NASDAQ : RDWR
Radware Ltd. — Financial statements
Technology · Software - Infrastructure · Israel
Last price 36.64 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.54B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Radware Ltd. (RDWR) reported revenue of 326.90M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 326.90M | 301.85M | 274.88M | 261.29M | 293.43M | 286.50M |
| Cost of Revenue | 64.23M | 58.34M | 53.25M | 51.71M | 53.88M | 52.45M |
| Gross Profit | 262.67M | 243.51M | 221.63M | 209.58M | 239.54M | 234.05M |
| Selling, General & Admin | 163.41M | 153.36M | 151.49M | 158.65M | 156.32M | 141.73M |
| Research & Development | 93.89M | 78.98M | 74.72M | 82.62M | 86.56M | 74.10M |
| Operating Expenses | 257.31M | 232.34M | 226.22M | 241.26M | 242.88M | 215.82M |
| Operating Income | 5.36M | 11.17M | -4.59M | -31.68M | -3.34M | 18.23M |
| Interest & Investment Income | 17.46M | 16.94M | 13.12M | 11.38M | 5.14M | 4.13M |
| Currency Exchange Gain (Loss) | -4.56M | -3.24M | -1.24M | 203.00K | 1.30M | -1.82M |
| Other Non Operating Income (Expenses) | -308.00K | -308.00K | -236.00K | -197.00K | -207.00K | -200.00K |
| EBT Excluding Unusual Items | 17.95M | 24.57M | 7.06M | -20.30M | 2.89M | 20.34M |
| Gain (Loss) on Sale of Investments | 4.50M | 4.50M | 4.90M | 2.54M | 1.82M | 2.29M |
| Other Unusual Items | 238.00K | 238.00K | 701.00K | |||
| Pretax Income | 22.69M | 29.31M | 12.66M | -17.75M | 4.71M | 22.63M |
| Income Tax Expense | 9.15M | 9.05M | 6.63M | 3.84M | 4.88M | 14.82M |
| Net Income | 13.93M | 20.26M | 6.04M | -21.59M | -166.00K | 7.81M |
| Net Income to Common | 13.93M | 20.26M | 6.04M | -21.59M | -166.00K | 7.81M |
| Shares Outstanding (Basic) | 42.27M | 42.88M | 41.98M | 42.87M | 44.94M | 45.92M |
| Shares Outstanding (Diluted) | 44.19M | 44.70M | 43.36M | 42.87M | 44.94M | 47.50M |
| EPS (Basic) | 0.33 | 0.47 | 0.14 | -0.50 | -0.00 | 0.17 |
| EPS (Diluted) | 0.32 | 0.45 | 0.14 | -0.50 | -0.00 | 0.16 |
| Free Cash Flow | 49.10M | 41.55M | 66.33M | -8.93M | 23.33M | 66.17M |
| Free Cash Flow Per Share | 1.11 | 0.93 | 1.53 | -0.21 | 0.52 | 1.39 |
| Gross Margin | 80.35% | 80.67% | 80.63% | 80.21% | 81.64% | 81.69% |
| Operating Margin | 1.64% | 3.70% | -1.67% | -12.12% | -1.14% | 6.36% |
| Profit Margin | 4.26% | 6.71% | 2.20% | -8.26% | -0.06% | 2.73% |
| Free Cash Flow Margin | 15.02% | 13.77% | 24.13% | -3.42% | 7.95% | 23.10% |
| EBITDA | 17.48M | 22.85M | 7.25M | -19.44M | 8.35M | 26.56M |
| EBITDA Margin | 5.35% | 7.57% | 2.64% | -7.44% | 2.85% | 9.27% |
| D&A For EBITDA | 12.12M | 11.68M | 11.84M | 12.24M | 11.69M | 8.34M |
| EBIT | 5.36M | 11.17M | -4.59M | -31.68M | -3.34M | 18.23M |
| EBIT Margin | 1.64% | 3.70% | -1.67% | -12.12% | -1.14% | 6.36% |
