Recent News
July 29, 2025 — Radware announced U.S. managed security service provider agreements with Epcom World Industries, GLESEC, North Atlantic Networks and Tech Pro. August 14, 2025 — Radware signed a managed security services provider agreement with Latvia’s Tet. August 20, 2025 — Radware and EPIC Cloud Company executed a managed security service provider agreement. August 28, 2025 — KuppingerCole named Radware an overall leader in its 2025 Leadership Compass for Web Application and API Protection. September 2, 2025 — Radware introduced two new next‑gen cloud application security centers in Israel and Colombia.
Technical Analysis
Directional indicators show a weak trend: ADX at 16.58 signals no established trend, while DI+ at 22.57 trending down indicates bearish directional pressure. DI- at 20.44 experienced a dip-and-reversal, which corresponds to an increase in DI- and reinforces a bearish directional shift. Together these readings imply limited trend strength with a downside bias versus the current valuation.
MACD reads 0.01 with a decreasing MACD_trend and a MACD signal line at 0.17; momentum shows deceleration and MACD remains below its signal, so no bullish momentum crossover appears. That pattern weighs on near-term upside relative to the WMDST valuation that labels the stock under-valued.
MRO at 28.94 with a peak-and-reversal indicates the price sits above the regression target and carries downward pressure; the magnitude signals material potential for mean reversion from current levels. RSI at 49.72 and trending down sits near neutral and tips short-term momentum lower, aligning with the MRO signal.
Price sits below short-term averages and bands: close at $25.53 falls beneath the 20‑day average $26.58 and below the 1x Bollinger lower band $25.91, pointing to near-term mean‑reversion risk. Longer-term structure holds modest support: price above the 200‑day average $24.38 and the 50‑day average $25.78, so longer-term technical context retains a base near current levels. Ichimoku components cluster around $25.7–$27.7, keeping price inside or close to the cloud and signaling limited directional conviction.
Fundamental Analysis
Revenue for the period registers at $74,215,000 and net income at $4,222,000, with reported EPS $0.28 versus an estimate $0.26, an EPS beat of $0.02 (a 7.69% surprise). Operating income (EBIT) equals $2,797,000 and EBITDA $5,662,000.
Profitability metrics show gross margin at 80.71% and operating (EBIT) margin at 3.77%. The EBIT margin trails the industry peer mean of 34.26% and the industry peer median of 43.47%, while the industry peer range spans from -124.56% to 74.31%. Quarter-over-quarter operating margin expanded substantially (+73.13% QoQ), while year-over-year operating margin registers -309.74% YoY, reflecting sizable year-over-year comparatives in the period.
Return and capital efficiency metrics remain modest: return on equity 1.25% and return on assets 0.65%. Asset turnover at 0.11 compares slightly below the industry peer mean of 0.13. Cash generation shows operating cash flow $14,492,000 and free cash flow $11,832,000, producing a free cash flow yield of 1.07%, which sits above the industry peer mean free cash flow yield of 0.53%.
Leverage stays low: total debt $17,720,000 yields debt-to-equity 5.23% and debt-to-assets 2.69%, while interest coverage approximates 32.52x. Liquidity metrics appear adequate with current ratio 1.75 and quick ratio 1.68. Working capital reads $138,925,000 and cash plus short-term investments $273,506,000.
