RDWR
Radware Ltd.
RDWR's fundamentals are mixed, but it looks expensive: trading at 103x earnings, above its usual 87x. Analysts expect earnings growth.
RDWR Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Strong | |
| Strong |
RDWR's revenue, cash flow and balance sheet are currently healthy, and its profitability is stable.
RDWR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 23x | $31.82 | — |
| Cheap | 57x | $17.64 | -45% |
| Fair | 86x | $26.73 | -16% |
| Current | 103x | $31.82 | — |
| Expensive | 142x | $43.95 | +38% |
Historical ranges are pointers, not guarantees.
RDWR's PE is in its fair range at 103x. If earnings grow as analysts expect, today's price would be 23x next year's earnings, in its cheap range.
RDWR Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for RDWR, with profitability improving.
RDWR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.36 | +338% |
| Q3 2026 | $0.31 | -18% |
| Q2 2026 | $0.38 | +19% |
| Q1 2026 | $0.43 | +59% |
| Q4 2025 | $0.45 | +221% |
| Q3 2025 | $0.38 | +$0.44 |
| Q2 2025 | $0.32 | +$0.61 |
| Q1 2025 | $0.27 | +$0.73 |
| Q4 2024 | $0.14 | +$0.64 |
RDWR's earnings per share have fallen from their peak: $0.31 over the past year, against $0.47 in late 2019.
RDWR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $84.4M | +12% |
| Q2 2026 | $82.3M | +11% |
| Q1 2026 | $79.8M | +11% |
| Q4 2025 | $80.2M | +9.9% |
| Q3 2025 | $75.3M | +8.4% |
| Q2 2025 | $74.2M | +10% |
| Q1 2025 | $72.1M | +11% |
| Q4 2024 | $73M | +12% |
RDWR's revenue has grown year over year for 10 quarters in a row: $84M last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.6% | -1.7 points |
| Q2 2026 | 3% | -0.8 points |
| Q1 2026 | 6% | +3.8 points |
| Q4 2025 | 4.9% | +3.5 points |
| Q3 2025 | 4.3% | +4.3 points |
| Q2 2025 | 3.8% | +5.6 points |
| Q1 2025 | 2.2% | +7.8 points |
| Q4 2024 | 1.4% | +13 points |
RDWR's operating margin was 2.6% last quarter, down 1.7 points from the same quarter a year ago.
RDWR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $10.1M | +$15M |
| Q2 2026 | $9.1M | -24% |
| Q1 2026 | $15M | -30% |
| Q4 2025 | $14.5M | +24% |
| Q3 2025 | -$5M | -137% |
| Q2 2025 | $12M | -45% |
| Q1 2025 | $21.3M | +10% |
| Q4 2024 | $11.7M | +581% |
RDWR generated $49M in free cash flow over the past year, up 21% from the year before.
RDWR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -141K shares |
| 1 year | -3.1% | -1.4M shares |
| 3 years | +3% | +1.3M shares |
| 5 years | -8.6% | -4.1M shares |
| Available history | -9.8% | -4.8M shares |
RDWR has 44M diluted shares, down 3.1% from a year ago, with $71M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $12.7M |
| Q2 2026 | $18.8M |
| Q1 2026 | $29.4M |
| Q4 2025 | $10.5M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $3,169 |
RDWR spent $71M buying back its own shares over the past year, more than ten times what it spent the year before.
RDWR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.7x | Net Cash |
| Q2 2026 | -1.8x | Net Cash |
| Q1 2026 | -2.2x | Net Cash |
| Q4 2025 | -2.2x | Net Cash |
| Q3 2025 | -1.5x | Net Cash |
| Q2 2025 | -2.5x | Net Cash |
| Q1 2025 | -3.1x | Net Cash |
| Q4 2024 | -3.3x | Net Cash |
RDWR has more cash than debt.
RDWR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.5 | Neutral |
| Stochastic | 49.6 | Neutral |
RDWR's weekly RSI is 55 (neutral) and its Stochastic is 50 (neutral).
RDWR PE vs Technology Sector
| Metric | RDWR | Sector median | Relative |
|---|---|---|---|
| PE | 103x | 28x | 268% above |
| PE % | 61 | 35 | 26 pts above |
RDWR is trading at 103x earnings, a 268% premium to the Technology sector's median of 28x.
RDWR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $30.7 | 3.6% above |
| 20 week MA | $29.6 | 7.5% above |
| 50 week MA | $27.3 | 16% above |
| 100 week MA | $25.8 | 23% above |
| 200 week MA | $22.5 | 41% above |
RDWR is in an uptrend: it's above all five of its weekly moving averages, and 41% above its 200-week average.
RDWR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $25.8 | $27.2 | +5.4% |
| 2021 | $27.2 | $38.3 | +41% |
| 2022 | $38.3 | $19.5 | -49% |
| 2023 | $19.5 | $16.7 | -14% |
| 2024 | $16.7 | $23.2 | +39% |
| 2025 | $23.2 | $24.4 | +5% |
| 2026 YTD | $24.4 | $31.8 | +31% |
RDWR has finished higher in four of the last six years. It's up 31% so far in 2026.