olivLaw · US equity research
RADCOM Ltd. RDCM
Computer Peripheral Equipment, NEC · SIC 3577 · Vertical: Computer Peripheral Equipment, NEC (SIC 3577)
RADCOM Ltd. is an Israeli provider of automated service assurance and subscriber experience analytics for telecom operators, focused on 5G networks. Revenue grew strongly in fiscal 2025 and the company ended the year with substantial cash, while dependence on a small number of customers remains significant.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, RADCOM Ltd. (RDCM) stock was 10.17 USD (+0.79% on the day), with market capitalisation 168.7 m USD, P/E 14.3 on diluted EPS of 0.71 USD over the last 12 months, beta 0.80, 52-week range 9.91–16.14 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)
- 47.5
- neutral
- Bollinger (20, 2)
- 9.84 – 10.63
- in the lower half of the band · %B 0.42 · band width 7.7%
- SMA 50 / 200
- 10.22 / 12.12
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.01
- 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 | −2.3% | −2.0% | −0.3 pp | — |
| 3 months | +1.6% | −2.2% | +3.8 pp | — |
| 6 months | −36.4% | +4.3% | −40.7 pp | — |
| Year to date | −22.2% | +10.6% | −32.8 pp | — |
| 1 year | −22.8% | +10.5% | −33.2 pp | −13.0% |
| 3 years | +31.9% | +73.7% | −41.8 pp | −9.4% |
| 5 years | −13.2% | +61.7% | −75.0 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 0 percentile of its own 5-quarter history (min 18.4, median 33.6, max 98.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 34.1 m | 33.0 m | 37.6 m | 40.3 m | 46.1 m | 51.6 m | 61.0 m | 71.5 m |
| Revenue YoY | −8.5% | −3.1% | +13.8% | +7.2% | +14.3% | +12.0% | +18.2% | +17.2% |
| Net income | -2.4 m | -6.8 m | -4.0 m | -5.3 m | -2.3 m | 3.7 m | 7.0 m | 12.0 m |
| Net income YoY | −183.2% | unavailable | unavailable | unavailable | unavailable | unavailable | +87.7% | +72.1% |
| Diluted EPS | -0.18 | -0.50 | -0.29 | -0.37 | -0.16 | 0.24 | 0.43 | 0.71 |
| Diluted EPS YoY | −178.3% | unavailable | unavailable | unavailable | unavailable | unavailable | +79.2% | +65.1% |
| net % | -7.1% | -20.7% | -10.6% | -13.1% | -4.9% | 7.2% | 11.4% | 16.8% |
| Free cash flow | -2.6 m | 6.1 m | -477.0 k | 1.6 m | 5.9 m | 4.5 m | 11.0 m | 14.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 30.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 114.1 m USD
- Total assets
- 145.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 5.75x
- ROE
- 11.4%
- ROA
- 8.7%
- FCF margin
- 19.9%
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 | 37.6 m | 40.3 m | 46.1 m | 51.6 m | 61.0 m | 71.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 10.8 m | 11.4 m | 12.7 m | 13.8 m | 15.7 m | 17.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 26.8 m | 28.9 m | 33.3 m | 37.8 m | 45.3 m | 54.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Research & development | 19.2 m | 20.3 m | 21.5 m | 19.6 m | 18.7 m | 20.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -4.6 m | -5.5 m | -4.1 m | -662.0 k | 3.1 m | 8.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 699.0 k | 540.0 k | 477.0 k | 621.0 k | 679.0 k | 694.0 k | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -3.9 m ≈ | -5.0 m ≈ | -3.6 m ≈ | -41.0 k ≈ | 3.8 m ≈ | 9.0 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Pre-tax income | -3.8 m | -5.1 m | -2.1 m | 3.9 m | 7.2 m | 12.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 220.0 k | 124.0 k | 159.0 k | 182.0 k | 234.0 k | 595.