Radware Ltd. (RDWR) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Mar 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the RDWR SEC filings page.
Radware Ltd. (RDWR) reported $301.9M in revenue for fiscal year 2025, up 9.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Radware’s 2025 recovery came from revenue growth and leaner overhead, while rising receivables made cash conversion less clean.
Revenue climbed from$274.9M to$301.9M while gross margin held near80.7% , so the return to profitability appears to reflect operating-cost absorption rather than a changed gross-profit structure. Operating cash flow exceeded net income and free cash flow stayed positive after capital spending, linking the accounting rebound to cash generation rather than a purely non-cash result.
SG&A fell from
Receivables rose from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Radware Ltd.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Radware Ltd. has an operating margin of 3.8%, meaning the company retains $4 of operating profit per $100 of revenue. This below-average margin results in a low score of 24/100, suggesting thin profitability after operating expenses. This is up from -1.4% the prior year.
Radware Ltd.'s revenue grew 9.8% year-over-year to $301.9M, a solid pace of expansion. This earns a growth score of 59/100.
Radware Ltd. has a moderate D/E ratio of 0.92. This balance of debt and equity financing earns a leverage score of 49/100.
Radware Ltd.'s current ratio of 1.63 indicates adequate short-term liquidity, earning a score of 47/100. The company can meet its near-term obligations, though with limited headroom.
Radware Ltd. converts 13.8% of revenue into free cash flow ($41.6M). This strong cash generation earns a score of 75/100.
Radware Ltd. generates a 5.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 24/100. This is up from 1.9% the prior year.
Radware Ltd. scores 3.33, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.2B) relative to total liabilities ($321.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Radware Ltd. passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Radware Ltd. generates $2.47 in operating cash flow ($50.1M OCF vs $20.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Radware Ltd. held $105.1M in cash as of Q4 2025; long-term debt is not reported for that period.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
RDWR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
RDWR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q4'2420-F | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q4'2010-K | Q4'1910-K | Q4'1810-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $671.2M+8.5% | $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% |
| Current Assets | $316.5M-1.4% | $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% |
| Cash & Equivalents | $105.1M+6.4% | $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% |
| Short-Term Investments | $15.9M-78.2% | $73.0M-15.5% | $86.4M+95.5% | $44.2M+11.9% | $39.5M-38.9% | $64.7M+75.2% | $36.9M+134.6% | $15.7M-63.0% |
| Inventory | $13.2M-5.8% | $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% |
| Accounts Receivable | $35.0M+108.2% | $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% |
| Long-Term Investments | $71.4M+141.8% | $29.5M-10.9% | $33.1M-63.2% | $90.1M-8.2% | $98.2M+47.0% | $66.8M-40.7% | $112.7M+33.1% | $84.7M+55.6% |
| Goodwill | $68.0M0.0% | $68.0M0.0% | $68.0M0.0% | $68.0M+65.3% | $41.1M0.0% | $41.1M0.0% | $41.1M+27.9% | $32.2M0.0% |
| Total Liabilities | $321.8M+6.4% | $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% |
| Current Liabilities | $194.3M+15.3% | $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% |
| Non-Current Liabilities | $86.2M-7.4% | $93.1M-0.5% | $93.6M-15.7% | $111.1M+11.7% | $99.5M+9.3% | $91.1M+22.5% | $74.3M+46.5% | $50.7M+4.2% |
| Total Equity | $349.4M+10.5% | $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% |
| Retained Earnings | $146.1M+16.1% | $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% |
Not reported in any period shown, so not listed: Long-Term Debt.
RDWR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
RDWR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Radware Ltd. RDWR | FY2025 | $301.9M | $20.3M | 6.7% | $1.2B | 46/100 |
| Rapid7, Inc. RPD | FY2025 | $859.8M | $23.4M | 2.7% | $871.5M | 39/100 |
| A10 NETWORKS INC ATEN | FY2025 | $290.6M | $42.1M | 14.5% | $2.1B | 69/100 |
| Verint Systems Inc VRNT | FY2025 | $909.2M | $82.3M | 9.0% | $1.2B | 52/100 |
| Yext, Inc. YEXT | FY2026 | $446.6M | $38.0M | 8.5% | $685.9M | 52/100 |
| TELUS International (Cda) Inc. TIXT | FY2024 | $2.7B | -$61.0M | -2.3% | $1.2B | 30/100 |
Where Radware Ltd. Ranks
Frequently Asked Questions
What is Radware Ltd.'s annual revenue?
Radware Ltd. (RDWR) reported $301.9M in total revenue for fiscal year 2025. This represents a 9.8% 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 9.8% year-over-year, from $274.9M to $301.9M in fiscal year 2025.
Is Radware Ltd. profitable?
Yes, Radware Ltd. (RDWR) reported a net income of $20.3M in fiscal year 2025, with a net profit margin of 6.7%.
What is Radware Ltd.'s EBITDA?
Radware Ltd. (RDWR) had EBITDA of $23.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Radware Ltd.'s gross margin?
Radware Ltd. (RDWR) had a gross margin of 80.7% in fiscal year 2025, 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 3.8% in fiscal year 2025, 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 6.7% in fiscal year 2025, 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 5.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Radware Ltd.'s free cash flow?
Radware Ltd. (RDWR) generated $41.6M in free cash flow during fiscal year 2025. This represents a -37.4% 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 $50.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Radware Ltd.'s total assets?
Radware Ltd. (RDWR) had $671.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Radware Ltd.'s capital expenditures?
Radware Ltd. (RDWR) invested $8.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Radware Ltd. spend on research and development?
Radware Ltd. (RDWR) invested $79.0M in research and development during fiscal year 2025.
What is Radware Ltd.'s current ratio?
Radware Ltd. (RDWR) had a current ratio of 1.63 as of fiscal year 2025, which is generally considered healthy.
What is Radware Ltd.'s debt-to-equity ratio?
Radware Ltd. (RDWR) had a debt-to-equity ratio of 0.92 as of fiscal year 2025, 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 3.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Radware Ltd.'s P/E ratio?
Radware Ltd. (RDWR) trades at 61.0x earnings, its market capitalization divided by net income of $20.3M net income, FY2025. The market capitalization is $1.2B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Radware Ltd.'s price-to-sales ratio?
Radware Ltd. (RDWR) trades at 4.1x sales, its market capitalization divided by revenue of $301.9M revenue, FY2025. The market capitalization is $1.2B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Radware Ltd.'s Altman Z-Score?
Radware Ltd. (RDWR) has an Altman Z-Score of 3.33, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Radware Ltd.'s Piotroski F-Score?
Radware Ltd. (RDWR) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 2.47x, 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 46 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.