Demonstrações financeiras detalhadas de AudioCodes Ltd. (AUDC): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
AudioCodes Ltd. registou receitas de $245.6M no último exercício, com um CAGR de 5 anos de 2.2%. O lucro líquido atingiu $9.0M, com CAGR de 5 anos de -20.0%.
Margens dos últimos 12 meses: margem bruta 65.7%, margem operacional 5.8%, margem líquida 2.8%. O fluxo de caixa livre cresceu a CAGR de -9.1% em 5 anos.
Ao preço atual de $9.98, AUDC negocia a um P/L de 36.48 e um ROE de 4.38%. A capitalização de mercado é de $254M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $145.6M | $156.7M | $176.2M | $200.3M | $220.8M | $248.9M | $275.1M | $244.4M | $242.2M | $245.6M |
| Custo da Receita | $57.2M | $58.9M | $65.6M | $105.3M | $71.0M | $78.0M | $96.3M | $86.0M | $84.0M | $86.0M |
| Lucro Bruto | $88.3M | $97.8M | $110.6M | $95.0M | $149.8M | $170.9M | $178.8M | $158.3M | $158.2M | $159.6M |
| P&D | $29.1M | $30.3M | $34.7M | $41.2M | $46.1M | $53.4M | $59.8M | $57.2M | $52.1M | $52.6M |
| Despesas Gerais e Administrativas | $51.4M | $57.8M | $59.6M | $63.3M | $65.4M | $78.0M | $87.6M | $86.8M | $88.8M | $93.0M |
| Despesas Operacionais | $80.6M | $88.2M | $94.2M | $104.5M | $111.5M | $131.4M | $147.5M | $143.9M | $141.0M | $145.6M |
| Lucro Operacional | $7.8M | $9.7M | $16.4M | -$9.6M | $38.4M | $39.5M | $31.3M | $14.4M | $17.2M | $14.0M |
| EBITDA | $10.6M | $12.1M | $18.7M | -$8.7M | $39.6M | $44.3M | $39.4M | $18.5M | $19.3M | $18.0M |
| Despesas com Juros | $545000 | $567000 | $884000 | $600000 | $1.0M | $2.3M | $358000 | $3.2M | $296000 | $461000 |
| Lucro Antes de Impostos | $7.6M | $9.6M | $16.6M | -$11.3M | $36.6M | $39.6M | $34.2M | $14.4M | $15.1M | $13.6M |
| Imposto | -$8.6M | $5.6M | $3.1M | -$15.3M | $9.4M | $5.9M | $5.7M | $5.6M | -$215000 | $4.6M |
| Lucro Líquido | $16.2M | $4.0M | $13.5M | $4.0M | $27.2M | $33.8M | $28.5M | $8.8M | $15.3M | $9.0M |
| LPA | $0.46 | $0.13 | $0.47 | $0.14 | $0.87 | $1.03 | $0.89 | $0.28 | $0.51 | $0.31 |
| LPA Diluído | $0.45 | $0.13 | $0.45 | $0.13 | $0.83 | $1.00 | $0.88 | $0.28 | $0.50 | $0.31 |
| Ações em Circulação (Diluídas) | $35.8M | $32.2M | $30.2M | $30.8M | $32.9M | $33.8M | $32.5M | $31.6M | $30.6M | $29.0M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $61.5M | $62.6M | $62.1M | $63.0M |
| Lucro Bruto | $40.3M | $41.1M | $41.1M | $41.4M |
| Lucro Operacional | $4.1M | $3.7M | $3.4M | $3.2M |
| EBITDA | $5.3M | $4.6M | $4.4M | $4.3M |
| Lucro Líquido | $2.7M | $1.9M | $2.0M | $477000 |
| LPA | $0.10 | $0.07 | $0.07 | $0.02 |
| LPA Diluído | $0.10 | $0.07 | $0.07 | $0.02 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $24.3M | $24.2M | $31.5M | $64.8M | $40.9M | $79.4M | $24.5M | $30.8M | $58.7M | $45.5M |
| Investimentos de Curto Prazo | $6.8M | $7.1M | $19.6M | $1.4M | $85.3M | $889000 | $22.6M | $7.4M | $3.6M | $27.4M |
| Contas a Receber | $28.8M | $26.8M | $28.2M | $33.1M | $34.5M | $58.2M | $56.4M | $51.1M | $56.0M | $67.4M |
| Estoque | $16.3M | $16.6M | $23.3M | $28.3M | $29.2M | $24.0M | $36.4M | $44.0M | $31.5M | $22.0M |
