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RADWARE LTD

RDWR Clue Score57
Israel Fiscal year ends December CIK 0001094366
$30.98 +5.41% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $30.98 −8.02% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue196.6Operating income−12.7Net income−8.7EPS, diluted−0.20Fiscal year 2017Revenue211.4 +7.5%Operating income−6.7Net income−7.5EPS, diluted−0.17Fiscal year 2018Revenue234.4 +10.9%Operating income7.5Net income11.7EPS, diluted0.25Fiscal year 2019Revenue252.1 +7.5%Operating income16.9Net income22.6 +92.3%EPS, diluted0.47 +88.0%Fiscal year 2020Revenue250.0 −0.8%Operating income6.2Net income9.6 −57.3%EPS, diluted0.20 −57.4%Fiscal year 2021Revenue286.5 +14.6%Operating income18.2Net income7.8 −18.9%EPS, diluted0.16 −20.0%Fiscal year 2022Revenue293.4 +2.4%Operating income−3.3Net income−0.2 −102.1%EPS, diluted0.00 −100.0%Fiscal year 2023Revenue261.3 −11.0%Operating income−31.7Net income−21.6EPS, diluted−0.50Fiscal year 2024Revenue274.9 +5.2%Operating income−3.9Net income6.0EPS, diluted0.14Fiscal year 2025Revenue301.9 +9.8%Operating income11.4Net income20.3 +235.5%EPS, diluted0.45 +221.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 196.6 211.4 234.4 252.1 250.0 286.5 293.4 261.3 274.9 301.9
Growth +7.5% +10.9% +7.5% −0.8% +14.6% +2.4% −11.0% +5.2% +9.8%
Operating income −12.7 −6.7 7.5 16.9 6.2 18.2 −3.3 −31.7 −3.9 11.4
Net income −8.7 −7.5 11.7 22.6 9.6 7.8 −0.2 −21.6 6.0 20.3
Growth +92.3% −57.3% −18.9% −102.1% +235.5%
EPS, diluted −0.20 −0.17 0.25 0.47 0.20 0.16 0.00 −0.50 0.14 0.45
Growth +88.0% −57.4% −20.0% −100.0% +221.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin81.8%Operating margin−6.5%Net margin−4.4%Free cash flow margin14.8%Fiscal year 2017Gross margin81.3%Operating margin−3.2%Net margin−3.5%Free cash flow margin11.5%Fiscal year 2018Gross margin82.2%Operating margin3.2%Net margin5.0%Free cash flow margin17.2%Fiscal year 2019Gross margin82.1%Operating margin6.7%Net margin9.0%Free cash flow margin17.7%Fiscal year 2020Gross margin82.0%Operating margin2.5%Net margin3.9%Free cash flow margin22.1%Fiscal year 2021Gross margin81.7%Operating margin6.4%Net margin2.7%Free cash flow margin23.1%Fiscal year 2022Gross margin81.6%Operating margin−1.1%Net margin−0.1%Free cash flow margin8.0%Fiscal year 2023Gross margin80.2%Operating margin−12.1%Net margin−8.3%Free cash flow margin−3.4%Fiscal year 2024Gross margin80.6%Operating margin−1.4%Net margin2.2%Free cash flow margin24.1%Fiscal year 2025Gross margin80.7%Operating margin3.8%Net margin6.7%Free cash flow margin13.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 81.8% 81.3% 82.2% 82.1% 82.0% 81.7% 81.6% 80.2% 80.6% 80.7%
Operating margin −6.5% −3.2% 3.2% 6.7% 2.5% 6.4% −1.1% −12.1% −1.4% 3.8%
Net margin −4.4% −3.5% 5.0% 9.0% 3.9% 2.7% −0.1% −8.3% 2.2% 6.7%
Free cash flow margin 14.8% 11.5% 17.2% 17.7% 22.1% 23.1% 8.0% −3.4% 24.1% 13.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow38.5Capital expenditure−9.4Free cash flow29.1Buybacks−22.0Fiscal year 2017Operating cash flow31.5Capital expenditure−7.2Free cash flow24.3 −16.6%Buybacks−0.4Fiscal year 2018Operating cash flow49.3Capital expenditure−8.9Free cash flow40.4 +66.5%Buybacks−4.3Fiscal year 2019Operating cash flow52.9Capital expenditure−8.2Free cash flow44.7 +10.7%Buybacks−24.5Fiscal year 2020Operating cash flow63.9Capital expenditure−8.7Free cash flow55.2 +23.5%Buybacks−45.3Fiscal year 2021Operating cash flow71.8Capital expenditure−5.6Free cash flow66.2 +19.9%Buybacks−52.5Fiscal year 2022Operating cash flow32.1Capital expenditure−8.8Free cash flow23.3 −64.7%Buybacks−59.5Fiscal year 2023Operating cash flow−3.5Capital expenditure−5.4Free cash flow−8.9 −138.3%Buybacks−63.2Fiscal year 2024Operating cash flow71.6Capital expenditure−5.3Free cash flow66.3Buybacks−0.8Fiscal year 2025Operating cash flow50.1Capital expenditure−8.5Free cash flow41.6 −37.4%Buybacks−10.5
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 38.5 31.5 49.3 52.9 63.9 71.8 32.1 −3.5 71.6 50.1
Capital expenditure −9.4 −7.2 −8.9 −8.2 −8.7 −5.6 −8.8 −5.4 −5.3 −8.5
Free cash flow 29.1 24.3 40.4 44.7 55.2 66.2 23.3 −8.9 66.3 41.6
Growth −16.6% +66.5% +10.7% +23.5% +19.9% −64.7% −138.3% −37.4%
Buybacks −22.0 −0.4 −4.3 −24.5 −45.3 −52.5 −59.5 −63.2 −0.8 −10.5

