Radware Ltd Financials

RDWR

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2024 Currency USD FYE December

This page shows Radware Ltd (RDWR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 47/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Radware Ltd has an operating margin of -1.4%, meaning the company retains $-1 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -12.1% the prior year.

Growth

Radware Ltd's revenue grew 5.2% year-over-year to $274.9M, a solid pace of expansion. This earns a growth score of 43/100.

Leverage

Radware Ltd carries a low D/E ratio of 0.96, meaning only $0.96 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 76/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Radware Ltd's current ratio of 1.90 indicates adequate short-term liquidity, earning a score of 56/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

100

Radware Ltd converts 24.1% of revenue into free cash flow ($66.3M). This strong cash generation earns a score of 100/100.

Returns

Radware Ltd generates a 1.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 8/100.

Piotroski F-Score Neutral

5/9

Radware Ltd passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

11.86x

For every $1 of reported earnings, Radware Ltd generates $11.86 in operating cash flow ($71.6M OCF vs $6.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Revenue

$274.9M

YoY+5.2%

5Y CAGR+1.7%

10Y CAGR+2.2%

Radware Ltd generated $274.9M in revenue in fiscal year 2024. This represents an increase of 5.2% from the prior year.

EBITDA

$7.9M

YoY+140.9%

5Y CAGR-22.4%

10Y CAGR-13.3%

Radware Ltd's EBITDA was $7.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 140.9% from the prior year.

Free Cash Flow

$66.3M

YoY+842.9%

5Y CAGR+8.2%

10Y CAGR+4.5%

Radware Ltd generated $66.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 842.9% from the prior year.

Net Income

$6.0M

YoY+128.0%

5Y CAGR-23.2%

10Y CAGR-13.2%

Radware Ltd reported $6.0M in net income in fiscal year 2024. This represents an increase of 128.0% from the prior year.

EPS (Diluted)

$0.14

YoY+128.0%

5Y CAGR-21.5%

10Y CAGR-12.5%

Radware Ltd earned $0.14 per diluted share (EPS) in fiscal year 2024. This represents an increase of 128.0% from the prior year.

Cash & Debt

$98.7M

YoY+39.9%

5Y CAGR+19.4%

10Y CAGR+8.2%

Radware Ltd held $98.7M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

43M

YoY+2.1%

5Y CAGR-2.0%

10Y CAGR-1.0%

Radware Ltd had 43M shares outstanding in fiscal year 2024. This represents an increase of 2.1% from the prior year.

Gross Margin

80.6%

YoY+0.4pp

5Y CAGR-1.4pp

10Y CAGR-1.5pp

Radware Ltd's gross margin was 80.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.

Operating Margin

-1.4%

YoY+10.7pp

5Y CAGR-8.1pp

10Y CAGR-12.7pp

Radware Ltd's operating margin was -1.4% in fiscal year 2024, reflecting core business profitability. This is up 10.7 percentage points from the prior year.

Net Margin

2.2%

YoY+10.5pp

5Y CAGR-6.8pp

10Y CAGR-9.0pp

Radware Ltd's net profit margin was 2.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 10.5 percentage points from the prior year.

Return on Equity

1.9%

5Y CAGR-3.8pp

10Y CAGR-5.6pp

Radware Ltd's ROE was 1.9% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.

R&D Spending

$74.7M

YoY-9.6%

5Y CAGR+3.9%

10Y CAGR+5.4%

Radware Ltd invested $74.7M in research and development in fiscal year 2024. This represents a decrease of 9.6% from the prior year.

Share Buybacks

$839K

YoY-98.7%

5Y CAGR-49.1%

10Y CAGR-25.1%

Radware Ltd spent $839K on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 98.7% from the prior year.

Capital Expenditures

$5.3M

YoY-2.8%

5Y CAGR-8.3%

10Y CAGR-5.7%

Radware Ltd invested $5.3M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 2.8% from the prior year.

RDWR Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$274.9M+5.2%	$261.3M-11.0%	$293.4M+2.4%	$286.5M+14.6%	$250.0M-0.8%	$252.1M
Cost of Revenue	$53.3M+3.0%	$51.7M-4.0%	$53.9M+2.7%	$52.4M+16.3%	$45.1M-0.2%	$45.2M
Gross Profit	$221.6M+5.7%	$209.6M-12.5%	$239.5M+2.3%	$234.1M+14.2%	$204.9M-0.9%	$206.9M
R&D Expenses	$74.7M-9.6%	$82.6M-4.6%	$86.6M+16.8%	$74.1M+10.9%	$66.8M+8.1%	$61.8M
SG&A Expenses	$28.3M-12.5%	$32.4M+8.8%	$29.8M+36.1%	$21.9M+15.6%	$18.9M+1.8%	$18.6M
Operating Income	-$3.9M+87.7%	-$31.7M-848.8%	-$3.3M-118.3%	$18.2M+195.5%	$6.2M-63.5%	$16.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$6.6M+72.7%	$3.8M-21.4%	$4.9M-67.1%	$14.8M+242.4%	$4.3M+37.7%	$3.1M
Net Income	$6.0M+128.0%	-$21.6M-12906.0%	-$166K-102.1%	$7.8M-18.9%	$9.6M-57.3%	$22.6M
EPS (Diluted)	$0.14+128.0%	$-0.50	$0.00-100.0%	$0.16-20.0%	$0.20-57.4%	$0.47

