Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 2/6 · 19/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Core deployment roles and ongoing support make switching costs plausible, but the passages do not establish replacement difficulty or an economically protected position.
durability · — · Multi-year non-cancelable commitments establish visibility within contracts, not durable competitive protection after expiration. ADSP and acquisition integration benefits remain prospective.
customer dependency · — · Integration into enterprise applications suggests operational importance, but importance does not establish dependence on F5 specifically. Customer replacement outcomes are absent.
erosion resilience · — · Continuing growth following the incident supports demand resilience, but does not establish moat resilience. The actual intrusion and possible substitution leave durable protection unresolved.
Pouvoir de fixation des prix—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · — · No observed price, discount or comparable-unit realization series is supplied. Systems growth is attributed primarily to demand, and margin changes have multiple possible causes. Possible future selling-price declines are not realized adverse pricing evidence.
retention · 2/4 · Service-heavy commitments, subscription-led software growth and 3% quarterly services growth support continuing demand indirectly. They do not establish customer-level retention, renewal rates or the retention of particular customers after the incident.
margin resilience · 2/4 · Nine-month GAAP gross margin improved to 81.7% from 81.1%, while GAAP operating margin declined to 24.3% from 24.6% alongside actual acquisition and incident costs. This demonstrates mixed resilience without attributing margins to pricing power or a moat.
contractual freedom · 2/4 · Agreed purchase-order prices and non-standard multi-year consumption contracts demonstrate negotiated term-setting flexibility. Non-cancelable obligations protect some revenue, while systems orders can be canceled before fulfillment without significant penalty. Unilateral repricing rights are undisclosed.
Prévisibilité97
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 3.42
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 4.92
Solidité financière—
Missing required inputs: debtFcfGrade, netDebtEbitGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- interestCoverageGrade
- 100.00
- currentRatioGrade
- 64.95
- Current ratio (x)
- 1.56
- cashInterestPaid
- 0.00
Allocation du capital—
Missing required inputs: operatingReturn. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year average dilution (%)
- -1.33
- 3-year average SBC / revenue (%)
- 7.90
- cashConversionGrade
- 100.00
Qualité du management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 3/4 · Nine-month operating cash flow of $841.4 million covered $63.7 million of capital expenditure, $47.6 million of acquisition spending and $501.1 million of repurchases including excise taxes, while cash increased. This demonstrates funding discipline, not buyback valuation skill or acquisition returns. Stock compensation of $193.5 million and the adopted 5.4 million-share plan authorization remain material considerations.
incentive alignment · 2/4 · Actual executive award metrics include revenue, EPS and relative shareholder return, supported by existing clawback and trading safeguards. Time-based awards and RSU acceleration upon certain changes of control weaken alignment. Complete ownership and compliance evidence is absent; plan approval does not establish individual award vesting.
execution · 2/4 · Systems growth, subscription-led software growth and increased operating cash generation provide indirect operating evidence of execution. Long-term unauthorized access and $26.5 million of response costs are realized failures that offset those achievements. Successful acquisition integration and restored customer trust remain unestablished.
governance · 2/4 · The actual June 2026 board had nine independent members out of ten, and disclosed compensation safeguards support oversight. Management's effective disclosure-control conclusion does not establish cybersecurity effectiveness. The realized breach and existing RSU acceleration provisions support a mixed assessment; litigation allegations are not treated as adjudicated misconduct.
Preuves
Systems integrators. We also market our products through strategic relationships with systems integrators who include our products as core components of application deployments or network-based solutions they deploy for their customers.
Business / Sales and Marketing / Systems integrators · Dépôt 25/11/2025
Instead, they typically recommend and/or manage our products as a part of broader solutions supporting enterprise applications and internet facing systems that incorporate our technology for security, high availability, and enhanced performance.
Business / Sales and Marketing / Enterprise application deployments · Dépôt 25/11/2025
PCS includes a limited period of telephone support, updates, repair or replacement of any failed product or component that fails during the term of the agreement, bug fixes and rights to upgrades, when and if available.
Revenue recognition / Post-contract customer support · Dépôt 25/11/2025
The composition of unsatisfied performance obligations consists mainly of deferred service revenue, and to a lesser extent, deferred product revenue, for which the Company has an obligation to perform, and has not yet recognized as revenue in the consolidated financial statements.
