Recent News
On September 18, 2025 Radware disclosed research naming “ShadowLeak,” a zero-click, service-side vulnerability that targeted ChatGPT’s Deep Research agent and prompted a Radware webinar and threat advisory on mitigation.
On November 18, 2025 Radware introduced an LLM Firewall add-on for its Cloud Application Protection Services to protect generative-AI prompts and responses at the enterprise level.
Technical Analysis
Directional indicators show a bearish alignment: DI+ experienced a peak-and-reverse, signaling bearish pressure, while DI- registered a dip-and-reversal, reinforcing downside bias; ADX at 18.54 confirms a lack of a strong trend, so price moves may remain choppy and driven by short-term momentum rather than a sustained directional trend.
MACD stands negative at -0.07 but recently crossed above its signal line (-0.28), producing a bullish momentum signal; that crossover suggests short-term upside attempts could occur even while broader structure looks weak.
MRO currently reads 2.09 and climbs, indicating the price sits above WMDST’s target and faces potential downward pressure until momentum shifts materially; that pressure conflicts with the MACD crossover and favors volatility around current levels.
RSI at 45.71 and rising supplies mild upward momentum but remains below a bullish threshold, so buying strength lacks conviction; this aligns with ADX’s no-trend reading and supports a choppy range-bound near-term profile.
Price sits at $23.76, above the 20-day average ($23.50) and short-term EMA (12-day EMA $23.66 rising), yet below the 50-day ($24.35) and 200-day ($24.69) averages and beneath the Ichimoku cloud (Senkou A $25.67 / Senkou B $25.80), which keeps the medium-term bias cautious. Bollinger bands place the upper 1x std dev near $24.15 and lower near $22.85, framing a near-term trading band; recent volume (260,969) exceeded the 10-day average (184,085), indicating heightened participation during the latest move.
Fundamental Analysis
Revenue totaled $75.31 million for the period reported; WMDST notes revenue growth figures showing a QoQ decline of 50.15% and a YoY decline of 55.08%, while a standalone revenue growth metric reads 1.48%. Research and development expense reached $19.69 million, reflecting continued product investment tied to cloud and AI defenses.
Operating income measured $3,099,000, producing an operating (EBIT) margin of 4.12% (up 9.18% QoQ). That margin sits below the industry peer mean of 25.96% and below the industry peer median of 29.14%, indicating weaker operating profitability versus typical peers despite QoQ improvement.
Gross margin reached 80.66%, above the industry peer mean of 76.41%, showing strong product-level economics. Non-GAAP EPS arrived at $0.28 against an estimate of $0.27, producing an EPS surprise ratio of 3.70% and an EPS difference of $0.01; forward EPS stands near $0.2967, with a forward P/E around 111.94.
Balance-sheet metrics present strength: cash and short-term investments total $241,084,000 versus total debt of $17,759,000, producing a cash ratio of 1.35 and a quick ratio of 1.60. Free cash flow remained negative at -$6,057,000 and free cash flow yield reads about -0.53%, creating a disconnect between sizable liquidity and ongoing cash generation weakness.
Valuation multiples highlight elevated expectations: trailing P/E near 93.30, P/S roughly 15.07, and enterprise multiple very high at 154.16. Price-to-book at 3.26 sits well below the industry peer mean of 15.06 and the industry peer median of 13.00, while enterprise value relative to earnings and the negative free cash flow yield point toward stretched valuation. WMDST values the stock as over-valued, reflecting stretched multiples, negative free-cash-flow yield, and modest operating margin relative to peer means.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-10-29 |
| NEXT REPORT DATE: | 2026-01-28 |
| CASH FLOW | Begin Period Cash Flow | $ 103.8 M |
| Operating Cash Flow | $ -4.17 M | |
| Capital Expenditures | $ -1.88 M | |
