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Networking·RDWR

Radware Ltd.

NASDAQ · IL

Application delivery, load balancing, DDoS protection, and network security platform supplier.

AI relevance

Application delivery and network protection layer adjacent to AI service delivery infrastructure.

Networking Security / ADC

Price

$27.10

Change

-0.23 (-0.84%)

Market cap

$1.2B

52w range

$22–$32

Exchange

NASDAQ

Country

Jason's Chips

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Price chart

RDWR market performance

Daily close for Radware Ltd.

Latest close: $27.10
Range move: -$0.74 (-2.7%)
Range high: $31.69
Range low: $21.74
Latest volume: 1.4M
Source: FMP EOD

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Exports

Download statements, ratios, chart data, and transcript indexes.

CSV

Income statement

12 annual rows

Revenue, gross profit, R&D, operating income, EBITDA, net income, and EPS.

Annual

Balance sheet

12 annual rows

Cash, receivables, inventory, PP&E, assets, debt, liabilities, and equity.

Annual

Cash flow

12 annual rows

Operating cash flow, capital expenditures, and free cash flow.

Annual

Key metrics

12 annual rows

Enterprise value, valuation multiples, returns, yields, and cash conversion.

Annual

Ratios

12 annual rows

Margins, liquidity ratios, valuation ratios, leverage, and per-share metrics.

Annual

Chart data

1255 rows

Five years of daily close and volume data powering the company chart.

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Transcript list

59 rows

Available earnings-call transcript dates by fiscal year and quarter.

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StreetHold

Analyst expectations

Consensus target

$30.00

+10.7%

Target range

$25.00 - $35.00

Rating mix

Hold

14 ratings

Next FY revenue

$329.2M

2026-12-31

Next FY EPS

$1.17

$1.16 - $1.17

Rating consensus14 ratings

Strong buy

Buy

Hold

Sell

Strong sell

Annual estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-12-31	$329.2M	$328.2M - $329.9M	$1.17	$1.16 - $1.17	$24.8M	$11.4M	$52.1M	$177.1M	2 rev / 1 EPS
2027-12-31	$355.1M	$352.3M - $357.0M	$1.30	$1.21 - $1.38	$26.8M	$12.3M	$58.1M	$191.1M	2 rev / 3 EPS
2028-12-31	$387.0M	$385.9M - $387.8M	$0.00	$0.00 - $0.00	$29.2M	$13.4M	$0	$208.2M	1 rev / 1 EPS

Quarterly estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-06-30	$81.5M	$81.2M - $81.7M	$0.28	$0.28 - $0.29	$6.2M	$2.8M	$12.6M	$43.9M	3 rev / 2 EPS
2026-09-30	$81.5M	$81.1M - $81.8M	$0.28	$0.27 - $0.29	$6.2M	$2.8M	$12.5M	$43.9M	3 rev / 2 EPS
2026-12-31	$86.4M	$86.0M - $86.6M	$0.31	$0.30 - $0.31	$6.5M	$3.0M	$13.6M	$46.5M	2 rev / 1 EPS
2027-03-31	$86.2M	$85.8M - $86.5M	$0.31	$0.31 - $0.31	$6.5M	$3.0M	$13.9M	$46.4M	1 rev / 1 EPS
2027-06-30	$87.8M	$87.4M - $88.1M	$0.32	$0.32 - $0.32	$6.6M	$3.0M	$14.4M	$47.2M	2 rev / 1 EPS
2027-09-30	$88.0M	$87.6M - $88.3M	$0.33	$0.32 - $0.33	$6.6M	$3.1M	$14.5M	$47.4M	2 rev / 1 EPS
2027-12-31	$93.0M	$92.6M - $93.3M	$0.34	$0.34 - $0.34	$7.0M	$3.2M	$15.3M	$50.1M	1 rev / 1 EPS

Price target history

Window	Targets	Average target
Last month	0	$0.00
Last quarter	0	$0.00
Last year	2	$30.00
All time	3	$27.67

