AudioCodes Ltd. (AUDC) 10-Year Financial Performance & Capital Metrics

AUDC • • Industrial / General

TechnologyCommunication EquipmentEnterprise Networking & Unified CommunicationsUnified Communications & Collaboration

AboutAudioCodes Ltd. provides advanced communications software, products, and productivity solutions for the digital workplace. The company offers solutions, products, and services for unified communications, contact centers, VoiceAI business line, and service provider business. Its products include session border controllers, life cycle management solutions, VoIP network routing solutions, media gateways and servers, multi-service business routers, IP phones solutions, and value-added applications, as well as professional services. The company also offers One Voice Operations Center, a voice network management solution; Device Manager for administering business phones and meeting room solutions; AudioCodes Routing Manager for handling call routing in VoIP networks; and User Management Pack 365 simplifies user lifecycle and identity management across Microsoft Teams and Skype for Business deployments. In addition, it provides AudioCodes Live for Microsoft Teams, a portfolio of managed services for simplifying Teams adoption; appliances for Microsoft Skype/Teams for Business such as survivable branch appliances, CCE, and CloudBond 365; and a range of value-added voice applications comprising SmartTAP, Voca, VoiceAI Connect, and Meeting Insights. Further, the company offers managed services; and AudioCodes Live Cloud, a Microsoft Teams software as a service solution that enables service providers to offer their business customers a seamless migration to Microsoft Teams. It primarily markets and sells its products through a direct sales force and sales representatives to original equipment manufacturers, network equipment providers, and systems integrators and distributors in the telecommunications and networking industries. The company primarily operates in the Americas, Europe, the Far East, and Israel. AudioCodes Ltd. was incorporated in 1992 and is headquartered in Lod, Israel.Show more

Revenue $242M -0.9%
EBITDA $21M +23.8%
Net Income $15M +74.4%
EPS (Diluted) 0.50 +78.6%
Gross Margin 65.31% +0.8%
EBITDA Margin 8.7% +24.9%
Operating Margin 7.1% +20.3%
Net Margin 6.32% +76.0%
ROE 8.06% +73.4%
ROIC 7.04% +22.2%
Debt/Equity 0.19 -9.0%
Interest Coverage 58.08 +1204.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 30.9%
✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 4.1%
✓Share count reduced 3.0% through buybacks
✓Trading at only 1.4x book value

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.8%

5Y3.87%

3Y-0.91%

TTM0.15%

Profit (Net Income) CAGR

10Y-

5Y30.95%

3Y-23.16%

TTM13.44%

EPS CAGR

10Y-

5Y30.92%

3Y-20.63%

TTM15.21%

ROCE

10Y Avg7.99%

5Y Avg11.84%

3Y Avg8.56%

Latest6.72%

Peer Comparison

Unified Communications & Collaboration

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HLITHarmonic Inc.	1.15B	10.22	30.97	11.65%	7.81%	11.2%	4.6%	0.32
AUDCAudioCodes Ltd.	248.06M	8.65	17.30	-0.9%	5.65%	7.96%	4.42%	0.19
BOXLBoxlight Corporation	1.25M	1.31	-0.10	-23.1%	-28.94%	-341.07%
MITQMoving iMage Technologies, Inc.	7.65M	0.77	-8.05	-9.89%	-2.24%	-7.7%	5.71%	0.24
CLROClearOne, Inc.	15.6M	6.97	-18.84	-39.13%	-324.91%	-6.75%		0.04

