Napco Security Technologies, Inc. (NSSC) Income Statement

30Y historyFree accessUpdated daily

Revenue growth has reaccelerated to 10.0% year-over-year, while gross margins have expanded by 600 basis points to 61.3%, driving operating margins to a peak of 33.0% in the latest quarter.

Annual statement

NSSC Income Statement

Napco Security Technologies, Inc. (NSSC) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Jun'25	Jun'24	Jun'23	Jun'22	Jun'21	Jun'20	Jun'19	Jun'18	Jun'17	Jun'16	Jun'15	Jun'14	Jun'13	Jun'12	Jun'11	Jun'10	Jun'09	Jun'08	Jun'07	Jun'06	Jun'05	Jun'04	Jun'03	Jun'02	Jun'01	Jun'00	Jun'99	Jun'98	Jun'97	Jun'96

Sales/Revenue	202.32M	181.62M	188.82M	170M	143.59M	143.59M	101.36M	102.93M	91.75M	87.37M	82.51M	77.76M	74.38M	71.39M	70.93M	71.39M	67.76M	69.56M	68.37M	66.2M	69.55M	65.23M	58.09M	57.34M	55.84M	54.77M	53.68M	50.6M	50.3M	53.3M	49.1M
Revenue Growth %	11.39%	-3.81%	11.07%	18.39%	0%	41.67%	-1.53%	12.19%	5%	5.89%	6.11%	4.54%	4.2%	0.65%	-0.65%	5.36%	-2.6%	1.75%	3.27%	-4.81%	6.62%	12.28%	1.31%	2.69%	1.94%	2.04%	6.08%	0.6%	-5.63%	8.55%	2.08%
Cost of Goods Sold	82.53M	80.59M	87.07M	96.76M	84.44M	84.44M	58.52M	59.04M	53.75M	57.8M	54.93M	51.72M	50.67M	49.66M	49.78M	51.29M	53.23M	54.47M	47.95M	43.01M	43.61M	41.3M	38.55M	41.94M	41.12M	40.45M	38.58M	37.1M	37.1M	39.1M	36.4M
COGS % of Revenue	-	44.37%	46.11%	56.92%	58.8%	58.8%	57.73%	57.36%	58.59%	66.15%	66.57%	66.5%	68.12%	69.57%	70.18%	71.84%	78.57%	78.3%	70.14%	64.97%	62.7%	63.32%	66.36%	73.14%	73.64%	73.86%	71.87%	73.32%	73.76%	73.36%	74.13%
Gross Profit	119.79M	101.03M	101.75M	73.23M	59.16M	59.16M	42.84M	43.89M	37.99M	29.58M	27.58M	26.05M	23.71M	21.72M	21.15M	20.1M	14.52M	15.1M	20.41M	23.19M	25.94M	23.92M	19.54M	15.4M	14.72M	14.32M	15.1M	13.5M	13.2M	14.2M	12.7M
Gross Margin %	59.21%	55.63%	53.89%	43.08%	41.2%	41.2%	42.27%	42.64%	41.41%	33.85%	33.43%	33.5%	31.88%	30.43%	29.82%	28.16%	21.43%	21.7%	29.86%	35.03%	37.3%	36.68%	33.64%	26.86%	26.36%	26.14%	28.13%	26.68%	26.24%	26.64%	25.87%
Gross Profit Growth %	-	-0.71%	38.95%	23.8%	0%	38.07%	-2.38%	15.52%	28.46%	7.23%	5.9%	9.84%	9.16%	2.7%	5.23%	38.42%	-3.8%	-26.04%	-11.98%	-10.61%	8.43%	22.44%	26.87%	4.65%	2.79%	-5.17%	11.83%	2.27%	-7.04%	11.81%	0%