Sources: TheFly

Latest grade actions

Date	Firm	Action	Previous	New
2026-05-07	Needham	Maintain	Hold	Hold
2025-07-31	Barclays	Maintain	Overweight	Overweight
2025-07-24	Jefferies	Maintain	Hold	Hold
2025-03-31	Jefferies	Maintain	Hold	Hold
2025-02-14	Needham	Maintain	Hold	Hold
2025-01-17	Needham	Maintain	Hold	Hold
2024-10-31	Barclays	Maintain	Overweight	Overweight
2024-08-01	Barclays	Maintain	Overweight	Overweight

Historical rating snapshots

Date	Strong buy	Buy	Hold
2026-06-01	0	1	2
2026-05-01	0	1	2
2026-04-01	1	1	2
2026-03-01	1	1	2
2026-02-01	1	1	2
2026-01-01	1	1	2
2025-12-01	1	1	2
2025-11-01	1	1	2

FinancialsFY 2025

Financials

Revenue

$301.9M

Gross margin

80.7%

Operating income

$11.4M

Free cash flow

$41.6M

Cash + ST investments

$257.3M

Net debt

-$88.1M

ROE

5.8%

ROIC

1.6%

EV / sales

3.1x

EV / EBITDA

23.1x

R&D / revenue

26.2%

Current ratio

1.6x

Income statement annual

Period	Revenue	Gross profit	Gross margin	R&D	Operating income	EBITDA	Net income	EPS
FY 2025	$301.9M	$243.5M	80.7%	$79.0M	$11.4M	$41.0M	$20.3M	$0.47
FY 2024	$274.9M	$221.6M	80.6%	$74.7M	-$3.9M	$24.7M	$6.0M	$0.14
FY 2023	$261.3M	$209.6M	80.2%	$82.6M	-$31.7M	-$5.3M	-$21.6M	$-0.50
FY 2022	$293.4M	$239.5M	81.6%	$86.6M	-$3.3M	$16.6M	-$166,000	$-0.00
FY 2021	$286.5M	$234.1M	81.7%	$74.1M	$18.2M	$33.0M	$7.8M	$0.17
FY 2020	$250.0M	$204.9M	82.0%	$66.8M	$6.2M	$16.7M	$9.6M	$0.21
FY 2019	$252.1M	$206.9M	82.1%	$61.8M	$16.9M	$28.2M	$22.6M	$0.48
FY 2018	$234.4M	$192.7M	82.2%	$57.7M	$7.5M	$17.3M	$11.7M	$0.25
FY 2017	$211.4M	$171.8M	81.3%	$59.0M	-$6.7M	$4.6M	-$7.5M	$-0.17
FY 2016	$196.6M	$160.9M	81.8%	$51.7M	-$12.7M	-$2.4M	-$8.7M	$-0.20
FY 2015	$216.6M	$178.4M	82.4%	$50.0M	$18.0M	$27.4M	$18.6M	$0.40
FY 2014	$221.9M	$182.2M	82.1%	$44.1M	$25.1M	$39.2M	$24.9M	$0.55

Cash flow annual

Period	Operating cash flow	Capex	Free cash flow
FY 2025	$50.1M	$8.5M	$41.6M
FY 2024	$71.6M	$5.3M	$66.3M
FY 2023	-$3.5M	$5.4M	-$8.9M
FY 2022	$32.1M	$8.8M	$23.3M
FY 2021	$71.8M	$5.6M	$66.2M
FY 2020	$61.8M	$8.7M	$53.1M
FY 2019	$52.9M	$8.2M	$44.7M
FY 2018	$49.3M	$8.9M	$40.4M
FY 2017	$31.5M	$7.2M	$24.2M
FY 2016	$38.6M	$9.5M	$29.2M
FY 2015	$39.1M	$13.9M	$25.3M
FY 2014	$52.2M	$10.8M	$41.4M

