Audiocodes Financials

AUDC

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2024 Currency USD FYE December

Financial Health Signals

Financial Profile 44/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Audiocodes has an operating margin of 7.1%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 35/100, indicating healthy but not exceptional operating efficiency. This is up from 5.9% the prior year.

Growth

Audiocodes's revenue declined 0.9% year-over-year, from $244.4M to $242.2M. This contraction results in a growth score of 26/100.

Leverage

Audiocodes carries a low D/E ratio of 0.75, meaning only $0.75 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 83/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Audiocodes's current ratio of 2.09 indicates adequate short-term liquidity, earning a score of 64/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Audiocodes's free cash flow margin of 4.5% results in a low score of 23/100. Capital expenditures of $24.3M absorb a large share of operating cash flow.

Returns

Audiocodes's ROE of 8.0% shows moderate profitability relative to equity, earning a score of 32/100. This is up from 4.7% the prior year.

Altman Z-Score Grey Zone

2.17

Audiocodes scores 2.17, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Strong

7/9

Audiocodes passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

2.30x

For every $1 of reported earnings, Audiocodes generates $2.30 in operating cash flow ($35.3M OCF vs $15.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows Audiocodes (AUDC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$242.2M

YoY-0.9%

5Y CAGR+3.9%

10Y CAGR+4.8%

Audiocodes generated $242.2M in revenue in fiscal year 2024. This represents a decrease of 0.9% from the prior year.

EBITDA

$21.1M

YoY+23.8%

10Y CAGR+12.1%

Audiocodes's EBITDA was $21.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 23.8% from the prior year.

Free Cash Flow

$11.0M

YoY+22.9%

5Y CAGR-12.4%

10Y CAGR+12.4%

Audiocodes generated $11.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 22.9% from the prior year.

Net Income

$15.3M

YoY+74.4%

5Y CAGR+30.9%

Audiocodes reported $15.3M in net income in fiscal year 2024. This represents an increase of 74.4% from the prior year.

EPS (Diluted)

$0.50

YoY+78.6%

5Y CAGR+30.9%

Audiocodes earned $0.50 per diluted share (EPS) in fiscal year 2024. This represents an increase of 78.6% from the prior year.

Cash & Debt

$58.7M

YoY+92.3%

5Y CAGR-1.9%

10Y CAGR+14.8%

Audiocodes held $58.7M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

30M

YoY-2.7%

5Y CAGR+0.1%

10Y CAGR-3.5%

Audiocodes had 30M shares outstanding in fiscal year 2024. This represents a decrease of 2.7% from the prior year.

Gross Margin

65.3%

YoY+0.5pp

5Y CAGR+17.9pp

10Y CAGR+6.6pp

Audiocodes's gross margin was 65.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.5 percentage points from the prior year.

Operating Margin

7.1%

YoY+1.2pp

5Y CAGR+11.9pp

10Y CAGR+4.8pp

Audiocodes's operating margin was 7.1% in fiscal year 2024, reflecting core business profitability. This is up 1.2 percentage points from the prior year.

Net Margin

6.3%

YoY+2.7pp

5Y CAGR+4.3pp

10Y CAGR+6.4pp

Audiocodes's net profit margin was 6.3% in fiscal year 2024, showing the share of revenue converted to profit. This is up 2.7 percentage points from the prior year.

Return on Equity

8.0%

YoY+3.3pp

5Y CAGR+3.7pp

Audiocodes's ROE was 8.0% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 3.3 percentage points from the prior year.

R&D Spending

$52.1M

YoY-8.8%

5Y CAGR+4.8%

10Y CAGR+4.9%

Audiocodes invested $52.1M in research and development in fiscal year 2024. This represents a decrease of 8.8% from the prior year.

Share Buybacks

$14.3M

YoY-21.5%

5Y CAGR+12.4%

10Y CAGR+10.5%

Audiocodes spent $14.3M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 21.5% from the prior year.

Capital Expenditures

$24.3M

YoY+307.0%

5Y CAGR+65.6%

10Y CAGR+25.3%

Audiocodes invested $24.3M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 307.0% from the prior year.

AUDC Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$242.2M-0.9%	$244.4M-11.2%	$275.1M+10.5%	$248.9M+12.7%	$220.8M+10.2%	$200.3M
Cost of Revenue	$84.0M-2.3%	$86.0M-10.7%	$96.3M+23.4%	$78.0M+10.0%	$71.0M-32.6%	$105.3M
Gross Profit	$158.2M-0.1%	$158.3M-11.4%	$178.8M+4.6%	$170.9M+14.1%	$149.8M+57.8%	$95.0M
R&D Expenses	$52.1M-8.8%	$57.2M-4.5%	$59.8M+12.1%	$53.4M+15.9%	$46.1M+11.8%	$41.2M
SG&A Expenses	$17.7M+7.1%	$16.5M-5.6%	$17.5M+9.9%	$15.9M+12.3%	$14.2M+20.4%	$11.8M
Operating Income	$17.2M+19.2%	$14.4M-53.9%	$31.3M-20.8%	$39.5M+3.1%	$38.4M+501.4%	-$9.6M
Interest Expense	N/A	$1.6M+381.5%	$325K-47.7%	$621K-5.5%	$657K+231.8%	$198K
Income Tax	-$215K-103.8%	$5.6M-2.2%	$5.7M-3.0%	$5.9M-37.3%	$9.4M+161.5%	-$15.3M
Net Income	$15.3M+74.4%	$8.8M-69.2%	$28.5M-15.7%	$33.8M+23.9%	$27.2M+585.1%	$4.0M
EPS (Diluted)	$0.50+78.6%	$0.28-68.2%	$0.88-12.0%	$1.00+20.5%	$0.83+538.5%	$0.13

