olivLaw · US equity research
Radware Ltd. RDWR
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Radware Ltd. is a provider of application security and delivery solutions for multi-cloud environments, serving enterprises, carriers and cloud service providers. In fiscal 2025 total revenues grew 10%, to 301.85 million USD, driven mainly by cloud security subscriptions as demand for DDoS and application protection remains strong.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Radware Ltd. (RDWR) stock was 33.00 USD (−1.79% on the day), with market capitalisation 1.4 bn USD, P/E 73.3 on diluted EPS of 0.45 USD over the last 12 months, beta 1.01, 52-week range 21.74–37.16 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.9
- neutral
- Bollinger (20, 2)
- 25.75 – 37.05
- in the upper half of the band · %B 0.64 · band width 36.0%
- SMA 50 / 200
- 30.12 / 27.89
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.26 / 1.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.6% | −1.1% | +8.7 pp | — |
| 3 months | +15.7% | −0.5% | +16.2 pp | — |
| 6 months | +22.9% | +4.4% | +18.5 pp | — |
| Year to date | +37.0% | +12.3% | +24.7 pp | — |
| 1 year | +38.9% | +13.5% | +25.3 pp | −1.1% |
| 3 years | +121.6% | +76.4% | +45.2 pp | +3.3% |
| 5 years | −1.9% | +63.7% | −65.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 6-quarter history (min 53.5, median 114.8, max 260.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 234.4 m | 252.1 m | 250.0 m | 286.5 m | 293.4 m | 261.3 m | 274.9 m | 301.9 m |
| Revenue YoY | +10.9% | +7.5% | −0.8% | +14.6% | +2.4% | −11.0% | +5.2% | +9.8% |
| Net income | 11.7 m | 22.6 m | 9.6 m | 7.8 m | -166.0 k | -21.6 m | 6.0 m | 20.3 m |
| Net income YoY | unavailable | +92.3% | −57.3% | −18.9% | −102.1% | unavailable | unavailable | +235.5% |
| Diluted EPS | 0.25 | 0.47 | 0.20 | 0.16 | 0.00 | -0.50 | 0.14 | 0.45 |
| Diluted EPS YoY | unavailable | +88.0% | −57.4% | −20.0% | −100.0% | unavailable | unavailable | +221.4% |
| net % | 5.0% | 9.0% | 3.9% | 2.7% | -0.1% | -8.3% | 2.2% | 6.7% |
| Free cash flow | 40.4 m | 44.7 m | 55.2 m | 66.2 m | 23.3 m | -8.9 m | 66.3 m | 41.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 105.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 390.7 m USD
- Total assets
- 671.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.63x
- ROE
- 5.4%
- ROA
- 3.1%
- FCF margin
- 13.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 250.0 m | 286.5 m | 293.4 m | 261.3 m | 274.9 m | 301.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 45.1 m | 52.4 m | 53.9 m | 51.7 m | 53.3 m | 58.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 204.9 m | 234.1 m | 239.5 m | 209.6 m | 221.6 m | 243.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Research & development | 66.8 m | 74.1 m | 86.6 m | 82.6 m | 74.7 m | 79.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | 6.2 m | 18.2 m | -3.3 m | -31.7 m | -3.9 m | 11.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 10.6 m | 10.2 m | 11.7 m | 12.2 m | 11.8 m | 11.7 m | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | 16.7 m ≈ | 28.4 m ≈ | 8.4 m ≈ | -19.4 m ≈ | 7.9 m ≈ | 23.1 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Pre-tax income | 14.0 m | 22.6 m | 4.7 m | -17.8 m | 12.7 m | 29.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 4.3 m | 14.8 m | 4.9 m | 3.8 m | 6.6 m | 9.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Net income | 9.6 m | 7.8 m | -166.0 k | -21.6 m | 6.0 m | 20.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | 0.20 | 0.16 | 0.00 | -0.50 | 0.14 | 0.45 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 47.7 m | 47.5 m | 44.9 m | 42.9 m | 43.4 m | 44.7 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 54.8 m | 92.5 m | 46.2 m | 70.5 m | 98.7 m | 105.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 16.8 m | 13.2 m | 17.8 m | 20.3 m | 16.8 m | 35.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Inventories | 13.9 m | 11.6 m | 11.4 m | 15.5 m | 14.0 m | 13.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 347.8 m | 320.7 m | 334.4 m | 375.9 m | 320.9 m | 316.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 23.0 m | 20.2 m | 21.1 m | 18.2 m | 15.6 m | 16.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | 41.1 m | 41.1 m | 68.0 m | 68.0 m | 68.0 m | 68.