Operating Expenses	74.15M	54.77M	47.94M	42.91M	40.93M	40.93M	32.78M	30.42M	29.58M	23.2M	21.26M	20.77M	19.4M	17.93M	17.34M	17.19M	18.81M	20.16M	17.27M	16.69M	16.42M	15.01M	13.47M	13.18M	11.9M	12.46M	11.97M	11.5M	10.6M	10.5M	9.8M
OpEx % of Revenue	-	30.16%	25.39%	25.24%	28.5%	28.5%	32.34%	29.56%	32.24%	26.55%	25.77%	26.7%	26.08%	25.11%	24.45%	24.08%	27.76%	28.98%	25.27%	25.21%	23.61%	23.02%	23.2%	22.98%	21.31%	22.75%	22.31%	22.73%	21.07%	19.7%	19.96%
Selling, General & Admin	44.36M	42.19M	37.17M	33.58M	32.91M	32.91M	23.67M	23.21M	22.95M	23.2M	21.26M	20.77M	19.4M	17.93M	17.34M	17.19M	18.81M	20.16M	17.27M	16.69M	16.42M	15.01M	13.47M	13.18M	11.9M	12.46M	10.42M	10.1M	9.3M	9.1M	8.4M
SG&A % of Revenue	-	23.23%	19.69%	19.75%	22.92%	22.92%	23.35%	22.55%	25.02%	26.55%	25.77%	26.7%	26.08%	25.11%	24.45%	24.08%	27.76%	28.98%	25.27%	25.21%	23.61%	23.02%	23.2%	22.98%	21.31%	22.75%	19.41%	19.96%	18.49%	17.07%	17.11%
Research & Development	13.79M	12.58M	10.76M	9.33M	8.02M	8.02M	7.26M	7.21M	6.63M	6.72M	6.17M	5.38M	5.06M	5.12M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	6.93%	5.7%	5.49%	5.59%	5.59%	7.16%	7.01%	7.23%	7.69%	7.48%	6.92%	6.8%	7.17%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1000K	0	0	0	0	0	1.85M	0	0	0	0	-5K	-14K	-14K	0	0	0	0	0	0	0	0	0	0	0	0	1.55M	1.4M	1.3M	1.4M	1.4M
Operating Income	45.64M	46.26M	53.82M	30.32M	18.23M	18.23M	10.06M	13.47M	8.41M	6.38M	6.32M	5.28M	4.32M	3.8M	3.81M	2.51M	-5.21M	-14.92M	3.14M	6.5M	9.52M	8.91M	6.07M	2.23M	2.82M	1.86M	3.12M	2M	2.6M	3.7M	2.9M
Operating Margin %	22.56%	25.47%	28.5%	17.84%	12.69%	12.69%	9.93%	13.08%	9.17%	7.3%	7.66%	6.79%	5.8%	5.32%	5.37%	3.52%	-7.69%	-21.44%	4.59%	9.82%	13.69%	13.66%	10.44%	3.88%	5.05%	3.39%	5.82%	3.95%	5.17%	6.94%	5.91%
Operating Income Growth %	-	-14.05%	77.47%	66.39%	0%	81.07%	-25.26%	60.04%	31.92%	0.87%	19.73%	22.36%	13.7%	-0.39%	51.65%	148.22%	65.07%	-575.52%	-51.75%	-31.73%	6.88%	46.91%	172.58%	-21.02%	51.53%	-40.45%	56.1%	-23.08%	-29.73%	27.59%	26.09%
EBITDA	45.64M	48.53M	55.98M	32.26M	20M	20M	11.56M	14.86M	9.82M	7.75M	7.74M	6.85M	6.06M	5.77M	6.09M	4.82M	-2.55M	-12.19M	4.33M	7.7M	10.71M	10.07M	7.25M	3.52M	4.35M	3.89M	4.68M	3.4M	3.9M	5.1M	4.3M
