BK Technologies Corporation (BKTI) 10-Year Financial Performance & Capital Metrics

BKTI • • Industrial / General

TechnologyCommunication EquipmentSpecialized Communication EquipmentProfessional Radio Systems

AboutBK Technologies Corporation, through its subsidiary, BK Technologies, Inc., engages in design, manufacture, and markets wireless communications products in the United States and internationally. The company offers two-way land mobile radios (LMR), repeaters, base stations, and related components and subsystems. Its BK Technologies, BKR, and BK Radio branded products include LMR equipment for professional radio users primarily in government, public safety, and military applications, as well as P-25 digital products; and RELM branded products provide two-way communications for commercial and industrial concerns, such as hotels, construction firms, schools, and transportation services. The company was incorporated in 1997 and is headquartered in West Melbourne, Florida.Show more

Revenue $77M +3.4%
EBITDA $10M +1009.6%
Net Income $8M +474.8%
EPS (Diluted) 2.25 +446.2%
Gross Margin 37.93% +26.4%
EBITDA Margin 12.43% +973.4%
Operating Margin 10.22% +1074.6%
Net Margin 10.91% +462.6%
ROE 32.69% +403.8%
ROIC 23.38% +1165.8%
Debt/Equity 0.04 -89.0%
Interest Coverage 29.43 +2277.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 86 (top 14%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 13.8%
✓Trading near 52-week high

