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Optics·ADTN

ADTRAN Holdings, Inc.

NASDAQ · US

Fiber networking, packet optical transport, access, and network services supplier.

AI relevance

Optical transport and fiber networking exposure where AI traffic increases metro and edge bandwidth demand.

Optics Networking Other Routing

Price

$13.91

Change

-0.56 (-3.90%)

Market cap

$1.1B

52w range

$7–$20

Exchange

NASDAQ

Country

Jason's Chips

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Price chart

ADTN market performance

Daily close for ADTRAN Holdings, Inc.

Latest close: $13.89
Range move: +$5.21 (+60.0%)
Range high: $19.40
Range low: $7.25
Latest volume: 748.9K
Source: FMP EOD

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Exports

Download statements, ratios, chart data, and transcript indexes.

CSV

Income statement

12 annual rows

Revenue, gross profit, R&D, operating income, EBITDA, net income, and EPS.

Annual

Balance sheet

12 annual rows

Cash, receivables, inventory, PP&E, assets, debt, liabilities, and equity.

Annual

Cash flow

12 annual rows

Operating cash flow, capital expenditures, and free cash flow.

Annual

Key metrics

12 annual rows

Enterprise value, valuation multiples, returns, yields, and cash conversion.

Annual

Ratios

12 annual rows

Margins, liquidity ratios, valuation ratios, leverage, and per-share metrics.

Annual

Chart data

1255 rows

Five years of daily close and volume data powering the company chart.

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Transcript list

74 rows

Available earnings-call transcript dates by fiscal year and quarter.

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StreetBuy

Analyst expectations

Consensus target

$18.00

+29.4%

Target range

$18.00 - $18.00

Rating mix

Buy

25 ratings

Next FY revenue

$1.19B

2026-12-31

Next FY EPS

$0.53

$0.49 - $0.58

Rating consensus25 ratings

Strong buy

Buy

Hold

Sell

Strong sell

Annual estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-12-31	$1.19B	$1.18B - $1.21B	$0.53	$0.49 - $0.58	-$84.6M	-$173.8M	$42.7M	$263.5M	6 rev / 3 EPS
2027-12-31	$1.30B	$1.29B - $1.31B	$0.77	$0.75 - $0.79	-$92.8M	-$190.6M	$61.1M	$288.9M	5 rev / 3 EPS
2028-12-31	$1.47B	$1.45B - $1.49B	$1.01	$1.00 - $1.02	-$104.9M	-$215.4M	$80.4M	$326.5M	2 rev / 1 EPS

Quarterly estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-06-30	$293.4M	$291.5M - $295.2M	$0.13	$0.13 - $0.14	-$20.9M	-$43.0M	$10.3M	$65.2M	5 rev / 4 EPS
2026-09-30	$300.3M	$297.0M - $305.7M	$0.15	$0.13 - $0.17	-$21.4M	-$44.0M	$11.7M	$66.7M	5 rev / 4 EPS
2026-12-31	$304.9M	$301.7M - $308.8M	$0.16	$0.16 - $0.16	-$21.8M	-$44.7M	$12.7M	$67.7M	2 rev / 2 EPS
2027-03-31	$302.7M	$299.6M - $306.7M	$0.14	$0.14 - $0.15	-$21.6M	-$44.4M	$11.6M	$67.3M	2 rev / 2 EPS
2027-06-30	$317.3M	$314.1M - $321.4M	$0.19	$0.19 - $0.20	-$22.6M	-$46.5M	$15.6M	$70.5M	2 rev / 1 EPS
2027-09-30	$329.9M	$326.5M - $334.2M	$0.23	$0.22 - $0.23	-$23.5M	-$48.4M	$18.1M	$73.3M	2 rev / 1 EPS
2027-12-31	$338.3M	$334.8M - $342.6M	$0.25	$0.24 - $0.25	-$24.1M	-$49.6M	$19.7M	$75.2M	2 rev / 2 EPS

Price target history

Window	Targets	Average target
Last month	0	$0.00
Last quarter	2	$18.00
Last year	3	$16.67
All time	8	$14.88

Sources: TheFly, StreetInsider, Benzinga

Latest grade actions

Date	Firm	Action	Previous	New
2026-05-06	Needham	Maintain	Buy	Buy
2026-05-06	Rosenblatt	Maintain	Buy	Buy
2026-02-27	Rosenblatt	Maintain	Buy	Buy
2026-02-19	Rosenblatt	Maintain	Buy	Buy
2025-11-05	Rosenblatt	Maintain	Buy	Buy
2025-05-09	Needham	Maintain	Buy	Buy
2025-04-22	Rosenblatt	Maintain	Buy	Buy
2025-02-28	Needham	Maintain	Buy	Buy