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -4.0 m | -5.3 m | -2.3 m | 3.7 m | 7.0 m | 12.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -0.29 | -0.37 | -0.16 | 0.24 | 0.43 | 0.71 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 13.9 m | 14.1 m | 14.5 m | 15.3 m | 16.2 m | 16.8 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 13.5 m | 11.9 m | 9.5 m | 10.9 m | 19.2 m | 30.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 12.4 m | 10.0 m | 11.1 m | 13.4 m | 19.0 m | 20.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Inventories | 540.0 k | 931.0 k | 795.0 k | 246.0 k | 1.7 m | 318.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 83.4 m | 83.5 m | 87.5 m | 97.4 m | 117.2 m | 132.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 1.3 m | 1.3 m | 1.0 m | 798.0 k | 879.0 k | 988.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | — | — | — | 1.2 m | 1.2 m | 1.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | — | — | — | 1.7 m | 1.4 m | 1.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 93.6 m | 91.7 m | 101.0 m | 107.5 m | 130.6 m | 145.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 1.6 m | 2.7 m | 2.7 m | 2.6 m | 2.5 m | 2.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 14.9 m | 16.2 m | 22.8 m | 20.1 m | 27.9 m | 23.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 21.6 m | 21.5 m | 28.2 m | 25.0 m | 34.9 m | 30.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 72.0 m | 70.2 m | 72.8 m | 82.5 m † | 95.7 m † | 114.1 m † | SEC (XBRL)· 31 Mar 2026verified |
| Shares outstanding at year end | 13.9 m | 14.2 m | 14.7 m | 15.3 m | 15.9 m | 16.6 m | SEC (XBRL)· 31 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 | -50.0 k | 2.0 m | 6.0 m | 4.7 m | 11.4 m | 14.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 427.0 k | 437.0 k | 150.0 k | 232.0 k | 427.0 k | 384.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | -477.0 k ≈ | 1.6 m ≈ | 5.9 m ≈ | 4.5 m ≈ | 11.0 m ≈ | 14.2 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | 7.6 m | -3.5 m | -8.4 m | -3.6 m | -2.7 m | -4.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 7.6 m | -3.5 m | -8.4 m | — | — | 335.0 k | SEC (XBRL)· 31 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
04 Nov 2026Source: olivLaw, closing series
Market cap: 168.7 m USD
Key indicators
Coverage and freshness
Score by group
72% · 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 | 76.0% | 90 (on a fixed band) | 15% |
| EBIT margin · Quality | 11.6% | 75 (vs peers) | 12% |
| FCF margin · Quality | 19.9% | 80 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | 15.8% | 63 (on a fixed band) | 24% |
| Revenue growth (YoY) · Growth | 17.2% | 71 (vs peers) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 5.8x | 100 (on a fixed band) | 9% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.4% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth66/100 · 2/2 factors with a value
- Quality82/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 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
RADCOM LTD. (RDCM). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 71.5 m USD in 2025; YoY growth 17.2%; net margin 16.8%; ROE 11.4%.
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
- Gross margin: 76.0%
- EBIT margin: 11.6%
- FCF margin: 19.9%
- Revenue growth (YoY): 17.2%
- Current ratio: 5.8x
- FCF yield: 8.4%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, Shareholder yield (distributions).
