Is A10 Networks, Inc. overvalued or undervalued?

As of 5 August 2025, the valuation grade for A10 Networks, Inc. has moved from fair to very attractive, indicating a strong improvement in its perceived value. The company is currently considered undervalued based on its financial metrics. Key ratios include a P/E ratio of 29, an EV to EBITDA of 22.73, and a PEG ratio of 3.58, which suggest that while the company has a high valuation relative to earnings growth, it may still offer potential upside given its strong performance indicators.
In comparison to peers, A10 Networks, Inc. has a more favorable valuation profile than Riot Platforms, Inc., which is rated risky with a P/E of -12.94, and Q2 Holdings, Inc., which, despite being attractive, has a significantly higher P/E of 460.47. Notably, A10 Networks has demonstrated a 30.85% return over the past year, outperforming the S&P 500's 17.14%, although it has lagged in the longer term with a 40.30% return over three years compared to the S&P's 70.41%.