# Extreme Networks, Inc. (EXTR)

> Source: Nexqual · https://nexqual.com/EXTR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Extreme Networks, Inc. (EXTR), nexqual.com/EXTR" · informational, not investment advice.

**Price:** USD 22.04 (-2.22% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 22.54 · day 21.69–22.41 · 52w 13.48–33.73 · market cap $2.91B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.28B, net income $42.1M (3.3% margin), free cash flow $95.3M (SEC filings).
- Valuation: P/E 69.2x (avg 103.7x at the last 1 fiscal year-ends), EV/EBITDA 36.5x, net cash $46.8M.
- 2 of 80 tracked superinvestors hold EXTR (13F, Q2 2026): 1 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 21 Form 4 filings, $22.1M; 4 not under a Rule 10b5-1 plan ($3.6M); 3 by opportunistic insiders (0 outside 10b5-1 plans), 8 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (8 analysts), mean target USD 33.5 (range 28–38).
- Total return with dividends: 1Y +4.3% vs S&P 500 +14.9%; 5Y +125.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.28, revenue estimate $337M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.11B | $1.31B | $1.12B | $1.14B | $1.28B | $1.28B |
| Gross profit | $630M | $755M | $631M | $709M | $789M | — |
| Operating income | $64.2M | $108M | -$65.2M | $16.9M | $62.7M | $62.7M |
| Net income | $44.3M | $78.1M | -$86.0M | -$7.5M | $42.1M | $42.1M |
| EPS (diluted) | $0.33 | $0.58 | -$0.66 | -$0.06 | $0.31 | — |
| Free cash flow | $113M | $235M | $37.4M | $127M | $95.2M | $95.3M |
| Gross margin | 56.6% | 57.5% | 56.5% | 62.2% | 61.5% | — |
| Operating margin | 5.8% | 8.3% | -5.8% | 1.5% | 4.9% | 4.9% |
| Net margin | 4.0% | 5.9% | -7.7% | -0.7% | 3.3% | 3.3% |
| Revenue growth | +10.2% | +18.0% | -14.9% | +2.0% | +12.6% | — |
| Cash + short-term investments | $195M | $235M | $157M | $232M | $212M | — |
| Total debt | $309M | $225M | $190M | $180M | $165M | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 69.2x · P/S 2.3x · EV/EBITDA 36.5x · EV/Sales 2.2x · P/FCF 30.6x · P/B 32.9x · FCF yield 3.27% · Earnings yield 1.45% · Buyback yield (TTM) 2.99% · Net cash $46.8M · EV $2.87B
P/E at fiscal year-ends: Jun 2026 103.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold EXTR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.03% | $18.9M | Added +66.8% |
| Lee Ainslie | Maverick Capital | <0.01% | $466K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
17 of 21 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Meyercord Edward | PRESIDENT AND CEO | 50,000 | $1.1M | 2.8% | Yes | Routine (sold in May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-09-01 | Meyercord Edward | PRESIDENT AND CEO | 50,000 | $1.1M | 2.8% | Yes | Routine (sold in May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-08-21 | Rhodes Kevin R | EVP Chief Financial Officer | 21,825 | $487K | 10% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-10 | Khanna Raj | Director | 15,000 | $363K | 7.1% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-03 | Meyercord Edward | PRESIDENT AND CEO | 50,000 | $1.5M | 3% | Yes | Routine (sold in May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-07-01 | Meyercord Edward | PRESIDENT AND CEO | 50,000 | $1.6M | 3% | Yes | Routine (sold in May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-12 | Motiey Katayoun | Chief Legal Admin Sust Officer | 30,000 | $931K | 19.9% | No | Too little history (no open-market trades in 2023) |
| 2026-06-11 | Rhodes Kevin R | EVP Chief Financial Officer | 35,000 | $1.1M | 18.8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-08 | Motiey Katayoun | Chief Legal Admin Sust Officer | 7,500 | $225K | 4.7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-01…2026-06-02 | Motiey Katayoun | Chief Legal Admin Sust Officer | 15,000 | $428K | 8.7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-01…2026-06-02 | Meyercord Edward | PRESIDENT AND CEO | 150,000 | $4.3M | 8.5% | Yes | Routine (sold in May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-26 | Motiey Katayoun | Chief Legal Admin Sust Officer | 15,000 | $398K | 8% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-26 | Meyercord Edward | PRESIDENT AND CEO | 100,000 | $2.6M | 5.5% | Yes | Routine (sold in May & Nov each year 2023–2025) |
| 2026-05-15 | Holmgren Kathleen M | Director | 19,521 | $484K | 8.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Motiey Katayoun | Chief Legal Admin Sust Officer | 7,661 | $192K | 3.9% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-14 | Rhodes Kevin R | EVP Chief Financial Officer | 12,410 | $310K | 7.6% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-04…2026-05-05 | Meyercord Edward | PRESIDENT AND CEO | 100,000 | $2.3M | 5.3% | Yes | Routine (sold in May & Nov each year 2023–2025) |
| 2026-05-05 | Khanna Raj | Director | 10,000 | $232K | 4.5% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-04 | Kennedy Edward H | Director | 50,000 | $1.1M | 8% | No | Too little history (no open-market trades in 2024) |
| 2026-04-30…2026-05-01 | Khanna Raj | Director | 10,000 | $222K | 4.3% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 8 analysts; mean target USD 33.5 (low 28, high 38).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Rosenblatt | Maintained | Buy | $38 |
| 2026-08-06 | B. Riley Securities | Target raised | Buy | $28 → $34 |
| 2026-08-06 | Rosenblatt | Target lowered | Buy | $39 → $38 |
| 2026-08-06 | Needham | Target lowered | Buy | $38 → $35 |
| 2026-08-05 | Needham | Target lowered | Buy | $38 → $35 |
| 2026-07-22 | Needham | Target raised | Buy | $26 → $38 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +4.3% | +125.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +4.3% | +17.6% |
| Volatility (annualized) | 55.1% | 49.2% |
| Max drawdown | -37.7% (Jul 2026→Sep 2026) | -66.8% (Aug 2023→Apr 2024) |

