AUDIOCODES LTD
AUDCdata completeness 88%17 fiscal years on fileData notes: no data for concept 'totalDebt'
AUDIOCODES LTD earns about 14% on invested capital, comfortably above its ~9% cost of capital, and has bought back 14% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $5.47 and $6.97 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $248.9M1 | $275.1M2 | $244.4M3 | $242.2M3 | $245.6M3 |
| Net income | $33.8M4 | $28.5M5 | $8.78M6 | $15.3M6 | $8.96M6 |
| Operating cash flow | $47.3M7 | $8.28M8 | $14.9M9 | $35.3M9 | $29.4M9 |
| Capital expenditure | $1.17M10 | $1.49M11 | $5.97M12 | $24.3M12 | $6.47M12 |
| Free cash flow (derived) | $46.2M7 | $6.79M8 | $8.93M9 | $11M9 | $22.9M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $79.4M13 | $24.5M13 | $30.5M14 | $58.7M15 | $45.3M15 |
| Diluted shares | 33.8M | 32.5M | 31.6M | 30.6M | 29.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $59.1 of net worth that earned you $3.09 and generated $7.9 of cash last year.
It earned about 14% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is down 14% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $5.47 and $6.97 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$11M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$11M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$15.3M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $6.97 |
| Base | 0.0% | $6.97 |
| Bull | 5.0% | $8.28 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001410578-24-000314 (Revenues)
- 20-F · period ending 2022-12-31 · accession 0001410578-25-000464 (Revenues)
- 20-F · period ending 2023-12-31 · accession 0001185185-26-001124 (Revenues)
- 20-F · period ending 2021-12-31 · accession 0001410578-24-000314 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001410578-25-000464 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001185185-26-001124 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001410578-24-000314 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001410578-25-000464 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001185185-26-001124 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001410578-24-000314 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001410578-25-000464 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001185185-26-001124 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001410578-24-000314 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001410578-25-000464 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001185185-26-001124 (CashAndCashEquivalentsAtCarryingValue)