Tearsheet

AudioCodes (AUDC)

Market Price (11/18/2025): $9.095 | Market Cap: $256.2 Mil
Sector: Information Technology | Industry: Communications Equipment

AudioCodes (AUDC)

Market Price (11/18/2025): $9.095
Market Cap: $256.2 Mil
Sector: Information Technology
Industry: Communications Equipment

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.3%, FCF Yield is 13%	Weak multi-year price returns 2Y Excs Rtn is -52%, 3Y Excs Rtn is -118%	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.3%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
3	Low stock price volatility Vol 12M is 44%
4	Megatrend and thematic drivers Megatrends include 5G & Advanced Connectivity, and Cloud Computing. Themes include Network Equipment, Telecom Infrastructure, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.3%, FCF Yield is 13%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
3	Low stock price volatility Vol 12M is 44%
4	Megatrend and thematic drivers Megatrends include 5G & Advanced Connectivity, and Cloud Computing. Themes include Network Equipment, Telecom Infrastructure, Show more.
5	Weak multi-year price returns 2Y Excs Rtn is -52%, 3Y Excs Rtn is -118%
6	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.3%

Market Valuation & Key Metrics

	11/18/25	2024	2023	2022	2021
Share Price CYE	$9.10	$9.40	$11.29	$16.28	$31.17
Market Cap CYE ($ Mil)	256.2	282.7	346.4	515.3	1,011.2
Total Debt ($ Mil)	37.4	36.5	39.3	13.7	19.5
Total Cash ($ Mil)	74.0	62.4	38.2	47.1	80.3
Enterprise Value ($ Mil)	219.6	319.2	385.7	529.0	1,030.7
Valuation Ratios
P/S TTM	1.1	1.2	1.6	2.1	4.6
P/EBIT TTM	20.3	19.1	25.8	16.5	28.2
P/E TTM	18.5	19.2	43.2	20.0	33.7
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8	2.5	4.6
P/EBIT TTM (Sector)	1.3	-0.0	-0.1	-0.5	2.4
P/E TTM (Sector)	-0.2	-0.3	-0.4	-0.5	0.1

	11/18/25	2024	2023
Share Price CYE	$9.10	$9.40	$11.29
Market Cap CYE ($ Mil)	256.2	282.7	346.4
Total Debt ($ Mil)	37.4	36.5	39.3
Total Cash ($ Mil)	74.0	62.4	38.2
Enterprise Value ($ Mil)	219.6	319.2	385.7
Valuation Ratios
P/S TTM	1.1	1.2	1.6
P/EBIT TTM	20.3	19.1	25.8
P/E TTM	18.5	19.2	43.2
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8
P/EBIT TTM (Sector)	1.3	-0.0	-0.1
P/E TTM (Sector)	-0.2	-0.3	-0.4

	AUDC	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.2
Rev Chg Q	2.2%	7.1%
Rev Chg LTM	0.2%	6.1%
Rev Chg 3Y Avg	-3.3%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.0
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	5.9%	18.8%
CFO/Rev LTM	16.6%	20.5%
Net Inc Mgn	5.7%	13.1%
VALUATION	LOW
P/S	1.0	3.1
P/CFO	6.3	15.0
P/FCF	8.0	20.0
P/E	18.5	23.4
STABILITY	VERY GOOD
Debt/Equity	0.15	0.21
Cash/Assets	0.22	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Annual Recurring Revenue	$75 million	9302025	Link
Conversational AI Business Growth	50%	9302025	Link
Services Revenue as a Percentage of Total Revenue	50.3%	9302025	Link
Global Enterprise SBC Revenue Market Share (Full Year)	23.1%	12312023	Link
Global Enterprise SBC Revenue Market Share (Quarterly)	26.8%	12312023	Link

AUDC Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Between July 31, 2025, and November 18, 2025, AudioCodes (AUDC) stock experienced a -7% movement, influenced by several key factors: 1. Analyst Downgrade and Persistent Profitability Concerns: On October 31, 2025, before the Q3 earnings release, a Seeking Alpha article downgraded AudioCodes to a 'Sell' rating, citing persistent profitability struggles and the company's prior lack of annual guidance. This downgrade significantly impacted investor sentiment. Post-Q3 earnings, while some analysts maintained a "Hold" rating, they continued to highlight "declining profitability" as a concern. 2. Increased Tariff-Related Expenses: AudioCodes' third-quarter 2025 financial results, announced on November 4, 2025, indicated an increase in expenses due to new tariffs on U.S. imports, which added approximately $0.5 million in additional costs for Q3. This directly impacted profitability and contributed to the stock's downward pressure. The company had previously postponed its full financial outlook in Q2 2025 due to tariff uncertainties, signaling ongoing concerns. 3. Year-over-Year Decline in Key Profitability Metrics: Despite a modest 2.2% year-over-year increase in Q3 2025 revenues, GAAP operating margin decreased to 6.6% from 8.1% in Q3 2024, and non-GAAP EBITDA also declined to $6.9 million in Q3 2025 compared to $7.9 million in the same period last year. These shrinking margins and lower profitability metrics contributed to a cautious outlook from analysts. 4. Inconsistent Revenue Growth and Muted Future Outlook: While Q3 2025 revenue slightly beat expectations, analysts noted that AudioCodes exhibited "inconsistent revenue growth." Furthermore, the projected revenue growth of 2.8% per year falls short of the broader U.S. market average, and analysts cautioned that the company faces significant hurdles in sustaining profitability and steady growth, with profit margins forecast to shrink further by 2028. 5. Bearish Technical Momentum and Neutral Analyst Consensus: Following the Q3 2025 earnings, technical indicators suggested a "bearish momentum" for AUDC stock. The overall consensus among Wall Street equities research analysts during this period remained "Hold," indicating that investors should maintain existing positions but not necessarily buy additional shares, reflecting a generally cautious sentiment.

Show less

Stock Movement Drivers

Fundamental Drivers

The -7.0% change in AUDC stock from 8/18/2025 to 11/17/2025 was primarily driven by a -9.7% change in the company's P/E Multiple.

	8182025	11172025	Change
Stock Price ($)	9.82	9.13	-7.03%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	243.25	244.55	0.54%
Net Income Margin (%)	5.66%	5.65%	-0.15%
P/E Multiple	20.58	18.60	-9.65%
Shares Outstanding (Mil)	28.88	28.17	2.45%
Cumulative Contribution			-7.08%

LTM = Last Twelve Months as of date shown

Market Drivers

8/18/2025 to 11/17/2025

	Return	Correlation
AUDC	-7.0%
Market (SPY)	3.5%	53.5%
Sector (XLK)	6.5%	44.5%

Fundamental Drivers

The 4.8% change in AUDC stock from 5/19/2025 to 11/17/2025 was primarily driven by a 24.7% change in the company's P/E Multiple.

