Allot Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Allot Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	90.4	82	95.8	110	136	146	123	93.2	92.2	102
Cost of revenue	27.9	28.5	29.3	33.8	40.1	44.6	39.8	40.5	28.5	29.4
Gross profit	62.5	53.5	66.5	76.3	95.8	101	82.9	52.7	63.7	72.6
Research and development	24.2	21.9	25.4	31.5	43.4	47.1	49.8	39.1	26.1	24.5
Selling and marketing	35.3	38.3	40.8	47.1	47.5	52.3	49.4	43.9	30.9	30.8
General and administrative	9.81	10.7	10.4	6.68	13.9	15.1	16	34.7	12.7	13.6
Operating expenses	69.3	70.9	76.7	85.2	105	115	115	118	69.7	68.9
Operating income	-6.85	-17.4	-10.2	-8.98	-9.03	-13.5	-32.3	-64.9	-6.01	3.6
Other non-operating income	1.06	0.89	2.21	1.96	1.86	0.34	2.13	3.22	1.91	2.64
Pre-tax income	-5.79	-16.5	-7.99	-7.02	-7.17	-13.2	-30.1	-61.7	-4.1	4.94
Income tax	2.2	1.56	2.43	1.64	2.18	1.85	1.9	1.08	1.77	1.23
Net income	-7.99	-18.1	-10.4	-8.66	-9.35	-15	-32	-62.8	-5.87	3.71
EBITDA	-2.81	-13.7	-6.36	-4.62	-4.72	-7.95	-24.9	-56.6	0.41	7.65
EPS, basic	-0.24	-0.54	-0.31	-0.25	-0.27	-0.42	-0.87	-1.66	-0.15	0.08
EPS, diluted	-0.24	-0.54	-0.31	-0.25	-0.27	-0.42	-0.87	-1.66	-0.15	0.08
Shares, basic (weighted)	33.2	33.3	33.7	34.3	35	36.1	37	37.9	38.9	44.1
Shares, diluted (weighted)	33.2	33.3	33.7	34.3	35	36.1	37	37.9	38.9	46.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	23.3	15.3	16.3	16.9	23.6	11.7	12.3	14.2	16.1	17.1
Short-term investments					27.2	11.5	4.29	28.9	26.5	48.7
Inventory	7.24	7.9	11.3	10.7	12.6	11.1	13.3	11.9	8.61	13.2
Other current assets	0.36	0.25	0.38	0.43	0.33	0.15	0.07	0.17	0.26	0.19
Total current assets	149	143	145	153	147	136	152	89.9	90.2	125
Property, plant and equipment	4.39	5	6.25	8.14	12	15	14.2	11.2	7.69	6.01
Lease right-of-use assets				6.37	4.46	8.51	5.39	3.06	6.74	5.52
Goodwill	31.6	31.6	32.4	31.7	31.7	31.7	31.8	31.8	31.8	31.8
Intangible assets	4.41	2.93	4.96	3.35	2.74	3.46	3.51	0.92	0.31	0
Other non-current assets	1.14	1.14	0.6	0.93	2.98	1.64	0.86	0.7	2.15	0.73
Total assets	191	185	190	215	202	203	213	138	140	173
Accounts payable	3.28	5.86	7.81	11.7	2.09	3.94	11.7	0.97	0.95	0.94
Accrued liabilities	2.26	3.01	3.35	3.89	4.92	7.41	7.06	5.96	6.23	8.95
Deferred revenue	11.1	11.4	13.9	36.4	26.7	22.1	20.8	14.9	17.1	24.7
Total current liabilities	24.9	31.5	42.7	73.4	58.9	55.1	60.6	39.4	36	47.2
Lease liabilities				3.82	1.84	5.47	2.58	0.7	5.81	5.39
Other non-current liabilities	4.5	5.27	6.17
Total liabilities	33.6	41.4	53.9	83.3	71.4	77.4	111	88.4	89.8	59.3
Paid-in capital	265	268	272	276	283	294	303	312	318	375
Retained earnings	-104	122	-132	-141	-150	-165	-197	-260	-266	-262
Treasury stock	-4	-4	-4	-4	-4	-4	-4	-4	-4	-4
Other comprehensive income	-0.15	0.04	-0.77	-0.53	0.15	0.27	-1.25	0.48	0.36	2.63
Shareholders' equity	157	143	136	132	130	126	102	49.8	49.8	113
Total equity	157	143	136	132	130	126	102	49.8	49.8	113
Total liabilities and equity	191	185	190	215	202	203	213	138	140	173
Shares outstanding	33.1	33.5	33.9	34.5	35.4	36.5	37.4	38.4	39.5	48.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-7.99	-18.1	-10.4	-8.66	-9.35	-15	-32	-62.8	-5.87	3.71
Depreciation and amortization	4.04	3.67	3.83	4.36	4.31	5.58	7.35	8.33	6.42	4.05
Stock-based compensation	5.14	3.37	2.86	3.42	5.2	8	9.17	8.85	6.04	5.02
Deferred income tax	0.23	-0.03	0.02	-0.24	0.1	0.42	0	0	1.06	1.47
Change in receivables	-0.28	1.42	-3.36	-2.92	8.32	-16.8	-11.6	34.3	-1.65	-0.97
Change in inventory	2.93	-0.66	-3.45	-0.25	-1.92	1.49	-2.17	1.39	3.26	-4.57
Change in payables	-3.83	2.58	1.95	3.86	-9.58	1.85	7.72	-10.7	-0.02	-0.01
Cash from operations	-3.46	-0.23	1.03	16.1	-12.2	-8.37	-32.6	-29.7	4.83	17.8
Capital expenditures	-1.58	-2.83	-3.49	-3.71	-7.58	-7.64	-5.64	-2.49	-2.12	-2.29
Acquisitions			3.05		0	0	-0.5	0	0
Purchases of investments				-40	-1.22	0	0	-46.7	-61	-114
Sales and maturities of investments				43.6	34.8	15.1	0.17	0	0	32.3
Cash from investing	15	-8.12	-0.45	-16.5	17.1	-6.32	-6.51	31.6	-2.88	-28.5
Stock issued	0.11	0.36	0.42	0.99	1.84	2.81	0.25	0	0	0.24
Share buybacks	-3.83
Cash from financing	-3.72	0.36	0.42	0.99	1.84	2.81	39.7	0	0	11.1
Exchange rate effect								0	0	0.57
Net change in cash	7.86	-7.98	0.99	0.59	6.67	-11.9	0.58	1.9	1.95	0.97
Free cash flow	-5.05	-3.06	-2.46	12.4	-19.8	-16	-38.2	-32.2	2.71	15.5
Income taxes paid	0.18	0.34	0.35	0.47	0.41	0.63	0.41	0.39	0.6	0.59

