EXTREME NETWORKS INC
EXTR · Computer Communications Equipment · 130.8M shares · +3%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $36M (gross $100M, SBC $63M)
Reference price $31.03 · est. market cap ~$4.1B — last insider sale, 2026-06-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D50Networking vendor near breakeven with high leverage and very weak liquidity.
Strengths
- Positive FCF — $127.3M (54th)
- Healthy gross margin — 62.2%
Risks
- Near-breakeven/net loss — operating margin 1.5%, net margin -0.7%, net income -91.3%
- High leverage, weak liquidity — D/E 2.50 (93rd), current ratio 0.91 (9th), interest coverage 1.06
- Competitive enterprise-networking market — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- High leverageHigh leverage (debt/equity 2.50)
- Net lossNet loss (net margin -0.7%)
- Weak liquidityCurrent ratio 0.91 (<1)
- Customer concentration~62% of revenue from one customer/distributor — • Total gross margin of 62
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- New fund positionNotable fund(s) opened this quarter: Bridgewater Associates, LP
- Insider sellingInsider selling — 25 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$19M, last 6mo) Form 4 ↗
- Notable holderHeld by 6 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +3 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
62.2%
Operating margin
1.5%
Net margin
-0.7%
Return on equity
-11.4%
Return on assets
-0.6%
ROIC
5.8%
Revenue growth (QoQ)
-0.3%
Debt / equity
2.5×
Interest coverage
1.1×
Current ratio
0.9×
Free cash flow
$127M
Tangible book value
-$341M
Cash & investments
$232M
Stock comp / revenue
7.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-12 | MOTIEY KATAYOUN | Sell | 30K | $31.03 |
| 2026-06-11 | RHODES KEVIN R | Sell | 35K | $30.43 |
| 2026-06-08 | MOTIEY KATAYOUN | Sell | 7.5K | $30.00 |
| 2026-06-02 | MOTIEY KATAYOUN | Sell | 7.5K | $29.00 |
| 2026-06-02 | MEYERCORD EDWARD | Sell | 100K | $29.20 |
| 2026-06-01 | MEYERCORD EDWARD | Sell | 41K | $27.77 |
| 2026-06-01 | RHODES KEVIN R | Grant | 51K | — |
| 2026-06-01 | RHODES KEVIN R | Tax withheld | 23K | $28.13 |
| 2026-06-01 | MOTIEY KATAYOUN | Sell | 7.5K | $28.00 |
| 2026-06-01 | MEYERCORD EDWARD | Option exercise | 50K | $6.70 |
| 2026-06-01 | MEYERCORD EDWARD | Sell | 8.6K | $27.03 |
| 2026-05-30 | RHODES KEVIN R | Tax withheld | 5.3K | $26.51 |
| 2026-05-30 | RHODES KEVIN R | Option exercise | 12K | — |
| 2026-05-26 | MOTIEY KATAYOUN | Sell | 7.5K | $27.00 |
| 2026-05-26 | MOTIEY KATAYOUN | Sell | 7.5K | $26.00 |
| 2026-05-26 | MEYERCORD EDWARD | Sell | 100K | $26.10 |
| 2026-05-15 | MEYERCORD EDWARD | Option exercise | 29K | — |
| 2026-05-15 | HOLMGREN KATHLEEN M | Sell | 20K | $24.78 |
| 2026-05-15 | MEYERCORD EDWARD | Tax withheld | 4.6K | $24.66 |
| 2026-05-15 | MEYERCORD EDWARD | Tax withheld | 11K | $24.66 |
| 2026-05-15 | MOTIEY KATAYOUN | Option exercise | 2.6K | — |
