RDWR

MKT CAP:$1B

Radware Ltd.

Market Cap

$1B

Technology·Software - Infrastructure·🇮🇱 Israel·NASDAQ

Technology·Software Infra·🇮🇱·NASDAQ

Stock Price

$25.87+$2.09 (+8.79%)

Apr 24, 2026

Company Details

Radware Ltd., together with its subsidiaries, develops, manufactures, and markets cyber security and application delivery solutions for applications in cloud, physical, and software defined data centers worldwide. The company offers Defense...

CEO

Roy Zisapel

IPO Date

Sep 30, 1999

Website

www.radware.com

Key Metrics TTM

Revenue

$302M

+9.8% YoY

Net Income

$20M

EPS (Diluted)

$0.45

Free Cash Flow

$43M

Revenue / Share

$6.69

Gross Margin

80.7%

Operating Margin

3.8%

Net Margin

6.7%

FCF Margin

14.2%

P/S

3.8x

P/E

56.0x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Dec 31, 2025

$302M+9.8%EPS $0.45

Q4 2025

Feb 11, 2026

$80M+9.9%EPS $0.13

Q3 2025

Oct 29, 2025

$75M+8.4%EPS $0.13

Q2 2025

Jul 30, 2025

$74M+10.3%EPS $0.09

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$74M	$61M	$4M
Q2 22	$75M	$61M	$2M
Q3 22	$71M	$57M	-$3M
Q4 22	$74M	$60M	-$5M
Q1 23	$69M	$56M	-$6M
Q2 23	$66M	$53M	-$9M
Q3 23	$62M	$49M	-$10M
Q4 23	$65M	$52M	-$7M
Q1 24	$65M	$52M	-$4M
Q2 24	$67M	$54M	-$1M
Q3 24	$69M	$56M	-$6.0K
Q4 24	$73M	$59M	$991.0K
Q1 25	$72M	$58M	$2M
Q2 25	$74M	$60M	$3M
Q3 25	$75M	$61M	$3M
Q4 25	$80M	$65M	$4M

Valuation

Quarter	P/S	P/E
Q1 22	3.9x	147.9x
Q2 22	3.8x	180.3x
Q3 22	3.8x	—
Q4 22	3.9x	—
Q1 23	3.9x	—
Q2 23	4.1x	—
Q3 23	4.2x	—
Q4 23	4.3x	—
Q1 24	4.4x	—
Q2 24	4.4x	—
Q3 24	4.3x	—
Q4 24	4.1x	188.0x
Q1 25	4.0x	97.8x
Q2 25	3.9x	80.2x
Q3 25	3.9x	68.1x
Q4 25	3.8x	56.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$10M	-$43M
Q2 22	$32M	$29M
Q3 22	$2M	-$1M
Q4 22	$10M	$8M
Q1 23	-$1M	-$3M
Q2 23	$5M	$3M
Q3 23	-$10M	-$11M
Q4 23	$3M	$2M
Q1 24	$21M	$19M
Q2 24	$23M	$22M
Q3 24	$15M	$13M
Q4 24	$13M	$12M
Q1 25	$22M	$21M
Q2 25	$15M	$12M
Q3 25	-$3M	-$5M
Q4 25	$17M	$14M