| Change In Working Capital | $ -18.22 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -16.56 M | |
| End Period Cash Flow | $ 87.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 75.3 M | |
| Forward Revenue | $ 42.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 14.6 M | |
| Depreciation | $ 1.8 M | |
| Depreciation and Amortization | $ 2.8 M | |
| Research and Development | $ 19.7 M | |
| Total Operating Expenses | $ 72.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 60.7 M | |
| EBITDA | $ 5.9 M | |
| EBIT | $ 3.1 M | |
| Operating Income | $ 3.1 M | |
| Interest Income | $ 4.8 M | |
| Interest Expense | — | |
| Net Interest Income | $ 4.8 M | |
| Income Before Tax | $ 7.9 M | |
| Tax Provision | $ 2.2 M | |
| Tax Rate | 28.472 % | |
| Net Income | $ 5.7 M | |
| Net Income From Continuing Operations | $ 5.7 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.27 | |
| EPS Actual | $ 0.28 | |
| EPS Difference | $ 0.01 | |
| EPS Surprise | 3.704 % | |
| Forward EPS | $ 0.30 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 661.5 M | |
| Intangible Assets | $ 76.8 M | |
| Net Tangible Assets | $ 271.6 M | |
| Total Current Assets | $ 299.1 M | |
| Cash and Short-Term Investments | $ 241.1 M | |
| Cash | $ 87.3 M | |
| Net Receivables | $ 30.0 M | |
| Inventory | $ 13.3 M | |
| Long-Term Investments | $ 37.3 M | |
| LIABILITIES | ||
| Accounts Payable | $ 5.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 178.2 M | |
| Net Debt | — | |
| Total Debt | $ 17.8 M | |
| Total Liabilities | $ 271.8 M | |
| EQUITY | ||
| Total Equity | $ 348.4 M | |
| Retained Earnings | $ 140.1 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 8.02 | |
| Shares Outstanding | 43.434 M | |
| Revenue Per-Share | $ 1.73 | |
| VALUATION | Market Capitalization | $ 1.1 B |
| Enterprise Value | $ 911.4 M | |
| Enterprise Multiple | 154.162 | |
| Enterprise Multiple QoQ | 3.244 % | |
| Enterprise Multiple YoY | -23.864 % | |
| Enterprise Multiple IPRWA | high: 725.943 RDWR: 154.162 median: 119.829 mean: 108.229 low: -500.562 |
|
| EV/R | 12.102 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.899 | |
| Asset To Liability | 2.434 | |
| Debt To Capital | 0.049 | |
| Debt To Assets | 0.027 | |
| Debt To Assets QoQ | -0.223 % | |
| Debt To Assets YoY | 277.107 % | |
| Debt To Assets IPRWA | high: 1.164 mean: 0.258 median: 0.211 RDWR: 0.027 low: 0.001 |
|
| Debt To Equity | 0.051 | |
| Debt To Equity QoQ | -2.618 % | |
| Debt To Equity YoY | 260.467 % | |
| Debt To Equity IPRWA | high: 2.803 mean: 0.496 median: 0.213 RDWR: 0.051 low: -0.893 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.257 | |
| Price To Book QoQ | 0.13 % | |
| Price To Book YoY | 9.245 % | |
| Price To Book IPRWA | high: 32.156 mean: 15.063 median: 13.004 RDWR: 3.257 low: -17.466 |
|
| Price To Earnings (P/E) | 93.304 | |
| Price To Earnings QoQ | -2.01 % | |
| Price To Earnings YoY | -1.334 % | |
| Price To Earnings IPRWA | high: 535.496 mean: 156.621 median: 153.023 RDWR: 93.304 low: -396.374 |
|
| PE/G Ratio | — | |
| Price To Sales (P/S) | 15.067 | |
| Price To Sales QoQ | 1.543 % | |
| Price To Sales YoY | 14.627 % | |
| Price To Sales IPRWA | high: 95.267 median: 42.542 mean: 41.626 RDWR: 15.067 low: 1.307 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 111.936 | |
| Forward PE/G | — | |
| Forward P/S | 33.72 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 7.311 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.114 | |
| Asset Turnover Ratio QoQ | 0.255 % | |
| Asset Turnover Ratio YoY | -0.679 % | |
| Asset Turnover Ratio IPRWA | high: 0.414 median: 0.133 mean: 0.131 RDWR: 0.114 low: -0.008 |
|
| Receivables Turnover | 2.85 | |
| Receivables Turnover Ratio QoQ | -8.038 % | |
| Receivables Turnover Ratio YoY | -6.783 % | |
| Receivables Turnover Ratio IPRWA | high: 6.055 RDWR: 2.85 mean: 1.721 median: 1.571 low: -0.167 |
|
| Inventory Turnover | 1.093 | |
| Inventory Turnover Ratio QoQ | 2.425 % | |
| Inventory Turnover Ratio YoY | 11.598 % | |
