Frequency Electronics, Inc. (FEIM) 株式分析

企業概要

Frequency Electronics, Inc. is a specialized enterprise engaged in the design, development, manufacturing, marketing, and sale of precision time and frequency control products specifically tailored for microwave integrated circuit applications. The company operates within the Technology sector, focusing on the Communication Equipment industry, which implies a critical role in providing infrastructure components essential for high-frequency signal processing and synchronization across various communication networks. As of the latest available data, the company maintains a market capitalization of $515.42M and employs a workforce of 216 individuals, with an annual revenue generated over the trailing twelve months (TTM) amounting to $67.81M. These valuation and operational figures indicate that Frequency Electronics, Inc. functions as a mid-cap entity with a relatively concentrated employee base, suggesting a lean operational structure typical of specialized technology manufacturers where high-value intellectual property drives revenue rather than mass production scale.

財務健全性

Over the trailing twelve months, the company reported a revenue of $67.81M, net income of $7.20M, and EBITDA of $8.63M. The significant gap between revenue and net income, where net income is approximately 10.6% of revenue while operating margins sit at 7.5%, reveals a cost structure that incurs substantial non-operating expenses or interest costs that materially impact the bottom line despite healthy gross profitability. The free cash flow stands at -$7,091,000, which indicates that the company is currently burning cash and lacks immediate financial flexibility to fund operations or capital expenditures without external financing or asset liquidation. The gross margin is reported at 38.0%, suggesting that the company retains a significant portion of revenue after direct costs, while the operating margin of 7.5% and profit margin of 10.6% reflect the efficiency of converting revenue into operational earnings and final profit, respectively. In terms of liquidity and leverage, the company holds $86,000 in cash against $8.13M in debt, resulting in a debt-to-equity ratio of 13.49, which characterizes the balance sheet as highly leveraged and potentially vulnerable to interest rate fluctuations or credit tightening. The current ratio of 2.60 suggests a conservative stance on short-term liquidity, as the company holds assets that are more than double its short-term liabilities, providing a buffer against immediate obligations. Furthermore, the Return on Equity (ROE) of 12.8% and Return on Assets (ROA) of 4.6% reveal that while the company generates decent returns on shareholder capital, its asset utilization is modest, likely influenced by the high debt burden and the capital-intensive nature of manufacturing precision components.

バリュエーション評価

The stock carries a P/E Ratio (TTM) of 71.74 and a Forward P/E of 46.14, indicating that the market expects a significant contraction in earnings relative to current levels, as the forward multiple is substantially lower than the trailing multiple. The price-to-book ratio stands at 8.55, which implies that the market is valuing the company at a significant premium over its tangible book value, reflecting intangible assets or growth expectations rather than physical asset backing. Alternative valuation metrics such as the price-to-sales ratio of 7.60 and an EV/EBITDA of 60.67 suggest that investors are pricing the stock based on revenue generation and earnings power with a high multiple, typical for technology firms facing high earnings volatility. The share price has fluctuated significantly over the past year, trading between a 52-week high of $61.47 and a 52-week low of $14.94, placing the current valuation context within a wide historical range that reflects extreme market sentiment shifts. With a Beta of 0.38, the stock exhibits low price volatility relative to the broader market, suggesting it may not move in lockstep with general market indices and potentially offering a different risk profile than large-cap technology peers.

Growth & Income

The company experienced a revenue growth of -10.8% year-over-year and an earnings growth of -90.0% year-over-year, indicating that earnings are shrinking at a much faster rate than revenue, which implies severe margin compression or one-time charges impacting profitability disproportionately. As a non-dividend payer, the company reports a dividend yield of N/A and a payout ratio of 0.0%, meaning that the firm reinvests its earnings into operations, R&D, or debt repayment rather than distributing income to shareholders. The combination of declining earnings growth and zero dividend distribution paints a growth and income profile where shareholder returns are currently derived solely from capital appreciation potential rather than yield or stable earnings expansion.