Share count
23Mpeak FY2025
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SNT, Senstar Technologies Corporation
We develop, manufacture, market and sell comprehensive lines of perimeter intrusion detection sensors, video analytics and video and security management systems, as well as security video observation and surveillance systems to high profile customers.
Our objective is to become a leading international provider of security products and solutions.
Based on our decades of experience and interaction with customers, we have developed a comprehensive set of solutions and products, optimized for perimeter, outdoor and general security applications.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$36M
+1.7% YoY · 1% 4-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $36M 5-yr avg $35M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
- What moves the needle
- Gross margin has run about 63% and operating margin about 4.2% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from −3.9% to 11% — on a steadier 63% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Inventory runs near 15% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has sat near the cost of capital (median 10%). By owner earnings: roughly 3% of revenue reaches owners as cash, though it swings. 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 →Revenue spreads across 5 regions, the largest North America at 49%.
Revenue by geography, FY2025
- North America49%$18M
- Europe35%$13M
- Asia Pacific14%$5M
- South And Latin America1%$467K
- Others0%$176K
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.
The record
Ten years of arithmetic, read across the cycle.
The record, 2021–2025
realized figures from each filing · older years to the left| 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $35M | $36M | $33M | $36M | $36M | $36M | RevenueRevenue |
| 63% | 60% | 57% | 64% | 66% | 66% | Gross marginGross mgn |
| $1M | $1M | ($1M) | $4M | $3M | $3M | Operating incomeOp. inc. |
| 3.1% | 4.2% | −3.9% | 10.9% | 8.3% | 8.3% | Operating marginOp. mgn |
| $6M | $4M | ($1M) | $3M | $3M | $3M | Net incomeNet inc. |
| 26% | — | — | 43% | -4% | -4% | Effective tax rateTax rate |
| Cash flow & returns | ||||||
| $6M | ($10M) | $260K | $7M | $2M | $2M | Operating cash flowOp. cash |
| $2M | $1M | $917K | $733K | $676K | $676K | DepreciationDeprec. |
| ($2M) | ($15M) | $632K | $3M | ($2M) | ($2M) | Working capital & otherWC & other |
| $792K | $158K | $380K | $273K | $559K | $559K | CapexCapex |
| 2.3% | 0.4% | 1.2% | 0.8% | 1.5% | 1.5% | Capex / revenueCapex/rev |
| $5M | ($10M) | ($120K) | $6M | $1M | $1M | Owner earningsOwner earn. |
| 15.0% | −27.2% | −0.4% | 17.9% | 3.3% | 3.3% | Owner earnings marginOE mgn |
| $5M | ($10M) | ($120K) | $6M | $1M | $1M | Free cash flowFCF |
| 15.0% | −27.2% | −0.4% | 17.9% | 3.3% | 3.3% | Free cash flow marginFCF mgn |
| — | 7% | -4% | 13% | 14% | 14% | ROICROIC |
| — | 10% | -3% | 7% | 7% | 7% | Return on equityROE |
| — | 10% | −3% | 7% | 7% | 7% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| — | $15M | $15M | $20M | $22M | $22M | Cash & investmentsCash+inv |
| — | $10M | $10M | $10M | $10M | $10M | ReceivablesReceiv. |
| — | $8M | $7M | $5M | $6M | $6M | InventoryInvent. |
| — | $2M | $2M | $3M | $2M | $2M | Accounts payablePayables |
| — | $16M | $15M | $13M | $14M | $14M | Operating working capitalOper. WC |
| — | $35M | $34M | $38M | $41M | $41M | Current assetsCur. assets |
| — | $11M | $10M | $12M | $9M | $9M | Current liabilitiesCur. liab. |
| — | 3.3× | 3.4× | 3.1× | 4.5× | 4.5× | Current ratioCurr. ratio |
| $11M | $11M | $11M | $10M | $11M | $11M | GoodwillGoodwill |
| — | $52M | $50M | $52M | $55M | $55M | Total assetsAssets |
| — | ($15M) | ($15M) | ($20M) | ($22M) | ($22M) | Net debt / (cash)Net debt |
| — | $38M | $37M | $38M | $43M | $43M | Shareholders’ equityEquity |
| Per share | ||||||
| 23.2M | 23.3M | 23.3M | 23.3M | 23.5M | 23.3M | Shares out (diluted)Shares |
