Revenue growth remains highly erratic, fluctuating between a 10.8% contraction and a 38.0% expansion, while gross margins have demonstrated significant sensitivity to product mix, varying from 22.6% to 48.2%.
| Metric | TTM | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 | Apr'96 |
|---|
| Sales/Revenue | 67.81M | 69.81M | 55.27M | 40.78M | 48.3M | 54.25M | 41.51M | 49.51M | 39.41M | 50.35M | 60.39M | 76.56M | 71.55M | 68.93M | 63.59M | 53.22M | 49.42M | 52.74M | 64.4M | 56.21M | 52.81M | 55.17M | 50.11M | 31.53M | 41.18M | 49.21M | 26.54M | 19M | 32M | 27.9M | 25.1M |
| Revenue Growth % | 3.69% | 26.3% | 35.55% | -15.57% | -10.98% | 30.71% | -16.16% | 25.64% | -21.74% | -16.63% | -21.12% | 7.01% | 3.8% | 8.39% | 19.49% | 7.7% | -6.3% | -18.1% | 14.57% | 6.43% | -4.28% | 10.11% | 58.93% | -23.44% | -16.32% | 85.45% | 39.66% | -40.63% | 14.7% | 11.16% | 4.15% |
| Cost of Goods Sold | 42.08M | 39.71M | 36.69M | 32.93M | 39.7M | 37.33M | 35.72M | 33.72M | 34.24M | 39.1M | 39.96M | 53.02M | 46.8M | 43.82M | 38.98M | 33.25M | 31.69M | 42.56M | 46.73M | 39.13M | 34.19M | 37.01M | 34.53M | 25.68M | 27.09M | 30.73M | 12.79M | 10.7M | 23.5M | 16.5M | 15.4M |
| COGS % of Revenue | - | 56.89% | 66.38% | 80.75% | 82.2% | 68.81% | 86.06% | 68.11% | 86.9% | 77.66% | 66.16% | 69.24% | 65.41% | 63.57% | 61.29% | 62.48% | 64.14% | 80.7% | 72.57% | 69.62% | 64.75% | 67.09% | 68.91% | 81.46% | 65.79% | 62.45% | 48.2% | 56.32% | 73.44% | 59.14% | 61.35% |
| Gross Profit | 25.74M | 30.1M | 18.58M | 7.85M | 8.6M | 16.92M | 5.79M | 15.79M | 5.16M | 11.25M | 20.44M | 23.55M | 24.75M | 25.11M | 24.62M | 19.97M | 17.72M | 10.18M | 17.66M | 17.08M | 18.62M | 18.16M | 15.58M | 5.85M | 14.09M | 18.48M | 13.75M | 8.3M | 8.5M | 11.4M | 9.7M |
| Gross Margin % | 37.95% | 43.11% | 33.62% | 19.25% | 17.8% | 31.19% | 13.94% | 31.89% | 13.1% | 22.34% | 33.84% | 30.76% | 34.59% | 36.43% | 38.71% | 37.52% | 35.86% | 19.3% | 27.43% | 30.38% | 35.25% | 32.91% | 31.09% | 18.54% | 34.21% | 37.55% | 51.8% | 43.68% | 26.56% | 40.86% | 38.65% |
| Gross Profit Growth % | - | 61.96% | 136.76% | -8.72% | -49.18% | 192.45% | -63.35% | 205.81% | -54.1% | -44.95% | -13.22% | -4.86% | -1.43% | 2% | 23.28% | 12.68% | 74.09% | -42.36% | 3.43% | -8.28% | 2.52% | 16.58% | 166.46% | -58.51% | -23.74% | 34.41% | 65.61% | -2.35% | -25.44% | 17.53% | 102.08% |
| Operating Expenses | 19.11M | 18.36M | 13.56M | 12.52M | 16.64M | 17.88M | 16.67M | 17.61M | 17.56M | 18.77M | 19.13M | 19.87M | 19.88M | 20.43M | 17.68M | 16.48M | 15.97M | 16.1M | 20.24M | 20.8M | 16.91M | 19.43M | 16.8M | 18.34M | 14M | 11.09M | 12.74M | 13.5M | 17.6M | 8.8M | 8.7M |
| OpEx % of Revenue | - | 26.31% | 24.54% | 30.71% | 34.45% | 32.95% | 40.17% | 35.56% | 44.56% | 37.29% | 31.68% | 25.96% | 27.78% | 29.64% | 27.81% | 30.96% | 32.32% | 30.52% | 31.43% | 37% | 32.01% | 35.21% | 33.52% | 58.16% | 34% | 22.54% | 48% | 71.05% | 55% | 31.54% | 34.66% |
| Selling, General & Admin | 17.09M | 12.29M | 10.18M | 9.37M | 11.66M | 13.19M | 11.6M | 11.1M | 10.61M | 11.9M | 13.21M | 14.21M | 14.06M | 14.7M | 13.82M | 11.4M | 10.62M | 11.43M | 13.14M | 11.36M | 10.62M | 12.6M | 11.46M | 7.57M | 8.93M | 8.82M | 5.28M | 5.4M | 13.8M | 5.7M | 6.3M |
