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Forensic Analysis · Computer Hardware · as of Nov 8, 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.

B · Sound & dependable
Forensic grade
Safe
Financial health
4.6
Distress distance
Clean
Earnings quality
1
Forensic signals
19.0%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 4.6, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

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. Over FY2025 cash and short-term investments rose $182M, so that line did not fund the gap; total debt is not on file on the same basis at both year ends, so whether new borrowing also covered it cannot be read. The FY2025 cash-flow statement filed $225M of debt issued; $853,000 from sales and maturities of investments against $342M of investments purchased; net cash used in investing activities of $244M; net cash provided by financing activities of $135M. 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 Equity19.0%
Debt / Equity1.03x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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