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	139.76M	145.57M	156.74M	176.22M	200.29M	220.77M	248.92M	275.09M	244.38M	242.18M
Revenue Growth %	-0.08%	0.04%	0.08%	0.12%	0.14%	0.1%	0.13%	0.11%	-0.11%	-0.01%
Cost of Goods Sold+	56.97M	57.23M	58.89M	65.62M	105.33M	70.96M	78.03M	96.31M	86.03M	84.02M
COGS % of Revenue	0.41%	0.39%	0.38%	0.37%	0.53%	0.32%	0.31%	0.35%	0.35%	0.35%
Gross Profit+	82.79M	88.34M	97.84M	110.61M	94.96M	149.82M	170.89M	178.78M	158.35M	158.16M
Gross Margin %	0.59%	0.61%	0.62%	0.63%	0.47%	0.68%	0.69%	0.65%	0.65%	0.65%
Gross Profit Growth %	-0.07%	0.07%	0.11%	0.13%	-0.14%	0.58%	0.14%	0.05%	-0.11%	-0%
Operating Expenses+	80.08M	80.59M	88.19M	94.25M	104.51M	111.47M	131.37M	147.46M	143.93M	140.97M
OpEx % of Revenue	0.57%	0.55%	0.56%	0.53%	0.52%	0.5%	0.53%	0.54%	0.59%	0.58%
Selling, General & Admin	52.09M	51.45M	57.85M	59.59M	63.31M	65.39M	77.97M	87.62M	86.76M	88.84M
SG&A % of Revenue	0.37%	0.35%	0.37%	0.34%	0.32%	0.3%	0.31%	0.32%	0.35%	0.37%
Research & Development	28M	29.14M	30.35M	34.66M	41.2M	46.07M	53.4M	59.84M	57.17M	52.13M
R&D % of Revenue	0.2%	0.2%	0.19%	0.2%	0.21%	0.21%	0.21%	0.22%	0.23%	0.22%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	2.71M	7.75M	9.65M	16.36M	-9.55M	38.35M	39.52M	31.32M	14.42M	17.19M
Operating Margin %	0.02%	0.05%	0.06%	0.09%	-0.05%	0.17%	0.16%	0.11%	0.06%	0.07%
Operating Income Growth %	-0.23%	1.87%	0.24%	0.7%	-1.58%	5.01%	0.03%	-0.21%	-0.54%	0.19%
EBITDA+	5.67M	10.65M	12.09M	18.67M	-7.51M	40.62M	41.96M	34.3M	17.02M	21.07M
EBITDA Margin %	0.04%	0.07%	0.08%	0.11%	-0.04%	0.18%	0.17%	0.12%	0.07%	0.09%
EBITDA Growth %	-0.16%	0.88%	0.14%	0.54%	-1.4%	6.41%	0.03%	-0.18%	-0.5%	0.24%
D&A (Non-Cash Add-back)	2.96M	2.89M	2.44M	2.31M	2.04M	2.27M	2.43M	2.98M	2.6M	3.88M
EBIT	3.43M	7.86M	9.93M	16.85M	-10.71M	37.3M	41.91M	36.38M	15.94M	17.19M
Net Interest Income+	1.74M	1.3M	642K	241K	410K	255K	428K	2.45M	129K	2.61M
Interest Income	2.3M	1.85M	1.21M	1.13M	1.01M	1.25M	2.69M	2.8M	3.37M	2.91M
Interest Expense	564K	545K	567K	884K	600K	1M	2.26M	358K	3.24M	296K
Other Income/Expense	442K	-160K	-10K	228K	-1.76M	-1.7M	123K	2.86M	-52K	-2.1M
Pretax Income+	3.15M	7.59M	9.64M	16.59M	-11.31M	36.65M	39.65M	34.18M	14.37M	15.1M
Pretax Margin %	0.02%	0.05%	0.06%	0.09%	-0.06%	0.17%	0.16%	0.12%	0.06%	0.06%
Income Tax+	2.78M	-8.64M	5.61M	3.09M	-15.29M	9.4M	5.9M	5.72M	5.59M	-215K
Effective Tax Rate %	0.12%	2.14%	0.42%	0.81%	-0.35%	0.74%	0.85%	0.83%	0.61%	1.01%
Net Income+	366K	16.24M	4.03M	13.49M	3.98M	27.25M	33.75M	28.47M	8.78M	15.31M
Net Margin %	0%	0.11%	0.03%	0.08%	0.02%	0.12%	0.14%	0.1%	0.04%	0.06%
Net Income Growth %	5.26%	43.37%	-0.75%	2.35%	-0.71%	5.85%	0.24%	-0.16%	-0.69%	0.74%
Net Income (Continuing)	366K	16.24M	4.03M	13.49M	3.98M	27.25M	33.75M	28.47M	8.78M	15.31M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.01	0.45	0.13	0.45	0.13	0.83	1.00	0.88	0.28	0.50
EPS Growth %	-	44%	-0.71%	2.46%	-0.71%	5.38%	0.2%	-0.12%	-0.68%	0.79%
EPS (Basic)	0.01	0.46	0.13	0.47	0.14	0.87	1.03	0.89	0.28	0.51
Diluted Shares Outstanding	40.56M	35.78M	32.17M	30.22M	30.8M	32.92M	33.85M	32.5M	31.58M	30.64M
Basic Shares Outstanding	40.18M	35.17M	31.1M	28.93M	29.25M	31.44M	32.7M	31.85M	31.4M	30.2M
Dividend Payout Ratio	-	-	-	0.43%	1.69%	0.31%	0.32%	0.41%	1.3%	0.71%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	73.85M	79.68M	77.38M	109.87M	132.59M	203.64M	167.55M	149.93M	142.66M	162.88M
Cash & Short-Term Investments	21.39M	31.12M	31.32M	51.1M	66.19M	126.2M	80.31M	47.12M	38.2M	62.38M
Cash Only	18.91M	24.34M	24.23M	31.5M	64.77M	40.93M	79.42M	24.54M	30.76M	58.75M
Short-Term Investments	2.48M	6.78M	7.09M	19.6M	1.42M	85.27M	889K	22.59M	7.44M	3.64M
Accounts Receivable	30.03M	28.82M	26.75M	28.16M	33.13M	34.52M	58.15M	56.42M	51.13M	56.02M
Days Sales Outstanding	78.42	72.27	62.3	58.33	60.37	57.07	85.27	74.86	76.36	84.43
Inventory	16.78M	16.33M	16.56M	23.3M	28.27M	29.19M	23.99M	36.38M	43.96M	31.46M
