ADTRAN (ADTN) Financials

$7.89 -0.05 (-0.63%)

Closing price 06/20/2025 04:00 PM Eastern

Extended Trading

$7.90 +0.02 (+0.19%)

As of 06/20/2025 06:10 PM Eastern

Annual Income Statements for ADTRAN

This table shows ADTRAN's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-2.04	-266	-451
Consolidated Net Income / (Loss)	-8.89	-259	-441
Net Income / (Loss) Continuing Operations	-8.89	-259	-441
Total Pre-Tax Income	-71	-231	-432
Total Operating Income	-73	-221	-417
Total Gross Profit	327	333	330
Total Revenue	1,026	1,149	923
Operating Revenue	1,026	1,149	923
Total Cost of Revenue	698	816	592
Operating Cost of Revenue	698	816	592
Total Operating Expenses	400	554	747
Selling, General & Admin Expense	209	258	233
Research & Development Expense	174	258	221
Impairment Charge	17	38	293
Total Other Income / (Expense), net	1.86	-9.94	-15
Interest Expense	3.44	16	22
Interest & Investment Income	-9.22	5.09	6.65
Other Income / (Expense), net	15	1.27	0.25
Income Tax Expense	-62	28	8.79
Net Income / (Loss) Attributable to Noncontrolling Interest	-6.85	6.95	9.82
Basic Earnings per Share	($0.03)	($3.39)	($5.67)
Weighted Average Basic Shares Outstanding	62.35M	78.42M	78.93M
Diluted Earnings per Share	($0.03)	($3.39)	($5.67)
Weighted Average Diluted Shares Outstanding	62.35M	78.42M	78.93M
Weighted Average Basic & Diluted Shares Outstanding	78.63M	79.12M	79.86M

This table shows ADTRAN's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-42	39	-40	-39	-78	-109	-325	-50	-31	-45
Consolidated Net Income / (Loss)	-45	35	-40	-36	-76	-107	-322	-47	-29	-44
Net Income / (Loss) Continuing Operations	-45	35	-40	-36	-76	-107	-322	-47	-29	-44
Total Pre-Tax Income	-49	-23	-52	-45	-92	-43	-340	-45	-28	-19
Total Operating Income	-48	-33	-50	-45	-89	-38	-340	-38	-24	-15
Total Gross Profit	103	107	88	93	74	78	72	82	85	91
Total Revenue	341	358	324	327	272	225	226	226	228	243
Operating Revenue	341	358	324	327	272	225	226	226	228	243
Total Cost of Revenue	238	251	236	235	198	147	154	144	142	152
Operating Cost of Revenue	238	251	236	235	198	147	154	144	142	152
Total Operating Expenses	151	140	138	137	164	116	412	120	109	106
Selling, General & Admin Expense	75	78	67	67	63	61	59	59	58	57
Research & Development Expense	59	62	70	71	63	55	60	60	52	49
Total Other Income / (Expense), net	-1.15	10	-2.03	0.05	-2.91	-5.05	-0.64	-6.57	-4.48	-3.47
Interest Expense	1.30	2.01	3.29	4.06	4.51	4.44	4.60	6.91	5.68	4.87
Interest & Investment Income	-2.34	0.77	1.56	1.62	-0.92	2.84	2.65	1.24	2.05	0.71
Other Income / (Expense), net	2.49	12	-0.30	2.49	2.52	-3.45	1.31	-0.90	-0.85	0.69
Income Tax Expense	-4.31	-58	-11	-8.36	-17	64	-19	2.14	0.39	25
Net Income / (Loss) Attributable to Noncontrolling Interest	-2.93	-3.93	-0.37	2.88	2.56	1.87	2.88	2.85	2.38	1.71
Basic Earnings per Share	($0.57)	$0.52	($0.51)	($0.50)	($1.00)	($1.38)	($4.12)	($0.63)	($0.36)	($0.56)
Weighted Average Basic Shares Outstanding	73.04M	62.35M	78.36M	78.37M	78.39M	78.42M	78.81M	78.85M	78.95M	78.93M
Diluted Earnings per Share	($0.57)	$0.52	($0.51)	($0.50)	($1.00)	($1.38)	($4.12)	($0.63)	($0.36)	($0.56)
Weighted Average Diluted Shares Outstanding	73.04M	62.35M	78.36M	78.37M	78.39M	78.42M	78.81M	78.85M	78.95M	78.93M
Weighted Average Basic & Diluted Shares Outstanding	77.66M	78.63M	78.66M	78.68M	78.70M	79.12M	79.12M	79.23M	79.25M	79.86M