Versus the vertical median
Computer Peripheral Equipment, NEC (SIC 3577) · same industry (4-digit SIC) · compared with 17 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 | |
|---|---|---|---|---|---|---|
| PANWPalo Alto Networks, Inc. | 286.5 bn | 875.5 | 1.7% | 2.7% | +24.5% | +84% / +137% |
| FTNTFortinet, Inc. | 94.1 bn | 41.6 | 153.1% | 29.0% | +14.2% | +58% / +144% |
| LOGILogitech International S.A. | 13.2 bn | 16.7 | 38.2% | 16.4% | +6.3% | −18% / +6% |
| CRSRCorsair Gaming, Inc. | 1.4 bn | 41.4 | 5.8% | 2.5% | +11.9% | +104% / +3% |
| EVLVEvolv Technologies Holdings, Inc. | 871.2 m | — | -4.9% | -3.0% | +40.5% | −25% / +20% |
| MITKMitek Systems, Inc. | 861.4 m | 40.7 | 9.2% | 11.4% | +4.4% | +115% / +69% |
| SSYSStratasys Ltd. | 587.3 m | — | -12.7% | -18.9% | −3.7% | −22% / −38% |
| IMMRImmersion Corporation | 237.8 m | 21.6 | 3.5% | 0.6% | +11.2% | +1% / +10% |
| RDCMRadcom Ltd. | 168.7 m | 14.3 | 11.4% | 16.8% | +17.2% | −23% / +32% |
| XRXXerox Holdings Corp | 155.0 m | — | -128.0% | -11.9% | +12.9% | −58% / −92% |
| MYNDMynd.ai, Inc. | 126.0 m | — | -995.5% | -32.2% | −37.2% | −56% / −97% |
| INVEInve Technologies, Inc. | 64.0 m | — | -10.9% | -62.9% | −19.3% | −22% / −62% |
| TACTTransact Technologies Inc | 54.4 m | — | -1.3% | -0.8% | +18.7% | +19% / −22% |
| LINKInterlink Electronics, Inc | 52.3 m | — | -10.5% | -7.9% | +1.8% | −8% / −39% |
| WETHWetouch Technology Inc. | 11.6 m | 1.2 | 6.0% | 17.6% | +6.8% | −57% / unavailable |
| AIMDAinos, Inc. | 5.4 m | — | -196.3% | -106,283.3% | +499.0% | −65% / −95% |
| YIBOPlanet Image International Limited | — | — | -14.4% | -5.3% | +3.6% | +5% / unavailable |
| VTIXVirtuix Holdings Inc. | — | — | — | -543.2% | +18.4% | unavailable / unavailable |
1- and 3-year price returns: for RDCM 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 | 6.76 Total return -33% · Per year -33% | 11.90 Total return 17% · Per year 17% | 17.86 Total return 76% · Per year 76% |
| 3 years | 8.02 Total return -21% · Per year -8% | 15.74 Total return 55% · Per year 16% | 25.71 Total return 153% · Per year 36% |
| 5 years | 9.52 Total return -6% · Per year -1% | 20.82 Total return 105% · Per year 15% | 37.03 Total return 264% · Per year 29% |
- Exit P/E± 3.94
- Net margin± 2.76
- Annual revenue growth± 2.05
- Annual dilution± 0.23
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 31 Mar 2026; since then the company filed 6-K (29 Oct 2026), 6-K (17 Sept 2026), 6-K (09 Sept 2026), 6-K (12 Aug 2026), 6-K (11 Aug 2026), 6-K (30 Jul 2026).
In brief
RADCOM Ltd. is an Israeli provider of automated service assurance and subscriber experience analytics for telecom operators, focused on 5G networks. Revenue grew strongly in fiscal 2025 and the company ended the year with substantial cash, while dependence on a small number of customers remains significant 1.
SWOT
Strengths
- The company holds a strong cash position and high profitability relative to revenue, with gross margins above three quarters of revenue 1.
- The cloud-native solution and experience with large operator deployments are differentiators cited by management 1.
- The offering combines analytics across 3G to 5G networks with generative AI functions, which suits operators in transition 1.
Weaknesses
- Revenue depends on a very small number of customers, and losing any one of them would have a material effect on results 1.
- The company has fewer resources than some competitors, which may limit how quickly it can expand into new markets 1.
- Large customers have strong negotiating power, which can impose less favourable contract terms 1.
Opportunities
- If operators accelerate the move to 5G SA and cloud-native networks, demand for the company's solutions could rise 1.
- Expansion in AI-based analytics and multi-year recurring contracts could help stabilise revenue 1.
- Partnerships with cloud and hardware providers could open access to new customer groups 1.
Risks
- Dependence on large customershigh
Three customers account for the great majority of revenue, and changes in their contract terms or budgets could significantly affect results 1.
- Intense competitionhigh
Larger competitors and equipment vendors could reduce the company's market share 1.
