BK Technologies

BKTI · NYSE · Information Technology · Financials, fiscal 2016 to 2025

BKTI · Last close · November 6, 2026

$66.94

BK Technologies' revenue rose 12.5% to $86 million in fiscal 2025. Its operating margin was 18.6%, up from 10.2% a year earlier. Free cash flow was $18 million, up 59.6%. It paid out $1 million in dividends and buybacks, 6% of free cash flow. The diluted share count rose 6.1%.

BK Technologies Corp Latest fiscal year ended December 31, 2025 10-K filed March 12, 2026 · 0001437749-26-007826 Updated November 7, 2026

Revenue

$86M

12.5%

Operating margin

18.6%

8.3 pts

Net income

$14M

61.9%

Free cash flow

$18M

59.6%

Return on equity

36.3%

3.6 pts

Market cap

$268M

Nov 6 close

P/E

19.6x

On $3.41 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 BK Technologies does

BK Technologies makes communications equipment for first responders and other public safety workers. It has been in business for over 70 years and runs two product groups through its operating subsidiary. The Radio group designs, makes and sells two-way land mobile radios, handheld and vehicle-mounted, that follow a public safety standard called Project 25, plus accessories. The Solutions group sells smartphone apps, branded BK ONE, that run over public cellular networks and give police, fire and medical crews more information in the field. Paired with its radios, it says they extend the reach of its radio sales.

Its customers are mainly government agencies at the federal, state and local level, such as emergency response, public safety, homeland security and military, along with some industrial and commercial companies. Sales to the U.S. government were approximately 29% of total sales in 2025.

BK says it competes with firms that have wider sales networks. It is replacing its older radios with a new line called the BKR Series. At the end of 2025 it had 120 employees, mostly at its West Melbourne, Florida site.

Its biggest risks, as it describes them

Depending on one product line, its land mobile radios.
Relying heavily on sales to the U.S. government, whose contracts are tightly regulated and can be ended.
Competition from rivals with larger sales and distribution networks.
Fixed-price contracts that cause losses if it misjudges its costs.
Restrictive covenants in its credit agreement that may limit its flexibility.

From BK Technologies's annual report on Form 10-K, filed March 12, 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

From fiscal 2016 to 2025, earnings per share grew 38.0% a year and net income 19.6% a year.

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	FY24	FY25
Cash and short-term investments	11	2	4	7	23
Debt incl. finance leases	3	2	—	—	—
Net debt (negative means net cash)	−8	1	—	—	—
Net debt to EBITDA	−38.4x	—	—	—	—
Debt to equity	0.1x	0.1x	—	—	—
Interest coverage	−22.6x	−77.0x	−1.4x	29.4x	60.3x
Current ratio	3.1x	1.6x	1.8x	2.6x	4.2x
Quick ratio	1.7x	0.6x	0.7x	1.4x	2.9x

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 BK Technologies' 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 BK Technologies' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought BK Technologies shares on the open market, and 1 insider sold $248,224.

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
Jun 12, 2026	John M SuzukiCEO & President, Director	Sold	223	$85.02	$18,959	Form 4
Jun 11, 2026	John M SuzukiCEO & President, Director	Sold	2,777	$82.56	$229,265	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	44.8%	18.4%	33.8%
Altman Z''	1.32	4.39	7.87
Accruals ratio	−7.9%	−8.7%	−10.2%

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

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

Compare

Put BK Technologies 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
BK Technologies	FY25	12.5%	18.6%	21.4%	—	—	—
Lantronix	FY26	−1.6%	−3.4%	7.7%	−5.1%	—	7	Compare
Ondas	FY25	605.3%	−115.1%	−80.4%	—	—	4	Compare
Clearfield	FY25	19.6%	1.4%	14.5%	—	—	—	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.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	51	39	49	40	44	45	51	74	77	86
Revenue growth	70.5%	−22.3%	25.4%	−18.8%	10.1%	2.8%	12.3%	45.4%	3.4%	12.5%
Gross profit	50	10	20	16	18	16	10	22	29	42
Research and development	4	5	8	10	8	—	10	9	8	11
Operating income	4	−5	2	−4	1	−1	−11	−1	8	16
Net income	3	−4	−0	−3	0	−2	−12	−2	8	14
Diluted EPS (US$)	0.19	−0.27	−0.01	−0.21	0.02	−0.11	−0.69	−0.65	2.25	3.44
Diluted shares (millions)	0	0	0	0	0	0	0	3	4	4
Cash flow
Cash from operations	11	−2	5	−2	4	−6	−9	2	13	19
Capital expenditure	1	1	1	2	1	2	2	2	1	1
Free cash flow	9	−3	4	−5	4	−9	−11	−0	12	18
Dividends paid	0	0	0	0	0	1	2	0	0	0
Share buybacks	0	1	3	1	0	0	0	0	0	1
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	0	0	0	0	0	0	0	0	—	—
Balance sheet at fiscal year end
Cash and short-term investments	11	7	11	5	7	11	2	4	7	23
Debt incl. finance leases	—	—	—	—	—	3	2	—	—	—
Total assets	42	43	39	38	39	50	49	49	52	64
Total liabilities	7	11	12	15	15	18	29	28	22	19
Shareholders' equity	36	32	28	23	24	33	20	21	30	45
Margins and ratios
Gross margin	99.6%	24.2%	40.5%	39.0%	40.9%	35.9%	19.3%	30.0%	37.9%	48.8%
Operating margin	8.4%	−12.8%	4.9%	−10.9%	2.2%	−2.6%	−21.8%	−1.1%	10.2%	18.6%
Net margin	5.3%	−9.2%	−0.4%	−6.6%	0.4%	−3.8%	−22.8%	−3.0%	10.9%	15.7%
Free cash flow margin	18.4%	−7.4%	7.9%	−12.3%	7.9%	−19.2%	−21.1%	−0.6%	15.1%	21.4%
Rule of 40 (growth + FCF margin)	88.9%	−29.7%	33.2%	−31.1%	18.0%	−16.4%	−8.8%	44.8%	18.4%	33.8%
Return on capital	—	—	—	—	—	—	−38.2%	—	—	—
Return on equity	7.6%	−10.7%	−0.7%	−10.3%	0.8%	−6.0%	−44.1%	−10.8%	32.7%	36.3%
Return on assets	6.6%	−8.5%	−0.5%	−6.8%	0.5%	−3.8%	−23.4%	−4.5%	16.6%	23.5%
Net debt to EBITDA	—	—	—	—	—	−38.4x	—	—	—	—

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