A10 Networks, Inc.
ATEN · Computer Communications Equipment · 72.0M shares · -0%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $2M (gross $16M, SBC $14M)
Reference price $27.21 · est. market cap ~$2.0B — last insider sale, 2026-05-05 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B74Profitable networking-security vendor with high margins and strong free cash flow.
Strengths
- High margins — gross margin 79.3% (86th), operating margin 16.2%, net margin 14.5%
- Strong cash conversion — FCF margin 22.3%, OCF margin 29.2%
- Solid returns/liquidity — ROE 19.9%, current ratio 3.56
Risks
- Earnings dipped — net income -16.0% (46th)
- Elevated leverage — D/E 1.03 (81st)
- Smaller scale vs incumbents — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~60% of revenue from one customer/distributor — We report two customer verticals: service providers, which accounted for 60%, 57% and 58% of our total revenue during 2025, 2024 and 2023, respectively, and enterprise, which accounted for 40%, 43% an
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 4 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$3M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
79.3%
Operating margin
16.2%
Net margin
14.5%
Return on equity
19.9%
Return on assets
6.7%
ROIC
8.7%
Revenue growth (QoQ)
-6.7%
Net-income growth
-16.0%
Debt / equity
1.0×
Net debt / EBITDA
-2.6×
Current ratio
3.6×
Free cash flow
$65M
EBITDA
$62M
Tangible book value
$190M
Cash & investments
$378M
Stock comp / revenue
6.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-15 | Weber Robert Scott | Tax withheld | 1.9K | $27.00 |
| 2026-05-15 | Trivedi Dhrupad | Tax withheld | 33K | $28.03 |
| 2026-05-15 | Weber Robert Scott | Tax withheld | 1.9K | $28.03 |
| 2026-05-15 | Caron Michelle Elizabeth | Tax withheld | 748 | $27.00 |
| 2026-05-15 | Trivedi Dhrupad | Tax withheld | 33K | $27.00 |
| 2026-05-15 | Caron Michelle Elizabeth | Tax withheld | 760 | $28.03 |
| 2026-05-14 | Caron Michelle Elizabeth | Option exercise | 3.0K | — |
| 2026-05-14 | Weber Robert Scott | Option exercise | 3.7K | — |
| 2026-05-14 | Weber Robert Scott | Option exercise | 3.9K | — |
| 2026-05-14 | Trivedi Dhrupad | Option exercise | 66K | — |
| 2026-05-14 | Trivedi Dhrupad | Option exercise | 63K | — |
| 2026-05-06 | Weber Robert Scott | Tax withheld | 1.9K | $27.13 |
| 2026-05-06 | Trivedi Dhrupad | Tax withheld | 33K | $27.13 |
| 2026-05-06 | Caron Michelle Elizabeth | Tax withheld | 3.0K | $27.13 |
| 2026-05-05 | Weber Robert Scott | Option exercise | 3.7K | — |
| 2026-05-05 | Trivedi Dhrupad | Option exercise | 63K | — |
| 2026-05-05 | Trivedi Dhrupad | Option exercise | 66K | — |
| 2026-05-05 | Caron Michelle Elizabeth | Option exercise | 14K | — |
| 2026-05-05 | Singer Eric | Sell | 25K | $27.21 |
| 2026-05-05 | Caron Michelle Elizabeth | Option exercise | 3.0K | — |
| 2026-05-05 | Weber Robert Scott | Option exercise | 3.9K | — |
| 2026-04-22 | Braham Tor | Grant | 7.2K | — |
| 2026-04-22 | CHUNG PETER Y | Grant | 7.2K | — |
| 2026-04-22 | Wolf Dana Elizabeth | Grant | 7.2K | — |
| 2026-04-22 | Singer Eric | Grant | 7.2K | — |
| 2026-02-28 | Weber Robert Scott | Tax withheld | 757 | $19.26 |
| 2026-02-28 | Trivedi Dhrupad | Tax withheld | 10K | $19.26 |
| 2026-02-24 | Trivedi Dhrupad | Tax withheld | 8.3K | $18.99 |
| 2026-02-13 | Trivedi Dhrupad | Sell | 33K | $20.55 |
| 2026-02-12 | Khoury Sheen George | Grant | 7.8K | — |
| 2026-02-12 | Weber Robert Scott | Grant | 7.4K | — |
| 2026-02-12 | Trivedi Dhrupad | Sell | 33K | $20.56 |
| 2026-02-12 | Trivedi Dhrupad | Grant | 132K | — |
| 2026-02-12 | Caron Michelle Elizabeth | Grant | 6.0K | — |
| 2026-02-11 | Trivedi Dhrupad | Sell | 33K | $20.69 |
| 2026-02-10 | Weber Robert Scott | Tax withheld | 1.9K | $20.92 |
| 2026-02-10 | Trivedi Dhrupad | Tax withheld | 8.3K | $20.92 |
| 2026-02-01 | Weber Robert Scott | Tax withheld | 4.6K | $17.44 |
| 2026-02-01 | Trivedi Dhrupad | Tax withheld | 62K | $17.44 |
| 2026-01-31 | Weber Robert Scott | Tax withheld | 836 | $17.44 |
| 2026-01-31 | Trivedi Dhrupad | Tax withheld | 10K | $17.44 |
| 2026-01-15 | Weber Robert Scott | Tax withheld | 1.0K | $17.58 |
| 2026-01-15 | Trivedi Dhrupad | Tax withheld | 13K | $17.58 |
