue grew at roughly 5.2% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does A10 Networks, Inc. have?
As of fiscal year 2025, ATEN carried roughly $218.79M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is A10 Networks, Inc.'s gross margin?
ATEN's gross margin was 79.3% in fiscal 2025 — gross profit of $230.51M on revenue of $290.56M.
What is A10 Networks, Inc.'s market cap?
A10 Networks, Inc. (ATEN) has a market capitalization of about $2.28B, based on the latest data in our nightly-refreshed cache.
When does A10 Networks, Inc.'s fiscal year end?
ATEN's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into ATEN stock?
At today's market cap of $2.28B, A10 Networks, Inc. is priced for free-cash-flow growth of about 15.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $64.77M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 4.6%/yr over the last five fiscal years and revenue 5.2%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from A10 Networks, Inc.'s official SEC filings (10-K and 10-Q), covering 14 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.