MeritValue

A10 Networks, Inc.

ATENdata completeness 100%14 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$250M1$280.3M2$251.7M3$261.7M3$290.6M3
Net income$94.9M4$46.9M5$40M6$50.1M6$42.1M6
Operating cash flow$50.1M7$66.1M8$44.5M9$90.5M9$84.9M9
Capital expenditure$5.17M10$10.8M11$10.9M12$12.3M12$20.1M12
Free cash flow (derived)$44.9M7$55.3M8$33.6M9$78.2M9$64.8M9
Total debt———$013$218.8M13
Cash & equivalents$78.9M14$68M15$97.2M15$95.1M15$71.1M15
Diluted shares80.0M77.8M75.5M75.3M73.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000014%
of the whole company
Your share of last year’s profit
$5.73
Your share of its debt
$29.73
Your share of free cash flow
$8.8
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$19.48
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth7.8%
  • fcfBase$64.8M
DCF · Growth Exit 5Y
$16
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth7.8%
  • fcfBase$64.8M
Earnings Power Value
$6.72
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$46.9M
  • growthAssumed0.0%
Graham Number
$6.07
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years7.8%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $16

Default growth 7.8%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001580808-24-000049 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001580808-25-000043 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001580808-26-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001580808-24-000049 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001580808-25-000043 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001580808-26-000014 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001580808-24-000049 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001580808-25-000043 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001580808-26-000014 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001580808-24-000049 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001580808-25-000043 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001580808-26-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-12-31 · accession 0001580808-26-000014 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001580808-22-000053 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001580808-26-000014 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)