Capital Expenditures

Quarter	CapEx
Q1 22	$32M
Q2 22	$2M
Q3 22	$3M
Q4 22	$2M
Q1 23	$2M
Q2 23	$2M
Q3 23	$1M
Q4 23	$936.0K
Q1 24	$2M
Q2 24	$1M
Q3 24	$1M
Q4 24	$1M
Q1 25	$1M
Q2 25	$3M
Q3 25	$2M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+10.4%	+9.4%
Q2 22	+7.8%	+13.8%
Q3 22	-3.9%	+9.5%
Q4 22	-3.3%	+10.3%
Q1 23	-6.3%	+6.4%
Q2 23	-12.7%	+0.8%
Q3 23	-12.6%	-2.9%
Q4 23	-12.2%	-8.5%
Q1 24	-5.7%	-7.9%
Q2 24	+2.5%	-7.6%
Q3 24	+12.8%	-3.2%
Q4 24	+12.3%	-0.5%
Q1 25	+10.7%	+2.6%
Q2 25	+10.3%	+4.3%
Q3 25	+8.4%	+3.8%
Q4 25	+9.9%	+5.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	6.0%
Q2 22	$6M	7.5%
Q3 22	$8M	10.8%
Q4 22	$10M	13.0%
Q1 23	$9M	13.0%
Q2 23	$9M	13.6%
Q3 23	$7M	11.8%
Q4 23	$9M	13.6%
Q1 24	$7M	10.4%
Q2 24	$6M	9.4%
Q3 24	$6M	8.7%
Q4 24	$7M	9.5%
Q1 25	$6M	8.2%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$20M	$7M	$30M
Q2 22	$22M	$6M	$32M
Q3 22	$22M	$7M	$31M
Q4 22	$22M	$10M	$33M
Q1 23	$21M	$8M	$32M
Q2 23	$21M	$8M	$32M
Q3 23	$21M	$8M	$31M
Q4 23	$20M	$8M	$32M
Q1 24	$19M	$7M	$30M
Q2 24	$19M	$7M	$30M
Q3 24	$19M	$7M	$31M
Q4 24	$18M	$7M	$33M
Q1 25	$19M	$6M	$31M
Q2 25	$19M	$6M	$31M
Q3 25	$20M	$6M	$32M
Q4 25	$21M	$6M	$33M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	10.4%	8.2%	18.6
Q2 22	7.8%	6.4%	14.2
Q3 22	-3.9%	-0.4%	-4.4
Q4 22	-3.3%	-3.0%	-6.3
Q1 23	-6.3%	-3.6%	-10.0
Q2 23	-12.7%	-8.2%	-20.9
Q3 23	-12.6%	-11.6%	-24.3
Q4 23	-12.2%	-6.7%	-18.9
Q1 24	-5.7%	-1.1%	-6.8
Q2 24	2.5%	2.7%	5.2
Q3 24	12.8%	4.2%	17.0
Q4 24	12.3%	5.4%	17.7
Q1 25	10.7%	6.5%	17.3
Q2 25	10.3%	7.6%	17.9
Q3 25	8.4%	14.2%	22.6
Q4 25	9.9%	8.5%	18.3

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$54M	$164M	$218M
Q2 22	$49M	$232M	$281M
Q3 22	$42M	$226M	$269M
Q4 22	$46M	$252M	$298M
Q1 23	$42M	$281M	$323M
Q2 23	$43M	$300M	$343M
Q3 23	$32M	$289M	$322M
Q4 23	$71M	$260M	$331M
Q1 24	$75M	$289M	$364M
Q2 24	$87M	$292M	$378M
Q3 24	$115M	$207M	$322M
Q4 24	$99M	$177M	$276M
Q1 25	$114M	$177M	$292M
Q2 25	$104M	$170M	$274M
Q3 25	$87M	$154M	$241M
Q4 25	$105M	$152M	$257M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	47M	+2.4%	-1.0%
Q2 22	46M	-2.7%	-2.8%
Q3 22	45M	-2.6%	-6.3%
Q4 22	45M	-0.1%	-3.1%
Q1 23	44M	-1.2%	-6.5%
Q2 23	43M	-1.5%	-5.3%
Q3 23	42M	-2.6%	-5.3%
Q4 23	42M	-1.1%	-6.2%
Q1 24	42M	-0.1%	-5.2%
Q2 24	43M	+3.3%	-0.6%
Q3 24	44M	+1.0%	+3.1%
Q4 24	44M	+0.4%	+4.6%
Q1 25	44M	+1.1%	+5.8%
Q2 25	45M	+0.7%	+3.2%
Q3 25	45M	+1.0%	+3.2%
Q4 25	45M	+0.4%	+3.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$201.9K	365
Q2 22	$205.8K	365
Q3 22	$193.2K	365
Q4 22	$176.8K	419
Q1 23	$164.8K	419
Q2 23	$156.6K	419
Q3 23	$147.0K	419
Q4 23	$159.4K	408
Q1 24	$159.5K	408
Q2 24	$164.9K	408
Q3 24	$170.3K	408
Q4 24	$193.2K	378
Q1 25	$190.7K	378
Q2 25	$196.3K	378
Q3 25	$199.2K	378
Q4 25	$212.3K	378

Revenue / Employee