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

Radware Ltd (RDWR) reported diluted earnings per share of $0.45 for fiscal year 2025. This represents a 221.4% 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.

Radware Ltd Financials

RDWR

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE March

This page shows Radware Ltd (RDWR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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 42/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Radware Ltd has an operating margin of 6.0%, meaning the company retains $6 of operating profit per $100 of revenue. This results in a moderate score of 36/100, indicating healthy but not exceptional operating efficiency. This is up from -1.4% the prior year.

Growth

Radware Ltd's revenue declined 31% year-over-year, from $274.9M to $189.6M. This contraction results in a growth score of 0/100.

Leverage

Radware Ltd carries a low D/E ratio of 0.92, meaning only $0.92 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 83/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Radware Ltd's current ratio of 1.63 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 28/100, which could limit financial flexibility.

Cash Flow

Radware Ltd converts 21.9% of revenue into free cash flow ($41.6M). This strong cash generation earns a score of 80/100.

Returns

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.

Altman Z-Score Safe

3.06

Radware Ltd scores 3.06, 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.

Piotroski F-Score Neutral

4/9

Radware Ltd passes 4 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), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

2.47x

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

Export CSV

Earnings & Revenue

Revenue

$189.6M

YoY-31.0%

5Y CAGR-5.4%

10Y CAGR-1.3%

Radware Ltd generated $189.6M in revenue in fiscal year 2025. This represents a decrease of 31.0% from the prior year.

EBITDA

$23.1M

YoY+190.5%

5Y CAGR+6.7%

10Y CAGR-1.7%

Radware Ltd's EBITDA was $23.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 190.5% from the prior year.

Net Income

$20.3M

YoY+235.5%

5Y CAGR+16.0%

10Y CAGR+0.9%

Radware Ltd reported $20.3M in net income in fiscal year 2025. This represents an increase of 235.5% from the prior year.

EPS (Diluted)

$0.45

YoY+221.4%

5Y CAGR+17.6%

10Y CAGR+1.2%

Radware Ltd earned $0.45 per diluted share (EPS) in fiscal year 2025. This represents an increase of 221.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$41.6M

YoY-37.4%

5Y CAGR-5.5%

10Y CAGR+5.1%

Radware Ltd generated $41.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 37.4% from the prior year.

Cash & Debt

$105.1M

YoY+6.4%

5Y CAGR+13.9%

10Y CAGR+12.0%

Radware Ltd held $105.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

43M

YoY+1.4%

5Y CAGR-1.4%

10Y CAGR-0.4%

Radware Ltd had 43M shares outstanding in fiscal year 2025. This represents an increase of 1.4% from the prior year.

Margins & Returns

Gross Margin

74.1%

YoY-6.5pp

5Y CAGR-7.8pp

10Y CAGR-8.2pp

Radware Ltd's gross margin was 74.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 6.5 percentage points from the prior year.

Operating Margin

6.0%

YoY+7.4pp

5Y CAGR+3.5pp

10Y CAGR-2.3pp

Radware Ltd's operating margin was 6.0% in fiscal year 2025, reflecting core business profitability. This is up 7.4 percentage points from the prior year.

Net Margin

10.7%

YoY+8.5pp

5Y CAGR+6.8pp

10Y CAGR+2.1pp

Radware Ltd's net profit margin was 10.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 8.5 percentage points from the prior year.

Return on Equity

5.8%

YoY+3.9pp

5Y CAGR+3.3pp

10Y CAGR-0.0pp

Radware Ltd's ROE was 5.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.9 percentage points from the prior year.

Capital Allocation

R&D Spending

$79.0M

YoY+5.7%

5Y CAGR+3.4%

10Y CAGR+4.7%

Radware Ltd invested $79.0M in research and development in fiscal year 2025. This represents an increase of 5.7% from the prior year.

Share Buybacks

$10.5M

YoY+1150.3%

5Y CAGR-25.4%

10Y CAGR-14.9%

Radware Ltd spent $10.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 1150.3% from the prior year.

Capital Expenditures

$8.5M

YoY+61.7%

5Y CAGR-0.3%

10Y CAGR-4.7%

Radware Ltd invested $8.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 61.7% from the prior year.

RDWR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$189.6M-31.0%	$274.9M+5.2%	$261.3M-11.0%	$293.4M+2.4%	$286.5M+14.6%	$250.0M
Cost of Revenue	$49.0M-7.9%	$53.3M+3.0%	$51.7M-4.0%	$53.9M+2.7%	$52.4M+16.3%	$45.1M
Gross Profit	$140.5M-36.6%	$221.6M+5.7%	$209.6M-12.5%	$239.5M+2.3%	$234.1M+14.2%	$204.9M
R&D Expenses	$79.0M+5.7%	$74.7M-9.6%	$82.6M-4.6%	$86.6M+16.8%	$74.1M+10.9%	$66.8M
SG&A Expenses	$25.5M-9.9%	$28.3M-12.5%	$32.4M+8.8%	$29.8M+36.1%	$21.9M+15.6%	$18.9M
Operating Income	$11.4M+393.5%	-$3.9M+87.7%	-$31.7M-848.8%	-$3.3M-118.3%	$18.2M+195.5%	$6.2M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$9.1M+36.6%	$6.6M+72.7%	$3.8M-21.4%	$4.9M-67.1%	$14.8M+242.4%	$4.3M
Net Income	$20.3M+235.5%	$6.0M+128.0%	-$21.6M-12906.0%	-$166K-102.1%	$7.8M-18.9%	$9.6M
EPS (Diluted)	$0.45+221.4%	$0.14+128.0%	$-0.50	$0.00-100.0%	$0.16-20.0%	$0.20