Historical rating snapshots

Date	Strong buy	Buy	Hold
2026-06-01	1	6	2
2026-05-01	1	6	2
2026-04-01	1	6	3
2026-03-01	1	5	3
2026-02-01	1	5	3
2026-01-01	1	5	3
2025-12-01	1	5	3
2025-11-01	1	5	3

FinancialsFY 2025

Financials

Revenue

$1.08B

Gross margin

38.3%

Operating income

-$15.6M

Free cash flow

$98.0M

Cash + ST investments

$130.9M

Net debt

$149.3M

ROE

-31.3%

ROIC

-1.8%

EV / sales

0.8x

EV / EBITDA

10.4x

R&D / revenue

18.8%

Current ratio

1.8x

Income statement annual

Period	Revenue	Gross profit	Gross margin	R&D	Operating income	EBITDA	Net income	EPS
FY 2025	$1.08B	$415.0M	38.3%	$204.3M	-$15.6M	$80.6M	-$45.7M	$-0.57
FY 2024	$922.7M	$324.2M	35.1%	$221.5M	-$427.6M	-$330.1M	-$459.9M	$-5.67
FY 2023	$1.15B	$331.1M	28.8%	$258.3M	-$223.7M	-$104.4M	-$267.7M	$-3.41
FY 2022	$1.03B	$327.3M	31.9%	$173.8M	-$72.8M	$27,000	-$2.0M	$-0.03
FY 2021	$563.0M	$218.4M	38.8%	$108.7M	-$14.7M	$9.8M	-$8.6M	$-0.18
FY 2020	$506.5M	$217.6M	43.0%	$113.3M	-$9.8M	$10.4M	$2.4M	$0.05
FY 2019	$530.1M	$219.0M	41.3%	$126.8M	-$40.0M	-$6.5M	-$53.0M	$-1.11
FY 2018	$529.3M	$203.6M	38.5%	$124.5M	-$45.4M	-$16.9M	-$19.3M	$-0.40
FY 2017	$666.6M	$303.7M	45.6%	$130.4M	$37.4M	$60.9M	$23.8M	$0.50
FY 2016	$636.8M	$291.3M	45.8%	$124.8M	$34.7M	$61.9M	$35.2M	$0.72
FY 2015	$600.1M	$266.9M	44.5%	$129.9M	$13.5M	$40.5M	$18.6M	$0.36
FY 2014	$630.0M	$311.3M	49.4%	$132.3M	$47.1M	$75.4M	$44.6M	$0.81

Cash flow annual

Period	Operating cash flow	Capex	Free cash flow
FY 2025	$129.8M	$31.7M	$98.0M
FY 2024	$103.6M	$34.5M	$38.4M
FY 2023	-$43.0M	$45.8M	-$79.4M
FY 2022	-$44.2M	$17.1M	-$61.3M
FY 2021	$3.0M	$5.7M	-$2.7M
FY 2020	-$16.5M	$6.4M	-$22.9M
FY 2019	-$41,000	$9.5M	-$9.5M
FY 2018	$55.5M	$8.1M	$48.5M
FY 2017	-$42.4M	$14.7M	-$57.1M
FY 2016	$42.0M	$21.4M	$20.6M
FY 2015	$18.5M	$11.8M	$6.8M
FY 2014	$55.8M	$11.3M	$44.6M