Valuation context: WMDST values the stock as under-valued. Market multiples show a trailing P/E about 95.22x and price-to-book near 3.25x; enterprise‑value metrics include EVR 11.39 and an enterprise multiple 149.32. Analyst price-target mean sits at $29.01 versus the close $25.53, providing a nominal gap to consensus targets. Growth metrics show revenue growth year-over-year 2.96% with revenue QoQ down -3.27%, and a PEG near 25.71, indicating elevated multiple versus expected growth.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-30 |
| NEXT REPORT DATE: | 2025-10-28 |
| CASH FLOW | Begin Period Cash Flow | $ 114.2 M |
| Operating Cash Flow | $ 14.5 M | |
| Capital Expenditures | $ -2.66 M | |
| Change In Working Capital | $ 1.9 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -10.40 M | |
| End Period Cash Flow | $ 103.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 74.2 M | |
| Forward Revenue | $ 43.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 14.3 M | |
| Depreciation | $ 1.9 M | |
| Depreciation and Amortization | $ 2.9 M | |
| Research and Development | $ 19.4 M | |
| Total Operating Expenses | $ 71.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 59.9 M | |
| EBITDA | $ 5.7 M | |
| EBIT | $ 2.8 M | |
| Operating Income | $ 2.8 M | |
| Interest Income | $ 3.7 M | |
| Interest Expense | — | |
| Net Interest Income | $ 3.7 M | |
| Income Before Tax | $ 6.5 M | |
| Tax Provision | $ 2.2 M | |
| Tax Rate | 34.634 % | |
| Net Income | $ 4.2 M | |
| Net Income From Continuing Operations | $ 4.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.26 | |
| EPS Actual | $ 0.28 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 7.692 % | |
| Forward EPS | $ 0.23 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 658.5 M | |
| Intangible Assets | $ 77.8 M | |
| Net Tangible Assets | $ 260.8 M | |
| Total Current Assets | $ 323.4 M | |
| Cash and Short-Term Investments | $ 273.5 M | |
| Cash | $ 103.8 M | |
| Net Receivables | $ 22.9 M | |
| Inventory | $ 13.3 M | |
| Long-Term Investments | $ 37.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 4.1 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 184.5 M | |
| Net Debt | — | |
| Total Debt | $ 17.7 M | |
| Total Liabilities | $ 278.8 M | |
| EQUITY | ||
| Total Equity | $ 338.6 M | |
| Retained Earnings | $ 134.4 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 7.93 | |
| Shares Outstanding | 42.687 M | |
| Revenue Per-Share | $ 1.74 | |
| VALUATION | Market Capitalization | $ 1.1 B |
| Enterprise Value | $ 845.4 M | |
| Enterprise Multiple | 149.318 | |
| Enterprise Multiple QoQ | 4.919 % | |
| Enterprise Multiple YoY | -31.758 % | |
| Enterprise Multiple IPRWA | high: 634.148 RDWR: 149.318 mean: 91.211 median: 82.154 low: -577.222 |
|
| EV/R | 11.392 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.945 | |
| Asset To Liability | 2.362 | |
| Debt To Capital | 0.05 | |
| Debt To Assets | 0.027 | |
| Debt To Assets QoQ | 1.394 % | |
| Debt To Assets YoY | 273.75 % | |
| Debt To Assets IPRWA | high: 1.095 mean: 0.161 median: 0.098 RDWR: 0.027 low: 0.002 |
|
| Debt To Equity | 0.052 | |
| Debt To Equity QoQ | -0.74 % | |
| Debt To Equity YoY | 258.248 % | |
| Debt To Equity IPRWA | high: 3.008 mean: 0.299 median: 0.176 RDWR: 0.052 low: -0.874 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.253 | |
| Price To Book QoQ | 11.706 % | |
| Price To Book YoY | 24.954 % | |
| Price To Book IPRWA | high: 34.07 mean: 12.069 median: 10.727 RDWR: 3.253 low: -16.218 |
|
| Price To Earnings (P/E) | 95.218 | |
| Price To Earnings QoQ | 15.95 % | |
| Price To Earnings YoY | 3.571 % | |
| Price To Earnings IPRWA | high: 564.562 mean: 139.076 median: 130.187 RDWR: 95.218 low: -357.639 |
|
| PE/G Ratio | 25.707 | |
| Price To Sales (P/S) | 14.838 | |
| Price To Sales QoQ | 13.003 % | |
| Price To Sales YoY | 29.281 % | |
| Price To Sales IPRWA | high: 113.355 median: 48.199 mean: 45.685 RDWR: 14.838 low: 1.219 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 105.107 | |
| Forward PE/G | 28.377 | |
| Forward P/S | 25.249 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 26.411 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.114 | |
| Asset Turnover Ratio QoQ | -0.184 % | |
| Asset Turnover Ratio YoY | 0.548 % | |
| Asset Turnover Ratio IPRWA | high: 0.416 mean: 0.13 median: 0.129 RDWR: 0.114 low: 0.0 |
|
| Receivables Turnover | 3.099 | |