| 2025-12-15 | Weber Robert Scott | Tax withheld | 925 | $18.12 |
| 2025-12-15 | Trivedi Dhrupad | Tax withheld | 13K | $18.12 |
| 2025-12-12 | Weber Robert Scott | Gift | 600 | — |
| 2025-09-30 | Caron Michelle Elizabeth | Grant | 14K | — |
| 2025-08-18 | Weber Robert Scott | Gift | 600 | — |
| 2025-08-13 | Becker Brian | Sell | 6.4K | $18.03 |
| 2025-07-14 | Khoury Sheen George | Grant | 35K | — |
| 2025-07-07 | Weber Robert Scott | Tax withheld | 1.9K | $20.14 |
| 2025-05-28 | Weber Robert Scott | Sell | 2.5K | $17.48 |
| 2025-05-27 | Weber Robert Scott | Sell | 2.5K | $17.26 |
| 2025-04-17 | Wolf Dana Elizabeth | Grant | 13K | — |
| 2025-04-17 | Singer Eric | Grant | 13K | — |
| 2025-04-17 | Braham Tor | Grant | 13K | — |
| 2025-04-17 | CHUNG PETER Y | Grant | 13K | — |
| 2025-03-11 | Trivedi Dhrupad | Tax withheld | 28K | $19.38 |
| 2025-03-11 | Weber Robert Scott | Tax withheld | 1.5K | $19.38 |
| 2025-03-11 | Becker Brian | Tax withheld | 3.8K | $19.38 |
| 2025-03-10 | Becker Brian | Option exercise | 7.3K | — |
| 2025-03-10 | Becker Brian | Option exercise | 10K | — |
| 2025-03-10 | Weber Robert Scott | Option exercise | 6.0K | — |
| 2025-03-10 | Trivedi Dhrupad | Option exercise | 49K | — |
| 2025-03-10 | Trivedi Dhrupad | Option exercise | 79K | — |
| 2025-03-04 | Trivedi Dhrupad | Sell | 27K | $19.80 |
| 2025-03-03 | Trivedi Dhrupad | Sell | 27K | $20.59 |
| 2025-02-28 | Trivedi Dhrupad | Sell | 27K | $20.57 |
| 2025-02-21 | Weber Robert Scott | Tax withheld | 3.8K | $21.13 |
| 2025-02-21 | Becker Brian | Tax withheld | 1.2K | $21.13 |
| 2025-02-21 | Trivedi Dhrupad | Tax withheld | 8.2K | $21.13 |
| 2025-02-20 | Weber Robert Scott | Option exercise | 15K | — |
| 2025-02-20 | Becker Brian | Option exercise | 7.3K | — |
| 2025-02-20 | Trivedi Dhrupad | Option exercise | 49K | — |
| 2025-02-14 | Trivedi Dhrupad | Tax withheld | 20K | $21.68 |
| 2025-02-14 | Trivedi Dhrupad | Tax withheld | 20K | $21.68 |
| 2025-02-14 | Becker Brian | Tax withheld | 2.6K | $21.68 |
| 2025-02-14 | Weber Robert Scott | Tax withheld | 1.5K | $21.68 |
| 2025-02-13 | Weber Robert Scott | Option exercise | 6.0K | — |
| 2025-02-13 | Trivedi Dhrupad | Option exercise | 79K | — |
| 2025-02-13 | Becker Brian | Option exercise | 10K | — |
| 2025-02-06 | Weber Robert Scott | Grant | 7.8K | — |
| 2025-02-06 | Becker Brian | Grant | 14K | — |
| 2025-02-06 | Trivedi Dhrupad | Grant | 127K | — |
| 2025-02-03 | Becker Brian | Tax withheld | 6.7K | $19.61 |
| 2025-02-03 | Weber Robert Scott | Tax withheld | 3.2K | $19.61 |
| 2025-02-03 | Trivedi Dhrupad | Tax withheld | 51K | $19.61 |
| 2025-01-24 | Becker Brian | Tax withheld | 4.9K | $19.46 |
| 2025-01-24 | Trivedi Dhrupad | Tax withheld | 34K | $19.46 |
| 2025-01-24 | Weber Robert Scott | Tax withheld | 2.0K | $19.46 |
| 2025-01-23 | Becker Brian | Option exercise | 13K | — |
| 2025-01-23 | Weber Robert Scott | Option exercise | 7.3K | — |
| 2025-01-23 | Trivedi Dhrupad | Option exercise | 99K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-07 | Exec/director change | filing ↗ |
| 2026-05-01 | Exec/director change | filing ↗ |
| 2026-04-28 | ResultsReg FDOtherExhibits | filing ↗ |
| 2026-04-23 | Shareholder vote | filing ↗ |
| 2026-02-04 | ResultsReg FDOtherExhibits | filing ↗ |
| 2025-11-04 | ResultsReg FDOtherExhibits | filing ↗ |
| 2025-09-05 | Exec/director changeExhibits | filing ↗ |
| 2025-08-05 | ResultsReg FDOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-07 | 2026-03-31 | 0001580808-26-000032 ↗ |
| 8-K | 2026-05-07 | 2026-05-02 | 0001580808-26-000033 ↗ |
| 8-K | 2026-05-01 | 2026-04-27 | 0001580808-26-000026 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0001580808-26-000023 ↗ |
| 8-K | 2026-04-23 | 2026-04-22 | 0001580808-26-000019 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001580808-26-000014 ↗ |
| 8-K | 2026-02-04 | 2026-02-04 | 0001580808-26-000005 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001580808-25-000109 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001580808-25-000111 ↗ |
| 8-K | 2025-09-05 | 2025-09-02 | 0001193125-25-197199 ↗ |
| 10-Q | 2025-08-05 | 2025-06-30 | 0001580808-25-000099 ↗ |
| 8-K | 2025-08-05 | 2025-08-05 | 0001580808-25-000097 ↗ |