A10 Networks, Inc.

AI-generated fair value estimate for this company.

Method: 3-stage DCF. FCF0 = $50M (approximating TTM net income of $43.0M adjusted upward for one-time TrojAI acquisition costs). Growth: Yrs 1-3 = 15%/yr, Yrs 4-6 = 10%/yr, Yrs 7-10 = 6%/yr, terminal growth = 3%. Discount rate = 10%. Sum of discounted FCFs (yrs 1-10) approx $544.0M; terminal value approx $1,880.2M discounted to approx $724.8M. Enterprise value approx $1,268.8M. Add net cash of $131.3M (cash+short-term investments $357.4M less total debt $226.1M) -> equity value approx $1,399.8M / 72.61M shares approx $19.28/share.

Reasoning: A10 Networks is an established, profitable networking/DDoS-security company (TTM revenue $310.2M, +12.2%) with real AI-driven acceleration (TrojAI acquisition, AI Gateway launch); a multi-stage DCF fits given predictable, capital-light cash generation.