Discounted Cash Flow

F5, Inc.

FFIV · 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 $2.0b $365.9m $648.0m 18.3% $5.43
2017 $2.1b (4.8%) $420.8m (15.0%) $701.6m (8.3%) 20.1% (9.8%) $6.56 (20.8%)
2018 $2.2b (3.4%) $453.7m (7.8%) $707.6m (0.9%) 21.0% (4.3%) $7.41 (13.0%)
2019 $2.2b (3.7%) $427.7m (-5.7%) $644.3m (-8.9%) 19.1% (-9.1%) $7.12 (-3.9%)
2020 $2.4b (4.8%) $307.4m (-28.1%) $601.0m (-6.7%) 13.1% (-31.4%) $5.05 (-29.1%)
2021 $2.6b (10.7%) $331.2m (7.7%) $614.5m (2.3%) 12.7% (-2.7%) $5.46 (8.1%)
2022 $2.7b (3.6%) $322.2m (-2.7%) $409.0m (-33.4%) 12.0% (-6.1%) $5.34 (-2.2%)
2023 $2.8b (4.4%) $394.9m (22.6%) $599.2m (46.5%) 14.0% (17.5%) $6.59 (23.4%)
2024 $2.8b (0.1%) $566.8m (43.5%) $762.0m (27.2%) 20.1% (43.4%) $9.65 (46.4%)
2025 $3.1b (9.7%) $692.4m (22.2%) $906.4m (18.9%) 22.4% (11.4%) $11.96 (23.9%)

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