GILAT SATELLITE NETWORKS LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GILAT SATELLITE NETWORKS 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	280	283	266	257	166	215	240	266	305	452
Cost of revenue	204	200	172	161	125	144	153	161	192	318
Gross profit	75.5	82.5	94	96.2	41.4	71.3	86.9	105	113	133
Research and development	24.9	28	33	30.2	26.3	31.3	35.6	41.2	38.1	46.7
Selling and marketing	23.4	23.8	22.7	21.5	16.9	21.5	21.7	25.2	27.4	35.1
General and administrative	26.5	19.9	17	18.5	14.1	15.6	18.4	19.2	26.9	31.3
Operating expenses	74.7	71.6	72.8	70.3	3.6	69.1	77	76.9	85.6	110
Operating income	0.76	10.9	21.3	25.9	37.8	2.18	9.95	28.1	27.7	23.4
Interest expense	5.95	5.11	5.31	4.11	2.58	-2.65	-3.82	-3.65	-2.96	-8.45
Pre-tax income	-4.09	6.55	17	23.3	35.9	0.46	7.14	28.2	29.2	18.9
Income tax	1.25	-0.25	-1.42	-13.6	0.79	3.49	13.1	4.69	4.35	-1.81
Income from continuing operations	-5.34	6.8
Net income	-5.34	6.8	18.4	36.9	35.1	-3.03	-5.93	23.5	24.8	20.7
EBITDA	13.9	24	34.4	36.9	48.1	13.2	21.6	41.5	41.3	47.1
EPS, basic	-0.10	0.12	0.34	0.67	0.63	-0.05	-0.10	0.41	0.44	0.35
EPS, diluted	-0.10	0.12	0.33	0.66	0.63	-0.05	-0.10	0.41	0.44	0.34
Shares, basic (weighted)	52	54.7	54.9	55.4	55.5	56.4	56.6	56.7	57	59.4
Shares, diluted (weighted)	52	54.9	55.8	56	55.6	56.4	56.6	56.7	57	60.4

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	40.1	53	67.4	74.8	88.8	81.9	86.6	104	119	169
Short-term investments					0	2.16	0		0	16.4
Receivables	89.4	50.1	47.2	47.7	28	39.2	50.6	44.7	49.6	85.9
Inventory	21.5	28.9	21.1	27.2	31.3	28.4	33	38.5	38.9	45.4
Other current assets	17	19.4	26	23	16.6	14.6	19.3	24.3	22	37.4
Total current assets	239	244	246	223	239	199	215	241	256	391
Property, plant and equipment	80.8	82.2	84.4	82.6	77.2	72.4	76.6	74.3	70.8	75.2
Lease right-of-use assets				5.21	4.88	4.48	3.89	5.11	6.56	5.92
Goodwill	43.5	43.5	43.5	43.5	43.5	43.5	43.5	54.7	52.5	170
Intangible assets	11.4	5.71	2.43	1.52	1.08	0.64	0.31	16.1	12.9	54
Other non-current assets					7.8	10.5	10.7	9.54	5.29	19.9
Total assets	383	392	395	392	412	368	385	427	430	746
Accounts payable	29.6	33.7	24.6	20.7	20.5	19.8	20.7	13.9	17.1	31.6
Accrued liabilities	53.4	75.3	67.5	54.7	49.9	49.2	50.4	51.9	45.4	58.9
Deferred revenue		6.01	8.66
Short-term debt	4.62	4.48	4.46	4.1	4	0			0	2
Total current liabilities	147	152	140	121	149	109	126	127	101	215
Long-term debt							0	2	2	0
Lease liabilities				3.26	2.99	2.28	1.89	3.02	4.01	3.1
Other non-current liabilities	2.28	1.01	0.58	0.11	0.63	0.12	5.99	12.9	10.6	19.6
Total liabilities	173	173	140	122	162	119	141	152	125	246
Total debt	21.5	17.1	12.6	8.1	4	0	0	2	0	2
Paid-in capital	920	922	925	927	929	930	932	938	943	1,115
Retained earnings	-710	-703	-16.1	-671	-675	-678	-684	-660	-635	-615
Other comprehensive income	-3.22	-3.05	-5.38	-5.05	-6.02	-6.36	-6.85	-5.32	-6.12	-3.77
Shareholders' equity	210	218	255	270	250	248	244	275	304	500
Total equity	210	218	255	270	250	248	244	275	304	500
Total liabilities and equity	383	392	395	392	412	368	385	427	430	746
Shares outstanding	54.6	54.7	55.2	55.5	55.6	56.5	56.6	57	57	73.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-5.34	6.8	18.4	36.9	35.1	-3.03	-5.93	23.5	24.8	20.7
Depreciation and amortization	13.1	13.1	13.1	11	10.3	11	11.6	13.4	13.6	23.7
Stock-based compensation	0.91	0.86	1.01	2.14	1.28	1.3	2.22	3.42	6.73	8.42
Deferred income tax	0	0.19	-3.67	-14.9	-0.02	2.35	-1.88	2.31	2	-3.01
Change in receivables	4.13	-2.51	2.06	-1.32	19.3	-11.2	-11.2	13.4	-5.39	-42.4
Change in inventory	2.22	-10.8	5.74	-8.08	-5.05	2.45	-5.42	-2.39	-1.93	1.54
Change in payables	12.5	4.09	-8.93	-3.88	-0.16	-0.71	-0.26	-7.64	3.2	-2.2
Cash from operations	-36.9	-17.2	32	34.8	43.2	18.9	10.8	31.9	31.7	20.7
Capital expenditures	-4.31	-3.69	-10.8	-7.98	-4.72	-8.93	-12.8	-10.7	-6.61	-11.5
Acquisitions						0	0	-4.11	0	-105
Purchases of investments						-2.16		0	0	-16.4
Sales and maturities of investments					0	0	4.01	2.17
Cash from investing	-4.31	-3.69	-10.8	-7.98	-4.72	-11.1	-8.16	-12.7	-6.61	-136
Debt repaid	-4.44	-4.67	-4.47	-4.45	-4.1	-4	0	0	0	-60
Stock issued	35.1							0	0	164
Dividends paid				-24.9	-20	-35	0	0
Cash from financing	23.9	-4.01	-2.32	-28.9	-24.1	-39	0	-1.59	-8.11	163
Exchange rate effect	0.98	0.05	-1.49	-0.1	-0.36	-0.3	0.03	-0.06	-1.45	1.24
Net change in cash	-16.3	-24.9	17.4	-2.24	14	-31.5	2.68	17.6	15.5	48.7
Free cash flow	-41.2	-20.9	21.3	26.8	38.4	9.97	-1.98	21.2	25.1	9.19
Interest paid	1.45	0.91	0.3	0.51	0.29	0.1	0	0.56	0.54	4.6
Income taxes paid	2.11	2.41	3.9	1.58	1.08	1.19	2.44	13.6	1.89	1.58

