Owner Scorecard
An independent research publication · data as of July 9, 2026

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ALLT, Allot Ltd.

Communications Equipment consumer brand

Revenue is Services (70%) and Products (30%).

Latest annual: FY2025 20-F/A · US listing is the ordinary share
ALLT · Allot Ltd.
I

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025
$102M
+10.6% YoY · −6% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $102M 5-yr avg $111M
Gross margin 71% 5-yr avg 67%
Operating margin 3.5% 5-yr avg −21.7%
ROIC 3% 5-yr avg −39%
Owner-earnings margin 15% 5-yr avg −12%
Free cash flow margin 15% 5-yr avg −12%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is
A consumer-brand business, where the durable asset is the brand and the pricing power it commands.
What moves the needle
Operating margin has run around −9.3% through the cycle on a 69% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?
Return on capital has rarely cleared the cost of capital (median −8%, above 15% in 0 of 10 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

Services is 70% of revenue, with Products the other meaningful line at 30%.

Revenue by product line, FY2025
  • Services70%$71M
  • Products30%$31M
By geographyEurope43%Middle East And Africa19%Asia And Oceania19%Americas19%

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

II

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left
2016’162017’172018’182019’192020’202021’212022’222023’232024’242025’25TTMTTMDec 2025
Income statement
$90M$82M$96M$110M$136M$146M$123M$93M$92M$102M$102MRevenueRevenue
69%65%69%69%71%69%68%57%69%71%71%Gross marginGross mgn
($7M)($17M)($10M)($9M)($9M)($14M)($32M)($65M)($6M)$4M$4MOperating incomeOp. inc.
−7.6%−21.2%−10.6%−8.2%−6.6%−9.3%−26.3%−69.7%−6.5%3.5%3.5%Operating marginOp. mgn
($8M)($18M)($10M)($9M)($9M)($15M)($32M)($63M)($6M)$4M$4MNet incomeNet inc.
Cash flow & returns
($3M)($228K)$1M$16M($12M)($8M)($33M)($30M)$5M$18M$18MOperating cash flowOp. cash
$4M$4M$4M$4M$4M$6M$7M$8M$6M$4M$4MDepreciationDeprec.
$487K$14M$8M$20M($7M)$1M($8M)$25M$4M$10M$10MWorking capital & otherWC & other
$2M$3M$3M$4M$8M$8M$6M$2M$2M$2M$2MCapexCapex
1.8%3.5%3.6%3.4%5.6%5.2%4.6%2.7%2.3%2.2%2.2%Capex / revenueCapex/rev
($5M)($3M)($2M)$12M($20M)($16M)($38M)($32M)$3M$15M$15MOwner earningsOwner earn.
−5.6%−3.7%−2.6%11.2%−14.6%−11.0%−31.1%−34.6%2.9%15.2%15.2%Owner earnings marginOE mgn
($5M)($3M)($2M)$12M($20M)($16M)($38M)($32M)$3M$15M$15MFree cash flowFCF
−5.6%−3.7%−2.6%11.2%−14.6%−11.0%−31.1%−34.6%2.9%15.2%15.2%Free cash flow marginFCF mgn
-4%-11%-7%-6%-7%-9%-28%-144%-14%3%3%ROICROIC
-5%-13%-8%-7%-7%-12%-31%-126%-12%3%3%Return on equityROE
−5%−13%−8%−7%−7%−12%−31%−126%−12%3%3%Retained to equityRetained/eq
Balance sheet
$23M$15M$16M$17M$51M$23M$17M$43M$43M$66M$66MCash & investmentsCash+inv
$7M$8M$11M$11M$13M$11M$13M$12M$9M$13M$13MInventoryInvent.
$7M$8M$11M$11M$13M$11M$13M$12M$9M$13M$13MOperating working capitalOper. WC
$149M$143M$145M$153M$147M$136M$152M$90M$90M$125M$125MCurrent assetsCur. assets
$25M$32M$43M$73M$59M$55M$61M$39M$36M$47M$47MCurrent liabilitiesCur. liab.
6.0×4.5×3.4×2.1×2.5×2.5×2.5×2.3×2.5×2.7×2.7×Current ratioCurr. ratio
