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Extreme Networks

EXTR
59
Communication Equipment · Technology
Also trades as: 0IJW.L GBP 0.22 (+0.91%)
Price
$21.97
-0.07 (-0.32%)
pre-market:$22.39+1.92%
Market Cap
$2.90B
Exchange
NASDAQ
Winston Score
59
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Good
13/20
Cash Flow
Strong
7/10
Stability
Mixed
4/10
Valuation
Good
5/10
Ownership
Mixed
6/15
Dividends
Not counted
n/a

56 of 95 counted points = Winston Score 59. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count falling — buybacks

−3.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 133.5M (2022) → 128.9M (2026)

§Winston Score History

The full picture

Extreme Networks makes computer networking equipment and software for businesses, schools, hospitals, and sports arenas. Its main products are wireless access points, network switches, and cloud-based software that help organizations connect devices and manage their networks. The company is known for providing Wi-Fi and networking infrastructure to large venues, including many professional sports stadiums across North America.

Extreme Networks earns money by selling hardware and charging recurring fees for its cloud management software, called ExtremeCloud. It operates mainly in North America but also has customers in Europe and Asia, generating roughly $1 billion in annual revenue. The shift toward subscription software gives the company more predictable income and helps it compete against larger rivals like Cisco and HPE Aruba, though those competitors have significantly greater resources and brand recognition. The key growth driver is expanding its cloud software subscriber base, while the main risk is pricing pressure and market share loss to those larger, better-funded competitors.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.3% YoY

YoY Growth Rate

Steady revenue growth

Reported EPS Growth

+338.1% YoY

Quarterly reporting periods ended:

30 Jun 2025: $-0.0588

30 Jun 2026: $0.14

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$234M/ year

↑ Rising (+6% vs prior year)

18.2% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

4.4%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$212M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Extreme Networks is putting 18% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
62.2%
Premium pricing power — 62.2% gross margin
Profit after running costs
Operating Margin
6.2%
Modest — 6.2% operating margin
Return on the money invested
ROCE
22.3%
Exceptional — 22.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+12.6%
Fast-growing sales (+12.6% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
292%
Turns 292% of profit into real cash
Spare cash per sale
FCF Margin
4.7%
Thin free cash flow (4.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
2.20
Heavy debt load (2.20)
Covers its interest
Interest Cover
4.59x
Adequate interest coverage (4.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
68.5x
Expensive — P/E 68.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+51.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (68.5 → 17.5)

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Dividends

Not applicable for this business.
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