At a glance
A10 Network is worth $1.92B, about 46 times its fiscal 2025 earnings. Revenue grew 11.0% to $290.6M in fiscal 2025, with 14.5% kept as profit; over 5 years it has grown 5.2% a year. It pays a 0.91% dividend yield, and returned $285.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +47.3% over the past year with dividends reinvested and +15.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 51.6% in the 2020 crash (S&P 500: 33.7%) and 23.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month after the low.
The business in plain English
A10 Networks sells hardware and software that keep apps and networks fast, available and protected from attack. Its buyers are telecom and other service providers, plus enterprises in industries such as technology, financial services, government, retail, gaming and education. Its products run on its own ACOS operating system and come as appliances, software or cloud services.
It groups its products into three areas. Legacy networking helps service providers extend older IPv4 networks and move to the newer IPv6 standard. Next-generation networking spreads traffic across servers (load balancing) and speeds up encrypted connections. Network security, sold as A10 Defend, fights distributed denial of service (DDoS) attacks, which flood a network with junk traffic. It also protects web apps and APIs (links that let programs talk to each other). In February 2025 it bought ThreatX Protect's assets and key staff to add cloud-based app and API protection.
Revenue comes mainly from product sales and from support contracts that customers renew. In fiscal 2025, products made up 57.5% of its $290.6 million in revenue and services 42.5%. It is shifting from one-time licenses toward subscriptions. By region, the company reports 55.2% under the Americas and a separate 5% from the Americas outside the United States, plus 24.3% from Asia Pacific and Japan and 15.4% from Europe, the Middle East and Africa.
Price history
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ATEN +47.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Products | $167.1M | 57.5% |
| Services | $123.5M | 42.5% |
By geography
| Americas | $160.5M | 55.2% |
| APJ | $70.5M | 24.3% |
| EMEA | $44.9M | 15.4% |
| Americas excluding United States | $14.7M | 5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $80.1M, up 15.5% from a year earlier, and net income was $8.9M (-15.7%).
- For fiscal 2025, revenue was $290.6M (+11.0% year over year; +5.2% a year from FY2020 to FY2025) with a 14.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.2% good |
|---|---|
| Operating margin | 16.2% good |
| Free cash flow margin | 22.3% good |
| Return on equity (FY2025) | 19.9% good |
| Return on assets (FY2025) | 6.7% watch |
| Net cash (cash minus debt) | $357.3M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $225.5M | $17.8M | $51.7M |
| FY2021 | $250.0M | $94.9M | $44.9M |
| FY2022 | $280.3M | $46.9M | $55.3M |
| FY2023 | $251.7M | $40.0M | $33.6M |
| FY2024 | $261.7M | $50.1M | $78.2M |
| FY2025 | $290.6M | $42.1M | $64.8M |
Valuation snapshot
| Market value | $1.92B |
|---|---|
| P/E ratio | 46.4 |
| Dividend yield | 0.91% |
Rank among 1514 US companies
Market value at each year end
A10 Network’s market value went from $558.5M at the end of 2016 to $1.92B on Oct 28, 2026, about 3.4 times as much; since the end of 2025 it is up 51%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.92B | +51.4% |
| 2025 | $1.27B | -6.6% |
| 2024 | $1.36B | +39.1% |
| 2023 | $976.4M | -20.1% |
| 2022 | $1.22B | -5.0% |
| 2021 | $1.29B | +70.0% |
| 2020 | $756.3M | +43.8% |
| 2019 | $525.9M | +14.2% |
| 2018 | $460.5M | -15.7% |
| 2017 | $546.2M | -2.2% |
| 2016 | $558.5M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ATEN price data to Oct 28, 2026 | +50.6% | +47.3% | +36.7% | +15.4% | +14.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +50.6% |
| 2025 | -2.6% |
| 2024 | +42.1% |
| 2023 | -19.4% |
| 2022 | +1.6% |
| 2021 | +68.7% |
| 2020 | +43.5% |
| 2019 | +10.1% |
| 2018 | -19.2% |
| 2017 | -7.1% |
| 2016 | +26.7% |
| 2015 | +50.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.6% over that stretch · deepest drop along the way 51.6%, back to its old high 1.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.7% over that stretch · deepest drop along the way 23.3%, back to its old high 1 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 6 sales ($3.2M), 5 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 11, 2026 | Dhrupad Trivedi Chief Executive Officer, Director | sell (plan) | $690K |
| Feb 12, 2026 | Dhrupad Trivedi Chief Executive Officer, Director | sell (plan) | $685K |
| Feb 13, 2026 | Dhrupad Trivedi Chief Executive Officer, Director | sell (plan) | $685K |
| May 5, 2026 | Eric Singer Director | sell | $672K |
| Aug 11, 2026 | Robert Scott Weber General Counsel | sell (plan) | $392K |
Who owns it
Large shareholders (13G filings)
| First Trust Portfolios L.P. | 6.68% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.21% | Sep 30, 2026 |
| Vanguard Capital Management | 4.99% | Sep 30, 2026 |
| Legal & General Group Plc | 3.1% | Dec 31, 2021 |
ETFs with the most weight in ATEN
| BUG Global X Cybersecurity ETF | 4.64% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 2.53% |
| SPAM Themes Cybersecurity ETF | 2.23% |
| SAWS AAM Sawgrass US Small Cap Quality Growth ETF | 2.09% |
| OSCV Opus Small Cap Value ETF | 0.96% |
| FSCS First Trust SMID Capital Strength ETF | 0.93% |
| PSWD Xtrackers Cybersecurity Select Equity ETF | 0.73% |
| XSW SPDR S&P Software & Services ETF | 0.63% |
What could go wrong
- A few big buyers drive sales. A small number of customers, including service providers, make large, concentrated purchases. If one of them cuts back or delays an order, revenue and profit can fall in that period.