Days Inventory Outstanding	107.49	104.17	102.65	129.62	97.98	150.17	112.21	137.86	186.5	136.69
Other Current Assets	0	6.78M	7.43M	0	5M	13.73M	5.1M	10.01M	9.38M	13.01M
Total Non-Current Assets+	115.41M	107.3M	93.56M	66.3M	111.73M	154.48M	181.81M	173.9M	194.86M	173.03M
Property, Plant & Equipment	4.09M	3.87M	3.83M	3.87M	34.08M	30.02M	20.85M	17.48M	47.6M	59.85M
Fixed Asset Turnover	34.17x	37.64x	40.87x	45.59x	5.88x	7.35x	11.94x	15.74x	5.13x	4.05x
Goodwill	36.22M	36.22M	36.22M	36.22M	36.22M	36.22M	37.56M	37.56M	37.56M	37.56M
Intangible Assets	4.02M	2.83M	2M	1.25M	901K	569K	2.37M	1.57M	1.02M	489K
Long-Term Investments	50.29M	29.54M	20.48M	17.52M	0	54.9M	89.31M	90.29M	85.26M	31.53M
Other Non-Current Assets	19.12M	23.23M	24.34M	3.09M	20.06M	20.69M	22.82M	17.93M	17.2M	33.76M
Total Assets+	189.26M	186.98M	170.94M	176.17M	244.32M	358.12M	349.36M	323.83M	337.52M	335.9M
Asset Turnover	0.74x	0.78x	0.92x	1.00x	0.82x	0.62x	0.71x	0.85x	0.72x	0.72x
Asset Growth %	-0.06%	-0.01%	-0.09%	0.03%	0.39%	0.47%	-0.02%	-0.07%	0.04%	-0%
Total Current Liabilities+	45.59M	44.73M	45.36M	51.74M	86.66M	94.76M	95.94M	94.46M	84.2M	77.76M
Accounts Payable	7.3M	7.71M	5.64M	6.19M	6.63M	6.98M	7.86M	11.34M	7.56M	7.54M
Days Payables Outstanding	46.8	49.17	34.95	34.42	22.97	35.92	36.78	42.97	32.06	32.77
Short-Term Debt	5.34M	3.45M	2.52M	2.49M	2.47M	1.2M	0	8.17M	7.88M	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	11.55M	11.31M	8.09M	26.73M	25.93M	31.58M	24.51M	20.32M	13.23M	63.18M
Current Ratio	1.62x	1.78x	1.71x	2.12x	1.53x	2.15x	1.75x	1.59x	1.69x	2.09x
Quick Ratio	1.25x	1.42x	1.34x	1.67x	1.20x	1.84x	1.50x	1.20x	1.17x	1.69x
Cash Conversion Cycle	139.12	127.27	130	153.53	135.38	171.31	160.7	169.75	230.8	188.35
Total Non-Current Liabilities+	26.22M	33.59M	33.2M	29.88M	65.19M	53.51M	47.92M	39.61M	65.21M	66.33M
Long-Term Debt	6.03M	8.49M	6.24M	3.69M	1.2M	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	23.1M	19.44M	11.39M	5.55M	31.4M	30.51M
Deferred Tax Liabilities	13.02M	11.47M	12.61M	21.25M	0	0	0	0	0	0
Other Non-Current Liabilities	22.86M	25.09M	26.96M	26.19M	31.06M	34.07M	22.89M	34.06M	33.8M	35.82M
Total Liabilities	71.81M	78.32M	78.56M	81.63M	151.85M	148.27M	143.87M	134.07M	149.41M	144.09M
Total Debt+	11.37M	11.94M	8.76M	6.17M	35.35M	29.81M	19.53M	13.72M	39.28M	36.46M
Net Debt	-7.54M	-12.4M	-15.48M	-25.33M	-29.42M	-11.12M	-59.89M	-10.81M	8.52M	-22.29M
Debt / Equity	0.10x	0.11x	0.09x	0.07x	0.38x	0.14x	0.10x	0.07x	0.21x	0.19x
Debt / EBITDA	2.01x	1.12x	0.72x	0.33x	-	0.73x	0.47x	0.40x	2.31x	1.73x
Net Debt / EBITDA	-1.33x	-1.16x	-1.28x	-1.36x	-	-0.27x	-1.43x	-0.32x	0.50x	-1.06x
Interest Coverage	4.80x	14.23x	17.02x	18.51x	-15.92x	38.35x	17.49x	87.48x	4.45x	58.08x
Total Equity+	117.45M	108.66M	92.38M	94.55M	92.47M	209.85M	205.5M	189.76M	188.11M	191.81M
Equity Growth %	-0.12%	-0.07%	-0.15%	0.02%	-0.02%	1.27%	-0.02%	-0.08%	-0.01%	0.02%
Book Value per Share	2.90	3.04	2.87	3.13	3.00	6.38	6.07	5.84	5.96	6.26
Total Shareholders' Equity	117.45M	108.66M	92.38M	94.55M	92.47M	209.85M	205.5M	189.76M	188.11M	191.81M
Common Stock	112K	101K	93K	92K	94K	105K	107K	109K	110K	112K
Retained Earnings	-60.51M	-44.4M	-40.37M	-32.46M	-35.2M	-16.39M	6.49M	23.41M	20.79M	25.2M
Treasury Stock	-60.54M	-89.92M	-115.48M	-129.79M	-137.79M	-137.79M	-179.65M	-217.74M	-236M	-250.33M
Accumulated OCI	-137K	-203K	-44K	-276K	0	1.77M	-223K	-10.95M	-3.9M	1.11M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	17.56M	18.34M	17.77M	25.58M	23.17M	38.48M	47.34M	8.28M	14.89M	35.25M
Operating CF Margin %	0.13%	0.13%	0.11%	0.15%	0.12%	0.17%	0.19%	0.03%	0.06%	0.15%
Operating CF Growth %	1.95%	0.04%	-0.03%	0.44%	-0.09%	0.66%	0.23%	-0.83%	0.8%	1.37%
Net Income	366K	16.24M	4.03M	13.49M	3.98M	27.25M	33.75M	28.47M	8.78M	15.31M
Depreciation & Amortization	2.96M	2.89M	2.44M	2.31M	2.04M	2.27M	2.43M	2.98M	2.6M	3.88M