	5192025	11172025	Change
Stock Price ($)	8.71	9.13	4.79%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	242.47	244.55	0.86%
Net Income Margin (%)	7.11%	5.65%	-20.49%
P/E Multiple	14.92	18.60	24.65%
Shares Outstanding (Mil)	29.53	28.17	4.60%
Cumulative Contribution			4.57%

LTM = Last Twelve Months as of date shown

Market Drivers

5/19/2025 to 11/17/2025

	Return	Correlation
AUDC	4.8%
Market (SPY)	12.2%	43.6%
Sector (XLK)	21.1%	37.7%

Fundamental Drivers

The 15.3% change in AUDC stock from 11/17/2024 to 11/17/2025 was primarily driven by a 13.3% change in the company's Net Income Margin (%).

	11172024	11172025	Change
Stock Price ($)	7.92	9.13	15.28%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	244.18	244.55	0.15%
Net Income Margin (%)	4.99%	5.65%	13.26%
P/E Multiple	19.63	18.60	-5.26%
Shares Outstanding (Mil)	30.22	28.17	6.78%
Cumulative Contribution			14.75%

LTM = Last Twelve Months as of date shown

Market Drivers

11/17/2024 to 11/17/2025

	Return	Correlation
AUDC	15.3%
Market (SPY)	14.7%	51.3%
Sector (XLK)	24.6%	49.6%

Fundamental Drivers

The -50.9% change in AUDC stock from 11/18/2022 to 11/17/2025 was primarily driven by a -45.7% change in the company's Net Income Margin (%).

	11182022	11172025	Change
Stock Price ($)	18.60	9.13	-50.91%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	270.54	244.55	-9.60%
Net Income Margin (%)	10.41%	5.65%	-45.70%
P/E Multiple	20.94	18.60	-11.17%
Shares Outstanding (Mil)	31.72	28.17	11.19%
Cumulative Contribution			-51.52%

LTM = Last Twelve Months as of date shown

Market Drivers

11/18/2023 to 11/17/2025

	Return	Correlation
AUDC	-4.4%
Market (SPY)	51.1%	42.5%
Sector (XLK)	57.1%	39.7%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
AUDC Return	8%	27%	-48%	-31%	-17%	-3%	-60%
Peers Return	-1%	22%	-10%	-12%	-7%	51%	34%
S&P 500 Return	16%	27%	-19%	24%	23%	13%	107%
Monthly Win Rates [3]
AUDC Win Rate	50%	58%	8%	50%	42%	50%
Peers Win Rate	23%	37%	20%	27%	32%	59%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
AUDC Max Drawdown	-36%	-3%	-50%	-59%	-34%	-15%
Peers Max Drawdown	-28%	-1%	-16%	-25%	-25%	-19%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: VSAT, ADTN, FIEE, SYNX, CSCO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/17/2025 (YTD)

How Low Can It Go

Unique Key	Event	AUDC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-80.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	414.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-42.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	73.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	42 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-26.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	35.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	23 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-90.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	929.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	3447 days	1480 days

Compare to VSAT, ADTN, FIEE, SYNX, CSCO

In The Past

AudioCodes's stock fell -80.6% during the 2022 Inflation Shock from a high on 11/17/2021. A -80.6% loss requires a 414.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About AudioCodes (AUDC)

AudioCodes Ltd., together with its subsidiaries, provides advanced communications software, products, and productivity solutions for the digital workplace. It offers solutions, products, and applications for enterprise unified communications environments, work-from-home agents and contact centers, voice and telephony AI-based applications, and service provider business services. The company's products include IP phones and meeting room solutions, session border controllers (SBC), media gateways, multi-service business routers and universal customer premises equipment, VoIP network routing solutions, media servers, value added applications, life cycle management solutions, and professional services, as well as survivable branch appliances and CCE; device manager; CloudBond 365, an adaptable solution; and User Management Pack 365, a user lifecycle and identity management application. It also provides management solutions, such as voice network management solution, the One Voice Operations Center, call routing and policy management tool, and AudioCodes Routing Manager. In addition, the company offers AudioCodes Live for Microsoft Teams, a portfolio of managed services that removes complexity from the integration of Teams collaboration, unified communications, and enterprise telephony; and VoiceAI Connect Cloud Edition, a cloud-based service enabling the bot development ecosystem to develop an array of voice-bot use cases via trials and proof of concept projects, as well as provides a range of value-added voice applications comprising SmartTAP, Voca, VoiceAI Connect, Meeting Insights, and management application services. It primarily markets and sells its products through a direct sales force and sales representatives to original equipment manufacturers, system integrators and distributors, and network equipment providers in the telecommunication and networking industries. The company primarily operates in the Americas, Europe, the Far East, and Israel. AudioCodes Ltd. was incorporated in 1992 and is headquartered in Lod, Israel.

AI Generated Analysis | Feedback

1. The **Cisco** for enterprise voice communications infrastructure, especially for integrating cloud platforms like Microsoft Teams with traditional phone networks.

2. Like **F5 Networks**, but specialized in ensuring secure, high-quality connectivity and interoperability for enterprise voice and unified communications traffic.

AI Generated Analysis | Feedback

Session Border Controllers (SBCs): Solutions that provide secure and reliable voice connectivity for enterprise and service provider networks, often critical for unified communications platforms.
IP Phones: A range of enterprise-grade IP phones designed for high-quality voice communication and optimized for various unified communications platforms, including Microsoft Teams.
Media Gateways: Devices that bridge traditional telephony systems (PSTN, PBX) with modern IP communication networks, enabling voice transmission between them.
VoiceAI Solutions: AI-powered applications, such as voice assistants and speech analytics, that enhance and automate customer and employee interactions over voice channels.
Managed and Cloud Services: Professional services and cloud-based offerings for deploying, managing, and optimizing voice communication infrastructure, including unified communications and contact center solutions.

AI Generated Analysis | Feedback

AudioCodes (symbol: AUDC) primarily sells its products and services to other companies, operating on a Business-to-Business (B2B) model. According to their financial disclosures (e.g., 10-K filings), no single customer accounted for more than 10% of their revenues in recent fiscal years. Therefore, specific major direct customer companies are not publicly disclosed by name.