$32M$32M$32M$32M$32M$32M$32M$32M$32M$32M$32MGoodwillGoodwill
$191M$185M$190M$215M$202M$203M$213M$138M$140M$173M$173MTotal assetsAssets
($23M)($15M)($16M)($17M)($51M)($23M)($17M)($43M)($43M)($66M)($66M)Net debt / (cash)Net debt
$157M$143M$136M$132M$130M$126M$102M$50M$50M$113M$113MShareholders’ equityEquity
Per share
33.2M33.3M33.7M34.3M35.0M36.1M37.0M37.9M38.9M46.2M48.6MShares out (diluted)Shares
$2.72$2.47$2.84$3.21$3.88$4.04$3.32$2.46$2.37$2.21$2.10Revenue / shareRev/sh
$-0.24$-0.54$-0.31$-0.25$-0.27$-0.42$-0.87$-1.66$-0.15$0.08$0.08EPS (diluted)EPS
$-0.15$-0.09$-0.07$0.36$-0.57$-0.44$-1.03$-0.85$0.07$0.34$0.32Owner earnings / shareOE/sh
$-0.15$-0.09$-0.07$0.36$-0.57$-0.44$-1.03$-0.85$0.07$0.34$0.32Free cash flow / shareFCF/sh
$0.05$0.09$0.10$0.11$0.22$0.21$0.15$0.07$0.05$0.05$0.05Cap. spending / shareCapex/sh
$4.74$4.30$4.03$3.85$3.72$3.50$2.76$1.31$1.28$2.45$2.33Book value / shareBVPS
Per-share growththe realized rate an owner's share compounded
9-yr5-yr
Revenue / share−2.3%/yr−10.7%/yr
Capital spending / share+0.5%/yr−25.5%/yr
Book value / share−7.0%/yr−8.0%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count
46Mpeak FY2025
ROIC
3%low FY2023
Gross margin
71%low FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$15Mowner earningsvs.$4Mnet incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2018FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $4M of profit into $15M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$4M
Owner earnings$15M · 15% of revenue
FY2025FY2024FY2023FY2022FY2021
Reported net income$4M($6M)($63M)($32M)($15M)
Depreciation & amortizationnon-cash charge added back+$4M+$6M+$8M+$7M+$6M
Working capital & othertiming of cash in and out, other non-cash items+$10M+$4M+$25M−$8M+$1M
Cash from operations$18M$5M($30M)($33M)($8M)
Capital expenditurecash put back in to keep running and to grow−$2M−$2M−$2M−$6M−$8M
Owner earnings$15M$3M($32M)($38M)($16M)
Owner-earnings marginowner earnings ÷ revenue15%3%-35%-31%-11%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F/A · source on SEC EDGAR →

Will it survive?

  • Can it pay its interest? —
    No meaningful interest burden
    Little or no interest expense reported
    What this means

    Little or no interest expense reported, the business isn't leaning on lenders to operate.

  • How heavy is the debt, net of cash? +$66M
    Net cash, debt-free
    Cash $17M + ST investments $49M − debt $0
    What this means

    Cash and short-term investments exceed every dollar of debt by $66M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.

  • How long is cash tied up? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

Is it a good business?

  • Return on invested capital —
    Not enough data
    Industry peers: median 4%
    What this means

    The filing data didn't include the inputs for this check.

  • Owner-earnings margin 15%
    Positive this year, negative across the cycle
    latest $15M = operating cash $18M − maintenance capex $2M (positive this year), after an earlier loss stretch (10-yr median -6%)
    Industry peers: median 10%
    What this means

    What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 15% of revenue this year, a -6% median across 10 years.

