F5, Inc. management check
FFIV · Information Technology · Communications Equipment · CEO Francois Locoh-Donou
Filings as of
3 good · 2 to watch · 2 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $263, against $285 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.98 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
3.3% of net income$23.0m of reported pay in fiscal 2025, against $692.4m of net income.
- Watch
Do they own the stock?
CEO stake ≈ 2.7 years of payThe CEO holds 150,571 shares, directly or through trusts (unvested awards not counted): about 2.7 years of pay. 10 insiders sold $14.7m in the last six months and none bought. 38 of 48 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -1.3% a year over the last three fiscal years. Stock-based pay was 7.5% of revenue in the latest year.
- Flag
Is leadership stable?
15 leadership filings in 3 yearsCEO in the pay table: Mr. Locoh-Donou. 15 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Information Technology.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 41 | 33 | |
| Pay for performance | 99 | 87 | |
| CEO cost | 7 | 35 | |
| Skin in the game | 37 | 47 | |
| Dilution | 67 | 56 | |
| Stable leadership | 50 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Communications Equipment, by management score. F5, Inc. is 48th of 73 in its sector.
- 139CIENCiena73
- 249ANETArista Networks64
- 260CSCOCisco64
- 304MSIMotorola Solutions61
- 349LITELumentum58
- 364FFIVF5, Inc.57
Pay versus performance
From the proxy statement filed January 26, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Locoh-Donou | $23.0m | $44.5m | $5.3m | $263 | $285 | $692.4m |
| 2024 | — | $18.0m | $28.7m | $5.8m | $179 | $222 | $566.8m |
| 2023 | — | $10.9m | $13.8m | $4.0m | $131 | $146 | $394.9m |
| 2022 | — | $12.8m | $5.5m | $5.1m | $118 | $103 | $322.2m |
| 2021 | — | $11.5m | $21.8m | $4.1m | $162 | $129 | $331.2m |
The board says pay is tied most to Revenue. Its other key measures: Non-GAAP Operating Income, Inclusion, Non-GAAP EPS, Relative TSR.
Insiders and the CEO's stake
Francois Locoh-Donou (President, CEO & Director) held 150,571 shares directly after their latest Form 4 on Aug 5, 2026, roughly $62.8m at that filing's price.
10 insiders sold $14.7m in the last six months and none bought. 38 of 48 sales ran on pre-arranged 10b5-1 plans.
- SoldFrancois Locoh-DonouPresident, CEO & Director · 10b5-1 plan$2.8mAug 5, 2026
- SoldChad Michael WhalenEVP, Worldwide Sales · 10b5-1 plan$2.7mAug 3, 2026
- SoldEdward Cooper WernerChief Financial Officer · 10b5-1 plan$2.0mAug 3, 2026
- SoldMichael F MontoyaChief Technology Ops Officer · 10b5-1 plan$1.8mSep 14, 2026
Leadership and governance on file
- Jun 23, 2026Leadership change8-K 5.02
- Apr 28, 2026Leadership change8-K 5.02
- Mar 13, 2026Leadership change8-K 5.02
- Oct 27, 2025Leadership change8-K 5.02
- Oct 15, 2025Leadership change8-K 5.02
- Jul 30, 2025Leadership change8-K 5.02
- Apr 28, 2025Leadership change8-K 5.02
- Nov 5, 2024Leadership change8-K 5.02
- Oct 28, 2024Leadership change8-K 5.02
- Oct 15, 2024Leadership change8-K 5.02
- Sep 3, 2024Leadership change8-K 5.02
- Jul 30, 2024Leadership change8-K 5.02
Latest shareholder vote results: Mar 13, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $2.4bn returned to owners in buybacks and dividends, 102% of net income, and $1.2bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.6bn | $2.7bn | $2.8bn | $2.8bn | $3.1bn |
| Net income | $331.2m | $322.2m | $394.9m | $566.8m | $692.4m |
| Stock-based pay | $243.3m | $249.2m | $236.7m | $219.1m | $231.5m |
| Buybacks | $500.0m | $500.0m | $350.0m | $500.6m | $502.1m |
| Dividends | — | — | — | — | — |
| Diluted shares | 62m | 61m | 60m | 59m | 59m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.