| 2026-05-15 | MOTIEY KATAYOUN | Tax withheld | 1.2K | $24.66 |
| 2026-05-15 | MOTIEY KATAYOUN | Option exercise | 5.6K | — |
| 2026-05-15 | MOTIEY KATAYOUN | Tax withheld | 2.5K | $24.66 |
| 2026-05-15 | RHODES KEVIN R | Option exercise | 9.8K | — |
| 2026-05-15 | RHODES KEVIN R | Tax withheld | 4.4K | $24.66 |
| 2026-05-15 | MEYERCORD EDWARD | Option exercise | 12K | — |
| 2026-05-14 | MOTIEY KATAYOUN | Sell | 7.7K | $25.00 |
| 2026-05-14 | RHODES KEVIN R | Sell | 12K | $25.00 |
| 2026-05-05 | Khanna Raj | Sell | 10K | $23.20 |
| 2026-05-05 | MEYERCORD EDWARD | Sell | 21K | $23.12 |
| 2026-05-04 | KENNEDY EDWARD H | Sell | 50K | $22.86 |
| 2026-05-04 | MEYERCORD EDWARD | Sell | 79K | $23.06 |
| 2026-05-01 | Khanna Raj | Sell | 6.8K | $22.20 |
| 2026-05-01 | MEYERCORD EDWARD | Option exercise | 50K | $6.70 |
| 2026-05-01 | MEYERCORD EDWARD | Sell | 50K | $22.08 |
| 2026-04-30 | Khanna Raj | Sell | 3.2K | $22.20 |
| 2026-04-01 | MEYERCORD EDWARD | Sell | 50K | $15.30 |
| 2026-04-01 | MEYERCORD EDWARD | Option exercise | 50K | $6.70 |
| 2026-03-02 | MEYERCORD EDWARD | Sell | 50K | $13.94 |
| 2026-03-02 | MEYERCORD EDWARD | Option exercise | 50K | $6.70 |
| 2026-02-28 | RHODES KEVIN R | Tax withheld | 5.3K | $13.98 |
| 2026-02-28 | RHODES KEVIN R | Option exercise | 12K | — |
| 2026-02-15 | MEYERCORD EDWARD | Option exercise | 12K | — |
| 2026-02-15 | MEYERCORD EDWARD | Tax withheld | 4.6K | $14.46 |
| 2026-02-15 | MEYERCORD EDWARD | Tax withheld | 11K | $14.46 |
| 2026-02-15 | MEYERCORD EDWARD | Option exercise | 29K | — |
| 2026-02-15 | MOTIEY KATAYOUN | Option exercise | 2.6K | — |
| 2026-02-15 | MOTIEY KATAYOUN | Tax withheld | 1.2K | $14.46 |
| 2026-02-15 | MOTIEY KATAYOUN | Option exercise | 5.6K | — |
| 2026-02-15 | MOTIEY KATAYOUN | Tax withheld | 2.5K | $14.46 |
| 2026-02-15 | RHODES KEVIN R | Option exercise | 9.8K | — |
| 2026-02-15 | RHODES KEVIN R | Tax withheld | 4.4K | $14.46 |
| 2026-02-02 | MEYERCORD EDWARD | Option exercise | 50K | $6.70 |
| 2026-02-02 | MEYERCORD EDWARD | Sell | 50K | $14.91 |
| 2026-01-02 | MEYERCORD EDWARD | Option exercise | 50K | $6.70 |
| 2026-01-02 | MEYERCORD EDWARD | Sell | 50K | $16.54 |
| 2025-11-30 | RHODES KEVIN R | Option exercise | 12K | — |
| 2025-11-30 | RHODES KEVIN R | Tax withheld | 5.3K | $17.50 |
| 2025-11-28 | MEYERCORD EDWARD | Option exercise | 50K | $6.70 |
| 2025-11-28 | MEYERCORD EDWARD | Sell | 50K | $17.46 |
| 2025-11-15 | RHODES KEVIN R | Tax withheld | 4.4K | $17.64 |
| 2025-11-15 | RHODES KEVIN R | Option exercise | 9.8K | — |
| 2025-11-15 | MEYERCORD EDWARD | Option exercise | 12K | — |
| 2025-11-15 | MEYERCORD EDWARD | Tax withheld | 4.6K | $17.64 |
| 2025-11-15 | MEYERCORD EDWARD | Option exercise | 29K | — |
| 2025-11-15 | MEYERCORD EDWARD | Tax withheld | 11K | $17.64 |
| 2025-11-15 | MOTIEY KATAYOUN | Option exercise | 2.6K | — |
| 2025-11-15 | MOTIEY KATAYOUN | Tax withheld | 1.3K | $17.64 |
| 2025-11-15 | MOTIEY KATAYOUN | Option exercise | 5.6K | — |