This table details how cash moves in and out of ADTRAN's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	65	-19	-9.15
Net Cash From Operating Activities	-44	-46	103
Net Cash From Continuing Operating Activities	-44	-46	103
Net Income / (Loss) Continuing Operations	-8.89	-259	-441
Consolidated Net Income / (Loss)	-8.89	-259	-441
Depreciation Expense	68	113	91
Amortization Expense	0.31	0.84	3.95
Non-Cash Adjustments To Reconcile Net Income	53	98	312
Changes in Operating Assets and Liabilities, net	-157	1.59	137
Net Cash From Investing Activities	56	-32	-62
Net Cash From Continuing Investing Activities	56	-32	-62
Purchase of Property, Plant & Equipment	-17	-34	-32
Acquisitions	44	-9.44	-31
Purchase of Investments	-24	-0.87	-0.27
Sale of Property, Plant & Equipment	0.01	0.00	0.00
Sale and/or Maturity of Investments	52	11	1.24
Other Investing Activities, net	1.13	1.22	-0.06
Net Cash From Financing Activities	53	59	-50
Net Cash From Continuing Financing Activities	53	59	-50
Repayment of Debt	-69	-91	-48
Repurchase of Common Equity	0.00	-1.22	-17
Payment of Dividends	-23	-21	0.00
Issuance of Debt	142	178	26
Other Financing Activities, net	2.65	-5.92	-10
Cash Interest Paid	1.73	13	21
Cash Income Taxes Paid	3.83	19	6.69

This table details how cash moves in and out of ADTRAN's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	71	2.76	29	-14	-6.31	-27	20	3.24	-21	-11
Net Cash From Operating Activities	-37	-1.50	-20	-16	6.85	-16	37	20	42	4.54
Net Cash From Continuing Operating Activities	-37	-1.50	-20	-16	6.85	-16	37	20	42	4.54
Net Income / (Loss) Continuing Operations	-45	35	-40	-36	-76	-107	-322	-47	-29	-44
Consolidated Net Income / (Loss)	-45	35	-40	-36	-76	-107	-322	-47	-29	-44
Depreciation Expense	28	33	33	34	24	22	23	23	23	23
Amortization Expense	0.20	0.11	0.15	0.15	0.32	0.23	1.01	-	-	2.94
Non-Cash Adjustments To Reconcile Net Income	29	17	17	7.88	73	0.50	300	4.98	5.08	1.88
Changes in Operating Assets and Liabilities, net	-49	-86	-30	-22	-15	68	34	39	43	21
Net Cash From Investing Activities	39	12	-6.79	-11	-5.29	-9.45	-13	-16	-18	-15
Net Cash From Continuing Investing Activities	39	12	-6.79	-11	-5.29	-9.45	-13	-16	-18	-15
Purchase of Property, Plant & Equipment	-6.86	-6.93	-8.44	-12	-14	-0.01	-13	-16	-19	16
Purchase of Investments	-5.21	-1.68	-0.52	-0.06	-0.23	-0.06	-0.04	-0.08	-0.07	-0.07
Sale and/or Maturity of Investments	5.40	21	0.93	1.14	8.47	0.02	0.87	0.08	0.24	0.05
Other Investing Activities, net	1.29	-0.17	1.23	-0.08	0.02	0.04	0.00	-	0.28	-0.34
Net Cash From Financing Activities	70	-8.19	56	13	-7.87	-1.44	-4.16	-0.67	-45	-0.35
Net Cash From Continuing Financing Activities	70	-8.19	56	13	-7.87	-1.44	-4.16	-0.67	-45	-0.35
Repayment of Debt	-33	-7.65	-68	-5.88	-0.83	-16	-34	-39	-17	43
Repurchase of Common Equity	-	-	-1.18	-0.03	0.01	-0.03	-0.01	-0.02	-17	-0.00
Issuance of Debt	105	8.75	138	25	0.03	14	30	38	-	-43
Other Financing Activities, net	4.62	-2.27	-6.20	0.05	0.01	0.23	0.04	-0.01	-10	-0.35
Cash Interest Paid	0.51	1.10	1.61	3.11	3.82	4.06	5.24	1.31	12	2.66
Cash Income Taxes Paid	-	-	1.25	-1.25	-	19	2.32	5.12	1.69	-2.43

This table presents ADTRAN's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,943	1,683	1,179
Total Current Assets	882	737	611
Cash & Equivalents	109	87	78
Accounts Receivable	312	234	188
Inventories, net	428	362	269
Prepaid Expenses	34	46	59
Current Deferred & Refundable Income Taxes	0.00	7.93	5.46
Other Current Assets	-	0.00	12
Plant, Property, & Equipment, net	111	114	103
Total Noncurrent Assets	950	832	466
Long-Term Investments	33	28	32
Goodwill	382	353	53
Intangible Assets	401	337	285
Noncurrent Deferred & Refundable Income Taxes	68	26	18
Other Noncurrent Operating Assets	67	88	78
Total Liabilities & Shareholders' Equity	1,943	1,683	1,179
Total Liabilities	640	636	622
Total Current Liabilities	429	278	294
Accounts Payable	238	163	170
Accrued Expenses	35	36	36
Current Deferred Revenue	41	47	53
Current Deferred & Payable Income Tax Liabilities	9.03	5.22	1.94
Current Employee Benefit Liabilities	45	27	33
Total Noncurrent Liabilities	211	357	328
Long-Term Debt	60	195	190
Capital Lease Obligations	23	31	26
Noncurrent Deferred Revenue	19	25	22
Noncurrent Deferred & Payable Income Tax Liabilities	62	36	31
Noncurrent Employee Benefit Liabilities	37	42	42
Other Noncurrent Operating Liabilities	10	29	18
Commitments & Contingencies	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	442	423
Total Equity & Noncontrolling Interests	1,304	605	134
Total Preferred & Common Equity	974	605	134
Total Common Equity	974	605	134
Common Stock	897	796	810
Retained Earnings	55	-233	-681
Treasury Stock	-4.13	-5.83	-5.20
Accumulated Other Comprehensive Income / (Loss)	26	47	11