Balance sheet annual

Period	Cash + ST inv.	Receivables	Inventory	PP&E	Assets	Debt	Net debt	Liabilities	Equity
FY 2025	$257.3M	$35.0M	$13.2M	$32.1M	$671.2M	$17.0M	-$88.1M	$280.5M	$349.4M
FY 2024	$275.8M	$16.8M	$14.0M	$34.1M	$618.7M	$18.3M	-$80.4M	$261.6M	$316.3M
FY 2023	$330.6M	$20.3M	$15.5M	$39.0M	$571.9M	$20.7M	-$49.8M	$248.6M	$284.1M
FY 2022	$298.0M	$17.8M	$11.4M	$44.1M	$643.6M	$24.1M	-$22.0M	$275.1M	$332.2M
FY 2021	$287.9M	$13.2M	$11.6M	$45.1M	$635.4M	$27.4M	-$65.1M	$265.4M	$370.0M
FY 2020	$310.5M	$16.8M	$13.9M	$50.8M	$623.3M	$30.1M	-$24.7M	$234.8M	$388.5M
FY 2019	$178.0M	$22.6M	$13.9M	$41.1M	$595.7M	$19.1M	-$21.6M	$200.3M	$395.3M
FY 2018	$316.4M	$17.2M	$18.4M	$23.7M	$532.3M	$0	-$45.2M	$168.4M	$364.0M
FY 2017	$201.0M	$16.1M	$18.8M	$23.6M	$469.1M	$0	-$65.2M	$153.7M	$315.4M
FY 2016	$226.1M	$19.4M	$17.1M	$26.4M	$429.8M	$0	-$79.6M	$130.2M	$299.6M
FY 2015	$130.7M	$26.4M	$16.3M	$26.2M	$431.3M	$0	-$33.7M	$111.8M	$319.5M
FY 2014	$104.4M	$25.6M	$16.8M	$20.6M	$443.4M	$0	-$45.0M	$109.7M	$333.7M

Annual ratios and key metrics

Period	Gross margin	Op margin	Net margin	Current	Quick	ROE	ROIC	EV / sales	EV / EBITDA	FCF yield	R&D / rev.	Cash cycle
FY 2025	80.7%	3.8%	6.7%	1.6x	1.6x	5.8%	1.6%	3.1x	23.1x	4.0%	26.2%	80d
FY 2024	80.6%	-1.4%	2.2%	1.9x	1.8x	1.9%	-0.4%	3.1x	35.0x	7.0%	27.2%	80d
FY 2023	80.2%	-12.1%	-8.3%	2.4x	2.3x	-7.6%	-7.5%	2.5x	-125.2x	-1.2%	31.6%	108d
FY 2022	81.6%	-1.1%	-0.1%	2.0x	2.0x	-0.0%	0.0%	2.9x	52.1x	2.6%	29.5%	56d
FY 2021	81.7%	6.4%	2.7%	1.9x	1.9x	2.1%	1.3%	6.4x	55.9x	3.5%	25.9%	67d
FY 2020	82.0%	2.5%	3.9%	2.4x	2.3x	2.5%	0.9%	5.1x	75.6x	4.1%	26.7%	106d
FY 2019	82.1%	6.7%	9.0%	1.8x	1.7x	5.7%	3.1%	4.7x	42.0x	3.7%	24.5%	94d
FY 2018	82.2%	3.2%	5.0%	3.0x	2.9x	3.2%	1.4%	4.4x	59.0x	3.8%	24.6%	149d
FY 2017	81.3%	-3.2%	-3.5%	2.3x	2.1x	-2.4%	-1.8%	3.7x	171.1x	2.9%	27.9%	151d
FY 2016	81.8%	-6.5%	-4.4%	3.1x	2.9x	-2.9%	-3.7%	2.8x	-232.1x	4.6%	26.3%	150d
FY 2015	82.4%	8.3%	8.6%	2.3x	2.1x	5.8%	4.0%	3.1x	24.5x	3.6%	23.1%	112d
FY 2014	82.1%	11.3%	11.2%	2.0x	1.8x	7.5%	5.5%	4.3x	24.3x	4.1%	19.9%	107d

