Frequency Electronics Inc (FEIM)
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 58.00 $ — 59% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralFrequency Electronics baut Präzisions-Frequenz- und Zeitgeber-Technik (Quarz- und Atom-Oszillatoren) für Raumfahrt- und Verteidigungsprogramme; in allen sechs geprüften Filings — vier 10-Qs bis einschließlich Q3 GJ2026 (Quartal per 31.01.2026) und zwei 10-Ks für GJ2025/GJ2024 (Geschäftsjahresende 30.04.) — gibt es keinen einzigen Treffer zu „artificial intelligence“, „machine learning“, „generative“, „neural network“, „deep learning“, „LLM“ oder eigenständigem „AI“ (doppelt geprüft: Skill-Extraktor plus separater Begriffs-Grep). Keine KI-Umsatzquelle, kein KI-Geschäftsrisiko, kein belegter operativer KI-Einsatz — Negativ-Befund dokumentiert. Hinweis: Der neue 10-K für das am 30.04.2026 beendete Geschäftsjahr war für den 09.07.2026 angekündigt und lag zum Prüfzeitpunkt (08.07.2026) noch nicht bei EDGAR vor; bewertet wurden die sechs jüngsten verfügbaren Filings.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-03-17 · 10-Q 2025-12-15 · 10-Q 2025-09-15 · 10-Q 2025-03-17 · 10-K 2025-07-18 · 10-K 2024-08-02
Rated on July 8, 2026 · How the Rating Is Built
What the Earnings Calls Reveal
Red flags Shifting targetsFrequency Electronics delivered on its major operational commitments: backlog rose above 100 million dollars as announced in 2026-Q2, the new TURBO product arrived in fiscal 2026 as promised in 2025-Q4, and the revenue pull-forward in strong fiscal 2025 was flagged proactively. What stands out, however, is how the company handles metric-level statements: the R&D plan was silently dropped within one quarter, a missed Q1 expectation was reframed after the fact, and in the weakest quarter of the series management introduced aggressive multi-year targets along with adjusted metrics for the first time. Read chronologically, the calls show a management team that executes operationally but repeatedly moves interim goalposts without reconciling earlier statements.
9 calls reviewed, 2024-Q4 through 2026-Q4 · As of August 2, 2026
R&D guidance dropped within one quarter
In 2025-Q1 (September 2024) management cited an annual R&D plan of roughly 3 to 4 million dollars, confirmed a trend toward 5 percent of revenue when asked, and said it did not anticipate a significant increase in spending. Just one quarter later, in 2025-Q2, R&D was suddenly described as about 10 percent of revenue and expected to stay there for the foreseeable future, with the prior year reframed as underspending. Fiscal 2025 actually closed with 6.1 million dollars of R&D, 9 percent of revenue and more than 50 percent above the plan stated in 2025-Q1. In 2025-Q4 the target for the following year shifted again to a range of 6 to 9 percent. At no point did any call reconcile or even mention the contradictory statement from the preceding quarter.
Missed quarter reframed after the fact
On the 2025-Q4 call (July 2025) the CEO only warned in general terms not to expect every quarter at record levels because revenue had been pulled forward. In 2026-Q1 this became the retroactive claim that management had expected the first quarter to look like the first two quarters of fiscal 2025. Even that after-the-fact benchmark was missed: 13.8 million dollars of revenue versus 15.1 and 15.8 million in the comparison quarters, attributed to customer-driven delays. The pledge that the shortfall would be made up predominantly within fiscal 2026 is not visible in the results: revenue then declined sequentially from 17.1 (2026-Q2) to 16.9 (2026-Q3) to 15.4 million dollars (2026-Q4), and the full year closed 9 percent below the prior year.