Instead, AudioCodes reaches its end customers through a combination of direct sales and a global network of channel partners. Their customer base can be broadly categorized into the following types of companies:

Service Providers: This category includes telecommunications operators, managed service providers (MSPs), and cloud communication providers. These companies leverage AudioCodes' solutions (such as Session Border Controllers, Gateways, and IP Phones) to build and deliver voice and unified communication services to their own end customers.
Enterprises: Large and medium-sized businesses directly procure AudioCodes' products and solutions for their internal unified communications infrastructure, contact centers, and voice-enabled applications. A significant focus here is on solutions integrated with major unified communications platforms.
Channel Partners (Resellers, System Integrators, Distributors): While not the ultimate end-users, these companies are crucial for AudioCodes' go-to-market strategy. They integrate AudioCodes' technology into broader solutions, providing value-added services and support to the end-customer enterprises and service providers.

It's important to note that AudioCodes maintains a significant strategic partnership with Microsoft (symbol: MSFT). While Microsoft is not a direct "customer" in terms of purchasing AudioCodes' products for its own internal widespread use, AudioCodes is a leading provider of voice solutions optimized for Microsoft's Unified Communications platforms, especially Microsoft Teams Voice. A substantial portion of AudioCodes' business involves developing, certifying, and selling products and services that enhance and enable voice capabilities within the Microsoft ecosystem, making the success of Microsoft's communication platforms highly influential on AudioCodes' business.

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

Shabtai Adlersberg, President and Chief Executive Officer

Shabtai Adlersberg co-founded AudioCodes in 1993 and has served as its President, Chief Executive Officer, and a director since the company's inception. Prior to AudioCodes, Mr. Adlersberg co-founded DSP Group, a semiconductor company, in 1987. At DSP Group, he served as Vice President of Engineering from 1987 to 1990 and Vice President of Advanced Technology from 1990 to 1992. As VP of Engineering, he established an R&D team for digital cellular communication, which was later spun-off in 1992 as DSP Communications. He also serves as Chairman of the Board of Directors of Natural Speech Communication Ltd. and as a director of CTI Squared Ltd. Mr. Adlersberg holds an M.Sc. in Electronics and Computer Engineering from Tel Aviv University and a B.Sc. in Electrical Engineering from the Technion-Israel Institute of Technology.

Niran Baruch, Chief Financial Officer

Niran Baruch serves as AudioCodes' Chief Financial Officer and Vice President of Finance. He joined AudioCodes in 2005 as Director of Finance, subsequently becoming Vice President of Finance and joining the management team in 2015. Before joining AudioCodes, Mr. Baruch served as International Controller at Check Point Software Technologies from 2002 to 2005 and as a Controller at Gilat Satellite Networks from 2000 to 2002. From 1998 to 2000, he was an audit manager at Ernst and Young in Israel. Mr. Baruch is a Certified Public Accountant (CPA) with a BA in Business Management and Accounting. He also serves on the Board of Directors of Callverso Ltd., which was acquired by AudioCodes Ltd. on November 15, 2021.

Lior Aldema, EVP & Chief Business Officer

Lior Aldema has served as AudioCodes' Chief Business Officer since January 2018. He previously held the roles of Chief Operating Officer since January 2010 and Head of Global Sales since April 2012. Mr. Aldema joined AudioCodes in 1998, initially as a team leader, and later headed the System Software Group in the research and development department. His earlier roles at AudioCodes included Vice President of Product Management (2002-2009) and Vice President of Marketing (2003-2009). Before joining the company, he served as an officer (Major) in the Technical Unit of the Intelligence Corps of the Israeli Defense Forces. Mr. Aldema holds an M.B.A. from Tel Aviv University and a B.Sc. from the Technion.

Ofer Nimtsovich, Chief Operating Officer

Ofer Nimtsovich joined AudioCodes in March 2013 as Vice President of Global Services and currently serves as the Chief Operating Officer. Prior to AudioCodes, from 2000 to February 2013, Mr. Nimtsovich held various executive positions at Retalix. His roles at Retalix included Chief Information Officer, Executive Vice President of Global Services, and head of the Software as a Service division.

Yehuda Herscovici, VP, Product

Yehuda Herscovici serves as AudioCodes' Vice President of Product. He has been with AudioCodes since 2000, having served as Vice President of Systems Group since 2003, Vice President of Advanced Products from 2001 to 2003, and Director of Advanced Technologies from 2000 to 2001. Before his tenure at AudioCodes, Mr. Herscovici held various research and development positions at Advanced Recognition Technologies, Ltd., a voice and handwriting recognition company, from 1994 to 1998 and throughout 1999. He also served as Vice President of Research & Development at Advanced Recognition Technologies, Ltd. from 1999 to 2000.

AI Generated Analysis | Feedback

The increasing vertical integration and expansion of native voice capabilities by leading Unified Communications as a Service (UCaaS) and Contact Center as a Service (CCaaS) providers (e.g., Microsoft Teams Phone, Zoom Phone, RingCentral). As these platforms continuously enhance their direct routing, gateway, and device management capabilities, and simplify complex voice network requirements within their own ecosystems, they risk diminishing the demand for specialized third-party hardware and software solutions like those offered by AudioCodes for certain deployment scenarios. While AudioCodes remains a strategic partner to many of these platforms, the platforms' long-term objective is to capture more of the value chain directly, potentially reducing the necessity for external, specialized components in increasingly common cloud-native environments.

AI Generated Analysis | Feedback

AudioCodes (AUDC) operates in several addressable markets related to communication and voice solutions. The market sizes for their main products and services are identified as follows:

Unified Communications (UC) and Unified Communication as a Service (UCaaS)

The global Unified Communications market was valued at USD 136.11 billion in 2023 and is projected to reach USD 417.86 billion by 2030.
Another estimate for the global Unified Communication & Collaboration (UC&C) market size was USD 66.85 billion in 2024, projected to grow to USD 150.44 billion by 2032. North America dominated this market with a 37.38% share in 2024.
The worldwide unified communications and collaboration (UC&C) market is forecast to reach USD 69.1 billion in revenue in 2024 and is expected to reach USD 85 billion by 2028.
The global Unified Communication as a Service (UCaaS) market was estimated at USD 87.39 billion in 2024 and is projected to reach USD 262.37 billion by 2030. North America accounted for over 33.98% of this market in 2024.
Other estimations for the global UCaaS market size include USD 83.17 billion in 2024, expected to reach USD 383.44 billion by 2032, and USD 88.4 billion by 2031.

