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Held by 800 of 6,047 reporting institutions (98th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 17 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| STX | $157.1B | 49.7× | 36.4× | 12.9× | 34.1% | 45.6% | 26.1% | 147% | 55.5% | 0.4× | 1,888 |
| FTNT | $133.5B | 75.2× | 59.0× | 19.6× | 14.2% | 80.5% | 27.3% | 150% | 83.0% | -0.7× | 1,531 |
| WDC | $133.4B | 14.7× | 27.7× | 10.3× | 35.7% | 48.9% | 72.9% | 106% | 85.9% | 0.1× | 1,791 |
| HPE | $77.8B | — | 41.0× | 2.3× | 13.8% | — | 0.2% | 0.2% | 0.1% | 7.2× | 1,400 |
| P | $44.5B | 242.6× | 173.3× | 12.1× | 15.6% | 70.4% | 5.1% | 13.0% | 13.0% | -3.4× | — |
| NTAP | $42.2B | 33.8× | 23.0× | 6.8× | 5.6% | 78.5% | 20.5% | 94.4% | 33.2% | 0.2× | 931 |
| HPQ | $27.8B | 11.6× | 8.3× | 0.5× | 3.2% | 20.6% | 4.6% | -731% | 27.1% | 1.5× | 1,047 |
| FFIV | $25.9B | 38.7× | 28.6× | 8.4× | 9.7% | 81.4% | 22.4% | 19.3% | 19.3% | -1.6× | 800 |
| SMCI | $23.1B | 10.8× | 6.9× | 0.6× | 77.8% | 10.8% | 5.7% | 15.4% | 12.0% | -1.2× | 771 |
| LOGI | $15.1B | 21.9× | 15.9× | 3.1× | 6.3% | 43.2% | 14.7% | 32.2% | 32.2% | -2.1× | 377 |
| NATL | $3.4B | 21.5× | 7.6× | 0.8× | 1.1% | — | 3.7% | 40.2% | 5.1% | 3.0× | 347 |
| EXTR | $3.0B | 72.3× | 37.1× | 2.3× | 12.6% | 61.5% | 3.3% | 47.5% | 16.7% | -0.6× | 331 |
| DGII | $2.7B | 66.4× | 31.7× | 6.3× | 1.5% | 62.9% | 9.5% | 6.4% | 5.1% | 1.5× | 263 |
| DBD | $2.3B | 26.2× | 7.7× | 0.6× | 1.5% | 25.3% | 2.5% | 8.6% | 4.6% | 1.5× | 207 |
| ATEN | $1.8B | 44.5× | 32.1× | 6.3× | 11.0% | 79.3% | 14.5% | 19.9% | 9.8% | 2.4× | 298 |
| OMCL | $1.6B | — | 17.1× | 1.4× | 6.5% | 42.5% | 0.2% | 0.2% | 0.2% | -2.3× | 292 |
| CRSR | $1.4B | — | 90.8× | 1.0× | 11.9% | 28.9% | -1.1% | -2.6% | -2.1% | 1.5× | 215 |
| VYX | $1.0B | 25.2× | 7.4× | 0.4× | -4.6% | — | 2.3% | 6.5% | 3.0% | 3.4× | 290 |
Peers = companies sharing FFIV's sector (Computer Communications Equipment) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $502.1M buybacks = $502.1M returned on $906.4M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Modest payoff on reinvested capital. Current ROIC on all capital: 19%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $442.03 today, the market must believe free cash flow compounds 17.4%/yr for a decade (off $526.8M on the SBC-adjusted basis).
On the basis ($755.9M) the requirement is 12.6%/yr. The difference is what charging stock compensation costs.
The market's 17.4% is more optimistic than its 9-yr track record.