This table presents ADTRAN's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	1,851	1,939	1,883	1,742	1,328	1,291	1,273
Total Current Assets	876	884	850	780	697	668	639
Cash & Equivalents	111	136	124	116	107	111	88
Accounts Receivable	317	293	272	254	200	198	185
Inventories, net	416	416	417	374	322	288	283
Prepaid Expenses	31	37	34	36	60	59	69
Current Deferred & Refundable Income Taxes	-	-	-	-	8.72	13	13
Plant, Property, & Equipment, net	105	112	116	119	127	135	147
Total Noncurrent Assets	871	943	917	844	504	488	487
Long-Term Investments	50	33	31	25	29	30	32
Goodwill	358	386	388	339	55	55	57
Intangible Assets	394	379	355	329	306	291	286
Noncurrent Deferred & Refundable Income Taxes	13	82	82	90	25	25	26
Other Noncurrent Operating Assets	56	63	61	61	88	87	87
Total Liabilities & Shareholders' Equity	1,851	1,939	1,883	1,742	1,328	1,291	1,273
Total Liabilities	666	676	655	625	620	631	637
Total Current Liabilities	465	342	310	285	283	290	305
Accounts Payable	276	199	172	149	159	159	173
Accrued Expenses	26	27	27	30	36	36	34
Current Deferred Revenue	41	56	48	50	55	55	55
Current Deferred & Payable Income Tax Liabilities	27	19	15	10	6.27	2.23	2.01
Current Employee Benefit Liabilities	42	30	37	36	26	38	40
Total Noncurrent Liabilities	201	334	345	340	338	341	333
Long-Term Debt	60	180	200	200	195	190	190
Capital Lease Obligations	21	21	21	24	28	27	26
Noncurrent Deferred Revenue	18	25	24	24	23	27	25
Noncurrent Deferred & Payable Income Tax Liabilities	50	52	45	38	15	21	21
Noncurrent Employee Benefit Liabilities	42	39	39	38	41	42	44
Other Noncurrent Operating Liabilities	9.70	16	16	17	35	34	26
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	443	445	432	442	440	422
Total Equity & Noncontrolling Interests	1,185	820	782	685	266	220	214
Total Preferred & Common Equity	871	820	782	685	266	220	214
Total Common Equity	871	820	782	685	266	220	214
Common Stock	884	784	788	792	800	804	807
Retained Earnings	32	8.01	-41	-113	-558	-606	-635
Treasury Stock	-4.08	-5.92	-5.94	-5.97	-5.20	-5.20	-5.20
Accumulated Other Comprehensive Income / (Loss)	-40	35	41	12	30	28	47

