COMTECH TELECOMMUNICATIONS CORP /DE/ CMTL
Founded in 1967, we have a longstanding history of providing critical communications technology and solutions to customers around the world. We serve two core end-markets: secure satellite and wireless communications via our Satellite and Space Communications segment and public safety via our Allerium (formerly, our Terrestrial and Wireless Networks) segment. In both cases, we are at the forefront of the technologies that solve extraordinarily complex communications problems – whether it is a 911 call captured, routed and data-enhanced to optimize the public safety result in situations where every second matters, or providing communications infrastructure that ensures people, businesses and governments can connect anywhere on earth, under any conditions – including on the battlefield. We believe the demand for the communications solutions we provide is growing since public safety professionals require the most effective and comprehensive systems to respond to emergencies; and governments and enterprises are seeking advanced, reliable secure wireless connectivity.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $499.5M | $540.4M | $550.0M | $486.2M | $581.7M | $616.7M | $671.8M | $570.6M | $550.4M | $411.0M |
| Cost of revenue | $371.7M | $383.2M | $365.5M | $306.4M | $367.7M | $389.9M | $424.4M | $346.6M | $332.2M | $239.8M |
| Gross profit | $127.9M | $157.2M | $184.5M | $179.8M | $214.0M | $226.8M | $247.4M | $223.9M | $218.2M | $171.2M |
| R&D | $17.4M | $24.1M | $48.6M | $52.5M | $49.1M | $52.2M | $56.4M | $53.9M | $54.3M | $42.2M |
| SG&A | $143.5M | $123.2M | $120.0M | $114.9M | $111.8M | $117.1M | $128.6M | $113.9M | $116.1M | $94.9M |
| Total operating expenses | $267.0M | $237.1M | $199.1M | $213.6M | $282.3M | $211.7M | $206.0M | $188.9M | $181.1M | $171.8M |
| Operating income | -$139.1M | -$79.9M | -$14.7M | -$33.8M | -$68.3M | $15.2M | $41.4M | $35.1M | $37.0M | -$576.0K |
| Interest expense | $45.6M | $22.2M | $15.0M | $5.0M | $6.8M | $6.1M | $9.2M | $10.2M | $11.6M | $7.8M |
| Pre-tax income | -$155.4M | -$100.3M | -$30.8M | -$37.1M | -$75.0M | $9.3M | $28.9M | $24.6M | $25.5M | -$8.2M |
| Income tax | $80.0K | $295.0K | $3.9M | $4.0M | $1.5M | $2.3M | $3.9M | $5.1M | $9.7M | $454.0K |
| Net income | -$155.3M | -$100.0M | -$26.9M | -$33.1M | -$73.5M | $7.0M | $25.0M | $29.8M | $15.8M | -$7.7M |
| EPS, basic | -6.95 | -4.70 | -1.21 | -1.63 | -2.86 | 0.28 | 1.04 | 1.25 | 0.68 | -0.46 |
| EPS, diluted | -6.95 | -4.70 | -1.21 | -1.63 | -2.86 | 0.28 | 1.03 | 1.24 | 0.67 | -0.46 |
| Shares, diluted (wtd. avg.) | $29.4M | $28.8M | $28.0M | $26.5M | $25.7M | $24.9M | $24.3M | $24.0M | $23.5M | $17.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $40.0M | $32.4M | $19.0M | $21.7M | $30.9M | $47.9M | $45.6M | $43.5M | $41.8M | $66.8M |
| Receivables | $144.8M | $195.6M | $163.2M | $123.7M | $158.1M | $126.8M | $145.0M | $147.4M | $125.0M | $151.0M |
| Inventory | $69.0M | $93.1M | $105.8M | $96.3M | $80.4M | $82.3M | $74.8M | $75.1M | $60.6M | $71.4M |
| Total current assets | $270.2M | $336.6M | $305.5M | $263.3M | $287.5M | $277.1M | $280.3M | $279.8M | $241.0M | $303.6M |
| Property, plant and equipment | $43.4M | $47.3M | $53.0M | $50.4M | $35.3M | $27.0M | $28.0M | $29.0M | $32.8M | $38.7M |
| Goodwill | $204.6M | $284.2M | $347.7M | $347.7M | $347.7M | $330.5M | $310.5M | $290.6M | $290.6M | $287.6M |
| Other intangibles | $173.1M | $194.8M | $225.9M | $247.3M | $268.7M | $258.0M | $261.9M | $240.8M | $261.9M | $284.7M |
| Total assets | $740.8M | $912.4M | $996.2M | $974.3M | $993.1M | $929.6M | $887.7M | $845.2M | $832.1M | $921.2M |
| Accounts payable | $26.0M | $42.5M | $64.2M | $44.6M | $36.2M | $23.4M | $24.3M | $43.9M | $29.4M | $33.5M |
| Short-term debt | $4.0M | $4.0M | $4.4M | $0 | — | — | $0 | $17.2M | $15.5M | $11.1M |
| Total current liabilities | $158.2M | $183.5M | $212.0M | $193.5M | $203.6M | $159.7M | $145.3M | $165.3M | $144.2M | $184.1M |
| Long-term debt | — | $170.5M | $160.0M | $130.0M | $201.0M | $149.5M | $165.0M | $148.1M | $176.2M | $240.0M |
| Total liabilities | $446.9M | $426.1M | $445.7M | $402.5M | $492.4M | $380.3M | $352.6M | $339.5M | $351.9M | $450.8M |
| Retained earnings | -$6.9M | $103.6M | $238.9M | $278.7M | $333.0M | $417.3M | $420.3M | $405.2M | $385.1M | $383.6M |
| Total equity | $104.4M | $306.3M | $438.3M | $466.6M | $500.7M | $549.3M | $535.1M | $505.7M | $480.1M | $470.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$8.3M | -$54.5M | -$4.4M | $2.0M | -$40.6M | $52.8M | $68.0M | $50.3M | $66.9M | $15.1M |
| Depreciation and amortisation | $11.8M | $12.2M | $11.9M | $10.3M | $9.3M | $10.4M | $11.9M | $13.7M | $14.4M | $9.8M |
| Capital expenditure | $8.6M | $13.1M | $18.3M | $19.6M | $16.0M | $7.2M | $8.8M | $8.6M | $8.2M | $5.7M |
| Investing cash flow | -$8.6M | $20.1M | -$18.3M | -$19.6M | -$15.5M | -$20.2M | -$44.7M | -$8.6M | -$8.2M | -$286.2M |
| Financing cash flow | $24.4M | $47.8M | $20.1M | $8.4M | $39.1M | -$30.3M | -$21.3M | -$40.1M | -$83.7M | $187.0M |
| Dividends paid | $158.0K | $268.0K | $8.7M | $11.0M | $10.3M | $10.0M | $9.8M | $9.5M | $18.9M | $19.4M |
| Buybacks | — | — | — | — | — | — | — | — | $0 | $0 |
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 0000023197-25-000087.
Others in SIC 3663
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| QCOM | QUALCOMM INC/DE | $177.18B | 33.7x | 13.7% |
| MSI | Motorola Solutions, Inc. | $77.46B | 36.7x | 8.0% |
| UI | Ubiquiti Inc. | $35.09B | 36.6x | 27.2% |
| PL | Planet Labs PBC | $6.52B | — | — |
| ONDS | Ondas Inc. | $4.35B | — | 605.3% |
| VISN | Vistance Networks, Inc. | $1.48B | 0.7x | 39.7% |
| HLIT | HARMONIC INC. | $1.28B | — | -26.2% |
| UMAC | Unusual Machines, Inc. | $1.19B | — | 101.2% |