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. Key ratios include a P/E ratio of 29, an EV to EBITDA of 22.73, and a remarkable ROCE of 72.93%.
In comparison to its peers, A10 Networks has a more favorable P/E ratio than Riot Platforms, Inc., which has a P/E of -12.94, and a significantly lower EV to EBITDA than Q2 Holdings, Inc., which stands at 62.81. Despite recent underperformance against the S&P 500 over the year-to-date and three-year periods, where A10 returned -5.11% and 13.82% respectively, it outperformed the index over the five-year period with a return of 138.20% compared to the S&P 500's 91.29%.