AudioCodes Ltd (AUDC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.14	$0.15	+7.1%	—	$63M	—
Q1 26	$0.16	$0.14	-12.5%	—	$62.1M	—
Q4 25	$0.05	$0.07	+40.0%	—	$62.6M	—
Q3 25	$0.08	$0.17	+112.5%	—	$61.5M	—
Q2 25	$0.16	$0.14	-12.5%	—	$61.1M	—
Q1 25	$0.18	$0.15	-16.7%	—	$60.4M	—
Q4 24	$0.23	$0.37	+60.9%	—	$61.6M	—
Q3 24	$0.24	$0.16	-33.3%	—	$60.2M	—
Q2 24	$0.19	$0.18	-5.3%	—	$60.3M	—
Q1 24	$0.23	$0.17	-26.1%	—	$60.1M	—
Q4 23	$0.24	$0.28	+16.7%	—	$63.6M	—
Q3 23	$0.19	$0.25	+31.6%	—	$61.6M	—
Q2 23	$0.1	$0.16	+60.0%	—	$60M	—
Q1 23	$0.08	$0.08	0.0%	—	$59.2M	—
Q4 22	$0.37	$0.36	-2.7%	—	$70.7M	—
Q3 22	$0.35	$0.32	-8.6%	—	$69.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.31	—	—	$245.6M	—
FY24	—	$0.51	—	—	$242.2M	—
FY23	—	$0.28	—	—	$244.4M	—
FY22	—	$0.89	—	—	$275.1M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$145.6M	$156.7M	$176.2M	$200.3M	$220.8M	$248.9M	$275.1M	$244.4M	$242.2M	$245.6M
YoY change	+4.16%	+7.67%	+12.4%	+13.7%	+10.2%	+12.7%	+10.5%	-11.2%	-0.9%	+1.42%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	145.6M	156.7M	176.2M	200.3M	220.8M	248.9M	275.1M	244.4M	242.2M	245.6M
Cost of revenue	57.2M	58.9M	65.6M	105.3M	71M	78M	96.3M	86M	84M	86M
Gross profit	88.3M	97.8M	110.6M	95M	149.8M	170.9M	178.8M	158.3M	158.2M	159.6M
Gross margin	60.7%	62.4%	62.8%	47.4%	67.9%	68.7%	65%	64.8%	65.3%	65%
Research & development	29.1M	30.3M	34.7M	41.2M	46.1M	53.4M	59.8M	57.2M	52.1M	52.6M
Selling, general & administrative	51.4M	57.8M	59.6M	63.3M	65.4M	78M	87.6M	86.8M	88.8M	93M
Operating expenses	80.6M	88.2M	94.2M	104.5M	111.5M	131.4M	147.5M	143.9M	141M	145.6M
Operating income	7.8M	9.7M	16.4M	-9.6M	38.4M	39.5M	31.3M	14.4M	17.2M	14M
Operating margin	5.33%	6.16%	9.28%	-4.77%	17.4%	15.9%	11.4%	5.9%	7.1%	5.72%
Non-operating income, net	-1.5M	-643K	-366K	-2.3M	-2.1M	-1.7M	743K	-1.2M	-4.7M	-3.1M
Pretax income	7.6M	9.6M	16.6M	-11.3M	36.6M	39.6M	34.2M	14.4M	15.1M	13.6M
Income tax	-8.6M	5.6M	3.1M	-15.3M	9.4M	5.9M	5.7M	5.6M	-215K	4.6M
Net income	16.2M	4M	13.5M	4M	27.2M	33.8M	28.5M	8.8M	15.3M	9M
Net margin	11.2%	2.57%	7.66%	1.99%	12.3%	13.6%	10.3%	3.59%	6.32%	3.65%
EBITDA	11.4M	12.4M	19.2M	-6.9M	41.5M	43M	35.2M	18.4M	22.9M	—
EPS	0.46	0.13	0.47	0.14	0.87	1.03	0.89	0.28	0.51	0.31
Diluted EPS	0.45	0.13	0.45	0.13	0.83	1	0.88	0.28	0.5	0.31