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $10.14 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	29.5%	Gross profit / revenue.
Operating margin	5.2%	Operating income / revenue.
EBITDA margin	10.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.2%	Pre-tax income / revenue.
Net margin	4.6%	Net income / revenue.
FCF margin	2.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	4.6%	Cash from operations / revenue.
Effective tax rate	-9.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.5%	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	10.3%	Research and development expense / revenue.
Stock-based pay / revenue	1.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.5%	Capital expenditures / revenue.
D&A / revenue	5.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	47.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	23.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	15.3%	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	26.4%	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	-15.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	33.0%	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	-9.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	14.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	29.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-16.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	-10.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-22.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	-11.6%	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	-34.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	24.1%	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	-13.7%	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	-63.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-24.9%	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	64.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	27.0%	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	14.8%	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	73.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	24.6%	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	12.6%	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	5.9%	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	2.2%	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	1.7%	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	1.82x	Current assets / current liabilities.
Quick ratio	1.26x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.86x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.3%	Total debt / total assets.
Liabilities / assets	32.9%	Total liabilities / total assets.
Net debt	-$183.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-3.89x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$175.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	30.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$276.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.77x	Revenue / average total assets.
Fixed asset turnover	6.19x	Revenue / average property, plant and equipment.
Inventory turnover	7.55x	Cost of revenue / average inventory.
Days inventory	48 days	365 x average inventory / cost of revenue.
Receivables turnover	6.67x	Revenue / average receivables.
Days sales outstanding	55 days	365 x average receivables / revenue.
Days payables	28 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	75 days	Days inventory + days sales outstanding - days payables.
FCF conversion	44.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	55.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.34	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	$0.35	Net income per basic share, as reported (split-adjusted).
Revenue per share	$7.48	Revenue / diluted weighted shares.
FCF per share	$0.15	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.34	Cash from operations / diluted weighted shares.
Book value per share	$6.78	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.75	Tangible book value / shares outstanding.
Cash per share	$2.51	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$765.3M	Share price x shares outstanding.
Enterprise value	$581.9M	Market cap + total debt - cash - short-term investments.
P/E	36.9x	Market cap / net income. Only when net income is positive.
P/S	1.69x	Market cap / revenue.
P/B	1.53x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.77x	Market cap / tangible book value, when positive.
P/FCF	83.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	37.0x	Market cap / cash from operations, when positive.
EV/Sales	1.29x	Enterprise value / revenue.
EV/EBIT	24.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	63.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.2%	Free cash flow / market cap.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).

What was GILAT SATELLITE NETWORKS LTD's revenue in fiscal 2025?

GILAT SATELLITE NETWORKS LTD reported revenue of $451.7M for fiscal 2025, 47.9% higher than the year before.

Was GILAT SATELLITE NETWORKS LTD profitable in fiscal 2025?

Yes. Net income was $20.7M, a net margin of 4.6%.

How much free cash flow did GILAT SATELLITE NETWORKS LTD generate in fiscal 2025?

Cash from operations of $20.7M minus capital expenditures of $11.5M left free cash flow of $9.2M.

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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