# A10 Networks, Inc. (ATEN)

> Source: Nexqual · https://nexqual.com/ATEN · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, A10 Networks, Inc. (ATEN), nexqual.com/ATEN" · informational, not investment advice.

**Price:** USD 25.84 (-2.31% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 26.45 · day 25.22–26.25 · 52w 16.52–38.49 · market cap $1.88B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $310M, net income $43.0M (13.9% margin), free cash flow $60.9M (SEC filings).
- Valuation: P/E 43.7x (avg 27.8x at the last 3 fiscal year-ends), EV/EBITDA 27.3x, net cash $138M.
- Analysts: Buy (mean 2.17 on a 1–5 scale) (6 analysts), mean target USD 36 (range 28–45).
- Total return with dividends: 1Y +51.3% vs S&P 500 +14.8%; 5Y +48.5% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD 0.27, revenue estimate $83.9M. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: USD 0.24 a year (yield 0.91%), paid quarterly; latest ex-dividend date 2026-08-17; annual dividends grew 4.6% a year 2022–2025.
- Short interest: 18.86% of float (as of 2026-10-15), 8.3 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $250M | $280M | $252M | $262M | $291M | $310M |
| Gross profit | $197M | $224M | $204M | $210M | $231M | — |
| Operating income | $33.4M | $53.1M | $38.6M | $44.0M | $47.1M | $50.1M |
| Net income | $94.9M | $46.9M | $40.0M | $50.1M | $42.1M | $43.0M |
| EPS (diluted) | $1.19 | $0.60 | $0.53 | $0.67 | $0.57 | — |
| Free cash flow | $44.9M | $55.3M | $33.6M | $78.2M | $64.8M | $60.9M |
| Gross margin | 78.6% | 79.7% | 80.9% | 80.4% | 79.3% | — |
| Operating margin | 13.4% | 18.9% | 15.4% | 16.8% | 16.2% | 16.1% |
| Net margin | 37.9% | 16.7% | 15.9% | 19.2% | 14.5% | 13.9% |
| Revenue growth | +10.9% | +12.1% | -10.2% | +4.0% | +11.0% | — |
| Cash + short-term investments | $185M | $151M | $154M | $196M | $378M | — |
| Total debt | — | — | — | $0K | $219M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 43.7x · P/S 6.0x · EV/EBITDA 27.3x · EV/Sales 5.6x · P/FCF 30.8x · P/B 7.9x · FCF yield 3.25% · Earnings yield 2.29% · Dividend yield (paid, TTM) 0.92% · Buyback yield (TTM) 1.22% · Net cash $138M · EV $1.74B
P/E at fiscal year-ends: Dec 2025 30.9x, Dec 2024 27.6x, Dec 2023 24.9x.

## Analysts
Consensus Buy (mean 2.17 on a 1–5 scale), 6 analysts; mean target USD 36 (low 28, high 45).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Mizuho | Target lowered | Neutral | $34 → $30 |
| 2026-09-01 | Deutsche Bank | Initiated | Buy → Hold | $28 |
| 2026-08-14 | BWS Financial | Maintained | Buy | $45 |
| 2026-08-06 | BWS Financial | Maintained | Buy | $45 |
| 2026-08-06 | BTIG | Reiterated | Buy | $37 |
| 2026-07-15 | Mizuho | Target raised | Neutral | $30 → $34 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +51.3% | +48.5% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +51.7% | +8.2% |
| Volatility (annualized) | 39.5% | 36.4% |
| Max drawdown | -35.9% (Jul 2026→Sep 2026) | -42.6% (Nov 2022→Oct 2023) |

## Dividends
Annual dividend rate USD 0.24 per share, yield 0.91% at the current price. Paid over the last 12 months: USD 0.24 in 4 payments (quarterly).
Most recent ex-dividend date: Aug 17, 2026; payment date: Sep 1, 2026. To receive a dividend, shares must be owned before the ex-dividend date.
Latest change: raised 20.0% to USD 0.06 per payment from USD 0.05, starting with the Nov 14, 2022 ex-dividend date.
Payout ratio 41% of earnings · 5-year average yield 1.09% · annual dividends grew 4.6% a year from 2022 to 2025.
| Ex-dividend date | Amount per share |
|---|---|
| 2026-08-17 | USD 0.06 |
| 2026-05-15 | USD 0.06 |
| 2026-02-13 | USD 0.06 |
| 2025-11-17 | USD 0.06 |
| 2025-08-15 | USD 0.06 |
| 2025-05-15 | USD 0.06 |
| 2025-02-14 | USD 0.06 |
| 2024-11-18 | USD 0.06 |
Total by calendar year: 2022 USD 0.21 · 2023 USD 0.24 · 2024 USD 0.24 · 2025 USD 0.24.

## Short interest
9,655,940 shares sold short, 18.86% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 9,713,373 shares (-0.6%). Days to cover: 8.3 (short shares ÷ average daily volume).

## Peers (Software - Infrastructure)
DLO (DLocal Limited) USD 13.65 -0.87% · BLSH (Bullish) USD 28.47 -0.90% · CORZ (Core Scientific, Inc.) USD 14.43 -3.80% · RELY (Remitly Global, Inc.) USD 24.64 +1.52% · TENB (Tenable Holdings, Inc.) USD 51.78 +6.28% · BB (BlackBerry Limited) USD 9.19 -2.23%

## More
Full page: https://nexqual.com/ATEN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.27 | $0.27 | +0.0% | $83.9M | 5 |
| Next quarter (ends 2026-12-31) | $0.29 | $0.29 | +0.1% | $90.1M | 5 |
| Current fiscal year (ends 2026-12-31) | $1.04 | $1.04 | +0.6% | $329.2M | 6 |
| Next fiscal year (ends 2027-12-31) | $1.19 | $1.18 | +0.5% | $367.2M | 6 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.25 | $0.24 | Beat +4.2% | — |
| — | Quarter ended Mar 31, 2026 | $0.24 | $0.23 | Beat +4.3% | — |
| — | Quarter ended Dec 31, 2025 | $0.26 | $0.24 | Beat +8.3% | — |
| — | Quarter ended Sep 30, 2025 | $0.23 | $0.21 | Beat +9.5% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).