Demonstrações financeiras detalhadas de Radware Ltd. (RDWR): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Radware Ltd. registou receitas de $301.9M no último exercício, com um CAGR de 5 anos de 3.8%. O lucro líquido atingiu $20.3M, com CAGR de 5 anos de 16.0%.
Margens dos últimos 12 meses: margem bruta 80.8%, margem operacional 4.5%, margem líquida 5.3%. O fluxo de caixa livre cresceu a CAGR de -4.8% em 5 anos.
Ao preço atual de $29.45, RDWR negocia a um P/L de 76.27 e um ROE de 5.05%. A capitalização de mercado é de $1.3B.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $196.6M | $211.4M | $234.4M | $252.1M | $250.0M | $286.5M | $293.4M | $261.3M | $274.9M | $301.9M |
| Custo da Receita | $35.7M | $39.6M | $41.7M | $45.2M | $45.1M | $52.4M | $53.9M | $51.7M | $53.3M | $58.3M |
| Lucro Bruto | $160.9M | $171.8M | $192.7M | $206.9M | $204.9M | $234.1M | $239.5M | $209.6M | $221.6M | $243.5M |
| P&D | $51.7M | $59.0M | $57.7M | $61.8M | $66.8M | $74.1M | $86.6M | $82.6M | $74.7M | $79.0M |
| Despesas Gerais e Administrativas | $121.9M | $126.3M | $127.5M | $128.1M | $131.9M | $141.7M | $156.3M | $158.6M | $150.8M | $153.1M |
| Despesas Operacionais | $173.6M | $178.4M | $185.2M | $190.0M | $198.8M | $215.8M | $242.9M | $241.3M | $225.5M | $232.1M |
| Lucro Operacional | -$12.7M | -$6.7M | $7.5M | $16.9M | $6.2M | $18.2M | -$3.3M | -$31.7M | -$3.9M | $11.4M |
| EBITDA | -$2.4M | $4.6M | $17.3M | $28.2M | $16.7M | $33.0M | $16.6M | -$5.3M | $24.7M | $41.0M |
| Despesas com Juros | $116000 | $89000 | $113000 | $124000 | $189000 | $200000 | $207000 | $197000 | $236000 | 0 |
| Lucro Antes de Impostos | -$7.0M | -$1.8M | $14.8M | $25.7M | $14.0M | $22.6M | $4.7M | -$17.8M | $12.7M | $29.3M |
| Imposto | $1.7M | $5.7M | $3.1M | $3.1M | $4.3M | $14.8M | $4.9M | $3.8M | $6.6M | $9.1M |
| Lucro Líquido | -$8.7M | -$7.5M | $11.7M | $22.6M | $9.6M | $7.8M | -$166000 | -$21.6M | $6.0M | $20.3M |
| LPA | $-0.20 | $-0.17 | $0.25 | $0.48 | $0.21 | $0.17 | $-0.00 | $-0.50 | $0.14 | $0.47 |
| LPA Diluído | $-0.20 | $-0.17 | $0.25 | $0.47 | $0.20 | $0.16 | $-0.00 | $-0.50 | $0.14 | $0.45 |
| Ações em Circulação (Diluídas) | $43.9M | $43.5M | $47.7M | $48.5M | $47.7M | $47.5M | $44.9M | $42.9M | $43.4M | $44.7M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $75.3M | $80.2M | $79.8M | $82.3M |
| Lucro Bruto | $60.7M | $64.8M | $64.7M | $66.5M |
| Lucro Operacional | $3.2M | $3.9M | $4.8M | $2.5M |
| EBITDA | $10.7M | $11.4M | $10.9M | $5.4M |
| Lucro Líquido | $5.7M | $6.0M | $3.5M | $1.7M |
| LPA | $0.13 | $0.14 | $0.08 | $0.04 |
| LPA Diluído | $0.13 | $0.13 | $0.08 | $0.04 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $79.6M | $65.2M | $45.2M | $40.8M | $54.8M | $92.5M | $46.2M | $70.5M | $98.7M | $105.1M |
| Investimentos de Curto Prazo | $146.4M | $135.7M | $271.2M | $137.2M | $255.7M | $195.4M | $251.9M | $260.1M | $177.1M | $152.2M |
| Contas a Receber | $19.4M | $16.1M | $17.2M | $22.6M | $16.8M | $13.2M | $17.8M | $20.3M | $16.8M | $35.0M |
| Estoque | $17.1M | $18.8M | $18.4M | $13.9M | $13.9M | $11.6M | $11.4M | $15.5M | $14.0M | $13.2M |