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	61.6M	63.6M	60.1M	60.3M	60.2M	61.6M	60.4M	61.1M	61.5M	62.6M	62.1M	63M
Cost of revenue	20.7M	21.2M	21.4M	20.8M	20.9M	20.8M	21.2M	22M	21.3M	21.5M	21M	21.6M
Gross profit	40.9M	42.4M	38.7M	39.5M	39.3M	40.7M	39.1M	39.1M	40.3M	41.1M	41.1M	41.4M
Gross margin	66.5%	66.7%	64.4%	65.5%	65.2%	66.2%	64.8%	64.1%	65.5%	65.6%	66.2%	65.7%
Research & development	14M	13.8M	13.9M	13.2M	12.7M	12.3M	13M	12.9M	13.2M	13.5M	14.1M	13.3M
Selling, general & administrative	21.2M	21.4M	21.5M	21.4M	21.8M	24.3M	22.5M	23.7M	23M	23.9M	23.7M	24.9M
Operating expenses	35.2M	35.2M	35.4M	34.5M	34.4M	36.6M	35.5M	36.5M	36.2M	37.4M	37.8M	38.2M
Operating income	5.8M	7.2M	3.3M	4.9M	4.9M	4.1M	3.6M	2.6M	4.1M	3.7M	3.4M	3.2M
Operating margin	9.38%	11.4%	5.46%	8.19%	8.09%	6.66%	6.04%	4.26%	6.6%	5.96%	5.41%	5.08%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	6.3M	5.5M	3.3M	5.3M	4.3M	2.2M	5.4M	1.4M	4.1M	2.7M	3M	1.4M
Income tax	2M	1.8M	1.2M	1.6M	1.6M	-4.6M	1.3M	1.1M	1.4M	785K	1M	962K
Net income	4.3M	3.7M	2.1M	3.8M	2.7M	6.8M	4M	306K	2.7M	1.9M	2M	477K
Net margin	6.9%	5.75%	3.47%	6.26%	4.45%	11%	6.65%	0.5%	4.44%	3.04%	3.14%	0.76%
EBITDA	6.4M	9.4M	3.8M	6.2M	5.9M	3.4M	4.6M	3.6M	5.2M	4.6M	4.4M	4.3M
EPS	0.14	0.12	0.07	0.12	0.09	0.23	0.14	0.01	0.1	0.07	0.07	0.02
Diluted EPS	0.14	0.12	0.07	0.12	0.09	0.22	0.13	0.01	0.1	0.07	0.07	0.02

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	285.8M	751.5M	866.2M	1.1B	569.8M	379M	293.8M	248.8M	254.8M
Enterprise value	—	—	228.5M	720.6M	769.8M	1.1B	536.4M	380.1M	267.9M	213.9M	241.8M
Shares outstanding	35.2M	31.1M	28.9M	29.3M	31.4M	32.7M	31.8M	31.4M	30.2M	28.5M	28.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	21.2	189	31.8	33.7	20	43.2	19.2	27.8	42.4
P/S	—	—	1.62	3.75	3.92	4.56	2.07	1.55	1.21	1.01	1.03
P/B	—	—	3.02	8.13	4.13	5.53	3	2.01	1.53	1.45	1.79
EV/EBITDA	—	—	11.9	-104.4	18.5	25	15.2	20.7	11.7	—	12.8
EV/Sales	—	—	1.3	3.6	3.49	4.32	1.95	1.56	1.11	0.87	0.97
Earnings yield	—	—	4.72%	0.53%	3.15%	2.97%	5%	2.32%	5.21%	3.6%	2.36%
FCF yield	—	—	8.48%	2.82%	4.27%	4.06%	1.19%	2.36%	3.74%	9.2%	5.5%
PEG	—	—	—	—	—	—	—	—	—	—	0.42

