Extreme Networks, Inc.
- Open
- 31.80
- Day high
- 32.41
- Day low
- 31.60
- Prev close
- 32.37
- Volume
- 541K
- Mkt cap
- $4.2B
- P/E (TTM)
- 265.5
- EPS (TTM)
- $0.12
- P/B
- 53.6
- P/S
- 3.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$16.3M over the last 3 months (0 open-market buys, 20 sales)
- 🏛Institutions accumulating (13F)
Extreme Networks, Inc. (EXTR) is a Technology company listed on NASDAQ. The stock is up 78% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 20 sales (SEC Form 4).
Extreme Networks, Inc. (EXTR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
EXTR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.24 | $0.26 | +8.3% | $317M | +1.7% |
| Jan 28, 2026 | $0.24 | $0.26 | +8.3% | $318M | +2.0% |
| Oct 29, 2025 | $0.22 | $0.22 | +0.0% | $310M | +1.2% |
| Apr 30, 2025 | $0.19 | $0.21 | +10.5% | $285M | -5.1% |
| Jan 29, 2025 | $0.18 | $0.21 | +16.7% | $279M | +0.5% |
| May 1, 2024 | $-0.17 | $-0.19 | -11.8% | $211M | -16.7% |
| Jan 31, 2024 | $0.27 | $0.24 | -11.1% | $296M | +0.3% |
| Nov 1, 2023 | $0.32 | $0.35 | +9.4% | $353M | +1.8% |
| Aug 2, 2023 | $0.31 | $0.33 | +6.5% | $364M | +5.9% |
| Jan 25, 2023 | $0.24 | $0.27 | +12.5% | $318M | +4.6% |
| Oct 27, 2022 | $0.18 | $0.20 | +11.1% | $298M | +5.2% |
| Jul 27, 2022 | $0.15 | $0.15 | +0.0% | $278M | +3.4% |
EXTR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 12, 2026 | RHODES KEVIN Rofficer: EVP Chief Financial Officer | Sell | 35,000 | $30.43 |
| Jun 12, 2026 | MOTIEY KATAYOUNofficer: Chief Legal Admin Sust Officer | Sell | 30,000 | $31.03 |
| Jun 8, 2026 | MOTIEY KATAYOUNofficer: Chief Legal Admin Sust Officer | Sell | 7,500 | $30.00 |
| Jun 2, 2026 | MEYERCORD EDWARDdirector, officer: PRESIDENT AND CEO | Sell | 100,000 | $29.20 |
| Jun 2, 2026 | MOTIEY KATAYOUNofficer: Chief Legal Admin Sust Officer | Sell | 7,500 | $28.00 |
| Jun 2, 2026 | MEYERCORD EDWARDdirector, officer: PRESIDENT AND CEO | Sell | 41,400 | $27.77 |
| Jun 2, 2026 | RHODES KEVIN Rofficer: EVP Chief Financial Officer | Tax | 22,722 | $28.13 |
| Jun 2, 2026 | RHODES KEVIN Rofficer: EVP Chief Financial Officer | Grant | 51,233 | — |
| Jun 2, 2026 | MEYERCORD EDWARDdirector, officer: PRESIDENT AND CEO | Option | 50,000 | $6.70 |
| Jun 2, 2026 | RHODES KEVIN Rofficer: EVP Chief Financial Officer | Option | 11,860 | — |
| Jun 2, 2026 | RHODES KEVIN Rofficer: EVP Chief Financial Officer | Tax | 5,260 | $26.51 |
| Jun 2, 2026 | MEYERCORD EDWARDdirector, officer: PRESIDENT AND CEO | Sell | 8,600 | $27.03 |
| May 28, 2026 | MOTIEY KATAYOUNofficer: Chief Legal Admin Sust Officer | Sell | 7,500 | $26.00 |
| May 28, 2026 | MEYERCORD EDWARDdirector, officer: PRESIDENT AND CEO | Sell | 100,000 | $26.10 |
| May 18, 2026 | HOLMGREN KATHLEEN Mdirector | Sell | 19,521 | $24.78 |
Source: EXTR SEC Form 4 filings, latest Jun 12, 2026. For informational purposes only — not investment advice.