This table displays calculated financial ratios and metrics derived from ADTRAN's official financial filings.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	82.15%	12.05%	-19.70%
EBITDA Growth	79.65%	-1,212.21%	-203.08%
EBIT Growth	-436.13%	-277.30%	-89.48%
NOPAT Growth	-395.42%	-203.83%	-88.50%
Net Income Growth	-2.93%	-2,817.90%	-70.06%
EPS Growth	83.33%	-11,200.00%	-67.26%
Operating Cash Flow Growth	-1,570.35%	-3.11%	326.01%
Free Cash Flow Firm Growth	-8,302.09%	99.28%	2,617.30%
Invested Capital Growth	461.21%	-11.25%	-42.75%
Revenue Q/Q Growth	24.85%	-10.36%	1.92%
EBITDA Q/Q Growth	329.46%	-40.98%	8.62%
EBIT Q/Q Growth	-35.32%	-9.87%	6.00%
NOPAT Q/Q Growth	-54.32%	-2.19%	5.11%
Net Income Q/Q Growth	81.50%	-120.98%	12.59%
EPS Q/Q Growth	95.31%	-127.52%	12.90%
Operating Cash Flow Q/Q Growth	35.54%	-48.02%	25.33%
Free Cash Flow Firm Q/Q Growth	-13.50%	96.02%	19.07%
Invested Capital Q/Q Growth	12.67%	-4.24%	-9.31%
Profitability Metrics	-	-	-
Gross Margin	31.91%	28.98%	35.80%
EBITDA Margin	0.93%	-9.24%	-34.89%
Operating Margin	-7.10%	-19.26%	-45.20%
EBIT Margin	-5.69%	-19.15%	-45.18%
Profit (Net Income) Margin	-0.87%	-22.57%	-47.80%
Tax Burden Percent	12.52%	112.17%	102.03%
Interest Burden Percent	121.70%	105.09%	103.70%
Effective Tax Rate	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-6.63%	-12.57%	-32.05%
ROIC Less NNEP Spread (ROIC-NNEP)	-75.17%	-197.12%	-169.21%
Return on Net Nonoperating Assets (RNNOA)	5.56%	-9.49%	-22.93%
Return on Equity (ROE)	-1.07%	-22.07%	-54.98%
Cash Return on Invested Capital (CROIC)	-146.13%	-0.66%	22.32%
Operating Return on Assets (OROA)	-4.64%	-12.13%	-29.13%
Return on Assets (ROA)	-0.71%	-14.30%	-30.82%
Return on Common Equity (ROCE)	-0.86%	-14.82%	-25.33%
Return on Equity Simple (ROE_SIMPLE)	-0.91%	-42.88%	-328.13%
Net Operating Profit after Tax (NOPAT)	-51	-155	-292
NOPAT Margin	-4.97%	-13.48%	-31.64%
Net Nonoperating Expense Percent (NNEP)	68.54%	184.54%	137.16%
Return On Investment Capital (ROIC_SIMPLE)	-3.52%	-18.63%	-83.44%
Cost of Revenue to Revenue	68.09%	71.02%	64.20%
SG&A Expenses to Revenue	20.37%	22.47%	25.29%
R&D to Revenue	16.94%	22.48%	24.00%
Operating Expenses to Revenue	39.01%	48.24%	81.00%
Earnings before Interest and Taxes (EBIT)	-58	-220	-417
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	9.55	-106	-322
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	1.46	0.96	4.91
Price to Tangible Book Value (P/TBV)	7.44	0.00	0.00
Price to Revenue (P/Rev)	1.39	0.50	0.72
Price to Earnings (P/E)	0.00	0.00	0.00
Dividend Yield	0.98%	4.90%	0.00%
Earnings Yield	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.34	0.98	1.79
Enterprise Value to Revenue (EV/Rev)	1.71	0.98	1.29
Enterprise Value to EBITDA (EV/EBITDA)	183.45	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	11.54
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	5.85
Leverage & Solvency	-	-	-
Debt to Equity	0.11	0.22	0.39
Long-Term Debt to Equity	0.06	0.22	0.39
Financial Leverage	-0.07	0.05	0.14
Leverage Ratio	1.51	1.54	1.78
Compound Leverage Factor	1.84	1.62	1.85
Debt to Total Capital	9.91%	17.78%	27.88%
Short-Term Debt to Total Capital	4.18%	0.00%	0.00%
Long-Term Debt to Total Capital	5.72%	17.78%	27.88%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	22.78%	34.72%	54.72%
Common Equity to Total Capital	67.31%	47.50%	17.39%
Debt to EBITDA	15.01	-2.13	-0.67
Net Debt to EBITDA	0.18	-1.05	-0.33
Long-Term Debt to EBITDA	8.67	-2.13	-0.67
Debt to NOPAT	-2.81	-1.46	-0.74
Net Debt to NOPAT	-0.03	-0.72	-0.36
Long-Term Debt to NOPAT	-1.62	-1.46	-0.74
Altman Z-Score	2.08	0.93	-0.23
Noncontrolling Interest Sharing Ratio	19.85%	32.83%	53.92%
Liquidity Ratios	-	-	-
Current Ratio	2.06	2.65	2.08
Quick Ratio	0.98	1.15	0.90
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-1,124	-8.08	203
Operating Cash Flow to CapEx	-259.25%	-135.39%	317.59%
Free Cash Flow to Firm to Interest Expense	-326.94	-0.50	9.22
Operating Cash Flow to Interest Expense	-12.87	-2.80	4.67
Operating Cash Flow Less CapEx to Interest Expense	-17.83	-4.86	3.20
Efficiency Ratios	-	-	-
Asset Turnover	0.82	0.63	0.64
Accounts Receivable Turnover	4.25	4.21	4.38
Inventory Turnover	2.46	2.07	1.88
Fixed Asset Turnover	12.32	10.25	8.52
Accounts Payable Turnover	4.11	4.07	3.55
Days Sales Outstanding (DSO)	85.82	86.74	83.41
Days Inventory Outstanding (DIO)	148.30	176.64	194.58
Days Payable Outstanding (DPO)	88.91	89.60	102.70
Cash Conversion Cycle (CCC)	145.21	173.78	175.29
Capital & Investment Metrics	-	-	-
Invested Capital	1,305	1,158	663
Invested Capital Turnover	1.33	0.93	1.01
Increase / (Decrease) in Invested Capital	1,073	-147	-495
Enterprise Value (EV)	1,752	1,131	1,189
Market Capitalization	1,421	578	660
Book Value per Share	$12.54	$7.69	$1.70
Tangible Book Value per Share	$2.46	($1.09)	($2.57)
Total Capital	1,447	1,273	773
Total Debt	143	226	216
Total Long-Term Debt	83	226	216
Net Debt	1.69	112	106
Capital Expenditures (CapEx)	17	34	32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	405	372	239
Debt-free Net Working Capital (DFNWC)	514	459	317
Net Working Capital (NWC)	454	459	317
Net Nonoperating Expense (NNE)	-42	104	149
Net Nonoperating Obligations (NNO)	1.69	112	106
Total Depreciation and Amortization (D&A)	68	114	95
Debt-free, Cash-free Net Working Capital to Revenue	39.52%	32.34%	25.94%
Debt-free Net Working Capital to Revenue	50.15%	39.92%	34.35%
Net Working Capital to Revenue	44.25%	39.92%	34.35%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.00	($3.41)	($5.67)
Adjusted Weighted Average Basic Shares Outstanding	0.00	78.42M	78.93M
Adjusted Diluted Earnings per Share	$0.00	($3.41)	($5.67)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	78.42M	78.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	79.12M	79.86M
Normalized Net Operating Profit after Tax (NOPAT)	-39	-128	-87
Normalized NOPAT Margin	-3.78%	-11.17%	-9.45%
Pre Tax Income Margin	-6.92%	-20.12%	-46.85%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	-16.97	-13.50	-18.90
NOPAT to Interest Expense	-14.83	-9.50	-13.24
EBIT Less CapEx to Interest Expense	-21.93	-15.56	-20.37
NOPAT Less CapEx to Interest Expense	-19.80	-11.57	-14.71
Payout Ratios	-	-	-
Dividend Payout Ratio	-257.48%	-8.19%	0.00%
Augmented Payout Ratio	-257.48%	-8.66%	-3.94%