Annual growth

Period	Revenue	Gross profit	R&D	Op income	Net income	EPS	FCF	Capex	Cash + ST inv.	Inventory	Assets	Debt
FY 2025	+9.8%	+9.9%	+5.7%	+393.5%	+235.5%	+235.7%	-37.4%	-61.7%	-6.7%	-5.8%	+8.5%	-6.8%
FY 2024	+5.2%	+5.7%	-9.6%	+87.7%	+128.0%	+128.0%	+842.9%	+2.8%	-16.6%	-9.7%	+8.2%	-11.8%
FY 2023	-11.0%	-12.5%	-4.6%	-848.8%	-12906.0%	-13413.5%	-138.3%	+38.4%	+10.9%	+36.0%	-11.1%	-14.3%
FY 2022	+2.4%	+2.3%	+16.8%	-118.3%	-102.1%	-102.2%	-64.7%	-57.3%	+3.5%	-1.3%	+1.3%	-12.0%
FY 2021	+14.6%	+14.2%	+10.9%	+195.5%	-18.9%	-19.0%	+24.5%	+35.4%	-7.3%	-16.9%	+1.9%	-8.7%
FY 2020	-0.8%	-0.9%	+8.1%	-63.5%	-57.3%	-56.3%	+18.9%	-6.3%	+74.5%	-0.0%	+4.6%	+57.4%
FY 2019	+7.5%	+7.4%	+7.2%	+124.8%	+92.3%	+92.0%	+10.7%	+8.1%	-43.8%	-24.2%	+11.9%	0.0%
FY 2018	+10.9%	+12.2%	-2.3%	+212.8%	+256.6%	+247.1%	+66.5%	-22.9%	+57.4%	-2.0%	+13.5%	0.0%
FY 2017	+7.5%	+6.8%	+14.1%	+47.7%	+13.5%	+15.0%	-16.8%	+23.7%	-11.1%	+9.7%	+9.1%	0.0%
FY 2016	-9.2%	-9.8%	+3.5%	-170.8%	-146.6%	-150.0%	+15.4%	+31.8%	+73.0%	+4.9%	-0.3%	0.0%
FY 2015	-2.4%	-2.1%	+13.4%	-28.2%	-25.6%	-27.3%	-38.9%	-28.2%	+25.1%	-3.1%	-2.7%	0.0%
FY 2014	+15.0%	+16.6%	+7.6%	+42.7%	+38.2%	+37.5%	+92.4%	-24.4%	-22.6%	+18.7%	+14.1%	0.0%

SegmentsFY 2025

Revenue Mix

Period	Total	Products	Services
FY 2025	$301.9M	$189.6M	$112.3M
FY 2024	$274.9M	$155.4M	$119.4M
FY 2023	$261.3M	$145.5M	$115.8M
FY 2022	$293.4M	$172.2M	$121.3M

Period	Total	The United States	Asia Pacific	Europe Middle East Africa	America - other	EMEA	Europe Middle East And Africa	Asia Pacific Other	United States	UNITED STATES	America Other	China
FY 2025	$301.9M	--	$66.1M	$111.3M	$31.8M	--	--	--	--	$92.7M	--	--
FY 2024	$274.9M	$83.4M	$63.1M	$94.1M	$34.3M	--	--	--	--	--	--	--
FY 2023	$261.3M	$73.0M	$61.4M	$96.5M	$30.5M	--	--	--	--	--	--	--
FY 2022	$293.4M	$94.0M	$65.3M	$104.2M	$29.9M	--	--	--	--	--	--	--
FY 2017	$211.4M	$78.5M	$56.9M	--	$19.4M	$56.6M	--	--	--	--	--	--
FY 2016	$196.6M	$68.0M	$58.1M	--	$16.8M	$53.7M	--	--	--	--	--	--
FY 2015	$216.6M	$69.1M	$65.2M	--	$19.6M	$62.7M	--	--	--	--	--	--
FY 2014	$221.9M	--	--	--	--	--	$55.4M	$54.3M	$75.9M	--	$17.6M	$18.8M
FY 2013	$193.0M	--	--	--	--	--	$53.4M	$49.5M	$54.9M	--	$18.3M	$16.9M
FY 2012	$127.7M	--	--	--	--	--	$57.1M	$54.0M	--	--	$16.6M	--

Transcripts

Events

Next earnings

2026-08-05EPS est $0.28

Recent filings

42026-06-01
42026-05-27
42026-05-27

Latest news

Radware Unveils AI Xploit Shield to Help Organizations Protect First and Patch Safely
GlobeNewsWire · 2026-06-16
Skyhawk Security Earns Two Cloud Security Awards for Advancing Autonomous AI Threat Defense
GlobeNewsWire · 2026-06-02