Contact Center Solutions

The global contact center software market size was valued at USD 52.17 billion in 2024 and is projected to grow to USD 213.54 billion by 2032. North America dominated the global market with a share of 27.07% in 2024.
Another report valued the global contact center software market size at USD 40.9 billion in 2024, with an estimate to reach USD 152.4 billion by 2033. North America currently holds over 35.7% of this market in 2024.
The global Contact Center as a Service (CCaaS) market is expected to reach a valuation of USD 5.38 billion in 2024 and is projected to surpass USD 19.11 billion by 2034.
The global call and contact center outsourcing market was estimated at USD 97.31 billion in 2024 and is anticipated to reach USD 163.86 billion by 2030. North America held the major share of over 32% of this market in 2024.

Voice AI Solutions

The Global Voice AI Agents Market was valued at USD 2.4 billion in 2024 and is expected to be worth around USD 47.5 billion by 2034. In 2024, North America led the global market for voice AI agents, accounting for over 40.2% of the market share, with the U.S. market reaching USD 1.2 billion.
The global AI voice generator market size was estimated at USD 3.0 billion in 2024 and is projected to reach USD 20.4 billion by 2030.
Other sources indicate the global AI voice generators market was worth USD 4.9 billion in 2024 and is estimated to reach USD 54.54 billion by 2033.
The global Artificial Intelligence Voice Market size was valued at USD 5.2 billion in 2023 and is expected to reach USD 26.8 billion by 2032. North America accounted for approximately 40% of the global market share in 2023.

Session Border Controllers (SBC)

The global Session Border Controller (SBC) market is projected to reach around USD 1.73 billion by the end of 2032, up from USD 927.8 million in 2024. North America accounts for more than 35% of the global market.
Another estimate for the global SBC market size was over USD 1.03 billion in 2024 and is projected to reach USD 2.31 billion by 2034. North America is expected to account for the largest revenue share of 35% by 2034.
The global Session Border Controller (SBC) market is forecasted to grow by 6% in 2025, reaching USD 1.37 billion. The Enterprise SBC (E-SBC) market grew by 3% sequentially in Q4 2024 to USD 105 million.
The global market for Enterprise Session Border Controllers was valued at US$725.1 million in 2024 and is projected to reach US$1.1 billion by 2030.

AI Generated Analysis | Feedback

AudioCodes (AUDC) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and market trends:

Growth in Conversational AI Business: AudioCodes' conversational AI business is a primary growth engine, experiencing significant expansion. The company reported a 50% growth in this segment in the third quarter of 2025, anticipating 40% to 50% growth for the full year 2025. This growth is fueled by solutions such as Voice AI Connect and Live Hub, including the introduction of new AI Agents that integrate large language model (LLM)-powered voice bots with existing telephony and customer engagement systems.
Unified Communications & Collaboration (UC&C) and Contact Center (CX) Connectivity Services: The "Live family" of services, particularly those supporting Microsoft Teams, remains a core business segment. AudioCodes offers comprehensive solutions for Microsoft Teams environments, including Session Border Controllers (SBCs) and applications like Voca Conversational Interaction Center (Voca CIC), an AI-first omnichannel contact center solution for Microsoft Teams, and Meeting Insights. The company is leveraging the expanding Microsoft Operator Connect program, which supports the growth of the Teams Phone business.
Expansion of AI-Powered Value-Added Services via Live Platform: AudioCodes is actively broadening its "Live" offering by introducing a suite of AI-powered value-added services (VAS). These services are designed to enhance both customer experience (CX) and employee experience (EX) within enterprises. Delivered from the cloud on a per-user, per-month subscription basis, these new applications aim to generate fresh revenue streams and complement AudioCodes' existing voice calling services for major UCaaS and CCaaS platforms such as Microsoft Teams, Webex, and Zoom Phone.
Strategic Agreements and Partnerships: A significant agreement with a tier-1 system integrator has been secured, which is expected to strengthen AudioCodes' market position and create cross-selling opportunities. This development, along with increased engagement with Cisco, is anticipated to contribute positively to the connectivity business in the coming years.
Transition to a Cloud Software and Services Model (Recurring Revenue): AudioCodes is continuing its transformation towards a cloud software and services model, focusing on building strong annual recurring revenue (ARR) streams. This shift, which includes customers transitioning to a subscription model, is expected to reduce revenue volatility and improve profit margins, as more clients opt for software-centric solutions over traditional hardware deployments. The company's annual recurring revenue grew 25% year-over-year in Q3 2025.

AI Generated Analysis | Feedback

Here's a summary of AudioCodes' capital allocation decisions over the last 3-5 years:

Share Repurchases

AudioCodes frequently engages in share repurchase programs. In October 2025, the company received court approval in Israel to repurchase up to an aggregate of $25 million of ordinary shares, valid through April 28, 2026.
During the third quarter of 2025, AudioCodes acquired 1,267,436 ordinary shares for approximately $12.7 million. In the second quarter of 2025, the company repurchased 715,732 ordinary shares for approximately $6.6 million. In the first quarter of 2025, 500,000 ordinary shares were repurchased for $5.2 million.
In the fourth quarter of 2024, AudioCodes repurchased 634,533 shares at a cost of $6.0 million, with $19 million remaining available under a $20 million approved program valid through June 14, 2025. The company also repurchased 595,583 ordinary shares for $6.3 million in the fourth quarter of 2023, with $19.2 million available under an approved $20 million program through June 18, 2024.
In the fourth quarter of 2022, AudioCodes repurchased 145,380 shares for $2.9 million, and in January 2023, received approval to repurchase up to an additional $25 million. In the fourth quarter of 2021, the company acquired 314,227 ordinary shares for $10.7 million and received approval in December 2021 to purchase up to an additional $35 million.

Share Issuance

Information on significant dollar amounts of share issuances by AudioCodes over the last 3-5 years is not explicitly available in the provided search results.

Inbound Investments

No significant inbound investments made in AudioCodes by third-parties (e.g., a strategic partner or a private equity firm) with specific dollar amounts were identified in the provided information for the last 3-5 years.

Outbound Investments

AudioCodes acquired Callverso, a provider of AI-based speech recognition solutions, in November 2021.

Capital Expenditures

In the last 12 months (as of October 2025), AudioCodes' capital expenditures were -$12.28 million.
The company has highlighted increased investments in its "Live platform" and Conversational AI (CAI) over recent quarters, contributing to record bookings in these areas.
AudioCodes is focused on investments in AI technologies and unified communication solutions to drive future growth and enhance its cloud-driven solutions.

