Ituran Location & Control Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ituran Location & Control 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	200	235	253	279	246	271	293	320	336	359
Cost of revenue	97.5	115	126	149	129	143	156	167	176	180
Gross profit	102	119	127	131	117	128	138	153	161	179
Research and development	2.9	3.16	6.22	13.9	12.8	14.1	16.8	17	18.1	20.8
Selling and marketing	10.1	12.2	11.3	12.8	12	13.3	13.3	13.6	15.3	18.4
General and administrative	40.2	47.6	47.7	55.2	49.7	46.1	48.7	56.6	56.2	62.5
Operating income	48	56.5	62.4	22.7	27.8	54.6	58.8	66	71.2	77
Other non-operating income	2.06	-0.99	0.72	0.58	1.48	-5.54	-5.94	-1.55	0.08	-1.85
Pre-tax income	50.1	55.5	76.2	23.2	29	49	52.8	64.4	71.2	74.9
Income tax	14.9	17.7	17.3	12.2	10.9	11.9	12.7	13.4	14.6	14.9
Net income to minority interests	2.59	2.57	2.5	0.88	1.22	2.76	2.4	2.21	2.89	2.03
Net income	32.1	43.8	60.7	6.89	16.1	34.3	37.1	48.1	53.7	58
EBITDA	57.2	66.9	71.5	39.8	42.3	68.2	73.4	80.7	86	90.8
EPS, basic	1.53	2.09	2.88	0.33	0.77	1.65	1.82	2.41	2.70	2.92
EPS, diluted	1.53	2.09	2.88	0.33	0.77	1.65	1.82	2.41	2.70	2.92
Shares, basic (weighted)	21	21	21.1	21	20.8	20.8	20.4	20	19.9	19.9
Shares, diluted (weighted)	21	21	21.1	21	20.8	20.8	20.4	20	19.9	19.9
Dividend per share						0.90	0.56	0.68	1.56

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	31.1	36.9	51.4	54	72.2	50.3	27.9	53.4	77.4	108
Short-term investments	0.4	3.56	1.9	0.36	6.66	4.41	0.32	0.12	0.01	0
Receivables	33.9	41	54.3	45.1	39.3	43.9	45.8	45.4	47.7	58.5
Inventory	14.4	14.2	28.4	25.5	22.6	27.1	28.5	26.9	23.4	23.2
Other current assets	31.5	41.4	53	49.2	38.6	37	48.2	52.7	46.1	48.4
Total current assets	111	137	189	174	179	163	151	179	195	238
Property, plant and equipment	35.6	39	50.5	45.9	37.7	35.7	45.6	42	33.1	39.4
Lease right-of-use assets				12.6	5.55	4.69	9.91	8.07	8.95	8.88
Goodwill	3.41	3.78	62.9	50.1	39.9	40	39.5	39.4	39.3	39.8
Intangible assets	0.02	0.04	39	26.3	19.9	16.8	12.6	10.8	9.01	8.84
Other non-current assets	1.52	0.94	3.22	3.37	2.95	3.15	3.13	3.99	5.85	5.41
Total assets	178	215	374	339	312	293	291	319	327	386
Accounts payable	18.6	23.3	24	22.7	19.7	21.3	21.9	20.8	18.8	19.1
Accrued liabilities	11	12.8	10.3	7.66	16	15	11.9	15.7	14.8	19.4
Deferred revenue	10.8	12.8	37.7	29.1	24.4	24.3	21.8	27.1	22.9	27.2
Short-term debt		0.05	8.35	18.1	19.5	17.6	11.6	0.36	0.11	0
Total current liabilities	56.1	65.8	105	101	113	104	93	92.5	87.7	104
Lease liabilities				10.8	2.69	1.75	6.89	4.77	5.56	4.75
Other non-current liabilities	0.5	0.48	0.53	0.24	2.34	2.34	2.07	2.03	2.1	2.39
Total liabilities	69.8	81.9	214	203	183	155	138	138	136	162
Total debt			71	67.9	54.5	31.4	12.2	0.59
Paid-in capital	71.6	71.6	78.7	78.7	78.3	78.3	78.4	78.4	78.4	78.4
Retained earnings	71.7	92.1	130	116	128	143	169	204	226	244
Treasury stock	-30.1	-30.1	-25.1	-41.9	-41.9	-49.2	-57.7	-64.3	-64.3	-67.4
Other comprehensive income	-13	-9.75	-20.6	-25.9	-38.8	-41.9	-45.8	-45.2	-57	-39.8
Shareholders' equity	102	126	154	129	127	132	146	174	185	218
Minority interests	5.94	7.44	6.51	6.58	2.71	5.34	7.06	5.8	6.03	6.92
Total equity	108	133	160	136	130	138	153	180	191	224
Total liabilities and equity	178	215	374	339	312	293	291	319	327	386
Shares outstanding	23.5	23.5	23.5	23.5	23.5	23.5	23.5	23.5	23.5	23.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	34.7	46.4	63.2	7.77	17.3	37	39.5	50.3	56.5	60
Depreciation and amortization	9.16	10.4	9.12	17.2	14.5	13.6	14.6	14.8	14.9	13.8
Deferred income tax	-1.09	-2.15	2.35	-2.25	-2.16	-0.44	-0.74	-3.13	-0.38	-1.61
Change in receivables	-4.55	-4.77	6.18	10.7	4.5	-3.99	-5.1	-0.03	-5.23	-3.73
Change in inventory	-1.42	1.63	3.58	3.82	3.12	-3.84	-5.84	1.1	3.37	2.61
Change in payables	5.88	3.75	-3.84	-1.13	-0.66	1.78	1.42	-1.86	0.18	-2.14
Cash from operations	41.5	43.9	53.3	59.7	60.1	55.8	45.1	77.2	74.3	88.6
Capital expenditures	-13.6	-16.2	-21.7	-18.3	-10.2	-16.6	-26.5	-14.2	-13.6	-21.8
Purchases of investments	-3.15	-8.62	-8.1	-1.1	0	0	-0.1	0	0
Sales and maturities of investments	4.63	5.37	9.59	2.4	0.27	0	0	0.1	0	0
Cash from investing	-19.9	-14.7	-84.9	-18.3	-11.5	-18.5	-27.4	-17.2	-15.9	-24.2
Debt repaid			-7.99	-8.94	-18.2	-23.8	-16.5	-11.7	0	0
Dividends paid	-17.1	-22.6	-20.2	-19.8	-9.97	-15.8	-11.5	-11.6	-28.1	-37.6
Cash from financing	-18.2	-24.3	49.8	-38.9	-29.4	-58.7	-36.4	-32.9	-31.8	-42.7
Exchange rate effect	0.69	0.86	-3.69	0.1	-0.92	-0.48
Net change in cash	4.07	5.82	14.5	2.57	18.2	-21.9	-22.5	25.6	23.9	30.2
Free cash flow	27.8	27.7	31.5	41.4	49.8	39.2	18.6	63	60.6	66.8
Interest paid	0.32	2.65	1.27	1.79	1.96	0.98	0.71	0.36	0.02	0
Income taxes paid	17.7	22.9	15.5	10.4	14.4	13.5	11.1	10.9	14.8	16.7