Revenue recognition / Composition of unsatisfied performance obligations · Dépôt 06/08/2026
As of June 30, 2026, the total non-cancelable remaining performance obligations under the Company's contracts with customers was $2.2 billion and the Company expects to recognize revenues on 58.8% of these remaining performance obligations over the next 12 months, 24.9% in year two, and the remaining balance thereafter.
Revenue recognition / Non-cancelable remaining performance obligations at June 30, 2026 · Dépôt 06/08/2026
Our BIG-IP offerings compete against Citrix and Broadcom.
Business / Competition / BIG-IP competitors · Dépôt 18/11/2024
Our lightweight, agile, developer-friendly F5 NGINX offerings, which provide capabilities like optimizing Kubernetes traffic management and load balancing cloud-native and hybrid cloud applications compete against Amazon Web Services ("AWS"), Google Cloud Platform, Envoy, and HAProxy.
Business / Competition / NGINX alternatives · Dépôt 18/11/2024
With the F5 ADSP, we aim to leverage the full strength of our broad portfolio with capabilities to enhance security, scalability, and operational efficiency while enabling key capabilities such as policy management, analytics, and automation.
Business / Strategy / Intended ADSP capabilities · Dépôt 25/11/2025
Cyber Incident On October 15, 2025, the Company disclosed a security incident, (referred to as the “Cyber Incident”) in which a threat actor maintained long-term, persistent access to F5 systems, and certain files were exfiltrated.
Commitments and contingencies / Realized Cyber Incident · Dépôt 06/08/2026
Customers may in the future defer purchasing or choose to cancel or not renew their agreements or subscriptions with us.
Cyber Incident risks / Possible cancellations and nonrenewals · Dépôt 25/11/2025
Our agreements with our channel partners are not exclusive and do not prevent them from selling competitive products.
Business / Nonexclusive channel agreements · Dépôt 25/11/2025
These agreements typically have one-year terms with no obligation to renew, and typically do not provide for exclusive sales territories or minimum purchase requirements.
Business / Channel agreement duration and purchase obligations · Dépôt 25/11/2025
There is a risk that AI technologies could automate or simplify functions currently performed by our application delivery and security solutions.
Risk factors / Potential AI substitution · Dépôt 06/08/2026
We may not be able to compete effectively in the application delivery and security market The markets we serve are rapidly evolving and highly competitive, and we expect competition to persist and intensify in the future.
Risk factors / Evolving and highly competitive markets · Dépôt 25/11/2025
Although we believe that the backlog orders are firm, purchase orders may be canceled by the customer prior to fulfillment without significant penalty.
Business / Backlog / Cancellation without significant penalty · Dépôt 25/11/2025
24 Table of Contents The following presents net product revenues by systems and software: Three Months Ended June 30, Nine Months Ended June 30, 2026 2025 2026 2025 (in thousands, except percentages) Net product revenues Systems revenue $ 239,519 $ 180,855 $ 684,264 $ 519,968 Software revenue 223,310 207,983 599,363 574,563 Total net product revenue $ 462,829 $ 388,838 $ 1,283,627 $ 1,094,531 Percentage of net product revenues Systems revenue 51.8 % 46.5 % 53.3 % 47.5 % Software revenue 48.2 53.5 46.7 52.5 Total net product revenue 100.0 % 100.0 % 100.0 % 100.0 % Total systems revenue increased 32.4% and 31.6% for the three and nine months ended June 30, 2026, respectively, from the comparable periods in the prior year.
MD&A / Systems and software revenue comparisons · Dépôt 06/08/2026
The increase in software revenue was primarily due to increased sales of subscription offerings.
MD&A / Subscription contribution to software growth · Dépôt 06/08/2026
Services revenue of $402 million grew 3% from the year-ago period.
