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F5, Inc. (FFIV)

POSITIVE
TechnologySoftware - InfrastructureUnited States

Fundamental

73

Preço

$380.97

Capitalização de Mercado

$21.78B

Parte 1 · Quanto vale a empresa

Visão Geral

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.

Como gera receita

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.

Receita por segmento

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.

Vantagem competitiva

Custos de mudança · Estreita

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.

O que impulsiona a procura

Moderadamente cíclico

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.

Principais riscos

  • 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.

Concentração de clientes

Os principais clientes representam 33.3% da receita

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.

Os argumentos a favor

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.

Os argumentos contra

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 18 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

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Balanço & Liquidez

Receita

$3.31B

Últimos 12 meses (até 30/06/2026)

Resultado Líquido

$727M

Últimos 12 meses (até 30/06/2026)

Fluxo de Caixa Livre

$906M

Capital Próprio Total

$3.59B

Passivo Total

$2.73B

Rácio de Liquidez

1.66

Cobertura de Juros

-

Dívida/EBITDA

0.29

Resultados Por Ação

Receita & Resultado Líquido

Fluxo de Caixa Livre

Decomposição dos Resultados

Demonstração histórica

Margens ao longo do tempo

A dívida ao longo do tempo

Quanto pesa a dívida

Grelha do crescimento

Crescimento — Receitas

Estimativa de Valor Justo

General caseJustamente Valorizada

Valor Justo

$391.77

Preço Atual

$380.97

Margem de Segurança

+2.8%

Intervalo de Valor Justo

$267.13 - $516.40

Métodos de Estimativa

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
Consenso dos Analistas:Comprar (11B / 8H / 1S)
Última Surpresa de Resultados:+15.93%

Métricas de Avaliação

Rácio P/E

30.20

ROE

19.3%

Rácio P/B

5.57

P/FCF

22.14

Margem Bruta

81.9%

ROIC

12.7%

Radar de Rentabilidade

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.

Critérios de Análise Fundamental

Aprovado (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

Reprovado (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%

Indisponível (2)

  • Dividend Payout NaN%
  • Interest Coverage

Piotroski F-Score

8/9

Saúde financeira sólida

score
criteria

Qualidade dos Resultados

1.44

Alta qualidade: resultados respaldados por caixa

Diluição de Ações

-1.1%

A recomprar ações. Favorável ao acionista

Governação

Equipa Executiva

NomeCargoIdade
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-

Risco de Auditoria

4

Risco do Conselho

5

Risco de Remuneração

7

Risco dos Direitos dos Acionistas

4

Parte 2 · O preço e o momento de entrar

Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.

Latest News

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