Stock-Based Compensation	2.37M	2.41M	2.31M	3.29M	5.29M	8.77M	14.16M	15.12M	11.38M	8.23M
Deferred Taxes	2.94M	1.98M	-9.47M	-9.47M	0	8.33M	3.41M	1.78M	1.44M	0
Other Non-Cash Items	-1.78M	-889K	10.45M	9.8M	79K	-8.16M	-1.82M	-1.18M	492K	2.31M
Working Capital Changes	10.7M	-4.29M	8.02M	6.17M	11.78M	17K	-4.59M	-38.89M	-9.79M	5.52M
Change in Receivables	5.58M	174K	3.39M	2.98M	-4.96M	-7.02M	-14.44M	-20.57M	2.23M	-7.48M
Change in Inventory	-2.01M	445K	-230K	-6.99M	-5.92M	-1.52M	4.5M	-12.65M	-7.79M	12.28M
Change in Payables	-2.99M	406K	-2.07M	549K	440K	356K	879K	3.48M	-3.78M	-13K
Cash from Investing+	4.33M	14.06M	8.4M	-1.09M	29.6M	-139.31M	42.62M	-19.67M	19.98M	17.81M
Capital Expenditures	-1.98M	-1.48M	-1.57M	-1.34M	-1.95M	-1.53M	-1.17M	-1.49M	-5.96M	-24.28M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0.01%	0.02%	0.1%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	62.26M	4.22M	662K	-80K	10.96M	-82.8M	0	0	25.94M	0
Cash from Financing+	-17.78M	-26.97M	-26.28M	-17.22M	-14.5M	77.09M	-51.48M	-48.6M	-28.86M	-24.86M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	-5.76M	-6.72M	-8.44M	-10.87M	-11.55M	-11.4M	-10.9M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	159K	1.78M	2.79M	5.37M	2.69M	2.61M	0	1.05M	802K	368K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	15.59M	16.86M	16.19M	24.24M	21.22M	36.95M	46.17M	6.79M	8.93M	10.97M
FCF Margin %	0.11%	0.12%	0.1%	0.14%	0.11%	0.17%	0.19%	0.02%	0.04%	0.05%
FCF Growth %	3.7%	0.08%	-0.04%	0.5%	-0.12%	0.74%	0.25%	-0.85%	0.31%	0.23%
FCF per Share	0.38	0.47	0.50	0.80	0.69	1.12	1.36	0.21	0.28	0.36
FCF Conversion (FCF/Net Income)	47.98x	1.13x	4.41x	1.90x	5.83x	1.41x	1.40x	0.29x	1.70x	2.30x
Interest Paid	329K	363K	297K	267K	205K	204K	455K	0	0	0
Taxes Paid	301K	612K	741K	933K	1.1M	835K	1.58M	4.02M	4.2M	5.78M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	0.29%	14.36%	4.01%	14.44%	4.25%	18.03%	16.25%	14.4%	4.65%	8.06%
Return on Invested Capital (ROIC)	1.7%	5.64%	8.36%	16.79%	-10.83%	21.97%	17.22%	14.47%	5.76%	7.04%
Gross Margin	59.24%	60.69%	62.43%	62.76%	47.41%	67.86%	68.65%	64.99%	64.8%	65.31%
Net Margin	0.26%	11.15%	2.57%	7.66%	1.99%	12.34%	13.56%	10.35%	3.59%	6.32%
Debt / Equity	0.10x	0.11x	0.09x	0.07x	0.38x	0.14x	0.10x	0.07x	0.21x	0.19x
Interest Coverage	4.80x	14.23x	17.02x	18.51x	-15.92x	38.35x	17.49x	87.48x	4.45x	58.08x
FCF Conversion	47.98x	1.13x	4.41x	1.90x	5.83x	1.41x	1.40x	0.29x	1.70x	2.30x
Revenue Growth	-7.8%	4.16%	7.67%	12.43%	13.66%	10.23%	12.75%	10.51%	-11.16%	-0.9%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Service	-	-	-	-	-	-	-	-	120.39M	130.21M
Service Growth	-	-	-	-	-	-	-	-	-	8.16%
Products	-	-	-	-	-	-	-	-	123.99M	111.97M
Products Growth	-	-	-	-	-	-	-	-	-	-9.70%
Grant	-	-	-	5.73M	1.32M	388K	570K	624K	-	-
Grant Growth	-	-	-	-	-76.93%	-70.67%	46.91%	9.47%	-	-
Networking	123.79M	131.92M	143.14M	-	-	-	-	-	-	-
Networking Growth	-	6.57%	8.50%	-	-	-	-	-	-	-
Technology	15.96M	13.65M	13.6M	-	-	-	-	-	-	-
Technology Growth	-	-14.51%	-0.34%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	72.08M	74.16M	81.05M	86.64M	97.45M	103.19M	-	139.58M	126.42M	125.2M
Americas Growth	-	2.89%	9.29%	6.89%	12.49%	5.89%	-	-	-9.43%	-0.96%
Europe	38.87M	39.13M	49.23M	59.19M	72.96M	75.49M	88.75M	87.68M	78.94M	76.62M
Europe Growth	-	0.67%	25.80%	20.24%	23.25%	3.47%	17.56%	-1.20%	-9.97%	-2.93%
Eastern Asia	-	-	-	-	-	-	-	42.11M	35.35M	32.74M
Eastern Asia Growth	-	-	-	-	-	-	-	-	-16.04%	-7.37%
Israel	6.41M	6.06M	2.22M	-	-	-	5.38M	5.72M	3.67M	7.6M
Israel Growth	-	-5.50%	-63.36%	-	-	-	-	6.38%	-35.82%	107.00%
Americas, principally the U.S.	-	-	-	-	-	-	115.81M	-	-	-
Americas, principally the U.S. Growth	-	-	-	-	-	-	-	-	-	-
Far East	22.39M	26.21M	24.24M	25.89M	27.23M	36.08M	38.99M	-	-	-
Far East Growth	-	17.07%	-7.54%	6.80%	5.20%	32.50%	8.05%	-	-	-
ISRAEL	-	-	-	4.51M	-	-	-	-	-	-
ISRAEL Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