| Ativos Circulantes | $266.8M | $248.1M | $358.6M | $222.5M | $348.0M | $320.2M | $335.9M | $375.9M | $320.9M | $316.5M |
| Imobilizado | $26.4M | $23.6M | $23.7M | $41.1M | $50.8M | $45.1M | $44.1M | $39.0M | $34.1M | $32.1M |
| Ágio | $30.1M | $32.2M | $32.2M | $41.1M | $41.1M | $41.1M | $68.0M | $68.0M | $68.0M | $68.0M |
| Ativos Intangíveis | $2.4M | $10.4M | $9.5M | $14.5M | $12.6M | $10.7M | $19.7M | $15.7M | $11.8M | $7.8M |
| Ativos Totais | $429.8M | $469.1M | $532.3M | $595.7M | $623.3M | $635.4M | $643.6M | $571.9M | $618.7M | $671.2M |
| Contas a Pagar | $6.0M | $5.4M | $4.5M | $6.3M | $3.9M | $4.3M | $6.5M | $4.3M | $5.6M | $7.2M |
| Dívida de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Passivos Circulantes | $85.3M | $107.4M | $118.4M | $126.0M | $143.7M | $165.9M | $164.0M | $155.0M | $168.5M | $193.7M |
| Dívida de Longo Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Passivos Totais | $130.2M | $153.7M | $168.4M | $200.3M | $234.8M | $265.4M | $275.1M | $248.6M | $261.6M | $280.5M |
| Reservas | $89.8M | $82.3M | $101.6M | $124.1M | $133.8M | $141.6M | $141.4M | $119.8M | $125.8M | $146.1M |
| Patrimônio Líquido | $299.6M | $315.4M | $364.0M | $395.3M | $388.5M | $370.0M | $332.2M | $284.1M | $316.3M | $349.4M |
| Dívida Total | 0 | 0 | 0 | $19.1M | $30.1M | $27.4M | $24.1M | $20.7M | $18.3M | $17.0M |
| Dívida Líquida | -$226.1M | -$201.0M | -$316.4M | -$158.8M | -$280.4M | -$260.4M | -$273.9M | -$309.9M | -$257.5M | -$240.2M |
| Capital de Giro | $181.5M | $140.8M | $240.3M | $96.5M | $204.2M | $154.3M | $171.8M | $220.9M | $152.4M | $122.8M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $87.3M | $105.1M | $108.8M | $85.2M |
| Ativos Totais | $661.5M | $671.2M | $656.5M | $654.4M |
| Passivos Totais | $271.8M | $280.5M | $288.2M | $295.3M |
| Patrimônio Líquido | $348.4M | $349.4M | $326.8M | $317.7M |
| Dívida Total | $30.4M | $17.0M | $16.4M | $16.1M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | -$8.7M | -$7.5M | $11.7M | $22.6M | $9.6M | $7.8M | -$166000 | -$21.6M | $6.0M | $20.3M |
| Depreciação e Amortização | $10.4M | $11.2M | $9.8M | $11.3M | $10.6M | $10.2M | $11.7M | $12.2M | $11.8M | $11.7M |
| Compensação em Ações | $11.5M | $13.0M | $12.5M | $13.1M | $16.5M | $17.6M | $27.4M | $34.0M | $26.0M | $24.0M |
| Variação Capital de Giro | $23.3M | $12.9M | $16.2M | $3.7M | $26.0M | $31.5M | -$6.5M | -$26.9M | $25.8M | $1.9M |
| Fluxo de Caixa Operacional | $38.6M | $31.5M | $49.3M | $52.9M | $61.8M | $71.8M | $32.1M | -$3.5M | $71.6M | $50.1M |
| CapEx | -$9.5M | -$7.2M | -$8.9M | -$8.2M | -$8.7M | -$5.6M | -$8.8M | -$5.4M | -$5.3M | -$8.5M |
| Aquisições | $16.2M | -$8.3M | -$41.8M | -$12.2M | $33.0M | 0 | -$30.0M | 0 | 0 | 0 |
| Recompra de Ações | -$22.0M | -$413000 | -$4.3M | -$24.5M | -$45.3M | -$52.5M | -$59.5M | -$63.2M | -$839000 | -$10.5M |
| Dividendos Pagos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | $29.2M | $24.2M | $40.4M | $44.7M | $53.1M | $66.2M | $23.3M | -$8.9M | $66.3M | $41.6M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | -$2.9M | $17.3M | $17.6M | $11.1M |
| CapEx | -$2.1M | -$2.9M | -$2.7M | -$2.0M |