Analyst expectations

Consensus target

$30.00

+10.7%

Target range

$25.00 - $35.00

Rating mix

Hold

14 ratings

Next FY revenue

$329.2M

2026-12-31

Next FY EPS

$1.17

$1.16 - $1.17

Rating consensus14 ratings

Strong buy

Buy

Hold

Sell

Strong sell

Annual estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-12-31	$329.2M	$328.2M - $329.9M	$1.17	$1.16 - $1.17	$24.8M	$11.4M	$52.1M	$177.1M	2 rev / 1 EPS
2027-12-31	$355.1M	$352.3M - $357.0M	$1.30	$1.21 - $1.38	$26.8M	$12.3M	$58.1M	$191.1M	2 rev / 3 EPS
2028-12-31	$387.0M	$385.9M - $387.8M	$0.00	$0.00 - $0.00	$29.2M	$13.4M	$0	$208.2M	1 rev / 1 EPS

Quarterly estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-06-30	$81.5M	$81.2M - $81.7M	$0.28	$0.28 - $0.29	$6.2M	$2.8M	$12.6M	$43.9M	3 rev / 2 EPS
2026-09-30	$81.5M	$81.1M - $81.8M	$0.28	$0.27 - $0.29	$6.2M	$2.8M	$12.5M	$43.9M	3 rev / 2 EPS
2026-12-31	$86.4M	$86.0M - $86.6M	$0.31	$0.30 - $0.31	$6.5M	$3.0M	$13.6M	$46.5M	2 rev / 1 EPS
2027-03-31	$86.2M	$85.8M - $86.5M	$0.31	$0.31 - $0.31	$6.5M	$3.0M	$13.9M	$46.4M	1 rev / 1 EPS
2027-06-30	$87.8M	$87.4M - $88.1M	$0.32	$0.32 - $0.32	$6.6M	$3.0M	$14.4M	$47.2M	2 rev / 1 EPS
2027-09-30	$88.0M	$87.6M - $88.3M	$0.33	$0.32 - $0.33	$6.6M	$3.1M	$14.5M	$47.4M	2 rev / 1 EPS
2027-12-31	$93.0M	$92.6M - $93.3M	$0.34	$0.34 - $0.34	$7.0M	$3.2M	$15.3M	$50.1M	1 rev / 1 EPS

Price target history

Window	Targets	Average target
Last month	0	$0.00
Last quarter	0	$0.00
Last year	2	$30.00
All time	3	$27.67

Sources: TheFly

Latest grade actions

Date	Firm	Action	Previous	New
2026-05-07	Needham	Maintain	Hold	Hold
2025-07-31	Barclays	Maintain	Overweight	Overweight
2025-07-24	Jefferies	Maintain	Hold	Hold
2025-03-31	Jefferies	Maintain	Hold	Hold
2025-02-14	Needham	Maintain	Hold	Hold
2025-01-17	Needham	Maintain	Hold	Hold
2024-10-31	Barclays	Maintain	Overweight	Overweight
2024-08-01	Barclays	Maintain	Overweight	Overweight

Historical rating snapshots

Date	Strong buy	Buy	Hold
2026-06-01	0	1	2
2026-05-01	0	1	2
2026-04-01	1	1	2
2026-03-01	1	1	2
2026-02-01	1	1	2
2026-01-01	1	1	2
2025-12-01	1	1	2
2025-11-01	1	1	2