| Effective Tax Rate | 40.30% | 30.88% | 52.33% | 103.52% | 65.49% | |
| Revenue as Reported | 301.85M | 301.85M | 274.88M | 261.29M | 293.43M | 286.50M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 102.93M | 105.08M | 98.71M | 70.54M | 46.19M | 92.51M |
| Short-Term Investments | 161.43M | 152.18M | 177.07M | 260.05M | 251.86M | 195.38M |
| Cash & Short-Term Investments | 264.36M | 257.26M | 275.78M | 330.59M | 298.04M | 287.89M |
| Receivables | 53.64M | 35.02M | 16.82M | 20.27M | 17.75M | 13.19M |
| Inventory | 13.98M | 13.22M | 14.03M | 15.54M | 11.43M | 11.58M |
| Other Current Assets | 3.24M | 11.00M | 14.24M | 9.53M | 7.20M | 8.05M |
| Total Current Assets | 335.22M | 316.51M | 320.88M | 375.93M | 334.42M | 320.71M |
| Property, Plant & Equipment | 31.76M | 32.08M | 34.09M | 39.00M | 44.15M | 45.07M |
| Long-Term Investments | 160.21M | 206.15M | 146.05M | 35.30M | 136.06M | 180.39M |
| Goodwill | 68.01M | 68.01M | 68.01M | 68.01M | 41.14M | |
| Other Intangible Assets | 77.17M | 7.78M | 11.75M | 15.72M | 19.69M | 10.73M |
| Long-Term Deferred Charges | 22.44M | 20.23M | 23.01M | 23.94M | ||
| Other Long-Term Assets | 50.21M | 18.20M | 17.68M | 14.96M | 41.27M | 13.39M |
| Total Assets | 654.58M | 671.16M | 618.68M | 571.92M | 643.59M | 635.37M |
| Accounts Payable | 6.64M | 7.23M | 5.58M | 4.30M | 6.46M | 4.31M |
| Accrued Expenses | 50.61M | 41.48M | 32.53M | 37.45M | 35.27M | |
| Current Portion of Leases | 4.75M | 5.05M | 4.75M | 4.68M | 4.68M | 5.09M |
| Current Income Taxes Payable | 14.82M | 6.07M | 3.15M | 3.03M | 18.95M | |
| Current Unearned Revenue | 123.26M | 112.05M | 106.30M | 105.01M | 108.24M | 99.92M |
| Other Current Liabilities | 62.03M | 4.51M | 4.28M | 5.34M | 4.17M | 2.34M |
| Total Current Liabilities | 196.67M | 194.28M | 168.47M | 155.01M | 164.03M | 165.89M |
| Long-Term Leases | 10.14M | 11.97M | 13.52M | 16.02M | 19.46M | 22.36M |
| Long-Term Unearned Revenue | 84.03M | 65.76M | 64.71M | 60.50M | 72.22M | 67.06M |
| Other Long-Term Liabilities | 7.65M | 8.46M | 14.90M | 17.11M | 19.43M | 10.06M |
| Total Liabilities | 298.49M | 280.48M | 261.60M | 248.64M | 275.14M | 265.38M |
| Common Stock | 776.00K | 770.00K | 754.00K | 742.00K | 732.00K | 730.00K |
| Additional Paid-In Capital | 600.34M | 578.65M | 555.15M | 529.21M | 498.17M | 471.17M |
| Retained Earnings | 154.00M | 146.11M | 125.85M | 119.81M | 141.40M | 141.57M |
| Treasury Stock | -439.41M | -377.56M | -366.59M | -365.75M | -303.30M | -243.02M |
| Comprehensive Income & Other | -1.17M | 1.39M | 1.10M | 77.00K | -4.84M | -455.00K |
| Total Common Equity | 314.54M | 349.36M | 316.27M | 284.09M | 332.16M | 369.99M |
| Minority Interest | 41.55M | 41.32M | 40.80M | 39.18M | 36.28M | |
