F5, Inc. (FFIV) intrinsic value & 10-year financials
F5, Inc. (FFIV) has a Graham intrinsic value of $249.42 per share. At $442.03 on Oct 17, 2026, the stock trades 77% above that value. Over the last 10 fiscal years revenue grew 5.0% a year to $3.1B, with an average return on invested capital of 25.1%.
- Graham intrinsic value
- $249.42
- Share price (Oct 17, 2026)
- $442.03
- Price vs Graham value
- 77% above
- Market cap
- $25.9B
- Revenue (FY2025)
- $3.1B
- Revenue growth (10-yr CAGR)
- 5.0%
- ROIC (10-yr avg)
- 25.1%
- Free cash flow (FY2025)
- $906.4M
FFIV 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.1B | $692.4M | $11.80 | $906.4M | 24.8% | 27.6% |
| FY2024 | $2.8B | $566.8M | $9.55 | $762.0M | 23.4% | 23.8% |
| FY2023 | $2.8B | $394.9M | $6.55 | $599.2M | 16.8% | 16.8% |
| FY2022 | $2.7B | $322.2M | $5.27 | $409.0M | 15.0% | 14.1% |
| FY2021 | $2.6B | $331.2M | $5.34 | $614.5M | 15.1% | 14.8% |
| FY2020 | $2.4B | $307.4M | $5.01 | $601.0M | 16.7% | 18.6% |
| FY2019 | $2.2B | $427.7M | $7.08 | $644.3M | 23.1% | 35.3% |
| FY2018 | $2.2B | $453.7M | $7.32 | $707.6M | 27.3% | 35.3% |
| FY2017 | $2.1B | $420.8M | $6.50 | $701.6M | 27.0% | 34.2% |
| FY2016 | $2.0B | $365.9M | $5.38 | $648.0M | 27.4% | 30.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
F5, Inc. has demonstrated mature, steady growth, with revenue compounding at 5.0% annually over the past decade.
F5, Inc. has earned high returns on invested capital, averaging 25.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, F5, Inc. shows that management has aggressively returned capital to shareholders by retiring 13.7% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, F5, Inc. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $249.42 per share.