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Napco Security Technologies (NSSC) FY2025 results: revenue $182 million, down 3.8% on the year

Napco Security Technologies, Inc. (NSSC) reported revenue of $182 million for fiscal 2025, the year ended 30 June 2025, down 3.8% on the year before. Net income was $43 million, down 12.9%, and diluted earnings per share $1.19. The figures are the company's own, from the 10-K it filed with the SEC on 25 August 2025.

Revenue
$182 million
-3.8% on the year
FY2018FY2025
Operating margin
25.5%
28.5% a year earlier
FY2018FY2025
Net income
$43 million
-12.9% on the year
FY2018FY2025
Diluted EPS
$1.19
-11.2% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue182189170-3.8%
Cost of revenue80.687.196.8-7.4%
Gross profit10110273.2-0.7%
Gross margin55.6%53.9%43.1%
Research and development12.610.89.3+16.9%
Selling, general and administrative42.237.233.6+13.5%
Operating income46.353.830.3-14.0%
Operating margin25.5%28.5%17.8%
Pre-tax income50.156.431.2-11.2%
Income tax6.76.64.1+1.4%
Effective tax rate13.3%11.6%13.1%
Net income43.449.827.1-12.9%
Net margin23.9%26.4%16.0%
Diluted EPS$1.19$1.34$0.73-11.2%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow53.545.424.7+18.0%
Capital expenditure2.11.63.0+32.7%
Free cash flow51.443.821.7+17.4%
Free cash flow margin28.3%23.2%12.8%
Cash from investing14.6-3.2-28.3
Cash from financing-50.4-12.8-2.2
Depreciation and amortisation2.01.81.6+7.4%
Share-based compensation1.51.71.5-12.7%
Buybacks36.8n/an/a
Dividends paid13.613.32.3+2.8%
Dividend per share$0.52$0.36$0.06+44.4%
Diluted shares, weighted36m37m37m-1.5%
Shares outstanding at period end36m37m37m-3.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity169179140-5.7%
Debt0.00.00.0
Operating lease liabilities5.35.55.7-3.2%
Other liabilities24.223.420.8+3.6%
Total liabilities and equity198208167-4.6%
Fixed assets9.29.19.3+1.7%
Intangible assets3.33.63.9-8.7%
Investments16.15.45.1+198.2%
Cash and equivalents83.165.336.0+27.1%
Receivables30.131.926.1-5.6%
Inventory30.034.835.1-13.9%
Other assets26.457.651.2-54.2%
Total assets198208167-4.6%

10-K for the year ended 30 June 2025, filed 25 August 2025: the filing.