F5, Inc.

F5 has no long-term financial debt and closed Q3 FY25 with about 1.43 billion dollars in cash and equivalents.

Trailing twelve-month free cash flow is about 955 million dollars by our calculation: we sum FY25 nine-month operating cash flow of 741.6 million dollars with Q4 FY24 operating cash flow of 246.5 million dollars, then subtract FY25 nine-month capex of 27.1 million dollars and Q4 FY24 capex of 6.1 million dollars.

Liquidity is robust, and cash generation is consistent even through macro volatility. Lease liabilities are manageable.