F5 Sits at an Intersection of Security, Hardware, and Networking

F5 leads in application delivery controllers sold to enterprises, service providers, and government entities. F5 has long been the market leader for hardware-delivered ADCs, but due to a change in consumption preferences, it successfully pivoted to a software-focused business model. We think the company is well positioned to remain the share leader in hardware ADCs while competing in the higher-growth software market and growing alongside SaaS, application, and edge security over the next decade.