Q3 FY2026 performance / Services revenue growth · Dépôt 27/07/2026
Three Months Ended June 30, Nine Months Ended June 30, 2026 2025 2026 2025 (in thousands, except percentages) Cost of net revenues and gross profit Products $ 93,498 $ 88,782 $ 276,659 $ 252,905 Services 60,066 59,846 179,590 177,192 Total 153,564 148,628 456,249 430,097 Gross profit $ 711,513 $ 631,742 $ 2,042,993 $ 1,847,885 Percentage of net revenues and gross margin (as a percentage of related net revenue) Products 20.2 % 22.8 % 21.6 % 23.1 % Services 14.9 15.3 14.8 15.0 Total 17.8 19.0 18.3 18.9 Gross margin 82.2 % 81.0 % 81.7 % 81.1 % 25 Table of Contents Cost of Net Product Revenues.
MD&A / GAAP gross margins · Dépôt 06/08/2026
GAAP income from operations and operating margin
$
213,267
24.7
%
$
196,317
25.2
%
$
606,472
24.3
%
$
560,296
24.6
%
Adjustments to income from operations and operating margin:
Stock-based compensation
$
65,534
7.6
%
$
57,451
7.4
%
$
193,535
7.7
%
$
174,243
7.6
%
Amortization and impairment of purchased intangible assets
9,619
1.1
%
10,250
1.3
%
32,523
1.3
%
30,488
1.3
%
Facility-exit costs
1,224
0.1
%
1,243
0.2
%
3,077
0.1
%
6,727
0.3
%
Acquisition-related charges
10,064
1.2
%
2,032
0.3
%
28,902
1.2
%
3,937
0.2
%
Cyber incident costs
2,978
0.3
%
—
—
26,503
1.1
%
—
—
Restructuring charges
(30)
0.0
%
—
—
(388)
$
1,898,770
83.4
%
Income from operations and operating margin:
GAAP reconciliation / Operating margins and actual incident and acquisition costs · Dépôt 27/07/2026
In addition, factors such as sales price, product and services mix, inventory obsolescence, returns, component price increases, warranty costs, and global supply chain constraints could significantly impact our gross margins.
MD&A / Multiple determinants of gross margins · Dépôt 06/08/2026
The purchase price stated in an agreed upon purchase order is generally representative of the transaction price.
Revenue recognition / Agreed purchase-order transaction prices · Dépôt 25/11/2025
Flexible Consumption Program
The Company enters into certain contracts with customers, including flexible consumption programs and multi-year subscriptions, with non-standard terms and conditions.
Revenue recognition / Flexible consumption and multi-year contract terms · Dépôt 25/11/2025
The average selling price of our products may decrease and our costs may increase, which may negatively impact revenues and profits It is possible that the average selling prices of our products will decrease in the future in response to competitive pricing pressures, increased sales discounts, including responses to inflationary pressures, new product introductions by us or our competitors, or other factors.
Risk factors / Possible future average selling-price decreases · Dépôt 25/11/2025
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands) Nine Months Ended June 30, 2026 2025 Operating activities Net income $ 536,017 $ 501,887 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 193,535 174,243 Depreciation and amortization 72,613 67,608 Non-cash operating lease costs 22,377 23,727 Deferred income taxes (38,644) (56,308) Other (3,300) 3,918 Changes in operating assets and liabilities (excluding effects of the acquisition of businesses): Accounts receivable (14,262) 26,834 Inventories (49,661) 9,458 Other current assets (101,005) (54,523) Other assets 5,618 (68,332) Accounts payable and accrued liabilities 50,995 (19,031) Deferred revenue 192,266 159,003 Lease liabilities (25,176) (26,886) Net cash provided by operating activities 841,373 741,598 Investing activities Purchases of investments (4,850) (4,400) Maturities of investments 402 — Sales of investments 1,575 — Acquisition of businesses, net of cash acquired (47,619) (24,170) Purchases of property and equipment (63,705) (27,119) Net cash used in investing activities (114,197) (55,689) Financing activities Proceeds from the exercise of stock options and purchases of stock under employee stock purchase plan 59,596 59,018 Payments for repurchase of common stock, including excise taxes (501,109) (377,077) Taxes paid related to net share settlement of equity awards (22,664) (19,601) Net cash used in financing activities (464,177) (337,660) Net increase in cash, cash equivalents and restricted cash 262,999 348,249 Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,375) 2,442 Cash, cash equivalents and restricted cash, beginning of period 1,346,368 1,078,340 Cash, cash equivalents and restricted cash, end of period $ 1,607,992 $ 1,429,031 Supplemental disclosures of cash flow information Cash paid for amounts included in the measurement of operating lease liabilities $ 31,490 $ 34,121 Supplemental disclosures of non-cash activities Right-of-use assets obtained in exchange for lease obligations $ 15,744 $ 37,198 The accompanying notes are an integral part of these consolidated financial statements.