Better Bets than AudioCodes (AUDC)

	AUDC	Better Performance than AUDC
Metric	Value	Industry (Communications Equipment)
Rev Chg LTM	0.2%	CSCO (5.3%), ANET (27.8%), MSI (6.4%), NOK (5.9%), UI (36.8%)
Rev Chg 3Y Avg	-3.3%	CSCO (3.4%), ANET (29.4%), MSI (9.5%), UI (17.5%), ERIC (-1.9%)
Op Mgn LTM	5.9%	CSCO (22.1%), ANET (42.9%), MSI (25.1%), UI (33.7%), ERIC (15.4%)
CFO/Rev LTM	16.6%	CSCO (25.1%), ANET (49.0%), MSI (23.5%), UI (21.9%), CIEN (17.3%)
FCF/Rev LTM	13.2%	CSCO (23.5%), ANET (47.9%), MSI (21.5%), UI (21.4%), CIEN (13.3%)
Total Yield	7.4%	ERIC (76.8%), COMM (25.5%), FEIM (8.2%), CRNT (7.6%), BOSC (10.8%)

	AUDC	Better Performance than AUDC
Metric	Value	Sector (Information Technology)
Rev Chg LTM	0.2%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), AVGO (28.0%), ORCL (9.7%)
Rev Chg 3Y Avg	-3.3%	NVDA (92.0%), AAPL (1.8%), MSFT (13.2%), AVGO (24.0%), ORCL (10.2%)
Op Mgn LTM	5.9%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), AVGO (39.0%), ORCL (31.6%)
CFO/Rev LTM	16.6%	NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), AVGO (42.4%), ORCL (36.5%)
FCF/Rev LTM	13.2%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), AVGO (41.6%), PLTR (46.0%)
Total Yield	7.4%	ACN (7.6%), DELL (7.6%), MSTR (14.2%), ERIC (76.8%), HPQ (14.7%)

	AUDC	Better Performance than AUDC
Metric	Value	All Other Sectors
Rev Chg LTM	0.2%	GOOGL (13.4%), AMZN (10.9%), META (21.3%), LLY (36.8%), JPM (8.6%)
Rev Chg 3Y Avg	-3.3%	GOOGL (11.0%), AMZN (11.3%), META (17.3%), TSLA (9.3%), BRK-B (19.8%)
Op Mgn LTM	5.9%	GOOGL (32.2%), AMZN (11.4%), META (43.2%), LLY (43.0%), XOM (11.4%)
CFO/Rev LTM	16.6%	GOOGL (39.3%), AMZN (18.1%), META (56.8%), LLY (20.5%), MA (56.1%)
FCF/Rev LTM	13.2%	GOOGL (19.1%), META (23.7%), MA (52.5%), JNJ (20.3%), NFLX (20.7%)
Total Yield	7.4%	XOM (9.5%), JNJ (7.8%), BAC (7.7%), BABA (40.0%), CVX (8.4%)

		Best Bets In Information Technology Sector
	AUDC	VRSN	APP	NVDA	ANET	RMBS	GEN	IDCC	DBX	YOU	MPWR
What You Pay
P/E	18.6	28.7	64.5	52.5	47.7	42.9	28.2	17.6	15.4	18.7	22.7
P/EBIT	20.4	20.7	55.8	45.1	44.2	36.5	10.0	14.3	12.6	20.4	62.1
What You Get
Rev Chg Q	2.2%	7.3%	68.2%	55.6%	27.5%	22.7%	25.3%	28.0%	-0.7%	15.5%	18.9%
Rev Chg LTM	0.2%	5.5%	86.4%	71.6%	27.8%	31.0%	16.2%	28.8%	-0.4%	17.8%	30.5%
Rev Chg 3Y Avg	-3.3%	5.2%	36.0%	92.0%	29.4%	17.3%	16.5%	27.1%	3.4%	31.0%	17.2%
FCF/Rev 3Y Avg	5.5%	57.4%	42.6%	41.3%	41.0%	39.3%	36.7%	54.2%	33.4%	32.5%	28.6%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	How Low Can AudioCodes Stock Really Go?	Return

