Radware

RDWR

Software - Infrastructure · Technology

Price

$30.29

+0.22 (+0.73%)

Market Cap

$1.31B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−5.9% over 4y

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

Diluted shares outstanding: 47.5M (2021) → 44.7M (2025)

Radware Ltd., together with its subsidiaries, develops, manufactures, and markets cyber security and application delivery solutions for applications in cloud, physical, and software defined data centers worldwide. The company offers DefensePro, a real-time network attack mitigation device; AppWall, a Web application firewall; Radware Kubernetes WAF, a Web application firewall solution for CI/CD environments orchestrated by Kubernetes; and DefenseFlow, a cyber-command and control application. It

Winston Score History

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

+10.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-17.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$79M/ year

↑ Rising (+6% vs prior year)

26.2% of revenue

1.7x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

18.6%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$109M 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

Radware is putting 26% of revenue into R&D and that number is rising. That's 1.7x the sector average. 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

Every number that matters to educated investors.

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Quality

Gross Margin

81.1%

Premium pricing power — 81.1% gross margin

Operating Margin

6.0%

Modest — 6.0% operating margin

ROCE

1.4%

Weak — 1.4% 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

+9.8%

Steady sales growth (9.8% YoY)

EPS YoY

+65.6%

Earnings growing fast (65.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

240%

Turns 240% of profit into real cash

FCF Margin

11.8%

Modest free cash flow (11.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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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)

67.1x

Expensive — P/E 67.1

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+43.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (67.1 → 23.7)

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Dividends

Not applicable for this business.

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