AUDIOCODES LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AUDIOCODES 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	146	157	176	200	221	249	275	244	242	246
Cost of revenue	57.2	58.9	65.6	105	71	78	96.3	86	84	86
Gross profit	88.3	97.8	111	95	150	171	179	158	158	160
Research and development	29.1	30.3	34.7	41.2	46.1	53.4	59.8	57.2	52.1	52.6
Selling and marketing	45.1	49	49.3	51.5	51.2	62.1	70.1	70.2	71.2	77.2
General and administrative	6.36	8.89	10.3	11.8	14.2	15.9	17.5	16.5	17.7	15.8
Operating expenses	80.6	88.2	94.2	105	111	131	147	144	141	146
Operating income	7.75	9.65	16.4	-9.55	38.4	39.5	31.3	14.4	17.2	14
Interest expense	0.26	0.29	0.27	0.2	0.66	0.62	0.33	1.57
Interest income					0	0.03	0	0
Other non-operating income	-0.16	-0.01	0.23	-1.76	-1.7	0.12	2.86
Pre-tax income	7.59	9.64	16.6	-11.3	36.6	39.6	34.2	14.4	15.1	13.6
Income tax	-8.64	5.61	3.09	-15.3	9.4	5.9	5.72	5.59	-0.22	4.62
Net income	16.2	4.03	13.5	3.98	27.2	33.8	28.5	8.78	15.3	8.96
EBITDA	9.45	11.3	17.9	-7.86	40.3	41.6	33.5	16.5	20.5	17.8
EPS, basic	0.46	0.13	0.47	0.14	0.87	1.03	0.89	0.28	0.51	0.31
EPS, diluted	0.45	0.13	0.45	0.13	0.83	1.00	0.88	0.28	0.50	0.31
Shares, basic (weighted)	35.2	31.1	28.9	29.3	31.4	32.7	31.8	31.4	30.2	28.5
Shares, diluted (weighted)	35.8	32.2	30.2	30.8	32.9	33.8	32.5	31.6	30.6	29
Dividend per share			0.20

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	24.3	24.2	31.5	64.8	40.9	79.4	24.5	30.5	58.7	45.3
Short-term investments						0.67	2.12	7.44
Receivables	25.4	22.1	22.3	27.5	34.5	49	56.4	51.1	56	67.4
Inventory	16.3	16.6	22.6	28.3	29.2	24	36.4	44	31.5	22
Other current assets	3.38	4.69	5.89	5.63	8.63	9.2	10	9.38	13	19.1
Total current assets	79.7	77.4	114	133	204	168	150	143	163	181
Property, plant and equipment	3.87	3.84	3.87	4.39	4.59	4.39	3.97	10.9	27.3	29.2
Lease right-of-use assets				29.7	25.4	16.5	13.5	36.7	32.5	30.1
Goodwill	36.2	36.2	36.2	36.2	36.2	37.6	37.6	37.6	37.6	37.6
Intangible assets	2.83	2	1.25	0.9	0.57	2.37	1.57	1.02	0.49	0.02
Long-term investments						89.3	75.9	65.7	28.5	0
Total assets	187	171	179	244	358	349	324	338	336	323
Accounts payable	7.71	5.64	6.19	6.63	6.98	7.86	11.3	7.56	7.54	6.42
Accrued liabilities	8.52	7.25	6.53	7.17	7.15	9.34	9.51	8.34	6.83	12.2
Deferred revenue	15	16.4	23.7	33.5	37.2	41.6	36.6	38.8	38.4	38.2
Total current liabilities	44.7	45.4	54.9	86.7	94.8	95.9	94.5	84.2	77.8	81.6
Lease liabilities				23.1	19.4	11.4	5.55	31.4	30.5	31.3
Other non-current liabilities	6.15	5.73
Total liabilities	78.3	78.6	84.8	152	148	144	134	149	144	152
Paid-in capital	243	248	257	265	362	379	395	407	416	422
Retained earnings	-44.4	-40.4	-32.5	-35.2	-16.4	6.49	23.4	20.8	25.2	23.2
Treasury stock	-89.9	-115	-130	-138	-138	-180	-218	-236	-250	-281
Other comprehensive income	-0.2	-0.04	-0.28		1.77	-0.22	-11	-3.91	1.11	6.42
Shareholders' equity	109	92.4	94.5	92.5	210	205	190	188	192	171
Total equity	109	92.4	94.5	92.5	210	205	190	188	192	171
Total liabilities and equity	187	171	179	244	358	349	324	338	336	323
Shares outstanding	32.4	29.4	29.1	29.6	33	32.5	31.7	30.5	29.7	27.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	16.2	4.03	13.5	3.98	27.2	33.8	28.5	8.78	15.3	8.96
Depreciation and amortization	1.7	1.61	1.56	1.69	1.94	2.07	2.18	2.05	3.35	3.77
Stock-based compensation	2.41	2.31	3.29	5.29	8.77	14.2	15.1	11.4	8.23	6.51
Deferred income tax	-9.48	4.92	2.25	-16.1	8.4	3.46	1.98	1.55	-4.55	1.77
Change in receivables	0.17	3.39	-0.22	-5.22	-7.02	-14.4	-20.6	1.6	-3.85	-8.65
Change in inventory	0.45	-0.23	-6.31	-5.93			-12.7	-7.79	12.3	9.25
Cash from operations	18.3	17.8	25.6	23.2	38.5	47.3	8.28	14.9	35.3	29.4
Capital expenditures	-1.48	-1.57	-1.34	-1.95	-1.53	-1.17	-1.49	-5.97	-24.3	-6.47
Acquisitions	0	0		0	0	-2.8	-1.1	0	0
Purchases of investments	0	0	-9.64
Sales and maturities of investments	3.22	8.12	7.58	0	0	2.57	2.25	3.85	35.2	0
Cash from investing	14.1	8.4	-1.09	29.6	-139	42.6	-19.7	20	17.8	-1.55
Stock issued	0		0	0	85.4	0	0
Share buybacks	-29.4	-25.6	-14.3	-8	0	-41.9	-38.1	-18.3	-14.3	-30.6
Dividends paid	0	0	-5.76	-6.72	-8.44	-10.9	-11.6	-11.4	-10.9	-10.9
Cash from financing	-27	-26.3	-17.2	-14.5	77.1	-51.5	-48.6	-28.9	-24.9	-41.3
Net change in cash	5.44	-0.11	7.27	38.3	-23.7	38.5	-60	6.01	28.2	-13.5
Free cash flow	16.9	16.2	24.2	21.2	36.9	46.2	6.79	8.93	11	22.9
Interest paid	0.36	0.3	0.27	0.21	0.2	0.46	0	0
Income taxes paid	0.61	0.74	0.93	1.11	0.84	1.58	4.02	4.2	5.78	3.79