AudioCodes Ltd. (AUDC) has a price-to-earnings (P/E) ratio of 17.3x. This is roughly in line with market averages.

Growth & Financials

AudioCodes Ltd. (AUDC) reported $244.6M in revenue for fiscal year 2024. This represents a 57% increase from $155.8M in 2011.

AudioCodes Ltd. (AUDC) saw revenue decline by 0.9% over the past year.

Yes, AudioCodes Ltd. (AUDC) is profitable, generating $13.8M in net income for fiscal year 2024 (6.3% net margin).

Dividend & Returns

Yes, AudioCodes Ltd. (AUDC) pays a dividend with a yield of 4.11%. This makes it attractive for income-focused investors.

AudioCodes Ltd. (AUDC) has a return on equity (ROE) of 8.1%. This is below average, suggesting room for improvement.

AudioCodes Ltd. (AUDC) generated $33.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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AudioCodes Ltd. (AUDC) 10-Year Financial Performance & Capital Metrics

AUDC • • Industrial / General

TechnologyCommunication EquipmentEnterprise Networking & Unified CommunicationsUnified Communications & Collaboration

Revenue $242M -0.9%
EBITDA $21M +23.8%
Net Income $15M +74.4%
EPS (Diluted) 0.50 +78.6%
Gross Margin 65.31% +0.8%
EBITDA Margin 8.7% +24.9%
Operating Margin 7.1% +20.3%
Net Margin 6.32% +76.0%
ROE 8.06% +73.4%
ROIC 7.04% +22.2%
Debt/Equity 0.19 -9.0%
Interest Coverage 58.08 +1204.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 30.9%
✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 4.1%
✓Share count reduced 3.0% through buybacks
✓Trading at only 1.4x book value

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.8%

5Y3.87%

3Y-0.91%

TTM0.15%

Profit (Net Income) CAGR

10Y-

5Y30.95%

3Y-23.16%

TTM13.44%

EPS CAGR

10Y-

5Y30.92%

3Y-20.63%

TTM15.21%

ROCE

10Y Avg7.99%

5Y Avg11.84%

3Y Avg8.56%

Latest6.72%

Peer Comparison

Unified Communications & Collaboration

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HLITHarmonic Inc.	1.15B	10.22	30.97	11.65%	7.81%	11.2%	4.6%	0.32
AUDCAudioCodes Ltd.	248.06M	8.65	17.30	-0.9%	5.65%	7.96%	4.42%	0.19
BOXLBoxlight Corporation	1.25M	1.31	-0.10	-23.1%	-28.94%	-341.07%
MITQMoving iMage Technologies, Inc.	7.65M	0.77	-8.05	-9.89%	-2.24%	-7.7%	5.71%	0.24
CLROClearOne, Inc.	15.6M	6.97	-18.84	-39.13%	-324.91%	-6.75%		0.04

