RDWR
Radware Ltd.

Radware Ltd.RDWR

Technology · Software - Infrastructure
30.29USD
+0.73%
Sep 23, 2026
RDWR overview ready
Comprehensive Cloud-Delivered WAAP and DDoS Protection for Enterprise Security
Radware is a direct application-security vendor, combining cloud-delivered WAAP capabilities with DDoS mitigation and application-delivery products for enterprise, cloud, hybrid, and service-provider environments.
Strong narrative exposure
Exposed to the Enterprise Cybersecurity Modernization narrative through Application, API, Bot, and DDoS Protection — pure play.
Constructive pullback in an uptrend
Longer-term context reads established trend, with a near-term setup of constructive pullback.
Demanding valuation
The price embeds expectations that run ahead of the cash the business currently produces.
Solid fundamentals
Ev / sales is strong.
Primary risk
Rapid technological change in cybersecurity.
Market Jul 18Price action Jul 18Research Jul 18

Conviction Level

NarrativeHeat8.0ThemeHeat7.5PriceAction9.0Valuation3.0CompanyPosition9.3
Price
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Price Action

Constructive pullback in an uptrend
Longer-term context reads established trend, with a near-term setup of constructive pullback.

Key Financials

Market Cap
$1.3B
Avg Volume (60D)
231.8K
60 sessions
Revenue Growth YoY
+10.0%
Trailing twelve months
Gross Margin
+80.6%
Operating Margin
+4.5%
Trailing twelve months
Free Cash Flow Yield
+1.8%
P/E
79.7x
EV / EBITDA
51.3x
EV / Sales
3.4x
Market metrics as of Jul 18, 2026

Fundamentals & Valuation

Both valuation perspectives agree this company is expensive.
Radware Ltd. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces. It trades at a 1.8% free-cash-flow yield and 51.3x EBITDA, which require sustained delivery to be justified.

Company Research

Thesis
Radware is a direct application-security vendor, combining cloud-delivered WAAP capabilities with DDoS mitigation and application-delivery products for enterprise, cloud, hybrid, and service-provider environments. RDWR has a genuine direct fit to Enterprise Cybersecurity Modernization.
Opportunity
Moderate opportunity
Enterprise spending to protect internet-facing applications, APIs, and digital services from web exploits, automated abuse, account takeover, and application-layer or network-layer denial-of-service attacks as cloud, API, and AI-agent traffic expands the attack surface.
Key risk
Rapid technological change in cybersecurity.

Narrative & Theme

Enterprise Cybersecurity Modernization
Part of Application, API, Bot, and DDoS Protection, with strong fit.
RDWR has a genuine direct fit to Enterprise Cybersecurity Modernization.
Narrative HeatHeating up8.0 / 10
Theme HeatHeating up7.5 / 10

Business & Markets

Technology · Software - Infrastructure
What they do

Radware Ltd. develops, manufactures, and markets cybersecurity and application delivery solutions for cloud, on-premises, and software-defined data centers, operating through two segments: Radware's Core Business and The Hawks' Business.

How it earns

The company primarily generates revenue through subscription-based and service contracts for its cybersecurity and application delivery products.

Products & services
Cloud application protection service
Cloud WAF
Bot manager
API protection
Web DDoS protection
Client-side protection
Threat intelligence
Kubernetes WAAP
Alteon integrated WAF
Cloud DDoS protection service
Web DDoS protection defencepro X
Cyber controller
AI SOC Xpert
Firewall-as-a-service
Customers & end markets
Enterprises
Cloud service providers
Data centers
Market position

Radware is a niche player specializing in cybersecurity and application delivery solutions within the technology infrastructure software industry.

Demand drivers
Low cyclicality

Demand for cybersecurity and application delivery solutions tends to be stable and driven by ongoing security needs rather than economic cycles.