| $1.50 | $1.53 | $1.41 | $1.53 | $1.55 | $1.56 | Revenue / shareRev/sh |
| $0.28 | $0.16 | $-0.06 | $0.11 | $0.14 | $0.14 | EPS (diluted)EPS |
| $0.23 | $-0.41 | $-0.01 | $0.27 | $0.05 | $0.05 | Owner earnings / shareOE/sh |
| $0.23 | $-0.41 | $-0.01 | $0.27 | $0.05 | $0.05 | Free cash flow / shareFCF/sh |
| $0.03 | $0.01 | $0.02 | $0.01 | $0.02 | $0.02 | Cap. spending / shareCapex/sh |
| — | $1.62 | $1.60 | $1.62 | $1.84 | $1.85 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | +0.8%/yr | +0.8%/yr (4-yr) |
| Owner earnings / share | −31.1%/yr | −31.1%/yr (4-yr) |
| EPS | −16.1%/yr | −16.1%/yr (4-yr) |
| Capital spending / share | −8.6%/yr | −8.6%/yr (4-yr) |
| Book value / share | +4.4%/yr (3-yr) | +4.4%/yr (3-yr) |
The record, charted
FY2021–2025Each measure over its full record; the current point and the worst year marked.
ROIC
14%low FY2023
Gross margin
66%low FY2023
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$1Mowner earningsvs.$3Mnet incomelow FY2022
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2021FY2025
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 reported $3M of profit but $1M of owner earnings: $2M less than the profit line, taken out by capital spending and the timing of cash.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | $3M | $3M | ($1M) | $4M | $6M |
| Depreciation & amortizationnon-cash charge added back | +$676K | +$733K | +$917K | +$1M | +$2M |
| Working capital & othertiming of cash in and out, other non-cash items | −$2M | +$3M | +$632K | −$15M | −$2M |
| Cash from operations | $2M | $7M | $260K | ($10M) | $6M |
| Capital expenditurecash put back in to keep running and to grow | −$559K | −$273K | −$380K | −$158K | −$792K |
| Owner earnings | $1M | $6M | ($120K) | ($10M) | $5M |
| Owner-earnings marginowner earnings ÷ revenue | 3% | 18% | 0% | -27% | 15% |
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 .
Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.
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.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F/A · source on SEC EDGAR →
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cash, debt-freeCash $22M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $22M, 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.
- Long (60+ days)DSO 99 + DIO 163 − DPO 55 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Not enough dataIndustry peers: median -35%
What this means
The filing data didn't include the inputs for this check.
- Thin through the cycle5-yr median margin, range -27%–18%; latest $1M = operating cash $2M − maintenance capex $559KIndustry peers: median -64%
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 3% of revenue this year, a 3% median across 5 years.
- Thinly cash-backedCash from ops $2M ÷ net income $3M
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?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.83×MaintainingCapex $559K ÷ depreciation $676K
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 MissRevenue ≥ $2B · $36M
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 PassCurrent ratio ≥ 2× · 4.52×
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 NearA profit every year (5-yr record) · 1 loss year
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted 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.
- 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 $0.07/share (latest year $0.14), the averaged base the calculator's gate runs on, and book value is $1.85/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, 2021–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 4 of 5
What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
- Operating margin 4% → 10% (2-yr avg ends)
What this means
Through the cycle the operating margin widened — about 4% early to 10% lately, median 4% — pricing power intact or improving.
- Worst year 2023 · −3.9% op. margin
What this means
Operations went underwater in 2023, understand why before trusting the good years.