  • Are earnings backed by cash? 4.80×
    Cash-backed
    Cash from ops $18M ÷ net income $4M
    What this means

    How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

  • Where do the earnings go? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

  • Investing or harvesting? 0.57×
    Harvesting
    Capex $2M ÷ depreciation $4M
    What this means

    Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 4 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

  • Adequate size Miss
    Revenue ≥ $2B · $102M
    What this means

    Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.

  • Strong liquidity Pass
    Current ratio ≥ 2× · 2.65×
    What this means

    Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.

  • Earnings stability Miss
    A profit every year (10-yr record) · 9 loss years
    What this means

    Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.

  • Dividend record Miss
    Uninterrupted dividends · none paid
    What this means

    An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.

  • Earnings growth —
    Earnings +33% over the record · —
    What this means

    Earnings were negative early in the record, a growth rate isn't meaningful.

  • Moderate price —
    P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
    What this means

    Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.45/share (latest year $0.08), the averaged base the calculator's gate runs on, and book value is $2.33/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

  • Profitable years 1 of 10
    What this means

    Lost money in 9 year(s), look at what happened there before trusting the average.

  • Operating margin −13% → −24% (3-yr avg ends)
    What this means

    The recent-years average (−24%) sits below the early years (−13%), but the latest year (4%) is back near the early level: a cyclical trough dragging the window down, not a one-way slide. The through-cycle median is −9% — read it across the cycle, not on the dip.

  • Worst year 2023 · −69.7% op. margin
    What this means

    Operations went underwater in 2023, understand why before trusting the good years.

  • Share count +3.7%/yr
    What this means

    The share count is rising, dilution works against you on a per-share basis.

  • How management talks about it Owner’s terms
    What this means

    The filing reasons in an owner’s terms — per-share, return on capital, the long term — and the record has held; the words and the results are of a piece.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“In addition, the emergence of new market entrants leveraging advanced AI technologies may disrupt certain use cases and customer segments, potentially challenge our competitive position and impacting demand for our solutions.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$125M
  • Cash & short-term investments$66M
  • Inventory$13M
  • Other current assets$46M
Current liabilities$47M
  • Other current liabilities$47M
Current ratio2.65×all current assets ÷ what's due · Graham looked for 2×
Quick ratio2.37×stricter: inventory excluded
Cash ratio1.39×strictest: cash alone against what's due
Working capital$78Mthe cushion left after near-term bills
Deeper floors
Tangible book value$82Mequity stripped of goodwill & intangibles
Debt incl. operating leases$348K$348K of it operating leases
Deferred revenue$25Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Peers, Communications Equipment

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

CompanyRevenueGross marginOp. marginROICOwner earn. margin
NTGRNETGEAR Inc.$700M30%3.1%4%3%
DGIIDigi International Inc.$430M53%6.7%5%11%
ATENA10 Networks Inc.$291M78%10.6%38%16%
QMCOQuantum Corporation$280M41%-2.6%—-4%
MITKMitek Systems Inc.$180M—7.3%4%20%
EVLVEvolv Technologies Holdings Inc.$146M34%-154.2%-81%10%
ALLTAllot Ltd.$102M69%-8.7%-8%-5%
OSSOne Stop Systems Inc.$32M31%-1.6%-5%-2%
Group median—41%0.8%4%7%
IV

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Allot Ltd.'s US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Allot Ltd. has delivered.

$
Base

—

The assumptions

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—
Owner-earnings growth · since FY2024+472%/yr
Owner-earnings yield—
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $15M on 49M shares outstanding, per the 20-F/A cover, as of 2025-12-31; net cash $66M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh ALLT against another business →

Cite: Owner Scorecard, "Allot Ltd. (ALLT), the owner's record," https://ownerscorecard.com/c/ALLT, data as of 2026-07-09.

Manual order: ← ALC its page in the Manual ALM →

Industry order: ← AIOT the Communications Equipment chapter ANET →