F5, Inc.
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Range $300 – $475
Price Chart
About the company
F5, Inc. is a technology company specializing in comprehensive solutions designed to secure and optimize the delivery of applications across various cloud environments. Their core mission is to guarantee the security, peak performance, and constant availability of critical network applications, servers, and storage systems for their clients.
- CEO
- Francois Locoh-Donou
- IPO
- 1999
- Employees
- 6,545
- HQ
- Seattle, WA, US
AI snapshot
Six angles, distilled from the data.
FFIV remains in a constructive long-term uptrend, trading well above its 200-day average of 317.6 and still far above the 52-week low of 223.76. The stock is working through a pullback from the upper end of its range, with the 52-week high at 435 keeping the secular trend intact.
Street sentiment is cautious-to-positive: the consensus rating sits at Hold, but the average target of 436.1 is above the current share price. Recent action has been mixed, with several reiterations, one upgrade to Outperform, and multiple target raises, including 461 at Piper Sandler and 450 at RBC.
FFIV has a clean earnings track record, beating EPS in all 8 of the last 8 quarters, including a 27.0% surprise in the latest report. Next-year EPS estimates point higher to 18.08 from 17.33 for FY2026, so shareholders should watch whether revenue growth and margin discipline keep supporting that step-up.
Recent insider activity skews negative on discretionary trades, led by net selling from the CEO and another officer. The award, exempt, and in-kind entries around the sales are mostly compensation-related noise, but the repeated CEO sales and the EVP Global Services & Strategy sale point to light insider caution.
Profitability is strong, with an 81.9% gross margin, 24.65% operating margin, and 21.95% net margin. Growth is still solid, with revenue up 10.9% year over year and earnings up 11.4%, while free cash flow of $992.9 million and net cash of $851.7 million leave the balance sheet flexible.
FFIV looks like a premium infrastructure software name with better margins than many peers, supported by recurring security and delivery demand. The valuation is not cheap, with a 22.97 P/E, but it still trades below the consensus target and near the middle of the analyst target range.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $21.59B
- P/E
- 30.13
- Fwd P/E
- 22.08
- PEG
- 2.84
- P/S
- 6.52
- P/B
- 5.66
- EV/EBITDA
- 20.98
- Div Yield
- 0.00%
- Gross Margin
- 82.21%
- Op Margin
- 24.53%
- Net Margin
- 21.95%
- ROE
- 19.86%
- ROIC
- 13.57%
Latest fiscal year · YoY change
- Revenue
- $3.09B+9.7%
- Gross Profit
- $2.51B+11.3%
- Op Income
- $765.95M
- Net Income
- $692.38M+22.2%
- EPS
- $11.96+23.9%
- OCF Growth
- +19.8%
- FCF Growth
- +18.9%
- 52W High
- $435.00
- 52W Low
- $223.76
- 50D MA
- $404.23
- 200D MA
- $318.20
- Beta
- 1.03
- RSI (14)
- 39
- Avg Volume
- 661.77K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
F5 posted an outstanding Q3 with 11% revenue growth and 14% non-GAAP EPS growth, lifted full-year guidance, and said demand is being driven by hybrid multi-cloud, security, and AI use cases.· July 27, 2026
- Q3 revenue grew 11% to $865 million, with product revenue up 19% to $463 million and services revenue up 3% to $402 million.
- Non-GAAP EPS was $4.73, up 14% year over year; non-GAAP gross margin was 84.2% and non-GAAP operating margin was 35%.
- Full-year fiscal 2026 revenue growth guidance was raised to approximately 9% to 10% from 7% to 8%; FY26 non-GAAP EPS guidance was raised to $17.21 to $17.33.
- Management said AI-related direct use cases are gaining traction, with cumulative customer count for direct AI use cases up 50% in Q3 and AI security customers up 100% in the quarter.
- Gross margin outlook improved near term on higher-performance systems mix and better component sourcing, but management kept FY27 gross margin guidance unchanged due to a dynamic memory and storage pricing environment.
