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F5, Inc. (FFIV)

POSITIVE
TechnologySoftware - InfrastructureUnited States

ファンダメンタル

73

株価

$384.26

時価総額

$21.78B

パート1 · 企業の価値

概要

F5 makes the software and hardware that sit between a company's applications and the internet, deciding how traffic is routed, balanced across servers and inspected for attacks. Its core product, BIG-IP, began as a physical box installed in corporate data centres and has been rebuilt into software that also runs in public clouds. Customers are mostly large enterprises, banks, telecoms and government agencies that cannot afford their applications going down.

収益の仕組み

Revenue splits across three lines: software (increasingly sold as term-based subscriptions rather than one-time licenses), systems (the physical BIG-IP appliances), and global services (support contracts and professional services tied to the installed base). Because the installed base is large and support renewals are recurring, roughly half of revenue comes from services rather than new sales, giving the business a steady, annuity-like component alongside lumpier hardware and software orders.

セグメント別売上高

Global Services51.1%

Support contracts and professional services tied to F5's installed base of software and hardware already deployed at customers.

Software26%

BIG-IP and related application security and delivery software, sold mostly as term subscriptions across data centre and cloud deployments.

Systems22.9%

The physical BIG-IP appliances that customers install in their own data centres, the company's original product line.

競争優位性(moat)

スイッチングコスト · 狭い

BIG-IP is wired into the core of a customer's network, handling traffic for critical applications; ripping it out means re-architecting how traffic reaches those applications, which enterprises avoid unless forced. That stickiness is being tested by cloud-native alternatives built into AWS, Azure and by rivals like Cloudflare and Akamai, which is why the advantage looks narrow rather than dominant today.

需要を左右する要因

中程度の景気循環性

Demand tracks enterprise IT infrastructure budgets, which enterprises can delay but rarely cut to zero because the applications F5 protects keep running regardless of the economic cycle. Large deals bunch around refresh cycles and cloud migration projects, so quarterly revenue can be lumpy even though the underlying need for application delivery and security is fairly stable.

主なリスク

  • Nation-state breach of internal systems — F5 disclosed in October 2025 that a sophisticated nation-state actor had persistent, long-term access to its internal systems and exfiltrated files including BIG-IP source code, a serious blow to trust for a company whose entire business is securing other people's networks.
  • Distributor concentration — Two distributors accounted for a third of fiscal 2025 revenue; losing or straining either relationship would disrupt a large share of order flow with little notice.
  • Single contract manufacturer — F5 relies on Flex Ltd. to manufacture its hardware appliances; a disruption at that single supplier would directly limit how many systems F5 can ship.
  • Competition from cloud-native and cloud-scale rivals — Akamai, Cloudflare, Cisco and the built-in traffic management tools of the major cloud providers all compete for the same application delivery and security spend, pressuring pricing and share.
  • Execution risk in the shift to subscriptions and SaaS — F5 is moving customers from perpetual hardware and licenses toward recurring software and cloud offerings; a slower-than-planned transition would show up as weaker growth even as the underlying business stays healthy.

顧客集中度

主要顧客が売上高の33.3%を占める

Two distribution partners together generated 33.3% of fiscal 2025 revenue. This is channel concentration rather than end-customer concentration, but it still means F5's near-term order flow depends heavily on the health of a couple of distributors.

強気材料

Buyers argue that F5's systems revenue swung back to strong growth in fiscal 2025, that its installed base keeps renewing high-margin services almost regardless of the broader IT cycle, and that the shift toward software subscriptions should raise the quality and predictability of earnings over time.

弱気材料

Sellers worry that the October 2025 breach will slow sales cycles as customers reassess their trust in F5's security, that two distributors control an outsized share of revenue, and that cloud-native alternatives keep chipping away at the case for a dedicated on-premises appliance.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

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貸借対照表と流動性

売上高

$3.31B

直近12か月(2026/6/30まで)

純利益

$727M

直近12か月(2026/6/30まで)

フリーキャッシュフロー

$906M

自己資本合計

$3.59B

負債合計

$2.73B

流動比率

1.66

利払い倍率

-

負債/EBITDA

0.29

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

General case適正価値

適正価値

$391.77

現在株価

$384.26

安全マージン

+1.9%

適正価値レンジ

$267.13 - $516.40

推定方法

Analyst price target:$436.10
Discounted cash flow (DCF):$509.72
Earnings multiple (P/E):$270.40
Graham growth formula:$506.52
Earnings power value (EPV):$109.91
Justified P/B:$140.22
Dividend discount (Gordon):Not enough data to compute it
P/FFO, funds from operations:Not enough data to compute it
Mid-cycle earnings:$355.39
Revenue multiple:$130.37
アナリスト・コンセンサス:買い (11B / 8H / 1S)
直近の決算サプライズ:+15.93%

バリュエーション指標

P/E レシオ

30.20

ROE

19.3%

P/B レシオ

5.57

P/FCF

22.14

粗利益率

81.9%

ROIC

12.7%

収益性レーダー

Value Creation (Economic Moat)

ROIC

12.7%

WACC

10.1%

ROIC − WACC

+2.6 pp

ROIC exceeds the cost of capital — the company is creating value for shareholders.

ファンダメンタル分析基準

合格(21)

  • EPS shows upward trend
  • EPS CAGR 16.42%
  • Price CAGR 10.27%
  • ROIC 12.7%
  • Gross Margin 81.9%
  • P/FCF 22.14
  • Debt/Equity ratio
  • Operating Margin 24.5%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 19.9%
  • Revenue Growth 5Y 5.6%
  • Analyst Consensus 55% Buy
  • Earnings Surprise avg 13.6%
  • PEG Ratio 1.73
  • Earnings Quality (OCF/NI) 1.44
  • Share Dilution -1.1%
  • Piotroski F-Score 8/9

不合格(5)

  • P/B Ratio 5.57
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Net Margin Trend 22.0% vs 22.1%

データなし(2)

  • Dividend Payout NaN%
  • Interest Coverage

Piotroski F-スコア

8/9

財務健全性が高い

score
criteria

利益の質

1.44

高品質:利益はキャッシュに裏付けられている

株式希薄化

-1.1%

株式を買い戻している。株主に友好的

ガバナンス

経営陣

氏名役職年齢
Mr. Francois Locoh-DonouPresident, CEO & Chairman54
Mr. Edward Cooper WernerExecutive VP & Chief Financial Officer50
Dr. Thomas Dean Fountain Ph.D.Executive VP & COO48
Mr. John MaddisonExecutive VP & Chief Marketing Officer61
Mr. Chad Michael Whalen Esq.Executive VP & Chief Revenue Officer53
Mr. Michael F. MontoyaExecutive VP & Chief Technology Operations Officer53
Ms. Suzanne DuLongVice President of Investor Relations-
Ms. Angelique M. OkekeExecutive VP, General Counsel & Secretary49
Mr. Rob GrueningDirector of Corporate Communications-
Ms. Cathy PetermanExecutive VP & Chief People Officer-

監査リスク

4

取締役会リスク

5

報酬リスク

7

株主権利リスク

4

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

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