Who are F5, Inc.'s customers? Who does F5, Inc. earn revenue from?

Revenue comes from counterparties including Synnex Corporation, Ingram Micro, Inc.. Full sourced list: valuechain.wiki/f5/customers.md

Who does F5, Inc. pay? Who are its key suppliers?

Costs flow to Flex Ltd., Intel among others. Full sourced list: valuechain.wiki/f5/suppliers.md

Application delivery and security

F5, Inc.

F5 earns revenue from enterprise application delivery and security systems, software, subscriptions, and support services. Sales are concentrated among large IT distributors, while Flex manufactures its hardware using components such as Intel processors.

Business categories Cybersecurity · Cloud & Enterprise Software · primary

FFIV Updated Sep 24, 2026 3 AI consumers· 3 recurring

Per the valuechain.wiki graph, F5, Inc. is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 14 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-09-24).

Annual return · 2026-10-09'21+39.1%'22-41.4%'23+24.7%'24+40.5%'25+1.5%YTD+88%

Money in ▸Synnex Corporation●Revenue share 17.6 percentIngram Micro, Inc.●Revenue share 16.7 percent

F5, Inc.FY2025 total revenue of $3,088,072,000

▸ Money outFlex Ltd.●Intel◐

Financials & Segments

Total revenue · FY2025 total revenue of $3,088,072,000
Segments · Products · Services

Revenue from

Synnex Corporation High confidence· Revenue share 17.6 percent · FY2025 9M · Synnex Corporation's share of F5 total net revenue
Synnex Corporation is another major distribution customer for F5. It accounted for 17.6% of F5's total revenue in the first nine months of fiscal 2025.
Confirms EN SEC EDGAR Published Aug 6, 2025: F5, Inc. Form 10-Q for the quarter ended June 30, 2025
Ingram Micro, Inc. High confidence· Revenue share 16.7 percent · FY2025 9M · Ingram Micro's share of F5 total net revenue
Ingram Micro is a major distribution customer for F5 products. It accounted for 16.7% of F5's total revenue in the first nine months of fiscal 2025.
Confirms EN SEC EDGAR Published Aug 6, 2025: F5, Inc. Form 10-Q for the quarter ended June 30, 2025

Pays to

Flex Ltd. High confidence
Flex is F5's primary third-party hardware manufacturing partner. It performs assembly, quality control, and systems testing in Guadalajara and Zhuhai while also managing component procurement and fulfillment.
Confirms EN SEC EDGAR Published Nov 25, 2025: F5, Inc. Form 10-K for fiscal year 2025
Confirms EN F5 Published Apr 24, 2025: F5 Modern Slavery, Forced Labor and Human Trafficking Statement, 2025 Registry Year
Intel Medium confidence
F5's rSeries hardware uses Intel processors. Because component purchasing is handled primarily through Flex, Intel is an upstream contributor to F5's hardware cost rather than necessarily a direct-pay vendor, and no supplier-specific spend is disclosed.
Confirms EN F5 Published Mar 27, 2026: F5 rSeries Appliance Data Sheet
Mentions EN F5 Published Apr 24, 2025: F5 Modern Slavery, Forced Labor and Human Trafficking Statement, 2025 Registry Year

Investments

CalypsoAI Corp. High confidence· Amount $145M · FY2025 · Cash purchase consideration recognized for the CalypsoAI acquisition
F5 acquired CalypsoAI in September 2025 and made it a wholly owned subsidiary. The announced transaction value was $180 million, while the cash purchase consideration recognized in the 10-K was $145.2 million.
Confirms EN SEC EDGAR Published Nov 25, 2025: F5, Inc. Form 10-K for fiscal year 2025
Mentions KO Financial News Published Sep 23, 2025: F5 to Acquire CalypsoAI, Strengthening Enterprise AI Guardrail Security
Confirms EN IDC Published Sep 11, 2025: F5 Acquires CalypsoAI: GenAI Red Teaming Is Officially a Platform Feature

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

Company	Chain	'21	'22	'23	'24	'25	YTD
F5, Inc.	node	+39.1	-41.4	+24.7	+40.5	+1.5	+88
Intel	benef1	+6.1	-46.6	+94.6	-59.6	+84	+159.6
Flex Ltd.	benef1	+1.9	+17.1	+41.9	+67.2	+57.4	+81.2
AT&S	benef2	+57.5	-22	-27.6	-41.3	+188.9	+464.3
Unimicron	benef2	+133.5	-30.2	+35.2	-19.7	+175.7	+236.2
Simmtech	benef2	+119.6	-34.6	+12.4	-63.3	+392.9	+185.6
Ibiden	benef2	+30.4	-19.6	+51.6	-38.6	+261	+149.3
PSK Inc	benef2	+22.7	-19.6	+14.2	-2.6	+228.2	+105.7
LG Electronics	benef2	-16.2	-20.9	-5.8	-9.5	+19.2	+105.5
TSMC	benef2	+12.1	-36.7	+42.3	+92.6	+55.9	+50.3
onsemi	benef2	+107.5	-8.2	+33.9	-24.5	-14.1	+37.4
Merck KGaA (EMD)	benef2	+42.2	-0.4	-19.1	-2.5	-12.7	+12
Nikon	benef2	+46.2	+10.9	+23.1	+13.7	+19.7	-2.4
Mobileye	benef2	·	·	+23.6	-54	-47.6	-18

YTD as of 2026-10-09 · source: Yahoo Finance

F5, Inc. operates across Application delivery and security. Momentum stayed firm and it is +53% in 2026. The supply side (avg +120.4%) leads the stock (+53%), with spending rippling down to suppliers first. Among connected nodes the furthest ahead is Intel (+159.6%) and the furthest behind is Flex Ltd. (+81.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Sales are concentrated among large IT distributors, while Flex manufactures its hardware using components such as Intel processors.

Analysis generated from returns as of 2026-09-04

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