| SG&A % of Revenue | - | 17.6% | 18.42% | 22.98% | 24.15% | 24.31% | 27.93% | 22.42% | 26.92% | 23.63% | 21.86% | 18.56% | 19.66% | 21.33% | 21.74% | 21.42% | 21.49% | 21.67% | 20.4% | 20.21% | 20.1% | 22.83% | 22.87% | 24.02% | 21.69% | 17.92% | 19.88% | 28.42% | 43.13% | 20.43% | 25.1% |
| Research & Development | 5.63M | 6.08M | 3.38M | 3.15M | 4.97M | 4.69M | 5.08M | 6.51M | 6.95M | 6.88M | 5.93M | 5.67M | 5.81M | 5.73M | 3.86M | 5.08M | 5.35M | 4.67M | 7.1M | 9.44M | 6.29M | 6.83M | 5.34M | 4.61M | 6.57M | 4.85M | 5.37M | 5.8M | 1.4M | 1.5M | 1.1M |
| R&D % of Revenue | - | 8.7% | 6.12% | 7.72% | 10.3% | 8.64% | 12.23% | 13.14% | 17.64% | 13.66% | 9.82% | 7.4% | 8.12% | 8.31% | 6.07% | 9.55% | 10.83% | 8.85% | 11.03% | 16.79% | 11.91% | 12.39% | 10.65% | 14.61% | 15.95% | 9.85% | 20.23% | 30.53% | 4.38% | 5.38% | 4.38% |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -69K | 87K | 0 | -42K | 0 | -69K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 6.63M | 11.73M | 5.02M | -4.67M | -8.04M | -958K | -10.89M | -2.82M | -12.39M | -7.53M | 1.3M | 3.67M | 4.87M | 4.68M | 6.93M | 3.49M | 1.75M | -5.92M | -2.58M | -3.72M | 1.71M | -1.27M | -1.65M | -12.49M | 89K | 5.94M | 1.01M | -5.2M | -9.1M | 2.6M | 1M |
| Operating Margin % | 9.77% | 16.81% | 9.08% | -11.46% | -16.64% | -1.77% | -26.23% | -5.69% | -31.45% | -14.95% | 2.16% | 4.8% | 6.81% | 6.79% | 10.9% | 6.56% | 3.54% | -11.22% | -4% | -6.62% | 3.24% | -2.3% | -3.28% | -39.62% | 0.22% | 12.07% | 3.8% | -27.37% | -28.44% | 9.32% | 3.98% |
| Operating Income Growth % | - | 133.75% | 207.43% | 41.88% | -739.04% | 91.2% | -286.44% | 77.27% | -64.72% | -677.96% | -64.57% | -24.58% | 4.15% | -32.51% | 98.65% | 99.31% | 129.59% | -129.52% | 30.72% | -317.6% | 234.75% | 22.9% | 86.82% | -14133.71% | -98.5% | 489.19% | 119.38% | 42.86% | -450% | 160% | 116.67% |
| EBITDA | 8.93M | 13.79M | 7.14M | -2.28M | -5.03M | 2.06M | -7.35M | -15K | -9.91M | -4.89M | 3.8M | 6.62M | 7.34M | 7.09M | 9.17M | 5.43M | 3.69M | -3.75M | -609K | -2M | 3.58M | 745K | 452K | -10.89M | 1.55M | 7.38M | 3.1M | -2.9M | -6.7M | 4.2M | 2.3M |
| EBITDA Margin % | 13.17% | 19.75% | 12.92% | -5.58% | -10.41% | 3.8% | -17.72% | -0.03% | -25.15% | -9.71% | 6.29% | 8.65% | 10.26% | 10.29% | 14.43% | 10.2% | 7.47% | -7.11% | -0.95% | -3.55% | 6.78% | 1.35% | 0.9% | -34.54% | 3.76% | 15.01% | 11.69% | -15.26% | -20.94% | 15.05% | 9.16% |
| EBITDA Growth % | -24.37% | 93.01% | 413.7% | 54.72% | -343.89% | 128.04% | -48920% | 99.85% | -102.8% | -228.61% | -42.59% | -9.87% | 3.55% | -22.69% | 69.04% | 47.11% | 198.4% | -515.6% | 69.49% | -155.75% | 380.54% | 64.82% | 104.15% | -803.03% | -79.03% | 138% | 207% | 56.72% | -259.52% | 82.61% | 148.94% |
| D&A (Non-Cash Add-back) | 2.06M | 2.06M | 2.12M | 2.4M | 3.01M | 3.02M | 3.53M | 2.8M | 2.48M | 2.64M | 2.5M | 2.94M | 2.47M | 2.41M | 2.24M | 1.94M | 1.94M | 2.17M | 1.97M | 1.73M | 1.87M | 2.01M | 2.1M | 1.6M | 1.46M | 1.45M | 2.1M | 2.3M | 2.4M | 1.6M | 1.3M |
