FFIV
F5, Inc.
FFIV's fundamentals are strong: it turned 29% of its revenue into free cash flow and revenue grew 9.4%. At 25x earnings, it's trading in line with its usual 27x. Analysts expect earnings growth.
FFIV Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
FFIV's revenue, profitability, cash flow and balance sheet are all currently healthy.
FFIV PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 17x | $318 | — |
| Cheap | 23x | $287 | -9.7% |
| Current | 25x | $318 | — |
| Fair | 27x | $343 | +7.9% |
| Expensive | 37x | $467 | +47% |
Historical ranges are pointers, not guarantees.
FFIV's PE is in its cheap range at 25x. If earnings grow as analysts expect, today's price would be 17x next year's earnings.
FFIV Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for FFIV, with profitability improving.
FFIV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $18.21 | +45% |
| Q2 2026 | $12.55 | +11% |
| Q1 2026 | $12.18 | +16% |
| Q4 2025 | $12.08 | +20% |
| Q3 2025 | $11.80 | +24% |
| Q2 2025 | $11.34 | +22% |
| Q1 2025 | $10.53 | +26% |
| Q4 2024 | $10.05 | +31% |
| Q3 2024 | $9.55 | +46% |
FFIV's earnings per share have climbed steadily: $12.55 over the past year, up 11% from the year before, and higher year over year for 12 quarters in a row.
FFIV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $865.1M | +11% |
| Q1 2026 | $811.7M | +11% |
| Q4 2025 | $822.5M | +7.3% |
| Q3 2025 | $810.1M | +8.5% |
| Q2 2025 | $780.4M | +12% |
| Q1 2025 | $731.1M | +7.3% |
| Q4 2024 | $766.5M | +11% |
| Q3 2024 | $746.7M | +5.6% |
FFIV's revenue has grown year over year for eight quarters in a row: $865M last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 25% | -0.5 points |
| Q1 2026 | 22% | +0.3 points |
| Q4 2025 | 26% | -0.7 points |
| Q3 2025 | 25% | -0.2 points |
| Q2 2025 | 25% | +1.7 points |
| Q1 2025 | 22% | +1.2 points |
| Q4 2024 | 27% | +3 points |
| Q3 2024 | 26% | +1.3 points |
FFIV's operating margin was 25% last quarter, down 0.5 points from the same quarter a year ago.
FFIV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $280.6M | +2.5% |
| Q1 2026 | $347.6M | +41% |
| Q4 2025 | $149.5M | -23% |
| Q3 2025 | $191.9M | -20% |
| Q2 2025 | $273.7M | +79% |
| Q1 2025 | $246.1M | +16% |
| Q4 2024 | $194.7M | +25% |
| Q3 2024 | $240.4M | +38% |
FFIV's free cash flow has been positive every quarter for seven years: $970M over the past year, up 1.5% from the year before.
FFIV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +252K shares |
| 1 year | -1.6% | -942K shares |
| 3 years | -4.6% | -2.8M shares |
| 5 years | -6.2% | -3.8M shares |
| Available history | -4.8% | -2.9M shares |
FFIV has 58M diluted shares, down 1.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $100M |
| Q3 2025 | $125M |
| Q2 2025 | $125M |
| Q3 2024 | $100.5M |
| Q2 2024 | $150M |
| Q1 2024 | $100M |
| Q4 2023 | $150M |
| Q3 2023 | $60M |
FFIV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -1.8x | Net Cash |
| Q1 2026 | -1.6x | Net Cash |
| Q4 2025 | -1.4x | Net Cash |
| Q3 2025 | -1.6x | Net Cash |
| Q2 2025 | -1.7x | Net Cash |
| Q1 2025 | -1.6x | Net Cash |
| Q4 2024 | -1.4x | Net Cash |
| Q3 2024 | -1.4x | Net Cash |
FFIV has more cash than debt.
FFIV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.2 | Neutral |
| Stochastic | 3.4 | Oversold |
FFIV's weekly RSI is 38 (neutral) and its Stochastic is 3 (oversold).
FFIV PE vs Technology Sector
| Metric | FFIV | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 28x | 9% below |
| PE % | 30 | 35 | 5 pts below |
FFIV is trading at 25x earnings, in line with the Technology sector's median of 28x.
FFIV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $405.2 | 22% below |
| 20 week MA | $405.0 | 22% below |
| 50 week MA | $345.9 | 8.2% below |
| 100 week MA | $315.3 | 0.7% above |
| 200 week MA | $244.7 | 30% above |
FFIV has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 30% above its 200-week average.
FFIV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $139.2 | $175.6 | +26% |
| 2021 | $175.6 | $234.8 | +34% |
| 2022 | $234.8 | $141.0 | -40% |
| 2023 | $141.0 | $179.0 | +27% |
| 2024 | $179.0 | $255.6 | +43% |
| 2025 | $255.6 | $263.1 | +2.9% |
| 2026 YTD | $263.1 | $317.6 | +21% |
FFIV has finished higher in five of the last six years. It's up 21% so far in 2026.