A10 Networks, Inc. (ATEN) intrinsic value & 10-year financials
A10 Networks, Inc. (ATEN) has a Graham intrinsic value of $18.93 per share. At $24.46 on Oct 17, 2026, the stock trades 29% above that value. Over the last 10 fiscal years revenue grew 2.8% a year to $290.6M, with an average return on invested capital of 8.1%.
- Graham intrinsic value
- $18.93
- Share price (Oct 17, 2026)
- $24.46
- Price vs Graham value
- 29% above
- Market cap
- $1.8B
- Revenue (FY2025)
- $290.6M
- Revenue growth (10-yr CAGR)
- 2.8%
- ROIC (10-yr avg)
- 8.1%
- Free cash flow (FY2025)
- $64.8M
ATEN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $290.6M | $42.1M | $0.57 | $64.8M | 16.2% | 15.0% |
| FY2024 | $261.7M | $50.1M | $0.67 | $78.2M | 16.8% | 28.5% |
| FY2023 | $251.7M | $40.0M | $0.53 | $33.6M | 15.4% | 28.0% |
| FY2022 | $280.3M | $46.9M | $0.60 | $55.3M | 18.9% | 33.8% |
| FY2021 | $250.0M | $94.9M | $1.19 | $44.9M | 13.4% | 32.5% |
| FY2020 | $225.5M | $17.8M | $0.22 | $51.7M | 7.9% | 22.4% |
| FY2019 | $212.6M | -$17.8M | -$0.23 | -$4.8M | -8.0% | -18.8% |
| FY2018 | $232.2M | -$27.6M | -$0.38 | -$5.5M | -11.9% | -27.4% |
| FY2017 | $235.4M | -$10.8M | — | $8.6M | -4.4% | -11.2% |
| FY2016 | $227.3M | -$20.9M | — | $13.9M | -8.4% | -22.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
A10 Networks, Inc. has demonstrated mature, steady growth, with revenue compounding at 2.8% annually over the past decade.
A10 Networks, Inc. has earned high returns on invested capital, averaging 20.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
A10 Networks, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, A10 Networks, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $18.93 per share.