Radware Ltd.
- Open
- 31.12
- Day high
- 31.46
- Day low
- 30.95
- Prev close
- 30.86
- Volume
- 49K
- Mkt cap
- $1.3B
- P/E (TTM)
- 69.0
- EPS (TTM)
- $0.45
- P/B
- 4.0
- P/S
- 4.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$341K over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions mixed (13F)
Radware Ltd. (RDWR) is a Technology company listed on NASDAQ. The stock is up 4% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
Radware Ltd. (RDWR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RDWR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.27 | $0.30 | +9.1% | $80M | +1.4% |
| Feb 11, 2026 | $0.30 | $0.32 | +6.3% | $80M | +2.0% |
| Oct 29, 2025 | $0.30 | $0.28 | -7.0% | $75M | -4.2% |
| Jul 30, 2025 | $0.26 | $0.28 | +7.7% | $74M | -0.6% |
| Feb 12, 2025 | $0.24 | $0.27 | +12.5% | $73M | +2.3% |
| Oct 31, 2024 | $0.20 | $0.23 | +15.0% | $69M | -2.9% |
| Jul 31, 2024 | $0.17 | $0.20 | +17.6% | $67M | +1.9% |
| Feb 7, 2024 | $0.13 | $0.13 | +0.0% | $65M | +1.4% |
| Nov 1, 2023 | $0.08 | $0.07 | -12.5% | $62M | -0.7% |
| Aug 2, 2023 | $0.14 | $0.10 | -28.6% | $66M | -5.0% |
| May 3, 2023 | $0.14 | $0.14 | +0.0% | $69M | -2.6% |
| Feb 8, 2023 | $0.18 | $0.17 | -5.6% | $74M | +0.9% |
RDWR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 1, 2026 | Malka Gabrielofficer: Chief Operating Officer | Sell | 7,000 | $30.00 |
| May 27, 2026 | Goldriech Rivkahofficer: Chief People Officer | Sell | 1,375 | $29.50 |
| May 27, 2026 | Mazin Israeldirector | Grant | 60,000 | $29.53 |
| May 27, 2026 | Pinchev Alexdirector | Grant | 60,000 | $29.53 |
| May 27, 2026 | Zisapel Roydirector, officer: President & CEO | Grant | 201,314 | — |
| May 27, 2026 | Zisapel Roydirector, officer: President & CEO | Grant | 250,946 | $29.53 |
| May 27, 2026 | STERN STANLEYdirector | Grant | 60,000 | $29.53 |
| May 11, 2026 | Malka Gabrielofficer: Chief Operating Officer | Sell | 3,111 | $29.00 |
Source: RDWR SEC Form 4 filings, latest Jun 1, 2026. For informational purposes only — not investment advice.
See the full RDWR insider & 13F page →Radware Ltd. company profile
Overview
Radware Ltd. (NASDAQ:RDWR) is an Israeli cybersecurity and application delivery company founded in 1996 and headquartered in Tel Aviv. The company went public in 1999 and has evolved from traditional network infrastructure solutions to become a leading provider of cloud-based cybersecurity services and application delivery solutions. Radware operates globally with over 50 cloud security service centers worldwide, serving enterprises, government agencies, and service providers across various industries including financial services, telecommunications, and e-commerce.
Business
Radware operates in the cybersecurity and application delivery infrastructure market, providing protection against distributed denial-of-service (DDoS) attacks, web application attacks, and other cyber threats. The company's solutions are designed to protect applications and data centers whether they operate in traditional on-premises environments, public clouds, or hybrid infrastructures. The company's core products fall into two main categories. **Cloud Security Services** represent the fastest-growing segment, generating approximately $80 million in annual recurring revenue (ARR) as of Q1 2025, which accounts for roughly 29% of total revenue. These services include DDoS protection, web application firewall (WAF) capabilities, and bot management delivered through Radware's global network of cloud security centers. The cloud platform protects applications from various cyber threats including volumetric DDoS attacks that can overwhelm servers, application-layer attacks that target specific vulnerabilities, and sophisticated bot attacks that can scrape data or perform fraudulent activities. **On-Premises Security and Application Delivery Solutions** comprise the remaining 71% of revenue, including hardware appliances and software solutions. Key products include DefensePro (a real-time DDoS mitigation device), DefensePro X (the next-generation AI-powered version), AppWall (web application firewall), and Alteon (application delivery controller/load balancer). These solutions are typically deployed in enterprise data centers and service provider networks to protect critical applications and ensure high availability. The company has also developed **EPIC-AI**, an artificial intelligence framework that powers automated threat detection and response across both cloud and on-premises solutions. This AI-driven approach helps customers defend against increasingly sophisticated attacks that leverage automation and machine learning techniques.