| Ativos Circulantes | $79.7M | $77.4M | $109.9M | $132.6M | $203.6M | $167.6M | $149.9M | $142.7M | $162.9M | $180.3M |
| Imobilizado | $3.9M | $3.8M | $3.9M | $34.1M | $30.0M | $20.9M | $17.5M | $47.6M | $59.9M | $59.5M |
| Ágio | $36.2M | $36.2M | $36.2M | $36.2M | $36.2M | $37.6M | $37.6M | $37.6M | $37.6M | 0 |
| Ativos Intangíveis | $2.8M | $2.0M | $1.3M | $901000 | $569000 | $2.4M | $1.6M | $1.0M | $489000 | $37.6M |
| Ativos Totais | $187.0M | $170.9M | $176.2M | $244.3M | $358.1M | $349.4M | $323.8M | $337.5M | $335.9M | $323.2M |
| Contas a Pagar | $7.7M | $5.6M | $6.2M | $6.6M | $7.0M | $7.9M | $11.3M | $7.6M | $7.5M | $6.4M |
| Dívida de Curto Prazo | $3.5M | $2.5M | $2.5M | $2.5M | $1.2M | 0 | $8.2M | $7.9M | 0 | $6.6M |
| Passivos Circulantes | $44.7M | $45.4M | $51.7M | $86.7M | $94.8M | $95.9M | $94.5M | $84.2M | $77.8M | $81.7M |
| Dívida de Longo Prazo | $8.5M | $6.2M | $3.7M | $1.2M | 0 | 0 | 0 | 0 | 0 | $31.3M |
| Passivos Totais | $78.3M | $78.6M | $81.6M | $151.8M | $148.3M | $143.9M | $134.1M | $149.4M | $144.1M | $151.9M |
| Reservas | -$44.4M | -$40.4M | -$32.5M | -$35.2M | -$16.4M | $6.5M | $23.4M | $20.8M | $25.2M | 0 |
| Patrimônio Líquido | $108.7M | $92.4M | $94.5M | $92.5M | $209.9M | $205.5M | $189.8M | $188.1M | $191.8M | $171.3M |
| Dívida Total | $11.9M | $8.8M | $6.2M | $35.3M | $29.8M | $19.5M | $13.7M | $39.3M | $36.5M | $69.3M |
| Dívida Líquida | -$19.2M | -$22.6M | -$44.9M | -$30.8M | -$96.4M | -$60.8M | -$33.4M | $1.1M | -$25.9M | -$3.5M |
| Capital de Giro | $35.0M | $32.0M | $58.1M | $45.9M | $108.9M | $71.6M | $55.5M | $58.5M | $85.1M | $98.6M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $48.9M | $45.5M | $41.2M | $51.4M |
| Ativos Totais | $331.8M | $323.2M | $305.7M | $309.0M |
| Passivos Totais | $158.1M | $151.9M | $151.6M | $163.2M |
| Patrimônio Líquido | $173.7M | $171.3M | $154.1M | $145.8M |
| Dívida Total | $37.4M | $69.3M | $37.4M | $41.4M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $16.2M | $4.0M | $13.5M | $4.0M | $27.2M | $33.8M | $28.5M | $8.8M | $15.3M | $9.0M |
| Depreciação e Amortização | $2.9M | $2.4M | $2.3M | $2.0M | $2.3M | $2.4M | $3.0M | $2.6M | $3.9M | $4.2M |
| Compensação em Ações | $2.4M | $2.3M | $3.3M | $5.3M | $8.8M | $14.2M | $15.1M | $11.4M | $8.2M | $6.5M |
| Variação Capital de Giro | -$4.3M | $8.0M | $6.2M | $11.8M | $17000 | -$4.6M | -$38.9M | -$9.8M | $5.5M | $8.7M |
| Fluxo de Caixa Operacional | $18.3M | $17.8M | $25.6M | $23.2M | $38.5M | $47.3M | $8.3M | $14.9M | $35.3M | $29.4M |
| CapEx | -$1.5M | -$1.6M | -$1.3M | -$1.9M | -$1.5M | -$1.2M | -$1.5M | -$6.0M | -$24.3M | -$6.5M |
| Aquisições | -$2.0M | 0 | $80000 | 0 | $82.8M | -$2.8M | -$1.1M | -$25.9M | 0 | 0 |
| Recompra de Ações | -$29.4M | -$25.6M | -$14.3M | -$8.0M | 0 | -$41.9M | -$38.1M | -$18.3M | -$14.3M | -$30.6M |
| Dividendos Pagos | 0 | 0 | -$5.8M | -$6.7M | -$8.4M | -$10.9M | -$11.6M | -$11.4M | -$10.9M | -$10.9M |
| Fluxo de Caixa Livre | $16.9M | $16.2M | $24.2M | $21.2M | $36.9M | $46.2M | $6.8M | $8.9M | $11.0M | $22.9M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $4.1M | $4.1M | $12.8M | $6.6M |
| CapEx | -$1.6M | -$1.6M | -$1.2M | -$1.1M |