Balance sheet annual

Period	Cash + ST inv.	Receivables	Inventory	PP&E	Assets	Debt	Net debt	Liabilities	Equity
FY 2025	$130.9M	$221.4M	$215.7M	$124.4M	$1.20B	$245.0M	$149.3M	$685.3M	$145.8M
FY 2024	$76.0M	$193.3M	$261.6M	$106.5M	$1.17B	$215.5M	$139.5M	$621.5M	$127.0M
FY 2023	$87.2M	$230.4M	$360.4M	$155.6M	$1.68B	$234.1M	$147.0M	$628.9M	$605.3M
FY 2022	$109.0M	$312.3M	$427.5M	$110.7M	$1.94B	$143.3M	$34.7M	$639.9M	$974.0M
FY 2021	$57.0M	$170.0M	$139.9M	$55.8M	$569.0M	$3.3M	-$53.3M	$211.9M	$357.1M
FY 2020	$63.3M	$120.4M	$125.5M	$67.7M	$525.7M	$5.4M	-$54.8M	$152.7M	$372.9M
FY 2019	$107.0M	$107.1M	$98.3M	$68.1M	$545.1M	$24.6M	-$49.2M	$164.7M	$380.4M
FY 2018	$108.8M	$136.1M	$99.8M	$80.6M	$628.0M	$25.6M	-$79.9M	$181.7M	$446.3M
FY 2017	$102.6M	$170.7M	$122.5M	$85.1M	$669.1M	$25.6M	-$60.8M	$171.2M	$498.2M
FY 2016	$123.1M	$108.2M	$105.1M	$84.5M	$667.2M	$26.8M	-$53.1M	$187.7M	$479.5M
FY 2015	$118.9M	$91.2M	$91.5M	$73.2M	$632.9M	$27.9M	-$56.6M	$152.7M	$480.2M
FY 2014	$120.4M	$121.8M	$86.7M	$74.8M	$738.7M	$28.8M	-$44.6M	$189.7M	$549.0M

Annual ratios and key metrics

Period	Gross margin	Op margin	Net margin	Current	Quick	ROE	ROIC	EV / sales	EV / EBITDA	FCF yield	R&D / rev.	Cash cycle
FY 2025	38.3%	-1.4%	-4.2%	1.8x	1.2x	-31.3%	-1.8%	0.8x	10.4x	14.1%	18.8%	101d
FY 2024	35.1%	-46.3%	-49.8%	2.0x	1.2x	-362.3%	-48.7%	0.9x	-2.4x	5.8%	24.0%	131d
FY 2023	28.8%	-19.5%	-23.3%	2.6x	1.3x	-44.2%	-15.8%	0.6x	-6.9x	-13.8%	22.5%	161d
FY 2022	31.9%	-7.1%	-0.2%	2.1x	1.1x	-0.2%	-0.6%	1.2x	44673.3x	-5.2%	16.9%	210d
FY 2021	38.8%	-2.6%	-1.5%	2.4x	1.5x	-2.4%	-3.6%	1.9x	107.6x	-0.2%	19.3%	150d
FY 2020	43.0%	-1.9%	0.5%	3.4x	2.0x	0.6%	0.9%	1.3x	63.0x	-3.2%	22.4%	182d
FY 2019	41.3%	-7.5%	-10.0%	2.8x	2.0x	-13.9%	-8.7%	0.8x	-65.3x	-2.0%	23.9%	136d
FY 2018	38.5%	-8.6%	-3.7%	3.0x	2.2x	-4.3%	-5.2%	0.8x	-25.6x	9.4%	23.5%	138d
FY 2017	45.6%	5.6%	3.6%	3.9x	2.7x	4.8%	3.5%	1.3x	14.3x	-6.1%	19.6%	156d
FY 2016	45.8%	5.5%	5.5%	2.8x	2.0x	7.3%	4.8%	1.6x	16.7x	1.9%	19.6%	91d
FY 2015	44.5%	2.2%	3.1%	3.4x	2.4x	3.9%	1.8%	1.4x	20.3x	0.8%	21.6%	102d
FY 2014	49.4%	7.5%	7.1%	3.0x	2.2x	8.1%	5.7%	1.8x	15.3x	3.7%	21.0%	105d

