Radware stock: fair value
RDWRThe fair value of Radware under our model is $12.33, the price is 158% above.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Significantly overvaluedIn our model the price counts as cheap below $8.81 and expensive above $20.55 (uncertainty high, based on the price swings of the past year).
The two parts of the fair value come to $12.60 (cash-flow model) and $12.06 (industry comparison), and the gap between them shows how uncertain the estimate is. The price is above both.
Calculated with a cost of equity of 11.5%. At 12.5% the fair value would be $11.61, at 10.5% it would be $13.27.
Where the number comes from
Half from the cash-flow model, half from earnings times the industry P/E (25.6).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 3.8%. Discounted at 11.5% (government bond yield 3.8% plus beta 1.21 times a risk premium of 6.3%); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $12.60 per share: free cash flow for the next ten years, each year discounted to today at 11.5%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 11.5%) |
|---|---|---|---|---|
| 2026 | $44.13M | extrapolated at 1.1% | 0.8970 | $39.59M |
| 2027 | $44.97M | extrapolated at 1.9% | 0.8046 | $36.18M |
| 2028 | $46.08M | extrapolated at 2.5% | 0.7217 | $33.25M |
| 2029 | $47.4M | extrapolated at 2.9% | 0.6474 | $30.69M |
| 2030 | $48.9M | extrapolated at 3.2% | 0.5807 | $28.39M |
| 2031 | $50.54M | extrapolated at 3.4% | 0.5209 | $26.33M |
| 2032 | $52.31M | extrapolated at 3.5% | 0.4672 | $24.44M |
| 2033 | $54.2M | extrapolated at 3.6% | 0.4191 | $22.71M |
| 2034 | $56.19M | extrapolated at 3.7% | 0.3759 | $21.12M |
| 2035 | $58.28M | extrapolated at 3.7% | 0.3372 | $19.65M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $282.35M |
| Terminal value: cash flow 2035 × (1 + 3.8%) / (11.5% − 3.8%) | $790.5M |
| Present value of terminal value (× 0.3372) | $266.54M |
| Equity value (sum plus present value of terminal value) | $548.89M |
| Shares (diluted) | 43.55M |
| Value per share (equity value divided by shares) | $12.60 |
| Earnings per share, last twelve months | $0.47 |
| × 25.6 (industry P/E) | $12.06 |
| Fair value (average of both parts) | $12.33 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 6 Mar 2026)
- Valuation signal Overvalued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.