This table displays calculated financial ratios and metrics derived from ADTRAN's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	146.75%	132.41%	109.63%	90.29%	-20.07%	-37.06%	-30.17%	-30.97%	-16.39%	7.70%
EBITDA Growth	-229.43%	640.45%	-589.66%	-163.97%	-251.61%	-266.82%	-1,809.55%	-109.23%	97.49%	157.28%
EBIT Growth	-383.78%	-250.02%	-16,918.71%	-578.03%	-90.61%	-92.73%	-576.26%	6.95%	71.38%	64.82%
NOPAT Growth	-377.41%	-354.19%	-73,035.29%	-869.11%	-85.96%	-14.42%	-583.02%	14.17%	73.14%	59.77%
Net Income Growth	-330.22%	934.25%	-3,489.44%	-1,789.92%	-68.64%	-406.18%	-695.17%	-29.81%	61.85%	59.35%
EPS Growth	-171.43%	677.78%	-2,450.00%	-1,350.00%	-75.44%	-365.38%	-707.84%	-26.00%	64.00%	59.42%
Operating Cash Flow Growth	-444.77%	94.22%	-509.24%	-50.50%	118.60%	-989.63%	283.67%	222.57%	513.94%	127.89%
Free Cash Flow Firm Growth	-18,614.10%	-13,343.54%	-12,130.74%	-3,889.77%	88.52%	111.00%	124.59%	149.83%	506.12%	302.27%
Invested Capital Growth	474.68%	461.21%	466.87%	418.15%	4.42%	-11.25%	-39.13%	-43.47%	-39.55%	-42.75%
Revenue Q/Q Growth	98.04%	5.15%	-9.59%	1.07%	-16.81%	-17.20%	0.31%	-0.08%	0.76%	6.65%
EBITDA Q/Q Growth	-243.49%	165.09%	-242.49%	51.94%	-688.77%	69.12%	-1,530.98%	94.73%	90.54%	804.65%
EBIT Q/Q Growth	-616.50%	53.20%	-134.84%	15.79%	-105.95%	52.68%	-724.02%	88.41%	36.66%	41.83%
NOPAT Q/Q Growth	-927.54%	31.54%	-51.28%	10.26%	-100.09%	57.88%	-803.04%	88.72%	37.39%	36.91%
Net Income Q/Q Growth	-2,193.28%	177.92%	-215.73%	10.48%	-108.89%	-41.48%	-200.55%	85.39%	38.62%	-50.78%
EPS Q/Q Growth	-1,525.00%	191.23%	-198.08%	1.96%	-100.00%	-38.00%	-194.29%	84.71%	42.86%	-55.56%
Operating Cash Flow Q/Q Growth	-241.29%	95.94%	-1,232.84%	18.53%	142.17%	-337.95%	324.67%	-45.63%	111.23%	-89.19%
Free Cash Flow Firm Q/Q Growth	-3,555.37%	-10.62%	-1.24%	2.53%	89.49%	205.99%	123.78%	97.51%	-14.31%	4.99%
Invested Capital Q/Q Growth	361.40%	12.67%	-0.05%	-0.27%	-7.02%	-4.24%	-31.37%	-7.38%	-0.57%	-9.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.24%	29.98%	27.11%	28.27%	27.26%	34.80%	31.95%	36.10%	37.44%	37.57%
EBITDA Margin	-5.22%	3.23%	-5.09%	-2.42%	-22.95%	-8.56%	-139.20%	-7.34%	-0.69%	4.55%
Operating Margin	-14.09%	-9.18%	-15.35%	-13.63%	-32.79%	-16.68%	-150.19%	-16.95%	-10.53%	-6.23%
EBIT Margin	-13.36%	-5.95%	-15.45%	-12.87%	-31.86%	-18.21%	-149.61%	-17.35%	-10.91%	-5.95%
Profit (Net Income) Margin	-13.17%	9.76%	-12.49%	-11.06%	-27.78%	-47.47%	-142.22%	-20.80%	-12.67%	-17.92%
Tax Burden Percent	91.23%	-155.02%	78.15%	81.24%	82.05%	250.86%	94.52%	104.76%	101.37%	233.87%
Interest Burden Percent	108.01%	105.83%	103.46%	105.80%	106.26%	103.90%	100.58%	114.46%	114.63%	128.79%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-11.92%	-8.57%	-16.74%	-16.60%	-24.85%	-10.89%	-105.33%	-11.07%	-6.88%	-4.42%
ROIC Less NNEP Spread (ROIC-NNEP)	0.02%	-102.96%	-2.70%	24.33%	-64.27%	-153.46%	-235.97%	-38.24%	-19.69%	-34.70%
Return on Net Nonoperating Assets (RNNOA)	0.00%	7.61%	0.13%	-0.38%	-1.86%	-7.39%	-15.38%	-3.01%	-2.12%	-4.70%
Return on Equity (ROE)	-11.92%	-0.95%	-16.60%	-16.98%	-26.71%	-18.28%	-120.71%	-14.08%	-8.99%	-9.12%
Cash Return on Invested Capital (CROIC)	-145.57%	-146.13%	-151.19%	-151.10%	-17.12%	-0.66%	14.55%	20.83%	17.59%	22.32%
Operating Return on Assets (OROA)	-9.11%	-4.85%	-14.60%	-14.00%	-22.73%	-11.54%	-96.31%	-10.39%	-6.55%	-3.84%
Return on Assets (ROA)	-8.98%	7.96%	-11.81%	-12.03%	-19.82%	-30.08%	-91.55%	-12.45%	-7.61%	-11.55%
Return on Common Equity (ROCE)	-9.50%	-0.76%	-12.05%	-12.18%	-18.06%	-12.28%	-66.53%	-7.48%	-4.61%	-4.20%
Return on Equity Simple (ROE_SIMPLE)	-5.51%	0.00%	-5.88%	-11.06%	-17.14%	0.00%	-203.38%	-250.36%	-235.78%	0.00%
Net Operating Profit after Tax (NOPAT)	-34	-23	-35	-31	-63	-26	-238	-27	-17	-11
NOPAT Margin	-9.87%	-6.42%	-10.75%	-9.54%	-22.95%	-11.68%	-105.13%	-11.87%	-7.37%	-4.36%