✗Weaknesses

✗Expensive at 10.8x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.48%

5Y13.82%

3Y19.08%

TTM10.12%

Profit (Net Income) CAGR

10Y17.81%

5Y-

3Y-

TTM159.74%

EPS CAGR

10Y14.32%

5Y-

3Y-

TTM141.1%

ROCE

10Y Avg-1.98%

5Y Avg-2.8%

3Y Avg-4.63%

Latest23.54%

Peer Comparison

Professional Radio Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VIAVViavi Solutions Inc.	4.21B	18.85	125.67	8.39%	1.33%	2.1%	1.47%	0.89
MSIMotorola Solutions, Inc.	65.7B	394.44	42.73	8.41%	18.7%	90.27%	3.25%	3.81
BKTIBK Technologies Corporation	323.17M	86.59	38.48	3.37%	15.71%	31.66%	3.16%	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+	29.72M	50.69M	39.4M	49.38M	40.1M	44.14M	45.36M	50.95M	74.09M	76.59M
Revenue Growth %	-0.04%	0.71%	-0.22%	0.25%	-0.19%	0.1%	0.03%	0.12%	0.45%	0.03%
Cost of Goods Sold+	17.44M	33.61M	29.84M	29.4M	24.45M	26.11M	29.1M	41.11M	51.86M	47.54M
COGS % of Revenue	0.59%	0.66%	0.76%	0.6%	0.61%	0.59%	0.64%	0.81%	0.7%	0.62%
Gross Profit+	12.28M	17.08M	9.55M	19.98M	15.65M	18.03M	16.26M	9.84M	22.24M	29.05M
Gross Margin %	0.41%	0.34%	0.24%	0.4%	0.39%	0.41%	0.36%	0.19%	0.3%	0.38%
Gross Profit Growth %	-0.07%	0.39%	-0.44%	1.09%	-0.22%	0.15%	-0.1%	-0.39%	1.26%	0.31%
Operating Expenses+	10.85M	12.79M	14.58M	17.55M	20.04M	17.04M	17.46M	20.93M	23.01M	21.22M
OpEx % of Revenue	0.37%	0.25%	0.37%	0.36%	0.5%	0.39%	0.38%	0.41%	0.31%	0.28%
Selling, General & Admin	10.85M	12.79M	14.58M	17.55M	20.04M	17.04M	17.46M	20.93M	23.01M	21.22M
SG&A % of Revenue	0.37%	0.25%	0.37%	0.36%	0.5%	0.39%	0.38%	0.41%	0.31%	0.28%
Research & Development	0	0	0	0	9.8M	0	8.2M	9.6M	9.33M	7.84M
R&D % of Revenue	-	-	-	-	0.24%	-	0.18%	0.19%	0.13%	0.1%
Other Operating Expenses	-45K	-22K	-106K	0	-9.8M	0	-8.2M	-9.6M	-9.33M	-7.84M
Operating Income+	1.43M	4.29M	-5.03M	2.42M	-4.38M	994K	-1.2M	-11.08M	-777K	7.83M
Operating Margin %	0.05%	0.08%	-0.13%	0.05%	-0.11%	0.02%	-0.03%	-0.22%	-0.01%	0.1%
Operating Income Growth %	-0.43%	2%	-2.17%	1.48%	-2.81%	1.23%	-2.2%	-8.27%	0.93%	11.07%
EBITDA+	2.34M	5.23M	-4.08M	3.35M	-3.17M	2.34M	198K	-9.66M	858K	9.52M
EBITDA Margin %	0.08%	0.1%	-0.1%	0.07%	-0.08%	0.05%	0%	-0.19%	0.01%	0.12%
EBITDA Growth %	-0.37%	1.23%	-1.78%	1.82%	-1.95%	1.74%	-0.92%	-49.78%	1.09%	10.1%
D&A (Non-Cash Add-back)	914K	942K	942K	921K	1.22M	1.34M	1.39M	1.42M	1.64M	1.69M
EBIT	1.43M	4.29M	-4.79M	-472K	-4.38M	994K	-1.2M	-11.49M	-1.6M	7.64M
Net Interest Income+	1K	9K	46K	102K	150K	-8K	-53K	-144K	-575K	-266K
Interest Income	1K	9K	46K	102K	150K	0	0	0	0	0
Interest Expense	0	0	0	0	0	8K	53K	144K	575K	266K
Other Income/Expense	-44K	-13K	242K	-2.9M	762K	-797K	-318K	-552K	-1.4M	-453K
Pretax Income+	1.39M	4.27M	-4.79M	-472K	-3.62M	197K	-1.51M	-11.63M	-2.18M	7.38M
Pretax Margin %	0.05%	0.08%	-0.12%	-0.01%	-0.09%	0%	-0.03%	-0.23%	-0.03%	0.1%
Income Tax+	345K	1.58M	-1.16M	-277K	-987K	3K	187K	0	54K	-984K
Effective Tax Rate %	0.75%	0.63%	0.76%	0.41%	0.73%	0.98%	1.12%	1%	1.02%	1.13%
Net Income+	1.04M	2.69M	-3.63M	-195K	-2.64M	194K	-1.7M	-11.63M	-2.23M	8.36M
Net Margin %	0.04%	0.05%	-0.09%	-0%	-0.07%	0%	-0.04%	-0.23%	-0.03%	0.11%
Net Income Growth %	-0.36%	1.58%	-2.35%	0.95%	-12.52%	1.07%	-9.77%	-5.84%	0.81%	4.75%
Net Income (Continuing)	1.04M	2.69M	-3.63M	-195K	-2.64M	194K	-1.7M	-11.63M	-2.23M	8.36M
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)+	0.38	0.95	-1.35	-0.07	-1.04	0.08	-0.57	-3.44	-0.65	2.25
EPS Growth %	-0.36%	1.5%	-2.42%	0.95%	-13.36%	1.07%	-8.38%	-5.04%	0.81%	4.46%
EPS (Basic)	0.38	0.98	-1.33	-0.07	-1.04	0.08	-0.57	-3.44	-0.65	2.35
Diluted Shares Outstanding	2.77M	2.83M	2.72M	2.69M	2.54M	2.51M	2.99M	3.38M	3.43M	3.71M
Basic Shares Outstanding	2.74M	2.76M	2.69M	2.69M	2.54M	2.51M	2.99M	3.38M	3.43M	3.55M
Dividend Payout Ratio	-	0.92%	-	-	-	5.16%	-	-	-	-

