| Intrinsic Valuation of: FFIV | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 11 | Market Cap | $17B | |||||
| 2021 | - | - (-) | P/E Ratio | 28 | Total Asset | $6B | |||||
| 2022 | $615M | - (-) | Net Income | $567M | Total Debt | $0 | |||||
| 2023 | $409M | -33.4% (-35.7%) | EBITDA | $774M | Total Liab | $2B | |||||
| 2024 | $599M | 46.5% (40.4%) | Opr Margin | 0.24 | Debt/Equity | - | |||||
| 2025 | $762M | 27.2% (27.0%) | PreTax Margin | 23.69 | BV/Share | 12 | |||||
| 5Y Average FCF | $596M | 13.4% (10.6%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (13.4%) | ||||||||||
| 2026 | $864M | MBG Intrinsic Value | $94 | ||||||||
| 2027 | $980M | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $1B | ||||||||||
| 2030 | $1B | ||||||||||
| 2031 | $2B | ||||||||||
| Terminal Value | $34B | Net Worth/Share | $54 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $27B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $1B | $497 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $0 | WACC | 7.3% | 437 | 469 | 508 | 555 | 615 | |||
| Equity Value | $29B | 7.4% | 433 | 465 | 502 | 549 | 607 | ||||
| Shares Outstanding | 57,431,600 | 7.4% | 430 | 460 | 497 | 542 | 599 | ||||
| 7.9% | 396 | 421 | 451 | 487 | 531 | ||||||
| DCF Intrinsic Value | $497 | 8.4% | 367 | 388 | 412 | 442 | 477 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||