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

RDWR Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$618.7M+8.2%	$571.9M-11.1%	$643.6M+1.3%	$635.4M+1.9%	$623.3M+4.7%	$595.2M
Current Assets	$320.9M-14.6%	$375.9M+12.4%	$334.4M+4.3%	$320.7M-7.8%	$347.8M+56.7%	$222.0M
Cash & Equivalents	$98.7M+39.9%	$70.5M+52.7%	$46.2M-50.1%	$92.5M+68.9%	$54.8M+34.4%	$40.8M
Inventory	$14.0M-9.7%	$15.5M+36.0%	$11.4M-1.3%	$11.6M-16.9%	$13.9M0.0%	$13.9M
Accounts Receivable	$16.8M-17.0%	$20.3M+14.2%	$17.8M+34.6%	$13.2M-21.7%	$16.8M-25.5%	$22.6M
Goodwill	$68.0M0.0%	$68.0M0.0%	$68.0M+65.3%	$41.1M0.0%	$41.1M0.0%	$41.1M
Total Liabilities	$302.4M+5.1%	$287.8M-7.6%	$311.4M+17.4%	$265.4M+13.0%	$234.8M+17.5%	$199.9M
Current Liabilities	$168.5M+8.7%	$155.0M-5.5%	$164.0M-1.1%	$165.9M+15.4%	$143.7M+14.5%	$125.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$316.3M+11.3%	$284.1M-14.5%	$332.2M-10.2%	$370.0M-4.8%	$388.5M-1.7%	$395.3M
Retained Earnings	$125.8M+5.0%	$119.8M-15.3%	$141.4M-0.1%	$141.6M+5.8%	$133.8M+7.8%	$124.1M

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Total Assets	$618.7M+8.2%	$571.9M-11.1%	$643.6M+1.3%	$635.4M+1.9%	$623.3M+4.7%	$595.2M+11.7%	$532.7M+13.0%	$471.4M
Current Assets	$320.9M-14.6%	$375.9M+12.4%	$334.4M+4.3%	$320.7M-7.8%	$347.8M+56.7%	$222.0M-38.2%	$359.0M+43.4%	$250.5M
Cash & Equivalents	$98.7M+39.9%	$70.5M+52.7%	$46.2M-50.1%	$92.5M+68.9%	$54.8M+34.4%	$40.8M-9.8%	$45.2M-30.7%	$65.2M
Inventory	$14.0M-9.7%	$15.5M+36.0%	$11.4M-1.3%	$11.6M-16.9%	$13.9M0.0%	$13.9M-24.2%	$18.4M-2.0%	$18.8M
Accounts Receivable	$16.8M-17.0%	$20.3M+14.2%	$17.8M+34.6%	$13.2M-21.7%	$16.8M-25.5%	$22.6M+31.7%	$17.2M+6.3%	$16.1M
Goodwill	$68.0M0.0%	$68.0M0.0%	$68.0M+65.3%	$41.1M0.0%	$41.1M0.0%	$41.1M+27.9%	$32.2M0.0%	$32.2M
Total Liabilities	$302.4M+5.1%	$287.8M-7.6%	$311.4M+17.4%	$265.4M+13.0%	$234.8M+17.5%	$199.9M+18.4%	$168.8M+8.1%	$156.1M
Current Liabilities	$168.5M+8.7%	$155.0M-5.5%	$164.0M-1.1%	$165.9M+15.4%	$143.7M+14.5%	$125.5M+6.4%	$118.0M+9.9%	$107.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$316.3M+11.3%	$284.1M-14.5%	$332.2M-10.2%	$370.0M-4.8%	$388.5M-1.7%	$395.3M+8.6%	$364.0M+15.4%	$315.4M
Retained Earnings	$125.8M+5.0%	$119.8M-15.3%	$141.4M-0.1%	$141.6M+5.8%	$133.8M+7.8%	$124.1M+22.2%	$101.6M+23.4%	$82.3M