Annual growth

Period	Revenue	Gross profit	R&D	Op income	Net income	EPS	FCF	Capex	Cash + ST inv.	Inventory	Assets	Debt
FY 2025	+17.5%	+28.0%	-7.8%	+96.4%	+90.1%	+89.9%	+155.3%	+51.3%	+72.1%	-17.5%	+2.8%	+13.7%
FY 2024	-19.7%	-2.1%	-14.3%	-91.2%	-71.8%	-66.3%	+148.4%	-79.4%	-12.8%	-27.4%	-30.2%	-8.0%
FY 2023	+12.0%	+1.2%	+48.7%	-207.1%	-13041.3%	-10328.1%	-29.4%	-112.8%	-20.0%	-15.7%	-13.7%	+63.3%
FY 2022	+82.2%	+49.9%	+59.9%	-395.4%	+76.4%	+81.8%	-2203.6%	-201.1%	+91.4%	+205.6%	+241.6%	+4284.9%
FY 2021	+11.2%	+0.4%	-4.1%	-50.4%	-463.1%	-463.6%	+88.4%	+11.6%	-10.0%	+11.5%	+8.2%	-39.2%
FY 2020	-4.4%	-0.7%	-10.6%	+75.5%	+104.5%	+104.5%	-140.5%	+32.5%	-40.8%	+27.6%	-3.6%	-78.1%
FY 2019	+0.1%	+7.6%	+1.8%	+12.0%	-173.9%	-177.5%	-119.7%	-17.1%	-1.6%	-1.5%	-13.2%	-3.9%
FY 2018	-20.6%	-33.0%	-4.5%	-221.5%	-181.2%	-180.0%	+184.9%	+44.9%	+6.0%	-18.5%	-6.1%	0.0%
FY 2017	+4.7%	+4.2%	+4.5%	+7.6%	-32.3%	-30.6%	-377.7%	+31.4%	-16.7%	+16.6%	+0.3%	-4.5%
FY 2016	+6.1%	+9.2%	-3.9%	+157.7%	+88.9%	+100.0%	+202.6%	-82.4%	+3.5%	+14.8%	+5.4%	-3.9%
FY 2015	-4.8%	-14.3%	-1.8%	-71.4%	-58.2%	-55.6%	-84.8%	-4.4%	-1.2%	+5.6%	-14.3%	-3.1%
FY 2014	-1.8%	+0.8%	+0.9%	-2.8%	-2.6%	+3.8%	-13.6%	-32.3%	-26.6%	-3.8%	-6.5%	-37.7%

SegmentsFY 2025

Revenue Mix

Period	Total	Access & Aggregation Solutions	Subscriber Solutions And Experience	Optical Networking Solutions	Carrier Systems	Business Networking	Traditional And Other Products	Loop Access
FY 2025	$1.08B	$334.4M	$369.1M	$380.3M	--	--	--	--
FY 2024	$922.7M	$291.0M	$330.8M	$300.9M	--	--	--	--
FY 2023	$1.15B	$358.4M	$297.7M	$493.0M	--	--	--	--
FY 2022	$1.03B	$374.0M	$390.5M	$261.1M	--	--	--	--
FY 2021	$563.0M	$344.2M	$199.6M	--	--	--	$19.2M	--
FY 2020	$506.5M	$313.1M	$171.1M	--	--	--	$22.3M	--
FY 2019	$530.1M	$348.9M	$152.9M	--	--	--	$28.3M	--
FY 2018	$529.3M	$358.9M	$134.5M	--	--	--	$35.9M	--
FY 2017	$54.5M	--	--	--	--	--	$54.5M	--
FY 2016	$62.8M	--	--	--	--	--	$62.8M	--
FY 2015	$600.1M	--	--	--	$433.4M	$139.7M	--	$27.0M
FY 2014	$630.0M	--	--	--	$442.7M	$157.0M	--	$30.4M

Period	Total	UNITED STATES	GERMANY	Other International	UNITED KINGDOM	MEXICO
FY 2025	$1.08B	$480.8M	$129.7M	$260.2M	$213.1M	--
FY 2024	$922.7M	$398.2M	$120.0M	$208.5M	$196.1M	--
FY 2023	$1.15B	$461.0M	$230.9M	$242.5M	$214.7M	--
FY 2022	$1.03B	$517.4M	$146.8M	$171.6M	$189.7M	--
FY 2021	$563.0M	$374.6M	$65.2M	$62.2M	$56.4M	$4.6M
FY 2020	$502.4M	$352.1M	$74.9M	$75.5M	--	--
FY 2019	$469.7M	$300.9M	$78.1M	--	--	$90.8M
FY 2018	$456.1M	$288.8M	$167.3M	--	--	--
FY 2017	$627.7M	$508.2M	$119.5M	--	--	--
FY 2016	$587.1M	$501.3M	$85.8M	--	--	--
FY 2015	$531.0M	$419.4M	$111.7M	--	--	--
FY 2014	$532.4M	$381.4M	$151.0M	--	--	--

Transcripts

Events

Next earnings

2026-08-04EPS est $0.12

Recent filings

42026-05-22
8-K2026-05-18
SD2026-05-12

Latest news

The AI Stock Flying Under Every Analyst's Radar -- Until Now
Fool - Investing News · 2026-06-16
Microchip Launches TimePictra 12 Platform: Catalyst for More Growth?
Zacks Investment Research · 2026-06-11

