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Audiocodes LTD (AUDC) stock

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NASDAQ: AUDC Nasdaq Communications Equipment Next results ~November 4, 2026

C+ Fundamentals grade

Audiocodes LTD is a US-listed company in the communications equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$5.1

Cash-flow model

Base case. Range ~$4.2–$6.2 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 52% below it.

Price used: $10.64, November 2, 2026

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 16 sales by directors and officers, last 12 monthsInsider trades
  • Funds30 adding, 26 cuttingOf 17 active managers that changed their stake, 11 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Audiocodes files

Where Audiocodes LTD stands after its latest Filing

Revenue for the twelve months was $246m, up 1.4% on a year earlier, against a decline of 0.9% a quarter earlier. Free-cash-flow margin fell to 9.3% from 18.5% a year earlier. Operating margin narrowed to 5.7% from 15.9%. The diluted share count is down 5.4% on a year earlier, which lifts each remaining share. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $4.76 a share, against a share price of $11.14.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Audiocodes LTD's trailing-twelve-month revenue grew 1.4% year on year, with a free-cash-flow margin of 9.3%. Where it stands out: change in share count of -5.4% ranks 1 of 36 communications equipment companies we cover. Where it lags: days sales outstanding of 100 days ranks 28 of 34 communications equipment companies we cover.

Our discounted-cash-flow model values the business at ~$5.1 per share in the base case (~$4.2–$6.2 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 108.6% while net income fell 41.5%: a 150pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Strengths

  • Shrinking share count. Diluted shares fell 5.4% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Priced above our value. The share price of $10.64 is 52% above our value per share of $5.
  • Below peers: days sales outstanding. Days sales outstanding of 100 days ranks 28 of 34 communications equipment companies we cover (median 75 days).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results

Earnings per share
$0.15 against an average estimate of $0.14: beat by 7.1%
Next report
November 4, 2026; average EPS estimate $0.16

Audiocodes' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.5%
  • 1 week-7.2%
  • 1 month-4.1%
  • This year+27.9%
  • 1 year+25.1%
  • 5 years-65.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$246M
Operating margin
5.7%
Net margin
3.6%
EPS (TTM, diluted)
$0.31

Growth

Revenue growth
+1.4%
Change in growth rate
+2.3 pts
Share count change
−5.4%

Cash

Free cash flow (TTM)
$22.9M
FCF margin
9.3%
Stock pay % of revenue
2.7%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for AUDC from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

What the price is pricing in

The share price implies about 19.0% a year of cash-flow growth for five years.That is faster than the 2.2% a year revenue growth Audiocodes has delivered.

  • Priced in19.0%
  • Last 12 months1.4%
  • 3 years a year-3.7%
  • 5 years a year2.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($10.53, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$5.1
Price used
$10.53close November 3, 2026
Implied change
▼ 52%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Audiocodes LTD's free cash flow after stock-based pay with after-tax interest added back ($5.6M, FY2025 Q4 TTM), growing 2% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$4.2–~$6.2 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Audiocodes LTD's free cash flow after stock-based pay ( $5.6M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Audiocodes LTD as an operating company, with every model that fits that kind of business. Cost of equity 10%: the 10-year Treasury yield (4.9%) plus a beta of 1.13 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$5.1 ~$4.2–$6.2 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$7.7 ~$6.2–$13 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$6.1 ~$4.6–$8.1 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$6.0 ~$5.3–$7.0 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$6.0 ~$5.1–$7.7 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Audiocodes LTD with Communications Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −10%
  • Last year's free-cash-flow margin change, if it persists ▲ +85%
  • Discount rate 1 point higher ▼ −13%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $5$6$7$9$11$15
8.5% $4$5$6$7$9$11
10% $4$4$5$6$7$9

Valuation multiples over time Market data may be delayed

Audiocodes LTD: market value and multiples by fiscal year
At fiscal year end 20152016201720182019202020212022202320242025
Share price$3.15$5.14$5.95$8.16$21.52$23.29$29.69$15.51$10.76$8.95$8.32
Market value$128m$184m$191m$246m$663m$767m$1.0bn$504m$340m$274m$241m
+ Net debt (− = net cash)−$19m−$24m−$24m−$32m−$65m−$41m−$79m−$25m−$31m−$59m−$45m
Enterprise value$109m$159m$167m$215m$598m$726m$925m$480m$309m$215m$196m
Multiples
Price / sales 0.9x1.3x1.2x1.4x3.3x3.5x4.0x1.8x1.4x1.1x1.0x
Price / earnings n/m11.3x47.5x18.3x166.7x28.1x29.8x17.7x38.7x17.9x26.9x
Price / free cash flow 8.2x10.9x11.8x10.2x31.2x20.8x21.8x74.2x38.1x25.0x10.5x
EV / EBITDA 24.4x16.9x14.9x12.0x—18.0x22.2x14.3x18.8x10.5x11.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