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $10.66 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	65.0%	Gross profit / revenue.
Operating margin	5.7%	Operating income / revenue.
EBITDA margin	7.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.5%	Pre-tax income / revenue.
Net margin	3.6%	Net income / revenue.
FCF margin	9.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.0%	Cash from operations / revenue.
Effective tax rate	34.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.7%	Net income / average total assets.
Return on invested capital (ROIC)	7.1%	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	21.4%	Research and development expense / revenue.
Stock-based pay / revenue	2.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	1.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.7%	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	1.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-18.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-23.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-18.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-13.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-19.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-15.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-41.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-32.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-20.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-38.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-29.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-17.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-16.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	52.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-5.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	108.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	49.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-9.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-10.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.4%	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	-4.0%	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	-3.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.1%	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	-2.0%	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	-5.4%	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	-3.7%	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	-2.5%	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	2.22x	Current assets / current liabilities.
Quick ratio	1.38x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.56x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	47.0%	Total liabilities / total assets.
Working capital	$99.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	11.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$133.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.75x	Revenue / average total assets.
Fixed asset turnover	8.68x	Revenue / average property, plant and equipment.
Inventory turnover	3.21x	Cost of revenue / average inventory.
Days inventory	114 days	365 x average inventory / cost of revenue.
Receivables turnover	3.98x	Revenue / average receivables.
Days sales outstanding	92 days	365 x average receivables / revenue.
Days payables	30 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	176 days	Days inventory + days sales outstanding - days payables.
FCF conversion	255.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	22.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.31	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	$0.31	Net income per basic share, as reported (split-adjusted).
Revenue per share	$8.47	Revenue / diluted weighted shares.
FCF per share	$0.79	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.01	Cash from operations / diluted weighted shares.
Book value per share	$6.32	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.94	Tangible book value / shares outstanding.
Cash per share	$1.67	(Cash + short-term investments) / shares outstanding.
Payout ratio	122.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	47.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	133.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$262.1M	Share price x shares outstanding.
Enterprise value	$216.9M	Market cap + total debt - cash - short-term investments.
P/E	29.3x	Market cap / net income. Only when net income is positive.
P/S	1.07x	Market cap / revenue.
P/B	1.53x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.96x	Market cap / tangible book value, when positive.
P/FCF	11.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.93x	Market cap / cash from operations, when positive.
EV/Sales	0.88x	Enterprise value / revenue.
EV/EBIT	15.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.47x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.7%	Free cash flow / market cap.
Earnings yield	3.4%	Net income / market cap (the inverse of P/E).
Dividend yield	4.2%	Dividends paid over the period / market cap.
Shareholder yield	15.8%	(Dividends paid + share buybacks) / market cap.

What was AUDIOCODES LTD's revenue in fiscal 2025?

AUDIOCODES LTD reported revenue of $245.6M for fiscal 2025, 1.4% higher than the year before.

Was AUDIOCODES LTD profitable in fiscal 2025?

Yes. Net income was $9.0M, a net margin of 3.6%.

How much free cash flow did AUDIOCODES LTD generate in fiscal 2025?

Cash from operations of $29.4M minus capital expenditures of $6.5M left free cash flow of $22.9M.

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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