FFIV – Markets expectations are for Uniform ROA to improve, but management may have concerns about growth opportunities, margins, and partnerships

• F5 Networks, Inc. (FFIV:USA) currently trades above historical and corporate averages relative to Uniform earnings, with a 28.4x Uniform P/E (Fwd. V/E’).
  
• At these levels, markets are pricing in expectations for Uniform ROA to gradually recover back to 2019 levels of 28%, accompanied by 5% Uniform asset growth.
  
• Meanwhile, analyst expectations for 21% Uniform ROA and 4% Uniform asset growth imply a stock price approaching $157, representing 23% equity downside for the firm.
  
• Moreover, the firm’s most recent earnings call suggests management may have concerns about their growth, software business, and government clients.