Analyst expectations

Consensus target

$18.00

+29.4%

Target range

$18.00 - $18.00

Rating mix

Buy

25 ratings

Next FY revenue

$1.19B

2026-12-31

Next FY EPS

$0.53

$0.49 - $0.58

Rating consensus25 ratings

Strong buy

Buy

Hold

Sell

Strong sell

Annual estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-12-31	$1.19B	$1.18B - $1.21B	$0.53	$0.49 - $0.58	-$84.6M	-$173.8M	$42.7M	$263.5M	6 rev / 3 EPS
2027-12-31	$1.30B	$1.29B - $1.31B	$0.77	$0.75 - $0.79	-$92.8M	-$190.6M	$61.1M	$288.9M	5 rev / 3 EPS
2028-12-31	$1.47B	$1.45B - $1.49B	$1.01	$1.00 - $1.02	-$104.9M	-$215.4M	$80.4M	$326.5M	2 rev / 1 EPS

Quarterly estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-06-30	$293.4M	$291.5M - $295.2M	$0.13	$0.13 - $0.14	-$20.9M	-$43.0M	$10.3M	$65.2M	5 rev / 4 EPS
2026-09-30	$300.3M	$297.0M - $305.7M	$0.15	$0.13 - $0.17	-$21.4M	-$44.0M	$11.7M	$66.7M	5 rev / 4 EPS
2026-12-31	$304.9M	$301.7M - $308.8M	$0.16	$0.16 - $0.16	-$21.8M	-$44.7M	$12.7M	$67.7M	2 rev / 2 EPS
2027-03-31	$302.7M	$299.6M - $306.7M	$0.14	$0.14 - $0.15	-$21.6M	-$44.4M	$11.6M	$67.3M	2 rev / 2 EPS
2027-06-30	$317.3M	$314.1M - $321.4M	$0.19	$0.19 - $0.20	-$22.6M	-$46.5M	$15.6M	$70.5M	2 rev / 1 EPS
2027-09-30	$329.9M	$326.5M - $334.2M	$0.23	$0.22 - $0.23	-$23.5M	-$48.4M	$18.1M	$73.3M	2 rev / 1 EPS
2027-12-31	$338.3M	$334.8M - $342.6M	$0.25	$0.24 - $0.25	-$24.1M	-$49.6M	$19.7M	$75.2M	2 rev / 2 EPS

Price target history

Window	Targets	Average target
Last month	0	$0.00
Last quarter	2	$18.00
Last year	3	$16.67
All time	8	$14.88

Sources: TheFly, StreetInsider, Benzinga

Latest grade actions

Date	Firm	Action	Previous	New
2026-05-06	Needham	Maintain	Buy	Buy
2026-05-06	Rosenblatt	Maintain	Buy	Buy
2026-02-27	Rosenblatt	Maintain	Buy	Buy
2026-02-19	Rosenblatt	Maintain	Buy	Buy
2025-11-05	Rosenblatt	Maintain	Buy	Buy
2025-05-09	Needham	Maintain	Buy	Buy
2025-04-22	Rosenblatt	Maintain	Buy	Buy
2025-02-28	Needham	Maintain	Buy	Buy

Historical rating snapshots

Date	Strong buy	Buy	Hold
2026-06-01	1	6	2
2026-05-01	1	6	2
2026-04-01	1	6	3
2026-03-01	1	5	3
2026-02-01	1	5	3
2026-01-01	1	5	3
2025-12-01	1	5	3
2025-11-01	1	5	3

