Company Valuation: A10 Networks, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,286 1,221 976.4 1,358 1,269 1,942 - -
Change - -5% -20.06% 39.07% -6.56% 53.08% - -
Enterprise Value (EV) 1 1,286 1,221 976.4 1,358 1,269 2,086 2,058 2,022
Change - -5% -20.06% 39.07% -6.56% 64.36% -1.32% -1.76%
P/E 13.9x 27.7x 24.8x 27.5x 31x 41.9x 34.4x 28.2x
PBR 6.35x 7.14x 4.79x 5.98x 5.98x 7.5x 6.89x 6.23x
PEG - -0.6x -2.1x 1x -2.1x 3.5x 1.6x 1.3x
Capitalization / Revenue 5.14x 4.36x 3.88x 5.19x 4.37x 5.9x 5.28x 4.74x
EV / Revenue 5.14x 4.36x 3.88x 5.19x 4.37x 6.33x 5.6x 4.93x
EV / EBITDA 20.6x 16.3x 13.7x 18.2x 14.8x 20.6x 17.9x 15.6x
EV / EBIT 24x 18.2x 15.8x 21.5x 17.6x 24.3x 20.8x 18x
EV / FCF 28.6x 22.1x 29.7x 17.4x 19.6x 26.2x 22.3x -
FCF Yield 3.49% 4.53% 3.37% 5.76% 5.1% 3.81% 4.48% -
Dividend per Share 2 - - - - - 0.246 0.2583 0.2712
Rate of return - - - - - 0.92% 0.97% 1.01%
EPS 2 1.19 0.6 0.53 0.67 0.57 0.6388 0.7773 0.9492
Distribution rate - - - - - 38.5% 33.2% 28.6%
Net sales 1 250 280.3 251.7 261.7 290.6 329.3 367.6 409.7
EBITDA 1 62.39 75.06 71.17 74.53 86.02 101.2 114.9 129.9
EBIT 1 53.48 67.05 61.83 63.24 72.3 85.95 99.06 112.2
Net income 1 94.89 46.91 39.97 50.14 42.14 47.67 58.15 71.22
Net Debt 1 - - - - - 143.2 115.6 79.41
Reference price 2 16.58 16.63 13.17 18.40 17.69 26.75 26.75 26.75
Nbr of stocks (in thousands) 77,550 73,448 74,138 73,799 71,726 72,609 - -
Announcement Date 2/1/22 A 2/7/23 A 2/6/24 A 2/4/25 A 2/4/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
41.88x6.33x20.61x - 1.94B
21.76x6.12x10.73x1.38% 437B
26.39x5.3x16.7x1.44% 245B
91.13x8.87x23.74x-.--% 146B
-7.39x127.57x1699.51x-.--% 62.32B
33.86x3.19x11.75x0.2% 41.88B
23.41x9.57x15.62x-.--% 19B
31.17x2.04x18.5x-.--% 17.23B
-213.77x3.78x12.66x - 13.83B
38.23x3.39x9.54x-.--% 12.99B
Average 8.67x 17.62x 183.94x 0.38% 99.7B
Weighted average by Cap. 28.89x 13.72x 119.96x 0.98%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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