Revenue model
Radware generates revenue through multiple business models centered around cybersecurity and application delivery solutions. The company's revenue streams include product sales of hardware appliances and software licenses, subscription-based cloud security services, and ongoing support and maintenance contracts. **Cloud Security Services** operate on a subscription model where customers pay recurring fees based on the level of protection and bandwidth capacity required. This segment has shown strong growth with 19% year-over-year increases, generating $80 million in ARR. Customers typically sign multi-year contracts, providing predictable recurring revenue. The cloud model benefits from high gross margins since the infrastructure can serve multiple customers simultaneously. **Product Sales** include hardware appliances like DefensePro and Alteon, as well as software licenses. These generate one-time revenue but are often accompanied by ongoing maintenance and support contracts. The company also earns revenue through original equipment manufacturer (OEM) partnerships with companies like Cisco and Check Point, where Radware's technology is integrated into partner solutions. **Professional Services and Support** provide additional revenue through implementation, training, and ongoing technical support. Approximately 82% of total revenue is now recurring in nature, including subscriptions, maintenance, and support contracts. Several factors influence Radware's margins and profitability. **Positive margin drivers** include the shift toward higher-margin cloud services, economies of scale in cloud infrastructure, and the premium pricing power that comes with protecting mission-critical applications. The increasing frequency and sophistication of cyber attacks create strong demand for advanced security solutions. **Negative margin pressures** come from intense competition in the cybersecurity market, the need for continuous R&D investment to stay ahead of evolving threats, and the cost of maintaining global cloud infrastructure. Macroeconomic conditions can also impact large enterprise capital expenditure decisions, potentially delaying on-premises hardware purchases.
Competitive moat
Radware's competitive moat is moderate but faces increasing pressure from larger cybersecurity vendors and cloud providers. The company's primary advantages stem from its **specialized expertise in DDoS protection and application delivery**, areas where it has deep technical knowledge accumulated over more than 25 years. The company's global network of cloud security centers provides geographic coverage and low-latency protection that requires significant infrastructure investment to replicate. **Technical differentiation** comes from Radware's AI-powered security algorithms and its ability to protect both on-premises and cloud environments through a unified platform. The company's EPIC-AI framework and real-time threat intelligence provide some competitive advantage, particularly in detecting and mitigating sophisticated attacks. Long-standing OEM partnerships with major vendors like Cisco and Check Point create additional distribution channels and customer stickiness. However, Radware's moat is **increasingly challenged** by several factors. Large cloud providers like Amazon Web Services, Microsoft Azure, and Google Cloud offer integrated DDoS protection and web application firewalls as part of their platforms, often at lower costs. Major cybersecurity vendors with broader product portfolios and larger sales forces can bundle security solutions, making it difficult for specialized players to compete. The commoditization of basic DDoS protection services puts pressure on pricing, while the rapid evolution of cyber threats requires continuous innovation and investment. The company's relatively small size compared to cybersecurity leaders like Palo Alto Networks or Fortinet limits its ability to invest in R&D and sales at the same scale. Customer acquisition costs are high in the competitive cybersecurity market, and switching costs, while present, are not prohibitively high for determined competitors offering compelling alternatives.
Risks & safety
**Overall Assessment:** Radware maintains a solid financial position with adequate liquidity and manageable debt levels, though profitability remains modest and valuation metrics suggest limited margin of safety. **Cash and Solvency:** - Cash and short-term investments: $114 million (Q1 2025) - Strong current ratio of 1.85x and quick ratio of 1.78x - Low debt-to-equity ratio of 0.053, indicating minimal financial leverage - Positive free cash flow of $21.3 million in Q1 2025, though historically volatile - No immediate solvency concerns given strong balance sheet **Valuation Metrics:** - Price-to-earnings ratio of 53.1x based on modest net income of $4.3 million - EV/EBITDA of 43.7x, indicating expensive valuation relative to cash generation - Price-to-book ratio of 2.84x - Graham number of 4.18 suggests significant overvaluation relative to conservative metrics **Other Considerations:** - Revenue growth has been modest at 5-13% annually - Operating margins remain thin despite cost management efforts - High customer concentration risk in cybersecurity market - Competitive pressures from larger vendors may compress margins further
Recent development
Over the past few years, Radware has undergone a significant strategic transformation focused on three key pillars: winning market share in cloud security, leading AI innovation and automation, and enhancing its go-to-market footprint. **Cloud Security Expansion** has been the company's primary growth driver, with cloud ARR growing from $65 million in 2023 to $80 million by Q1 2025. The company has aggressively expanded its global cloud infrastructure, opening new service centers in Peru, India, Kenya, and Paris, bringing the total to over 50 locations worldwide. This expansion enables low-latency protection for customers globally and represents a major shift from traditional hardware-based solutions to cloud-delivered services. **AI-Driven Innovation** has become central to Radware's product strategy through the development of its EPIC-AI framework. The company launched AI SOC Xpert for automated incident resolution and integrated AI-powered algorithms into both cloud services and on-premises solutions like DefensePro X. This AI focus addresses the growing sophistication of cyber attacks, many of which now leverage artificial intelligence for automation and evasion techniques. **Product Portfolio Modernization** includes the refresh of the DefensePro line with DefensePro X, which now represents more than half of hardware sales. The company has also expanded its cloud platform capabilities with DNS-as-a-Service, NoKey privacy protection solutions, and PCI DSS 4.0 compliance offerings. These additions transform Radware from a point solution provider to a more comprehensive security platform. **Go-to-Market Enhancement** has involved strengthening OEM partnerships with Cisco and Check Point, which have shown double-digit growth. The company has also invested in expanding its North American sales presence and competitive takeout strategies, doubling the total contract value of deals won from competitors. Management has implemented new leadership in key markets and focused on scaling the cloud security business to reach $100 million ARR by the end of 2025.
RDWR company profile · for informational purposes only — not investment advice.
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