Colorado pledge never confirmed
In 2026-Q1 management announced that the new Boulder, Colorado site would contribute positively to the bottom line by the third quarter of fiscal 2026. In 2026-Q2 this was explicitly reaffirmed when asked directly. On the 2026-Q3 call there was no word on whether the pledge had been met; instead the CFO named ongoing Colorado investments as the largest driver of the quarter's elevated operating expenses. Operating income fell to 1.3 million dollars in 2026-Q3 from 3.5 million in the prior-year quarter. The pledge thus remained unsubstantiated, and the available figures point the other way.
Biggest promises in the weakest quarter
After repeatedly stressing in 2025-Q4, 2026-Q1 and 2026-Q3 that the company does not provide guidance, management presented three-year targets for the first time in 2026-Q4: at least 150 million dollars of revenue by fiscal 2029, a minimum 50 percent gross margin and a 30 percent operating margin. This came in the weakest quarter of the series, with revenue down 23 percent year over year, a 3.8 million dollar write-down on the discontinued Elcom unit and adjusted metrics introduced for the first time (adjusted operating margin for the quarter: 1 percent). In parallel, buzzword density rose sharply from 2026-Q1 onward, from Golden Dome and SHIELD to quantum, Alt-PNT and lunar missions, including the line that this is not your grandfather's FEI. The tonal shift from the sober engineering style of the 2024-Q4 to 2025-Q3 calls to an investor story is unmistakable.
Core commitments were delivered
For fair balance: management kept its major verifiable commitments. The roughly 40 percent gross margin targeted in 2024-Q4 for fiscal 2025 was exceeded at 43 percent. The backlog mark of over 100 million dollars flagged in 2026-Q2 stood at 111 million dollars in 2026-Q4, with a nearly threefold book-to-bill in the final quarter. The TURBO product announced in 2025-Q4 for fiscal 2026 generated its first meaningful revenue according to 2026-Q3. The warning about pulled-forward revenue also came proactively in 2025-Q4, before the weakness became visible.
Management promises
-
2024-Q4 kept
Gross margin of roughly 40 percent for fiscal 2025.
Exceeded: fiscal 2025 closed with a gross margin of about 43 percent, and 2025-Q1 even delivered the highest quarterly margin in 24 years.
-
2025-Q1 broken
R&D spending of roughly 3 to 4 million dollars in fiscal 2025, no significant increase, trending toward 5 percent of revenue.
Broken: by 2025-Q2 the message had flipped to 10 percent of revenue for the foreseeable future, and the year ended at 6.1 million dollars or 9 percent, with the earlier statement never reconciled.
-
2025-Q2 kept
Government funding for quantum sensing expected within the next two quarters.
Broadly kept: in 2025-Q4 management confirmed externally funded magnetometer development (funded via a contractor), and 2026-Q3 reported quantum sensing awards won, including out of Colorado.
-
2025-Q4 kept
The compact rubidium product TURBO will be available in fiscal 2026.
Kept: 2026-Q2 confirmed the revenue expectations and in 2026-Q3 management reported significant TURBO revenue beginning to come in.
-
2026-Q1 open
The first-quarter revenue shortfall will be made up predominantly within fiscal 2026.
Not verifiable: 2026-Q2 said a significant portion had come back, but revenue then declined sequentially and fiscal 2026 closed 9 percent below the prior year; full recovery was never demonstrated.
-
2026-Q1 open
The new Boulder, Colorado site will contribute positively to the bottom line by the third quarter of fiscal 2026.
Critically open: explicitly reaffirmed in 2026-Q2 but never confirmed on the 2026-Q3 call; instead the CFO named Colorado as the largest driver of the quarter's elevated operating expenses.
-
2026-Q2 kept
Backlog of more than 100 million dollars in the not too distant future.
Kept: at fiscal 2026 year-end (2026-Q4) funded backlog stood at a record 111 million dollars.
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2026-Q4 open
At least 150 million dollars of revenue by fiscal 2029, minimum 50 percent gross margin and 30 percent operating margin; multiple record quarters in fiscal 2027.
