F5, INC.

FFIVInfrastructure

F5 keeps applications running and secure, even when millions of people hit them at once.

Key figures

Data as of Jun 2026 · Pills compare vs Mar 2026

ARR Multiple

7.5x

+0.6x

ARR

$3.5B

+6.6%

YoY Growth

10.8%

-0.2pp

Market Cap

$25.8B

+9.2%

Revenue (Q)

$865M

+6.6%

Gross Margin

82.3%

+0.8pp

Op. Margin

24.6%

+5.9pp

Rule of 40

35.5

+5.7

Magic Number

0.89

+1.08

Revenue, margins & ratios from SEC filings; market cap & ARR multiple from market data. Market cap & ARR multiple use the close of 2 Oct 2026; their pills compare vs the Jun 2026 quarter-end (6.8x).

Valuation by quarter

Current ARR Multiple: 6.8x· Forward at Q4 FY2026 guidance: 6.7x

Calculated valuation

FRAMEWORK EST.

Valuation data is not available for this company.

Strategy recommendations

Levers ranked by valuation impact

No recommendations for this company.

AI Replacement RiskLOW

9/ 100

LowModerateElevatedHigh

Estimated likelihood that general-purpose AI replaces this product.

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Why this rating

From the AI Risk Calculator model

Structural moats (regulation, integration depth, or proprietary data) make AI-only replacement unlikely in the near term.

What's driving the score

SecurityCategory baseline

low base

Workflow complexity5/5

-12 risk

Data moat3/5

-1 risk

Integration depthHigh

-10 risk

SegmentEnterprise

-8 risk

IndustryOther

neutral

Own AI integration2/5

+1.6 risk

Company overview

F5 keeps applications running and secure, even when millions of people hit them at once. The company was founded in 1996 in Seattle.

For most of its life F5 sold hardware. Its BIG-IP boxes sit in data centers and balance traffic across servers. If one server gets swamped, BIG-IP sends the next request somewhere else. Apps stay up. Users never notice the juggling act.

The world changed, and F5 changed with it. Apps moved to the cloud and split into many small services. So F5 pushed into software and subscriptions. NGINX, the popular open source web server it acquired, gave it a huge developer following. F5 Distributed Cloud extends its traffic and security smarts across clouds and edge locations.

Security now sits at the center of the story. F5 shields apps from attacks, blocks bad bots, and protects the APIs that modern software leans on. Think about a bank running its mobile app across three clouds. F5 can apply one set of security rules to all of them at once.

Revenue runs around $2.8 billion a year. Software and recurring revenue keep taking a larger share of the mix. F5 is a steady, profitable veteran that is slowly trading its hardware roots for a software future.