| Intrinsic Valuation of: FFIV | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 12 | Market Cap | $20B | |||||
| 2021 | - | - (-) | P/E Ratio | 30 | Total Asset | $6B | |||||
| 2022 | $409M | - (-) | Net Income | $692M | Total Debt | $0 | |||||
| 2023 | $599M | 46.5% (40.4%) | EBITDA | $884M | Total Liab | $3B | |||||
| 2024 | $762M | 27.2% (27.0%) | Opr Margin | 25.63 | Debt/Equity | - | |||||
| 2025 | $906M | 18.9% (8.5%) | PreTax Margin | 25.63 | BV/Share | 19 | |||||
| 5Y Average FCF | $669M | 15.0% (25.3%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 8.99% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.0%) | ||||||||||
| 2026 | $961M | MBG Intrinsic Value | $109 | ||||||||
| 2027 | $1B | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $1B | ||||||||||
| 2030 | $1B | ||||||||||
| 2031 | $1B | ||||||||||
| Terminal Value | $22B | Net Worth/Share | $64 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $18B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $1B | $347 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $0 | WACC | 7.0% | 423 | 455 | 493 | 541 | 603 | |||
| Equity Value | $20B | 8.0% | 360 | 382 | 407 | 437 | 473 | ||||
| Shares Outstanding | 56,419,247 | 9.0% | 314 | 329 | 347 | 367 | 391 | ||||
| 10.0% | 279 | 290 | 303 | 317 | 334 | ||||||
| DCF Intrinsic Value | $347 | 11.0% | 251 | 260 | 269 | 280 | 292 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||