49 /100

Moderate moat

How hard Audiocodes's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Pricing power 17 / 20

    Gross margin has been a median 62.4%, moving by 4.9 percentage points (standard deviation) across 5 years.

  • Durability 0 / 20

    Operating margin has been a median 5.7%; its worst year was -0.1%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 5 of 5 years, at a median 10.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (54 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, before the open. Analysts expect revenue of $63m and EPS of $0.16 (range $0.16 to $0.16) for the quarter.

Analysts' consensus

Audiocodes LTD: consensus estimates
Fiscal yearEPSGrowthRevenueGrowth
Current $0.61 0% $253m +3%
Next $0.64 +5% $263m +4%

Next year's EPS estimate has moved +1.6% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is 0.0% on 90 days ago. In the last 30 days, 0 analysts raised Audiocodes LTD's forecast and 1 cut it.

Consensus EPS forecast Audiocodes LTD, last 90 days
$0.61 $0.62 $0.63 $0.64 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.61 Current fiscal year, 60 days ago: $0.61 Current fiscal year, 30 days ago: $0.61 Current fiscal year, 7 days ago: $0.61 Current fiscal year, Now: $0.61 $0.61 Next fiscal year, 90 days ago: $0.63 Next fiscal year, 60 days ago: $0.63 Next fiscal year, 30 days ago: $0.63 Next fiscal year, 7 days ago: $0.63 Next fiscal year, Now: $0.64 $0.64

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.61$0.63
60 days ago $0.61$0.63
30 days ago $0.61$0.63
7 days ago $0.61$0.63
Now $0.61$0.64

Earnings against estimates

Audiocodes LTD: reported EPS against the consensus estimate
Quarter toEstimateActualSurprise
Jun 2026 $0.14 $0.15 +7.1%
Mar 2026 $0.16 $0.14 −12.5%
Dec 2025 $0.16 $0.16 0.0%
Sept 2025 $0.08 $0.17 +112.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

1 analysts, Oct 2026
Buy1100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202611

Counts of recommendations published by analysts covering Audiocodes LTD, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.8%
of tradable shares
Days to cover
2.37
at average volume
Short interest, 1 month
+53%
to October 15, 2026
Held by institutions
39%
of shares
Held by insiders
30.5%
of shares
Employees
981
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Audiocodes LTD: yearly return, monthly win rate and worst fall against the S&P 500
Calendar year 202120222023202420252026 to date
Return
AUDC+28%−48%−31%−17%−7%+28%
Industry peers (median)+17%−18%−12%+33%+3%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AUDC58%8%50%42%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AUDC−20%−52%−64%−43%−34%−23%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 83% from July 27, 2020 to October 27, 2023. Getting back needed a 488% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$6.70 – $11.70
From 52-week high
−9.1%
vs 50-day average
+0.3%
vs 200-day average
+16.0%
Volatility (1 year)
41%
Beta vs S&P 500
1.16