| 2025-11-15 | MOTIEY KATAYOUN | Tax withheld | 2.8K | $17.64 |
| 2025-11-12 | KENNEDY EDWARD H | Option exercise | 13K | — |
| 2025-11-12 | Burton Ingrid | Option exercise | 13K | — |
| 2025-11-12 | HOLMGREN KATHLEEN M | Option exercise | 13K | — |
| 2025-11-12 | Shoemaker John C | Option exercise | 13K | — |
| 2025-11-12 | Khanna Raj | Option exercise | 13K | — |
| 2025-11-12 | Carinalli Charles | Option exercise | 13K | — |
| 2025-08-30 | RHODES KEVIN R | Tax withheld | 5.3K | $21.38 |
| 2025-08-30 | RHODES KEVIN R | Option exercise | 12K | — |
| 2025-08-28 | RHODES KEVIN R | Sell | 14K | $21.52 |
| 2025-08-21 | Khanna Raj | Sell | 15K | $19.91 |
| 2025-08-15 | RHODES KEVIN R | Tax withheld | 17K | $19.72 |
| 2025-08-15 | MOTIEY KATAYOUN | Option exercise | 5.3K | — |
| 2025-08-15 | MOTIEY KATAYOUN | Tax withheld | 2.6K | $19.72 |
| 2025-08-15 | MOTIEY KATAYOUN | Option exercise | 2.6K | — |
| 2025-08-15 | MOTIEY KATAYOUN | Tax withheld | 1.3K | $19.72 |
| 2025-08-15 | MOTIEY KATAYOUN | Option exercise | 22K | — |
| 2025-08-15 | MOTIEY KATAYOUN | Tax withheld | 11K | $19.72 |
| 2025-08-15 | MOTIEY KATAYOUN | Option exercise | 53K | — |
| 2025-08-15 | MOTIEY KATAYOUN | Tax withheld | 26K | $19.72 |
| 2025-08-15 | MOTIEY KATAYOUN | Option exercise | 22K | — |
| 2025-08-15 | MOTIEY KATAYOUN | Tax withheld | 11K | $19.72 |
| 2025-08-15 | MEYERCORD EDWARD | Option exercise | 39K | — |
| 2025-08-15 | MEYERCORD EDWARD | Option exercise | 12K | — |
| 2025-08-15 | MEYERCORD EDWARD | Tax withheld | 4.6K | $19.72 |
| 2025-08-15 | MEYERCORD EDWARD | Option exercise | 115K | — |
| 2025-08-15 | MEYERCORD EDWARD | Tax withheld | 45K | $19.72 |
| 2025-08-15 | MEYERCORD EDWARD | Option exercise | 387K | — |
| 2025-08-15 | MEYERCORD EDWARD | Tax withheld | 152K | $19.72 |
| 2025-08-15 | MEYERCORD EDWARD | Option exercise | 116K | — |
| 2025-08-15 | MEYERCORD EDWARD | Tax withheld | 45K | $19.72 |
| 2025-08-15 | MEYERCORD EDWARD | Tax withheld | 15K | $19.72 |
| 2025-08-15 | RHODES KEVIN R | Option exercise | 39K | — |
| 2025-08-15 | RHODES KEVIN R | Tax withheld | 17K | $19.72 |
| 2025-08-15 | RHODES KEVIN R | Option exercise | 39K | — |
| 2025-08-11 | KENNEDY EDWARD H | Sell | 25K | $20.01 |
| 2025-08-06 | MEYERCORD EDWARD | Sell | 100K | $20.08 |
| 2025-08-01 | MEYERCORD EDWARD | Option exercise | 36K | $6.70 |
| 2025-08-01 | MEYERCORD EDWARD | Sell | 36K | $17.18 |
| 2025-07-01 | MEYERCORD EDWARD | Sell | 36K | $18.21 |
| 2025-07-01 | MEYERCORD EDWARD | Option exercise | 36K | $6.70 |
| 2025-06-24 | Khanna Raj | Sell | 2.0K | $17.43 |
| 2025-06-23 | Khanna Raj | Sell | 8.0K | $17.20 |
| 2025-06-03 | MOTIEY KATAYOUN | Option exercise | 52K | $6.40 |
| 2025-06-03 | MOTIEY KATAYOUN | Sell | 52K | $16.11 |
| 2025-06-02 | MOTIEY KATAYOUN | Sell | 20K | $16.00 |
| 2025-06-02 | MOTIEY KATAYOUN | Option exercise | 20K | $6.40 |
| 2025-06-02 | MEYERCORD EDWARD | Option exercise | 36K | $6.40 |
