F5, Inc.

Priorities have been organic investment in platform and security, disciplined acquisitions, and significant buybacks. The board added 1.0 billion dollars to repurchases in Oct 2024, and F5 repurchased roughly 377 million dollars in the first nine months of FY25, with share count trending down.

SBC runs in the low-200 million dollar range annually, which is meaningful but currently outpaced by repurchases. The pending CalypsoAI acquisition is modest in size and strategically aligned with securing AI inference. Overall, capital allocation is thoughtful, though we monitor SBC dilution.