Is A10 Networks, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for A10 Networks, Inc. has moved from attractive to very attractive. The company appears to be undervalued based on its current 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 indicates that despite the high growth potential, the stock may be priced higher than its earnings growth rate suggests.
In comparison to its peers, A10 Networks, Inc. has a more favorable valuation with a P/E of 27.26 for its peer Omnicell, Inc., which is also rated very attractive, and Q2 Holdings, Inc. with a significantly higher P/E of 460.47 but rated attractive. While A10 has shown a positive return of 18.53% over the past year, it has underperformed the S&P 500's 14.08% return in the same period, and its 3-year return of 13.82% is significantly lower than the S&P's 81.19%. Overall, the metrics suggest that A10 Networks, Inc. is positioned for potential growth despite recent underperformance relative to broader market indices.