| Inventory Turnover Ratio IPRWA | high: 10.439 RDWR: 1.093 mean: 0.942 median: 0.798 low: 0.054 |
|
| Days Sales Outstanding (DSO) | 32.022 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 85.924 | |
| Cash Conversion Cycle Days QoQ | -6.275 % | |
| Cash Conversion Cycle Days YoY | -2.633 % | |
| Cash Conversion Cycle Days IPRWA | high: 226.004 RDWR: 85.924 median: 44.35 mean: 24.17 low: -144.827 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.623 | |
| CapEx To Revenue | -0.025 | |
| CapEx To Depreciation | -1.034 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 348.4 M | |
| Net Invested Capital | $ 348.4 M | |
| Invested Capital | $ 348.4 M | |
| Net Tangible Assets | $ 271.6 M | |
| Net Working Capital | $ 120.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.353 | |
| Current Ratio | 1.679 | |
| Current Ratio QoQ | -4.251 % | |
| Current Ratio YoY | -23.225 % | |
| Current Ratio IPRWA | high: 8.127 mean: 2.044 RDWR: 1.679 median: 1.124 low: 0.159 |
|
| Quick Ratio | 1.604 | |
| Quick Ratio QoQ | -4.59 % | |
| Quick Ratio YoY | -23.824 % | |
| Quick Ratio IPRWA | high: 9.764 mean: 1.813 RDWR: 1.604 median: 1.514 low: 0.553 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 3.004 | |
| Cost Of Debt | 0.347 % | |
| Interest Coverage Ratio | 36.035 | |
| Interest Coverage Ratio QoQ | 10.797 % | |
| Interest Coverage Ratio YoY | -51748.101 % | |
| Interest Coverage Ratio IPRWA | high: 205.936 RDWR: 36.035 mean: 16.444 median: 9.798 low: -266.667 |
|
| Operating Cash Flow Ratio | 0.016 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 30.994 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.449 % | |
| Revenue Growth | 1.477 % | |
| Revenue Growth QoQ | -50.152 % | |
| Revenue Growth YoY | -55.079 % | |
| Revenue Growth IPRWA | high: 28.215 % mean: 4.796 % median: 4.141 % RDWR: 1.477 % low: -13.442 % |
|
| Earnings Growth | 0.0 % | |
| Earnings Growth QoQ | -100.0 % | |
| Earnings Growth YoY | -100.0 % | |
| Earnings Growth IPRWA | high: 200.0 % median: 12.791 % mean: 8.55 % RDWR: 0.0 % low: -181.25 % |
|
| MARGINS | ||
| Gross Margin | 80.664 % | |
| Gross Margin QoQ | -0.057 % | |
| Gross Margin YoY | -0.079 % | |
| Gross Margin IPRWA | high: 90.981 % RDWR: 80.664 % median: 77.558 % mean: 76.412 % low: 26.432 % |
|
| EBIT Margin | 4.115 % | |
| EBIT Margin QoQ | 9.18 % | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | high: 76.323 % median: 29.144 % mean: 25.957 % RDWR: 4.115 % low: -105.646 % |
|
| Return On Sales (ROS) | 4.115 % | |
| Return On Sales QoQ | 9.18 % | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | high: 76.795 % median: 29.387 % mean: 24.442 % RDWR: 4.115 % low: -156.314 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -6.06 M | |
| Free Cash Flow Yield | -0.534 % | |
| Free Cash Flow Yield QoQ | -149.721 % | |
| Free Cash Flow Yield YoY | -136.676 % | |
| Free Cash Flow Yield IPRWA | high: 10.114 % mean: 0.259 % median: 0.259 % RDWR: -0.534 % low: -10.76 % |
|
| Free Cash Growth | -151.192 % | |
| Free Cash Growth QoQ | 239.536 % | |
| Free Cash Growth YoY | 282.252 % | |
| Free Cash Growth IPRWA | high: 368.524 % mean: -16.193 % median: -16.953 % RDWR: -151.192 % low: -324.945 % |
|
| Free Cash To Net Income | -1.072 | |
| Cash Flow Margin | 3.791 % | |
| Cash Flow To Earnings | 0.505 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.856 % | |
| Return On Assets QoQ | 32.303 % | |
| Return On Assets YoY | 64.615 % | |
| Return On Assets IPRWA | high: 13.583 % mean: 2.948 % median: 1.924 % RDWR: 0.856 % low: -19.283 % |
|
| Return On Capital Employed (ROCE) | 0.641 % | |
| Return On Equity (ROE) | 0.016 | |
| Return On Equity QoQ | 30.072 % | |
| Return On Equity YoY | 58.09 % | |
| Return On Equity IPRWA | high: 0.151 mean: 0.051 median: 0.048 RDWR: 0.016 low: -0.395 |
|
| DuPont ROE | 1.645 % | |
| Return On Invested Capital (ROIC) | 0.636 % | |
| Return On Invested Capital QoQ | 17.778 % | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | high: 14.226 % mean: 3.635 % median: 3.218 % RDWR: 0.636 % low: -12.344 % |
|