Consolidated cash flows / Nine months ended June 30, 2026 and 2025 · Dépôt 06/08/2026
The 2026 Plan authorizes the issuance of up to 5.4 million shares of the Company's common stock, which includes 1.9 million shares that remained available for issuance under the Plan and were transferred to the 2026 Plan.
Shareholders' equity / Adopted incentive plan share authorization · Dépôt 06/08/2026
A portion of the aggregate number of RSUs issued to executive officers vest in equal quarterly increments, and a portion is subject to the Company achieving specified performance goals.
Stock-based compensation / Time-based and performance-based executive awards · Dépôt 25/11/2025
The Company's Talent and Compensation Committee has adopted a set of metrics for the performance stock awards, including (1) 50% of the annual performance stock grant is based on achieving certain annual revenue targets; (2) 25% of the annual performance stock grant is based on achieving certain annual earnings per share targets; and (3) 25% of the annual performance stock grant is based on relative total shareholder return ("TSR") benchmarked to the S&P 500 index.
Stock-based compensation / Adopted executive performance metrics · Dépôt 25/11/2025
4 Fiscal Year 2025 Proxy Statement Table of Contents Proxy Summary Clawback policy In the event of a restatement of any financial measure used in determining performance-based compensation for executives, the Company shall recover any payments to an executive in excess of what would have been received if determined based on the restated financial measure subject to limited exceptions.
Compensation policies / Existing clawback policy · Dépôt 26/01/2026
Incentive-based compensation at risk if threshold performance metrics not achieved Executive compensation is reviewed annually by an independent compensation consultant retained by the Talent and Compensation Committee Stock ownership guidelines that encourage alignment with the interests of shareholders Incentive compensation clawback policy Shareholder engagement and annual advisory vote on named executive officer compensation Change of Control Agreements require a double-trigger event for cash severance 40 Fiscal Year 2025 Proxy Statement Table of Contents Executive Compensation What We Don’t Do No “golden parachute” excise tax reimbursement or gross-ups upon a change in control No hedging or pledging or otherwise engaging in short sales of common stock of the company No re-pricing of stock options No excessive perquisites No dividends/dividend equivalents paid on equity awards prior to vesting UPDATES TO THE COMPENSATION PROGRAM FOR FISCAL YEAR 2025 The Compensation Committee implemented a change to the short-term cash incentive program payout calculation for fiscal year 2025 to further align executive compensation with the creation of long-term shareholder value and expectations of our shareholders.
Executive compensation / Existing compensation and trading safeguards · Dépôt 26/01/2026
acceleration of RSUs occurs upon a Change of Control regardless of whether employment
is terminated.
Potential payments / RSU acceleration without employment termination · Dépôt 26/01/2026
The Company incurred $3.0 million and $26.5 million of costs in response to the Cyber Incident for the three and nine months ended June 30, 2026, respectively.
Cyber Incident / Actual response costs through June 30, 2026 · Dépôt 06/08/2026
With this appointment, F5’s board expands to 10 members, 9 of whom are independent.
June 2026 director appointment / Actual board size and independence · Dépôt 23/06/2026
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2026 and, based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of June 30, 2026.
Controls and procedures / Management's June 30, 2026 effectiveness conclusion · Dépôt 06/08/2026
2026 Incentive Award Plan (the “Incentive Plan”), including 3,500,000 new shares of common stock issuable under the Incentive Plan and shares of common stock that remained available for issuance under the F5, Inc.
March 2026 shareholder meeting / Approval of incentive plan and new shares · Dépôt 13/03/2026
SurePath’s technologies will be integrated into the F5 AI Security Platform to safeguard enterprise AI deployments.
Business combinations / Planned SurePath technology integration · Dépôt 06/08/2026
The increase in systems revenue was primarily due to increases in customer demand.
MD&A / Systems growth attributed primarily to customer demand · Dépôt 06/08/2026
