Discounted Cash Flow

A10 Networks, Inc.

ATEN · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $230.0m $-20.9m $13.9m -9.1% $-0.32
2017 $235.4m (2.4%) $-10.8m (48.7%) $8.6m (-38.3%) -4.6% (49.8%) $-0.15 (53.1%)
2018 $232.2m (-1.4%) $-27.6m (-156.9%) $-5.5m (-164.0%) -11.9% (-160.4%) $-0.38 (-153.3%)
2019 $212.6m (-8.4%) $-17.8m (35.5%) $-4.8m (13.2%) -8.4% (29.5%) $-0.23 (39.5%)
2020 $225.5m (6.1%) $17.8m (200.0%) $51.7m (1185.2%) 7.9% (194.3%) $0.23 (200.0%)
2021 $250.0m (10.9%) $94.9m (432.6%) $44.9m (-13.1%) 37.9% (380.4%) $1.23 (434.8%)
2022 $280.3m (12.1%) $46.9m (-50.6%) $55.3m (23.1%) 16.7% (-55.9%) $0.62 (-49.6%)
2023 $251.7m (-10.2%) $40.0m (-14.8%) $33.6m (-39.2%) 15.9% (-5.1%) $0.54 (-12.9%)
2024 $261.7m (4.0%) $50.1m (25.4%) $78.2m (132.7%) 19.2% (20.7%) $0.68 (25.9%)
2025 $290.6m (11.0%) $42.1m (-16.0%) $64.8m (-17.2%) 14.5% (-24.3%) $0.58 (-14.7%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model