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Audiocodes LTD’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Audiocodes LTD in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Audiocodes LTD
$100M $150M $200M $250M $300M FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Revenue (TTM), FY14 Q4: $151.6M Revenue (TTM), FY15 Q4: $139.8M Revenue (TTM), FY16 Q4: $145.6M Revenue (TTM), FY17 Q4: $156.7M Revenue (TTM), FY18 Q4: $176.2M Revenue (TTM), FY19 Q4: $200.3M Revenue (TTM), FY20 Q4: $220.8M Revenue (TTM), FY21 Q4: $248.9M Revenue (TTM), FY22 Q4: $275.1M Revenue (TTM), FY23 Q4: $244.4M Revenue (TTM), FY24 Q4: $242.2M Revenue (TTM), FY25 Q4: $245.6M $245.6M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY14 Q4 $151.6M
FY15 Q4 $139.8M
FY16 Q4 $145.6M
FY17 Q4 $156.7M
FY18 Q4 $176.2M
FY19 Q4 $200.3M
FY20 Q4 $220.8M
FY21 Q4 $248.9M
FY22 Q4 $275.1M
FY23 Q4 $244.4M
FY24 Q4 $242.2M
FY25 Q4 $245.6M
Revenue growth, TTM YoY Audiocodes LTD
-20% -10% 0% 10% 20% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Revenue growth, TTM YoY, FY14 Q4: 10.5% Revenue growth, TTM YoY, FY15 Q4: -7.8% Revenue growth, TTM YoY, FY16 Q4: 4.2% Revenue growth, TTM YoY, FY17 Q4: 7.7% Revenue growth, TTM YoY, FY18 Q4: 12.4% Revenue growth, TTM YoY, FY19 Q4: 13.7% Revenue growth, TTM YoY, FY20 Q4: 10.2% Revenue growth, TTM YoY, FY21 Q4: 12.7% Revenue growth, TTM YoY, FY22 Q4: 10.5% Revenue growth, TTM YoY, FY23 Q4: -11.2% Revenue growth, TTM YoY, FY24 Q4: -0.9% Revenue growth, TTM YoY, FY25 Q4: 1.4% 1.4%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY14 Q4 10.5%
FY15 Q4 -7.8%
FY16 Q4 4.2%
FY17 Q4 7.7%
FY18 Q4 12.4%
FY19 Q4 13.7%
FY20 Q4 10.2%
FY21 Q4 12.7%
FY22 Q4 10.5%
FY23 Q4 -11.2%
FY24 Q4 -0.9%
FY25 Q4 1.4%
Operating margin (TTM) Audiocodes LTD
-10% 0% 10% 20% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Operating margin (TTM), FY14 Q4: 2.3% Operating margin (TTM), FY15 Q4: 1.9% Operating margin (TTM), FY16 Q4: 5.3% Operating margin (TTM), FY17 Q4: 6.2% Operating margin (TTM), FY18 Q4: 9.3% Operating margin (TTM), FY19 Q4: -4.8% Operating margin (TTM), FY20 Q4: 17.4% Operating margin (TTM), FY21 Q4: 15.9% Operating margin (TTM), FY22 Q4: 11.4% Operating margin (TTM), FY23 Q4: 5.9% Operating margin (TTM), FY24 Q4: 7.1% Operating margin (TTM), FY25 Q4: 5.7% 5.7%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY14 Q4 2.3%
FY15 Q4 1.9%
FY16 Q4 5.3%
FY17 Q4 6.2%
FY18 Q4 9.3%
FY19 Q4 -4.8%
FY20 Q4 17.4%
FY21 Q4 15.9%
FY22 Q4 11.4%
FY23 Q4 5.9%
FY24 Q4 7.1%
FY25 Q4 5.7%
FCF margin (TTM) Audiocodes LTD
0% 5% 10% 15% 20% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 FCF margin (TTM), FY14 Q4: 2.3% FCF margin (TTM), FY15 Q4: 11.2% FCF margin (TTM), FY16 Q4: 11.6% FCF margin (TTM), FY17 Q4: 10.3% FCF margin (TTM), FY18 Q4: 13.8% FCF margin (TTM), FY19 Q4: 10.6% FCF margin (TTM), FY20 Q4: 16.7% FCF margin (TTM), FY21 Q4: 18.5% FCF margin (TTM), FY22 Q4: 2.5% FCF margin (TTM), FY23 Q4: 3.7% FCF margin (TTM), FY24 Q4: 4.5% FCF margin (TTM), FY25 Q4: 9.3% 9.3%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY14 Q4 2.3%
FY15 Q4 11.2%
FY16 Q4 11.6%
FY17 Q4 10.3%
FY18 Q4 13.8%
FY19 Q4 10.6%
FY20 Q4 16.7%
FY21 Q4 18.5%
FY22 Q4 2.5%
FY23 Q4 3.7%
FY24 Q4 4.5%
FY25 Q4 9.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Audiocodes took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $246M
  2. Cost of revenue $86M · 35.0%
  3. Gross profit $160M · 65.0%
  4. Research and development $52.6M · 21.4%
  5. Selling, general and admin $93M · 37.9%
  6. Operating income $14M · 5.7%
  7. Income tax $4.6M · 1.9%
  8. Net income $9M · 3.6%
Where Audiocodes's revenue went, FY2025
Revenue $246M
Cost of revenue $86M 35.0% of revenue
Gross profit $160M 65.0% of revenue
Research and development $52.6M 21.4% of revenue
Selling, general and admin $93M 37.9% of revenue
Operating income $14M 5.7% of revenue
Income tax $4.6M 1.9% of revenue
Net income $9M 3.6% of revenue