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to AUDC. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ZBRA_10312025_Dip_Buyer_FCFYield	10312025	ZBRA	Zebra Technologies	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-10.7%	-10.7%	-10.7%
ACN_10312025_Dip_Buyer_ValueBuy	10312025	ACN	Accenture	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-2.0%	-2.0%	-3.5%
ADBE_10312025_Dip_Buyer_ValueBuy	10312025	ADBE	Adobe	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-2.7%	-2.7%	-3.9%
TXN_10312025_Monopoly_xInd_xCD_Getting_Cheaper	10312025	TXN	Texas Instruments	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-1.3%	-1.3%	-1.3%
MRVL_10242025_Monopoly_xInd_xCD_Getting_Cheaper	10242025	MRVL	Marvell Technology	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.8%	2.8%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ZBRA_10312025_Dip_Buyer_FCFYield	10312025	ZBRA	Zebra Technologies	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-10.7%	-10.7%	-10.7%
ACN_10312025_Dip_Buyer_ValueBuy	10312025	ACN	Accenture	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-2.0%	-2.0%	-3.5%
ADBE_10312025_Dip_Buyer_ValueBuy	10312025	ADBE	Adobe	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-2.7%	-2.7%	-3.9%
TXN_10312025_Monopoly_xInd_xCD_Getting_Cheaper	10312025	TXN	Texas Instruments	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-1.3%	-1.3%	-1.3%
MRVL_10242025_Monopoly_xInd_xCD_Getting_Cheaper	10242025	MRVL	Marvell Technology	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.8%	2.8%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
SGML	Sigma Lithium	0.9	32.3%	-28.5%
ZYME	Zymeworks	1.8	29.0%	63.3%
VSTM	Verastem	0.6	21.1%	77.0%
JAZZ	Jazz Pharmaceuticals	10.4	20.6%	38.1%
EYPT	EyePoint Pharmaceuticals	0.9	13.4%	76.3%
PRME	Prime Medicine	0.5	13.4%	30.8%
TERN	Terns Pharmaceuticals	2.3	13.3%	361.4%
TMQ	Trilogy Metals	0.7	13.1%	243.1%
NUVL	Nuvalent	7.8	11.9%	38.0%
FULC	Fulcrum Therapeutics	0.6	11.6%	105.3%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.2	-23.8%	-19.7%
VENU	Venu	0.3	-21.4%	-5.1%
ROCK	Gibraltar Industries	1.4	-20.3%	-20.0%
LB	LandBridge	1.5	-17.0%	-3.8%
ECX	ECARX	0.6	-16.0%	-15.2%
CSIQ	Canadian Solar	1.9	-15.2%	156.0%
FLY	Firefly Aerospace	2.7	-15.1%
DEFT	DeFi Technologies	0.3	-14.6%
UP	Wheels Up Experience	0.7	-13.9%	-43.6%
STUB	Stubhub	4.2	-13.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LXP	LXP Industrial Trust	13.4	383.2%	18.4%
CDTX	Cidara Therapeutics	3.4	110.0%	710.7%
MH	McGraw Hill	2.9	38.2%
KALV	KalVista Pharmaceuticals	0.8	36.5%	75.4%
TERN	Terns Pharmaceuticals	2.3	33.7%	361.4%
SGML	Sigma Lithium	0.9	33.2%	-28.5%
ZYME	Zymeworks	1.8	32.4%	63.3%
JAZZ	Jazz Pharmaceuticals	10.4	27.7%	38.1%
REAL	RealReal	1.6	26.5%	29.7%
FULC	Fulcrum Therapeutics	0.6	25.8%	105.3%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVXL	Anavex Life Sciences	0.3	-44.8%	-66.7%
DEFT	DeFi Technologies	0.3	-40.3%
BTDR	Bitdeer Technologies	2.1	-39.8%	-50.9%
ARDT	Ardent Health	1.2	-39.4%	-51.5%
WYFI	Whitefiber	0.7	-37.2%
NKLR	Terra Innovatum Global	0.3	-35.0%
AIRS	AirSculpt Technologies	0.2	-34.2%	-19.7%
CTEV	Claritev	0.6	-34.1%
PSFE	Paysafe	0.4	-33.7%	-60.5%
STUB	Stubhub	4.2	-33.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	2.3	203.9%	361.4%
VTYX	Ventyx Biosciences	0.7	142.3%	333.8%
CDTX	Cidara Therapeutics	3.4	114.6%	710.7%
INBX	Inhibrx Biosciences	1.2	107.7%	402.3%
COGT	Cogent Biosciences	3.9	105.9%	332.7%
CSIQ	Canadian Solar	1.9	95.1%	156.0%
REPL	Replimune	0.8	94.9%	-27.6%
MBX	MBX Biosciences	0.9	93.7%	39.0%
SNDK	SanDisk	38.6	89.7%
CELC	Celcuity	4.0	77.5%	604.6%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NKLR	Terra Innovatum Global	0.3	-69.1%
NTLA	Intellia Therapeutics	0.9	-65.7%	-27.3%
SOC	Sable Offshore	0.4	-63.0%	-80.9%
ASPN	Aspen Aerogels	0.3	-61.5%	-74.2%
AVXL	Anavex Life Sciences	0.3	-60.1%	-66.7%
CCOI	Cogent Communications	0.9	-57.4%	-74.4%
LRN	Stride	2.7	-56.7%	-39.6%
FMC	FMC	1.6	-56.0%	-72.1%
BTDR	Bitdeer Technologies	2.1	-55.7%	-50.9%
METC	Ramaco Resources	1.1	-54.7%	105.2%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
SGML	Sigma Lithium	0.9	32.3%	-28.5%
ZYME	Zymeworks	1.8	29.0%	63.3%
VSTM	Verastem	0.6	21.1%	77.0%
JAZZ	Jazz Pharmaceuticals	10.4	20.6%	38.1%
EYPT	EyePoint Pharmaceuticals	0.9	13.4%	76.3%
PRME	Prime Medicine	0.5	13.4%	30.8%
TERN	Terns Pharmaceuticals	2.3	13.3%	361.4%
TMQ	Trilogy Metals	0.7	13.1%	243.1%
NUVL	Nuvalent	7.8	11.9%	38.0%
FULC	Fulcrum Therapeutics	0.6	11.6%	105.3%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.2	-23.8%	-19.7%
VENU	Venu	0.3	-21.4%	-5.1%
ROCK	Gibraltar Industries	1.4	-20.3%	-20.0%
LB	LandBridge	1.5	-17.0%	-3.8%
ECX	ECARX	0.6	-16.0%	-15.2%
CSIQ	Canadian Solar	1.9	-15.2%	156.0%
FLY	Firefly Aerospace	2.7	-15.1%
DEFT	DeFi Technologies	0.3	-14.6%
UP	Wheels Up Experience	0.7	-13.9%	-43.6%
STUB	Stubhub	4.2	-13.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LXP	LXP Industrial Trust	13.4	383.2%	18.4%
CDTX	Cidara Therapeutics	3.4	110.0%	710.7%
MH	McGraw Hill	2.9	38.2%
KALV	KalVista Pharmaceuticals	0.8	36.5%	75.4%
TERN	Terns Pharmaceuticals	2.3	33.7%	361.4%
SGML	Sigma Lithium	0.9	33.2%	-28.5%
ZYME	Zymeworks	1.8	32.4%	63.3%
JAZZ	Jazz Pharmaceuticals	10.4	27.7%	38.1%
REAL	RealReal	1.6	26.5%	29.7%
FULC	Fulcrum Therapeutics	0.6	25.8%	105.3%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVXL	Anavex Life Sciences	0.3	-44.8%	-66.7%
DEFT	DeFi Technologies	0.3	-40.3%
BTDR	Bitdeer Technologies	2.1	-39.8%	-50.9%
ARDT	Ardent Health	1.2	-39.4%	-51.5%
WYFI	Whitefiber	0.7	-37.2%
NKLR	Terra Innovatum Global	0.3	-35.0%
AIRS	AirSculpt Technologies	0.2	-34.2%	-19.7%
CTEV	Claritev	0.6	-34.1%
PSFE	Paysafe	0.4	-33.7%	-60.5%
STUB	Stubhub	4.2	-33.1%

Peer Comparisons for AudioCodes

Financials

	AUDC	VSAT	ADTN	FIEE	SYNX	CSCO	Median
Name	AudioCod.	Viasat	Adtran	FiEE	Silynxcom	Cisco Sy.
Mkt Price	9.13	33.36	7.33	1.66	1.47	77.78	8.23
Mkt Cap	0.3	4.4	0.6	-	-	308.1	2.5
Rev LTM	245	4,564	1,035	0	-	56,654	1,035
Op Inc LTM	14	-111	-37	-1	-	12,504	-1
FCF LTM	32	88	26	-1	-	13,288	32
FCF 3Y Avg	13	-493	-7	-1	-	14,178	-1
CFO LTM	41	1,016	90	-1	-	14,193	90
CFO 3Y Avg	25	728	49	-1	-	14,986	49