EBITDA Margin %	22.56%	26.72%	29.65%	18.97%	13.93%	13.93%	11.4%	14.44%	10.7%	8.87%	9.38%	8.81%	8.14%	8.08%	8.58%	6.76%	-3.77%	-17.52%	6.33%	11.63%	15.41%	15.43%	12.49%	6.14%	7.78%	7.1%	8.71%	6.72%	7.75%	9.57%	8.76%
EBITDA Growth %	-5.97%	-13.3%	73.56%	61.31%	0%	72.98%	-22.23%	51.43%	26.63%	0.12%	13.02%	13.13%	4.96%	-5.19%	26.16%	288.95%	79.06%	-381.65%	-43.81%	-28.12%	6.45%	38.76%	106.14%	-19.03%	11.69%	-16.79%	37.53%	-12.82%	-23.53%	18.6%	16.22%
D&A (Non-Cash Add-back)	0	2.28M	2.16M	1.93M	1.77M	1.77M	1.5M	1.4M	1.4M	1.37M	1.42M	1.57M	1.74M	1.97M	2.27M	2.31M	2.66M	2.73M	1.19M	1.2M	1.19M	1.16M	1.19M	1.29M	1.53M	2.03M	1.55M	1.4M	1.3M	1.4M	1.4M
EBIT	47.84M	46.26M	53.82M	30.32M	18.23M	18.23M	11.92M	13.47M	8.41M	6.38M	6.32M	5.28M	4.32M	3.7M	3.7M	2.91M	-5.22M	-15.04M	3.1M	6.5M	9.52M	8.91M	6.07M	2.23M	2.82M	1.86M	3.12M	1.91M	2.6M	3.7M	2.9M
Net Interest Income	2.73M	0	2.51M	0	-283K	-283K	-9K	-21K	-81K	-83K	-179K	-215K	-295K	-495K	-1.15M	-1.66M	-2.37M	-1.64M	-819K	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	2.73M	0	2.51M	0	0	0	0	0	0	0	0	0	0	79K	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	283K	283K	9K	21K	81K	83K	179K	215K	295K	574K	1.37M	1.66M	2.37M	1.64M	869K	379K	154K	113K	638K	473K	1.51M	1.35M	1.38M	1.4M	1M	1.8M	1.5M
Other Income/Expense	4.19M	3.81M	2.57M	903K	3.62M	3.62M	-9K	-21K	-81K	-83K	-179K	-220K	-309K	-588K	-1.26M	-1.71M	-2.37M	-12.72M	-827K	-362K	-272K	-282K	-529K	-600K	-1.46M	-1.63M	-1.38M	-1.34M	-1.1M	-1.5M	-1.4M
Pretax Income	49.82M	50.07M	56.39M	31.23M	21.85M	21.85M	10.06M	13.45M	8.33M	6.29M	6.14M	5.06M	4.01M	3.21M	2.55M	807K	-7.58M	-16.68M	2.31M	6.14M	9.25M	8.63M	5.54M	1.63M	1.36M	226K	1.75M	600K	1.5M	2.2M	1.5M
Pretax Margin %	24.63%	27.57%	29.86%	18.37%	15.21%	15.21%	9.92%	13.06%	9.08%	7.2%	7.45%	6.51%	5.39%	4.49%	3.6%	1.13%	-11.19%	-23.98%	3.38%	9.27%	13.3%	13.23%	9.53%	2.83%	2.43%	0.41%	3.25%	1.19%	2.98%	4.13%	3.06%
Income Tax	6.79M	6.66M	6.57M	4.1M	2.25M	2.25M	2.26M	1.22M	684K	696K	371K	216K	531K	187K	267K	-314K	-1.08M	-3.3M	-1.41M	1.92M	3.26M	3.23M	2.2M	615K	18K	-25K	-263K	-1.9M	-500K	600K	500K
Effective Tax Rate %	13.64%	13.31%	11.65%	13.13%	10.29%	10.29%	22.48%	9.09%	8.21%	11.06%	6.04%	4.27%	13.25%	5.83%	10.46%	-38.91%	14.29%	19.78%	-60.95%	31.31%	35.28%	37.39%	39.76%	37.85%	1.32%	-11.06%	-15.05%	-316.67%	-33.33%	27.27%	33.33%
