AUDCNasdaqTelephone & Telegraph ApparatusFiscal year ends December 31
AUDIOCODES LTD
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 30, 2026
$11.14−0.06 (-0.54%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 35.9
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
65.0%−2.9 pts over 5 years
Operating margin
5.7%−11.7 pts over 5 years
Net margin
3.6%−8.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1.4% | -3.7% | +2.2% | +5.8% | |
| Gross profit | +0.9% | -3.7% | +1.3% | +6.8% | |
| Operating income | -18.3% | -23.5% | -18.2% | +17.9% | |
| Net income | -41.5% | -32.0% | -20.0% | +37.7% | |
| EPS, diluted | -38.0% | -29.4% | -17.9% | +41.0% | |
| Free cash flow | +108.6% | +49.9% | -9.1% | +3.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 14.4% | 18.0% | 4.9% | |
| Return on assets | 8.6% | 9.0% | 2.7% | |
| Current ratio | 1.78 | 2.15 | 2.22 | |
| Interest coverage | 29.6× | 58.4× | – | |
| Inventory turnover | 3.5× | 2.5× | 3.2× | |
| Capex to revenue | 1.0% | 0.7% | 2.6% | |
| Diluted shares | 36M | 33M | 29M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Audiocodes generated $135.13M from operations and spent $238.16M on capital expenditure, dividends and share buybacks. 17% of that went back into the business.
Generated
$135.13M
Used
$238.16M
Capital expenditure$39.38M17%Dividends$55.65M23%Share buybacks$143.14M60%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin3.6%
×Asset turnover0.75×
×Equity multiplier1.81×
=Return on equity, FY20254.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 3.6% | 0.75× | 1.81× | 4.9% |
| FY2024 | 6.3% | 0.72× | 1.77× | 8.1% |
| FY2023 | 3.6% | 0.74× | 1.75× | 4.6% |
| FY2022 | 10.3% | 0.82× | 1.70× | 14.4% |
| FY2021 | 13.6% | 0.70× | 1.70× | 16.3% |
| FY2020 | 12.3% | 0.73× | 1.99× | 18.0% |
| FY2019 | 2.0% | 0.95× | 2.27× | 4.3% |
| FY2018 | 7.7% | 1.01× | 1.87× | 14.4% |
| FY2017 | 2.6% | 0.88× | 1.78× | 4.0% |
| FY2016 | 11.2% | 0.77× | 1.67× | 14.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$8.96M
- Cash generatingOperating cash flow above zero$29.36M
- Return on assets improvedROA up on the prior year4.5% → 2.7%
- Earnings backed by cashOperating cash flow above net income$29.36M vs $8.96M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.09 → 2.22
- No dilutionShare count did not rise31M → 29M
- Gross margin improvedGross margin up on the prior year65.31% → 65.00%
- More efficientAsset turnover rose0.72 → 0.73