NASDAQ : AUDC
AudioCodes Ltd. — Financial statements
Technology · Communication Equipment · Israel
Last price 11.14 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 269.06M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
AudioCodes Ltd. (AUDC) reported revenue of 249.25M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 249.25M | 245.60M | 242.18M | 244.38M | 275.09M | 248.92M |
| Cost of Revenue | 85.39M | 85.97M | 84.02M | 86.03M | 96.31M | 78.03M |
| Gross Profit | 163.86M | 159.63M | 158.16M | 158.35M | 178.78M | 170.89M |
| Selling, General & Admin | 95.46M | 93.00M | 88.84M | 86.76M | 87.62M | 77.97M |
| Research & Development | 54.05M | 52.59M | 52.12M | 57.17M | 59.84M | 53.40M |
| Operating Expenses | 149.50M | 145.59M | 140.97M | 143.93M | 147.46M | 131.37M |
| Operating Income | 14.36M | 14.04M | 17.19M | 14.42M | 31.32M | 39.52M |
| Interest Expense | -621.00K | |||||
| Interest & Investment Income | 1.62M | 2.81M | 2.91M | 3.04M | 2.80M | 2.66M |
| Currency Exchange Gain (Loss) | -3.66M | -2.19M | -506.00K | -205.00K | 1.32M | -293.00K |
| Other Non Operating Income (Expenses) | -215.00K | -215.00K | -2.23M | -1.87M | -689.00K | -232.00K |
| EBT Excluding Unusual Items | 12.10M | 14.44M | 17.36M | 15.39M | 34.76M | 41.03M |
| Gain (Loss) on Sale of Investments | -865.00K | -865.00K | -2.27M | -1.01M | -576.00K | -1.39M |
| Pretax Income | 11.23M | 13.58M | 15.10M | 14.37M | 34.18M | 39.65M |
| Income Tax Expense | 4.17M | 4.62M | -215.00K | 5.59M | 5.72M | 5.90M |
| Net Income | 7.06M | 8.96M | 15.31M | 8.78M | 28.47M | 33.75M |
| Net Income to Common | 7.06M | 8.96M | 15.31M | 8.78M | 28.47M | 33.75M |
| Shares Outstanding (Basic) | 26.81M | 28.50M | 30.20M | 31.40M | 31.85M | 32.70M |
| Shares Outstanding (Diluted) | 27.30M | 28.98M | 30.64M | 31.58M | 32.50M | 33.85M |
| EPS (Basic) | 0.26 | 0.31 | 0.51 | 0.28 | 0.89 | 1.03 |
| EPS (Diluted) | 0.25 | 0.31 | 0.50 | 0.28 | 0.88 | 1.00 |
| Free Cash Flow | 21.59M | 22.89M | 10.97M | 8.93M | 6.79M | 46.17M |
| Free Cash Flow Per Share | 0.79 | 0.79 | 0.36 | 0.28 | 0.21 | 1.36 |
| Dividend Per Share | 0.40 | 0.40 | 0.36 | 0.36 | 0.36 | 0.35 |
| Gross Margin | 65.74% | 65.00% | 65.31% | 64.80% | 64.99% | 68.65% |
| Operating Margin | 5.76% | 5.72% | 7.10% | 5.90% | 11.39% | 15.88% |
| Profit Margin | 2.83% | 3.65% | 6.32% | 3.59% | 10.35% | 13.56% |
| Free Cash Flow Margin | 8.66% | 9.32% | 4.53% | 3.65% | 2.47% | 18.55% |
| EBITDA | 18.89M | 18.27M | 21.07M | 17.02M | 34.30M | 41.96M |
| EBITDA Margin | 7.58% | 7.44% | 8.70% | 6.96% | 12.47% | 16.86% |
| D&A For EBITDA | 4.53M | 4.24M | 3.88M | 2.60M | 2.98M | 2.43M |
| EBIT | 14.36M | 14.04M | 17.19M | 14.42M | 31.32M | 39.52M |
| EBIT Margin | 5.76% | 5.72% | 7.10% | 5.90% | 11.39% | 15.88% |
| Effective Tax Rate | 37.12% | 34.05% | 38.91% | 16.73% | 14.87% | |
