F5, Inc.: FFIV Analyst Day Takeaways; No Major Changes to Outlook

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F5, Inc.: FFIV Analyst Day Takeaways; No Major Changes to Outlook

Equity Research

IT Hardware and Communications Equipment

29 May 2026

F5, Inc.

FFIV Analyst Day Takeaways; No

Major Changes to Outlook

We attended FFIV's Analyst Day in NYC. The focus was on FFIV EQUAL WEIGHT

growth drivers including hybrid multicloud adoption, the Unchanged

threat landscape, and AI-driven traffic growth. Long-term ITCommunicationsHardware and NEUTRAL

Equipment

Unchangedoutlook was largely in-line with our expectations.

Price Target USD 386.00

raised 32% from USD 292.00

Management outlined how hybrid multi-cloud adoption, the expanding threat landscape, and

Price (28-May-26) USD 383.43AI-driven traffic growth is accelerating demand for FFIV. While the AI opportunity remains in the

Potential Upside/Downside +0.7%early days, AI is driving additional traffic and complexity and creating new opportunities across

Source: Bloomberg, Barclays Research

AI data delivery, runtime security, and longer-term AI infrastructure optimization. At this time,

direct AI revenues are small though (~3% of total in 1H). Management outlined a TAM of ~$15bn

Market Cap (USD mn) 21632in CY25, growing to ~$28bn in CY30 (ex-AI) and ~$40bn in CY30 including AI use cases. Within AI,

Shares Outstanding (mn) 56.42management outlined a CY30 TAM of $9bn for AI security, $1bn for AI data delivery, and $1bn for

Free Float (%) 99.24AI factory load balancing. While the incremental TAM opportunities that management spoke to

52 Wk Avg Daily Volume (mn) 0.8are encouraging, we need to see more meaningful revenue related to the AI opportunity.

Dividend Yield (%) N/A

Management provided FY27 outlook and FY29 targets that were largely in-line with our Return on Equity TTM (%) 20.34