Demand and volumemixed · 4 filings
“The favorable change in deferred revenue was attributable to the timing of service contract bookings and the acquisition of ThreatX Protect deferred revenue.”10-Q · May 7, 2026 ↗
A10 Networks, Inc.
ATEN
Market read
A10 Networks, Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 16 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 8 directly disclosed connections are confirming.
Company-1.6% todayVolume comparison unavailable
Market group0 of 16 activeTechnology-Heavy Mixed · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- ATEN's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if ATEN's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 16 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 8 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- ATEN's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations319
Usable filing statements113
Verified relationships7
Evidence supporting the case
- Latest annual revenue changed +11.0% year over year.
- Operating cash flow covered net income at 2.01x in the latest annual period.
- Demand and volume has repeated favorable evidence across 4 filings.
- Product pipeline and R&D has repeated favorable evidence across 3 filings.
Evidence challenging the case
- Net margin changed -4.7 percentage points in the latest annual period.
Questions before a position
- P/E is 28% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 40% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
24.366m+26.5%12m+39.6%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$250.0M+10.9%$1.19+0.0%
2022-12-31$280.3M+12.1%$0.60-2.9%
2023-12-31$251.7M-10.2%$0.53-2.8%
2024-12-31$261.7M+4.0%$0.67-0.3%
2025-12-31$290.6M+11.0%$0.57-2.3%
What management says matters
Persistent and emerging business drivers
Foreign exchangemixed · 4 filings
“Revenue resulting from selling in local currencies and costs and expenses incurred in local currencies are exposed to foreign currency exchange rate fluctuations, which can affect our revenue and operating income.”10-Q · May 7, 2026 ↗
Capital investment and capacitymixed · 3 filings
“During the three months ended March 31, 2025, cash used in investing activities was $34.7 million, consisting of purchases of marketable securities of $41.9 million, cash paid for the acquisition of ThreatX Protect of $19.1 million and capital expenditures of…”10-Q · May 7, 2026 ↗
Product pipeline and R&Dpositive · 3 filings
“For the full year 2026, we expect research and development expenses to increase from 2025 levels reflecting strategic investments in our growth priorities, including cybersecurity technology and AI technologies.”10-Q · May 7, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 6.2× · EV/sales 6.9×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
24.36-1.6% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for ATEN. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for ATEN. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind ATEN
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
PCGPG&E CorporationpartnerFeb 25, 2026 ▾
“We have also planned for increased use of renewable energy in partnership with PG&E.”
AVGOBroadcom Inc.investeeFeb 25, 2026 ▾
“For example, as a result of the settlement of an intellectual property matter, we have already licensed all of our issued patents, pending applications, and future patents and patent applications that we may acquire, obtain, apply for or have a right to licen…”
Depended on by
NTCTNetScout Systems, Inc.competitorMay 14, 2026 ▾
“We compete under the NetScout Arbor brand with a broad range of vendors including Radware, Akamai, F5 Networks, A10 Networks, Fortinet, Fastly, Cloudflare and Corero Network Security.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 9 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
ATEN is currently a Participant in the organic co-movement group Technology-Heavy Mixed. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for ATEN; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.