| Revenue as Reported | 249.25M | 245.60M | 242.18M | 244.38M | 275.09M | 248.92M |
| Advertising Expenses | 2.56M | 2.43M | 1.94M | 1.73M | 582.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 51.41M | 45.28M | 58.75M | 30.55M | 24.54M | 79.42M |
| Short-Term Investments | 10.26M | 27.59M | 3.64M | 7.65M | 22.59M | 889.00K |
| Cash & Short-Term Investments | 61.67M | 72.87M | 62.38M | 38.20M | 47.12M | 80.31M |
| Accounts Receivable | 62.88M | 67.36M | 56.02M | 51.12M | 56.42M | 48.96M |
| Other Receivables | 18.58M | 10.50M | 9.89M | 8.84M | 9.18M | 7.75M |
| Receivables | 81.46M | 77.86M | 65.91M | 59.96M | 65.60M | 56.71M |
| Inventory | 23.76M | 22.03M | 31.46M | 43.96M | 36.38M | 23.99M |
| Restricted Cash | 5.10M | |||||
| Other Current Assets | 8.56M | 3.12M | 542.00K | 829.00K | 1.45M | |
| Total Current Assets | 166.89M | 181.32M | 162.88M | 142.66M | 149.93M | 167.55M |
| Property, Plant & Equipment | 61.21M | 59.33M | 59.85M | 47.60M | 17.48M | 20.85M |
| Long-Term Investments | 2.49M | 2.79M | 31.53M | 68.46M | 77.19M | 89.40M |
| Goodwill | 37.56M | 37.56M | 37.56M | 37.56M | 37.56M | |
| Other Intangible Assets | 37.56M | 19.00K | 489.00K | 1.02M | 1.57M | 2.37M |
| Long-Term Accounts Receivable | 10.79M | 13.06M | 15.75M | 16.80M | 13.10M | |
| Long-Term Deferred Tax Assets | 7.03M | 7.77M | 9.84M | 6.21M | 9.07M | 8.90M |
| Other Long-Term Assets | 23.06M | 21.16M | 18.00M | 17.20M | 17.93M | 22.72M |
| Total Assets | 309.02M | 323.02M | 335.90M | 337.52M | 323.83M | 349.36M |
| Accounts Payable | 9.44M | 6.42M | 7.54M | 7.56M | 11.34M | 7.86M |
| Accrued Expenses | 28.12M | 24.14M | 27.33M | 30.32M | 34.57M | |
| Current Portion of Leases | 7.43M | 6.63M | 5.95M | 7.88M | 8.17M | 8.14M |
| Current Unearned Revenue | 41.47M | 38.24M | 38.44M | 38.82M | 36.63M | 41.59M |
| Other Current Liabilities | 29.64M | 2.16M | 1.69M | 2.62M | 8.00M | 3.78M |
| Total Current Liabilities | 87.97M | 81.58M | 77.76M | 84.20M | 94.46M | 95.94M |
| Long-Term Leases | 33.94M | 31.35M | 30.51M | 31.40M | 5.55M | 11.39M |
| Long-Term Unearned Revenue | 22.23M | 19.70M | 19.06M | 16.91M | 15.95M | 13.64M |
| Other Long-Term Liabilities | 19.10M | 19.10M | 16.76M | 16.89M | 18.11M | 22.89M |
| Total Liabilities | 163.24M | 151.72M | 144.09M | 149.41M | 134.07M | 143.87M |
| Common Stock | 145.78M | 112.00K | 112.00K | 110.00K | 109.00K | 107.00K |
| Additional Paid-In Capital | 422.48M | 415.72M | 407.12M | 394.94M | 378.77M | |
| Retained Earnings | 23.22M | 25.20M | 20.79M | 23.41M | 6.49M | |
| Treasury Stock | -280.93M | -250.33M | -236.00M | -217.74M | -179.65M | |
| Comprehensive Income & Other | 6.42M | 1.11M | -3.90M | -10.95M | -223.00K | |
| Shareholders' Equity | 145.78M | 171.30M | 191.81M | 188.11M | 189.76M | 205.50M |