Shares of revenue. Source: Audiocodes's 10-K for FY2025, as filed with the SEC.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Audiocodes LTD: annual financial statements
Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 126 150 156 127 137 152 140 146 157 176 200 221 249 275 244 242 246
Gross profit 70 84 92 73 79 89 83 88 98 111 95 150 171 179 158 158 160
EBITDA — 13 9 −2 5 5 4 9 11 18 −8 40 42 34 16 21 18
Operating income −0 10 7 −4 3 4 3 8 10 16 −10 38 40 31 14 17 14
Net income −3 12 7 −4 4 −0 0 16 4 13 4 27 34 28 9 15 9
Diluted EPS −$0.07 $0.30 $0.17 −$0.11 $0.11 $0.00 $0.01 $0.45 $0.13 $0.45 $0.13 $0.83 $1.00 $0.88 $0.28 $0.50 $0.31
Growth (year on year)
Revenue — +19.2% +3.9% −18.2% +7.6% +10.5% −7.8% +4.2% +7.7% +12.4% +13.7% +10.2% +12.7% +10.5% −11.2% −0.9% +1.4%
EBITDA — — −30.8% −121.6% — +13.1% −16.9% +111.6% +19.1% +59.2% −143.9% — +3.3% −19.5% −50.8% +24.7% −13.3%
Operating income — — −30.5% −151.5% — — −22.7% — +24.5% +69.5% −158.4% — +3.1% −20.8% −53.9% +19.2% −18.3%
Net income — — −40.9% −158.3% — −102.0% — — −75.2% +234.8% −70.5% — +23.9% −15.7% −69.2% +74.4% −41.5%
Diluted EPS — — −43.3% −164.7% — −100.0% — — −71.1% +246.2% −71.1% — +20.5% −12.0% −68.2% +78.6% −38.0%
Margins
Gross margin 55.4% 55.9% 58.8% 57.4% 57.3% 58.7% 59.2% 60.7% 62.4% 62.8% 47.4% 67.9% 68.7% 65.0% 64.8% 65.3% 65.0%
EBITDA margin — 8.8% 5.9% −1.6% 3.5% 3.5% 3.2% 6.5% 7.2% 10.2% −3.9% 18.2% 16.7% 12.2% 6.7% 8.5% 7.2%
Operating margin −0.1% 7.0% 4.7% −2.9% 2.0% 2.3% 1.9% 5.3% 6.2% 9.3% −4.8% 17.4% 15.9% 11.4% 5.9% 7.1% 5.7%
Net margin −2.2% 8.1% 4.6% −3.3% 3.1% −0.1% 0.3% 11.2% 2.6% 7.7% 2.0% 12.3% 13.6% 10.3% 3.6% 6.3% 3.6%
Free-cash-flow margin 15.7% 9.9% −1.8% 0.8% 9.1% 2.3% 11.2% 11.6% 10.3% 13.8% 10.6% 16.7% 18.5% 2.5% 3.7% 4.5% 9.3%
Cash flow
Cash from operations 21 16 −1 3 14 6 18 18 18 26 23 38 47 8 15 35 29
Capital spending 1 2 2 2 2 3 2 1 2 1 2 2 1 1 6 24 6
Free cash flow 20 15 −3 1 13 3 16 17 16 24 21 37 46 7 9 11 23
Stock-based pay 2 1 2 2 2 3 2 2 2 3 5 9 14 15 11 8 7
Free cash flow after stock pay 18 13 −5 −1 11 1 13 14 14 21 16 28 32 −8 −2 3 16
Balance sheet
Cash 39 50 28 15 31 15 19 24 24 32 65 41 79 25 31 59 45
Total debt 0 0 0 0 1 — 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −39 −50 −28 −15 −30 −15 −19 −24 −24 −32 −65 −41 −79 −25 −31 −59 −45
Diluted shares — 41m 42m 39m 39m 42m 41m 36m 32m 30m 31m 33m 34m 33m 32m 31m 29m
Returned to shareholders
Dividends — — — — — — — 0 0 6 7 8 11 12 11 11 11
Buybacks 0 0 4 7 0 5 20 29 26 14 8 0 42 38 18 14 31
Total returned 0 0 4 7 0 5 20 29 26 20 15 8 53 50 30 25 42