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $8.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	71.1%	Gross profit / revenue.
Operating margin	3.5%	Operating income / revenue.
EBITDA margin	7.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.8%	Pre-tax income / revenue.
Net margin	3.6%	Net income / revenue.
FCF margin	15.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.4%	Cash from operations / revenue.
Effective tax rate	25.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.4%	Net income / average total assets.
Return on invested capital (ROIC)	4.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	24.0%	Research and development expense / revenue.
Stock-based pay / revenue	4.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.2%	Capital expenditures / revenue.
D&A / revenue	4.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-5.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-5.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	1,766.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	268.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	472.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	127.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	23.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-3.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	18.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	7.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.65x	Current assets / current liabilities.
Quick ratio	1.39x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.39x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	34.4%	Total liabilities / total assets.
Working capital	$77.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	18.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$81.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.65x	Revenue / average total assets.
Fixed asset turnover	14.9x	Revenue / average property, plant and equipment.
Inventory turnover	2.70x	Cost of revenue / average inventory.
Days inventory	135 days	365 x average inventory / cost of revenue.
Days payables	12 days	365 x average accounts payable / cost of revenue.
FCF conversion	418.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.08	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.08	Net income per basic share, as reported (split-adjusted).
Revenue per share	$2.21	Revenue / diluted weighted shares.
FCF per share	$0.34	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.39	Cash from operations / diluted weighted shares.
Book value per share	$2.33	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.68	Tangible book value / shares outstanding.
Cash per share	$1.35	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$425.1M	Share price x shares outstanding.
Enterprise value	$359.4M	Market cap + total debt - cash - short-term investments.
P/E	115x	Market cap / net income. Only when net income is positive.
P/S	4.17x	Market cap / revenue.
P/B	3.75x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.22x	Market cap / tangible book value, when positive.
P/FCF	27.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	23.9x	Market cap / cash from operations, when positive.
EV/Sales	3.52x	Enterprise value / revenue.
EV/EBIT	99.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	47.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	23.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.6%	Free cash flow / market cap.
Earnings yield	0.9%	Net income / market cap (the inverse of P/E).

What was Allot Ltd.'s revenue in fiscal 2025?

Allot Ltd. reported revenue of $102.0M for fiscal 2025, 10.6% higher than the year before.

Was Allot Ltd. profitable in fiscal 2025?

Yes. Net income was $3.7M, a net margin of 3.6%.

How much free cash flow did Allot Ltd. generate in fiscal 2025?

Cash from operations of $17.8M minus capital expenditures of $2.3M left free cash flow of $15.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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