Net Income	43.03M	43.41M	49.82M	27.13M	19.6M	19.6M	7.79M	12.22M	7.65M	5.6M	5.77M	4.84M	3.48M	3.02M	2.29M	1.12M	-6.5M	-13.38M	3.72M	4.22M	6.12M	5.63M	3.33M	1.01M	1.34M	251K	2.01M	2.5M	2M	1.6M	1M
Net Margin %	21.27%	23.9%	26.38%	15.96%	13.65%	13.65%	7.69%	11.87%	8.34%	6.41%	7%	6.23%	4.67%	4.23%	3.22%	1.57%	-9.59%	-19.24%	5.44%	6.37%	8.8%	8.63%	5.74%	1.76%	2.4%	0.46%	3.74%	4.94%	3.98%	3%	2.04%
Net Income Growth %	-0.87%	-12.87%	83.65%	38.41%	0%	151.43%	-36.23%	59.8%	36.61%	-3.01%	19.15%	39.38%	15.06%	32.15%	103.93%	117.25%	51.43%	-459.92%	-11.83%	-31.08%	8.7%	68.79%	230.2%	-24.68%	434.26%	-87.51%	-19.6%	25%	25%	60%	100%
Net Income (Continuing)	43.03M	43.41M	49.82M	27.13M	19.6M	19.6M	7.79M	12.48M	7.65M	5.6M	5.77M	4.84M	3.48M	3.02M	2.29M	1.12M	-6.5M	-13.38M	3.68M	4.22M	5.99M	5.4M	3.33M	1.01M	1.57M	251K	2.01M	2.49M	2M	1.6M	1M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	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	147K	147K	147K	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	1.20	1.19	1.34	0.73	0.53	0.53	0.23	0.33	0.20	0.15	0.16	0.13	0.09	0.08	0.06	0.03	-0.17	-0.35	0.10	0.10	0.15	0.14	0.09	0.03	0.04	0.01	0.05	0.07	0.04	0.03	0.02
EPS Growth %	1.69%	-11.19%	83.56%	37.74%	0%	130.43%	-30.3%	65%	33.33%	-6.25%	23.08%	44.44%	12.5%	33.33%	100%	117.65%	51.43%	-468.42%	-5%	-33.33%	7.14%	61.48%	234.75%	-37.89%	-	-87.69%	-19.63%	47.97%	29.45%	61.03%	91.89%
EPS (Basic)	-	1.20	1.35	0.74	0.53	0.53	0.23	0.33	0.20	0.15	0.16	0.13	0.09	0.08	0.06	0.03	-0.17	-0.35	0.10	0.11	0.16	0.14	0.09	0.03	0.04	0.01	0.05	0.07	0.04	0.03	0.02
Diluted Shares Outstanding	35.89M	36.5M	37.07M	37.01M	36.87M	36.87M	36.99M	37.25M	37.65M	37.71M	37.79M	38.34M	38.86M	38.72M	38.61M	38.35M	38.19M	38.19M	39.6M	41.2M	41.21M	40.57M	38.24M	39.73M	37.71M	38.09M	37.94M	37.93M	46.28M	47.34M	47.23M
Basic Shares Outstanding	35.69M	36.3M	36.81M	36.74M	36.73M	36.73M	36.89M	37.15M	37.58M	37.62M	37.75M	38.33M	38.78M	38.42M	38.19M	38.19M	38.19M	38.19M	38.53M	39.92M	39.57M	38.53M	35.81M	37.06M	36.09M	37.41M	37.75M	37.72M	46.04M	47.34M	47.23M
Dividend Payout Ratio	-	31.41%	26.61%	8.47%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Margin sustainability at elevated levels