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · December 31, 2025
What it owns · $323m
Short-term assets $181mLonger-term assets $142m
What it owes, and who funded it · $323m
Short-term liabilities $82mLonger-term liabilities $70mShareholders' equity $171m
  • Short-term assets cover short-term liabilities $181m of assets due within a year against $82m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $181m short-term assets against $70m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Audiocodes LTD's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$30.6M
Dividends (TTM)
$10.9M
Returned to shareholders
181%
of free cash flow
Buybacks, last 3 fiscal years
$63.2M
Diluted share count
−5.4%
year over year
Total shareholder yield
14.4%
dividends 3.8% + buybacks 10.6% of market value
Dividend payout ratio
122%
of net income paid out
R&D spending
21.4%
of revenue
Days sales outstanding
100 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in communications equipment
Growth, margins and cash generation against peers
Last 12 months unless stated AUDC CMTL TSAT ATEN CRNT ONDS Median
Revenue, last 12 months $246m $250m $299m $310m $339m $174m $324m
Revenue growth, last 12 months 1.4% −17.0% −28.2% 12.2% −14.1% 979.3% 11.0%
Revenue growth, 3-year average 21.4% −23.2% — 4.3% −2.2% 166.7% 4.1%
Revenue growth, latest quarter — −8.6% — 15.5% — >999% 12.9%
Gross margin 65.0% 38.9% 93.4% 79.4% 33.8% 43.7% 43.7%
Operating margin 5.7% −7.3% −72.7% 16.1% 2.1% −140.4% 2.2%
Operating margin, 3-year average 9.3% −10.7% — 15.9% 3.6% −253.1% −1.4%
Net margin 3.6% −14.5% −37.2% 13.9% −0.6% 96.0% −0.0%
Cash from operations / revenue 12.0% 15.0% 16.0% 24.8% 9.3% −92.5% 9.9%
Free-cash-flow margin 9.3% 8.9% −17.7% 19.6% 5.3% −98.7% 7.7%
Free-cash-flow margin, 3-year average 12.7% −3.1% — 22.9% −0.2% −210.5% 2.2%
Stock pay / revenue 2.7% 1.3% 1.0% 7.5% 1.2% 15.0% 3.9%
Change in share count −5.4% 1.5% 5.0% −1.3% 1.5% 31.9% 1.5%

Median of all 40 companies we cover in communications equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 communications equipment companies
Measures ranked against peers
Measure Company Peer median Rank
Revenue growth Growth 1.4% 11.3% 27 of 40
Change in growth rate Growth +2.3pp +2.0pp 18 of 40
Gross margin Profitability 65.0% 44.1% 8 of 36
Operating margin Profitability 5.7% 2.4% 14 of 40
Net margin Profitability 3.6% 0.6% 17 of 40
Free-cash-flow margin Cash generation 9.3% 8.2% 16 of 38
Stock pay as % of revenue Cash generation 2.7% 3.9% 13 of 37
Change in share count Balance sheet -5.4% 1.6% 1 of 36
Days sales outstanding Balance sheet 100 days 75 days 28 of 34

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Reported value
$93.6M
Institutions reporting
67
Shares held vs prior quarter
▲ 8.5%
Positions opened / closed
13 / 6

