The company has reduced its share count over this period, returning value to shareholders through buybacks.
Diluted shares outstanding: 61.1M (2022) → 58.5M (2025)
Operating across major global markets including North America, Europe, the Middle East, Africa, and Asia Pacific, F5, Inc. specializes in delivering comprehensive solutions for multi-cloud application security and deployment. Through its distributed cloud offerings, clients can seamlessly manage, safeguard, and run their applications regardless of the underlying infrastructure, from traditional on-premises setups to diverse public cloud environments. The firm also furnishes integrated solutions spanning security, networking, and application oversight, encompassing safeguards for web applications and APIs, multi-cloud networking capabilities, streamlined application delivery and deployment, domain name system (DNS) services, content delivery networks (CDNs), and tools for application deployment and orchestration. Furthermore, F5 offers a suite of specific products focused on application security and delivery, such as NGINX Plus, NGINX One Console, NGINX Ingress Controller, WAF for NGINX, BIG-IP Packaged Software, and BIG-IP Systems. Complementing its products, the company delivers extensive professional services, which include ongoing maintenance, expert consulting, training programs, and various technical support options. F5's clientele primarily consists of large enterprises, government bodies, public sector entities, and service providers, with products distributed via an indirect channel network comprising distributors, value-added resellers (VARs), managed service providers (MSPs), systems integrators (SIs), and other partners. Key alliances are maintained with prominent public cloud providers like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). Established in 1996 and headquartered in Seattle, Washington, the corporation previously operated as F5 Networks, Inc., adopting its current name, F5, Inc., in November 2021.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+11.0% YoY
YoY Growth Rate
Steady revenue growth
+11.6% YoY
YoY Growth Rate
Steady EPS growth
$540M/ year
↑ Rising (+10% vs prior year)
17.5% of revenue
In line with sector average (15%)
Investing heavily in future products and technology
Cash flow positive
$1.9B cash & investments
Quarterly Free Cash Flow
↑ Burn rate improving
Company generates more cash than it spends — no dilution risk from fundraising
F5 is putting 17% 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.
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ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.
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Earnings per share down more than 10%. Either a bad year, or a real decline.
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Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.
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Interest coverage above 8. Profits cover interest many times over.
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P/E over 35. The market is pricing in heavy, sustained growth.
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