Radware Ltd
Radware Ltd. is a cybersecurity and application delivery company that builds software and cloud-based services for protecting applications, APIs, and digital infrastructure. Its products are used by enterprises and carriers across global markets, with deployments spanning physical, cloud, and software-defined environments.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueSecurity tools that protect web applications, APIs, and internet-facing workloads from attacks.
Mitigation services and software for distributed denial-of-service and related threats.
Traffic management and delivery solutions that support availability, performance, and continuity.
Recurring cloud-delivered security and protection services sold on term-based contracts.
Ongoing technical support, updates, and maintenance associated with deployed solutions.
Products
Reported · share of revenue- Subscription51.4 %
- Service131.3 %
- Product117.3 %
Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Radware sells mainly to enterprises and carriers that need to protect customer-facing applications, APIs, and network traffic. Buyers typically use the company to secure digital services, keep applications available, and reduce the operational burden of managing attacks and traffic spikes.
Buy application security, bot defense, and delivery tools to protect digital services and internal IT.
Buy high-capacity protection and delivery solutions to secure network and hosted services.
Use cloud-delivered security for workloads spread across public and hybrid environments.
Buy API and web protection to reduce fraud, abuse, and downtime on customer-facing platforms.
Strategy
Radware’s core strategy is to combine application security and delivery in one platform so customers can protect availability, performance, and user experience together. The company emphasizes cloud, AI-driven protection, and multi-cloud use cases, which support recurring services and deepen integration into customer environments.
Recurring contracts improve customer stickiness and support predictable renewal-driven business.
Customers increasingly deploy applications across cloud environments and need consistent security controls.
Combining protection and application delivery can increase account value and reduce churn.
Geography
2025Radware serves customers worldwide, with a global sales and delivery footprint centered on enterprise and carrier markets. The company appears to operate across North America, Europe, and Asia, and its exposure is influenced by the mix of cloud adoption, cybersecurity spending, and local enterprise demand in those regions.
Share of the revenue the company reports by geography.
Risks
Radware depends on continued enterprise and carrier spending on cybersecurity, where budgets can be delayed or shifted if customers consolidate vendors or slow deployments. The business also faces technology and execution risk because attack methods evolve quickly, and cloud security vendors compete on detection quality, automation, and ease of deployment.
- Cybersecurity competitionImpact: HighLikelihood: High
Customers can choose from many security vendors with overlapping protection features.
Exposure: application security and delivery platforms
- Rapidly evolving attack techniquesImpact: HighLikelihood: High
The company must keep pace with new web, API, bot, and DDoS threats.
Exposure: AI-driven threat protection
- Customer spending delaysImpact: MediumLikelihood: Medium
Security and infrastructure projects can be postponed in softer IT budgets.
Exposure: enterprise and carrier sales
- Foreign exchange volatilityImpact: MediumLikelihood: Medium
The company sells globally and reports results in a different base currency structure than many customers.
Exposure: international operations
Accounting
Judgemental itemsManagement adjusts for stock compensation, amortization, litigation, acquisition and restructuring items.
Impact: Can make operating performance look different from GAAP results
ARR covers cloud services, subscription licenses, and maintenance contracts in force at period end.
Impact: Useful for trend analysis but not equal to reported revenue
Cloud, subscription, and maintenance arrangements may be recognized over time.
Impact: Can create timing differences versus bookings and ARR
International operations create currency translation and transaction impacts.
Impact: Can move financial income and reported comparability
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Last updated: 28/09/2026