A10 Networks, Inc. (ATEN) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Technology / Software · as of Sep 25, 2026
A10 Networks, Inc. (ATEN)
A forensic read on A10 Networks, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
8.9
Distress distance
Clean
Earnings quality
2
Forensic signals
44.2
P / E (ttm)
19.9%
ROE
$1.9B
Market cap
1.96%
Dividend yield
11.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
A10 Networks, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 8.9, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+36.5%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +36.5% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by PP&E up +28% against revenue +11%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 96% of net operating assets, against an accruals ratio of 36.5%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
133% of FCF
FY2025
Shareholder returns.Returned $86M to shareholders (buybacks + dividends) in FY2025 — 133% of free cash flow. That is $22M (33%) more than free cash flow covered, and more than operating cash flow as well. New debt covered it: total debt rose $219M over FY2025, while cash and short-term investments rose $182M. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $20M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 164%.
Key fundamentals
Latest Revenue$290.6M
Revenue Growth YoY+11.0%
Revenue CAGR (2yr)+7.4%
Net Margin14.5%
Free Cash Flow$64.8M
Return on Equity19.9%
Debt / Equity1.03x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from A10 Networks, Inc.'s actual 10-K/10-Q/8-K filings?