FFIVF5, INC.

Computer Communications Equipment

Revenue: $3.1B; 9.7% YoY
Operating margin: 24.8%; 6.1% YoY
EBITDA: $858M; 12% YoY
Market cap: $19.2B
Employees: 6,578; $469K revenue each
Net debt / EBITDA: -1.9×; −$1.6B net debt
AI in 10-K: 9.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
137% of net income
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
53% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
36% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$469K · 57th pct
Bottom quartile of its SIC industry
Quiet on AINo
9.4 per 10K words · 92nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.9× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$19.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$29M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.6B	$2.7B	$2.8B	$2.8B	$3.1B	9.7%
Operating income	$394M	$404M	$473M	$659M	$766M	16%
Net income	$331M	$322M	$395M	$567M	$692M	22%
Operating cash flow	$645M	$443M	$653M	$792M	$950M	20%
Capex	$31M	$34M	$54M	$30M	$43M	42%
Stock-based comp	$243M	$249M	$237M	$219M	$231M	5.7%
Buybacks	$500M	$500M	$350M	$501M	$502M	0.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $29M · 97
Net: −$29M

Pay vs performance

No pay-versus-performance disclosure yet.