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash79.6Shareholders’ equity299.8Fiscal year 2017Cash65.2Shareholders’ equity315.4Fiscal year 2018Cash45.2Shareholders’ equity364.0Fiscal year 2019Cash40.8Shareholders’ equity395.3Fiscal year 2020Cash54.8Shareholders’ equity388.5Fiscal year 2021Cash92.5Shareholders’ equity370.0Fiscal year 2022Cash46.2Shareholders’ equity332.2Fiscal year 2023Cash70.5Shareholders’ equity284.1Fiscal year 2024Cash98.7Shareholders’ equity316.3Fiscal year 2025Cash105.1Shareholders’ equity349.4
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 79.6 65.2 45.2 40.8 54.8 92.5 46.2 70.5 98.7 105.1
Shareholders’ equity 299.8 315.4 364.0 395.3 388.5 370.0 332.2 284.1 316.3 349.4

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
196.6 211.4 234.4 252.1 250.0 286.5 293.4 261.3 274.9 301.9
Growth +7.5% +10.9% +7.5% −0.8% +14.6% +2.4% −11.0% +5.2% +9.8%
35.7 39.6 41.7 45.2 45.1 52.4 53.9 51.7 53.3 58.3
160.9 171.8 192.7 206.9 204.9 234.1 239.5 209.6 221.6 243.5
Growth +6.8% +12.2% +7.4% −0.9% +14.2% +2.3% −12.5% +5.7% +9.9%
51.7 59.0 57.7 61.8 66.8 74.1 86.6 82.6 74.7 79.0
18.1 17.6 16.1 18.6 18.9 21.9 29.8 32.4 28.3 25.5
−12.7 −6.7 7.5 16.9 6.2 18.2 −3.3 −31.7 −3.9 11.4
Growth +124.8% −63.5% +195.5% −118.3%
−7.0 −1.8 14.8 25.7 14.0 22.6 4.7 −17.8 12.7 29.3
1.7 5.7 3.1 3.1 4.3 14.8 4.9 3.8 6.6 9.1
−8.7 −7.5 11.7 22.6 9.6 7.8 −0.2 −21.6 6.0 20.3
Growth +92.3% −57.3% −18.9% −102.1% +235.5%
Per share
−0.20 −0.17 0.26 0.48 0.21 0.17 0.00 −0.50 0.14 0.47
−0.20 −0.17 0.25 0.47 0.20 0.16 0.00 −0.50 0.14 0.45
Growth +88.0% −57.4% −20.0% −100.0% +221.4%
43.9 43.5 45.3 46.8 46.5 45.9 44.9 42.9 42.0 42.9
43.9 43.5 47.7 48.5 47.7 47.5 44.9 42.9 43.4 44.7
Growth −0.9% +9.7% +1.7% −1.6% −0.5% −5.4% −4.6% +1.1% +3.1%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 3.8% a year over five years, and earnings per share grew 17.6% a year.
  • The diluted share count fell 6.4% in five years, so buybacks did some of the work per share.
  • Operating margin is up 1.3 points on five years ago, at 3.8%.
  • A net loss in 4 of 10 years on file.