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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $291M | $74M | $42M | $65M | 19.9% | 11.0% | -16.0% |
| 2024 | $262M | $55M | $50M | $78M | 21.6% | 4.0% | 25.4% |
| 2023 | $252M | $48M | $40M | $34M | 19.2% | -10.2% | -14.8% |
| 2022 | $280M | $62M | $47M | $55M | 25.9% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 280.34 | 251.70 | 261.70 | 290.56 |
| Operating Revenue | - | 280.34 | 251.70 | 261.70 | 290.56 |
| Cost Of Revenue | - | 56.83 | 47.96 | 51.42 | 60.04 |
| Gross Profit | - | 223.51 | 203.74 | 210.28 | 230.52 |
| Operating Expense | - | 170.43 | 165.09 | 166.31 | 183.37 |
| Research And Development | - | 58.40 | 55.23 | 57.73 | 69.10 |
| Selling General And Administration | - | 112.03 | 109.86 | 108.58 | 114.27 |
| Total Expenses | - | 227.26 | 213.05 | 217.73 | 243.42 |
| Operating Income | - | 53.08 | 38.65 | 43.97 | 47.14 |
| Total Operating Income As Reported | - | 53.08 | 38.65 | 43.97 | 47.14 |
| EBITDA | - | 61.76 | 47.99 | 55.26 | 73.63 |
| Normalized EBITDA | - | 61.76 | 47.99 | 55.26 | 73.63 |
| EBIT | - | 54.38 | 38.65 | 43.97 | 58.77 |
| Interest Income | - | 1.30 | 5.15 | 14.13 | 11.63 |
| Interest Expense | 2.15 | 1.67 | - | - | 6.35 |
| Net Interest Income | - | -0.36 | 5.15 | 14.13 | 5.28 |
| Interest Income Non Operating | - | 1.30 | 5.15 | 14.13 | 11.63 |
| Interest Expense Non Operating | 2.15 | 1.67 | - | - | 6.35 |
| Net Non Operating Interest Income Expense | - | -0.36 | 5.15 | 14.13 | 5.28 |
| Pretax Income | - | 52.72 | 43.80 | 58.10 | 52.42 |
| Tax Provision | - | 5.81 | 3.82 | 7.96 | 10.28 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 46.91 | 39.97 | 50.14 | 42.14 |
| Net Income From Continuing And Discontinued Operation | - | 46.91 | 39.97 | 50.14 | 42.14 |
| Net Income From Continuing Operation Net Minority Interest | - | 46.91 | 39.97 | 50.14 | 42.14 |
| Net Income | - | 46.91 | 39.97 | 50.14 | 42.14 |
| Net Income Common Stockholders | - | 46.91 | 39.97 | 50.14 | 42.14 |
| Net Income Including Noncontrolling Interests | - | 46.91 | 39.97 | 50.14 | 42.14 |
| Normalized Income | - | 46.91 | 39.97 | 50.14 | 42.14 |
| Diluted NI Availto Com Stockholders | - | 46.91 | 39.97 | 50.14 | 42.14 |
| Basic Average Shares | - | 75.53 | 74.21 | 74.09 | 72.25 |
| Diluted Average Shares | - | 77.75 | 75.55 | 75.30 | 73.59 |
| Reconciled Depreciation | - | 7.38 | 9.35 | 11.29 | 14.86 |
| Reconciled Cost Of Revenue | - | 56.83 | 47.96 | 51.42 | 60.04 |
| Total Unusual Items | 0 | 0 | - | - | - |
| Total Unusual Items Excluding Goodwill | 0 | 0 | - | - | - |
| Special Income Charges | 0 | 0 | - | - | - |
| Restructuring And Mergern Acquisition | 0 | 0 | - | - | - |
| General And Administrative Expense | - | 23.52 | 23.88 | 25.28 | 29.80 |
| Other Gand A | - | 23.52 | 23.88 | 25.28 | 29.80 |
| Selling And Marketing Expense | - | 88.51 | 85.98 | 83.30 | 84.47 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| A10 Networks, Inc.this co. | ATEN | $2.3B | 54.16β premium | 10.79 | 19.9% | 33.13 |
| PagSeguro Digital Ltd. | PAGS | $2.5B | 1.16 | 0.17 | 14.5% | 5.00 |
| PDF Solutions, Inc. | PDFS | $2.4B | -3688.94 | 8.71 | -0.2% | 129.30 |
| Bandwidth Inc. | BAND | $2.3B | -181.49 | 5.86 | -3.2% | 69.40 |
| AvePoint, Inc. | AVPT | $2.3B | 66.35 |
| - |
| - |
| - |
| - |
| - |
| 4.82 |
| 7.3% |
| 46.83 |
| BigBear.ai Holdings, Inc. | BBAI | $2.3B | -7.77 | 3.73 | -48.0% | -8.19 |
| LiveRamp Holdings, Inc. | RAMP | $2.2B | 15.39 | 2.31 | 15.0% | 17.01 |
| Shoals Technologies Group, Inc. | SHLS | $2.1B | 63.81 | 3.57 | 5.6% | 31.94 |
| Vertex, Inc. | VERX | $2.1B | 295.31 | 8.22 | 2.8% | 25.19 |
| Peer Median | - | 8.28 | 4.28 | 4.2% | 28.57 | |