Is A10 Networks, Inc. overvalued or undervalued?

As of 17 October 2025, A10 Networks, Inc. has moved from an attractive to a very attractive valuation grade. The company appears to be undervalued, given its strong performance metrics, including a P/E ratio of 29, an EV to EBITDA of 22.73, and a ROCE of 72.93%. In comparison, peers such as Q2 Holdings, Inc. have a significantly higher P/E ratio of 460.47, while Viavi Solutions, Inc. has a more modest EV to EBITDA of 21.07, indicating that A10 Networks is positioned favorably within its industry. Despite recent challenges, including a year-to-date stock return of -5.11% compared to the S&P 500's 13.30%, A10 Networks has outperformed the index over the past year with an 18.53% return versus 14.08%. This suggests that while the company may be facing short-term pressures, its long-term value proposition remains strong.