Analyst Ratings

Date	Action	Analyst	Rating	Target
Jun-09-26	Reiterated	RBC Capital	Outperform	$345 → $450
May-18-26	Reiterated	Evercore ISI		$240 → $475
May-18-26	Upgrade	Evercore ISI Group	In Line → Outperform
Apr-29-26	Reiterated	Barclays	Equal Weight	$321 → $292
Jan-28-26	Reiterated	RBC Capital	Outperform	$325 → $345
Jan-15-26	Upgrade	JP Morgan	Neutral → Overweight
Jan-05-26	Upgrade	Piper Sandler	Neutral → Overweight	$277 → $295
Jan-05-26	Upgrade	RBC Capital	Sector Perform → Outperform	$310 → $325
Oct-28-25	Reiterated	Piper Sandler	Neutral	$246 → $277
Oct-28-25	Downgrade	Needham	Buy → Hold

Financial Statements

DataTimeframe

Line Item (USD, M)	TTM —	FY 2025 9/30/2025	FY 2024 9/30/2024	FY 2023 9/30/2023
Total Revenue	3,224	3,088	2,816	Upgrade your experience to unlock full historical data
Cost of Goods Sold Incl. D&A	584	574	558
Gross Profit	2,641	2,514	2,258
Selling, General and Administrative Excl. Other	1,255	1,183	1,101
Research and Development	564	540	490
Other Operating Expense	28	25	9
Operating Income	795	766	659
Interest Expense	0	0	0
Unusual Expense	—	—	—
Non-Operating Income (Expense)	-51	-25	-9
Net Income Before Taxes	840	808	695
Income Taxes	132	116	129
Consolidated Net Income	708	692	567
Net Income From Continuing Operations	708	692	567
Net Income	708	692	567
EPS (Recurring)	12.32	11.96	9.65
EPS (Basic, Before Extraordinaries)	12.32	11.96	9.65
EPS (Diluted)	12.19	11.80	9.55
EBITDA	942	884	774
Other After Tax Adjustments	—	—	—
Stock Option Compensation Expense	—	—	—
Price To Earnings Ratio	31.62	27.39	—
Price To Sales Ratio	6.82	6.07	—
Gross Margin	81.92	81.41	80.18
Operating Margin	24.66	24.81	23.40
Net Margin	21.96	22.41	20.13
Shares Outstanding	57	58	59
Market Capitalization	21,973	18,745	—
Operating Lease Expense	—	—	—

Insider Trading

Insider	Relationship	Date	Transaction	Cost	#Shares	Value ($)	#Shares Total	SEC Form 4
Buse Elizabeth	Director	Jun 10 '26	Sale	399.35	1,000	399,348	4,947	Jun 12 12:00 AM
Werner Edward Cooper	Chief Financial Officer	Jun 02 '26	Sale	400.00	2,500	1,000,000	406	Jun 03 12:00 AM
Werner Edward Cooper	Chief Financial Officer	May 08 '26	Sale	350.00	1,500	525,000	2,906	May 12 12:00 AM
WHALEN CHAD MICHAEL	EVP, Worldwide Sales	May 08 '26	Sale	350.19	6,200	2,171,187	20,832	May 12 12:00 AM
Locoh-Donou Francois	President, CEO & Director	May 05 '26	Sale	337.39	3,783	1,276,358	146,989	May 07 12:00 AM
FOUNTAIN THOMAS DEAN	EVP Global Services & Strategy	May 05 '26	Sale	330.58	1,328	439,010	8,060	May 07 12:00 AM
OKEKE ANGELIQUE M	EVP, General Counsel	May 04 '26	Sale	322.33	842	271,402	2,110	May 05 12:00 AM
ANAND KUNAL	Chief Technology Officer	May 04 '26	Sale	322.33	3,123	1,006,637	12,194	May 05 12:00 AM
WHALEN CHAD MICHAEL	EVP, Worldwide Sales	May 04 '26	Sale	330.30	704	232,532	27,032	May 05 12:00 AM
Werner Edward Cooper	Chief Financial Officer	May 04 '26	Sale	322.33	599	193,076	4,406	May 05 12:00 AM
Maddison John Anthony	Chief Product Mkting Officer	May 04 '26	Sale	322.33	1,000	322,330	2,149	May 05 12:00 AM
Maddison John Anthony	Chief Product Mkting Officer	May 01 '26	Option Exercise	0.00	908	0	4,541	May 05 12:00 AM
Locoh-Donou Francois	President, CEO & Director	May 01 '26	Option Exercise	0.00	12,468	0	153,223	May 05 12:00 AM
FOUNTAIN THOMAS DEAN	EVP Global Services & Strategy	May 01 '26	Option Exercise	0.00	5,402	0	10,761	May 05 12:00 AM
ANAND KUNAL	Chief Technology Officer	May 01 '26	Option Exercise	0.00	20,588	0	19,366	May 05 12:00 AM


Market Cap	21.71B	Forward P/E	21.84	EPS next Y	17.65	Insider Trans	0.13%	Shs Float	-	Perf Month	0.52%


Enterprise Value	20.53B	PEG	1.97	EPS next Q	3.98	Inst Own	-	Short Float	-	Perf Quarter	32.79%


Income	703.55M	P/S	6.73	EPS this Y	35.25%	Inst Trans	-	Short Ratio	-	Perf Half Y	49.26%


Sales	3.22B	P/B	5.98	EPS next Y	7.07%	ROA	10.90%	Short Interest	-	Perf YTD	51.02%


Book/sh	64.69	P/C	21.49	EPS next 5Y	9.45%	ROE	19.88%	52W High	411.54 -6.33%	Perf Year	33.58%


Cash/sh	25.58	P/FCF	22.56	EPS past 3/5Y	-	ROIC	13.80%	52W Low	223.76 72.28%	Perf 3Y	-


Dividend Est.	-	EV/EBITDA	21.81	Sales past 3/5Y	4.63% 5.61%	Gross Margin	81.90%	Volatility	2.25% 2.40%	Perf 5Y	-


Dividend TTM	-	EV/Sales	6.37	EPS Y/Y TTM	76.96%	Oper. Margin	24.65%	ATR (14)	13.08	Perf 10Y	-


Dividend Ex-Date	-	Quick Ratio	1.53	Sales Y/Y TTM	14.49%	Profit Margin	21.96%	RSI (14)	53.53	Recom	2.43


Dividend Gr. 3/5Y	-	Current Ratio	1.59	EPS Q/Q	14.04%	SMA20	-2.04%	Beta	1.01	Target Price	378.00


Payout	0.00%	Debt/Eq	0.07	Sales Q/Q	11.08%	SMA50	8.65%	Rel Volume	2.23	Prev Close	384.88


Employees	6,114	LT Debt/Eq	0.13	Earnings	Jul 29	SMA200	28.78%	Avg Volume	736.22K	Price	385.49


IPO Date	Jun 04, 1999	Option/Short	Yes / Yes	EPS/Sales Surpr.	12.39% 3.57%	Net Debt/EBITDA	-1.26	Volume	1,644,484	Change	0.16%

FFIV