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+	28.15M	29.77M	36.98M	30.86M	23.89M	25.71M	37.42M	36.22M	37.2M	36.94M
Cash & Short-Term Investments	4.67M	10.91M	16.33M	11.27M	4.68M	6.83M	10.58M	1.92M	3.46M	7.08M
Cash Only	4.67M	10.91M	7.15M	11.27M	4.68M	6.83M	10.58M	1.92M	3.46M	7.08M
Short-Term Investments	0	0	9.18M	0	0	0	0	0	0	0
Accounts Receivable	4.12M	3.45M	5.52M	5.72M	3.96M	6.47M	8.23M	10.62M	7.9M	7.35M
Days Sales Outstanding	50.62	24.83	51.18	42.29	36.08	53.47	66.21	76.05	38.93	35.02
Inventory	16.28M	14M	14.36M	11.47M	13.51M	10.54M	16.98M	22.11M	23.95M	17.64M
Days Inventory Outstanding	340.76	152.02	175.6	142.34	201.74	147.42	212.93	196.28	168.59	135.4
Other Current Assets	0	1.41M	772K	2.4M	0	0	0	1.58M	1.89M	4.88M
Total Non-Current Assets+	11.29M	12.78M	5.82M	8.34M	14.05M	12.88M	12.96M	12.62M	12.21M	14.56M
Property, Plant & Equipment	1.84M	2.49M	2.2M	2.73M	6.85M	6.45M	6.96M	6.88M	6.93M	6.04M
Fixed Asset Turnover	16.15x	20.39x	17.90x	18.09x	5.85x	6.84x	6.52x	7.41x	10.70x	12.68x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	370K	176K	0	0	0	0	0	0	0	1.32M
Long-Term Investments	3.4M	6.47M	0	1.92M	2.63M	2.01M	1.79M	1.48M	742K	0
Other Non-Current Assets	222K	225K	298K	192K	197K	112K	98K	143K	422K	410K
Total Assets+	39.45M	42.54M	42.8M	39.19M	37.94M	38.59M	50.38M	48.83M	49.41M	51.5M
Asset Turnover	0.75x	1.19x	0.92x	1.26x	1.06x	1.14x	0.90x	1.04x	1.50x	1.49x
Asset Growth %	0.07%	0.08%	0.01%	-0.08%	-0.03%	0.02%	0.31%	-0.03%	0.01%	0.04%
Total Current Liabilities+	4.26M	6.36M	10.31M	9.88M	9.38M	9.47M	12.19M	22.97M	20.42M	13.97M
Accounts Payable	2.29M	1.97M	5.97M	5.59M	5.31M	5.12M	5.88M	12.9M	9.82M	6.33M
Days Payables Outstanding	47.82	21.43	73.02	69.45	79.27	71.56	73.78	114.52	69.13	48.58
Short-Term Debt	0	0	0	0	78K	82K	1.74M	6.13M	6.55M	0
Deferred Revenue (Current)	136K	142K	157K	180K	369K	757K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.14M	3.43M	2.82M	2.27M	0	0	0	0	0	0
Current Ratio	6.60x	4.68x	3.59x	3.12x	2.55x	2.72x	3.07x	1.58x	1.82x	2.64x
Quick Ratio	2.78x	2.48x	2.19x	1.96x	1.11x	1.60x	1.68x	0.61x	0.65x	1.38x
Cash Conversion Cycle	343.56	155.42	153.75	115.17	158.54	129.32	205.36	157.8	138.38	121.85
Total Non-Current Liabilities+	366K	408K	481K	1.6M	5.29M	5.5M	5.58M	5.73M	7.68M	7.69M
Long-Term Debt	0	0	0	0	328K	247K	605K	329K	0	0
Capital Lease Obligations	0	0	0	0	2.61M	2.7M	2.27M	1.78M	1.26M	714K
Deferred Tax Liabilities	0	1.79M	1.91M	487K	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	0	0	0	0	0	0
Total Liabilities	4.63M	6.77M	10.79M	11.48M	14.66M	14.97M	17.77M	28.7M	28.1M	21.67M
Total Debt+	0	0	0	0	3.38M	3.56M	5.06M	8.73M	8.33M	1.28M
Net Debt	-4.67M	-10.91M	-7.15M	-11.27M	-1.29M	-3.27M	-5.52M	6.81M	4.88M	-5.79M
Debt / Equity	-	-	-	-	0.15x	0.15x	0.16x	0.43x	0.39x	0.04x
Debt / EBITDA	-	-	-	-	-	1.52x	25.55x	-	9.71x	0.13x
Net Debt / EBITDA	-1.99x	-2.09x	-	-3.37x	-	-1.40x	-27.89x	-	5.68x	-0.61x
Interest Coverage	-	-	-	-	-	124.25x	-22.57x	-76.95x	-1.35x	29.43x
Total Equity+	34.82M	35.77M	32.01M	27.71M	23.28M	23.63M	32.62M	20.14M	21.31M	29.83M
Equity Growth %	0.05%	0.03%	-0.11%	-0.13%	-0.16%	0.02%	0.38%	-0.38%	0.06%	0.4%
Book Value per Share	12.57	12.64	11.75	10.29	9.16	9.41	10.92	5.95	6.22	8.04
Total Shareholders' Equity	34.82M	35.77M	32.01M	27.71M	23.28M	23.63M	32.62M	20.14M	21.31M	29.83M
Common Stock	8.24M	8.25M	8.31M	8.33M	8.36M	8.38M	10.98M	2.21M	2.32M	2.35M
Retained Earnings	1.26M	240K	-5.45M	-2.39M	-6.04M	-5.69M	-8.82M	-21.98M	-24.21M	-15.85M
Treasury Stock	0	-162K	-810K	-4.09M	-5.13M	-5.4M	-5.4M	-5.4M	-5.4M	-6.05M
Accumulated OCI	397K	2.06M	4.32M	0	0	0	0	0	0	0