| Total Liabilities & Equity | 309.02M | 323.02M | 335.90M | 337.52M | 323.83M | 349.36M |
| Total Debt | 41.37M | 37.98M | 36.46M | 39.28M | 13.72M | 19.53M |
| Net Cash (Debt) | 20.30M | 34.89M | 54.44M | 64.65M | 109.35M | 150.09M |
| Net Cash Per Share | 0.74 | 1.20 | 1.78 | 2.05 | 3.36 | 4.43 |
| Filing Date Shares Outstanding | 24.59M | 25.89M | 29.47M | 30.32M | 31.80M | 31.90M |
| Total Common Shares Outstanding | 24.59M | 27.09M | 29.68M | 30.51M | 31.69M | 32.50M |
| Working Capital | 78.92M | 99.75M | 85.12M | 58.46M | 55.47M | 71.61M |
| Book Value Per Share | 5.93 | 6.32 | 6.46 | 6.17 | 5.99 | 6.32 |
| Tangible Book Value | 108.22M | 133.72M | 153.76M | 149.53M | 150.63M | 165.57M |
| Tangible Book Value Per Share | 4.40 | 4.94 | 5.18 | 4.90 | 4.75 | 5.09 |
| Machinery | 21.41M | 20.01M | 22.67M | 38.70M | 37.14M | |
| Leasehold Improvements | 22.45M | 22.04M | 8.75M | 3.38M | 3.18M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 7.06M | 8.96M | 15.31M | 8.78M | 28.47M | 33.75M |
| Depreciation & Amortization | 4.53M | 4.24M | 3.88M | 2.60M | 2.98M | 2.43M |
| Loss (Gain) From Sale of Investments | 325.00K | 400.00K | 2.00M | 1.35M | 1.51M | 1.59M |
| Stock-Based Compensation | 6.04M | 6.51M | 8.23M | 11.38M | 15.12M | 14.16M |
| Other Operating Activities | 959.00K | 574.00K | 313.00K | -218.00K | -892.00K | 54.00K |
| Change in Accounts Receivable | 1.24M | -8.65M | -3.85M | 1.60M | -20.57M | -14.44M |
| Change in Inventory | 2.41M | 9.25M | 12.28M | -7.79M | -12.65M | 4.50M |
| Change in Accounts Payable | 2.56M | -232.00K | -13.00K | -3.78M | 3.48M | 879.00K |
| Change in Unearned Revenue | 1.55M | 443.00K | 1.77M | 3.14M | -2.03M | 5.48M |
| Change in Other Net Operating Assets | -1.70M | 6.16M | -127.00K | -3.60M | -8.92M | -4.48M |
| Operating Cash Flow | 27.10M | 29.36M | 35.25M | 14.89M | 8.28M | 47.34M |
| Capital Expenditures | -5.51M | -6.47M | -24.28M | -5.96M | -1.49M | -1.17M |
| Cash Acquisitions | -1.10M | -2.80M | ||||
| Investment in Securities | 19.36M | 4.93M | 42.09M | 25.94M | -17.09M | 46.60M |
| Investing Cash Flow | 13.85M | -1.55M | 17.81M | 19.98M | -19.67M | 42.62M |
| Long-Term Debt Repaid | -1.20M | |||||
| Net Debt Issued (Repaid) | -1.20M | |||||
| Issuance of Common Stock | 78.00K | 251.00K | 368.00K | 802.00K | 1.05M | 2.44M |
| Repurchase of Common Stock | -41.33M | -30.60M | -14.33M | -18.26M | -38.10M | -41.85M |
| Common Dividends Paid | -10.90M | -10.93M | -10.90M | -11.40M | -11.55M | -10.87M |
| Financing Cash Flow | -52.15M | -41.28M | -24.86M | -28.86M | -48.60M | -51.48M |
| Net Cash Flow | -11.21M | -13.47M | 28.20M | 6.01M | -59.99M | 38.49M |
| Free Cash Flow | 21.59M | 22.89M | 10.97M | 8.93M | 6.79M | 46.17M |
| Free Cash Flow Margin | 8.66% | 9.32% | 4.53% | 3.65% | 2.47% | 18.55% |