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 12.6 m | 10.7 m | 19.7 m | 15.7 m | 11.8 m | 7.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 623.3 m | 635.4 m | 643.6 m | 571.9 m | 618.7 m | 671.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 3.9 m | 4.3 m | 6.5 m | 4.3 m | 5.6 m | 7.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 143.7 m | 165.9 m | 164.0 m | 155.0 m | 168.5 m | 194.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 388.5 m | 370.0 m | 368.4 m | 323.3 m | 357.1 m | 390.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Shares outstanding at year end | 46.4 m | 45.9 m | 44.3 m | 41.7 m | 42.6 m | 43.1 m | SEC (XBRL)· 31 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 63.9 m | 71.8 m | 32.1 m | -3.5 m | 71.6 m | 50.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 8.7 m | 5.6 m | 8.8 m | 5.4 m | 5.3 m | 8.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | 55.2 m ≈ | 66.2 m ≈ | 23.3 m ≈ | -8.9 m ≈ | 66.3 m ≈ | 41.6 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -14.4 m | 7.8 m | -56.0 m | 92.8 m | -39.5 m | -30.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | -35.5 m | -41.9 m | -22.5 m | -64.9 m | -3.9 m | -13.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Share repurchases | 45.3 m | 52.5 m | 59.5 m | 63.2 m | 839.0 k | 10.5 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.77 – 17.03 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E7.77 – 17.03 (Mid 11.57)27 companies used · median multiple 25.7x · quartiles 17.3x – 37.8xACN, AMTM, BR, CART, CPAY, DLO, EBAY, EXLS, FICO, FIS, FLYW, GRAB, HQY, IMXI, LQDT, LYFT, MA, MELI, MSCI, OPRX, PYPL, QNST, RBA, RELY, TNET, UBER, WU
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.7% | 45 (vs peers) | 13% |
| FCF conversion · Quality | 205.1% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 0.9% | 8 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 69 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 73.3x | 0 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.9% | 36 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.7% | 11 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial69/100 · 1/3 factors with a value
- Growth· partial8/100 · 1/2 factors with a value
- Quality72/100 · 2/3 factors with a value
- Returns· partial11/100 · 1/2 factors with a value
- Valuation16/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RADWARE LTD. (RDWR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 301.9 m USD in 2025; YoY growth 9.8%; net margin 6.7%; ROE 6.1%.
The estimated value range is 7.77–17.03 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 11.57 USD, the price of 33.00 USD leaves a potential of -65.0% (value / price − 1) and a margin of safety of -185.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 205.1%
What contradicts it
- Revenue CAGR 3Y: 0.9%
- P/E (TTM): 73.3x
- Shareholder yield (distributions): 0.7%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc. | 142.7 bn | 41.3 | 12.4% | 6.1% | +18.3% | −20% / +24% |
| MELIMercadoLibre, Inc. | 88.2 bn | 47.3 | 27.5% | 5.3% | +39.1% | −16% / +7% |
| EBAYeBay Inc. | 54.9 bn | 27.2 | 46.6% | 16.9% | +7.9% | +51% / +205% |
| PYPLPayPal Holdings, Inc. | 50.0 bn | 11.5 | 23.8% | 13.8% | +4.3% | −4% / +4% |
| MSCIMsci Inc. | 48.2 bn | 35.7 | — | 40.3% | +9.7% | +20% / +29% |
| FISVFiserv, Inc. | 33.0 bn | — | -17.0% | -18.9% | +3.6% | +1% / −52% |
| CPAYCorpay, Inc | 27.5 bn | 25.4 | 30.5% | 22.7% | +13.9% | +42% / +74% |
| GPNGlobal Payments Inc. | 25.4 bn | — | -4.1% | -9.1% | −0.4% | +27% / −17% |
| BRBroadridge Financial Solutions, Inc. | 21.4 bn | 20.9 | 40.2% | 13.9% | +8.5% | −17% / −2% |
| RBARB Global, Inc | 17.6 bn | 39.9 | 8.8% | 10.0% | +7.2% | −3% / +49% |
| FISFidelity National Information Services, Inc. | 15.3 bn | 4.4 | 23.0% | 26.8% | +5.4% | −55% / −49% |
| FICOFair Isaac Corp | 15.1 bn | 20.3 | — | 34.1% | +15.9% | −61% / −36% |
| CARTMaplebear Inc. | 13.7 bn | 32.4 | 17.1% | 12.0% | +10.8% | +41% / +145% |
| HQYHealthequity, Inc. | 9.0 bn | 39.4 | 11.4% | 17.4% | +9.5% | +3% / +62% |
| LYFTLyft, Inc. | 7.1 bn | 2.7 | 152.6% | 42.3% | +9.2% | −11% / +60% |
| EXLSExlservice Holdings, Inc. | 6.5 bn | 25.7 | 27.7% | 11.1% | +13.6% | +9% / +52% |