Financials

Revenue

$1.08B

Gross margin

38.3%

Operating income

-$15.6M

Free cash flow

$98.0M

Cash + ST investments

$130.9M

Net debt

$149.3M

ROE

-31.3%

ROIC

-1.8%

EV / sales

0.8x

EV / EBITDA

10.4x

R&D / revenue

18.8%

Current ratio

1.8x

Income statement annual

Period	Revenue	Gross profit	Gross margin	R&D	Operating income	EBITDA	Net income	EPS
FY 2025	$1.08B	$415.0M	38.3%	$204.3M	-$15.6M	$80.6M	-$45.7M	$-0.57
FY 2024	$922.7M	$324.2M	35.1%	$221.5M	-$427.6M	-$330.1M	-$459.9M	$-5.67
FY 2023	$1.15B	$331.1M	28.8%	$258.3M	-$223.7M	-$104.4M	-$267.7M	$-3.41
FY 2022	$1.03B	$327.3M	31.9%	$173.8M	-$72.8M	$27,000	-$2.0M	$-0.03
FY 2021	$563.0M	$218.4M	38.8%	$108.7M	-$14.7M	$9.8M	-$8.6M	$-0.18
FY 2020	$506.5M	$217.6M	43.0%	$113.3M	-$9.8M	$10.4M	$2.4M	$0.05
FY 2019	$530.1M	$219.0M	41.3%	$126.8M	-$40.0M	-$6.5M	-$53.0M	$-1.11
FY 2018	$529.3M	$203.6M	38.5%	$124.5M	-$45.4M	-$16.9M	-$19.3M	$-0.40
FY 2017	$666.6M	$303.7M	45.6%	$130.4M	$37.4M	$60.9M	$23.8M	$0.50
FY 2016	$636.8M	$291.3M	45.8%	$124.8M	$34.7M	$61.9M	$35.2M	$0.72
FY 2015	$600.1M	$266.9M	44.5%	$129.9M	$13.5M	$40.5M	$18.6M	$0.36
FY 2014	$630.0M	$311.3M	49.4%	$132.3M	$47.1M	$75.4M	$44.6M	$0.81

Cash flow annual

Period	Operating cash flow	Capex	Free cash flow
FY 2025	$129.8M	$31.7M	$98.0M
FY 2024	$103.6M	$34.5M	$38.4M
FY 2023	-$43.0M	$45.8M	-$79.4M
FY 2022	-$44.2M	$17.1M	-$61.3M
FY 2021	$3.0M	$5.7M	-$2.7M
FY 2020	-$16.5M	$6.4M	-$22.9M
FY 2019	-$41,000	$9.5M	-$9.5M
FY 2018	$55.5M	$8.1M	$48.5M
FY 2017	-$42.4M	$14.7M	-$57.1M
FY 2016	$42.0M	$21.4M	$20.6M
FY 2015	$18.5M	$11.8M	$6.8M
FY 2014	$55.8M	$11.3M	$44.6M

Balance sheet annual

Period	Cash + ST inv.	Receivables	Inventory	PP&E	Assets	Debt	Net debt	Liabilities	Equity
FY 2025	$130.9M	$221.4M	$215.7M	$124.4M	$1.20B	$245.0M	$149.3M	$685.3M	$145.8M
FY 2024	$76.0M	$193.3M	$261.6M	$106.5M	$1.17B	$215.5M	$139.5M	$621.5M	$127.0M
FY 2023	$87.2M	$230.4M	$360.4M	$155.6M	$1.68B	$234.1M	$147.0M	$628.9M	$605.3M
FY 2022	$109.0M	$312.3M	$427.5M	$110.7M	$1.94B	$143.3M	$34.7M	$639.9M	$974.0M
FY 2021	$57.0M	$170.0M	$139.9M	$55.8M	$569.0M	$3.3M	-$53.3M	$211.9M	$357.1M
FY 2020	$63.3M	$120.4M	$125.5M	$67.7M	$525.7M	$5.4M	-$54.8M	$152.7M	$372.9M
FY 2019	$107.0M	$107.1M	$98.3M	$68.1M	$545.1M	$24.6M	-$49.2M	$164.7M	$380.4M
FY 2018	$108.8M	$136.1M	$99.8M	$80.6M	$628.0M	$25.6M	-$79.9M	$181.7M	$446.3M
FY 2017	$102.6M	$170.7M	$122.5M	$85.1M	$669.1M	$25.6M	-$60.8M	$171.2M	$498.2M
FY 2016	$123.1M	$108.2M	$105.1M	$84.5M	$667.2M	$26.8M	-$53.1M	$187.7M	$479.5M
FY 2015	$118.9M	$91.2M	$91.5M	$73.2M	$632.9M	$27.9M	-$56.6M	$152.7M	$480.2M
FY 2014	$120.4M	$121.8M	$86.7M	$74.8M	$738.7M	$28.8M	-$44.6M	$189.7M	$549.0M