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	139.76M	145.57M	156.74M	176.22M	200.29M	220.77M	248.92M	275.09M	244.38M	242.18M
Revenue Growth %	-0.08%	0.04%	0.08%	0.12%	0.14%	0.1%	0.13%	0.11%	-0.11%	-0.01%
Cost of Goods Sold+	56.97M	57.23M	58.89M	65.62M	105.33M	70.96M	78.03M	96.31M	86.03M	84.02M
COGS % of Revenue	0.41%	0.39%	0.38%	0.37%	0.53%	0.32%	0.31%	0.35%	0.35%	0.35%
Gross Profit+	82.79M	88.34M	97.84M	110.61M	94.96M	149.82M	170.89M	178.78M	158.35M	158.16M
Gross Margin %	0.59%	0.61%	0.62%	0.63%	0.47%	0.68%	0.69%	0.65%	0.65%	0.65%
Gross Profit Growth %	-0.07%	0.07%	0.11%	0.13%	-0.14%	0.58%	0.14%	0.05%	-0.11%	-0%
Operating Expenses+	80.08M	80.59M	88.19M	94.25M	104.51M	111.47M	131.37M	147.46M	143.93M	140.97M
OpEx % of Revenue	0.57%	0.55%	0.56%	0.53%	0.52%	0.5%	0.53%	0.54%	0.59%	0.58%
Selling, General & Admin	52.09M	51.45M	57.85M	59.59M	63.31M	65.39M	77.97M	87.62M	86.76M	88.84M
SG&A % of Revenue	0.37%	0.35%	0.37%	0.34%	0.32%	0.3%	0.31%	0.32%	0.35%	0.37%
Research & Development	28M	29.14M	30.35M	34.66M	41.2M	46.07M	53.4M	59.84M	57.17M	52.13M
R&D % of Revenue	0.2%	0.2%	0.19%	0.2%	0.21%	0.21%	0.21%	0.22%	0.23%	0.22%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	2.71M	7.75M	9.65M	16.36M	-9.55M	38.35M	39.52M	31.32M	14.42M	17.19M
Operating Margin %	0.02%	0.05%	0.06%	0.09%	-0.05%	0.17%	0.16%	0.11%	0.06%	0.07%
Operating Income Growth %	-0.23%	1.87%	0.24%	0.7%	-1.58%	5.01%	0.03%	-0.21%	-0.54%	0.19%
EBITDA+	5.67M	10.65M	12.09M	18.67M	-7.51M	40.62M	41.96M	34.3M	17.02M	21.07M
EBITDA Margin %	0.04%	0.07%	0.08%	0.11%	-0.04%	0.18%	0.17%	0.12%	0.07%	0.09%
EBITDA Growth %	-0.16%	0.88%	0.14%	0.54%	-1.4%	6.41%	0.03%	-0.18%	-0.5%	0.24%
D&A (Non-Cash Add-back)	2.96M	2.89M	2.44M	2.31M	2.04M	2.27M	2.43M	2.98M	2.6M	3.88M
EBIT	3.43M	7.86M	9.93M	16.85M	-10.71M	37.3M	41.91M	36.38M	15.94M	17.19M
Net Interest Income+	1.74M	1.3M	642K	241K	410K	255K	428K	2.45M	129K	2.61M
Interest Income	2.3M	1.85M	1.21M	1.13M	1.01M	1.25M	2.69M	2.8M	3.37M	2.91M
Interest Expense	564K	545K	567K	884K	600K	1M	2.26M	358K	3.24M	296K
Other Income/Expense	442K	-160K	-10K	228K	-1.76M	-1.7M	123K	2.86M	-52K	-2.1M
Pretax Income+	3.15M	7.59M	9.64M	16.59M	-11.31M	36.65M	39.65M	34.18M	14.37M	15.1M
Pretax Margin %	0.02%	0.05%	0.06%	0.09%	-0.06%	0.17%	0.16%	0.12%	0.06%	0.06%
Income Tax+	2.78M	-8.64M	5.61M	3.09M	-15.29M	9.4M	5.9M	5.72M	5.59M	-215K
Effective Tax Rate %	0.12%	2.14%	0.42%	0.81%	-0.35%	0.74%	0.85%	0.83%	0.61%	1.01%
Net Income+	366K	16.24M	4.03M	13.49M	3.98M	27.25M	33.75M	28.47M	8.78M	15.31M
Net Margin %	0%	0.11%	0.03%	0.08%	0.02%	0.12%	0.14%	0.1%	0.04%	0.06%
Net Income Growth %	5.26%	43.37%	-0.75%	2.35%	-0.71%	5.85%	0.24%	-0.16%	-0.69%	0.74%
Net Income (Continuing)	366K	16.24M	4.03M	13.49M	3.98M	27.25M	33.75M	28.47M	8.78M	15.31M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.01	0.45	0.13	0.45	0.13	0.83	1.00	0.88	0.28	0.50
EPS Growth %	-	44%	-0.71%	2.46%	-0.71%	5.38%	0.2%	-0.12%	-0.68%	0.79%
EPS (Basic)	0.01	0.46	0.13	0.47	0.14	0.87	1.03	0.89	0.28	0.51
Diluted Shares Outstanding	40.56M	35.78M	32.17M	30.22M	30.8M	32.92M	33.85M	32.5M	31.58M	30.64M
Basic Shares Outstanding	40.18M	35.17M	31.1M	28.93M	29.25M	31.44M	32.7M	31.85M	31.4M	30.2M
Dividend Payout Ratio	-	-	-	0.43%	1.69%	0.31%	0.32%	0.41%	1.3%	0.71%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	73.85M	79.68M	77.38M	109.87M	132.59M	203.64M	167.55M	149.93M	142.66M	162.88M
Cash & Short-Term Investments	21.39M	31.12M	31.32M	51.1M	66.19M	126.2M	80.31M	47.12M	38.2M	62.38M
Cash Only	18.91M	24.34M	24.23M	31.5M	64.77M	40.93M	79.42M	24.54M	30.76M	58.75M
Short-Term Investments	2.48M	6.78M	7.09M	19.6M	1.42M	85.27M	889K	22.59M	7.44M	3.64M
Accounts Receivable	30.03M	28.82M	26.75M	28.16M	33.13M	34.52M	58.15M	56.42M	51.13M	56.02M
Days Sales Outstanding	78.42	72.27	62.3	58.33	60.37	57.07	85.27	74.86	76.36	84.43
Inventory	16.78M	16.33M	16.56M	23.3M	28.27M	29.19M	23.99M	36.38M	43.96M	31.46M
Days Inventory Outstanding	107.49	104.17	102.65	129.62	97.98	150.17	112.21	137.86	186.5	136.69
Other Current Assets	0	6.78M	7.43M	0	5M	13.73M	5.1M	10.01M	9.38M	13.01M
Total Non-Current Assets+	115.41M	107.3M	93.56M	66.3M	111.73M	154.48M	181.81M	173.9M	194.86M	173.03M