| EBIT | 6.83M | 12.25M | 5.57M | -5.27M | -8.59M | 603K | -11.66M | -2.47M | -11.2M | -6.89M | 2.47M | 3.67M | 4.87M | 5.28M | 6.93M | 3.71M | 1.35M | -5.44M | 1.97M | -3.72M | 1.71M | -1.27M | -1.22M | -12.49M | 89K | 7.38M | 1.01M | -5.24M | -9.1M | 2.6M | 1M |
| Net Interest Income | 318K | 415K | -109K | -156K | -77K | -127K | -107K | -83K | -79K | -150K | -131K | -139K | -156K | 476K | -121K | 277K | 349K | -288K | -522K | 0 | 0 | -298K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 409K | 519K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 671K | 0 | 395K | 470K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 91K | 104K | 109K | 156K | 77K | 127K | 107K | 83K | 79K | 150K | 131K | 139K | 156K | 195K | 121K | 118K | 121K | 288K | 522K | 0 | 0 | 298K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 348K | 412K | 445K | -755K | -624K | 1.43M | -882K | 344K | 1.12M | 486K | 806K | 861K | 1.43M | 407K | -119K | 105K | -522K | 190K | 4.03M | 1.91M | 4.92M | 7.54M | 1.92M | 1.86M | 1.61M | 2.3M | 3.42M | 6.84M | 7.8M | 2.5M | 2M |
| Pretax Income | 6.97M | 12.14M | 5.46M | -5.43M | -8.66M | 476K | -11.77M | -2.47M | -11.28M | -7.04M | 2.08M | 4.54M | 6.3M | 5.09M | 6.81M | 3.6M | 1.23M | -5.73M | 1.45M | -1.81M | 6.63M | 7.15M | 273K | -10.63M | 1.7M | 8.24M | 4.42M | 1.6M | -1.3M | 5.1M | 3M |
| Pretax Margin % | 10.28% | 17.4% | 9.89% | -13.31% | -17.94% | 0.88% | -28.35% | -5% | -28.61% | -13.98% | 3.44% | 5.92% | 8.8% | 7.38% | 10.71% | 6.75% | 2.49% | -10.86% | 2.25% | -3.22% | 12.55% | 12.95% | 0.54% | -33.73% | 4.12% | 16.74% | 16.67% | 8.42% | -4.06% | 18.28% | 11.95% |
| Income Tax | -225K | -11.54M | -130K | 74K | 1K | -204K | -1.74M | 56K | 11.18M | -2.12M | 1.07M | 1.71M | 2.26M | 1.4M | -560K | -2.42M | -1.52M | 5.31M | 560K | -1.55M | 1.83M | 2.11M | 111K | -1.77M | 320K | 2.59M | 1.28M | 400K | -1.4M | 200K | 200K |
| Effective Tax Rate % | -3.23% | -95.04% | -2.38% | -1.36% | -0.01% | -42.86% | 14.8% | -2.26% | -99.12% | 30.05% | 51.57% | 37.7% | 35.87% | 27.53% | -8.22% | -67.32% | -123.68% | -92.7% | 38.7% | 85.82% | 27.6% | 29.52% | 40.66% | 16.67% | 18.85% | 31.47% | 28.93% | 25% | 107.69% | 3.92% | 6.67% |
| Net Income | 7.2M | 23.8M | 5.59M | -5.5M | -8.66M | 680K | -9.99M | -2.53M | -23.78M | -4.82M | 1M | 2.83M | 4.04M | 3.69M | 7.37M | 6.01M | 2.75M | -11.04M | 887K | -257K | 4.8M | 5.04M | 162K | -8.86M | 1.38M | 5.64M | 3.14M | 1.2M | 100K | 4.9M | 2.8M |
| Net Margin % | 10.62% | 34.09% | 10.12% | -13.49% | -17.94% | 1.25% | -24.07% | -5.11% | -60.34% | -9.57% | 1.66% | 3.69% | 5.65% | 5.35% | 11.59% | 11.3% | 5.56% | -20.93% | 1.38% | -0.46% | 9.09% | 9.13% | 0.32% | -28.1% | 3.35% | 11.47% | 11.85% | 6.32% | 0.31% | 17.56% | 11.16% |
| Net Income Growth % | -68.85% | 325.49% | 201.69% | 36.5% | -1373.97% | 106.81% | -295.02% | 89.36% | -393.2% | -579.7% | -64.44% | -30.05% | 9.6% | -50% | 22.56% | 118.81% | 124.91% | -1344.19% | 445.14% | -105.36% | -4.74% | 3009.26% | 101.83% | -742.96% | -75.58% | 79.52% | 162% | 1100% | -97.96% | 75% | 171.79% |