| Fluxo de Caixa Livre | $2.5M | $2.5M | $11.6M | $5.5M |
| Dividendos Pagos | -$5.6M | 0 | -$5.3M | -$135716 |
| Compensação em Ações | $1.6M | $1.6M | $1.4M | 0 |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +7.7% | +12.4% | +13.7% | +10.2% | +12.7% | +10.5% | -11.2% | -0.9% | +1.4% |
| Crescimento Lucro Líquido (anual) | | -75.2% | +234.8% | -70.5% | +585.1% | +23.9% | -15.7% | -69.2% | +74.4% | -41.5% |
| Crescimento LPA (anual) | | -71.7% | +261.5% | -70.2% | +521.4% | +18.4% | -13.6% | -68.5% | +82.1% | -39.2% |
| Variação de Ações (anual) | | -10.1% | -6.1% | +1.9% | +6.9% | +2.8% | -4.0% | -2.8% | -3.0% | -5.4% |
| Crescimento FCF (anual) | | -4.0% | +49.7% | -12.5% | +74.1% | +25.0% | -85.3% | +31.4% | +22.9% | +108.6% |
| Margem Bruta | 60.7% | 62.4% | 62.8% | 47.4% | 67.9% | 68.7% | 65.0% | 64.8% | 65.3% | 65.0% |
| Margem Operacional | 5.3% | 6.2% | 9.3% | -4.8% | 17.4% | 15.9% | 11.4% | 5.9% | 7.1% | 5.7% |
| Margem EBITDA | 7.3% | 7.7% | 10.6% | -4.3% | 17.9% | 17.8% | 14.3% | 7.6% | 8.0% | 7.3% |
| Margem Líquida | 11.2% | 2.6% | 7.7% | 2.0% | 12.3% | 13.6% | 10.3% | 3.6% | 6.3% | 3.6% |
| Margem FCF | 11.6% | 10.3% | 13.8% | 10.6% | 16.7% | 18.5% | 2.5% | 3.7% | 4.5% | 9.3% |
| Taxa Efetiva de Imposto | -113.8% | 58.2% | 18.7% | 135.1% | 25.6% | 14.9% | 16.7% | 38.9% | -1.4% | 34.0% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $0.47 | $0.50 | $0.80 | $0.69 | $1.12 | $1.36 | $0.21 | $0.28 | $0.36 | $0.79 |
| Dividendo por Ação | $0.00 | $0.00 | $0.19 | $0.22 | $0.26 | $0.32 | $0.36 | $0.36 | $0.36 | $0.38 |
| Ações em Circulação (Básicas) | $35.2M | $31.1M | $28.9M | $29.3M | $31.4M | $32.7M | $31.8M | $31.4M | $30.2M | $28.9M |
O que olhar em empresas de Technology
- Crescimento de receita 3a (≥15%/ano) — Valida tração sustentada, não um ano pontual.
- Margem bruta (Depende do sub-setor) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Receita (≥20%) — Caixa real gerada. Muitas tech maquilham lucros não-GAAP.
- ROIC (≥15%) — Eficiência do capital reinvestido — a primeira métrica de Buffett.
- SBC / Receita (<10% saudável) — Stock-based compensation. Diluição silenciosa: >20% destrói valor.
- Dívida Líquida / EBITDA (≤2x (1,5x SaaS)) — Resistência em recessões e subidas de juros.
Rentabilidade
| Retorno sobre patrimônio | 4.38% |
| Retorno sobre capital investido | 3.95% |
| Retorno sobre ativos | 2.29% |
| Margem bruta | 65.74% |
| Margem operacional | 5.76% |
| Margem líquida | 2.83% |
Saúde financeira
| Dívida / Patrimônio | 0.28 |
| Liquidez corrente | 1.90 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 13.80 | 56.62 | 21.02 | 183.50 | 31.67 | 33.73 | 20.10 | 43.11 | 19.10 | 28.16 |
| P/VP | 2.06 | 2.48 | 3.02 | 8.13 | 4.13 | 5.53 | 3.00 | 2.01 | 1.53 | 1.47 |
| P/V | 1.53 | 1.46 | 1.62 | 3.75 | 3.92 | 4.56 | 2.07 | 1.55 | 1.21 | 1.03 |
| Margem Bruta | 60.7% | 62.4% | 62.8% | 47.4% | 67.9% | 68.7% | 65.0% | 64.8% | 65.3% | 65.0% |
| Margem Operacional | 5.3% | 6.2% | 9.3% | -4.8% | 17.4% | 15.9% | 11.4% | 5.9% | 7.1% | 5.7% |
| Margem Líquida | 11.2% | 2.6% | 7.7% | 2.0% | 12.3% | 13.6% | 10.3% | 3.6% | 6.3% | 3.6% |