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	60.7%	62.4%	62.8%	47.4%	67.9%	68.7%	65%	64.8%	65.3%	65%	65.7%
Operating margin	5.33%	6.16%	9.28%	-4.77%	17.4%	15.9%	11.4%	5.9%	7.1%	5.72%	5.08%
Net margin	11.2%	2.57%	7.66%	1.99%	12.3%	13.6%	10.3%	3.59%	6.32%	3.65%	2.83%
ROE	14.9%	4.36%	14.3%	4.3%	13%	16.4%	15%	4.67%	7.98%	5.23%	4.23%
ROA	8.68%	2.36%	7.52%	1.63%	7.61%	9.66%	8.79%	2.6%	4.56%	2.77%	2.77%
ROIC	9.01%	6.01%	35.7%	-15.5%	25.1%	23.2%	16.7%	4.66%	10.4%	6.79%	7.19%
Return on tangible assets	14.9%	4.26%	12.9%	2.34%	9.58%	12.5%	11.6%	3.37%	5.89%	3.61%	2.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.78	1.71	2.08	1.53	2.15	1.75	1.59	1.69	2.09	2.22	1.9
Quick ratio	1.42	1.34	1.67	1.2	1.84	1.5	1.2	1.17	1.69	1.95	1.63
Debt / equity	0.11	0.09	0.07	0.38	0.14	0.1	0.07	0.21	0.19	0.22	0.28
Debt / assets	0.06	0.05	0.03	0.14	0.08	0.06	0.04	0.12	0.11	0.12	0.13
Net debt / EBITDA	-1.99	-2.03	-2.99	4.47	-2.32	-1.41	-0.95	0.06	-1.13	—	-1.09
Interest coverage	30	33.8	63.4	-56.1	56.8	64.8	106.2	10.2	52	73.2	73.2
Effective tax rate	0%	58.2%	18.7%	0%	25.6%	14.9%	16.7%	38.9%	0%	34%	37.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.14	5.04	6.09	6.85	7.02	7.61	8.64	7.78	8.03	8.62	9.3
EPS (basic)	0.46	0.13	0.47	0.14	0.87	1.03	0.89	0.28	0.51	0.31	0.31
EPS (diluted)	0.45	0.13	0.45	0.13	0.83	1	0.88	0.28	0.5	0.31	0.25
Book value per share	3.09	2.97	3.27	3.16	6.67	6.28	5.96	5.99	6.36	6.01	5.93
FCF per share	0.48	0.52	0.84	0.73	1.18	1.41	0.21	0.28	0.36	0.8	0.84
Cash per share	0.98	1.1	2.19	2.26	4.01	2.46	1.48	1.22	2.07	2.56	2.51
Capex per share	0.04	0.05	0.05	0.07	0.05	0.04	0.05	0.19	0.8	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.01%	1%	0.76%	0.97%	0.69%	0.47%	0.54%	2.44%	10%	—	—
Capex / operating cash flow	8.62%	10.1%	5.67%	9.42%	4.48%	3.15%	13.3%	29.6%	78.1%	—	—
Payout ratio	0%	0%	42.7%	169%	31%	32.2%	40.6%	129.8%	71.2%	122.1%	160%
Dividend yield	—	—	2.02%	0.89%	0.97%	0.96%	2.03%	3.01%	3.71%	4.39%	3.78%

Yield

3.78%

trailing twelve months

Frequency

Semi-annual

Last dividend

$0.20

ex-dividend Aug 19, 2026

Payout ratio

160%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 19, 2026	$0.20
Feb 20, 2026	$0.20
Aug 14, 2025	$0.20
Feb 20, 2025	$0.18
Aug 15, 2024	$0.18
Feb 16, 2024	$0.18
Aug 16, 2023	$0.18
Feb 17, 2023	$0.18

