ATEN
A10 Networks, Inc.

A10 Networks, Inc.ATEN

Technology · Software - Infrastructure
24.76USD
+9.56%
Nov 08, 2026
ATEN overview ready
Application and network security solutions for enterprise and public sectors
Direct application-security and application-delivery infrastructure provider, with meaningful but not exclusive exposure to this spending category.
Primary theme is weakening
Cybersecurity is weakening (-3.1pp vs SPY over 21 sessions; 8 of 20 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
Fair valuation
The price broadly reflects the level and quality of its cash generation, with upside and risk reasonably balanced.
Solid fundamentals
Free cash flow yield is strong.
Primary risk
Intense competition in cybersecurity market.
Market Nov 6Filing Sep 30Price action Nov 7Research Jul 25

Conviction Level

PriceAction3.4BusinessPerformance9.0BusinessQuality8.5Valuation5.3ThemeMomentum3.0Accelerating — Revenue growth has accelerated across 4 consecutive quarters, rising from +8.3% to +23% year over year. Diluted EPS growth has strengthened to +35% year over year ($0.23), up from -14%. — Accelerating describes growth momentum measured in recent filed quarters. It is not proof that the acceleration will continue.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
CybersecurityWeakening
vs SPY
−3.1pp
Theme return
−8.1%
Beating SPY
8 of 20
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
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Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
EntryWeak / unconfirmed recovery

The daily chart may be improving, but the weekly fast averages have not been reclaimed — the recovery is not yet confirmed on the higher timeframe.

Key Financials

Market Cap
$1.8B
Avg Volume (60D)
1.1M
60 sessions
Revenue Growth YoY
+11.0%
FY2025 vs FY2024
Gross Margin
+79.0%
Trailing twelve months
Operating Margin
+16.9%
Trailing twelve months
Free Cash Flow Yield
+4.1%
Distance from 200DMA
-7.0%
Next Earnings
2027-02-03
P/E
37.2x
EV / EBITDA
22.6x
EV / Sales
5.0x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Accelerating

Revenue growth has accelerated across 4 consecutive quarters, rising from +8.3% to +23% year over year. Diluted EPS growth has strengthened to +35% year over year ($0.23), up from -14%.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthAccelerating
+23%
$91.5M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +8.3%
  2. +13%
  3. +16%
  4. +23%
Earnings growthAccelerating
+35%
Diluted EPS $0.23 vs $0.17 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. -42%
  2. +31%
  3. -14%
  4. +35%
Operating marginExpanding
20.0%
+2.6 pp YoY · gross margin 78.7% (-1.4 pp)

Business Quality

8.5 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

All three valuation perspectives agree this company is fair.
A10 Networks, Inc. has a Fair valuation stance because the price broadly reflects the level and quality of its cash generation, with upside and risk reasonably balanced.

What changed

  • ATEN rose 9.6% in one session
    ATEN closed +9.6% while the broad market was close to flat (+0.3%).
    2026-11-06

Company Research

Thesis
Direct application-security and application-delivery infrastructure provider, with meaningful but not exclusive exposure to this spending category. ATEN has a genuine, direct fit with enterprise cybersecurity modernization, but not with either currently listed active cybersecurity theme.
Opportunity
Moderate opportunity
Enterprise and public-sector spending to protect internet-facing applications, APIs, AI systems, and underlying delivery infrastructure from DDoS, automated abuse, web exploits, and AI-native attacks across hybrid environments.
Key risk
Intense competition in cybersecurity market.

Economic classification

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Business & Markets

Technology · Software - Infrastructure
What they do

A10 Networks, Inc. provides secure application and network infrastructure solutions globally, focusing on protecting internet-facing applications and networks from cyber threats through software products and platforms.

How it earns

The company primarily generates revenue through subscription and licensing of its security and application delivery software products.

Products & services
ThreatX web application protection platform
A10 Defend DDoS Detector
A10 Defend DDoS Orchestrator
A10 Defend DDoS Mitigator
A10 Defend Threat Control attack SaaS platform
Defend Next-Gen WAF
Customers & end markets
Enterprise customers
Public-sector organizations
Market position

Niche provider specializing in application security and network infrastructure within the broader cybersecurity market.

Demand drivers
Low cyclicality

Driven by steady demand for cybersecurity solutions as enterprises and governments prioritize protection regardless of economic cycles.

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