Growth & Margins

	AUDC	VSAT	ADTN	FIEE	SYNX	CSCO	Median
Name	AudioCod.	Viasat	Adtran	FiEE	Silynxcom	Cisco Sy.
Rev Chg LTM	0.2%	-1.4%	14.3%	-99.5%	-	5.3%	0.2%
Rev Chg 3Y Avg	-3.3%	26.8%	13.7%	-65.6%	-	3.4%	3.4%
Rev Chg Q	2.2%	4.0%	22.7%	-	-	7.6%	5.8%
QoQ Delta Rev Chg LTM	0.5%	1.0%	5.3%	35,994.4%	-	1.9%	1.9%
Op Mgn LTM	5.9%	-2.4%	-3.6%	-3,292.4%	-	22.1%	-2.4%
Op Mgn 3Y Avg	6.8%	-8.2%	-11.5%	-1,146.9%	-	24.5%	-8.2%
QoQ Delta Op Mgn LTM	-0.4%	-0.3%	2.6%	1,197,542.8%	-	0.3%	0.3%
CFO/Rev LTM	16.6%	22.3%	8.7%	-1,599.2%	-	25.1%	16.6%
CFO/Rev 3Y Avg	10.3%	17.9%	5.3%	-535.9%	-	26.7%	10.3%
FCF/Rev LTM	13.2%	1.9%	2.5%	-1,599.2%	-	23.5%	2.5%
FCF/Rev 3Y Avg	5.5%	-14.7%	-0.1%	-536.4%	-	25.3%	-0.1%

Valuation

	AUDC	VSAT	ADTN	FIEE	SYNX	CSCO	Median
Name	AudioCod.	Viasat	Adtran	FiEE	Silynxcom	Cisco Sy.
Mkt Cap	0.3	4.4	0.6	-	-	308.1	2.5
P/S	1.1	1.0	0.6	-	-	5.4	1.0
P/EBIT	20.4	-29.2	-17.4	-	-	24.3	1.5
P/E	18.6	-7.3	-6.6	-	-	30.3	6.0
P/CFO	6.3	4.3	6.5	-	-	21.7	6.4
Total Yield	7.4%	-13.6%	-15.1%	-	-	5.4%	-4.1%
Dividend Yield	2.1%	0.0%	0.0%	-	-	2.1%	1.0%
FCF Yield 3Y Avg	4.9%	-20.9%	-0.8%	-	-	6.4%	2.1%
D/E	0.1	1.6	0.4	-	-	0.1	0.3
Net D/E	-0.1	1.3	0.3	-	-	0.0	0.1

Returns

	AUDC	VSAT	ADTN	FIEE	SYNX	CSCO	Median
Name	AudioCod.	Viasat	Adtran	FiEE	Silynxcom	Cisco Sy.
1M Rtn	-0.1%	-6.5%	-18.9%	-32.2%	-11.4%	10.9%	-9.0%
3M Rtn	-7.0%	21.8%	-17.0%	-42.2%	-14.5%	16.9%	-10.8%
6M Rtn	4.8%	211.5%	-9.5%	-	-22.6%	23.2%	4.8%
12M Rtn	15.3%	350.8%	-5.4%	-	-43.9%	38.9%	15.3%
3Y Rtn	-50.9%	-2.0%	-64.1%	-	-	77.7%	-26.5%
1M Excs Rtn	-0.2%	-6.7%	-19.0%	-32.4%	-11.6%	10.8%	-9.1%
3M Excs Rtn	-7.5%	23.8%	-18.7%	-45.0%	-16.6%	13.1%	-12.0%
6M Excs Rtn	-7.1%	199.6%	-21.4%	-	-34.5%	11.3%	-7.1%
12M Excs Rtn	1.1%	310.8%	-19.7%	-	-58.0%	23.3%	1.1%
3Y Excs Rtn	-118.5%	-67.1%	-129.7%	-	-	17.3%	-92.8%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/4/2025	3/26/2025	3/27/2024	4/24/2023	4/28/2022	4/27/2021	2/25/2020
Key Financials
Total Revenue	245	242	244	275	249	221	200
EBITDA	17	19	17	38	43	40	-9
Operating Income	14	17	14	31	40	38	-10
Net Income	14	15	9	28	34	27	4
EPS	0.48	0.51	0.28	0.89	1.03	0.87	0.14
Growth Rates
Total Revenue Growth	0.2%	-0.9%	-11.2%	10.5%	12.7%	10.2%	13.7%
EBITDA Growth	-30.0%	11.4%	-53.9%	-12.1%	7.9%	536.2%	-147.3%
Operating Income Growth	-29.1%	19.2%	-53.9%	-20.8%	3.1%	501.4%	-158.4%
Net Income Growth	13.4%	74.4%	-69.2%	-15.7%	23.9%	585.1%	-70.5%
Margins
EBITDA Margin	6.9%	8.0%	7.1%	13.6%	17.2%	17.9%	-4.5%
Operating Income Margin	5.9%	7.1%	5.9%	11.4%	15.9%	17.4%	-4.8%
Net Income Margin	5.7%	6.3%	3.6%	10.3%	13.6%	12.3%	2.0%
Cash & Debt
Total Cash	74	62	38	47	80	126	66
Total Debt	37	36	39	14	20	30	35
Net Debt / (Cash)	-37	-26	1	-33	-61	-96	-31
Cash Flows
Net Cash from Operations	41	35	15	8	47	38	23
Free Cash from Operations	32	11	9	7	46	37	21
Returns to Shareholders
Dividends	11	11	11	12	11	8	7
Share Repurchases	31	14	18	38	42	-0	8