Property, Plant & Equipment	4.09M	3.87M	3.83M	3.87M	34.08M	30.02M	20.85M	17.48M	47.6M	59.85M
Fixed Asset Turnover	34.17x	37.64x	40.87x	45.59x	5.88x	7.35x	11.94x	15.74x	5.13x	4.05x
Goodwill	36.22M	36.22M	36.22M	36.22M	36.22M	36.22M	37.56M	37.56M	37.56M	37.56M
Intangible Assets	4.02M	2.83M	2M	1.25M	901K	569K	2.37M	1.57M	1.02M	489K
Long-Term Investments	50.29M	29.54M	20.48M	17.52M	0	54.9M	89.31M	90.29M	85.26M	31.53M
Other Non-Current Assets	19.12M	23.23M	24.34M	3.09M	20.06M	20.69M	22.82M	17.93M	17.2M	33.76M
Total Assets+	189.26M	186.98M	170.94M	176.17M	244.32M	358.12M	349.36M	323.83M	337.52M	335.9M
Asset Turnover	0.74x	0.78x	0.92x	1.00x	0.82x	0.62x	0.71x	0.85x	0.72x	0.72x
Asset Growth %	-0.06%	-0.01%	-0.09%	0.03%	0.39%	0.47%	-0.02%	-0.07%	0.04%	-0%
Total Current Liabilities+	45.59M	44.73M	45.36M	51.74M	86.66M	94.76M	95.94M	94.46M	84.2M	77.76M
Accounts Payable	7.3M	7.71M	5.64M	6.19M	6.63M	6.98M	7.86M	11.34M	7.56M	7.54M
Days Payables Outstanding	46.8	49.17	34.95	34.42	22.97	35.92	36.78	42.97	32.06	32.77
Short-Term Debt	5.34M	3.45M	2.52M	2.49M	2.47M	1.2M	0	8.17M	7.88M	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	11.55M	11.31M	8.09M	26.73M	25.93M	31.58M	24.51M	20.32M	13.23M	63.18M
Current Ratio	1.62x	1.78x	1.71x	2.12x	1.53x	2.15x	1.75x	1.59x	1.69x	2.09x
Quick Ratio	1.25x	1.42x	1.34x	1.67x	1.20x	1.84x	1.50x	1.20x	1.17x	1.69x
Cash Conversion Cycle	139.12	127.27	130	153.53	135.38	171.31	160.7	169.75	230.8	188.35
Total Non-Current Liabilities+	26.22M	33.59M	33.2M	29.88M	65.19M	53.51M	47.92M	39.61M	65.21M	66.33M
Long-Term Debt	6.03M	8.49M	6.24M	3.69M	1.2M	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	23.1M	19.44M	11.39M	5.55M	31.4M	30.51M
Deferred Tax Liabilities	13.02M	11.47M	12.61M	21.25M	0	0	0	0	0	0
Other Non-Current Liabilities	22.86M	25.09M	26.96M	26.19M	31.06M	34.07M	22.89M	34.06M	33.8M	35.82M
Total Liabilities	71.81M	78.32M	78.56M	81.63M	151.85M	148.27M	143.87M	134.07M	149.41M	144.09M
Total Debt+	11.37M	11.94M	8.76M	6.17M	35.35M	29.81M	19.53M	13.72M	39.28M	36.46M
Net Debt	-7.54M	-12.4M	-15.48M	-25.33M	-29.42M	-11.12M	-59.89M	-10.81M	8.52M	-22.29M
Debt / Equity	0.10x	0.11x	0.09x	0.07x	0.38x	0.14x	0.10x	0.07x	0.21x	0.19x
Debt / EBITDA	2.01x	1.12x	0.72x	0.33x	-	0.73x	0.47x	0.40x	2.31x	1.73x
Net Debt / EBITDA	-1.33x	-1.16x	-1.28x	-1.36x	-	-0.27x	-1.43x	-0.32x	0.50x	-1.06x
Interest Coverage	4.80x	14.23x	17.02x	18.51x	-15.92x	38.35x	17.49x	87.48x	4.45x	58.08x
Total Equity+	117.45M	108.66M	92.38M	94.55M	92.47M	209.85M	205.5M	189.76M	188.11M	191.81M
Equity Growth %	-0.12%	-0.07%	-0.15%	0.02%	-0.02%	1.27%	-0.02%	-0.08%	-0.01%	0.02%
Book Value per Share	2.90	3.04	2.87	3.13	3.00	6.38	6.07	5.84	5.96	6.26
Total Shareholders' Equity	117.45M	108.66M	92.38M	94.55M	92.47M	209.85M	205.5M	189.76M	188.11M	191.81M
Common Stock	112K	101K	93K	92K	94K	105K	107K	109K	110K	112K
Retained Earnings	-60.51M	-44.4M	-40.37M	-32.46M	-35.2M	-16.39M	6.49M	23.41M	20.79M	25.2M
Treasury Stock	-60.54M	-89.92M	-115.48M	-129.79M	-137.79M	-137.79M	-179.65M	-217.74M	-236M	-250.33M
Accumulated OCI	-137K	-203K	-44K	-276K	0	1.77M	-223K	-10.95M	-3.9M	1.11M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	17.56M	18.34M	17.77M	25.58M	23.17M	38.48M	47.34M	8.28M	14.89M	35.25M
Operating CF Margin %	0.13%	0.13%	0.11%	0.15%	0.12%	0.17%	0.19%	0.03%	0.06%	0.15%
Operating CF Growth %	1.95%	0.04%	-0.03%	0.44%	-0.09%	0.66%	0.23%	-0.83%	0.8%	1.37%
Net Income	366K	16.24M	4.03M	13.49M	3.98M	27.25M	33.75M	28.47M	8.78M	15.31M
Depreciation & Amortization	2.96M	2.89M	2.44M	2.31M	2.04M	2.27M	2.43M	2.98M	2.6M	3.88M
Stock-Based Compensation	2.37M	2.41M	2.31M	3.29M	5.29M	8.77M	14.16M	15.12M	11.38M	8.23M
Deferred Taxes	2.94M	1.98M	-9.47M	-9.47M	0	8.33M	3.41M	1.78M	1.44M	0
Other Non-Cash Items	-1.78M	-889K	10.45M	9.8M	79K	-8.16M	-1.82M	-1.18M	492K	2.31M
Working Capital Changes	10.7M	-4.29M	8.02M	6.17M	11.78M	17K	-4.59M	-38.89M	-9.79M	5.52M
Change in Receivables	5.58M	174K	3.39M	2.98M	-4.96M	-7.02M	-14.44M	-20.57M	2.23M	-7.48M
Change in Inventory	-2.01M	445K	-230K	-6.99M	-5.92M	-1.52M	4.5M	-12.65M	-7.79M	12.28M
Change in Payables	-2.99M	406K	-2.07M	549K	440K	356K	879K	3.48M	-3.78M	-13K