Open: first-ever multi-year targets, announced in the weakest quarter of the series; they imply 34 percent annual growth and a doubling of margin levels and must be measured against the coming quarters.
Based on public earnings call transcripts. Reviewed: 9 transcripts 2024-Q4 through 2026-Q4.
Growth Score
5 of 10 Solid growthTen checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 15.7% passed
- More than 10% revenue growth is expected for the coming year 21.7% passed
- Share count grows by less than 3% a year 1.6% passed
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -11.9% failed
- Gross margin at 40% or higher and without meaningful erosion 29.1% failed
- Goodwill from acquisitions does not grow faster than revenue 0.2% passed
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years -20 m failed
- Return on capital at 15% or higher, or up versus two years ago -4.3% failed
- Insiders hold at least 10% or are net buyers 13.5% passed
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 39.7% above the current price.
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 04/30/2027 | 0.93 | 0.93 – 0.93 | 80 | 952.0% | 1 |
| 04/30/2028 | 1.91 | 1.91 – 1.91 | 108 | 67.7% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 0.15 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.27 | 233.00 | 16 | 16.50 | 16.80 | 4 | 4 |
| 2025: Q1 | 1.57 | 11,750.00 | 19 | 38.00 | 81.40 | -4 | -4 |
| 2025: Q2 | 0.32 | 21.80 | 20 | 28.30 | 16.00 | 0 | -2 |
| 2025: Q3 | 0.06 | -73.90 | 14 | -8.40 | 4.60 | 1 | 0 |
| 2025: Q4 | 0.18 | -32.10 | 17 | 8.30 | 10.50 | -1 | -1 |
| 2026: Q1 | 0.16 | -89.80 | 17 | -10.80 | 9.30 | -1 | -2 |
| 2026: Q2 | -0.50 | -256.30 | 15 | -23.00 | -31.80 | 2 | 2 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 50 | -8 | -5 | -0.55 | 4 | 89 | 113 |
| 2018 | 39 | -12 | -24 | -2.69 | 5 | 63 | 84 |
| 2019 | 50 | -3 | -3 | -0.28 | 0 | 63 | 87 |
| 2020 | 42 | -11 | -10 | -1.10 | -1 | 54 | 91 |
| 2021 | 54 | -1 | 1 | 0.07 | 12 | 55 | 99 |
| 2022 | 48 | -8 | -9 | -0.93 | 4 | 47 | 85 |
| 2023 | 41 | -5 | -6 | -0.59 | 1 | 33 | 91 |
| 2024 | 55 | 5 | 6 | 0.59 | 9 | 40 | 98 |
| 2025 | 70 | 12 | 24 | 2.48 | -1 | 56 | 94 |
| 2026 | 63 | -3 | -1 | -0.09 | 1 | 56 | 91 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
About the Company
Frequency Electronics, Inc. befasst sich zusammen mit seinen Tochtergesellschaften mit dem Entwurf, der Entwicklung, der Herstellung, der Vermarktung und dem Verkauf präziser Zeit- und Frequenzsteuerungsprodukte und -komponenten für Mikrowellen-Schaltungsanwendungen.
| Employees | 232 |
|---|---|
| Headquarters | Mitchel Field, NY |
| Address | 55 Charles Lindbergh Boulevard, 11553 Mitchel Field, United States |
| Phone | 516 794 4500 |
| Website | freqelec.com |
| IPO Date | 1. Sep 1983 |
| ISIN | US3580101067 |
| Stock Split | 3:2 on 12/02/1997 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Oleandro Mancini | Senior Vice President of Business Development | 1949 |
| James Jerome Davis | President of FEI-Elcom Tech Inc | 1954 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 28. Jul 2026 | Edenbrook Capital, LLC | Director | Sell | 554,348 | 57.50 | 31,875,010 |
| 28. Jul 2026 | Edenbrook Capital, LLC | Director | Sell | 97,826 | 57.50 | 5,624,995 |
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.