ATEN
A10 Networks, Inc.

A10 Networks, Inc.ATEN

Technology · Software - Infrastructure
26.70USD
-0.89%
Sep 23, 2026
ATEN overview ready
Provider of secure application and network infrastructure protecting hybrid environments
Direct application-security and application-delivery infrastructure provider, with meaningful but not exclusive exposure to this spending category.
Strong narrative exposure
Exposed to the Enterprise Cybersecurity Modernization narrative through Application, API, and AI Runtime Security — infrastructure supplier.
No clear price read
Longer-term context reads near trend floor, with a near-term setup of daily advance.
Fair valuation
The price broadly reflects the level and quality of its cash generation, with upside and risk reasonably balanced.
Unremarkable fundamentals
Primary risk
Intense competition in cybersecurity and network infrastructure.
Market Sep 22Filing Jun 30Price action Sep 22Research Jul 25

Conviction Level

NarrativeHeat8.0ThemeHeat6.0PriceAction6.9Valuation3.6CompanyPosition7.3
Price
Loading price history…

Price Action

No clear price read
Longer-term context reads near trend floor, with a near-term setup of daily advance.
EntryReset + recovery

The stock remains extended from its long-term weekly base, but the recent reset toward the daily SMA200 aligned with support at the weekly SMA50. Daily structure is recovering above the fast averages, improving the current entry location.

Key Financials

Market Cap
$1.9B
Avg Volume (60D)
1.3M
60 sessions
Revenue Growth YoY
+11.0%
FY2025 vs FY2024
Gross Margin
+79.4%
Trailing twelve months
Operating Margin
+16.1%
Trailing twelve months
Free Cash Flow Yield
+3.1%
Distance from 200DMA
+5.9%
Next Earnings
2026-11-03
P/E
45.1x
EV / EBITDA
27.0x
EV / Sales
5.8x
Market metrics as of Sep 22, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026

Fundamentals & Valuation

Two of the three valuation perspectives say fair; own history is the dissenting view.
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.

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 and network infrastructure.

Narrative & Theme

Enterprise Cybersecurity Modernization
Part of Application, API, and AI Runtime Security, with moderate fit.
ATEN has a genuine, direct fit with enterprise cybersecurity modernization, but not with either currently listed active cybersecurity theme.
Narrative HeatHeating up8.0 / 10
Theme HeatNeutral6.0 / 10
This is the company’s own research reading. The canonical heat measurement for this story has not run.

Business & Markets

Technology · Software - Infrastructure
What they do

A10 Networks provides secure application and network infrastructure solutions globally, focusing on protecting and optimizing enterprise and service provider networks through hardware and software products.

How it earns

The company primarily generates revenue through product sales and subscription-based security services.

Products & services
ThreatX web application protection platform
A10 Defend DDoS Detector
A10 Defend DDoS Orchestrator
A10 Defend DDoS Mitigator
A10 Defend Threat Control
Defend Next-Gen WAF
Customers & end markets
Enterprises
Service providers
Market position

Niche player specializing in application and network security infrastructure solutions.

Demand drivers
Low cyclicality

Demand for cybersecurity and network protection is relatively stable and driven by ongoing security needs rather than economic cycles.