| Net Income (Continuing) | 7.2M | 23.69M | 5.59M | -5.5M | -8.66M | 680K | -10.03M | -2.53M | -22.45M | -4.92M | 2.2M | 2.83M | 4.04M | 3.69M | 7.37M | 6.01M | 2.75M | -11.04M | 887K | -257K | 4.8M | 5.04M | 162K | -8.86M | 1.38M | 5.64M | 3.14M | 1.2M | 100K | 4.9M | 2.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -967K | 103K | -1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48K | 195K | 224K | 226K | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.74 | 2.46 | 0.59 | -0.59 | -0.93 | 0.07 | -1.10 | -0.28 | -2.69 | -0.55 | 0.11 | 0.32 | 0.46 | 0.43 | 0.86 | 0.72 | 0.33 | -1.33 | 0.10 | -0.03 | 0.55 | 0.58 | 0.04 | -1.06 | 0.16 | 0.67 | 0.39 | 0.15 | 0.01 | 0.66 | 0.41 |
| EPS Growth % | -69.08% | 316.95% | 200% | 36.56% | -1355.06% | 106.74% | -292.86% | 89.59% | -389.09% | -600% | -65.63% | -30.43% | 6.98% | -50% | 19.44% | 118.18% | 124.81% | -1430% | 435.57% | -105.42% | -5.17% | 1350% | 103.77% | -762.5% | -76.12% | 71.79% | 160% | 1400% | -98.48% | 60.98% | 185.42% |
| EPS (Basic) | - | 2.46 | 0.59 | -0.59 | -0.93 | 0.07 | -1.10 | -0.28 | -2.69 | -0.55 | 0.12 | 0.33 | 0.47 | 0.44 | 0.89 | 0.73 | 0.34 | -1.33 | 0.10 | -0.03 | 0.56 | 0.59 | 0.04 | -1.06 | 0.17 | 0.69 | 0.41 | 0.16 | 0.01 | 0.66 | 0.41 |
| Diluted Shares Outstanding | 9.76M | 9.61M | 9.43M | 9.34M | 9.27M | 9.25M | 9.07M | 8.92M | 8.84M | 8.79M | 8.94M | 8.91M | 8.82M | 8.6M | 8.54M | 8.36M | 8.21M | 8.32M | 8.78M | 8.62M | 8.69M | 8.68M | 8.54M | 8.33M | 8.53M | 8.43M | 8.04M | 7.82M | 7.79M | 7.42M | 7.24M |
| Basic Shares Outstanding | 9.76M | 9.61M | 9.48M | 9.34M | 9.27M | 9.18M | 9.07M | 8.92M | 8.84M | 8.79M | 8.73M | 8.61M | 8.53M | 8.41M | 8.33M | 8.26M | 8.18M | 8.32M | 8.71M | 8.62M | 8.54M | 8.48M | 8.37M | 8.33M | 8.35M | 8.2M | 7.67M | 7.5M | 7.37M | 7.42M | 6.94M |
| Dividend Payout Ratio | - | 40.19% | - | - | - | - | - | - | - | - | - | - | - | 45.69% | - | - | - | - | 196.05% | - | 35.56% | 33.59% | 1031.48% | - | 120.54% | 28.83% | - | 125% | 1500% | - | - |
Project-based revenue volatility
As reported in recent financial filings, FEIM experienced significant top-line volatility, with quarterly revenue growth fluctuating between a 10.8% contraction and a 38.0% expansion, reflecting the inherent unpredictability of long-cycle defense contract milestones and the timing of satellite program deliveries within the company's specialized aerospace portfolio.
The revenue trajectory appears heavily dependent on the cadence of government-funded project milestones rather than consistent organic demand. Investors should monitor whether the recent growth spikes represent a sustainable shift in demand for space-qualified timing components or merely the lumpy recognition of legacy contract completions.
Based on the provided income statement data, FEIM's gross margins have demonstrated notable variance, ranging from a low of 22.6% in 2024Q3 to a peak of 48.2% in 2025Q2, suggesting that manufacturing efficiency is highly sensitive to the specific mix of custom engineering versus standardized production volume.