Net Nonoperating Expense Percent (NNEP)	-11.94%	94.39%	-14.03%	-40.93%	39.43%	142.57%	130.64%	27.17%	12.81%	30.29%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.59%	-	-	-	-3.17%	-	-	-	-3.03%
Cost of Revenue to Revenue	69.76%	70.02%	72.89%	71.73%	72.74%	65.20%	68.05%	63.90%	62.56%	62.43%
SG&A Expenses to Revenue	21.98%	21.84%	20.81%	20.34%	23.10%	27.17%	26.13%	26.33%	25.30%	23.54%
R&D to Revenue	17.37%	17.19%	21.66%	21.56%	23.04%	24.31%	26.64%	26.72%	22.67%	20.26%
Operating Expenses to Revenue	44.33%	39.15%	42.46%	41.90%	60.05%	51.48%	182.13%	53.05%	47.97%	43.80%
Earnings before Interest and Taxes (EBIT)	-46	-21	-50	-42	-87	-41	-338	-39	-25	-14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-18	12	-16	-7.92	-63	-19	-315	-17	-1.57	11
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.69	1.46	1.49	1.05	0.95	0.96	1.62	1.89	2.20	4.91
Price to Tangible Book Value (P/TBV)	12.28	7.44	22.15	20.88	37.84	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.79	1.39	1.02	0.61	0.51	0.50	0.41	0.44	0.52	0.72
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.47%	0.98%	1.74%	3.46%	4.37%	4.90%	6.62%	6.84%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.52	1.34	1.31	1.03	0.97	0.98	1.21	1.27	1.35	1.79
Enterprise Value to Revenue (EV/Rev)	2.14	1.71	1.43	0.99	0.91	0.98	0.91	0.98	1.09	1.29
Enterprise Value to EBITDA (EV/EBITDA)	0.00	183.45	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	87.79	19.80	12.00	11.54
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	6.28	4.39	5.78	5.85
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.11	0.11	0.17	0.19	0.21	0.22	0.31	0.33	0.34	0.39
Long-Term Debt to Equity	0.07	0.06	0.16	0.18	0.20	0.22	0.31	0.33	0.34	0.39
Financial Leverage	-0.12	-0.07	-0.05	-0.02	0.03	0.05	0.07	0.08	0.11	0.14
Leverage Ratio	1.56	1.51	1.57	1.58	1.56	1.54	1.66	1.68	1.72	1.78
Compound Leverage Factor	1.68	1.60	1.62	1.67	1.66	1.60	1.67	1.92	1.97	2.30
Debt to Total Capital	10.28%	9.91%	14.39%	15.88%	17.33%	17.78%	23.94%	24.73%	25.31%	27.88%
Short-Term Debt to Total Capital	4.11%	4.18%	0.74%	0.75%	0.78%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	6.17%	5.72%	13.66%	15.13%	16.55%	17.78%	23.94%	24.73%	25.31%	27.88%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	23.75%	22.78%	30.01%	30.52%	31.97%	34.72%	47.48%	50.15%	49.55%	54.72%
Common Equity to Total Capital	65.97%	67.31%	55.60%	53.61%	50.70%	47.50%	28.58%	25.12%	25.14%	17.39%
Debt to EBITDA	-32.62	15.01	-20.60	-7.57	-3.11	-2.13	-0.55	-0.52	-0.61	-0.67
Net Debt to EBITDA	6.31	0.18	-4.05	-2.39	-1.23	-1.05	-0.21	-0.18	-0.27	-0.33
Long-Term Debt to EBITDA	-19.58	8.67	-19.55	-7.21	-2.97	-2.13	-0.55	-0.52	-0.61	-0.67
Debt to NOPAT	-4.11	-2.81	-2.48	-1.89	-1.55	-1.46	-0.62	-0.61	-0.70	-0.74
Net Debt to NOPAT	0.79	-0.03	-0.49	-0.60	-0.61	-0.72	-0.24	-0.21	-0.31	-0.36
Long-Term Debt to NOPAT	-2.47	-1.62	-2.35	-1.80	-1.48	-1.46	-0.62	-0.61	-0.70	-0.74
Altman Z-Score	1.98	2.14	1.96	1.71	1.44	1.28	0.15	0.73	0.71	0.89
Noncontrolling Interest Sharing Ratio	20.26%	19.85%	27.41%	28.26%	32.39%	32.83%	44.88%	46.89%	48.71%	53.92%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.88	2.06	2.58	2.75	2.73	2.65	2.47	2.31	2.10	2.08
Quick Ratio	0.92	0.98	1.26	1.29	1.30	1.15	1.08	1.07	0.90	0.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-991	-1,096	-1,109	-1,081	-114	120	273	539	462	485
Operating Cash Flow to CapEx	-536.97%	-21.57%	-236.12%	-139.00%	50.50%	-181,000.00%	273.65%	124.40%	223.40%	0.00%
Free Cash Flow to Firm to Interest Expense	-760.23	-545.14	-337.47	-266.04	-25.22	27.13	59.32	78.01	81.29	99.52
Operating Cash Flow to Interest Expense	-28.25	-0.74	-6.06	-3.99	1.52	-3.67	7.96	2.88	7.40	0.93
Operating Cash Flow Less CapEx to Interest Expense	-33.52	-4.19	-8.63	-6.87	-1.49	-3.67	5.05	0.57	4.09	4.16
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.68	0.82	0.95	1.09	0.71	0.63	0.64	0.60	0.60	0.64