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+	-2.94M	10.72M	-2.29M	5.29M	-2.49M	4.44M	-6.3M	-9M	1.66M	11.44M
Operating CF Margin %	-0.1%	0.21%	-0.06%	0.11%	-0.06%	0.1%	-0.14%	-0.18%	0.02%	0.15%
Operating CF Growth %	-1.74%	4.65%	-1.21%	3.31%	-1.47%	2.79%	-2.42%	-0.43%	1.18%	5.91%
Net Income	1.04M	2.69M	-3.63M	-195K	-2.64M	194K	-1.7M	-11.63M	-2.23M	8.36M
Depreciation & Amortization	914K	942K	942K	921K	1.22M	1.34M	1.39M	1.42M	1.64M	1.69M
Stock-Based Compensation	57K	49K	131K	248K	253K	142K	559K	404K	1.14M	494K
Deferred Taxes	328K	1.12M	-1.16M	-178K	-878K	73K	184K	0	0	-2.67M
Other Non-Cash Items	-18K	589K	-1.59M	2.63M	-522K	943K	879K	834K	1.68M	939K
Working Capital Changes	-5.26M	5.33M	3.02M	1.86M	78K	1.75M	-7.62M	-28K	-574K	2.63M
Change in Receivables	-856K	657K	-2.08M	-197K	1.76M	-2.5M	-1.76M	-2.56M	2.71M	431K
Change in Inventory	-4.15M	2.1M	-508K	2.93M	-2.24M	3.93M	-7.13M	-5.21M	-2.44M	5.95M
Change in Payables	882K	-312K	4M	-376K	-285K	-191K	764K	7.01M	-3.08M	-3.5M
Cash from Investing+	-3.85M	-1.88M	2.01M	3.2M	-2.46M	-946K	-2.34M	-1.75M	-2.12M	-1.24M
Capital Expenditures	-1.09M	-1.39M	-628K	-1.4M	-2.46M	-946K	-2.42M	-1.75M	-2.12M	-1.24M
CapEx % of Revenue	0.04%	0.03%	0.02%	0.03%	0.06%	0.02%	0.05%	0.03%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.76M	-481K	2.64M	-3.74M	0	0	0	0	0	0
Cash from Financing+	92K	-2.6M	-3.49M	-4.37M	-1.65M	-1.35M	12.4M	2.09M	2M	-6.59M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	-2.47M	-3.03M	-1.08M	-1.02M	-1M	-1.17M	-2.03M	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	0	0	0	0	1M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-4.03M	9.33M	-2.91M	3.89M	-4.94M	3.5M	-8.72M	-10.75M	-462K	10.21M
FCF Margin %	-0.14%	0.18%	-0.07%	0.08%	-0.12%	0.08%	-0.19%	-0.21%	-0.01%	0.13%
FCF Growth %	-2.23%	3.32%	-1.31%	2.34%	-2.27%	1.71%	-3.49%	-0.23%	0.96%	23.1%
FCF per Share	-1.45	3.30	-1.07	1.45	-1.94	1.39	-2.92	-3.18	-0.13	2.75
FCF Conversion (FCF/Net Income)	-2.82x	3.99x	0.63x	-27.12x	0.94x	22.91x	3.70x	0.77x	-0.74x	1.37x
Interest Paid	0	0	0	0	0	22K	0	190K	660K	357K
Taxes Paid	25K	50K	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	3.06%	7.62%	-10.7%	-0.65%	-10.34%	0.83%	-6.05%	-44.1%	-10.76%	32.69%
Return on Invested Capital (ROIC)	4.12%	11.68%	-15.16%	8.81%	-17.12%	3.52%	-3.78%	-30.76%	-2.19%	23.38%
Gross Margin	41.32%	33.69%	24.24%	40.46%	39.03%	40.85%	35.85%	19.32%	30.01%	37.93%
Net Margin	3.5%	5.3%	-9.2%	-0.39%	-6.57%	0.44%	-3.75%	-22.83%	-3.01%	10.91%
Debt / Equity	-	-	-	-	0.15x	0.15x	0.16x	0.43x	0.39x	0.04x
Interest Coverage	-	-	-	-	-	124.25x	-22.57x	-76.95x	-1.35x	29.43x
FCF Conversion	-2.82x	3.99x	0.63x	-27.12x	0.94x	22.91x	3.70x	0.77x	-0.74x	1.37x
Revenue Growth	-4.03%	70.54%	-22.28%	25.35%	-18.79%	10.07%	2.78%	12.32%	45.42%	3.37%

Frequently Asked Questions

Valuation & Price

BK Technologies Corporation (BKTI) has a price-to-earnings (P/E) ratio of 38.5x. This suggests investors expect higher future growth.

Growth & Financials

BK Technologies Corporation (BKTI) reported $82.6M in revenue for fiscal year 2024. This represents a 243% increase from $24.1M in 2011.

BK Technologies Corporation (BKTI) grew revenue by 3.4% over the past year. Growth has been modest.

Yes, BK Technologies Corporation (BKTI) is profitable, generating $13.0M in net income for fiscal year 2024 (10.9% net margin).

Dividend & Returns

BK Technologies Corporation (BKTI) has a return on equity (ROE) of 32.7%. This is excellent, indicating efficient use of shareholder capital.

BK Technologies Corporation (BKTI) generated $18.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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