ATENA10 Networks, Inc.
Is the business good?
The checks split: earnings fully cash-backed (1.9×), but margins compressing.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash.
Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.
A balanced mix of margins, efficiency, and leverage. ROE 21% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is ATEN?
A10 Networks, Inc. keeps 16% of every revenue dollar as operating profit, against 5.8% for the median Software - Infrastructure name.
Operating margin · Software - Infrastructure median 5.8% · 12 months to Q2 2026
- Cash conversion
- 1.94×
Cash conversion · 2.03× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +3.5%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 25%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 7.9% |
| FY2021 | 13% |
| FY2022 | 19% |
| FY2023 | 15% |
| FY2024 | 17% |
| FY2025 | 16% |
Details›
- Gross margin12 months to Q2 2026
- 79%
- Operating margin12 months to Q2 2026
- 16%
- Net margin12 months to Q2 2026
- 14%
- Free cash flow margin
- 20%
- R&D as % of revenue
- 25%
- Revenue, trailing twelve months
- $310M
- Free cash flow, trailing twelve months
- $61M
- Net income, trailing twelve months
- $43M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Software, Infrastructure
Ranks #23 of 80 by RyuScore