## Peers (Communication Equipment)
DGII (Digi International Inc.) USD 72.8 -3.32% · ONDS (Ondas Inc) USD 6.02 -3.99% · BDC (Belden Inc) USD 103.46 -4.01% · TSAT (Telesat Corporation) USD 40.4 -4.33% · AAOI (Applied Optoelectronics, Inc.) USD 68.07 -11.96% · VISN (Vistance Networks, Inc.) USD 6.08 -0.49%

## More
Full page: https://nexqual.com/EXTR · 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

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $218.5M | 64.5% | +13.9% |
| Subscription & Support | $120.1M | 35.5% | +4.3% |
| Total revenue | $338.5M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $188.9M | 55.8% | +34.6% |
| — United States (part of Americas) | $176.2M | 52.1% | +36.3% |
| — Other Americas (part of Americas) | $12.7M | 3.7% | +14.8% |
| EMEA | $119.7M | 35.4% | -8.9% |
| Asia Pacific | $30.0M | 8.9% | -15.2% |
| Total revenue | $338.5M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 18%, 16%, 15% of revenue from unnamed direct customers (10-K, filed 2026-08-17).

## Company outlook (8-K filed 2026-08-05)

- "Outlook for FY27 Morrisville, NC, August 5, 2026 -- Extreme Networks, Inc."
- "Looking ahead at Fiscal 2027, we continue to expect double-digit product revenue growth and continued solid gross margin driving strong EPS growth." Fiscal Fourth Quarter Results: • Revenue $338.6 million, up 10.3% year-over-year and up 6.8% quarter-over-quarter • SaaS ARR $244.3 million"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.28 | $0.28 | -2.2% | $336.8M | 8 |
| Next quarter (ends 2026-12-31) | $0.32 | $0.32 | +2.0% | $345.0M | 8 |
| Current fiscal year (ends 2027-06-30) | $1.31 | $1.31 | -0.1% | $1.39B | 8 |
| Next fiscal year (ends 2028-06-30) | $1.52 | $1.47 | +3.1% | $1.52B | 7 |