AudioCodes - Public Comps and Valuation Multiples

AudioCodes Overview

About AudioCodes

AudioCodes Ltd develops and sells advanced and converged voice over IP and data networking solutions, products and applications to service providers and channels, OEMs, network equipment providers and system integrators. Its products include IP phones, session border controllers, voice applications, multi-service business routers, digital and analog media gateways, among others. The company generates revenues from the sale of products through a direct sales force and sales representatives. Its geographic segments are Israel, Americas, Europe, and the Far East. It derives a majority of the revenues from Americas segment.

Founded

1992

HQ

Employees

946

Website

audiocodes.com

Sectors

Electronic Equipment
Networking Hardware
DeepTech

Financials

LTM Revenue $237M

LTM EBITDA $31.8M

EV

$242M

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AudioCodes Financials

AudioCodes has a last 12-month revenue of $237M and a last 12-month EBITDA of $31.8M.

In the most recent fiscal year, AudioCodes achieved revenue of $65.7M and an EBITDA of $5.2M.

AudioCodes expects next 12-month revenue of XXX and NTM EBITDA of XXX

See AudioCodes valuation multiples based on analyst estimates

AudioCodes P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$66.3M	$65.7M	XXX	XXX	XXX
Gross Profit	$48.5M	$42.9M	XXX	XXX	XXX
Gross Margin	73%	65%	XXX	XXX	XXX
EBITDA	$5.0M	$5.2M	XXX	XXX	XXX
EBITDA Margin	8%	8%	XXX	XXX	XXX
Net Profit	$7.7M	$2.4M	XXX	XXX	XXX
Net Margin	12%	4%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

AudioCodes Stock Performance

As of April 15, 2025, AudioCodes's stock price is ILS 34 (or $9).

AudioCodes has current market cap of ILS 990M (or $268M), and EV of ILS 894M (or $242M).

See AudioCodes trading valuation data

AudioCodes Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$242M	$268M	XXX	XXX	XXX	XXX	$0.82

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AudioCodes Valuation Multiples

As of April 15, 2025, AudioCodes has market cap of $268M and EV of $242M.

AudioCodes's trades at 1.0x LTM EV/Revenue multiple, and 7.6x LTM EBITDA.

Analysts estimate AudioCodes's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

See valuation multiples for AudioCodes and 10K+ public comps

AudioCodes Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$242M	XXX	XXX	XXX
EV/Revenue	3.7x	XXX	XXX	XXX
EV/EBITDA	46.4x	XXX	XXX	XXX
P/E	64.7x	XXX	XXX	XXX
P/E/Growth	0.4x	XXX	XXX	XXX
EV/FCF	81.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.

AudioCodes Valuation Multiples

AudioCodes's NTM/LTM revenue growth is 4%

AudioCodes's revenue per employee for the last fiscal year averaged $0.1M, while opex per employee averaged $40K for the same period.

Over next 12 months, AudioCodes's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate AudioCodes's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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AudioCodes Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	-1%	XXX	XXX	XXX	XXX
EBITDA Margin	8%	XXX	XXX	XXX	XXX
EBITDA Growth	4%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	12%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.1M	XXX	XXX	XXX	XXX
Opex per Employee	$40K	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	29%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	7%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	22%	XXX	XXX	XXX	XXX
Opex to Revenue	58%	XXX	XXX	XXX	XXX

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