| RELYRemitly Global, Inc. | 5.8 bn | 16.4 | 35.9% | 19.1% | +29.4% | +100% / +26% |
| AMTMAmentum Holdings, Inc. | 5.4 bn | 26.7 | 4.5% | 1.4% | +71.6% | −22% / unavailable |
| DLODLocal Limited | 4.1 bn | 21.4 | 37.2% | 18.0% | +46.6% | +3% / −19% |
| TNETTrinet Group, Inc. | 3.1 bn | 18.1 | 141.6% | 3.6% | −0.9% | +14% / −42% |
| FLYWFlywire Corporation | 2.7 bn | 36.3 | 9.1% | 10.3% | +26.6% | +56% / −6% |
| TICTIC Solutions, Inc. | 2.3 bn | — | -7.1% | -5.6% | unavailable | +10% / unavailable |
| WUThe Western Union Company | 2.1 bn | 6.3 | 36.8% | 8.3% | −3.8% | −25% / −43% |
| LQDTLiquidity Services, Inc | 1.5 bn | 45.8 | 15.0% | 6.8% | +31.2% | +56% / +144% |
| RDWRRadware Ltd. | 1.4 bn | 73.3 | 6.1% | 6.7% | +9.8% | +39% / +122% |
1- and 3-year price returns: for RDWR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 19.62 Total return -41% · Per year -41% | 34.76 Total return 5% · Per year 5% | 52.44 Total return 59% · Per year 59% |
| 3 years | 17.71 Total return -46% · Per year -19% | 35.42 Total return 7% · Per year 2% | 58.86 Total return 78% · Per year 21% |
| 5 years | 15.98 Total return -52% · Per year -13% | 36.09 Total return 9% · Per year 2% | 66.07 Total return 100% · Per year 15% |
- Exit P/E± 8.85
- Net margin± 6.20
- Annual revenue growth± 5.27
- Annual dilution± 0.52
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Mar 2026; since then the company filed 6-K (28 Oct 2026), 6-K (07 Oct 2026), 6-K (29 Jul 2026), 6-K (06 Jul 2026), 6-K (27 May 2026), 6-K (07 May 2026).
In brief
Radware Ltd. is a provider of application security and delivery solutions for multi-cloud environments, serving enterprises, carriers and cloud service providers. In fiscal 2025 total revenues grew 10%, to 301.85 million USD, driven mainly by cloud security subscriptions as demand for DDoS and application protection remains strong.
SWOT
Strengths
- Broad portfolio of cloud security and application delivery solutions, with product revenue growth sustained in fiscal 2025 1.
- International presence across several continents, with local offices in Asia-Pacific, Europe and the Americas 1.
- Return to profitability in fiscal 2025 after losses in earlier years 1.
Weaknesses
- High dependence on independent distributors that are not bound to promote the company's products exclusively 1.
- Decline in support service revenues in fiscal 2025 as the business shifts toward cloud models 1.
- Reliance on a few vendors for hardware platforms and components, which could affect deliveries 1.
Opportunities
Risks
- Reliance on distributorshigh
Most sales go through independent distributors without exclusivity or minimum performance obligations, which could reduce sales if these partners shift their priorities 1.
- Supply chainmedium
Shortages or delays in components could prevent timely product delivery, and reliance on a few vendors could amplify this risk 1.
- Intense competitionhigh
The cybersecurity market is competitive, and failing to develop new solutions could lead to lost market share 1.
- Global economic conditionsmedium
Economic and geopolitical changes may reduce demand or lengthen sales cycles, which could affect financial results 1.
- Concentrated shareholder influencemedium
The estate of the late founder and members of the Zisapel family may significantly influence the election of directors and other shareholder decisions 1.
Investment thesis
What would need to be true (bull case)
- Growth in product revenues and cloud services, together with a return to operating profit in fiscal 2025, could indicate that the shift toward subscriptions is working 1.
- Strong growth in EMEA and in the carrier segment could open new revenue opportunities if the trend continues 1.
- The integrated DDoS, application and API security offering, supported by the Pynt acquisition, could strengthen the company's position in cloud demand 1.
What would break the thesis
- The decline in support service revenues in fiscal 2025 could signal lost recurring revenue if the cloud transition does not fully offset it 1.
- Dependence on independent distributors and intense competition could limit the ability to sustain margins and grow sales 1.
- Profitability remains modest, and a slowdown in demand or pricing pressure could quickly reduce operating profit 1.