The fluctuation in gross margins implies that the company's high fixed-cost structure requires consistent throughput to maintain profitability. The inability to sustain margins above the 40% level in recent quarters warrants further investigation into potential cost overruns or shifts in the underlying project mix.
According to the historical income statements, FEIM's net income has frequently diverged from operating income, most notably in 2025Q3 when net income reached $15.4 million against an operating income of $3.5 million, indicating that non-operating gains are significantly inflating the bottom-line performance for that period.
The substantial gap between operating and net margins suggests that investors should focus on operating income as a more reliable indicator of core business health. Relying on headline net income may lead to an overestimation of the company's underlying profitability and its ability to generate consistent cash flow.
As indicated by the quarterly data, SG&A expenses have fluctuated significantly, reaching a high of $7.2 million in 2026Q3, which appears to have exerted downward pressure on operating margins and highlights the challenges management faces in controlling overhead costs during periods of inconsistent revenue recognition.
The lack of a clear correlation between revenue growth and SG&A discipline suggests that the company may be struggling to scale its administrative and compliance infrastructure efficiently. This volatility in operating expenses may indicate that the firm is not yet achieving the operating leverage expected of a mature aerospace manufacturer.
Based on the provided figures, the recent revenue growth appears potentially unsustainable, as the company's reliance on project-based government contracts and the lack of a consistent margin profile suggest that the current performance may be driven by temporary factors rather than a fundamental improvement in market position.
Short-term performance spikes may mask underlying structural issues, such as the high cost of maintaining specialized clean-room facilities without sufficient volume. Investors should be cautious of the risk that future quarters may see margin compression if the company fails to secure follow-on contracts to replace expiring project work.
Quick answers to the most common questions about buying FEIM stock.
For fiscal year 2025, Frequency Electronics, Inc. (FEIM) reported total revenue of $69.8M. This represents a 178.1% increase compared to $25.1M in 1996.
Frequency Electronics, Inc. (FEIM) is profitable, generating $23.8M in net income for the fiscal year ending 2025 with a net profit margin of 34.1%.
Frequency Electronics, Inc. (FEIM) reported an operating income of $11.7M, resulting in an operating profit margin of 16.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Frequency Electronics, Inc. (FEIM) generated $30.1M in gross profit for the year, representing a gross profit margin of 43.1%. This demonstrates the company's core pricing power and production efficiency.