F5

FFIV

Software - Infrastructure · Technology

Price

$409.10

+5.68 (+1.41%)

Market Cap

$23.08B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−5.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 62.1M (2021) → 58.7M (2025)

F5, Inc. provides multi-cloud application security and delivery solutions for the security, performance, and availability of network applications, servers, and storage systems. The company's multi-cloud application security and delivery solutions enable its customers to develop, deploy, operate, secure, and govern applications in any architecture, from on-premises to the public cloud. It offers application security and delivery products, including BIG-IP appliances and VIPRION chassis and relate

Winston Score History

Politician Trades

5 trades / 12mo

3 Congressional buys and 2 sells on FFIV in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+4.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$540M/ year

↑ Rising (+10% vs prior year)

17.5% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

0.6%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$1.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

F5 is putting 17% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

82.8%

Premium pricing power — 82.8% gross margin

Operating Margin

22.0%

Excellent — 22.0% operating margin

ROCE

4.9%

Weak — 4.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+6.4%

Slow sales growth (6.4% YoY)

EPS YoY

+12.3%

Earnings growing (12.3% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

165%

Turns 165% of profit into real cash

FCF Margin

33.8%

Converts sales into free cash efficiently (33.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

34.9x

Pricey — P/E 34.9

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+11.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (34.9 → 23.2)

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Dividends

Not applicable for this business.

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