Q3 revenue rose 11% year over year to $865 million, with product revenue up 19% to $463 million and services revenue up 3% to $402 million. Systems revenue was $240 million, up 32% year over year; software revenue was $223 million, up 7%, and subscription-based software revenue was $201 million, up 9%. GAAP net income was $208 million, or $3.62 per share; non-GAAP net income was $272 million, or $4.73 per share, up 14% year over year. GAAP gross margin was 82.2% and non-GAAP gross margin was 84.2%; GAAP operating margin was 24.7% and non-GAAP operating margin was 35%. Cash flow from operations was $316 million, free cash flow was $281 million, cash and investments were $1.63 billion, and deferred revenue was $2.19 billion, up 12% year over year. For Q4, F5 guided revenue to $870 million to $890 million, non-GAAP EPS to $4.14 to $4.26, and non-GAAP gross margin to 83% to 84%. For FY26, F5 now expects revenue growth of approximately 9% to 10%, non-GAAP gross margin of 83.5% to 84%, non-GAAP operating margin of 34.5% to 35.5%, non-GAAP EPS of $17.21 to $17.33, and a non-GAAP tax rate of 18% to 19%.
Francois Locoh-Donou framed the quarter as proof that F5 is well positioned at the intersection of hybrid multi-cloud adoption, rising application-layer threats, and the AI inference buildout. He emphasized that customers are consolidating onto F5 for application delivery and security, and highlighted momentum in AI data delivery, AI runtime security, and AI factory load balancing. His tone was confident and promotional, with repeated references to durable secular tailwinds and the company’s ability to innovate faster in response to frontier AI risk.
Cooper Werner said Q3 results came in above the top end of guidance and highlighted favorable mix and execution. He pointed to 82.2% GAAP gross margin, 84.2% non-GAAP gross margin, $316 million of operating cash flow, $281 million of free cash flow, and $100 million of share repurchases at an average price of $299 per share. He said the Q4 and near-term gross margin improvement was driven by stronger adoption of higher-performance appliances and better component sourcing, but he held FY27 gross margin guidance at 80% to 82% because memory and storage pricing remains dynamic; he also said full-year repurchases are expected to be at least 50% of free cash flow.
Analysts pressed on the size and sustainability of AI-related revenue, and management said direct AI customer counts are rising quickly but revenue does not map one-for-one to customer growth; F5 said AI momentum is also showing up indirectly through higher hardware demand tied to AI traffic. Questions also focused on hardware mix, gross margin, and the iSeries refresh, with management saying refresh is orderly but expansion at refresh and outside refresh is improving, and that AI and sovereignty are adding secular lift. On software, F5 said FY26 growth is being held back by a weak renewal cohort from 2023, but expects reacceleration in FY27 from stronger renewals, Distributed Cloud strength, and the end of legacy SaaS/managed-service transition.
The call suggested F5 is benefiting from multiple durable drivers at once: refresh cycles, sovereignty-led on-prem investment, competitive takeouts, and AI workloads that increase traffic and security spend. Management sounded increasingly confident that direct AI use cases, AI security, and platform consolidation can become meaningful growth contributors, while software should reaccelerate next year as renewals normalize.