What to watch
- Trend in service revenues and the transition to cloud subscriptionsQ1 2027
- Effects of the decision to sell or cease SkyHawk Security operations2027
- Integration of the Pynt acquisition and results of the new AI modulesnext 10-K
- Market share development against competitors and pricing pressure2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Mar 2026; since then the company filed 6-K (28 Oct 2026), 6-K (07 Oct 2026), 6-K (29 Jul 2026), 6-K (06 Jul 2026), 6-K (27 May 2026), 6-K (07 May 2026).
The business
Radware Ltd., incorporated in Israel, describes itself as a provider of application security and delivery solutions for multi-cloud environments, with solutions used by enterprises, carriers and cloud service providers 1. Its offering is split into products, which include cloud security-as-a-service subscriptions, on-premises hardware and software and product subscriptions, and services, which cover managed services, professional services, technical support, training and certification 1. In fiscal 2025, product revenues accounted for approximately 63% of total revenues 1. The company sells mainly through independent distributors, including value added resellers, original equipment manufacturers and global system integrators 1.
Cloud services are central to the strategy, particularly cloud DDoS protection and web and API application protection, offered in several plans and deployment options from always-on to on-demand protection 1. The company recently added an AI SOC module and an LLM Firewall, and in January 2026 acquired Pynt, Inc., an API security testing company 1. In February 2026 management resolved to sell or cease the operations of SkyHawk Security 1.
Financially, the company reported an operating profit of 11.41 million USD and a net income of 20.26 million USD in fiscal 2025, compared with losses in 2024 and 2023 1. Revenues from the United States were 92.7 million USD, representing 31% of the total 1.
Segments
Radware's Core Business
The core segment covers cloud security-as-a-service products, application and data center security products and application availability products, and in fiscal 2025 growth was supported by cloud DDoS and application protection subscriptions 1.
The Hawks' Business
The Hawks segment combines SkyHawk Security, which provides cloud-native threat detection and response, and EdgeHawk, which turns routers and network nodes into carrier security platforms; in February 2026 the company resolved to sell or cease SkyHawk Security 1.
Regional sales
Revenue growth was strongest in EMEA, where revenues rose 18% in fiscal 2025, while the Americas grew 6% and Asia-Pacific 5% 1.
Market context
The company operates in the application security and application delivery market, particularly DDoS protection and web and API application security. The source indicates that enterprise revenues grew in fiscal 2025 and carrier revenues grew faster, pointing to sustained demand in both customer groups 1.
Demand for cloud solutions is an important driver, but the market is sensitive to global economic conditions, and customers may postpone spending in periods of uncertainty, which could slow growth or lengthen sales cycles 1.
Trends
- Shift toward cloud and subscriptionsmixed
Support service revenues declined in fiscal 2025 as the company moves toward cloud-based and subscription offerings, which could reduce traditional recurring revenue if the transition is not offset by new subscriptions 1.
- Demand for DDoS and application protectiontailwind
Growth in product revenues, supported by cloud DDoS and application protection services, indicates continued demand for these solutions, especially in EMEA 1.
- Long sales cyclesheadwind
The company notes its solutions have long sales cycles, which may reduce the predictability of financial performance, particularly during periods of economic uncertainty 1.
- Reliance on distributorsheadwind
Most sales pass through independent distributors who are not obliged to promote the company's products exclusively, which could affect revenues if these channels shift their priorities 1.
Competitive position
The source states that competition in the cybersecurity and application delivery market is intense and that distributors may prioritize competitors' products or their own 1. The document does not list specific competitors but stresses that failing to compete effectively could lead to lost market share and difficulty maintaining profitability 1.
Differentiation rests on the integrated platform for DDoS, application and API protection, the AI SOC capabilities and the mix of appliances and subscriptions, but pricing pressure could weigh on margins if prices fall 1.
- Application security and DDoS protection vendors
The source refers to intense competition in the field without naming specific rivals.
- Distributors carrying rival products
Distributors may sell competitors' products, an indirect form of competition.
- Cloud threat detection providers
Competition in cloud security and threat detection is referenced in the context of the Hawks segment.
- Network equipment and ADC vendors
Alteon ADC and DefensePro X products compete with similar network equipment offerings.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)07 Oct 2026
- Current report (foreign issuer)29 Jul 2026
- Current report (foreign issuer)06 Jul 2026
- Current report (foreign issuer)27 May 2026
- Current report (foreign issuer)07 May 2026
- Current report (foreign issuer)20 Apr 2026
- Current report (foreign issuer)06 Apr 2026
- Annual report (foreign issuer)31 Mar 2026
- Current report (foreign issuer)11 Feb 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Radware Ltd. · 31 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.