Radware Ltd. (RDWR) intrinsic value & 10-year financials
Radware Ltd. (RDWR) has a Graham intrinsic value of $9.51 per share. Over the last 10 fiscal years revenue grew 4.9% a year to $301.9M, with an average return on invested capital of -0.7%.
- Graham intrinsic value
- $9.51
- Revenue (FY2025)
- $301.9M
- Revenue growth (10-yr CAGR)
- 4.9%
- ROIC (10-yr avg)
- -0.7%
- Free cash flow (FY2025)
- $41.6M
RDWR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $301.9M | $20.3M | $0.45 | $41.6M | 3.8% | 3.2% |
| FY2024 | $274.9M | $6.0M | $0.14 | $66.3M | -1.4% | -0.8% |
| FY2023 | $261.3M | -$21.6M | -$0.50 | -$8.9M | -12.1% | -11.8% |
| FY2022 | $293.4M | -$166.0K | $0.00 | $23.3M | -1.1% | -0.6% |
| FY2021 | $286.5M | $7.8M | $0.16 | $66.2M | 6.4% | 2.8% |
| FY2020 | $250.0M | $9.6M | $0.20 | $55.2M | 2.5% | 1.2% |
| FY2019 | $252.1M | $22.6M | $0.47 | $44.7M | 6.7% | 4.0% |
| FY2018 | $234.4M | $11.7M | $0.25 | $40.4M | 3.2% | 1.8% |
| FY2017 | $211.4M | -$7.5M | -$0.17 | $24.3M | -3.2% | -2.2% |
| FY2016 | $196.6M | -$8.7M | -$0.20 | $29.1M | -6.5% | -4.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
RADWARE LTD has demonstrated mature, steady growth, with revenue compounding at 4.9% annually over the past decade.
RADWARE LTD has historically struggled to out-earn its cost of capital, averaging just -0.3% ROIC.
RADWARE LTD has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, RADWARE LTD is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $9.51 per share.