Cash from Investing+	4.33M	14.06M	8.4M	-1.09M	29.6M	-139.31M	42.62M	-19.67M	19.98M	17.81M
Capital Expenditures	-1.98M	-1.48M	-1.57M	-1.34M	-1.95M	-1.53M	-1.17M	-1.49M	-5.96M	-24.28M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0.01%	0.02%	0.1%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	62.26M	4.22M	662K	-80K	10.96M	-82.8M	0	0	25.94M	0
Cash from Financing+	-17.78M	-26.97M	-26.28M	-17.22M	-14.5M	77.09M	-51.48M	-48.6M	-28.86M	-24.86M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	-5.76M	-6.72M	-8.44M	-10.87M	-11.55M	-11.4M	-10.9M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	159K	1.78M	2.79M	5.37M	2.69M	2.61M	0	1.05M	802K	368K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	15.59M	16.86M	16.19M	24.24M	21.22M	36.95M	46.17M	6.79M	8.93M	10.97M
FCF Margin %	0.11%	0.12%	0.1%	0.14%	0.11%	0.17%	0.19%	0.02%	0.04%	0.05%
FCF Growth %	3.7%	0.08%	-0.04%	0.5%	-0.12%	0.74%	0.25%	-0.85%	0.31%	0.23%
FCF per Share	0.38	0.47	0.50	0.80	0.69	1.12	1.36	0.21	0.28	0.36
FCF Conversion (FCF/Net Income)	47.98x	1.13x	4.41x	1.90x	5.83x	1.41x	1.40x	0.29x	1.70x	2.30x
Interest Paid	329K	363K	297K	267K	205K	204K	455K	0	0	0
Taxes Paid	301K	612K	741K	933K	1.1M	835K	1.58M	4.02M	4.2M	5.78M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	0.29%	14.36%	4.01%	14.44%	4.25%	18.03%	16.25%	14.4%	4.65%	8.06%
Return on Invested Capital (ROIC)	1.7%	5.64%	8.36%	16.79%	-10.83%	21.97%	17.22%	14.47%	5.76%	7.04%
Gross Margin	59.24%	60.69%	62.43%	62.76%	47.41%	67.86%	68.65%	64.99%	64.8%	65.31%
Net Margin	0.26%	11.15%	2.57%	7.66%	1.99%	12.34%	13.56%	10.35%	3.59%	6.32%
Debt / Equity	0.10x	0.11x	0.09x	0.07x	0.38x	0.14x	0.10x	0.07x	0.21x	0.19x
Interest Coverage	4.80x	14.23x	17.02x	18.51x	-15.92x	38.35x	17.49x	87.48x	4.45x	58.08x
FCF Conversion	47.98x	1.13x	4.41x	1.90x	5.83x	1.41x	1.40x	0.29x	1.70x	2.30x
Revenue Growth	-7.8%	4.16%	7.67%	12.43%	13.66%	10.23%	12.75%	10.51%	-11.16%	-0.9%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Service	-	-	-	-	-	-	-	-	120.39M	130.21M
Service Growth	-	-	-	-	-	-	-	-	-	8.16%
Products	-	-	-	-	-	-	-	-	123.99M	111.97M
Products Growth	-	-	-	-	-	-	-	-	-	-9.70%
Grant	-	-	-	5.73M	1.32M	388K	570K	624K	-	-
Grant Growth	-	-	-	-	-76.93%	-70.67%	46.91%	9.47%	-	-
Networking	123.79M	131.92M	143.14M	-	-	-	-	-	-	-
Networking Growth	-	6.57%	8.50%	-	-	-	-	-	-	-
Technology	15.96M	13.65M	13.6M	-	-	-	-	-	-	-
Technology Growth	-	-14.51%	-0.34%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	72.08M	74.16M	81.05M	86.64M	97.45M	103.19M	-	139.58M	126.42M	125.2M
Americas Growth	-	2.89%	9.29%	6.89%	12.49%	5.89%	-	-	-9.43%	-0.96%
Europe	38.87M	39.13M	49.23M	59.19M	72.96M	75.49M	88.75M	87.68M	78.94M	76.62M
Europe Growth	-	0.67%	25.80%	20.24%	23.25%	3.47%	17.56%	-1.20%	-9.97%	-2.93%
Eastern Asia	-	-	-	-	-	-	-	42.11M	35.35M	32.74M
Eastern Asia Growth	-	-	-	-	-	-	-	-	-16.04%	-7.37%
Israel	6.41M	6.06M	2.22M	-	-	-	5.38M	5.72M	3.67M	7.6M
Israel Growth	-	-5.50%	-63.36%	-	-	-	-	6.38%	-35.82%	107.00%
Americas, principally the U.S.	-	-	-	-	-	-	115.81M	-	-	-
Americas, principally the U.S. Growth	-	-	-	-	-	-	-	-	-	-
Far East	22.39M	26.21M	24.24M	25.89M	27.23M	36.08M	38.99M	-	-	-
Far East Growth	-	17.07%	-7.54%	6.80%	5.20%	32.50%	8.05%	-	-	-
ISRAEL	-	-	-	4.51M	-	-	-	-	-	-
ISRAEL Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

AudioCodes Ltd. (AUDC) has a price-to-earnings (P/E) ratio of 17.3x. This is roughly in line with market averages.

Growth & Financials

AudioCodes Ltd. (AUDC) reported $244.6M in revenue for fiscal year 2024. This represents a 57% increase from $155.8M in 2011.

AudioCodes Ltd. (AUDC) saw revenue decline by 0.9% over the past year.

Yes, AudioCodes Ltd. (AUDC) is profitable, generating $13.8M in net income for fiscal year 2024 (6.3% net margin).

Dividend & Returns

Yes, AudioCodes Ltd. (AUDC) pays a dividend with a yield of 4.11%. This makes it attractive for income-focused investors.

AudioCodes Ltd. (AUDC) has a return on equity (ROE) of 8.1%. This is below average, suggesting room for improvement.

AudioCodes Ltd. (AUDC) generated $33.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.