RDWRNasdaqServices-Business Services, NECFiscal year ends December 31
RADWARE LTD
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 31, 2026
$28.55+1.39 (+5.12%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 63.4
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
80.7%−1.3 pts over 5 years
Operating margin
3.8%+1.3 pts over 5 years
Net margin
6.7%+2.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +9.8% | +0.9% | +3.8% | +3.4% | |
| Gross profit | +9.9% | +0.5% | +3.5% | +3.2% | |
| Operating income | – | – | +13.1% | -4.5% | |
| Net income | +235.5% | – | +16.0% | +0.9% | |
| EPS, diluted | +221.4% | – | +17.6% | +1.2% | |
| Free cash flow | -37.4% | +21.2% | -5.5% | +5.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -2.8% | 2.5% | 6.1% | |
| Return on assets | -2.0% | 1.6% | 3.1% | |
| Current ratio | 3.13 | 2.42 | 1.63 | |
| Inventory turnover | 2.1× | 3.2× | 4.3× | |
| Capex to revenue | 4.8% | 3.5% | 2.8% | |
| Diluted shares | 44M | 48M | 45M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Radware generated $229.12M from operations and spent $220.19M on capital expenditure, dividends and share buybacks. 15% of that went back into the business.
Generated
$229.12M
Used
$220.19M
Capital expenditure$33.66M15%Dividends$00%Share buybacks$186.53M85%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.7%
×Asset turnover0.47×
×Equity multiplier1.94×
=Return on equity, FY20256.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.7% | 0.47× | 1.94× | 6.1% |
| FY2024 | 2.2% | 0.46× | 1.98× | 2.0% |
| FY2023 | -8.3% | 0.43× | 1.97× | -7.0% |
| FY2022 | -0.1% | 0.46× | 1.82× | -0.0% |
| FY2021 | 2.7% | 0.46× | 1.66× | 2.1% |
| FY2020 | 3.9% | 0.41× | 1.55× | 2.5% |
| FY2019 | 9.0% | 0.45× | 1.49× | 5.9% |
| FY2018 | 5.0% | 0.47× | 1.48× | 3.5% |
| FY2017 | -3.5% | 0.47× | 1.47× | -2.4% |
| FY2016 | -4.4% | 0.46× | 1.39× | -2.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$20.26M
- Cash generatingOperating cash flow above zero$50.09M
- Return on assets improvedROA up on the prior year1.1% → 3.3%
- Earnings backed by cashOperating cash flow above net income$50.09M vs $20.26M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.90 → 1.63
- No dilutionShare count did not rise43M → 45M
- Gross margin improvedGross margin up on the prior year80.63% → 80.67%
- More efficientAsset turnover rose0.48 → 0.49