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
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	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$671.2M+8.5%	$618.7M+8.2%	$571.9M-11.1%	$643.6M+1.3%	$635.4M+1.9%	$623.3M
Current Assets	$316.5M-1.4%	$320.9M-14.6%	$375.9M+12.4%	$334.4M+4.3%	$320.7M-7.8%	$347.8M
Cash & Equivalents	$105.1M+6.4%	$98.7M+39.9%	$70.5M+52.7%	$46.2M-50.1%	$92.5M+68.9%	$54.8M
Inventory	$13.2M-5.8%	$14.0M-9.7%	$15.5M+36.0%	$11.4M-1.3%	$11.6M-16.9%	$13.9M
Accounts Receivable	$35.0M+108.2%	$16.8M-17.0%	$20.3M+14.2%	$17.8M+34.6%	$13.2M-21.7%	$16.8M
Goodwill	$68.0M0.0%	$68.0M0.0%	$68.0M0.0%	$68.0M+65.3%	$41.1M0.0%	$41.1M
Total Liabilities	$321.8M+6.4%	$302.4M+5.1%	$287.8M-7.6%	$311.4M+17.4%	$265.4M+13.0%	$234.8M
Current Liabilities	$194.3M+15.3%	$168.5M+8.7%	$155.0M-5.5%	$164.0M-1.1%	$165.9M+15.4%	$143.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$349.4M+10.5%	$316.3M+11.3%	$284.1M-14.5%	$332.2M-10.2%	$370.0M-4.8%	$388.5M
Retained Earnings	$146.1M+16.1%	$125.8M+5.0%	$119.8M-15.3%	$141.4M-0.1%	$141.6M+5.8%	$133.8M

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
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	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$50.1M-30.0%	$71.6M+2146.0%	-$3.5M-110.9%	$32.1M-55.2%	$71.8M+12.4%	$63.9M
Capital Expenditures	$8.5M+61.7%	$5.3M-2.8%	$5.4M-38.4%	$8.8M+57.3%	$5.6M-35.4%	$8.7M
Free Cash Flow	$41.6M-37.4%	$66.3M+842.9%	-$8.9M-138.3%	$23.3M-64.7%	$66.2M+19.9%	$55.2M
Investing Cash Flow	-$30.1M+23.9%	-$39.5M-142.6%	$92.8M+265.6%	-$56.0M-813.7%	$7.8M+154.6%	-$14.4M
Financing Cash Flow	-$13.7M-249.0%	-$3.9M+94.0%	-$64.9M-189.1%	-$22.5M+46.4%	-$41.9M-18.1%	-$35.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$10.5M+1150.3%	$839K-98.7%	$63.2M+6.3%	$59.5M+13.4%	$52.5M+15.8%	$45.3M

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	74.1%-6.5pp	80.6%+0.4pp	80.2%-1.4pp	81.6%-0.0pp	81.7%-0.3pp	82.0%
Operating Margin	6.0%+7.4pp	-1.4%+10.7pp	-12.1%-11.0pp	-1.1%-7.5pp	6.4%+3.9pp	2.5%
Net Margin	10.7%+8.5pp	2.2%+10.5pp	-8.3%-8.2pp	-0.1%-2.8pp	2.7%-1.1pp	3.9%
Return on Equity	5.8%+3.9pp	1.9%+9.5pp	-7.6%-7.5pp	-0.1%-2.2pp	2.1%-0.4pp	2.5%
Return on Assets	3.0%+2.0pp	1.0%+4.8pp	-3.8%-3.8pp	-0.0%-1.3pp	1.2%-0.3pp	1.6%
Current Ratio	1.63-0.3	1.90-0.5	2.43+0.4	2.04+0.1	1.93-0.5	2.42
Debt-to-Equity	0.92-0.0	0.96-0.1	1.01+0.1	0.94+0.2	0.72+0.1	0.60
FCF Margin	21.9%-2.2pp	24.1%+27.5pp	-3.4%-11.4pp	8.0%-15.2pp	23.1%+1.0pp	22.1%

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
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 $189.6M in total revenue for fiscal year 2025. This represents a -31.0% 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 declined by 31% year-over-year, from $274.9M to $189.6M 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 10.7%.

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 74.1% 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 6.0% 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 10.7% 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.

Does Radware Ltd buy back shares?

Yes, Radware Ltd (RDWR) spent $10.5M on share buybacks during fiscal year 2025, 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 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 Altman Z-Score?

Radware Ltd (RDWR) has an Altman Z-Score of 3.06, 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 4 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 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 42 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.