AUDIOCODES LTD AUDC

Technology SIC 3661 - Telephone & Telegraph Apparatus NAICS Manufacturing › Computer and Electronic Product Manufacturing › Communications Equipment Manufacturing › Telephone Apparatus Manufacturing derived Nasdaq

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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.

Valuation FY2025 figures against the last close

P/S—

P/E—

P/FCF—

EV/EBITDA—

Dividend yield—

Diluted EPS0.31

Annual financial statements

Income statement

Fiscal year	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	$245.6M	$242.2M	$244.4M	$275.1M	$248.9M	$220.8M	$200.3M	$176.2M	$156.7M	$145.6M
Cost of revenue	$86.0M	$84.0M	$86.0M	$96.3M	$78.0M	$71.0M	$105.3M	$65.6M	$58.9M	$57.2M
Gross profit	$159.6M	$158.2M	$158.3M	$178.8M	$170.9M	$149.8M	$95.0M	$110.6M	$97.8M	$88.3M
R&D	$52.6M	$52.1M	$57.2M	$59.8M	$53.4M	$46.1M	$41.2M	$34.7M	$30.3M	$29.1M
SG&A	$15.8M	$17.7M	$16.5M	$17.5M	$15.9M	$14.2M	$11.8M	$10.3M	$8.9M	$6.4M
Total operating expenses	$145.6M	$141.0M	$143.9M	$147.5M	$131.4M	$111.5M	$104.5M	$94.2M	$88.2M	$80.6M
Operating income	$14.0M	$17.2M	$14.4M	$31.3M	$39.5M	$38.4M	-$9.6M	$16.4M	$9.7M	$7.8M
Interest expense	—	—	$1.6M	$325.0K	$621.0K	$657.0K	$198.0K	$266.0K	$294.0K	$262.0K
Pre-tax income	$13.6M	$15.1M	$14.4M	$34.2M	$39.6M	$36.6M	-$11.3M	$16.6M	$9.6M	$7.6M
Income tax	$4.6M	$215.0K	$5.6M	$5.7M	$5.9M	$9.4M	$15.3M	$3.1M	$5.6M	$8.6M
Net income	$9.0M	$15.3M	$8.8M	$28.5M	$33.8M	$27.2M	$4.0M	$13.5M	$4.0M	$16.2M
EPS, basic	0.31	0.51	0.28	0.89	1.03	0.87	0.14	0.47	0.13	0.46
EPS, diluted	0.31	0.50	0.28	0.88	1.00	0.83	0.13	0.45	0.13	0.45
Shares, diluted (wtd. avg.)	29.0M	30.6M	31.6M	32.5M	33.8M	32.9M	30.8M	30.2M	32.2M	35.8M

Balance sheet

Fiscal year	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Cash and equivalents	$45.3M	$58.7M	$30.5M	$24.5M	$84.5M	$46.0M	$69.8M	$31.5M	$24.2M	$24.3M
Short-term investments	—	—	$7.4M	$2.1M	$669.0K	—	—	—	—	—
Receivables	$67.4M	$56.0M	$51.1M	$56.4M	$49.0M	$34.5M	$27.5M	$22.3M	$22.1M	$25.4M
Inventory	$22.0M	$31.5M	$44.0M	$36.4M	$24.0M	$29.2M	$28.3M	$22.6M	$16.6M	$16.3M
Total current assets	$181.3M	$162.9M	$142.7M	$149.9M	$167.6M	$203.6M	$132.6M	$114.3M	$77.4M	$79.7M
Property, plant and equipment	$29.2M	$27.3M	$10.9M	$4.0M	$4.4M	$4.6M	$4.4M	$3.9M	$3.8M	$3.9M
Goodwill	$37.6M	$37.6M	$37.6M	$37.6M	$37.6M	$36.2M	$36.2M	$36.2M	$36.2M	$36.2M
Other intangibles	$19.0K	$489.0K	$1.0M	$1.6M	$2.4M	$569.0K	$901.0K	$1.3M	$2.0M	$2.8M
Total assets	$323.0M	$335.9M	$337.5M	$323.8M	$349.4M	$358.1M	$244.3M	$179.4M	$170.9M	$187.0M
Total current liabilities	$81.6M	$77.8M	$84.2M	$94.5M	$95.9M	$94.8M	$86.7M	$54.9M	$45.4M	$44.7M
Total liabilities	$151.7M	$144.1M	$149.4M	$134.1M	$143.9M	—	—	—	—	—
Retained earnings	$23.2M	$25.2M	$20.8M	$23.4M	$6.5M	-$16.4M	-$35.2M	-$32.5M	-$40.4M	-$44.4M
Total equity	$171.3M	$191.8M	$188.1M	$189.8M	$205.5M	$209.9M	$92.5M	$94.5M	$92.4M	$108.7M

Cash flow

Fiscal year	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Operating cash flow	$29.4M	$35.3M	$14.9M	$8.3M	$47.3M	$38.5M	$23.2M	$25.6M	$17.8M	$18.3M
Depreciation and amortisation	$3.8M	$3.4M	$2.1M	$2.2M	$2.1M	$1.9M	$1.7M	$1.6M	$1.6M	$1.7M
Stock-based compensation	$6.5M	$8.2M	$11.4M	$15.1M	$14.2M	$8.8M	$5.3M	$3.3M	$2.3M	$2.4M
Capital expenditure	$6.5M	$24.3M	$6.0M	$1.5M	$1.2M	$1.5M	$1.9M	$1.3M	$1.6M	$1.5M
Investing cash flow	-$1.5M	$17.8M	$20.0M	-$19.7M	$42.6M	-$139.3M	$29.6M	-$1.1M	$8.4M	$14.1M
Financing cash flow	-$41.3M	-$24.9M	-$28.9M	-$48.6M	-$51.5M	$77.1M	-$14.5M	-$17.2M	-$26.3M	-$27.0M
Dividends paid	$10.9M	$10.9M	$11.4M	$11.6M	$10.9M	$8.4M	$6.7M	$5.8M	$0	$0
Buybacks	$30.6M	$14.3M	$18.3M	$38.1M	$41.9M	$0	$8.0M	$14.3M	$25.6M	$29.4M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001185185-26-001124.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)

Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity

Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks

Revenue
Gross profit
Net income

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$145.6M	$156.7M	$176.2M	$200.3M	$220.8M	$248.9M	$275.1M	$244.4M	$242.2M	$245.6M
Gross profit	$88.3M	$97.8M	$110.6M	$95.0M	$149.8M	$170.9M	$178.8M	$158.3M	$158.2M	$159.6M
Net income	$16.2M	$4.0M	$13.5M	$4.0M	$27.2M	$33.8M	$28.5M	$8.8M	$15.3M	$9.0M

Others in SIC 3661

Ticker	Company	Market cap	P/E	Revenue growth
CIEN	CIENA CORP	$45.42B	376.8x	18.8%
FN	Fabrinet	$11.29B	24.1x	35.7%
ADTN	ADTRAN Holdings, Inc.	$523.9M	—	17.5%
CLFD	Clearfield, Inc.	$376.3M	—	19.6%
FIEE	FiEE, Inc.	$26.9M	31.5x	867.9%
FKWL	FRANKLIN WIRELESS CORP	$25.9M	—	49.6%
CLRO	CLEARONE INC	$8.7M	—	—
SONM	DNA X, Inc.	$4.6M	—	—