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q4)

Revenue Growth Reaccelerates

NSSC's revenue growth has reaccelerated to double-digit levels, with the most recent quarter showing 10.0% year-over-year growth, a significant improvement from the near-flat growth seen in mid-2025.

The company's revenue trajectory has shifted from a period of stagnation in 2025 to consistent double-digit growth in 2026, suggesting a successful product cycle or market share gain. This acceleration is particularly notable given the challenging macroeconomic backdrop for industrial companies, indicating potential underlying demand strength in its security solutions.

Gross Margin Expansion Drives Profitability

Gross margins have expanded significantly, reaching 61.3% in the latest quarter, a 600 basis point improvement from the 55.3% reported in 2024Q4, indicating strong pricing power or favorable product mix.

The consistent expansion in gross margins, from the mid-50% range to over 60%, suggests NSSC has successfully implemented price increases or shifted its sales mix toward higher-margin products and services. This structural improvement is a key driver of the company's enhanced profitability and appears sustainable based on the trend over the past several quarters.

Operating Leverage Amplifies Earnings

Operating income has scaled faster than gross profit, with operating margins expanding to 33.0% in 2026Q4 from 27.7% a year prior, demonstrating effective cost control and overhead efficiency.

The company is exhibiting strong operating leverage, as SG&A expenses have grown at a slower pace than revenue and gross profit. This discipline has allowed a larger portion of incremental revenue to flow to the bottom line, significantly boosting operating income and net income growth rates.

EPS Growth Outpaces Net Income

Diluted EPS growth of 53.1% in the latest quarter significantly outpaced net income growth, partly due to a lower share count and minimal stock-based compensation impact relative to peers.

The disparity between EPS and net income growth rates suggests a reduction in diluted shares outstanding, which enhances per-share metrics. Furthermore, the relatively low and stable stock-based compensation expense, as a percentage of revenue, indicates that reported earnings are not being significantly diluted by non-cash charges, supporting the quality of the earnings stream.

R&D Investment Maintained Amid Growth

R&D spending has remained steady at approximately 6-7% of revenue, indicating a commitment to innovation despite the strong margin expansion, which may support long-term competitiveness.

While gross and operating margins have expanded, the company has not cut R&D to achieve this, maintaining a consistent investment in product development. This suggests management is balancing short-term profitability with long-term innovation, a prudent strategy in the technology-driven security sector.

Margin Peak and Growth Sustainability

The rapid margin expansion to 61.3% gross and 33.0% operating may represent a cyclical peak, and the sustainability of double-digit revenue growth warrants scrutiny given the company's historical volatility.

A short-seller might argue that the current margin levels are unsustainably high and could compress as competitive pressures intensify or input costs rise. Additionally, the company's revenue growth has been inconsistent in the past, with periods of near-zero growth, so the current acceleration may not be durable, posing a risk to the elevated earnings multiples.

NSSC — Frequently Asked Questions

Quick answers to the most common questions about buying NSSC stock.

What was Napco Security Technologies, Inc.'s (NSSC) revenue in 2025?

For fiscal year 2025, Napco Security Technologies, Inc. (NSSC) reported total revenue of $181.6M. This represents a 269.9% increase compared to $49.1M in 1996.

Is Napco Security Technologies, Inc. (NSSC) profitable?

Napco Security Technologies, Inc. (NSSC) is profitable, generating $43.4M in net income for the fiscal year ending 2025 with a net profit margin of 23.9%.

What is Napco Security Technologies, Inc.'s operating profit margin?

Napco Security Technologies, Inc. (NSSC) reported an operating income of $46.3M, resulting in an operating profit margin of 25.5%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Napco Security Technologies, Inc.'s gross profit and gross margin?

Napco Security Technologies, Inc. (NSSC) generated $101.0M in gross profit for the year, representing a gross profit margin of 55.6%. This demonstrates the company's core pricing power and production efficiency.