Audiocodes Ltd. (AUDC) intrinsic value & 10-year financials
Audiocodes Ltd. (AUDC) has a Graham intrinsic value of $0.10 per share. Over the last 10 fiscal years revenue grew 6.0% a year to $245.6M, with an average return on invested capital of 9.9%.
- Graham intrinsic value
- $0.10
- Revenue (FY2025)
- $245.6M
- Revenue growth (10-yr CAGR)
- 6.0%
- ROIC (10-yr avg)
- 9.9%
- Free cash flow (FY2025)
- $22.9M
AUDC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $245.6M | $9.0M | $0.31 | $22.9M | 5.7% | 5.8% |
| FY2024 | $242.2M | $15.3M | $0.50 | $11.0M | 7.1% | 9.8% |
| FY2023 | $244.4M | $8.8M | $0.28 | $8.9M | 5.9% | 4.9% |
| FY2022 | $275.1M | $28.5M | $0.88 | $6.8M | 11.4% | 16.9% |
| FY2021 | $248.9M | $33.8M | $1.00 | $46.2M | 15.9% | 20.7% |
| FY2020 | $220.8M | $27.2M | $0.83 | $36.9M | 17.4% | 23.8% |
| FY2019 | $200.3M | $4.0M | $0.13 | $21.2M | -4.8% | -9.4% |
| FY2018 | $176.2M | $13.5M | $0.45 | $24.2M | 9.3% | 14.2% |
| FY2017 | $156.7M | $4.0M | $0.13 | $16.2M | 6.2% | 4.8% |
| FY2016 | $145.6M | $16.2M | $0.45 | $16.9M | 5.3% | 7.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AUDIOCODES LTD has demonstrated mature, steady growth, with revenue compounding at 6.0% annually over the past decade.
AUDIOCODES LTD returns on capital have been average, hovering around 9.9% ROIC over the decade.
Over the decade, AUDIOCODES LTD shows that management has aggressively returned capital to shareholders by retiring 19.0% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AUDIOCODES LTD is modeled at -4.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.10 per share.