RADWARE LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RADWARE LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	197	211	234	252	250	286	293	261	275	302
Cost of revenue	35.7	39.6	41.7	45.2	45.1	52.4	53.9	51.7	53.3	58.3
Gross profit	161	172	193	207	205	234	240	210	222	244
Research and development	51.7	59	57.7	61.8	66.8	74.1	86.6	82.6	74.7	79
Selling and marketing	104	109	111	110	113	120	127	126	122	128
General and administrative	18.1	17.6	16.1	18.6	18.9	21.9	29.8	32.4	28.3	25.5
Operating expenses	174	178	185	190	199	216	243	241	226	232
Operating income	-12.7	-6.67	7.52	16.9	6.17	18.2	-3.34	-31.7	-3.89	11.4
Other non-operating income	5.74	4.83	7.27	8.79	7.8	4.41	8.05	13.9	16.6	17.9
Pre-tax income	-7.01	-1.84	14.8	25.7	14	22.6	4.71	-17.8	12.7	29.3
Income tax	1.65	5.65	3.06	3.14	4.33	14.8	4.88	3.84	6.63	9.05
Net income	-8.66	-7.49	11.7	22.6	9.64	7.81	-0.17	-21.6	6.04	20.3
EBITDA	-2.38	4.56	17.3	28.2	16.7	28.4	8.35	-19.4	7.95	23.1
EPS, basic	-0.20	-0.17	0.26	0.48	0.21	0.17	0.00	-0.50	0.14	0.47
EPS, diluted	-0.20	-0.17	0.25	0.47	0.20	0.16	0.00	-0.50	0.14	0.45
Shares, basic (weighted)	43.9	43.5	45.3	46.8	46.5	45.9	44.9	42.9	42	42.9
Shares, diluted (weighted)	43.9	43.5	47.7	48.5	47.7	47.5	44.9	42.9	43.4	44.7

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	79.6	65.2	45.2	40.8	54.8	92.5	46.2	70.5	98.7	105
Short-term investments					64.7	39.5	44.2	86.4	73	15.9
Receivables	19.4	16.2	17.2	22.6	16.8	13.2	17.8	20.3	16.8	35
Inventory	17.1	18.8	18.4	13.9	13.9	11.6	11.4	15.5	14	13.2
Other current assets	4.16	14.6	7.07	7.47	6.53	8.05	7.2	9.53	14.2	11
Total current assets	267	250	359	222	348	321	334	376	321	317
Property, plant and equipment	26.4	23.6	23.7	23	23	20.2	21.1	18.2	15.6	16.5
Lease right-of-use assets				18.1	27.8	24.8	23.1	20.8	18.5	15.6
Goodwill	30.1	32.2	32.2	41.1	41.1	41.1	68	68	68	68
Intangible assets	2.4	10.4	9.47	14.5	12.6	10.7	19.7	15.7	11.8	7.78
Long-term investments	96.7	147	87.6	252	141	180	136	35.3	146	206
Other non-current assets	8.09	8.13	20.7	24.4	30.2	37.3	41.3	38	37.9	40.6
Total assets	430	471	533	595	623	635	644	572	619	671
Accounts payable	5.97	5.37	4.48	6.32	3.88	4.31	6.46	4.3	5.58	7.23
Accrued liabilities	14.5	15.7	12.1	15.8	15.5	30.3	12.3	13.6	19.8	33.2
Deferred revenue	53.1	69.8	84	79.2	92.1	99.9	108	105	106	112
Total current liabilities	85.3	107	118	126	144	166	164	155	168	194
Lease liabilities				13.9	24.9	22.4	19.5	16	13.5	12
Other non-current liabilities	14.2	5.2	6.93	9.53	11.4	10.1	19.4	17.1	14.9	8.46
Total liabilities	131	156	169	200	235	265	275	249	262	280
Paid-in capital	325	349	384	415	443	471	498	529	555	579
Retained earnings	89.8	82.3	102	124	134	142	141	120	126	146
Treasury stock	-116	-116	-121	-145	-191	-243	-303	-366	-367	-378
Other comprehensive income	-0.02	-0.44	-1.11	1.15	1.52	-0.46	-4.84	0.08	1.1	1.39
Shareholders' equity	300	315	364	395	388	370	332	284	316	349
Minority interests						0	36.3	39.2	40.8	41.3
Total equity	300	315	364	395	388	370	368	323	357	391
Total liabilities and equity	430	471	533	595	623	635	644	572	619	671
Shares outstanding	43.2	44.1	46.3	47	46.4	45.9	44.3	41.7	42.6	43.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-8.66	-7.49	11.7	22.6	9.64	7.81	-0.17	-21.6	6.04	20.3
Depreciation and amortization	10.4	11.2	9.78	11.3	10.6	10.2	11.7	12.2	11.8	11.7
Stock-based compensation	11.5	13	12.5	13.1	16.5	17.6	27.4	34	26	24
Deferred income tax	-2.69	0.09	-2.31	-1.54	0.33	-3.47	-1.99	0.58	0.44	0.01
Change in receivables	7	3.39	-1.17	-2.41	5.76	3.66	-4.56	-2.52	3.44	-18.2
Change in inventory	-0.79	-1.66	0.37	4.46	0.01	2.36	0.15	-4.12	1.51	0.81
Change in payables	-3.28	-0.73	-0.88	1.78	-2.43	0.43	2.15	-2.17	1.28	1.65
Cash from operations	38.5	31.5	49.3	52.9	63.9	71.8	32.1	-3.5	71.6	50.1
Capital expenditures	-9.4	-7.21	-8.87	-8.16	-8.67	-5.6	-8.81	-5.43	-5.28	-8.54
Acquisitions		-8.27		-12.2	0	0	-30	0	0
Purchases of investments	-16.2	-24.6	-47.5	-67.1	-33	-88.3	-49.2	-33.3	-110	-65.4
Sales and maturities of investments	17.2	20.1	41.8	17	29.5	60	34.6	46.2	125	73.2
Cash from investing	28.4	-56.3	-85.5	-50.8	-14.4	7.85	-56	92.8	-39.5	-30.1
Stock issued	1.58	10.9	21.8	18	11.9	10.6	2.03	0.37	0	0
Share buybacks	-22	-0.41	-4.28	-24.5	-45.3	-52.5	-59.5	-63.2	-0.84	-10.5
Cash from financing	-20.9	10.5	16.2	-6.51	-35.5	-41.9	-22.5	-64.9	-3.91	-13.7
Net change in cash	45.9	-14.4	-20	-4.45	14	37.7	-46.3	24.4	28.2	6.36
Free cash flow	29.1	24.3	40.4	44.7	55.2	66.2	23.3	-8.93	66.3	41.6
Income taxes paid	1.73	14.4	6.42	3.3	1.31	2.75	18.1	4	0.92	2.22