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q2'21	Q4'20	Q2'20	Q4'19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AUDC Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$335.9M-0.5%	$337.5M+4.2%	$323.8M-7.3%	$349.4M-2.4%	$358.1M+46.6%	$244.3M
Current Assets	$162.9M+14.2%	$142.7M-4.8%	$149.9M-10.5%	$167.6M-17.7%	$203.6M+53.6%	$132.6M
Cash & Equivalents	$58.7M+92.3%	$30.5M+24.5%	$24.5M-69.1%	$79.4M+94.0%	$40.9M-36.8%	$64.8M
Inventory	$31.5M-28.4%	$44.0M+20.8%	$36.4M+51.6%	$24.0M-17.8%	$29.2M+3.2%	$28.3M
Accounts Receivable	$56.0M+9.6%	$51.1M-9.4%	$56.4M+15.3%	$49.0M+41.8%	$34.5M+25.5%	$27.5M
Goodwill	$37.6M0.0%	$37.6M0.0%	$37.6M0.0%	$37.6M+3.7%	$36.2M0.0%	$36.2M
Total Liabilities	$144.1M-3.6%	$149.4M+11.4%	$134.1M-6.8%	$143.9M-3.0%	$148.3M-2.4%	$151.8M
Current Liabilities	$77.8M-7.6%	$84.2M-10.9%	$94.5M-1.5%	$95.9M+1.2%	$94.8M+9.3%	$86.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$191.8M+2.0%	$188.1M-0.9%	$189.8M-7.7%	$205.5M-2.1%	$209.9M+126.9%	$92.5M
Retained Earnings	$25.2M+21.2%	$20.8M-11.2%	$23.4M+260.5%	$6.5M+139.6%	-$16.4M+53.4%	-$35.2M

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q2'21	Q4'20	Q2'20	Q4'19
Total Assets	$335.9M-0.5%	$337.5M+4.2%	$323.8M-7.3%	$349.4M-1.7%	$355.2M-0.8%	$358.1M+5.0%	$341.2M+39.7%	$244.3M
Current Assets	$162.9M+14.2%	$142.7M-4.8%	$149.9M-10.5%	$167.6M-12.2%	$190.9M-6.3%	$203.6M-14.0%	$236.8M+78.6%	$132.6M
Cash & Equivalents	$58.7M+92.3%	$30.5M+24.5%	$24.5M-69.1%	$79.4M-31.8%	$116.4M+184.4%	$40.9M-75.0%	$163.8M+153.0%	$64.8M
Inventory	$31.5M-28.4%	$44.0M+20.8%	$36.4M+51.6%	$24.0M-3.4%	$24.8M-14.9%	$29.2M-0.9%	$29.5M+4.2%	$28.3M
Accounts Receivable	$56.0M+9.6%	$51.1M-9.4%	$56.4M+15.3%	$49.0M+32.3%	$37.0M+7.2%	$34.5M+14.5%	$30.1M+9.6%	$27.5M
Goodwill	$37.6M0.0%	$37.6M0.0%	$37.6M0.0%	$37.6M+3.7%	$36.2M0.0%	$36.2M0.0%	$36.2M0.0%	$36.2M
Total Liabilities	$144.1M-3.6%	$149.4M+11.4%	$134.1M-6.8%	$143.9M-0.5%	$144.5M-2.5%	$148.3M-0.5%	$149.0M-1.9%	$151.8M
Current Liabilities	$77.8M-7.6%	$84.2M-10.9%	$94.5M-1.5%	$95.9M+2.3%	$93.8M-1.0%	$94.8M+9.3%	$86.7M0.0%	$86.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$191.8M+2.0%	$188.1M-0.9%	$189.8M-7.7%	$205.5M-2.5%	$210.7M+0.4%	$209.9M+9.2%	$192.2M+107.8%	$92.5M
Retained Earnings	$25.2M+21.2%	$20.8M-11.2%	$23.4M+260.5%	$6.5M+287.6%	-$3.5M+78.9%	-$16.4M+39.6%	-$27.2M+22.8%	-$35.2M

