Powerfleet

AIOT · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

AIOT · Last close · November 6, 2026

$2.69

Powerfleet's revenue rose 22.4% to $444 million in fiscal 2026. Its operating margin was 4.4%, up from −7.1% a year earlier. Free cash flow was $9 million. The diluted share count rose 11.6%.

Powerfleet, Inc. Latest fiscal year ended March 31, 2026 10-K filed June 15, 2026 · 0001628280-26-043187 Updated November 7, 2026

Revenue

$444M

22.4%

Operating margin

4.4%

11.6 pts

Net income

−$21M

Free cash flow

$9M

Return on capital

2.2%

Market cap

$361M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Powerfleet does

Powerfleet sells tracking and monitoring systems for vehicles and equipment, combining small connected devices, video cameras and cloud software. Customers are fleet operators, trucking and shipping companies, rental car firms, car makers, and warehouses and factories that run forklifts and similar machines. Its central software platform, called Unity, collects data from many sources and turns it into reports and alerts.

Its products fall into two groups. Warehouse, Yard and Site products track equipment inside facilities and support safety and compliance, including video that detects people near moving trucks. On-Road products track heavy trucks, trailers, containers and their cargo, and can extend to rental cars and private fleets. It sells under the brands Powerfleet, Pointer, Cellocator, MiX by Powerfleet and Fleet Complete. In its fiscal year ended March 31, 2026, services made up 81.1% of total revenues.

Powerfleet is based in Woodcliff Lake, New Jersey, and had 2,658 employees worldwide on March 31, 2026. It has grown through acquisitions and is still working to combine them.

Its biggest risks, as it describes them

Not fully realizing the benefits of its acquisitions and business changes.
Past losses and a large accumulated deficit, with profit not assured.
Supply chain problems and reliance on a few suppliers for key parts.
Falling behind in fast-changing technology, including AI.
Possibly needing more capital to fund its operations.

From Powerfleet's annual report on Form 10-K, filed June 15, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Powerfleet lost money in fiscal 2026: a net loss of $21 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY25	FY26
Cash and short-term investments	26	18	19	44	36
Debt incl. finance leases	30	26	—	279	287
Net debt (negative means net cash)	4	9	—	235	250
Net debt to EBITDA	10.2x	6.7x	—	10.9x	3.1x
Debt to equity	0.3x	0.4x	—	0.6x	0.6x
Interest coverage	−3.0x	−7.0x	−7.8x	−1.3x	0.7x
Current ratio	2.0x	1.8x	1.4x	1.1x	1.1x
Quick ratio	1.6x	1.3x	1.0x	1.0x	1.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Powerfleet's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Powerfleet's projections

Insider trades

No officer, director or 10% owner of Powerfleet reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY25	FY26
Piotroski F-score	—	—	—
Rule of 40	−0.9%	—	24.4%
Altman Z''	−1.11	0.21	0.56
Accruals ratio	−4.6%	—	−5.5%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY25	FY26
Net income is positive	Fail	—	Fail
Cash from operations is positive	Pass	Fail	Pass
Return on assets rose	Pass	—	—
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	—	Pass
Share count didn't rise	Pass	—	Fail
Gross margin rose	Pass	—	Pass
Revenue rose relative to assets	Pass	—	—
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Powerfleet side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Powerfleet	FY26	22.4%	4.4%	2.0%	2.2%	3.1x	—
Aviat Networks	FY26	1.2%	4.4%	1.4%	3.3%	1.1x	5	Compare
Digi International	FY25	1.5%	13.1%	24.5%	6.3%	1.5x	6	Compare
Arlo Technologies	FY25	3.6%	1.1%	—	—	—	—	Compare
Harmonic	FY25	−26.1%	3.9%	26.9%	1.6%	−0.5x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

9 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY25	FY26
Income statement
Revenue	41	53	82	114	126	136	134	362	444
Revenue growth	—	29.6%	54.4%	38.7%	10.9%	7.9%	−1.6%	—	22.4%
Gross profit	21	26	38	59	60	65	67	194	246
Research and development	4	7	8	11	11	8	8	16	18
Operating income	−4	−6	−10	−4	−8	−7	−13	−26	20
Net income	−4	−6	−11	−9	−13	−7	−6	−51	−21
Diluted EPS (US$)	−0.26	−0.34	−0.59	−0.46	−0.64	−0.49	−0.49	−0.43	−0.15
Diluted shares (millions)	15	17	20	30	35	36	36	120	134
Cash flow
Cash from operations	4	−2	−7	9	−5	1	4	−3	30
Capital expenditure	0	0	1	3	2	4	4	20	22
Free cash flow	4	−2	−8	6	−8	−3	1	−23	9
Dividends paid	0	0	0	0	0	0	0	0	0
Share buybacks	0	1	0	0	0	0	0	3	0
Acquisitions	7	0	69	0	0	0	9	137	0
Stock-based compensation	2	2	4	4	5	4	4	9	8
Balance sheet at fiscal year end
Cash and short-term investments	5	11	16	18	26	18	19	44	36
Debt incl. finance leases	—	—	33	34	30	26	—	279	287
Total assets	—	58	223	220	230	218	218	910	956
Total liabilities	—	26	92	88	85	77	80	463	474
Shareholders' equity	33	32	84	79	92	69	58	447	476
Margins and ratios
Gross margin	51.1%	48.6%	46.8%	52.0%	47.4%	47.8%	50.2%	53.7%	55.5%
Operating margin	−10.0%	−10.8%	−11.9%	−3.0%	−6.5%	−5.1%	−9.4%	−7.1%	4.4%
Net margin	−9.4%	−10.9%	−13.4%	−7.9%	−10.1%	−5.0%	−4.2%	−14.1%	−4.6%
Free cash flow margin	8.6%	−3.7%	−10.2%	5.0%	−6.2%	−2.0%	0.7%	−6.4%	2.0%
Rule of 40 (growth + FCF margin)	—	25.9%	44.2%	43.7%	4.7%	5.9%	−0.9%	—	24.4%
Return on capital	—	—	—	−2.9%	−7.3%	−6.7%	—	—	2.2%
Return on equity	—	—	−18.9%	−11.0%	−14.9%	−8.4%	−9.0%	—	−4.5%
Return on assets	—	—	−7.8%	−4.1%	−5.7%	−3.0%	−2.6%	—	−2.2%
Net debt to EBITDA	—	—	—	3.2x	10.2x	6.7x	—	10.9x	3.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Powerfleet's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Powerfleet.