Top buyers and sellers, Q2 2026: 30 institutions bought and 26 sold ; the biggest buyer was Jane Street Group, LLC (+196K shares) and the biggest seller D. E. Shaw & Co., Inc (−55K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Value Base Ltd. $25.4M 2.6M 27.2% 0.0%
Acadian Asset Management LLC $11.2M 1.2M 12.0% ▼ 0.1%
Morgan Stanley $10.3M 1.1M 11.0% ▼ 1.8%
Heartland Advisors Inc $8.9M 918K 9.5% ▼ 5.0%
Arrowstreet Capital, Limited Partnership $7M 729K 7.5% ▼ 1.6%
Marshall Wace, LLP $3.3M 336K 3.5% ▲ 66.4%
Jane Street Group, LLC $2.4M 252K 2.6% ▲ 354.1%
ARK Investment Management LLC $2.4M 246K 2.5% ▼ 3.3%
Dimensional Fund Advisors LP $2.3M 242K 2.5% ▲ 2.2%
Assenagon Asset Management S.A. $2.3M 237K 2.4% ▲ 59.3%
Two Sigma Investments, LP $1.7M 175K 1.8% ▲ 36.5%
UBS Group AG $1.7M 172K 1.8% ▲ 26.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Audiocodes LTD's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Recent insider open-market transactions
Insider Date Trade Shares Price Value
Simon Zehava Director September 1, 2026 Sell 27,000 $9.91 $267,570
Simon Zehava Director August 31, 2026 Sell 6,000 $10.03 $60,180
Aldema Lior EVP and Chief Business Officer August 10, 2026 Sell pre-set plan 2,812 $9.98 $28,064
Baruch Niran Chief Financial Officer August 10, 2026 Sell pre-set plan 1,875 $9.99 $18,731
Aldema Lior EVP and Chief Business Officer August 6, 2026 Sell pre-set plan 2,812 $9.95 $27,979
Baruch Niran Chief Financial Officer August 6, 2026 Sell pre-set plan 1,875 $9.95 $18,656
Aldema Lior EVP and Chief Business Officer August 5, 2026 Sell pre-set plan 2,812 $9.86 $27,726
Baruch Niran Chief Financial Officer August 5, 2026 Sell pre-set plan 1,875 $9.84 $18,450
Baruch Niran Chief Financial Officer May 8, 2026 Sell pre-set plan 1,875 $8.34 $15,638
Aldema Lior EVP and Chief Business Officer May 8, 2026 Sell pre-set plan 2,813 $8.34 $23,460
Aldema Lior EVP and Chief Business Officer May 6, 2026 Sell pre-set plan 2,813 $8.53 $23,995
Baruch Niran Chief Financial Officer May 6, 2026 Sell pre-set plan 1,875 $8.52 $15,975

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Audiocodes LTD was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Audiocodes LTD in brief

What does Audiocodes LTD do?
Audiocodes LTD is a US-listed company in the communications equipment industry. Its financial year ends in December.
What is Audiocodes LTD's stock ticker?
Audiocodes LTD trades under the ticker AUDC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Audiocodes LTD's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Audiocodes LTD reported revenue of $246M, 1.4% higher than a year earlier, according to its SEC filings.
What is Audiocodes LTD's free cash flow?
Audiocodes LTD's free-cash-flow margin is 9.3% of revenue over the trailing twelve months, ranking 16 of the 38 communications equipment companies we cover.
What is Audiocodes LTD's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Audiocodes LTD's free cash flow after stock-based pay gives ~$5.1 per share in the base case, and ~$4.2–$6.2 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Audiocodes LTD's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Value Base Ltd., Acadian Asset Management LLC and Morgan Stanley. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Audiocodes LTD buying back stock, and does it pay a dividend?
Audiocodes LTD spent $30.6M on share repurchases over the trailing twelve months, and its diluted share count fell 5.4% over the year.
What is Audiocodes LTD's market cap?
On December 31, 2025, Audiocodes LTD's market capitalisation was about $241M, with a price-to-earnings ratio of 26.9 and net debt of -$45.3M. Market figures come from third-party market data and may be delayed.
Does Audiocodes LTD pay a dividend?
Yes: Audiocodes LTD paid $10.9M in dividends over the trailing twelve months, a dividend yield of 3.79% and a payout ratio of 122.1%.
Who are Audiocodes LTD's competitors?
In our Communications Equipment peer group, the companies closest to Audiocodes LTD are Comtech Telecommunications Corp, Telesat Corp, A10 Networks, Inc., Ceragon Networks LTD and Ondas Inc. The side-by-side comparison below sets their revenue, margins and growth against Audiocodes LTD's.
Are insiders buying or selling Audiocodes LTD stock?
Over the last 12 months, Audiocodes LTD's directors and officers reported 0 open-market purchases and 16 sales on Form 4. The insider trading page charts every trade.
When is Audiocodes LTD's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Audiocodes LTD announces its own schedule.