Default is 9.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.06B shares (market data) · net debt -$1.34B
mean 13.2% · volatility σ 52% · implied rate exceeded in 3/9 yrs
Central path = implied 17.4%/yr growth; shaded band = ±1σ (52%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-16
Where each multiple sits in its own 14-yr range · 98th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 19% against ROIC 19% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 20.6% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.7× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 16.7 | 15.9 | 17.4 | 18.9 | 20.0 | 21.1 | 19.8 | 18.6 |
| Gross Profit | 83.3 | 84.1 | 82.6 | 81.1 | 80.0 | 78.9 | 80.2 | 81.4 |
| R&D | 16.9 | 18.2 | 18.8 | 19.7 | 20.2 | 19.2 | 17.4 | 17.5 |
| SG&A | 7.4 | 9.4 | 11.0 | 10.5 | 10.2 | 9.4 | 9.5 | 10.4 |
| Operating Income | 27.3 | 23.1 | 16.7 | 15.1 | 15.0 | 16.8 | 23.4 | 24.8 |
| Income Tax | 6.9 | 5.1 | 3.8 | 2.1 | 2.3 | 3.2 | 4.6 | 3.8 |
| Net Income | 21.0 | 19.1 | 13.1 | 12.7 | 12.0 | 14.0 | 20.1 | 22.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FFIV: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.09B 100.0% | $2.82B 100.0% | $2.81B 100.0% | $2.70B 100.0% | $2.60B 100.0% | $2.35B 100.0% | $2.24B 100.0% | $2.16B 100.0% | $2.09B 100.0% | $2.00B 100.0% |
| Cost of Revenue | $574.0M 18.6% | $557.6M 19.8% | $593.3M 21.1% | $539.6M 20.0% | $493.1M 18.9% | $407.9M 17.4% | $356.6M 15.9% | $361.5M 16.7% | $353.5M 16.9% | $337.2M 16.9% |
| Cost of Products | — | — | — | — | — | — | — | $181.1M 8.4% | $176.0M 8.4% | $166.6M 8.4% |
| Cost of Services | — | — | — | — | — | — | — | $180.4M 8.3% | $177.5M 8.5% | $170.6M 8.6% |
| Gross Profit | $2.51B 81.4% | $2.26B 80.2% | $2.22B 78.9% | $2.16B 80.0% | $2.11B 81.1% | $1.94B 82.6% | $1.89B 84.1% | $1.80B 83.3% | $1.74B 83.1% | $1.66B 83.1% |
| Research & Development | $539.8M 17.5% | $490.1M 17.4% | $540.3M 19.2% | $543.4M 20.2% | $512.6M 19.7% | $441.3M 18.8% | $408.1M 18.2% | $366.1M 16.9% | $350.4M 16.8% | $334.2M 16.8% |
| Selling, General & Admin | $322.3M 10.4% | $268.8M 9.5% | $263.4M 9.4% | $274.6M 10.2% | $273.6M 10.5% | $258.4M 11.0% | $210.7M 9.4% | $160.4M 7.4% | $156.9M 7.5% | $138.4M 6.9% |
| Total Operating Expenses | $1.75B 56.6% | $1.60B 56.8% | $1.75B 62.1% | $1.75B 65.0% | $1.72B 65.9% | $1.55B 66.0% | $1.37B 61.0% | $1.21B 55.9% | $1.17B 56.1% | $1.11B 55.7% |
| Operating Income | $765.9M 24.8% | $658.6M 23.4% | $472.6M 16.8% | $403.8M 15.0% | $394.0M 15.1% | $392.3M 16.7% | $518.5M 23.1% | $590.9M 27.3% | $564.0M 27.0% | $547.4M 27.4% |
| Interest & Investment Income | $40.8M 1.3% | $35.1M 1.2% | $18.2M 0.6% | $1.7M 0.1% | $2.5M 0.1% | $12.2M 0.5% | $25.3M 1.1% | $17.0M 0.8% | $8.5M 0.4% | — |
| Other Income (Expense), net | $42.4M 1.4% | $36.9M 1.3% | $13.4M 0.5% | -$18.4M -0.7% | -$7.1M -0.3% | $4.1M 0.2% | $22.6M 1.0% | $12.9M 0.6% | $11.6M 0.6% | $2.5M 0.1% |
| Pretax Income | $808.3M 26.2% | $695.5M 24.7% | $486.0M 17.3% | $385.4M 14.3% | $386.9M 14.9% | $396.4M 16.9% | $541.1M 24.1% | $603.8M 27.9% | $575.5M 27.5% | $549.9M 27.6% |
| Income Tax Expense | $116.0M 3.8% | $128.7M 4.6% | $91.0M 3.2% | $63.2M 2.3% | $55.7M 2.1% | $89.0M 3.8% | $113.4M 5.1% | $150.1M 6.9% | $154.8M 7.4% | $184.0M 9.2% |
| Net Income | $692.4M 22.4% | $566.8M 20.1% | $394.9M 14.0% | $322.2M 12.0% | $331.2M 12.7% | $307.4M 13.1% | $427.7M 19.1% | $453.7M 21.0% | $420.8M 20.1% | $365.9M 18.3% |
| Per Share | ||||||||||
| EPS (Basic) | $11.96 | $9.65 | $6.59 | $5.34 | $5.46 | $5.05 | $7.12 | $7.41 | $6.56 | $5.43 |
| EPS (Diluted) | $11.80 | $9.55 | $6.55 | $5.27 | $5.34 | $5.01 | $7.08 | $7.32 | $6.50 | $5.38 |