| Free Cash Flow Per Share | 0.79 | 0.79 | 0.36 | 0.28 | 0.21 | 1.36 |
| Levered Free Cash Flow | 14.02M | 8.22M | -1.97M | 5.40M | 19.11M | 39.27M |
| Unlevered Free Cash Flow | 14.02M | 8.22M | -1.97M | 5.40M | 19.11M | 39.66M |
| Cash Interest Paid | 455.00K | |||||
| Cash Income Tax Paid | 3.79M | 3.79M | 5.78M | 4.20M | 4.02M | 1.58M |
| Change in Working Capital | 8.17M | 8.69M | 5.52M | -8.99M | -38.91M | -4.65M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 269.06M | 239.85M | 291.71M | 375.55M | 568.45M | 1.12B |
| Enterprise Value | 248.76M | 200.83M | 243.03M | 312.32M | 455.86M | 964.62M |
| Last Close Price | 11.14 | 8.32 | 8.95 | 10.76 | 15.51 | 29.70 |
| PE Ratio | 44.07 | 26.78 | 19.05 | 42.77 | 19.97 | 33.25 |
| Forward PE | 17.14 | 13.03 | 12.04 | 12.42 | 11.86 | 22.03 |
| PS Ratio | 1.08 | 0.98 | 1.21 | 1.54 | 2.07 | 4.51 |
| PB Ratio | 1.88 | 1.40 | 1.52 | 2.00 | 3.00 | 5.46 |
| P/TBV Ratio | 2.49 | 1.79 | 1.90 | 2.51 | 3.77 | 6.78 |
| P/FCF Ratio | 12.46 | 10.48 | 26.58 | 42.07 | 83.67 | 24.31 |
| P/OCF Ratio | 9.93 | 8.17 | 8.28 | 25.22 | 68.65 | 23.70 |
| PEG Ratio | 0.59 | 0.59 | 0.62 | 0.68 | 1.23 | |
| EV/Sales Ratio | 1.00 | 0.82 | 1.00 | 1.28 | 1.66 | 3.88 |
| EV/EBITDA Ratio | 13.17 | 10.99 | 11.53 | 18.35 | 13.29 | 22.99 |
| EV/EBIT Ratio | 17.33 | 14.30 | 14.14 | 21.65 | 14.55 | 24.41 |
| EV/FCF Ratio | 11.52 | 8.77 | 22.15 | 34.99 | 67.10 | 20.89 |
| Debt / Equity Ratio | 0.28 | 0.22 | 0.19 | 0.21 | 0.07 | 0.10 |
| Debt / EBITDA Ratio | 1.86 | 1.59 | 1.18 | 1.50 | 0.34 | 0.40 |
| Debt / FCF Ratio | 1.92 | 1.66 | 3.32 | 4.40 | 2.02 | 0.42 |
| Net Debt / Equity Ratio | -0.14 | -0.20 | -0.28 | -0.34 | -0.58 | -0.73 |
| Net Debt / EBITDA Ratio | -1.07 | -1.91 | -2.58 | -3.80 | -3.19 | -3.58 |
| Net Debt / FCF Ratio | -0.94 | -1.52 | -4.96 | -7.24 | -16.09 | -3.25 |
| Asset Turnover | 0.77 | 0.74 | 0.72 | 0.74 | 0.82 | 0.70 |
| Inventory Turnover | 3.40 | 3.21 | 2.23 | 2.14 | 3.19 | 2.93 |
| Quick Ratio | 1.63 | 1.85 | 1.65 | 1.17 | 1.19 | 1.43 |
| Current Ratio | 1.90 | 2.22 | 2.10 | 1.69 | 1.59 | 1.75 |
| Return on Equity (ROE) | 4.23% | 4.93% | 8.06% | 4.65% | 14.40% | 16.25% |
| Return on Assets (ROA) | 2.77% | 2.66% | 3.19% | 2.73% | 5.82% | 6.98% |
| Return on Invested Capital (ROIC) | 7.18% | 6.13% | 9.68% | 5.10% | 17.32% | 25.48% |
| Return on Capital Employed (ROCE) | 6.50% | 5.80% | 6.70% | 5.70% | 13.70% | 15.60% |
| Earnings Yield | 2.27% | 3.73% | 5.25% | 2.34% | 5.01% | 3.01% |
| FCF Yield | 8.02% | 9.54% | 3.76% | 2.38% | 1.20% | 4.11% |
| Dividend Yield | 3.59% | 4.52% | 3.66% | 2.92% | 2.01% | 1.01% |
| Payout Ratio | 158.25% | 122.10% | 71.17% | 129.83% | 40.58% | 32.19% |
| Buyback Yield / Dilution | 9.33% | 5.39% | 2.99% | 2.83% | 3.98% | -2.83% |
| Total Shareholder Return | 12.92% | 9.91% | 6.65% | 5.76% | 5.98% | -1.81% |