| Fluxo de Caixa Livre | -$5.0M | $14.4M | $15.0M | $9.1M |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | 0 | $7.1M | $5.5M | $7.3M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +7.5% | +10.9% | +7.5% | -0.8% | +14.6% | +2.4% | -11.0% | +5.2% | +9.8% |
| Crescimento Lucro Líquido (anual) | | +13.5% | +256.6% | +92.3% | -57.3% | -18.9% | -102.1% | -12906.0% | +128.0% | +235.5% |
| Crescimento LPA (anual) | | +15.0% | +247.1% | +92.0% | -56.3% | -19.0% | -102.2% | -13413.5% | +128.0% | +235.7% |
| Variação de Ações (anual) | | -0.9% | +9.7% | +1.7% | -1.6% | -0.5% | -5.4% | -4.6% | +1.1% | +3.1% |
| Crescimento FCF (anual) | | -16.8% | +66.5% | +10.7% | +18.9% | +24.5% | -64.7% | -138.3% | +842.9% | -37.4% |
| Margem Bruta | 81.8% | 81.3% | 82.2% | 82.1% | 82.0% | 81.7% | 81.6% | 80.2% | 80.6% | 80.7% |
| Margem Operacional | -6.5% | -3.2% | 3.2% | 6.7% | 2.5% | 6.4% | -1.1% | -12.1% | -1.4% | 3.8% |
| Margem EBITDA | -1.2% | 2.2% | 7.4% | 11.2% | 6.7% | 11.5% | 5.7% | -2.0% | 9.0% | 13.6% |
| Margem Líquida | -4.4% | -3.5% | 5.0% | 9.0% | 3.9% | 2.7% | -0.1% | -8.3% | 2.2% | 6.7% |
| Margem FCF | 14.8% | 11.5% | 17.2% | 17.7% | 21.3% | 23.1% | 8.0% | -3.4% | 24.1% | 13.8% |
| Taxa Efetiva de Imposto | -23.6% | -307.0% | 20.7% | 12.2% | 31.0% | 65.5% | 103.5% | -21.6% | 52.3% | 30.9% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $0.66 | $0.56 | $0.85 | $0.92 | $1.11 | $1.39 | $0.52 | $-0.21 | $1.53 | $0.93 |
| Dividendo por Ação | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $43.3M | $43.5M | $46.9M | $46.8M | $46.5M | $45.9M | $44.9M | $42.9M | $42.0M | $42.9M |
O que olhar em empresas de Technology
- Crescimento de receita 3a (≥15%/ano) — Valida tração sustentada, não um ano pontual.
- Margem bruta (Depende do sub-setor) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Receita (≥20%) — Caixa real gerada. Muitas tech maquilham lucros não-GAAP.
- ROIC (≥15%) — Eficiência do capital reinvestido — a primeira métrica de Buffett.
- SBC / Receita (<10% saudável) — Stock-based compensation. Diluição silenciosa: >20% destrói valor.
- Dívida Líquida / EBITDA (≤2x (1,5x SaaS)) — Resistência em recessões e subidas de juros.
Rentabilidade
| Retorno sobre patrimônio | 5.05% |
| Retorno sobre capital investido | 2.20% |
| Retorno sobre ativos | 2.59% |
| Margem bruta | 80.81% |
| Margem operacional | 4.54% |
| Margem líquida | 5.34% |
Saúde financeira
| Dívida / Patrimônio | 0.05 |
| Liquidez corrente | 1.63 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 3.24 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | -72.90 | -114.41 | 90.84 | 53.71 | 132.14 | 244.94 | -5337.84 | -33.36 | 160.93 | 51.26 |
| P/VP | 2.11 | 2.68 | 2.93 | 3.05 | 3.32 | 5.17 | 2.67 | 2.52 | 2.99 | 2.96 |
| P/V | 3.21 | 4.00 | 4.55 | 4.79 | 5.16 | 6.67 | 3.03 | 2.74 | 3.44 | 3.42 |
| Margem Bruta | 81.8% | 81.3% | 82.2% | 82.1% | 82.0% | 81.7% | 81.6% | 80.2% | 80.6% | 80.7% |
| Margem Operacional | -6.5% | -3.2% | 3.2% | 6.7% | 2.5% | 6.4% | -1.1% | -12.1% | -1.4% | 3.8% |
| Margem Líquida | -4.4% | -3.5% | 5.0% | 9.0% | 3.9% | 2.7% | -0.1% | -8.3% | 2.2% | 6.7% |