Split history

Date	Ratio

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$61.6M	$63.6M	$60.1M	$60.3M	$60.2M	$61.6M	$60.4M	$61.1M	$61.5M	$62.6M	$62.1M	$63M
YoY change	-11.7%	-10%	+1.46%	+0.47%	-2.19%	-3.15%	+0.5%	+1.29%	+2.16%	+1.71%	+2.93%	+3.08%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	34.5M	34.1M	63.5M	66.2M	126.2M	80.3M	47.1M	38.2M	62.4M	72.9M
Receivables	25.4M	22.1M	22.3M	27.5M	34.5M	49M	56.4M	51.1M	56M	67.4M
Inventory	16.3M	16.6M	22.6M	28.3M	29.2M	24M	36.4M	44M	31.5M	22M
Total current assets	79.7M	77.4M	114.3M	132.6M	203.6M	167.6M	149.9M	142.7M	162.9M	181.3M
Property, plant & equipment	3.9M	3.8M	3.9M	34.1M	30M	20.9M	17.5M	47.6M	59.9M	59.3M
Goodwill & intangibles	78.1M	76.4M	75M	74.2M	73.6M	79.9M	78.3M	77.2M	76.1M	75.2M
Total assets	187M	170.9M	179.4M	244.3M	358.1M	349.4M	323.8M	337.5M	335.9M	323M
Accounts payable	7.7M	5.6M	6.2M	6.6M	7M	7.9M	11.3M	7.6M	7.5M	6.4M
Short-term debt	3.5M	2.5M	2.5M	11.1M	10.4M	8.1M	8.2M	7.9M	6M	6.6M
Total current liabilities	44.7M	45.4M	54.9M	86.7M	94.8M	95.9M	94.5M	84.2M	77.8M	81.6M
Long-term debt	8.5M	6.2M	3.7M	24.3M	19.4M	11.4M	5.6M	31.4M	30.5M	31.3M
Total liabilities	78.3M	78.6M	84.8M	151.8M	148.3M	143.9M	134.1M	149.4M	144.1M	151.7M
Shareholders' equity	108.7M	92.4M	94.5M	92.5M	209.9M	205.5M	189.8M	188.1M	191.8M	171.3M
Total debt	11.9M	8.8M	6.2M	35.3M	29.8M	19.5M	13.7M	39.3M	36.5M	38M
Net debt	-12.4M	-15.5M	-25.3M	-29.4M	-11.1M	-59.9M	-10.8M	8.7M	-22.3M	-7.3M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	31.9M	38.2M	45.9M	42.2M	48M	62.4M	66.5M	79.2M	74M	72.9M	65.6M	61.7M
Receivables	49.6M	51.1M	49M	55M	58.1M	56M	56.1M	58.6M	68.5M	67.4M	56.6M	62.9M
Inventory	44.8M	44M	40.7M	37.9M	33.7M	31.5M	28.6M	26.4M	24.1M	22M	22.9M	23.8M
Total current assets	134.8M	142.7M	144.4M	144.2M	151.8M	162.9M	161.8M	181.6M	186M	181.3M	164.6M	166.9M
Property, plant & equipment	45.8M	47.6M	52.5M	56.1M	58.4M	59.9M	60.3M	59.6M	59.7M	59.3M	58.5M	61.2M
Goodwill & intangibles	38.7M	77.2M	38.4M	38.3M	38.2M	76.1M	37.9M	37.8M	37.6M	75.2M	37.6M	37.6M
Total assets	329.5M	337.5M	336.1M	329.8M	326.4M	335.9M	330.5M	339.8M	331.8M	323M	305.7M	309M
Accounts payable	6.6M	7.6M	7.3M	5.1M	5.5M	7.5M	6.6M	7.5M	10.2M	6.4M	7.7M	9.4M
Short-term debt	6.4M	7.9M	6.5M	5.9M	5.9M	6M	5.8M	6.2M	6.4M	6.6M	6.5M	7.4M
Total current liabilities	86.9M	84.2M	86.6M	77.4M	74.8M	77.8M	80.4M	83.9M	89.1M	81.6M	82M	88M
Long-term debt	30M	31.4M	31.4M	31M	30.7M	30.5M	29.3M	31.1M	31M	31.3M	30.8M	33.9M