Financials

Revenue

$301.9M

Gross margin

80.7%

Operating income

$11.4M

Free cash flow

$41.6M

Cash + ST investments

$257.3M

Net debt

-$88.1M

ROE

5.8%

ROIC

1.6%

EV / sales

3.1x

EV / EBITDA

23.1x

R&D / revenue

26.2%

Current ratio

1.6x

Income statement annual

Period	Revenue	Gross profit	Gross margin	R&D	Operating income	EBITDA	Net income	EPS
FY 2025	$301.9M	$243.5M	80.7%	$79.0M	$11.4M	$41.0M	$20.3M	$0.47
FY 2024	$274.9M	$221.6M	80.6%	$74.7M	-$3.9M	$24.7M	$6.0M	$0.14
FY 2023	$261.3M	$209.6M	80.2%	$82.6M	-$31.7M	-$5.3M	-$21.6M	$-0.50
FY 2022	$293.4M	$239.5M	81.6%	$86.6M	-$3.3M	$16.6M	-$166,000	$-0.00
FY 2021	$286.5M	$234.1M	81.7%	$74.1M	$18.2M	$33.0M	$7.8M	$0.17
FY 2020	$250.0M	$204.9M	82.0%	$66.8M	$6.2M	$16.7M	$9.6M	$0.21
FY 2019	$252.1M	$206.9M	82.1%	$61.8M	$16.9M	$28.2M	$22.6M	$0.48
FY 2018	$234.4M	$192.7M	82.2%	$57.7M	$7.5M	$17.3M	$11.7M	$0.25
FY 2017	$211.4M	$171.8M	81.3%	$59.0M	-$6.7M	$4.6M	-$7.5M	$-0.17
FY 2016	$196.6M	$160.9M	81.8%	$51.7M	-$12.7M	-$2.4M	-$8.7M	$-0.20
FY 2015	$216.6M	$178.4M	82.4%	$50.0M	$18.0M	$27.4M	$18.6M	$0.40
FY 2014	$221.9M	$182.2M	82.1%	$44.1M	$25.1M	$39.2M	$24.9M	$0.55

Cash flow annual

Period	Operating cash flow	Capex	Free cash flow
FY 2025	$50.1M	$8.5M	$41.6M
FY 2024	$71.6M	$5.3M	$66.3M
FY 2023	-$3.5M	$5.4M	-$8.9M
FY 2022	$32.1M	$8.8M	$23.3M
FY 2021	$71.8M	$5.6M	$66.2M
FY 2020	$61.8M	$8.7M	$53.1M
FY 2019	$52.9M	$8.2M	$44.7M
FY 2018	$49.3M	$8.9M	$40.4M
FY 2017	$31.5M	$7.2M	$24.2M
FY 2016	$38.6M	$9.5M	$29.2M
FY 2015	$39.1M	$13.9M	$25.3M
FY 2014	$52.2M	$10.8M	$41.4M

Balance sheet annual

Period	Cash + ST inv.	Receivables	Inventory	PP&E	Assets	Debt	Net debt	Liabilities	Equity
FY 2025	$257.3M	$35.0M	$13.2M	$32.1M	$671.2M	$17.0M	-$88.1M	$280.5M	$349.4M
FY 2024	$275.8M	$16.8M	$14.0M	$34.1M	$618.7M	$18.3M	-$80.4M	$261.6M	$316.3M
FY 2023	$330.6M	$20.3M	$15.5M	$39.0M	$571.9M	$20.7M	-$49.8M	$248.6M	$284.1M
FY 2022	$298.0M	$17.8M	$11.4M	$44.1M	$643.6M	$24.1M	-$22.0M	$275.1M	$332.2M
FY 2021	$287.9M	$13.2M	$11.6M	$45.1M	$635.4M	$27.4M	-$65.1M	$265.4M	$370.0M
FY 2020	$310.5M	$16.8M	$13.9M	$50.8M	$623.3M	$30.1M	-$24.7M	$234.8M	$388.5M
FY 2019	$178.0M	$22.6M	$13.9M	$41.1M	$595.7M	$19.1M	-$21.6M	$200.3M	$395.3M
FY 2018	$316.4M	$17.2M	$18.4M	$23.7M	$532.3M	$0	-$45.2M	$168.4M	$364.0M
FY 2017	$201.0M	$16.1M	$18.8M	$23.6M	$469.1M	$0	-$65.2M	$153.7M	$315.4M
FY 2016	$226.1M	$19.4M	$17.1M	$26.4M	$429.8M	$0	-$79.6M	$130.2M	$299.6M
FY 2015	$130.7M	$26.4M	$16.3M	$26.2M	$431.3M	$0	-$33.7M	$111.8M	$319.5M
FY 2014	$104.4M	$25.6M	$16.8M	$20.6M	$443.4M	$0	-$45.0M	$109.7M	$333.7M

Annual ratios and key metrics

Period	Gross margin	Op margin	Net margin	Current	Quick	ROE	ROIC	EV / sales	EV / EBITDA	FCF yield	R&D / rev.	Cash cycle
FY 2025	80.7%	3.8%	6.7%	1.6x	1.6x	5.8%	1.6%	3.1x	23.1x	4.0%	26.2%	80d
FY 2024	80.6%	-1.4%	2.2%	1.9x	1.8x	1.9%	-0.4%	3.1x	35.0x	7.0%	27.2%	80d
FY 2023	80.2%	-12.1%	-8.3%	2.4x	2.3x	-7.6%	-7.5%	2.5x	-125.2x	-1.2%	31.6%	108d
FY 2022	81.6%	-1.1%	-0.1%	2.0x	2.0x	-0.0%	0.0%	2.9x	52.1x	2.6%	29.5%	56d
FY 2021	81.7%	6.4%	2.7%	1.9x	1.9x	2.1%	1.3%	6.4x	55.9x	3.5%	25.9%	67d
FY 2020	82.0%	2.5%	3.9%	2.4x	2.3x	2.5%	0.9%	5.1x	75.6x	4.1%	26.7%	106d
FY 2019	82.1%	6.7%	9.0%	1.8x	1.7x	5.7%	3.1%	4.7x	42.0x	3.7%	24.5%	94d
FY 2018	82.2%	3.2%	5.0%	3.0x	2.9x	3.2%	1.4%	4.4x	59.0x	3.8%	24.6%	149d
FY 2017	81.3%	-3.2%	-3.5%	2.3x	2.1x	-2.4%	-1.8%	3.7x	171.1x	2.9%	27.9%	151d
FY 2016	81.8%	-6.5%	-4.4%	3.1x	2.9x	-2.9%	-3.7%	2.8x	-232.1x	4.6%	26.3%	150d
FY 2015	82.4%	8.3%	8.6%	2.3x	2.1x	5.8%	4.0%	3.1x	24.5x	3.6%	23.1%	112d
FY 2014	82.1%	11.3%	11.2%	2.0x	1.8x	7.5%	5.5%	4.3x	24.3x	4.1%	19.9%	107d

Annual growth

Period	Revenue	Gross profit	R&D	Op income	Net income	EPS	FCF	Capex	Cash + ST inv.	Inventory	Assets	Debt
FY 2025	+9.8%	+9.9%	+5.7%	+393.5%	+235.5%	+235.7%	-37.4%	-61.7%	-6.7%	-5.8%	+8.5%	-6.8%
FY 2024	+5.2%	+5.7%	-9.6%	+87.7%	+128.0%	+128.0%	+842.9%	+2.8%	-16.6%	-9.7%	+8.2%	-11.8%
FY 2023	-11.0%	-12.5%	-4.6%	-848.8%	-12906.0%	-13413.5%	-138.3%	+38.4%	+10.9%	+36.0%	-11.1%	-14.3%
FY 2022	+2.4%	+2.3%	+16.8%	-118.3%	-102.1%	-102.2%	-64.7%	-57.3%	+3.5%	-1.3%	+1.3%	-12.0%
FY 2021	+14.6%	+14.2%	+10.9%	+195.5%	-18.9%	-19.0%	+24.5%	+35.4%	-7.3%	-16.9%	+1.9%	-8.7%
FY 2020	-0.8%	-0.9%	+8.1%	-63.5%	-57.3%	-56.3%	+18.9%	-6.3%	+74.5%	-0.0%	+4.6%	+57.4%
FY 2019	+7.5%	+7.4%	+7.2%	+124.8%	+92.3%	+92.0%	+10.7%	+8.1%	-43.8%	-24.2%	+11.9%	0.0%
FY 2018	+10.9%	+12.2%	-2.3%	+212.8%	+256.6%	+247.1%	+66.5%	-22.9%	+57.4%	-2.0%	+13.5%	0.0%
FY 2017	+7.5%	+6.8%	+14.1%	+47.7%	+13.5%	+15.0%	-16.8%	+23.7%	-11.1%	+9.7%	+9.1%	0.0%
FY 2016	-9.2%	-9.8%	+3.5%	-170.8%	-146.6%	-150.0%	+15.4%	+31.8%	+73.0%	+4.9%	-0.3%	0.0%
FY 2015	-2.4%	-2.1%	+13.4%	-28.2%	-25.6%	-27.3%	-38.9%	-28.2%	+25.1%	-3.1%	-2.7%	0.0%
FY 2014	+15.0%	+16.6%	+7.6%	+42.7%	+38.2%	+37.5%	+92.4%	-24.4%	-22.6%	+18.7%	+14.1%	0.0%

Revenue Mix