Annual ratios and key metrics

Period	Gross margin	Op margin	Net margin	Current	Quick	ROE	ROIC	EV / sales	EV / EBITDA	FCF yield	R&D / rev.	Cash cycle
FY 2025	38.3%	-1.4%	-4.2%	1.8x	1.2x	-31.3%	-1.8%	0.8x	10.4x	14.1%	18.8%	101d
FY 2024	35.1%	-46.3%	-49.8%	2.0x	1.2x	-362.3%	-48.7%	0.9x	-2.4x	5.8%	24.0%	131d
FY 2023	28.8%	-19.5%	-23.3%	2.6x	1.3x	-44.2%	-15.8%	0.6x	-6.9x	-13.8%	22.5%	161d
FY 2022	31.9%	-7.1%	-0.2%	2.1x	1.1x	-0.2%	-0.6%	1.2x	44673.3x	-5.2%	16.9%	210d
FY 2021	38.8%	-2.6%	-1.5%	2.4x	1.5x	-2.4%	-3.6%	1.9x	107.6x	-0.2%	19.3%	150d
FY 2020	43.0%	-1.9%	0.5%	3.4x	2.0x	0.6%	0.9%	1.3x	63.0x	-3.2%	22.4%	182d
FY 2019	41.3%	-7.5%	-10.0%	2.8x	2.0x	-13.9%	-8.7%	0.8x	-65.3x	-2.0%	23.9%	136d
FY 2018	38.5%	-8.6%	-3.7%	3.0x	2.2x	-4.3%	-5.2%	0.8x	-25.6x	9.4%	23.5%	138d
FY 2017	45.6%	5.6%	3.6%	3.9x	2.7x	4.8%	3.5%	1.3x	14.3x	-6.1%	19.6%	156d
FY 2016	45.8%	5.5%	5.5%	2.8x	2.0x	7.3%	4.8%	1.6x	16.7x	1.9%	19.6%	91d
FY 2015	44.5%	2.2%	3.1%	3.4x	2.4x	3.9%	1.8%	1.4x	20.3x	0.8%	21.6%	102d
FY 2014	49.4%	7.5%	7.1%	3.0x	2.2x	8.1%	5.7%	1.8x	15.3x	3.7%	21.0%	105d

Annual growth

Period	Revenue	Gross profit	R&D	Op income	Net income	EPS	FCF	Capex	Cash + ST inv.	Inventory	Assets	Debt
FY 2025	+17.5%	+28.0%	-7.8%	+96.4%	+90.1%	+89.9%	+155.3%	+51.3%	+72.1%	-17.5%	+2.8%	+13.7%
FY 2024	-19.7%	-2.1%	-14.3%	-91.2%	-71.8%	-66.3%	+148.4%	-79.4%	-12.8%	-27.4%	-30.2%	-8.0%
FY 2023	+12.0%	+1.2%	+48.7%	-207.1%	-13041.3%	-10328.1%	-29.4%	-112.8%	-20.0%	-15.7%	-13.7%	+63.3%
FY 2022	+82.2%	+49.9%	+59.9%	-395.4%	+76.4%	+81.8%	-2203.6%	-201.1%	+91.4%	+205.6%	+241.6%	+4284.9%
FY 2021	+11.2%	+0.4%	-4.1%	-50.4%	-463.1%	-463.6%	+88.4%	+11.6%	-10.0%	+11.5%	+8.2%	-39.2%
FY 2020	-4.4%	-0.7%	-10.6%	+75.5%	+104.5%	+104.5%	-140.5%	+32.5%	-40.8%	+27.6%	-3.6%	-78.1%
FY 2019	+0.1%	+7.6%	+1.8%	+12.0%	-173.9%	-177.5%	-119.7%	-17.1%	-1.6%	-1.5%	-13.2%	-3.9%
FY 2018	-20.6%	-33.0%	-4.5%	-221.5%	-181.2%	-180.0%	+184.9%	+44.9%	+6.0%	-18.5%	-6.1%	0.0%
FY 2017	+4.7%	+4.2%	+4.5%	+7.6%	-32.3%	-30.6%	-377.7%	+31.4%	-16.7%	+16.6%	+0.3%	-4.5%
FY 2016	+6.1%	+9.2%	-3.9%	+157.7%	+88.9%	+100.0%	+202.6%	-82.4%	+3.5%	+14.8%	+5.4%	-3.9%
FY 2015	-4.8%	-14.3%	-1.8%	-71.4%	-58.2%	-55.6%	-84.8%	-4.4%	-1.2%	+5.6%	-14.3%	-3.1%
FY 2014	-1.8%	+0.8%	+0.9%	-2.8%	-2.6%	+3.8%	-13.6%	-32.3%	-26.6%	-3.8%	-6.5%	-37.7%

Revenue Mix