Forensic Analysis · Technology / Software · as of Aug 11, 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

9.3

Distress distance

Clean

Earnings quality

Forensic signals

44.5

P / E (ttm)

19.9%

ROE

$2.1B

Market cap

0.87%

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). 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 9.3, 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by PP&E up +28% against revenue +11%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 96% of net operating assets, diverging from the balance-sheet accrual read.

133% of FCF

FY2025

Shareholder returns. Returned $86M to shareholders (buybacks + dividends) in FY2025 — 133% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, 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 (3yr)+1.2%

Net Margin14.5%

Free Cash Flow$64.8M

Return on Equity19.9%

Debt / Equity2.07x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.