Management acknowledged that part of the systems strength is cyclical because F5 is in the middle of a refresh cycle, so hardware growth will not remain at current levels indefinitely. They also flagged ongoing uncertainty around memory and storage pricing, which is why FY27 gross margin guidance was not raised despite a better near-term outlook. APAC revenue was down 11% versus a strong prior-year comparison, and software growth this year was still constrained by a weak renewal base.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 99.4%
- Shares Outstanding
- 56.42M
- Float Shares
- 56.06M
of shares held by institutions
741 13F filers
Buy/sell ratio 0.19. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for FFIV, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Julie JohnsonHouse · TX32 | Buy | Oct 21, 25 | Filing → |
| Julie JohnsonHouse · TX32 | Sell | Oct 21, 25 | Filing → |
| Julie JohnsonHouse · TX32 | Sell | Oct 22, 25 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Jan 10, 24 | Filing → |
| Dan SullivanSenate · AK | Sell | Nov 30, 22 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Jun 26, 23 | Filing → |
| Ro KhannaHouse · CA17 | Buy | May 23, 23 | Filing → |
| Dan SullivanSenate · AK | Sell | Nov 30, 22 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Jun 17, 22 | Filing → |
| Ro KhannaHouse · CA17 | Buy | May 10, 22 | Filing → |
| Ro KhannaHouse · CA17 | Sell | May 5, 22 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Apr 11, 22 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 7.36M | ▲ 114.53K |
| Blackrock, Inc. | 6.28M | ▲ 44.15K |
| Vanguard Capital Management LLC | 3.69M | ▲ 17.15K |
| State Street Corp | 3.10M | ▲ 119.48K |
| Jericho Capital Asset Management L.P. | 2.12M | ▼ 524.26K |
| Hotchkis & Wiley Capital Management LLC | 2.06M | ▼ 2.52M |
| Geode Capital Management, LLC | 1.78M | ▲ 36.63K |
| First Trust Advisors LP | 1.54M | ▲ 63.22K |
| Invesco Ltd. | 1.39M | ▼ 59.74K |
| Aqr Capital Management LLC | 925.63K | ▲ 243.26K |
| Lyrical Asset Management LP | 921.85K | ▼ 25.51K |
| Jane Street Group, LLC | 885.45K | ▲ 868.41K |
Held by 1,826 ETFs
Biggest fund positions in FFIV by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 5, 26 | FOUNTAIN THOMAS DEAN | sell | 1,208 |
| Aug 5, 26 | Locoh-Donou Francois | sell | 200 |
| Aug 5, 26 | Locoh-Donou Francois | sell | 1,100 |
| Aug 5, 26 | Locoh-Donou Francois | sell | 642 |
| Aug 5, 26 | Locoh-Donou Francois | sell | 996 |
| Aug 5, 26 | Locoh-Donou Francois | sell | 320 |
| Aug 5, 26 | Locoh-Donou Francois | sell | 284 |
| Aug 5, 26 | Locoh-Donou Francois | sell | 200 |
| Aug 5, 26 | Locoh-Donou Francois | sell | 40 |
| Aug 3, 26 | Peterman Catherine A | other | 8,618 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our FFIV coverage
Recent articles, reports, and earnings notes.

F5 (FFIV): AI and Refresh Cycle Drive Growth
F5 posted 11% revenue growth in fiscal Q2 2026 as product sales surged 22% and AI-related demand accelerated. The stock earns a Buy on improving mix, strong cash generation, and a fair value estimate of $420.

F5, Inc. (FFIV) gains on deep earnings beat analysis
F5, Inc. (FFIV) gains after a broad-based Q3 beat, but the real story is in the details: accelerating product revenue, stronger EPS leverage, raised full-year guidance, and improving cash generation. This deep-dive breaks down the margin mix, demand drivers, and what the outlook means for the stock.

F5, Inc. (FFIV) gains on earnings beats, up 3.8%
F5, Inc. (FFIV) gains 3.8% after reporting earnings beats, as investors react positively to stronger-than-expected results and improved outlook.
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Abacus FCF Advisors LLC Invests $11.62 Million in F5, Inc. $FFIV
defenseworld.net · Aug 20
F5 Unleashes Next-Generation, Agentic-Ready AI Gateway to Optimize the Economics and Governance of Enterprise AI Costs
businesswire.com · Aug 18
Unlocking F5 (FFIV) International Revenues: Trends, Surprises, and Prospects
zacks.com · Aug 10
F5 (FFIV) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
zacks.com · Aug 7
F5 Placed in the Leader Tier of the SecureIQLab 2026 Cloud WAAP v5.0 CyberRisk Validation Comparative Report
gurufocus.com · Aug 3
F5 Placed in the Leader Tier of the SecureIQLab 2026 Cloud WAAP v5.0 CyberRisk Validation Comparative Report
businesswire.com · Aug 3
PD vs. FFIV: Which Stock Is the Better Value Option?
zacks.com · Jul 29
F5 Rises as AI Demand Turns into Revenue
fxempire.com · Jul 29
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed August 19, 2026 · Live quote · Not investment advice