Total liabilities	150.3M	149.4M	152.5M	141.6M	139.5M	144.1M	144.6M	151.8M	158.1M	151.7M	151.6M	163.2M
Shareholders' equity	179.2M	188.1M	183.6M	188.1M	186.9M	191.8M	185.9M	188.1M	173.7M	171.3M	154.1M	145.8M
Total debt	36.4M	39.3M	37.9M	37M	36.6M	36.5M	35.1M	37.3M	37.4M	38M	37.4M	41.4M
Net debt	8.7M	8.7M	7.5M	16.1M	13.1M	-22.3M	-28M	-25.4M	-11.5M	-7.3M	-3.5M	-10M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	16.2M	4M	13.5M	4M	27.2M	33.8M	28.5M	8.8M	15.3M	9M
Depreciation & amortization	2.9M	2.4M	2.3M	2M	2.3M	2.4M	3M	2.6M	3.9M	4.2M
Stock-based compensation	2.4M	2.3M	3.3M	5.3M	8.8M	14.2M	15.1M	11.4M	8.2M	6.5M
Change in working capital	-4.5M	6.3M	4.6M	9.2M	-4.1M	-13.2M	-34.5M	-2.4M	3.4M	453K
Operating cash flow	17.1M	15.5M	23.6M	20.7M	34.2M	37.2M	11.2M	20.1M	31.1M	29.4M
Capital expenditure	-1.5M	-1.6M	-1.3M	-1.9M	-1.5M	-1.2M	-1.5M	-6M	-24.3M	—
Investing cash flow	14.1M	8.4M	-1.1M	29.6M	-139.3M	127.2M	-24.7M	20M	17.8M	4.9M
Dividends paid	0	0	-5.8M	-6.7M	-8.4M	-10.9M	-11.6M	-11.4M	-10.9M	-10.9M
Share repurchases	-29.4M	-25.6M	-14.3M	-8M	0	-41.9M	-38.1M	-18.3M	-14.3M	-30.6M
Financing cash flow	-29M	-29.1M	-22.7M	-17.6M	74.5M	-53.9M	-49.7M	-29.7M	-25.2M	-41.5M
Net change in cash	2.2M	-5.2M	-195K	32.7M	-30.6M	110.5M	-63.1M	10.5M	23.7M	-7.2M
Free cash flow	16.9M	16.2M	24.2M	21.2M	36.9M	46.2M	6.8M	8.9M	11M	22.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	4.3M	3.7M	2.1M	3.8M	2.7M	6.8M	4M	306K	2.7M	1.9M	2M	477K
Depreciation & amortization	652K	624K	523K	1.3M	1M	1.1M	954K	959K	1.2M	1.1M	1.1M	1.1M
Stock-based compensation	2.6M	2.4M	2.1M	2.1M	2M	1.9M	1.6M	1.7M	1.6M	1.6M	1.4M	1.4M
Change in working capital	-5.9M	1.8M	11.7M	-10.2M	1.1M	765K	9.2M	-4.6M	-1.1M	-3.1M	14.5M	1.7M
Operating cash flow	1.6M	8.6M	16.5M	-3M	6.8M	10.8M	15.8M	7.7M	4.1M	4.1M	12.8M	6.1M
Capital expenditure	-2M	-664K	-6.8M	-8.5M	-5.5M	-3.5M	-1.5M	—	—	—	—	—
Investing cash flow	5.9M	-674K	-6.3M	-5.5M	3.8M	25.7M	1.4M	46K	2.1M	-52K	3M	14.3M
Dividends paid	-5.7M	0	-5.5M	0	-5.4M	0	-5.3M	0	-5.6M	0	-5.3M	0
Share repurchases	-9M	-6.3M	-3.6M	-1.2M	-3.6M	-6M	-5.2M	-6.6M	-12.7M	-6.1M	-13.7M	-8.9M
Financing cash flow	-14.7M	-6.3M	-9M	-1.2M	-9M	-6M	-10.5M	-6.6M	-18.3M	-6.1M	-19M	-8.9M
Net change in cash	-7.3M	1.7M	1.2M	-9.6M	1.6M	30.5M	6.7M	1.2M	-12.2M	-2M	-3.1M	11.5M
Free cash flow	-1.9M	8.6M	8.2M	-11.4M	2.3M	11.8M	12M	5.9M	2.5M	2.5M	11.6M	5M

AudioCodes Ltd Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement