olivLaw · US equity research
AudioCodes Ltd. AUDC
Telephone & Telegraph Apparatus · SIC 3661 · Vertical: Telephone & Telegraph Apparatus (SIC 3661)
AudioCodes provides voice communications infrastructure, cloud platforms and Voice AI applications for enterprises, contact centers and service providers. The company matters now because the migration of voice to the cloud and the use of AI in contact centers increase dependence on secure, high-quality voice connectivity.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, AudioCodes Ltd. (AUDC) stock was 7.65 USD (−5.44% on the day), with market capitalisation 207.2 m USD, P/E 24.7 on diluted EPS of 0.31 USD over the last 12 months, dividend yield 5.28%, beta 1.05, 52-week range 7.03–11.70 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 17.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 8.80 – 13.06
- below the lower band · %B -0.27 · band width 39.0%
- SMA 50 / 200
- 10.54 / 9.32
- mixed trend
- MACD (12, 26, 9)
- -0.39 / 0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −29.8% | −5.9% | −23.8 pp | — |
| 3 months | −22.7% | −4.6% | −18.1 pp | — |
| 6 months | −8.4% | +0.2% | −8.6 pp | — |
| Year to date | −12.4% | +7.4% | −19.8 pp | — |
| 1 year | −21.0% | +8.2% | −29.2 pp | −36.2% |
| 3 years | −21.4% | +68.4% | −89.8 pp | −21.0% |
| 5 years | −78.7% | +56.5% | −135.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 40 percentile of its own 10-quarter history (min 14.1, median 30.7, max 197.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 176.2 m | 200.3 m | 220.8 m | 248.9 m | 275.1 m | 244.4 m | 242.2 m | 245.6 m |
| Revenue YoY | +12.4% | +13.7% | +10.2% | +12.7% | +10.5% | −11.2% | −0.9% | +1.4% |
| Net income | 13.5 m | 4.0 m | 27.2 m | 33.8 m | 28.5 m | 8.8 m | 15.3 m | 9.0 m |
| Net income YoY | +234.8% | −70.5% | +585.1% | +23.9% | −15.7% | −69.2% | +74.4% | −41.5% |
| Diluted EPS | 0.45 | 0.13 | 0.83 | 1.00 | 0.88 | 0.28 | 0.50 | 0.31 |
| Diluted EPS YoY | +246.2% | −71.1% | +538.5% | +20.5% | −12.0% | −68.2% | +78.6% | −38.0% |
| net % | 7.7% | 2.0% | 12.3% | 13.6% | 10.3% | 3.6% | 6.3% | 3.6% |
| Free cash flow | 24.2 m | 21.2 m | 36.9 m | 46.2 m | 6.8 m | 8.9 m | 11.0 m | 22.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 45.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 171.3 m USD
- Total assets
- 323.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.22x
- ROE
- 4.9%
- ROA
- 2.7%
- FCF margin
- 9.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 220.8 m | 248.9 m | 275.1 m | 244.4 m | 242.2 m | 245.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Cost of revenue | 71.0 m | 78.0 m | 96.3 m | 86.0 m | 84.0 m | 86.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Gross profit | 149.8 m | 170.9 m | 178.8 m | 158.3 m | 158.2 m | 159.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Research & development | 46.1 m | 53.4 m | 59.8 m | 57.2 m | 52.1 m | 52.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Operating income | 38.4 m | 39.5 m | 31.3 m | 14.4 m | 17.2 m | 14.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Interest expense | 657.0 k | 621.0 k | 325.0 k | 1.6 m | — | — | SEC (XBRL)· 27 Mar 2024verified |
| Pre-tax income | 36.6 m | 39.6 m | 34.2 m | 14.4 m | 15.1 m | 13.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Income tax | 9.4 m | 5.9 m | 5.7 m | 5.6 m | -215.0 k | 4.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Net income | 27.2 m | 33.8 m | 28.5 m | 8.8 m | 15.3 m | 9.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Diluted EPS | 0.83 | 1.00 | 0.88 | 0.28 | 0.50 | 0.31 | SEC (XBRL)· 30 Mar 2026verified |
| Weighted average diluted shares | 32.9 m | 33.8 m | 32.5 m | 31.6 m | 30.6 m | 29.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Dividend per share | 0.26 | 0.33 | 0.36 | 0.37 | 0.37 | 0.40 | SEC (XBRL)· 30 Mar 2026derived |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 40.9 m | 79.4 m | 24.5 m | 30.5 m | 58.7 m | 45.3 m | SEC (XBRL)· 30 Mar 2026verified |
| Receivables | 34.5 m | 49.0 m | 56.4 m | 51.1 m | 56.0 m | 67.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Inventories | 29.2 m | 24.0 m | 36.4 m | 44.0 m | 31.5 m | 22.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Current assets | 203.6 m | 167.6 m | 149.9 m | 142.7 m | 162.9 m | 181.3 m | SEC (XBRL)· 30 Mar 2026verified |
| Property, plant & equipment, net | 4.6 m | 4.4 m | 4.0 m | 10.9 m | 27.3 m | 29.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Goodwill | 36.2 m | 37.6 m | 37.6 m | 37.6 m | 37.6 m | 37.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Intangibles (excl. goodwill) | 569.0 k | 2.4 m | 1.6 m | 1.0 m | 489.0 k | 19.0 k | SEC (XBRL)· 30 Mar 2026verified |
| Total assets | 358.1 m | 349.4 m | 323.8 m | 337.5 m | 335.9 m | 323.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Current liabilities | 94.8 m | 95.9 m | 94.5 m | 84.2 m | 77.8 m | 81.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Total liabilities | — | 143.9 m | 134.1 m | 149.4 m | 144.1 m | 151.7 m | SEC (XBRL)· 30 Mar 2026verified |
| Equity | 209.9 m † | 205.5 m † | 189.8 m † | 188.1 m † | 191.8 m † | 171.3 m † | SEC (XBRL)· 30 Mar 2026verified |
| Shares outstanding at year end | 33.0 m | 32.5 m | 31.7 m | 30.5 m | 29.7 m | 27.1 m | SEC (XBRL)· 30 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 38.5 m | 47.3 m | 8.3 m | 14.9 m | 35.3 m | 29.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Capex | 1.5 m | 1.2 m | 1.5 m | 6.0 m | 24.3 m | 6.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Free cash flow | 36.9 m ≈ | 46.2 m ≈ | 6.8 m ≈ | 8.9 m ≈ | 11.0 m ≈ | 22.9 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Investing cash flow | -139.3 m | 42.6 m | -19.7 m | 20.0 m | 17.8 m | -1.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Financing cash flow | 77.1 m | -51.5 m | -48.6 m | -28.9 m | -24.9 m | -41.3 m | SEC (XBRL)· 30 Mar 2026verified |
| Dividends paid | 8.4 m | 10.9 m | 11.6 m | 11.4 m | 10.9 m | 10.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Share repurchases | 0 | 41.9 m | 38.1 m | 18.3 m | 14.3 m | 30.6 m | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 207.2 m USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 65.0% | 62 (on a fixed band) | 14% |
| EBIT margin · Quality | 5.7% | 67 (vs peers) | 11% |
| FCF margin · Quality | 9.3% | 37 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | -3.7% | 0 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 1.4% | 33 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.2x | 84 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 11.0% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 20.0% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial84/100 · 1/2 factors with a value
- Growth11/100 · 2/2 factors with a value
- Quality56/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation· partial100/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AUDIOCODES LTD. (AUDC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 245.6 m USD in 2025; YoY growth 1.4%; net margin 3.6%; ROE 4.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.2x
- FCF yield: 11.0%
- Shareholder yield (distributions): 20.0%
What contradicts it
- Revenue CAGR 3Y: -3.7%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Telephone & Telegraph Apparatus (SIC 3661) · same industry (4-digit SIC) · compared with 7 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CIENCiena Corp | 32.7 bn | 51.5 | 22.4% | 10.9% | +18.8% | +13% / +403% |
| FNFabrinet | 10.5 bn | 22.1 | 21.0% | 9.4% | +35.7% | −36% / +81% |
| CLFDClearfield, Inc. | 390.1 m | — | -2.8% | -4.7% | +19.6% | −2% / +13% |
| ADTNADTRAN Holdings, Inc. | 336.6 m | — | -19.2% | -2.2% | +17.5% | −48% / −21% |
| AUDCAudiocodes Ltd. | 207.2 m | 24.7 | 4.9% | 3.6% | +1.4% | −21% / −21% |
| FKWLFranklin Wireless Corp. | 26.3 m | — | -14.9% | -13.0% | −20.8% | −50% / −23% |
| CLROClearone Inc | 12.1 m | — | -275.7% | — | unavailable | −14% / −63% |
| SONMDNA X, Inc. | 3.4 m | — | — | -14.5% | −37.7% | −60% / −98% |
1- and 3-year price returns: for AUDC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 4.42 Total return -39% · Per year -39% | 7.86 Total return 7% · Per year 7% | 11.88 Total return 60% · Per year 60% |
| 3 years | 3.61 Total return -44% · Per year -18% | 7.28 Total return 7% · Per year 2% | 12.19 Total return 75% · Per year 20% |
| 5 years | 2.95 Total return -49% · Per year -12% | 6.75 Total return 8% · Per year 1% | 12.50 Total return 89% · Per year 14% |
- Exit P/E± 1.82
- Net margin± 1.27
- Annual revenue growth± 1.14
- Annual dilution± 0.11
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (05 Nov 2026), 6-K (04 Nov 2026), 6-K (14 Sept 2026), 6-K (09 Sept 2026), 6-K (05 Aug 2026), 6-K (04 Aug 2026).
In brief
AudioCodes provides voice communications infrastructure, cloud platforms and Voice AI applications for enterprises, contact centers and service providers. The company matters now because the migration of voice to the cloud and the use of AI in contact centers increase dependence on secure, high-quality voice connectivity 1.
SWOT
Strengths
- The company holds certifications and integrations with large UC platforms, which facilitates access to customers through partners 1.
- The portfolio spans infrastructure, cloud services and AI applications, enabling combined solutions 1.
- Long experience in telecommunications and interoperability with existing platforms supports customer confidence 1.
Weaknesses
Opportunities
Risks
- Dependence on a few large customershigh
A small number of distributors dominate revenue, and losing one could significantly affect results 1.
- Dependence on partner platformshigh
If Microsoft, Cisco or other partners change strategy or favor competitors, the company could lose access to customers 1.
- Israel and regional riskshigh
The headquarters, part of the workforce and executives are in Israel, and conflicts could disrupt operations 1.
- Supply chainmedium
Component shortages and subcontractor delays could limit production and deliveries 1.
- Rapid technological changemedium
If products fail to keep pace with standards and AI, development spending may not yield the expected return 1.
Investment thesis
What would need to be true (bull case)
- If the migration of voice to the cloud and the adoption of AI applications continue, the platform and managed services portfolio could grow recurring revenue 1.
- Certifications for Teams, Webex and Zoom could strengthen the company's position in large UC ecosystems 1.
- PSTN shutdowns in some countries could open additional demand for gateways and migration services 1.
What would break the thesis
- Concentration of sales in a few customers could make results vulnerable to the loss of a single partner 1.
- If large platforms natively integrate contact center and AI functions, demand for standalone products could decline 1.
- Geopolitical risks in the region and trade tensions could raise costs and delay deliveries 1.
What to watch
- Concentration of sales among principal distributors and how this share evolves2027
- Adoption of Voice AI products in contact centers and integration with partner platforms2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (05 Nov 2026), 6-K (04 Nov 2026), 6-K (14 Sept 2026), 6-K (09 Sept 2026), 6-K (05 Aug 2026), 6-K (04 Aug 2026).
The business
Its main delivery platform is Live Platform, a cloud service platform providing certified PSTN connectivity for Microsoft Teams, Webex Calling and Zoom Phone, with integration of voice AI applications 1. In 2025 the company launched a global private peering network designed to support secure migration of enterprise voice workloads to the cloud 1.
The largest geographic exposures are the Americas, principally the United States, and Europe, while Israel accounts for a small share of revenue even though the headquarters and a significant part of the workforce are located there 1. Revenue is concentrated: Westcon Group and ScanSource together represented a substantial share of sales 1.
Segments
Voice networking infrastructure and devices
This segment includes media gateways, session border controllers, multi-service routers, IP phones and meeting room solutions compatible with Teams, Zoom and Webex 1. It is the company's traditional base, linked to the shift from legacy networks to IP 1.
Cloud platforms and managed services
Live Platform, One Voice Operations Center and Routing Manager allow service providers to provision and operate voice and UCaaS services 1. In 2025 the company obtained certifications as a Teams Operator Connect and Webex Cloud Connect provider 1.
Voice AI applications
The portfolio includes Voca CIC for Teams contact centers, Interaction Insights for recording and compliance, Meeting Insights for automatic meeting minutes, and Voice AI Connect and Live Hub for integrating conversational agents 1. Most of these products are software delivered via cloud or on-premises 1.
Market context
According to the filing, demand for cloud UC services grew in 2025 while the on-premises UC and PBX market continued to slow 1. The contact center voice market is moving to cloud and hybrid models, and convergence of UC and CC is being accelerated by platforms such as Microsoft Teams 1.
In the United States, the FCC's PSTN shutdown increased demand for analog gateways as operators push customers to IP 1. This opens an opportunity for the company's equipment, but the market remains conditioned by operator policies and the pace of cloud adoption 1.
Trends
- Migration of voice to the cloudtailwind
Enterprises are moving from on-premises infrastructure to cloud and hybrid architectures, and voice quality, security and compliance are becoming important criteria 1. If this transition continues, demand for managed connectivity could support growth in AudioCodes services 1.
- AI adoption in communicationsmixed
AI has become a requirement for many organizations, and voice AI applications depend on quality connectivity and low latency 1. The rapid pace of technological change could, however, require higher spending to remain competitive 1.
- Geopolitical and economic instabilityheadwind
Conflicts in the Middle East and the war in Ukraine have created uncertainty, supply chain disruption and risks for personnel in Israel 1. If these tensions escalate, they could affect operations, costs and demand 1.
- Component shortages and trade tariffsheadwind
The company relies on subcontractors and third-party suppliers, and component shortages and tariff changes could raise costs and delay deliveries 1. The effect depends on trade policies, which remain uncertain 1.
Competitive position
The market is highly competitive, and the filing notes that several competitors have advantages over the company 1. The company relies on compatibility with partner platforms such as Microsoft, Genesys, Avaya, Cisco Webex and Zoom, and if these partners promote their own or competing products, results could be affected 1.
Competition comes both from network equipment makers and from cloud platforms that integrate UC and CC functions directly 1. If customers choose solutions integrated into these platforms, the company's market share could be limited 1.
- Cisco Systems (Webex, BroadSoft)CSCO
The filing refers to Cisco through its Webex platform and the BroadSoft division as part of the UCaaS partner and competitor ecosystem 1.
- Microsoft (Teams)MSFT
Microsoft is the platform for which AudioCodes invested in certifications, but also an actor that could favor its own products 1.
- ZoomZM
Zoom appears in the filing as a UCaaS provider and partner, and its cloud platform position influences demand for the company's solutions 1.
- Genesys and Avaya
Both are named as contact center partners, but also as platforms whose decisions could change the company's access to customers 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- AudioCodes (AUDC) Bets Big On Voice AI While Cash DwindlesYahoo Finance — News · 06 Sept 2026 · EN
The latest news item in our archive is from 06 Sept 2026; the newest SEC filing is from 05 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)05 Nov 2026
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)14 Sept 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)07 May 2026
- Current report (foreign issuer)05 May 2026
- Current report (foreign issuer)30 Mar 2026
- Annual report (foreign issuer)30 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / AudioCodes Ltd. · 30 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.