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/4/2025	7/29/2025	5/6/2025	3/26/2025	11/6/2024	7/30/2024	5/7/2024	3/27/2024	11/2/2023	8/1/2023	5/9/2023	4/24/2023
Key Financials Quarterly
Total Revenue	62	61	60	62	60	60	60	64	62	60	59	71
Ebitda	5	4	5	3	6	6	4	8	6	3	-0	12
Operating Income	4	3	4	4	5	5	3	7	6	2	-1	8
Net Income	3	0	4	7	3	4	2	4	4	1	-0	8
EPS	0.10	0.01	0.14	0.23	0.09	0.12	0.07	0.12	0.14	0.03	-0.01	0.24
Key Financials TTM
Total Revenue TTM	245	243	242	242	244	246	245	244	251	260	268	275
Ebitda TTM	17	17	20	19	24	25	21	17	21	23	29	38
Operating Income TTM	14	15	18	17	20	21	19	14	16	17	22	31
Net Income TTM	14	14	17	15	12	14	11	9	13	14	20	28
Growth Rates Quarterly
Total Revenue Growth	2.2%	1.3%	0.5%	-3.2%	-2.2%	0.5%	1.5%	-10.0%	-11.7%	-12.2%	-10.8%	6.9%
EBITDA Growth	-10.8%	-42.6%	20.9%	-58.2%	-8.6%	111.9%	2071.0%	-33.8%	-17.6%	-66.2%	-102.2%	14.8%
Operating Income Growth	-16.6%	-47.3%	11.1%	-43.3%	-15.7%	118.9%	488.7%	-13.2%	-17.5%	-71.5%	-110.5%	-10.1%
Net Income Growth	2.0%	-91.9%	92.8%	85.4%	-37.0%	257.7%	1244.5%	-51.6%	-20.9%	-84.8%	-102.1%	4.1%
Margins Quarterly
EBITDA Margin	8.5%	5.8%	7.6%	5.5%	9.8%	10.3%	6.3%	12.8%	10.4%	4.9%	-0.3%	17.4%
Operating Income Margin	6.6%	4.3%	6.0%	6.7%	8.1%	8.2%	5.5%	11.4%	9.4%	3.8%	-1.4%	11.8%
Net Income Margin	4.4%	0.5%	6.7%	11.0%	4.4%	6.3%	3.5%	5.8%	6.9%	1.8%	-0.3%	10.7%
Cash & Debt
Total Cash	74	79	67	62	48	42	46	38	32	45	46	47
Total Debt	37	37	35	36	37	37	38	39	36	12	11	14
Net Debt / (Cash)	-37	-42	-31	-26	-11	-5	-8	1	4	-34	-35	-33
Cash Flows Quarterly
FCF from Operations	4	8	13	15	8	-3	15	9	0	2	3	0
Cash Flows TTM
FCF from Operations TTM	41	44	34	35	29	22	27	15	6	8	11	8
Returns to Shareholders Quarterly
Dividends	6	0	5	0	5	0	5	0	6	0	6	0
Share Repurchases	13	7	5	6	4	1	4	6	9	3	-0	3
Return on Invested Capital (ROIC) Quarterly
ROIC	7.8%	1.5%	7.1%	-	7.0%	7.6%	4.7%	1772.6%	8.5%	2.5%	-2.2%	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	10.5%	10.4%	11.4%	-	7.7%	7.8%	6.6%	811.4%	6.0%	7.9%	11.6%	-

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Products	124	164	155	145	136
Services	120	111	94	75	65
Total	244	275	249	221	200

Price Behavior

Price Behavior

Market Price	$9.13
Market Cap ($ Bil)	0.3
First Trading Date	05/28/1999
Distance from 52W High	-24.4%
	50 Days	200 Days
DMA Price	$9.54	$9.59
DMA Trend	indeterminate	down
Distance from DMA	-4.3%	-4.8%
	3M	1YR
Volatility	33.2%	43.9%
Downside Capture	244.39	159.13
Upside Capture	163.45	152.09
Correlation (SPY)	52.7%	51.4%

AUDC Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.20	1.70	1.74	1.79	1.04	1.14
Up Beta	0.33	0.94	1.55	1.54	0.71	1.00
Down Beta	1.34	1.33	1.52	1.40	0.91	1.22
Up Capture	63%	131%	129%	165%	158%	75%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	10	20	33	62	111	353
Down Capture	194%	279%	240%	233%	130%	107%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	12	22	30	61	132	384

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of AUDC With Other Asset Classes (Last 1Y)
	AUDC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	11.9%	20.7%	12.6%	54.8%	4.2%	-2.7%	7.1%
Annualized Volatility	43.6%	27.4%	19.5%	19.7%	16.0%	17.7%	35.7%
Sharpe Ratio	0.37	0.66	0.48	2.10	0.07	-0.31	0.23
Correlation With Other Assets		49.7%	51.5%	-1.2%	12.0%	34.3%	22.5%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of AUDC With Other Asset Classes (Last 5Y)
	AUDC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-17.9%	19.6%	15.0%	16.2%	12.8%	5.2%	43.8%
Annualized Volatility	41.8%	24.6%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	-0.34	0.72	0.71	0.84	0.56	0.19	0.71
Correlation With Other Assets		41.7%	43.5%	8.7%	10.2%	34.9%	16.9%

Based On 10-Year Data

		Comparison of AUDC With Other Asset Classes (Last 10Y)
	AUDC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	10.0%	21.9%	14.2%	13.5%	5.4%	5.5%	73.6%
Annualized Volatility	43.7%	24.2%	18.1%	14.8%	17.7%	20.9%	56.1%
Sharpe Ratio	0.37	0.83	0.68	0.75	0.23	0.24	0.93
Correlation With Other Assets		39.2%	40.4%	4.2%	13.0%	30.7%	14.7%

Short Interest

Short Interest: As Of Date	10312025
Short Interest: Shares Quantity	353,408
Short Interest: % Change Since 10152025	-3.7%
Average Daily Volume	66,422
Days-to-Cover Short Interest	5.32
Basic Shares Quantity	28,169,000
Short % of Basic Shares	1.3%

Returns Analyses

	Title
0	How Low Can AudioCodes Stock Really Go?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11042025	6-K 9/30/2025
6302025	7292025	6-K 6/30/2025
3312025	5062025	6-K 3/31/2025
12312024	3262025	20-F 12/31/2024
9302024	11062024	6-K 9/30/2024
6302024	7302024	6-K 6/30/2024
3312024	5072024	6-K 3/31/2024
12312023	3272024	20-F 12/31/2023
9302023	11022023	6-K 9/30/2023
6302023	8012023	6-K 6/30/2023
3312023	5092023	6-K 3/31/2023
12312022	4242023	20-F 12/31/2022
9302022	11022022	6-K 9/30/2022
6302022	8022022	6-K 6/30/2022
3312022	5022022	6-K 3/31/2022
12312021	4282022	20-F 12/31/2021

Insider Activity

Expand for More

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

AudioCodes (AUDC)

Market Price (11/18/2025): $9.095 | Market Cap: $256.2 MilSector: Information Technology | Industry: Communications Equipment

AudioCodes (AUDC)

Market Price (11/18/2025): $9.095Market Cap: $256.2 MilSector: Information TechnologyIndustry: Communications Equipment

Market Valuation & Key Metrics

AUDC Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About AudioCodes (AUDC)

Unified Communications (UC) and Unified Communication as a Service (UCaaS)

Contact Center Solutions

Voice AI Solutions

Session Border Controllers (SBC)

Share Repurchases

Share Issuance

Inbound Investments

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than AudioCodes (AUDC)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

1 Month Top Gainers

1 Month Top Losers

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for AudioCodes

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (11/18/2025): $9.095 | Market Cap: $256.2 Mil
Sector: Information Technology | Industry: Communications Equipment

Market Price (11/18/2025): $9.095
Market Cap: $256.2 Mil
Sector: Information Technology
Industry: Communications Equipment