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $51.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	49.7%	Gross profit / revenue.
Operating margin	21.5%	Operating income / revenue.
EBITDA margin	25.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	20.9%	Pre-tax income / revenue.
Net margin	16.1%	Net income / revenue.
FCF margin	18.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.7%	Cash from operations / revenue.
Effective tax rate	19.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	28.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	16.3%	Net income / average total assets.
Return on invested capital (ROIC)	56.6%	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	5.8%	Research and development expense / revenue.
Capex / revenue	6.1%	Capital expenditures / revenue.
D&A / revenue	3.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.1%	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	8.9%	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	8.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	9.4%	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	22.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	16.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	8.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	16.0%	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	29.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	8.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	17.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	30.6%	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	19.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.2%	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	8.1%	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	10.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	53.1%	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	6.0%	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	17.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.3%	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	11.3%	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	18.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.9%	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	4.3%	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	-0.1%	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	-0.9%	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	-0.9%	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	2.28x	Current assets / current liabilities.
Quick ratio	1.60x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.03x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	41.9%	Total liabilities / total assets.
Working capital	$133.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	12.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$168.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.01x	Revenue / average total assets.
Fixed asset turnover	9.91x	Revenue / average property, plant and equipment.
Inventory turnover	7.74x	Cost of revenue / average inventory.
Days inventory	47 days	365 x average inventory / cost of revenue.
Receivables turnover	6.76x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
Days payables	38 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	63 days	Days inventory + days sales outstanding - days payables.
FCF conversion	115.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	24.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.92	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	$2.92	Net income per basic share, as reported (split-adjusted).
Revenue per share	$18.07	Revenue / diluted weighted shares.
FCF per share	$3.36	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.46	Cash from operations / diluted weighted shares.
Book value per share	$9.27	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.19	Tangible book value / shares outstanding.
Cash per share	$4.58	(Cash + short-term investments) / shares outstanding.
Payout ratio	64.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	56.3%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.03B	Share price x shares outstanding.
Enterprise value	$920.7M	Market cap + total debt - cash - short-term investments.
P/E	17.7x	Market cap / net income. Only when net income is positive.
P/S	2.86x	Market cap / revenue.
P/B	4.73x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.09x	Market cap / tangible book value, when positive.
P/FCF	15.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.6x	Market cap / cash from operations, when positive.
EV/Sales	2.56x	Enterprise value / revenue.
EV/EBIT	12.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.5%	Free cash flow / market cap.
Earnings yield	5.6%	Net income / market cap (the inverse of P/E).
Dividend yield	3.7%	Dividends paid over the period / market cap.
Shareholder yield	3.7%	(Dividends paid + share buybacks) / market cap.
PEG	1.04x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Ituran Location & Control Ltd.'s revenue in fiscal 2025?

Ituran Location & Control Ltd. reported revenue of $359.0M for fiscal 2025, 6.8% higher than the year before.

Was Ituran Location & Control Ltd. profitable in fiscal 2025?

Yes. Net income was $58.0M, a net margin of 16.1%.

How much free cash flow did Ituran Location & Control Ltd. generate in fiscal 2025?

Cash from operations of $88.6M minus capital expenditures of $21.8M left free cash flow of $66.8M.

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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