A10 Networks, Inc. — Earnings Quality Grade C
ATEN · Technology
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 78 days, change -29 days YoY
AR growth -19.1% vs revenue growth 11.0%
Revenue grew 11.0% but CFFO declined -6.2%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory -18.1% vs COGS 16.8%. Normal
CapEx growth 64.1% is >2x revenue growth 11.0%
SG&A/Gross Profit = 49.6%. Normal
Gross margin 79.3%, change -1.0pp. Stable
Cash Flow Quality
CFFO/NI = 2.01. Profits backed by cash
FCF $0.1B, FCF/NI = 1.54
Accruals ratio = -6.8%. Low accruals
Cash $0.4B covers debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 10% of equity. Manageable
Debt/EBITDA = 3.1x. Healthy
Other assets -23.7% vs revenue 11.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 1537% YoY
Manipulation Score
M-Score = -3.31 (< -2.22). Unlikely manipulator
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Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25