A10 Networks, Inc. (ATEN) Stock

A10 Networks, Inc. (ATEN) is a Technology stock trading at $25.53 (as of 2026-08-20), with a market capitalization of $1.85B and a trailing P/E of 42.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

A10 Networks, Inc. develops application delivery and security networking products for service providers and enterprise customers. Its portfolio includes ADC and cloud-native application delivery offerings, carrier-grade address/protocol translation, and threat and traffic inspection capabilities such as DDoS protection, SSL visibility, and firewall functions, supported by centralized management and automation tools.

Understand A10 Networks, Inc.: how it makes money

A10 Networks sells networking software and solutions, including Thunder Application Delivery Controller (ADC) for server load balancing, Lightning ADC as a cloud-native ADC SaaS platform, and carrier-grade networking and network threat protection offerings. It makes money by selling these networking products and related services to customers in service provider and enterprise environments.

Profitability is driven by the company’s ability to monetize high-margin networking technology and recurring revenue, supported by a very high gross margin (79.6%).

Revenue by segment (latest quarter)
Product	$0.0B
Services	$0.0B
Other	$0.0B

Business quality (Solid): Strong margins are clear from the provided snapshot, but the provided data does not include a clean, mutually exclusive segment breakdown that sums to the reported total revenue.

Valuation: At 52× earnings, ATEN trades 64% above the Tech Hardware average (32×). Note: one-time items can distort reported P/E.

Bull case

High gross margin (79.6%) and positive operating margin (17.3%) in the latest reported period: This suggests the product and services mix can generate meaningful operating profitability, even with relatively small absolute revenue in the snapshot provided.
Multiple networking solution lines, including a cloud-native ADC SaaS platform (Lightning ADC): A mix of product and cloud-native software offerings can support ongoing revenue models, which is reflected by the presence of an operating metric labeled “Recurring Revenue” (0.03 USD_B in the provided dataset).

Bear case

Segment clarity is limited in the provided facts: The available segment candidates do not provide a mutually exclusive breakdown that cleanly sums to the stated total revenue (0.1 USD_B), making it harder to pinpoint what specifically drives changes in performance.
Recurring revenue appears to be a smaller portion of total revenue in the provided dataset: The snapshot shows Recurring Revenue at 0.03 USD_B versus total revenue at 0.1 USD_B, which could limit how much recurring streams can offset variability in one-time product or service demand.

Valuation — source: SEC EDGAR (first-party)
Price	$25.53
Market Cap	$1.85B
P/E Ratio	42.5
EV / EBITDA	35.2
Price / Book	7.79
Price / Sales	6.20
FCF Yield	5.7%
DCF Value (model)	$4.89
DCF Upside vs Price	-80.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$290.56M
Net Margin	14.5%
Revenue Growth (YoY)	15.5%
EPS Growth (YoY)	-20.0%
FCF Growth (YoY)	-10.3%

Financial Health — source: SEC EDGAR
Altman Z-Score	3.99 (safe)
Piotroski F-Score	5/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	42.5
Sector P/E (Technology)	33.9
Industry P/E (Computers)	32.1
vs Sector	25.2%
vs Industry	32.4%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($302.60M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Computers
CEO	Dhrupad Trivedi
Employees	481
Country	US
IPO Date	2014-03-21

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.