AUDIOCODES LTD (AUDC) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Technology · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 121.7% | The figure most screeners publish. |
| Operating cash flow | 37.2% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 47.8% | What is left after maintaining the business. |
Spread between highest and lowest: 84 percentage points. Same filings, different denominators.
Coverage rating 42 / 100 — Tight. ? Peer standing 12/50Direction 30/30Stability 0/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 47.8% |
| 2024-12-31 | 99.3% |
| 2023-12-31 | 127.7% |
| 2022-12-31 | 170.0% |
| 2021-12-31 | 23.5% |
| 2020-12-31 | 22.8% |
Coverage has improved three years running, 170.0% to 47.8%.
Among the 42 technology companies here, only 24% pay out a larger share on this basis — this is at the demanding end.
The arithmetic
- GAAP earnings — dividends declared per share $0.38 ÷ diluted EPS $0.31
- Operating cash flow — dividends paid $10.9m ÷ operating cash flow $29.4m
- Free cash flow — dividends paid $10.9m ÷ (operating cash flow $29.4m − capex $6.5m)
Where the figures came from
- 20-F filed 2026-03-30 · accession
0001185185-26-001124
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS derived from dividends paid ($0.38); no per-share tag filed
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.