| Weighted Avg Shares (Basic) | 57.9M | 58.7M | 59.9M | 60.3M | 60.7M | 60.9M | 60.0M | 61.3M | 64.2M | 67.4M |
| Weighted Avg Shares (Diluted) | 58.7M | 59.4M | 60.3M | 61.1M | 62.1M | 61.4M | 60.5M | 62.0M | 64.8M | 68.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Earns 15.54pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 35.6% | 9.4% (today's — no rate published for this year) | 26.1pts |
| FY2020 | 14.8% | 9.4% (today's — no rate published for this year) | 5.3pts |
| FY2021 | 12.8% | 9.4% (today's — no rate published for this year) | 3.4pts |
| FY2022 | 13.8% | 9.4% (today's — no rate published for this year) | 4.3pts |
| FY2023 | 16.7% | 9.4% (today's — no rate published for this year) | 7.3pts |
| FY2024 | 23.1% | 9.4% (today's — no rate published for this year) | 13.7pts |
| FY2025 | 24.7% | 9.4% (today's — no rate published for this year) | 15.2pts |
| Now | 19.3% | 9.4% | 9.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 83.1% | 27.4% | 18.3% |
| FY2017 | 83.1% | 27.0% | 20.1% |
| FY2018 | 83.3% | 27.3% | 21.0% |
| FY2019 | 84.1% | 23.1% | 19.1% |
| FY2020 | 82.6% | 16.7% | 13.1% |
| FY2021 | 81.1% | 15.1% | 12.7% |
| FY2022 | 80.0% | 15.0% | 12.0% |
| FY2023 | 78.9% | 16.8% | 14.0% |
| FY2024 | 80.2% | 23.4% | 20.1% |
| FY2025 | 81.4% | 24.8% | 22.4% |
Return on equity (19%) and return on invested capital (19%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$2.5B of goodwill — 98% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
ROIC ex-goodwill is 1110.41% against 24.97% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.46x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $906M; after share-based compensation it is $675M. The difference is a real cost that the cash flow statement adds back.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Balance sheet at 2025-09-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: interest_expense.
At $456.58, free cash flow must compound 18.05%/yr for 10 years. It has done 5.79%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −17.1% | 18.0% |
| FY2021 | −7.0% | 18.0% |
| FY2022 | −57.0% | 18.0% |
| FY2023 | 126.9% | 18.0% |
| FY2024 | 49.7% | 18.0% |
| FY2025 | 24.3% | 18.0% |
This is solved on free cash flow AFTER stock compensation ($527M against $756M before it). On the unadjusted figure the requirement would be 13.19%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $692M | $692M |
| Share-based comp | $231M | $924M |
| Other non-cash & working capital | $26M | $950M |
| Operating cash flow | $950M | $950M |
| Capex | −$43M | $906M |
| Free cash flow | $906M | $906M |
| FCF after SBC | $675M | $675M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 4.8% | -8.0% | -12.9 points |
| FY2021 | 10.7% | 15.0% | 4.2 points |
| FY2022 | 3.5% | 38.0% | 34.5 points |
| FY2023 | 4.3% | -3.2% | -7.6 points |
| FY2024 | 0.1% | -14.5% | -14.6 points |
| FY2025 | 9.7% | 6.5% | -3.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 52.4 days | 35.2 days | 64.1 days | 23.5 days |
| FY2020 | 46 days | 25 days | 57.7 days | 13.3 days |
| FY2021 | 47.7 days | 16.3 days | 46 days | 18.1 days |
| FY2022 | 63.6 days | 46.2 days | 76.6 days | 33.3 days |
| FY2023 | 59 days | 22.1 days | 39 days | 42.1 days |
| FY2024 | 50.4 days | 50 days | 44.4 days | 56 days |
| FY2025 | 49 days | 49.1 days | 53.4 days | 44.7 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -9.4 percent |
| FY2020 | -7.6 percent |
| FY2021 | -6.3 percent |
| FY2022 | -2.3 percent |
| FY2023 | -4.9 percent |
| FY2024 | -4.0 percent |
| FY2025 | -4.1 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.