AvePoint

AVPT · Nasdaq · Information Technology · Financials, fiscal 2019 to 2025

AVPT · Last close · November 6, 2026

$16.55

AvePoint's revenue rose 26.9% to $420 million in fiscal 2025. Its operating margin was 7.9%, up from 2.2% a year earlier. Free cash flow was $82 million, down 5.0%. It paid out $50 million in dividends and buybacks, 61% of free cash flow. The diluted share count rose 24.8%.

AvePoint, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001437749-26-005907 Updated November 6, 2026

Revenue

$420M

26.9%

Operating margin

7.9%

5.7 pts

Net income

$35M

Free cash flow

$82M

5.0%

Return on equity

9.3%

21.2 pts

Market cap

$3.7B

Nov 6 close

P/E

48.7x

On $0.34 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. 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 AvePoint does

AvePoint sells software that helps organizations protect, govern and manage their data in the cloud. Its AvePoint Confidence Platform works with services such as Microsoft, Salesforce, Google, Amazon Web Services, Box and Dropbox. The company says the spread of AI tools makes poor data hygiene riskier, because AI can expose sensitive information or cause compliance failures.

The platform has three suites. The Control suite automates data governance and tracks access and risk across collaboration tools. The Resilience suite handles backup, ransomware recovery and lifecycle management. The company also sells related services. Customers are mostly IT, security and development teams.

AvePoint describes a recurring revenue model: as customers use more of the platform, they gain more value and switching costs rise. It sells directly and, for small and medium-sized businesses, through resale and distribution partners. It also relies on third-party data centers to run the platform.

Its biggest risks, as it describes them

Recent strong growth may not continue.
Difficulty predicting how many customers will renew, and how that affects revenue.
Falling behind rapid changes in technology and customer needs.
Dependence on resale and distribution partners to reach small and medium-sized customers.
Reliance on third-party data centers, whose outages or higher costs could hurt service.

From AvePoint's annual report on Form 10-K, filed February 26, 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

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

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	FY24	FY25
Cash and short-term investments	271	230	227	291	481
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	−13.2x	−12.4x	−2.5x	1.0x	4.8x
Current ratio	3.0x	2.1x	1.8x	1.8x	2.3x
Quick ratio	3.0x	2.1x	1.8x	1.8x	2.3x

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 AvePoint'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 AvePoint's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought AvePoint shares on the open market, and 2 insiders sold $3.4 million, all of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 23, 2026	Brian Michael BrownChief Legal Officer, Director	Sold plan	10,000	$13.07	$130,700	Form 4
Aug 27, 2026	Brian Michael BrownChief Legal Officer, Director	Sold plan	60,000	$14.20	$852,000	Form 4
Aug 24, 2026	Brian Michael BrownChief Legal Officer, Director	Sold plan	10,000	$13.30	$133,000	Form 4
Jul 29, 2026	Brian Michael BrownChief Legal Officer, Director	Sold plan	5,176	$13.06	$67,599	Form 4
Jul 28, 2026	Brian Michael BrownChief Legal Officer, Director	Sold plan	4,824	$13.08	$63,098	Form 4
Jul 15, 2026	Brian Michael BrownChief Legal Officer, Director	Sold plan	31,631	$13.18	$416,897	Form 4
Jul 14, 2026	Brian Michael BrownChief Legal Officer, Director	Sold plan	8,369	$13.00	$108,797	Form 4
Jan 13, 2026	Xunkai GongExecutive Chairman, Director	Sold plan	27,998	$13.39	$374,893	Form 4
Jan 12, 2026	Xunkai GongExecutive Chairman, Director	Sold plan	32,002	$13.66	$437,147	Form 4
Dec 9, 2025	Xunkai GongExecutive Chairman, Director	Sold plan	10,465	$13.38	$140,022	Form 4
Dec 8, 2025	Xunkai GongExecutive Chairman, Director	Sold plan	49,535	$13.46	$666,741	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. 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	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	29.0%	47.6%	46.4%
Altman Z''	−0.36	0.21	2.72
Accruals ratio	−13.2%	−24.5%	−7.7%

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	FY24	FY25
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—

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

Compare

Put AvePoint 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
AvePoint	FY25	26.9%	7.9%	19.4%	—	—	—
Via Transportation	FY25	28.6%	−17.6%	−7.5%	—	—	—	Compare
Alkami Technology	FY25	32.9%	−12.1%	9.3%	—	—	3	Compare
Yext	FY26	6.1%	10.0%	11.9%	63.1%	−0.8x	5	Compare
Xperi	FY25	−9.2%	−9.8%	−1.3%	−9.6%	−15.2x	3	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.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	116	152	192	232	272	330	420
Revenue growth	—	30.5%	26.6%	21.1%	17.0%	21.6%	26.9%
Gross profit	80	111	139	166	194	248	311
Research and development	11	12	32	31	36	49	53
Operating income	−19	−15	−54	−41	−15	7	33
Net income	−20	−17	−35	−42	−22	−29	35
Diluted EPS (US$)	−1.72	−0.57	−0.48	—	−0.12	−0.16	0.15
Diluted shares (millions)	74	90	142	182	182	184	229
Cash flow
Cash from operations	−2	19	5	−1	35	89	85
Capital expenditure	1	1	2	4	2	3	4
Free cash flow	−3	18	3	−5	33	86	82
Dividends paid	0	0	0	0	0	0	0
Share buybacks	0	0	2	20	39	33	50
Acquisitions	0	0	0	19	0	0	15
Stock-based compensation	14	34	60	37	36	39	39
Balance sheet at fiscal year end
Cash and short-term investments	1	70	271	230	227	291	481
Debt incl. finance leases	—	—	—	—	—	—	—
Total assets	353	169	389	416	443	519	789
Total liabilities	35	149	133	172	218	248	310
Shareholders' equity	−199	−193	250	229	219	271	479
Margins and ratios
Gross margin	68.7%	73.4%	72.4%	71.5%	71.5%	75.0%	74.1%
Operating margin	−16.4%	−10.2%	−27.9%	−17.7%	−5.7%	2.2%	7.9%
Net margin	−17.4%	−11.2%	−18.4%	−17.9%	−8.0%	−8.8%	8.3%
Free cash flow margin	−2.7%	11.9%	1.3%	−2.0%	12.0%	26.0%	19.4%
Rule of 40 (growth + FCF margin)	—	42.5%	28.0%	19.1%	29.0%	47.6%	46.4%
Return on capital	—	—	—	—	—	—	—
Return on equity	—	—	−122.4%	−17.4%	−9.7%	−11.9%	9.3%
Return on assets	—	−6.5%	−12.6%	−10.3%	−5.1%	−6.0%	5.3%
Net debt to EBITDA	—	—	—	—	—	—	—

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