- Pace of 5G adoptionmedium
If operators delay the move to 5G or cloud-native systems, sales cycles could lengthen 1.
- Cybersecuritymedium
Cyberattacks and IT failures could lead to data or service losses for customers 1.
- Quarterly revenue volatilitymedium
Quarterly results vary with the size and timing of projects, which makes performance hard to anticipate 1.
Investment thesis
What would need to be true (bull case)
- Revenue growth in 2025 and high profitability suggest the business model can fund ongoing research and development 1.
- If deployments at large operators extend to other customers, dependence on a few clients could decline over time 1.
- A solid cash position gives flexibility for acquisitions and partnerships that could widen the addressable market 1.
What would break the thesis
- Revenue concentration means results depend on a few customers' budget decisions and contracts 1.
- Competitive pressure and price demands from large customers could limit margins over the long term 1.
- If the 5G transition slows, demand for new assurance solutions could fall short of management's expectations 1.
What to watch
- Revenue trends by customer and customer concentrationQ1 2027
- Number of new contracts with operators beyond existing customers2027
- Research and development spending, which management expects to increase in 20262026
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 31 Mar 2026; since then the company filed 6-K (29 Oct 2026), 6-K (17 Sept 2026), 6-K (09 Sept 2026), 6-K (12 Aug 2026), 6-K (11 Aug 2026), 6-K (30 Jul 2026).
The business
Customers include operators such as AT&T, Dish, Rakuten and Telia; the company has extended its offering with generative AI applications, including NetTalk and the RADCOM Neura AI agent suite launched in February 2026 1. In April 2023 it acquired Continual's technology and customer agreements, a mobility analytics business, for 2.5 million dollars in cash 1.
The stated strategy targets Tier 1 and greenfield operators, a shift to multi-year recurring contracts, and expansion of the addressable market through internal development, partnerships and acquisitions 1.
Segments
Services
Services revenue, which includes extended warranty, support and managed services, rose to 34.6 million dollars in 2025 from 32.8 million in 2024, mainly from existing North American customers 1.
Reporting
The company reports a single segment because management evaluates performance on a consolidated basis, with revenue analysed only by customer and geographic region 1.
Market context
Demand depends on operators' internal decisions on capital equipment and infrastructure spending, and financial pressure in the sector could delay those decisions and lengthen sales cycles 1.
Trends
- Transition to 5G SAtailwind
Operators are expanding 5G networks while still running 4G, 3G and 2G, creating demand for assurance that covers the whole network estate 1.
- Automation and cloudtailwind
The move to automation and software-defined networks favours software that runs on public, private or hybrid cloud, though it also requires interoperability with existing systems 1.
- Pressure on operator investmentheadwind
Operators have reduced budgets for capital-intensive projects in recent years, and falling subscriber revenue could slow purchases of new assurance systems 1.
- Pricing pressuremixed
Moving networks to the cloud lowers operators' infrastructure costs but also exerts downward pressure on solution prices, which competition may intensify 1.
Competitive position
The company operates in a market where several rivals offer service assurance and customer experience management solutions, some with substantially greater financial, technological and distribution resources 1. The risk is that sales could be lost if competitors or equipment vendors add similar functions to their own products 1.
The company's stated edge lies in large-scale implementations at leading operators and a cloud-native architecture that management considers more advanced than competing offerings 1.
- Cloud-native service assurance vendors
The filing refers to several competitors offering cloud-native, automated service assurance solutions without naming them 1.
- Network equipment vendors
Equipment vendors could incorporate similar capabilities into their products, which would reduce demand for the company's solutions 1.
- OSS and analytics providers
The company notes intensifying competition in AI-based functions within its solutions 1.
- Larger well-resourced competitors
Some competitors have greater technological, financial and distribution capabilities and higher market recognition 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.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)17 Sept 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)27 May 2026
- Current report (foreign issuer)20 May 2026
- Current report (foreign issuer)19 May 2026
- Current report (foreign issuer)15 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / RADCOM Ltd. · 31 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.