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $29.56 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	80.7%	Gross profit / revenue.
Operating margin	3.8%	Operating income / revenue.
EBITDA margin	7.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.7%	Pre-tax income / revenue.
Net margin	6.7%	Net income / revenue.
FCF margin	13.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.6%	Cash from operations / revenue.
Effective tax rate	30.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.1%	Net income / average total assets.
Return on invested capital (ROIC)	3.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	26.2%	Research and development expense / revenue.
Stock-based pay / revenue	8.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.8%	Capital expenditures / revenue.
D&A / revenue	3.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	13.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	190.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	40.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	235.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	16.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	221.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	17.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-30.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	15.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-4.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-37.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	21.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-5.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.63x	Current assets / current liabilities.
Quick ratio	0.80x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.62x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	41.8%	Total liabilities / total assets.
Working capital	$122.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	11.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$273.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	18.8x	Revenue / average property, plant and equipment.
Inventory turnover	4.28x	Cost of revenue / average inventory.
Days inventory	85 days	365 x average inventory / cost of revenue.
Receivables turnover	11.6x	Revenue / average receivables.
Days sales outstanding	31 days	365 x average receivables / revenue.
Days payables	40 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	77 days	Days inventory + days sales outstanding - days payables.
FCF conversion	205.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	17.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.45	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.47	Net income per basic share, as reported (split-adjusted).
Revenue per share	$6.75	Revenue / diluted weighted shares.
FCF per share	$0.93	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.12	Cash from operations / diluted weighted shares.
Book value per share	$8.10	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.34	Tangible book value / shares outstanding.
Cash per share	$2.80	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	25.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.25B	Share price x shares outstanding.
Enterprise value	$1.13B	Market cap + total debt - cash - short-term investments.
P/E	61.7x	Market cap / net income. Only when net income is positive.
P/S	4.14x	Market cap / revenue.
P/B	3.58x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.57x	Market cap / tangible book value, when positive.
P/FCF	30.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	25.0x	Market cap / cash from operations, when positive.
EV/Sales	3.74x	Enterprise value / revenue.
EV/EBIT	99.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	48.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	27.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.3%	Free cash flow / market cap.
Earnings yield	1.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.8%	(Dividends paid + share buybacks) / market cap.

What was RADWARE LTD's revenue in fiscal 2025?

RADWARE LTD reported revenue of $301.9M for fiscal 2025, 9.8% higher than the year before.

Was RADWARE LTD profitable in fiscal 2025?

Yes. Net income was $20.3M, a net margin of 6.7%.

How much free cash flow did RADWARE LTD generate in fiscal 2025?

Cash from operations of $50.1M minus capital expenditures of $8.5M left free cash flow of $41.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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