A10 NETWORKS, INC.

ATEN · Technology · $2.6B mkt cap · FY2025 filings · Narrow moat

On the watchlist

Narrow moat

The four filters

Pricing power100

Median gross margin 78.2% over 10y, very stable.

Returns on capital78

Median ROIC 18.1%, above the 9% hurdle in 60% of years.

Balance-sheet safety37

Net debt/EBITDA 2.4x, interest coverage 8x.

Capital discipline33

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

393% above value

Owner earnings (normalized): $46.9M
Est. intrinsic value / share: $7.29
Recent price: $35.91
Discount to value: 393% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ATEN. See the disclaimer.