| 2025-06-02 | MEYERCORD EDWARD | Sell | 36K | $15.90 |
| 2025-05-31 | RHODES KEVIN R | Option exercise | 25K | — |
| 2025-05-31 | RHODES KEVIN R | Tax withheld | 11K | $15.67 |
| 2025-05-30 | RHODES KEVIN R | Option exercise | 12K | — |
| 2025-05-30 | RHODES KEVIN R | Tax withheld | 5.3K | $15.67 |
| 2025-05-15 | MEYERCORD EDWARD | Tax withheld | 4.6K | $16.34 |
| 2025-05-15 | MOTIEY KATAYOUN | Tax withheld | 2.4K | $16.34 |
| 2025-05-15 | MOTIEY KATAYOUN | Option exercise | 2.6K | — |
| 2025-05-15 | MOTIEY KATAYOUN | Tax withheld | 1.2K | $16.34 |
| 2025-05-15 | MOTIEY KATAYOUN | Option exercise | 5.3K | — |
| 2025-05-15 | MEYERCORD EDWARD | Option exercise | 39K | — |
| 2025-05-15 | MEYERCORD EDWARD | Tax withheld | 15K | $16.34 |
| 2025-05-15 | MEYERCORD EDWARD | Option exercise | 12K | — |
| 2025-05-01 | MEYERCORD EDWARD | Option exercise | 36K | $6.40 |
| 2025-05-01 | MEYERCORD EDWARD | Sell | 36K | $13.73 |
| 2025-04-01 | MEYERCORD EDWARD | Option exercise | 36K | $6.40 |
| 2025-04-01 | MEYERCORD EDWARD | Sell | 36K | $13.12 |
| 2025-03-03 | MEYERCORD EDWARD | Option exercise | 2.1K | $6.40 |
| 2025-03-03 | MEYERCORD EDWARD | Sell | 36K | $15.06 |
| 2025-03-03 | MEYERCORD EDWARD | Option exercise | 34K | $6.70 |
| 2025-02-28 | RHODES KEVIN R | Option exercise | 12K | — |
| 2025-02-28 | RHODES KEVIN R | Tax withheld | 5.3K | $15.45 |
| 2025-02-15 | MEYERCORD EDWARD | Option exercise | 39K | — |
| 2025-02-15 | MEYERCORD EDWARD | Tax withheld | 15K | $16.38 |
| 2025-02-15 | MEYERCORD EDWARD | Option exercise | 12K | — |
| 2025-02-15 | MEYERCORD EDWARD | Tax withheld | 4.6K | $16.28 |
| 2025-02-15 | MOTIEY KATAYOUN | Option exercise | 5.3K | — |
| 2025-02-15 | MOTIEY KATAYOUN | Tax withheld | 2.4K | $16.38 |
| 2025-02-15 | MOTIEY KATAYOUN | Option exercise | 2.6K | — |
| 2025-02-15 | MOTIEY KATAYOUN | Tax withheld | 1.2K | $16.38 |
| 2025-02-03 | MEYERCORD EDWARD | Option exercise | 36K | $6.40 |
| 2025-02-03 | MEYERCORD EDWARD | Sell | 36K | $15.39 |
| 2025-01-02 | MEYERCORD EDWARD | Option exercise | 36K | $6.40 |
| 2025-01-02 | MEYERCORD EDWARD | Sell | 36K | $16.60 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-04-30 | 2026-03-31 | 0001193125-26-197200 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0001193125-26-188948 ↗ |
| 10-Q | 2026-01-29 | 2025-12-31 | 0001193125-26-029334 ↗ |
| 8-K | 2026-01-28 | 2026-01-28 | 0001193125-26-025650 ↗ |
| 8-K | 2026-01-07 | 2026-01-05 | 0001193125-26-005441 ↗ |
| 8-K | 2025-11-13 | 2025-11-12 | 0001193125-25-280277 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001193125-25-273961 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0001193125-25-258554 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0001193125-25-254626 ↗ |
| 10-K | 2025-08-18 | 2025-06-30 | 0000950170-25-109742 ↗ |
| 8-K | 2025-08-06 | 2025-08-06 | 0000950170-25-103531 ↗ |
| 10-Q | 2025-05-01 | 2025-03-31 | 0000950170-25-061827 ↗ |