| Receivables Turnover Ratio QoQ | -10.024 % | |
| Receivables Turnover Ratio YoY | 5.902 % | |
| Receivables Turnover Ratio IPRWA | high: 4.687 RDWR: 3.099 mean: 1.421 median: 1.257 low: 0.131 |
|
| Inventory Turnover | 1.067 | |
| Inventory Turnover Ratio QoQ | 5.069 % | |
| Inventory Turnover Ratio YoY | 15.836 % | |
| Inventory Turnover Ratio IPRWA | high: 10.4 RDWR: 1.067 mean: 0.964 median: 0.815 low: 0.018 |
|
| Days Sales Outstanding (DSO) | 29.448 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 91.676 | |
| Cash Conversion Cycle Days QoQ | 6.335 % | |
| Cash Conversion Cycle Days YoY | -5.744 % | |
| Cash Conversion Cycle Days IPRWA | high: 199.408 RDWR: 91.676 mean: -27.975 median: -36.049 low: -80.145 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.534 | |
| CapEx To Revenue | -0.036 | |
| CapEx To Depreciation | -1.42 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 338.6 M | |
| Net Invested Capital | $ 338.6 M | |
| Invested Capital | $ 338.6 M | |
| Net Tangible Assets | $ 260.8 M | |
| Net Working Capital | $ 138.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.482 | |
| Current Ratio | 1.753 | |
| Current Ratio QoQ | -5.464 % | |
| Current Ratio YoY | -31.9 % | |
| Current Ratio IPRWA | high: 9.787 RDWR: 1.753 mean: 1.695 median: 1.353 low: 0.079 |
|
| Quick Ratio | 1.681 | |
| Quick Ratio QoQ | -5.603 % | |
| Quick Ratio YoY | -32.523 % | |
| Quick Ratio IPRWA | high: 14.4 RDWR: 1.681 mean: 1.486 median: 1.347 low: 0.445 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 3.13 | |
| Cost Of Debt | 0.323 % | |
| Interest Coverage Ratio | 32.523 | |
| Interest Coverage Ratio QoQ | 78.266 % | |
| Interest Coverage Ratio YoY | -126.901 % | |
| Interest Coverage Ratio IPRWA | high: 181.115 median: 54.034 mean: 37.797 RDWR: 32.523 low: -203.84 |
|
| Operating Cash Flow Ratio | 0.054 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 25.249 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.989 % | |
| Revenue Growth | 2.963 % | |
| Revenue Growth QoQ | -327.224 % | |
| Revenue Growth YoY | -11.973 % | |
| Revenue Growth IPRWA | high: 32.808 % median: 9.099 % mean: 6.945 % RDWR: 2.963 % low: -28.474 % |
|
| Earnings Growth | 3.704 % | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | -85.184 % | |
| Earnings Growth IPRWA | high: 157.143 % median: 5.491 % mean: 4.776 % RDWR: 3.704 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 80.71 % | |
| Gross Margin QoQ | 0.148 % | |
| Gross Margin YoY | 0.145 % | |
| Gross Margin IPRWA | high: 91.297 % RDWR: 80.71 % mean: 72.321 % median: 68.585 % low: 33.069 % |
|
| EBIT Margin | 3.769 % | |
| EBIT Margin QoQ | 73.128 % | |
| EBIT Margin YoY | -309.738 % | |
| EBIT Margin IPRWA | high: 74.313 % median: 43.473 % mean: 34.257 % RDWR: 3.769 % low: -124.558 % |
|
| Return On Sales (ROS) | 3.769 % | |
| Return On Sales QoQ | 73.128 % | |
| Return On Sales YoY | -309.738 % | |
| Return On Sales IPRWA | high: 76.082 % median: 44.901 % mean: 34.017 % RDWR: 3.769 % low: -117.376 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 11.8 M | |
| Free Cash Flow Yield | 1.074 % | |
| Free Cash Flow Yield QoQ | -52.351 % | |
| Free Cash Flow Yield YoY | -62.303 % | |
| Free Cash Flow Yield IPRWA | high: 6.936 % RDWR: 1.074 % median: 0.694 % mean: 0.528 % low: -8.108 % |
|
| Free Cash Growth | -44.529 % | |
| Free Cash Growth QoQ | -153.998 % | |
| Free Cash Growth YoY | -425.362 % | |
| Free Cash Growth IPRWA | high: 278.713 % median: 25.957 % mean: 12.183 % RDWR: -44.529 % low: -316.997 % |
|
| Free Cash To Net Income | 2.802 | |
| Cash Flow Margin | 13.349 % | |
| Cash Flow To Earnings | 2.347 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.647 % | |
| Return On Assets QoQ | -5.822 % | |
| Return On Assets YoY | 131.071 % | |
| Return On Assets IPRWA | high: 18.439 % median: 4.609 % mean: 3.905 % RDWR: 0.647 % low: -24.058 % |
|
| Return On Capital Employed (ROCE) | 0.59 % | |
| Return On Equity (ROE) | 0.012 | |
| Return On Equity QoQ | -6.662 % | |
| Return On Equity YoY | 122.282 % | |
| Return On Equity IPRWA | high: 0.214 median: 0.079 mean: 0.07 RDWR: 0.012 low: -0.337 |
|
| DuPont ROE | 1.272 % | |
| Return On Invested Capital (ROIC) | 0.54 % | |
| Return On Invested Capital QoQ | 66.154 % | |
| Return On Invested Capital YoY | 111.765 % | |
| Return On Invested Capital IPRWA | high: 14.979 % median: 7.176 % mean: 5.595 % RDWR: 0.54 % low: -13.978 % |
|