| Shareholders' Equity | 356.09M | 390.68M | 357.07M | 323.27M | 368.44M | 369.99M |
| Total Liabilities & Equity | 654.58M | 671.16M | 618.68M | 571.92M | 643.59M | 635.37M |
| Total Debt | 14.89M | 17.02M | 18.27M | 20.70M | 24.15M | 27.45M |
| Net Cash (Debt) | 305.27M | 311.64M | 287.04M | 343.01M | 364.05M | 358.66M |
| Net Cash Per Share | 6.91 | 6.97 | 6.62 | 8.00 | 8.10 | 7.55 |
| Filing Date Shares Outstanding | 41.38M | 42.31M | 42.69M | 41.79M | 43.82M | 45.25M |
| Total Common Shares Outstanding | 41.38M | 43.15M | 42.55M | 41.70M | 44.31M | 45.87M |
| Working Capital | 138.55M | 122.22M | 152.41M | 220.91M | 170.38M | 154.82M |
| Book Value Per Share | 7.60 | 8.10 | 7.43 | 6.81 | 7.50 | 8.07 |
| Tangible Book Value | 237.37M | 273.57M | 236.51M | 200.37M | 244.47M | 318.12M |
| Tangible Book Value Per Share | 5.74 | 6.34 | 5.56 | 4.81 | 5.52 | 6.93 |
| Machinery | 99.99M | 109.69M | 126.51M | 122.95M | 116.78M | |
| Leasehold Improvements | 5.91M | 7.70M | 8.27M | 8.19M | 7.49M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 13.93M | 20.26M | 6.04M | -21.59M | -166.00K | 7.81M |
| Depreciation & Amortization | 12.12M | 11.68M | 11.84M | 12.24M | 11.69M | 8.34M |
| Other Amortization | 1.86M | |||||
| Loss (Gain) From Sale of Investments | 237.00K | 1.00K | -417.00K | 2.00M | 2.28M | 2.28M |
| Stock-Based Compensation | 29.27M | 24.04M | 26.03M | 34.02M | 27.35M | 17.57M |
| Other Operating Activities | -388.00K | |||||
| Change in Accounts Receivable | -11.07M | -18.20M | 3.44M | -2.52M | -4.56M | 3.66M |
| Change in Inventory | -655.00K | 810.00K | 1.51M | -4.12M | 152.00K | 2.35M |
| Change in Accounts Payable | 918.00K | 1.65M | 1.28M | -2.17M | 2.15M | 428.00K |
| Change in Unearned Revenue | 32.06M | 6.81M | 5.50M | -14.95M | 13.47M | 20.06M |
| Change in Other Net Operating Assets | -15.27M | 3.78M | 17.47M | -5.87M | -18.24M | 10.87M |
| Operating Cash Flow | 59.74M | 50.09M | 71.61M | -3.50M | 32.15M | 71.77M |
| Capital Expenditures | -10.64M | -8.54M | -5.28M | -5.43M | -8.81M | -5.60M |
| Cash Acquisitions | -5.94M | -30.00M | ||||
| Investment in Securities | 49.27M | -21.59M | -34.32M | 98.14M | -17.24M | 13.40M |
| Other Investing Activities | 1.57M | 58.00K | 81.00K | 66.00K | 35.00K | 49.00K |
| Investing Cash Flow | 34.26M | -30.07M | -39.52M | 92.78M | -56.02M | 7.85M |
| Issuance of Common Stock | 3.00K | 371.00K | 2.03M | 10.59M | ||
| Repurchase of Common Stock | -72.34M | -10.49M | -839.00K | -63.23M | -59.49M | -52.47M |
| Other Financing Activities | -3.40M | -3.17M | -3.08M | -2.06M | 35.00M | |
| Financing Cash Flow | -75.74M | -13.66M | -3.91M | -64.93M | -22.46M | -41.88M |