AUDC Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$35.3M+136.7%	$14.9M+79.8%	$8.3M-82.5%	$47.3M+23.0%	$38.5M+66.1%	$23.2M
Capital Expenditures	$24.3M+307.0%	$6.0M+301.1%	$1.5M+26.7%	$1.2M-23.3%	$1.5M-21.5%	$1.9M
Free Cash Flow	$11.0M+22.9%	$8.9M+31.4%	$6.8M-85.3%	$46.2M+25.0%	$36.9M+74.1%	$21.2M
Investing Cash Flow	$17.8M-10.9%	$20.0M+201.5%	-$19.7M-146.2%	$42.6M+130.6%	-$139.3M-570.6%	$29.6M
Financing Cash Flow	-$24.9M+13.9%	-$28.9M+40.6%	-$48.6M+5.6%	-$51.5M-166.8%	$77.1M+631.7%	-$14.5M
Dividends Paid	$10.9M-4.4%	$11.4M-1.3%	$11.6M+6.3%	$10.9M+28.7%	$8.4M+25.6%	$6.7M
Share Buybacks	$14.3M-21.5%	$18.3M-52.1%	$38.1M-9.0%	$41.9M	$0-100.0%	$8.0M

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q2'21	Q4'20	Q2'20	Q4'19
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AUDC Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	65.3%+0.5pp	64.8%-0.2pp	65.0%-3.7pp	68.7%+0.8pp	67.9%+20.4pp	47.4%
Operating Margin	7.1%+1.2pp	5.9%-5.5pp	11.4%-4.5pp	15.9%-1.5pp	17.4%+22.1pp	-4.8%
Net Margin	6.3%+2.7pp	3.6%-6.8pp	10.3%-3.2pp	13.6%+1.2pp	12.3%+10.3pp	2.0%
Return on Equity	8.0%+3.3pp	4.7%-10.3pp	15.0%-1.4pp	16.4%+3.4pp	13.0%+8.7pp	4.3%
Return on Assets	4.6%+2.0pp	2.6%-6.2pp	8.8%-0.9pp	9.7%+2.1pp	7.6%+6.0pp	1.6%
Current Ratio	2.09+0.4	1.69+0.1	1.59-0.2	1.75-0.4	2.15+0.6	1.53
Debt-to-Equity	0.75-0.0	0.79+0.1	0.710.0	0.700.0	0.71-0.9	1.64
FCF Margin	4.5%+0.9pp	3.6%+1.2pp	2.5%-16.1pp	18.6%+1.8pp	16.7%+6.1pp	10.6%

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q2'21	Q4'20	Q2'20	Q4'19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.09+0.4	1.69+0.1	1.59-0.2	1.75-0.3	2.04-0.1	2.15-0.6	2.73+1.2	1.53
Debt-to-Equity	0.75-0.0	0.79+0.1	0.710.0	0.70+0.0	0.69-0.0	0.71-0.1	0.78-0.9	1.64
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Audiocodes's annual revenue?

Audiocodes (AUDC) reported $242.2M in total revenue for fiscal year 2024. This represents a -0.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Audiocodes's revenue growing?

Audiocodes (AUDC) revenue declined by 0.9% year-over-year, from $244.4M to $242.2M in fiscal year 2024.

Is Audiocodes profitable?

Yes, Audiocodes (AUDC) reported a net income of $15.3M in fiscal year 2024, with a net profit margin of 6.3%.

What is Audiocodes's earnings per share (EPS)?

Audiocodes (AUDC) reported diluted earnings per share of $0.50 for fiscal year 2024. This represents a 78.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Audiocodes's EBITDA?

Audiocodes (AUDC) had EBITDA of $21.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Audiocodes's gross margin?

Audiocodes (AUDC) had a gross margin of 65.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Audiocodes's operating margin?

Audiocodes (AUDC) had an operating margin of 7.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Audiocodes's net profit margin?

Audiocodes (AUDC) had a net profit margin of 6.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Audiocodes's return on equity (ROE)?

Audiocodes (AUDC) has a return on equity of 8.0% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Audiocodes's free cash flow?

Audiocodes (AUDC) generated $11.0M in free cash flow during fiscal year 2024. This represents a 22.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Audiocodes's operating cash flow?

Audiocodes (AUDC) generated $35.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Audiocodes's total assets?

Audiocodes (AUDC) had $335.9M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Audiocodes's capital expenditures?

Audiocodes (AUDC) invested $24.3M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Audiocodes spend on research and development?

Audiocodes (AUDC) invested $52.1M in research and development during fiscal year 2024.

Does Audiocodes buy back shares?

Yes, Audiocodes (AUDC) spent $14.3M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Audiocodes have outstanding?

Audiocodes (AUDC) had 30M shares outstanding as of fiscal year 2024.

What is Audiocodes's current ratio?

Audiocodes (AUDC) had a current ratio of 2.09 as of fiscal year 2024, which is generally considered healthy.

What is Audiocodes's debt-to-equity ratio?

Audiocodes (AUDC) had a debt-to-equity ratio of 0.75 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Audiocodes's return on assets (ROA)?

Audiocodes (AUDC) had a return on assets of 4.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Audiocodes's Altman Z-Score?

Audiocodes (AUDC) has an Altman Z-Score of 2.17, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Audiocodes's Piotroski F-Score?

Audiocodes (AUDC) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Audiocodes's earnings high quality?

Audiocodes (AUDC) has an earnings quality ratio of 2.30x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Audiocodes?

Audiocodes (AUDC) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.