RDWR Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$71.6M+2146.0%	-$3.5M-110.9%	$32.1M-55.2%	$71.8M+12.4%	$63.9M+20.8%	$52.9M
Capital Expenditures	$5.3M-2.8%	$5.4M-38.4%	$8.8M+57.3%	$5.6M-35.4%	$8.7M+6.3%	$8.2M
Free Cash Flow	$66.3M+842.9%	-$8.9M-138.3%	$23.3M-64.7%	$66.2M+19.9%	$55.2M+23.5%	$44.7M
Investing Cash Flow	-$39.5M-142.6%	$92.8M+265.6%	-$56.0M-813.7%	$7.8M+154.6%	-$14.4M+71.7%	-$50.8M
Financing Cash Flow	-$3.9M+94.0%	-$64.9M-189.1%	-$22.5M+46.4%	-$41.9M-18.1%	-$35.5M-444.9%	-$6.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$839K-98.7%	$63.2M+6.3%	$59.5M+13.4%	$52.5M+15.8%	$45.3M+84.9%	$24.5M

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

RDWR Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	80.6%+0.4pp	80.2%-1.4pp	81.6%-0.0pp	81.7%-0.3pp	82.0%-0.1pp	82.1%
Operating Margin	-1.4%+10.7pp	-12.1%-11.0pp	-1.1%-7.5pp	6.4%+3.9pp	2.5%-4.2pp	6.7%
Net Margin	2.2%+10.5pp	-8.3%-8.2pp	-0.1%-2.8pp	2.7%-1.1pp	3.9%-5.1pp	8.9%
Return on Equity	1.9%	N/A	N/A	2.1%-0.4pp	2.5%-3.2pp	5.7%
Return on Assets	1.0%+4.8pp	-3.8%-3.8pp	-0.0%-1.3pp	1.2%-0.3pp	1.6%-2.2pp	3.8%
Current Ratio	1.90-0.5	2.43+0.4	2.04+0.1	1.93-0.5	2.42+0.7	1.77
Debt-to-Equity	0.96-0.1	1.01+0.1	0.94+0.2	0.72+0.1	0.60+0.1	0.51
FCF Margin	24.1%+27.5pp	-3.4%-11.4pp	8.0%-15.2pp	23.1%+1.0pp	22.1%+4.3pp	17.7%

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.90-0.5	2.43+0.4	2.04+0.1	1.93-0.5	2.42+0.7	1.77-1.3	3.04+0.7	2.33
Debt-to-Equity	0.96-0.1	1.01+0.1	0.94+0.2	0.72+0.1	0.60+0.1	0.51+0.0	0.46-0.0	0.49
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Radware Ltd's annual revenue?

Radware Ltd (RDWR) reported $274.9M in total revenue for fiscal year 2024. This represents a 5.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Radware Ltd's revenue growing?

Radware Ltd (RDWR) revenue grew by 5.2% year-over-year, from $261.3M to $274.9M in fiscal year 2024.

Is Radware Ltd profitable?

Yes, Radware Ltd (RDWR) reported a net income of $6.0M in fiscal year 2024, with a net profit margin of 2.2%.

What is Radware Ltd's earnings per share (EPS)?

Radware Ltd (RDWR) reported diluted earnings per share of $0.14 for fiscal year 2024. This represents a 128.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Radware Ltd's EBITDA?

Radware Ltd (RDWR) had EBITDA of $7.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Radware Ltd's gross margin?

Radware Ltd (RDWR) had a gross margin of 80.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Radware Ltd's operating margin?

Radware Ltd (RDWR) had an operating margin of -1.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Radware Ltd's net profit margin?

Radware Ltd (RDWR) had a net profit margin of 2.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Radware Ltd's return on equity (ROE)?

Radware Ltd (RDWR) has a return on equity of 1.9% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Radware Ltd's free cash flow?

Radware Ltd (RDWR) generated $66.3M in free cash flow during fiscal year 2024. This represents a 842.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Radware Ltd's operating cash flow?

Radware Ltd (RDWR) generated $71.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Radware Ltd's total assets?

Radware Ltd (RDWR) had $618.7M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Radware Ltd's capital expenditures?

Radware Ltd (RDWR) invested $5.3M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Radware Ltd spend on research and development?

Radware Ltd (RDWR) invested $74.7M in research and development during fiscal year 2024.

Does Radware Ltd buy back shares?

Yes, Radware Ltd (RDWR) spent $839K on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Radware Ltd have outstanding?

Radware Ltd (RDWR) had 43M shares outstanding as of fiscal year 2024.

What is Radware Ltd's current ratio?

Radware Ltd (RDWR) had a current ratio of 1.90 as of fiscal year 2024, which is generally considered healthy.

What is Radware Ltd's debt-to-equity ratio?

Radware Ltd (RDWR) had a debt-to-equity ratio of 0.96 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Radware Ltd's return on assets (ROA)?

Radware Ltd (RDWR) had a return on assets of 1.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Radware Ltd's Piotroski F-Score?

Radware Ltd (RDWR) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Radware Ltd's earnings high quality?

Radware Ltd (RDWR) has an earnings quality ratio of 11.86x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Radware Ltd?

Radware Ltd (RDWR) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.