RADCOM LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RADCOM 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	29.5	37.2	34.1	33	37.6	40.3	46.1	51.6	61	71.5
Cost of revenue	8.98	10.5	8.87	9.92	10.8	11.4	12.7	13.8	15.7	17.2
Gross profit	20.5	26.7	25.2	23.1	26.8	28.9	33.3	37.8	45.3	54.3
Research and development	8.05	10.6	15.5	18.6	19.2	20.3	21.5	19.6	18.7	20.2
Selling and marketing	8.53	11	11.4	10.5	9.71	10.4	12.3	14.6	17.8	19.7
General and administrative	4.52	4.19	3.39	3.67	3.84	4.18	4.46	5.06	6.41	6.44
Operating expenses	19.4	24.2	28.7	30.9	31.4	34.4	37.5	38.5	42.2	46
Operating income	1.12	2.6	-3.49	-7.84	-4.58	-5.49	-4.11	-0.66	3.09	8.3
Interest expense	0.02
Interest income								4.3	4.69	4.97
Other non-operating income	0.82	0.39	1.14	1.17	0.81	0.35	2.02	4.56	4.12
Pre-tax income	1.94	2.98	-2.35	-6.66	-3.77	-5.14	-2.1	3.9	7.2	12.6
Income tax	0.02	0.08	0.06	0.17	0.22	0.12	0.16	0.18	0.23	0.6
Net income	1.92	2.9	-2.42	-6.83	-3.99	-5.26	-2.26	3.71	6.97	12
EBITDA	1.41	3.13	-2.83	-7.08	-3.88	-4.95	-3.64	-0.04	3.77	9
EPS, basic	0.18	0.24	-0.18	-0.50	-0.29	-0.37	-0.16	0.25	0.44	0.74
EPS, diluted	0.18	0.23	-0.18	-0.50	-0.29	-0.37	-0.16	0.24	0.43	0.71
Shares, basic (weighted)	10.4	12	13.6	13.8		14.1	14.5	15.1	15.7	16.3
Shares, diluted (weighted)	10.8	12.4	13.6	13.8	13.9	14.1	14.5	15.3	16.2	16.8

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	42.9	22.6	62	6.2	13.5	11.9	9.53	10.9	19.2	30.5
Short-term investments		40		63.1	55.4	58.6	64.1	71.3	75.4	79.4
Receivables	4.39	20.3	20.4	11	12.4	10	11.1	13.4	19	20.2
Inventory	0.62	1.2	0.25	1.36	0.54	0.93	0.8	0.25	1.67	0.32
Other current assets	1.96	2.69	1.77	1.54	1.44	1.96	1.93	1.59	1.82	2.04
Total current assets	49.9	86.8	84.4	83.2	83.4	83.5	87.5	97.4	117	133
Property, plant and equipment	1.52	1.92	1.83	1.67	1.31	1.26	1.01	0.8	0.88	0.99
Lease right-of-use assets				5.84	2.95	1.81	2.46	1.65	3.42	2.9
Goodwill								1.24	1.24	1.24
Intangible assets								1.71	1.37	1.03
Total assets	54.6	91.9	89.5	96.4	93.6	91.7	101	108	131	145
Accounts payable	2.82	1.83	1.56	2.45	1.59	2.65	2.71	2.64	2.46	2.63
Accrued liabilities	2.08	3.43	2.28	1.36	1.72	3.36	3.26	6.62	5.36	5.19
Deferred revenue	2.59	2.6	0.27	0.83	3.15			1.47	6.85	1.1
Short-term debt		40
Total current liabilities	11	11.9	7.53	12.7	14.9	16.2	22.8	20.1	27.9	23
Lease liabilities				4.97	2.01	0.89	1.45	0.56	2.44	2.14
Total liabilities	14.4	15.5	11.1	22.5	21.6	21.5	28.2	25	34.9	30.9
Paid-in capital	98.3	131	136	138	140	143	149	155	161	167
Retained earnings	-56.1	-53.2	-55.3	-62.1	-66.1	-71.4	-73.6	-69.9	-62.9	-51
Other comprehensive income	-2.56	-2.52	-2.61	-2.63	-2.66	-2.62	-2.91	-3.03	-2.91	-2.92
Shareholders' equity	40.1	76.4	78.5	73.9	72	70.2	72.8	82.5	95.7	114
Total equity	40.1	76.4	78.5	73.9	72	70.2	72.8	82.5	95.7	114
Total liabilities and equity	54.6	91.9	89.5	96.4	93.6	91.7	101	108	131	145
Shares outstanding	11.6	13.4	13.7	13.8	13.9	14.2	14.7	15.3	15.9	16.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1.92	2.9	-2.42	-6.83	-3.99	-5.26	-2.26	3.71	6.97	12
Depreciation and amortization	0.29	0.54	0.66	0.75	0.7	0.54	0.48	0.62	0.68	0.69
Stock-based compensation	2.47	2.22	2.12	2.23	2.17	3.36	5.17	6.12	6.1	6.12
Change in receivables	-0.33	-15.9	0.01	9.3	-1.65	2.41	-1.04	-2.33	-5.64	-1.2
Change in inventory	0.79	-0.56	0.9	-1.14	0.81	-0.41	0.16	0.55	-1.42	1.27
Change in payables	1.27	-1.15	-0.18	1	-0.77
Cash from operations	9.45	-10.6	-1.95	6.84	-0.05	2	6.02	4.71	11.4	14.6
Capital expenditures	-1.33	-0.79	-0.66	-0.7	-0.43	-0.44	-0.15	-0.23	-0.43	-0.38
Acquisitions								-2.48
Cash from investing	-1.33	-40.8	39.3	-62.6	7.6	-3.5	-8.43	-3.59	-2.74	-4.01
Stock issued	21.3	0.89	2.13	0.02						0.34
Cash from financing	25.7	31.1	2.13	0.02	7.6	-3.5	-8.43			0.34
Exchange rate effect	0.35	-0.02	-0.15	-0.03	-0.2	-0.1
Net change in cash	34.2	-20.3	39.4	-55.8	7.35	-1.6	-2.42	1.37	8.35	11.2
Free cash flow	8.12	-11.4	-2.61	6.14	-0.48	1.57	5.87	4.47	11	14.2
Income taxes paid	0.02	0.08	0.03	0.12	0.13	0.08	0.1	0.19	0.28	0.49