| Net Cash Flow | 18.26M | 6.36M | 28.18M | 24.35M | -46.33M | 37.74M |
| Free Cash Flow | 49.10M | 41.55M | 66.33M | -8.93M | 23.33M | 66.17M |
| Free Cash Flow Margin | 15.02% | 13.77% | 24.13% | -3.42% | 7.95% | 23.10% |
| Free Cash Flow Per Share | 1.11 | 0.93 | 1.53 | -0.21 | 0.52 | 1.39 |
| Levered Free Cash Flow | 40.16M | 45.52M | 43.35M | 3.05M | 23.14M | 60.32M |
| Unlevered Free Cash Flow | 40.16M | 45.52M | 43.35M | 3.05M | 23.14M | 60.32M |
| Cash Income Tax Paid | 2.22M | 2.22M | 921.00K | 4.00M | 18.07M | 2.75M |
| Change in Working Capital | 5.25M | -5.89M | 28.12M | -30.17M | -9.01M | 33.91M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.37B | 1.05B | 946.15M | 701.41M | 885.61M | 1.92B |
| Enterprise Value | 1.07B | 798.65M | 651.73M | 388.71M | 564.30M | 1.58B |
| Last Close Price | 32.64 | 24.09 | 22.53 | 16.68 | 19.75 | 41.64 |
| PE Ratio | 102.80 | 51.65 | 156.70 | 245.22 | ||
| Forward PE | 24.06 | 20.88 | 24.65 | 28.30 | 25.21 | 47.05 |
| PS Ratio | 4.20 | 3.47 | 3.44 | 2.68 | 3.02 | 6.69 |
| PB Ratio | 4.29 | 2.68 | 2.65 | 2.17 | 2.40 | 5.18 |
| P/TBV Ratio | 5.79 | 3.83 | 4.00 | 3.50 | 3.62 | 6.02 |
| P/FCF Ratio | 27.97 | 25.18 | 14.26 | 37.95 | 28.95 | |
| P/OCF Ratio | 22.99 | 20.89 | 13.21 | 27.55 | 26.69 | |
| PEG Ratio | 24.39 | 24.39 | 24.39 | 25.21 | 4.71 | |
| EV/Sales Ratio | 3.27 | 2.65 | 2.37 | 1.49 | 1.92 | 5.53 |
| EV/EBITDA Ratio | 61.11 | 34.95 | 89.92 | 67.56 | 59.63 | |
| EV/EBIT Ratio | 199.27 | 71.50 | 86.92 | |||
| EV/FCF Ratio | 21.76 | 19.22 | 9.83 | 24.18 | 23.94 | |
| Debt / Equity Ratio | 0.04 | 0.04 | 0.05 | 0.06 | 0.07 | 0.07 |
| Debt / EBITDA Ratio | 0.65 | 0.60 | 1.43 | 1.59 | 0.84 | |
| Debt / FCF Ratio | 0.30 | 0.41 | 0.28 | 1.03 | 0.41 | |
| Net Debt / Equity Ratio | -0.86 | -0.80 | -0.80 | -1.06 | -0.99 | -0.97 |
| Net Debt / EBITDA Ratio | -17.46 | -13.64 | -39.60 | 17.65 | -43.58 | -13.50 |
| Net Debt / FCF Ratio | -6.22 | -7.50 | -4.33 | 38.42 | -15.60 | -5.42 |
| Asset Turnover | 0.50 | 0.47 | 0.46 | 0.43 | 0.46 | 0.46 |
| Inventory Turnover | 4.71 | 4.28 | 3.60 | 3.83 | 4.68 | 4.11 |
| Quick Ratio | 1.62 | 1.50 | 1.74 | 2.26 | 1.93 | 1.81 |
| Current Ratio | 1.70 | 1.63 | 1.91 | 2.42 | 2.04 | 1.93 |
| Return on Equity (ROE) | 3.63% | 5.42% | 1.77% | -6.24% | -0.04% | 2.06% |
| Return on Assets (ROA) | 0.51% | 1.08% | -0.48% | -3.26% | -0.33% | 1.81% |
| Return on Invested Capital (ROIC) | 2.74% | 6.18% | -2.20% | 0.11% | 5.78% | |
| Return on Capital Employed (ROCE) | 1.20% | 2.30% | -1.00% | -7.60% | -0.70% | 3.90% |
| Earnings Yield | 0.97% | 1.94% | 0.64% | -3.08% | -0.02% | 0.41% |
| FCF Yield | 3.57% | 3.97% | 7.01% | -1.27% | 2.63% | 3.45% |
| Buyback Yield / Dilution | 0.47% | -3.08% | -1.15% | 4.61% | 5.39% | 0.50% |