Radware is a cybersecurity company that protects enterprise applications and infrastructure from cyberattacks. Its two core product areas are DDoS protection and Web Application and API Protection (WAAP). DDoS protection detects and mitigates attacks that flood networks or applications with traffic to knock them offline — delivered either as on-premises hardware appliances (DefensePro X) or as a cloud subscription service that routes traffic through Radware's global network of scrubbing centers. WAAP covers a broader threat surface, including web application firewall (WAF), API security, bot management, and account takeover protection, delivered primarily as a cloud subscription. Customers include large enterprises (banks, insurers, government agencies, retailers) and service providers (telecoms, ISPs, cloud providers). Radware sells primarily through distributors and resellers, supplemented by direct sales and OEM partnerships with Cisco and Check Point. The business is shifting toward recurring revenue, with subscriptions representing roughly 82–84% of total revenue; cloud ARR ended FY25 at $95M. Radware's core growth drivers are cloud security expansion, a multi-year hardware refresh cycle as customers migrate from older DefensePro 8 appliances to DefensePro X, and go-to-market investments in North America. Radware also recently launched AI-driven products targeting emerging threats like LLM prompt injection and agentic AI security.
Read full business overview →Mid to long-term bullish thesis
View →Mid to long-term bearish thesis
View →Mid to long-term bull-bear debate
View → NEWSummary and scoring of the bull-bear debate
View →Find ideas with similar bull or bear theses
View →Investor-relevant company attributes
View →Key risks to the business
View →Comparisons of annual risk disclosures
View →