See the full EXTR insider & 13F page →Extreme Networks, Inc. company profile
Overview
Extreme Networks, Inc. (NASDAQ:EXTR) is a networking equipment and software company founded in 1996 and incorporated that same year. Based in Morrisville, North Carolina, the company went public in 1999 and has established itself as a provider of enterprise networking solutions serving various industries including healthcare, education, government, manufacturing, retail, and hospitality. The company designs, develops, and manufactures both wired and wireless network infrastructure equipment while also developing comprehensive software platforms for network management, security, and analytics.
Business
Extreme Networks operates in the enterprise networking equipment industry, which provides the fundamental infrastructure that enables organizations to connect devices, users, and applications across their facilities. The networking industry encompasses hardware like switches, routers, and wireless access points, as well as software platforms that manage, secure, and optimize network performance. The company's core offerings center around several key product categories. ExtremeCloud IQ represents their flagship cloud-based network management platform powered by machine learning and artificial intelligence, providing centralized visibility and control over both wired and wireless networks. This platform includes various modules: ExtremeCloud IQ Site Engine for task automation and multi-vendor device management, and ExtremeCloud IQ Essentials which offers wireless intrusion prevention, location services, IoT management, and guest access capabilities. On the hardware side, Extreme Networks provides wireless access point products that enable Wi-Fi connectivity throughout enterprise facilities, including next-generation Wi-Fi 7 technology. Their ExtremeSwitching portfolio includes access edge switches that provide Ethernet connectivity and Power-over-Ethernet capabilities to end devices, aggregation and core switches for campus networks, and specialized data center switches and routers for high-performance environments. The company also offers Campus Fabric technology, which is their proprietary networking architecture that enables simplified network deployment with zero-touch provisioning and advanced security features like micro-segmentation. Additionally, they provide cloud-native platforms for service providers and comprehensive customer support services. Revenue is distributed across product sales (approximately 60-65% of total revenue) and recurring subscription and support services (approximately 35-40% of total revenue), with the recurring portion growing steadily as the company transitions toward more software-based offerings.
Revenue model
Extreme Networks generates revenue through multiple complementary business models. The primary revenue stream comes from product sales of networking hardware including switches, wireless access points, and routers, which customers purchase upfront to build their network infrastructure. This represents the majority of their revenue, typically 60-65% of total quarterly revenue. The second major revenue stream consists of subscription and support services, which includes software-as-a-service (SaaS) offerings like ExtremeCloud IQ, ongoing technical support, and maintenance contracts. This recurring revenue component has been growing and now represents 35-40% of total revenue, with SaaS Annual Recurring Revenue (ARR) growing at approximately 25-29% year-over-year. The company's paying customers are primarily enterprise organizations across various verticals including healthcare systems, educational institutions, government agencies, manufacturing facilities, retail chains, and hospitality companies. These customers typically make substantial investments, with the company reporting 36-40 customers spending over $1 million annually in recent quarters. Several factors influence the company's margins and profitability. Positive margin drivers include the growing mix of higher-margin subscription services, improved supply chain efficiency reducing expedite fees, economies of scale in manufacturing, and premium pricing for advanced technologies like Wi-Fi 7 and AI-powered features. Negative margin pressures come from component cost inflation, supply chain disruptions requiring expensive expedited shipping, competitive pricing pressure from larger rivals like Cisco, tariff impacts on manufacturing costs, and the need for significant research and development investments to stay technologically competitive. The company also generates revenue through channel partnerships with distributors, resellers, and managed service providers (MSPs), who receive commissions for selling Extreme's solutions to end customers. This go-to-market approach allows Extreme to reach a broader customer base without maintaining a large direct sales force.