Accounts Receivable Turnover	3.64	4.25	5.19	5.97	4.49	4.21	4.27	4.05	4.13	4.38
Inventory Turnover	2.01	2.46	2.84	3.13	2.33	2.07	1.99	1.83	1.79	1.88
Fixed Asset Turnover	10.20	12.32	14.37	15.97	11.49	10.25	8.80	7.59	6.81	8.52
Accounts Payable Turnover	3.08	4.11	5.12	6.07	4.33	4.07	4.10	3.90	3.65	3.55
Days Sales Outstanding (DSO)	100.15	85.82	70.33	61.15	81.21	86.74	85.52	90.21	88.41	83.41
Days Inventory Outstanding (DIO)	181.25	148.30	128.51	116.73	156.76	176.64	183.64	199.86	203.95	194.58
Days Payable Outstanding (DPO)	118.44	88.91	71.26	60.14	84.31	89.60	88.95	93.68	100.06	102.70
Cash Conversion Cycle (CCC)	162.96	145.21	127.58	117.75	153.66	173.78	180.21	196.39	192.30	175.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,159	1,305	1,305	1,301	1,210	1,158	794	736	731	663
Invested Capital Turnover	1.21	1.33	1.56	1.74	1.08	0.93	1.00	0.93	0.93	1.01
Increase / (Decrease) in Invested Capital	957	1,073	1,074	1,050	51	-147	-511	-566	-478	-495
Enterprise Value (EV)	1,757	1,752	1,705	1,338	1,172	1,131	959	931	987	1,189
Market Capitalization	1,470	1,421	1,221	819	648	578	430	416	470	660
Book Value per Share	$11.25	$12.54	$10.43	$9.95	$8.70	$7.69	$3.36	$2.78	$2.70	$1.70
Tangible Book Value per Share	$1.55	$2.46	$0.70	$0.50	$0.22	($1.09)	($1.21)	($1.59)	($1.63)	($2.57)
Total Capital	1,321	1,447	1,475	1,460	1,351	1,273	930	877	851	773
Total Debt	136	143	212	232	234	226	223	217	215	216
Total Long-Term Debt	81	83	201	221	224	226	223	217	215	216
Net Debt	-26	1.69	42	73	93	112	87	76	96	106
Capital Expenditures (CapEx)	6.86	6.93	8.44	12	14	0.01	13	16	19	-16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	353	405	415	424	389	372	307	267	246	239
Debt-free Net Working Capital (DFNWC)	465	514	552	551	505	459	414	379	334	317
Net Working Capital (NWC)	410	454	542	540	494	459	414	379	334	317
Net Nonoperating Expense (NNE)	11	-58	5.64	4.98	13	81	84	20	12	33
Net Nonoperating Obligations (NNO)	-26	1.69	42	73	93	112	87	76	96	106
Total Depreciation and Amortization (D&A)	28	33	34	34	24	22	24	23	23	26
Debt-free, Cash-free Net Working Capital to Revenue	42.93%	39.52%	34.72%	31.39%	30.33%	32.34%	29.24%	28.15%	27.13%	25.94%
Debt-free Net Working Capital to Revenue	56.55%	50.15%	46.23%	40.83%	39.38%	39.92%	39.40%	39.85%	36.90%	34.35%
Net Working Capital to Revenue	49.95%	44.25%	45.33%	40.02%	38.56%	39.92%	39.40%	39.85%	36.90%	34.35%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.52	$0.00	$0.00	$0.00	($1.38)	($4.12)	($0.63)	($0.36)	($0.56)
Adjusted Weighted Average Basic Shares Outstanding	0.00	62.35M	0.00	0.00	0.00	78.42M	78.81M	78.85M	78.95M	78.93M
Adjusted Diluted Earnings per Share	$0.00	$0.52	$0.00	$0.00	$0.00	($1.38)	($4.12)	($0.63)	($0.36)	($0.56)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	62.35M	0.00	0.00	0.00	78.42M	78.81M	78.85M	78.95M	78.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	78.63M	0.00	0.00	0.00	79.12M	79.12M	79.23M	79.25M	79.86M
Normalized Net Operating Profit after Tax (NOPAT)	-22	-23	-35	-31	-36	-26	-33	-27	-17	-11
Normalized NOPAT Margin	-6.38%	-6.42%	-10.75%	-9.54%	-13.22%	-11.68%	-14.58%	-11.87%	-7.37%	-4.36%
Pre Tax Income Margin	-14.43%	-6.29%	-15.98%	-13.62%	-33.86%	-18.92%	-150.47%	-19.86%	-12.50%	-7.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-34.94	-10.60	-15.22	-10.37	-19.25	-9.25	-73.59	-5.68	-4.37	-2.97
NOPAT to Interest Expense	-25.80	-11.45	-10.59	-7.69	-13.87	-5.93	-51.71	-3.88	-2.96	-2.18
EBIT Less CapEx to Interest Expense	-40.20	-14.05	-17.79	-13.24	-22.26	-9.25	-76.50	-7.99	-7.69	0.26
NOPAT Less CapEx to Interest Expense	-31.06	-14.90	-13.16	-10.56	-16.88	-5.93	-54.62	-6.20	-6.27	1.05
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-42.19%	-257.48%	-52.94%	-32.53%	-24.08%	-8.19%	-2.62%	-1.28%	0.00%	0.00%
Augmented Payout Ratio	-42.19%	-257.48%	-52.94%	-32.53%	-24.08%	-8.66%	-2.63%	-1.29%	-3.45%	-3.94%

