Positioning no disclosures inside 60 days, left as found
Options put/call open interest 1.07, read 2026-11-02
Ethical does not pass the values gate
Price22.60 USD
Fair value34.16
Ethical score70.0/100
Value readUndervaluedas of 5 Nov 2026
Our investment reviews on this name
2026-11-01Read Distribution24.48-7.7% to today ✓Markup gives way to Distribution after a 7% slide in 3 days
2026-10-29Read Markup26.45-14.6% to today Distribution gives way to Markup after a 6% rise in 2 days
2026-10-27Read Distribution25.05-9.8% to today ✓Markup gives way to Distribution after a 7% slide in 5 weeks
2026-09-24Read Markup26.94-16.1% to today Distribution gives way to Markup first Markup read since July
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
A10 Networks, Inc. holds its Distribution at $22.60. The statistical read favours the sellers, held for 16 days.
As held on the ledger · 2026-11-05
Phase
Distribution · caution
Quantitative state
The statistical read favours the sellers, held for 16 days
Price at the screen
$22.60
Valuation
41.05 trailing · 20.08 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.95
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
36.16%
Below 33%
Interest-bearing debt is 36.2% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
48.70%
Below 33%
Interest-bearing cash and securities are 48.7% of assets, above the one-third limit.
Fail
Receivables
21.15%
Below 49%
Money owed to the company is 21.2% of assets, under the 49% limit.
Pass
Revenue purity
4.00%
Below 5%
Only 4.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
A10 Networks,'s business is in a permissible area, but its interest-bearing debt is about 36% of the company, just over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when ATEN's ethical verdict changes
Today ATEN does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 5 Nov 2026: it trades at roughly a 30% discount to our $34.16 fair value, 15.50% revenue growth.
Fair value range in USD, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. A 33.8% discount to the base estimate.
Where our models see it going: fair-value estimate $34.16, with a range of $25.20 to $39.29, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Network security firm priced beyond its worth
Picture a firm that shields apps and networks from threats across dozens of markets, yet the shares already price in more growth than the numbers support. We pass because the stock trades 10 percent above our fair value at a forward multiple of 30.5 times, leaving no margin of safety despite 13 percent revenue growth and a clean ethical screen.
The business posts respectable 15 percent profit margins and 21 percent return on equity, with analysts clustered around a median target only modestly below the current price. Those metrics look solid on the surface, yet they do not justify stretching the valuation further in a competitive infrastructure software space where moat depth remains unclear.
Valuation risk dominates here; any slowdown in demand for secure application delivery could compress multiples quickly and leave holders exposed. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
ATEN trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-05Distribution$23.81-2.0%Entry 18
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 2.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 7% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 77%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (5 analysts) rates it buy, with a mean price target of $30. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-04Distribution$24.30-0.7%Entry 17
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 7% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 77%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (5 analysts) rates it buy, with a mean price target of $30. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-03Distribution$24.48+0.0%Entry 16
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 7% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 77%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (5 analysts) rates it buy, with a mean price target of $30. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-02Distribution$24.48+0.0%Entry 15
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 7% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 77%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (5 analysts) rates it buy, with a mean price target of $30. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 7.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 7% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 77%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (5 analysts) rates it buy, with a mean price target of $30. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-31Markup$26.45+0.0%Entry 13
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 7% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 77%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (5 analysts) rates it buy, with a mean price target of $30. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-30Markup$26.45+0.0%Entry 12
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 7% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 77%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (5 analysts) rates it buy, with a mean price target of $30. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-29Markup · changed$26.45+5.6%Entry 11
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 5.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 7% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 77%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (5 analysts) rates it buy, with a mean price target of $30. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 1.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 7% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 77%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (5 analysts) rates it buy, with a mean price target of $30.
2026-10-20Markup$25.39-14.3%Entry 9
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 14.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 8% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 77%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (5 analysts) rates it buy, with a mean price target of $30.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