- Share count +0.3%/yr
What this means
Roughly flat share count, little dilution, little buyback.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Framed as a capability
The filing positions AI as something the company uses, not something it fears.
“Next generation sensors MultiSensor MultiSensor is our compact, AI-powered system that leverages the power of sensor fusion to intelligently detect and characterize intrusions while virtually eliminating nuisance alarms.”
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, 2025Can 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$41M
- Cash & short-term investments$22M
- Receivables$10M
- Inventory$6M
- Other current assets$3M
Current liabilities$9M
- Accounts payable$2M
- Other current liabilities$7M
Current ratio4.52×all current assets ÷ what's due · Graham looked for 2×
Quick ratio3.90×stricter: inventory excluded
Cash ratio2.47×strictest: cash alone against what's due
Working capital$32Mthe cushion left after near-term bills
Deeper floors
Tangible book value$32Mequity stripped of goodwill & intangibles
Debt incl. operating leases$269K$269K of it operating leases
Deferred revenue$3Mcustomer cash collected before delivery; operating float
From the company's latest filing.
How the cash was used, 2021–2025
Over the record, the business generated $5M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.
- Reinvested$2M · 42%
- Retained (debt / cash)$3M · 58%
- Net change in share count0.5%
The diluted count barely moved (23M to 23M): buybacks roughly offset the stock issued to staff.
- Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
- Return on what it retained27%
Of the earnings it kept rather than paid out ($15M over the span), annual owner earnings (first three years vs last three) grew $4M, so each retained $1 added about 0.27 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Acquisitions & goodwill
from the balance sheet & the 5-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$11M20% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity25%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiring$0over 5 years buying other businesses, against $2M of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 5-year record, from the company's own filings.
Inverting the record
Invert: instead of why Senstar Technologies Corporation is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2021–2025.
1 of the 3 tests turned up something to look into; the other 2 came back clean.
- Look hereDid reported profit become cash?0.35×
Across the record the business reported $15M of net income but generated $5M of operating cash, a 0.35-to-one conversion. Profit that does not turn into cash over many years is the classic mark of earnings that are softer than they look. Ask where the gap sits, receivables, inventory, or costs being capitalized rather than expensed.
And these came back clean
- Is it less profitable than it was?
- Did the share count rise anyway?
Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.
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.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| NSSCNAPCO Security Technologies Inc. | $182M | 43% | 13.4% | 23% | 9% |
| CLFDClearfield Inc. | $150M | 40% | 8.1% | 9% | 6% |
| BKSYBlackSky Technology Inc. | $107M | — | -95.8% | -36% | -64% |
| MRAMEverspin Technologies Inc. | $55M | 52% | -14.1% | -29% | 11% |
| ONDSOndas Inc. | $51M | 43% | -618.3% | -139% | -543% |
| SNTSenstar Technologies Corporation | $36M | 63% | 4.2% | 10% | 3% |
| SESSES AI Corporation | $21M | 54% | -393.4% | -35% | -292% |
| SATLSatellogic Inc. | $18M | — | -405.6% | -194% | -318% |
| Group median | — | 47% | -55.0% | -32% | -30% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Senstar Technologies Corporation'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 Senstar Technologies Corporation has delivered.
$
Through the cycle, Senstar Technologies Corporation earns about $1M on its 3.3% median owner-earnings margin. This year’s 3.3% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.
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.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · since FY2024−81%/yr
Owner-earnings growth · since FY2024−81%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
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 yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $1M on 23M shares outstanding, per the 20-F/A cover, as of 2025-12-31; net cash $22M. 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.
Cite: Owner Scorecard, "Senstar Technologies Corporation (SNT), the owner's record," https://ownerscorecard.com/c/SNT, data as of 2026-07-09.
Manual order: ← SNN its page in the Manual SNY →
Industry order: ← SILC the Communications Equipment chapter UI →