Key Financial Trends

In Q4 2024, ADTRAN delivered 7.7% year-over-year revenue growth to $242.9 million and generated positive EBITDA for the first time in the past year. Operating margins improved significantly, but net losses widened and cash-flow trends showed some softening relative to the prior quarter.

Revenue up 7.7% YoY in Q4 2024 to $242.85 M
EBITDA turned positive at $11.06 M vs. –$19.30 M in Q4 2023
Operating margin improved to –6.23% from –16.68% a year ago
Free Cash Flow to Firm (FCFF) strong at $484.7 M (driven by invested capital movements)
Net cash from operating activities down to $4.5 M from $42.0 M in Q3 2024
CapEx remained elevated at $15.7 M
Net debt increased to $105.9 M vs. $95.5 M in Q3 2024
Net loss of $43.5 M vs. net income of $34.9 M in Q4 2023
EPS of –$0.56 vs. +$0.52 a year earlier
Quick ratio fell to 0.90 from 1.15 in Q4 2023

06/21/25 06:06 PMAI Generated. May Contain Errors.

Frequently Asked Questions About ADTRAN's Financials

When does ADTRAN's financial year end?

According to the most recent income statement we have on file, ADTRAN's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has ADTRAN's net income changed over the last 2 years?

ADTRAN's net income appears to be on an upward trend, with a most recent value of -$441.05 million in 2024, rising from -$8.89 million in 2022. The previous period was -$259.34 million in 2023. Check out ADTRAN's forecast to explore projected trends and price targets.

What is ADTRAN's operating income?

ADTRAN's total operating income in 2024 was -$417.10 million, based on the following breakdown:

Total Gross Profit: $330.31 million
Total Operating Expenses: $747.42 million

How has ADTRAN's revenue changed over the last 2 years?

Over the last 2 years, ADTRAN's total revenue changed from $1.03 billion in 2022 to $922.72 million in 2024, a change of -10.0%.

How much debt does ADTRAN have?

ADTRAN's total liabilities were at $622.02 million at the end of 2024, a 2.1% decrease from 2023, and a 2.8% decrease since 2022.

How much cash does ADTRAN have?

In the past 2 years, ADTRAN's cash and equivalents has ranged from $77.57 million in 2024 to $108.64 million in 2022, and is currently $77.57 million as of their latest financial filing in 2024.

How has ADTRAN's book value per share changed over the last 2 years?

Over the last 2 years, ADTRAN's book value per share changed from 12.54 in 2022 to 1.70 in 2024, a change of -86.5%.

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This page (NASDAQ:ADTN) was last updated on 6/21/2025 by MarketBeat.com Staff

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ADTRAN (ADTN) Financials

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