- No certainty from the strategic review. The company has been exploring strategic alternatives, a term that can include a sale or merger. There is no assurance any deal will happen, and speculation and uncertainty may hurt the business.
- Bigger rivals and the move to cloud. A10 competes with larger, well-established companies with more resources. Customers moving to the cloud also want subscriptions and pay-as-you-go pricing rather than hardware with permanent licenses, and A10 must adapt without losing sales or margin.
- A security failure could hurt its reputation. A10 sells products meant to stop cyberattacks. Real or perceived defects, or a failure to block a threat or prevent a breach, could harm its reputation, bring warranty claims and hurt sales.
- Lumpy, hard-to-predict quarterly results. Results have swung widely from quarter to quarter. Many orders ship near the end of a quarter, so a few delayed deals can push revenue below expectations and send the share price down.
- Convertible notes due in 2030. A10 has borrowed through notes due 2030 that can convert into shares. Cash due at maturity, on conversion or after a takeover could strain its finances, and new shares could weigh on the stock price.
Recent events
- Executive or board change
- Other company announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Major agreement signed; Unregistered sale of shares
- Executive or board change
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
For income and retirement investors
A10 Networks pays a small dividend. It started in fiscal 2021 at $0.20 per share, then paid $0.24 in each year from fiscal 2022 through 2025, with no further increase. In fiscal 2025 the dividend took 41.2% of earnings and 26.8% of free cash flow (cash left after running the business and buying equipment). The yield was 0.91% as of October 28, 2026, so an income investor would get little cash from it. The company returns more through buybacks: $212.5 million over fiscal 2021–2025, versus $72.8 million in dividends, and the share count fell 6.4% between November 2021 and July 2026.
The shares have fallen hard in downturns. In the 2020 COVID crash they dropped 51.6% but recovered in about 1.4 months. In the 2022 bear market they fell 23.3% and recovered in about a month. Their largest drop in about 12.6 years of price history was 78.3%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does A10 Networks make money?
A10 Networks makes money by selling networking and security products, plus the maintenance and support contracts customers buy with them and renew over time. In fiscal 2025, which ended December 31, 2025, products brought in 57.5% of its $290.6 million in revenue and services 42.5%. It sells to service providers and enterprises, directly and through channel partners such as resellers and distributors. It is adding more subscription and term-license options to build recurring revenue.
Does A10 Networks raise its dividend every year?
No. A10 Networks began paying a dividend in fiscal 2021 at $0.20 per share, raised it to $0.24 in fiscal 2022, then held it at $0.24 through fiscal 2025. The yield was 0.91% as of October 28, 2026. In fiscal 2025 the dividend used 41.2% of earnings and 26.8% of free cash flow. The company's 10-K warns that the dividend could be reduced, suspended or eliminated.
Is A10 Networks profitable?
Yes. In fiscal 2025 A10 Networks earned $42.1 million on $290.6 million of revenue, a net margin of 14.5%, and generated $64.8 million of free cash flow. Revenue grew 11%, but net income fell 16%. In the quarter ended June 30, 2026, revenue rose 15.5% from a year earlier to $80.1 million, while net income fell 15.7% to $8.9 million. The company has had net losses in the past and warns it may not stay profitable.
How has ATEN stock performed?
Well over longer periods, but with sharp swings. As of October 28, 2026, the stock returned 47.3% over one year, and averaged 15.4% a year over five years and 14.3% a year over ten. Calendar-year results ranged from a 68.7% gain in 2021 to a 19.4% loss in 2023. Its deepest drop over that one-year span was 35.9%. On the same date the shares had a price-to-earnings ratio of 46.4, based on fiscal 2025 earnings.
Is A10 Networks exploring a sale?
Possibly. In its 10-K filed February 25, 2026, A10 Networks discussed its exploration of strategic alternatives. Companies use that term for options that can include a sale or merger. The company warned there is no assurance the process will lead to any transaction. It also said that speculation and uncertainty about the outcome may hurt its business.