Competitive moat
Extreme Networks operates in a highly competitive networking industry dominated by much larger players like Cisco, making its competitive moat relatively narrow but not insignificant. The company's primary moat comes from its technological differentiation, particularly its Campus Fabric architecture and cloud management capabilities that can manage multi-vendor environments during customer migrations. This "universal" approach allows customers to modernize their networks gradually without wholesale replacement, reducing switching costs and implementation risks. The company's ExtremeCloud IQ platform provides some competitive advantage through its AI-powered network management capabilities and unified interface that can manage both Extreme and competitor equipment. This creates modest switching costs once customers integrate the platform into their operations and train their IT staff on the system. However, Extreme's moat is fundamentally weak due to several factors. The networking equipment industry has low inherent switching costs since most products use standard protocols, making it relatively easy for customers to change vendors during refresh cycles. The company faces intense competition from Cisco, which dominates the enterprise networking market with superior scale, brand recognition, and channel relationships. Additionally, companies like HPE (post-Juniper acquisition), Arista, and others have significant resources to compete on both technology and pricing. The company's small scale compared to competitors limits its ability to invest in research and development at the same level, potentially making it vulnerable to technological disruption. Cloud networking trends and software-defined networking could also commoditize hardware over time, reducing differentiation opportunities. Extreme's best competitive positioning comes from targeting mid-market customers and specific use cases where its simplified management approach and competitive pricing provide clear value, rather than competing head-to-head with Cisco in large enterprise accounts. The ongoing disruption from HPE's Juniper acquisition may create near-term opportunities, but this represents a temporary market dislocation rather than a sustainable moat.
Risks & safety
Extreme Networks presents a moderate margin of safety with some concerning financial metrics but reasonable liquidity position. **Liquidity and Solvency:** • Cash position: $185.5 million as of Q3 2025 • Current ratio: 0.93 (below 1.0 indicates potential short-term liquidity pressure) • Quick ratio: 0.70 (acceptable but not strong) • Positive free cash flow: $24.2 million in Q3 2025, showing operational cash generation • Debt-to-equity ratio: 0.84 (manageable debt level) **Valuation Metrics:** • EV/EBITDA: 39.4x (extremely high, indicating expensive valuation) • Price-to-book ratio: 24.5x (very high) • Graham number: 0.56 (stock trading well above intrinsic value estimate) • Recent profitability: Minimal net income of $3.5 million in Q3 2025 **Other Considerations:** • Revenue growth: Strong 35% year-over-year growth provides some justification for premium valuation • Recurring revenue: 37-39% of revenue provides some stability • Market position: Small player in competitive industry increases business risk • Supply chain and tariff exposure: Minimal expected impact of $1.5 million
Recent development
Over the past few years, Extreme Networks has undergone significant strategic transformation focused on cloud-native solutions and artificial intelligence integration. The company launched Platform ONE, a comprehensive AI-powered networking platform that unifies network management and security through a single interface. This represents a major shift toward software-defined networking and positions the company to capture higher-value subscription revenue. The company has been aggressively expanding its Managed Service Provider (MSP) program, growing from 27 partners to over 32 partners, enabling channel partners to offer Extreme's solutions as managed services. This strategy helps the company reach smaller customers and generate recurring revenue without direct sales investment. Wi-Fi 7 technology adoption has been a key focus, with Extreme being among the first enterprise vendors to ship Wi-Fi 7 access points. The company reports Wi-Fi 7 now represents 12% of access point sales, positioning them well for the technology transition that Gartner predicts will reach nearly 50% of enterprise access points by 2027. The development of Universal Zero Trust Network Access (UZTNA) capabilities represents another strategic pivot toward security-integrated networking solutions. Combined with their Campus Fabric technology offering micro-segmentation capabilities, this positions Extreme to address the growing enterprise security requirements. Recent quarters have shown strong competitive momentum, with the company reporting consistent wins against larger competitors like Cisco, HP, and Juniper, particularly benefiting from market disruption caused by HPE's acquisition of Juniper. The company has also been expanding its federal government certifications and preparing to launch 400 gigahertz switching products to address high-performance networking requirements.
EXTR company profile · for informational purposes only — not investment advice.
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