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $10.36 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	76.0%	Gross profit / revenue.
Operating margin	11.6%	Operating income / revenue.
EBITDA margin	12.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.6%	Pre-tax income / revenue.
Net margin	16.8%	Net income / revenue.
FCF margin	19.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.4%	Cash from operations / revenue.
Effective tax rate	4.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.7%	Net income / average total assets.
Return on invested capital (ROIC)	9.9%	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	28.3%	Research and development expense / revenue.
Stock-based pay / revenue	8.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	20.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	17.7%	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	15.2%	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	169.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	138.9%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	72.1%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	65.1%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	28.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	34.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	29.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	34.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	19.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.2%	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	9.6%	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	11.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.8%	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	9.1%	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	4.2%	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	5.0%	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	3.9%	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	5.75x	Current assets / current liabilities.
Quick ratio	5.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.77x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	21.3%	Total liabilities / total assets.
Working capital	$109.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$111.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.52x	Revenue / average total assets.
Fixed asset turnover	76.6x	Revenue / average property, plant and equipment.
Inventory turnover	17.3x	Cost of revenue / average inventory.
Days inventory	21 days	365 x average inventory / cost of revenue.
Receivables turnover	3.64x	Revenue / average receivables.
Days sales outstanding	100 days	365 x average receivables / revenue.
Days payables	54 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	67 days	Days inventory + days sales outstanding - days payables.
FCF conversion	118.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.71	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	$0.74	Net income per basic share, as reported (split-adjusted).
Revenue per share	$4.25	Revenue / diluted weighted shares.
FCF per share	$0.84	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.87	Cash from operations / diluted weighted shares.
Book value per share	$6.88	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.74	Tangible book value / shares outstanding.
Cash per share	$6.62	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$172.9M	Share price x shares outstanding.
Enterprise value	$63.0M	Market cap + total debt - cash - short-term investments.
P/E	14.4x	Market cap / net income. Only when net income is positive.
P/S	2.42x	Market cap / revenue.
P/B	1.52x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.55x	Market cap / tangible book value, when positive.
P/FCF	12.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.8x	Market cap / cash from operations, when positive.
EV/Sales	0.88x	Enterprise value / revenue.
EV/EBIT	7.59x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.00x	Enterprise value / EBITDA, when both are positive.
EV/FCF	4.43x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.2%	Free cash flow / market cap.
Earnings yield	6.9%	Net income / market cap (the inverse of P/E).

What was RADCOM LTD's revenue in fiscal 2025?

RADCOM LTD reported revenue of $71.5M for fiscal 2025, 17.2% higher than the year before.

Was RADCOM LTD profitable in fiscal 2025?

Yes. Net income was $12.0M, a net margin of 16.8%.

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

Cash from operations of $14.6M minus capital expenditures of $384.0K left free cash flow of $14.2M.

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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