Ceragon Networks Ltd. (CRNT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	—	$0.02	—	—	$93.9M	—
Q1 26	$0.01	$0.01	0.0%	—	$85M	—
Q3 25	$0.03	$0.02	-33.3%	—	$85.5M	—
Q2 25	$0.03	$0.03	0.0%	—	$82.3M	—
Q1 25	$0.03	$0.03	0.0%	—	$88.7M	—
Q4 24	$0.09	$0.09	0.0%	—	$106.9M	—
Q3 24	$0.09	$0.16	+77.8%	—	$102.7M	—
Q2 24	$0.06	$0.11	+83.3%	—	$96.1M	—
Q1 24	$0.04	$0.05	+25.0%	—	$88.5M	—
Q4 23	$0.02	$0.04	+100.0%	—	$90.4M	—
Q3 23	$0.05	$0.06	+20.0%	—	$87.3M	—
Q2 23	$0.03	$0.05	+66.7%	—	$86.2M	—
Q1 23	$0.02	$0.04	+100.0%	—	$83.4M	—
Q4 22	$0.02	-$0.03	-250.0%	—	$75.5M	—
Q3 22	—	$0.05	—	—	$78.6M	—
Q2 22	-$0.02	-$0.03	-50.0%	—	$70.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.02	—	—	$338.7M	—
FY24	—	$0.28	—	—	$394.2M	—
FY23	—	$0.07	—	—	$347.2M	—
FY22	—	-$0.09	—	—	$295.2M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$293.6M	$332M	$343.9M	$285.6M	$262.9M	$290.8M	$295.2M	$347.2M	$394.2M	$338.7M
YoY change	-16%	+13.1%	+3.57%	-17%	-7.95%	+10.6%	+1.52%	+17.6%	+13.5%	-14.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	293.6M	332M	343.9M	285.6M	262.9M	290.8M	295.2M	347.2M	394.2M	338.7M
Cost of revenue	194.5M	224.7M	227.7M	188.7M	187.2M	202.4M	202.1M	227.3M	257.3M	224.2M
Gross profit	99.2M	107.3M	116.2M	96.8M	75.6M	88.4M	93.1M	119.9M	136.9M	114.6M
Gross margin	33.8%	32.3%	33.8%	33.9%	28.8%	30.4%	31.5%	34.5%	34.7%	33.8%
Research & development	21.7M	25.7M	28.2M	26.8M	31M	29.5M	29.7M	32.3M	35M	30.4M
Selling, general & administrative	59.9M	58.5M	61.8M	62.7M	52.2M	54.1M	70.1M	64.4M	58.9M	73.1M
Operating expenses	79.7M	82.4M	89.6M	89.5M	83.2M	83.6M	104M	96.6M	95M	103.5M
Operating income	19.5M	23.1M	26.1M	7.3M	-7.6M	4.8M	-10.9M	23.2M	41.8M	11.1M
Operating margin	6.64%	6.97%	7.6%	2.56%	-2.88%	1.65%	-3.71%	6.69%	10.6%	3.26%
Non-operating income, net	-2.8M	-1.2M	-1.9M	-2.4M	-2.4M	-3.9M	-1.4M	-2.8M	-8.3M	-5.4M
Pretax income	13.2M	17.3M	19.8M	781K	-13.5M	-3.8M	-17.2M	12.7M	27.3M	708K
Income tax	1.8M	1.7M	-3.3M	2.5M	2.6M	11M	2.4M	6.5M	3.2M	2.8M
Net income	11.4M	15.6M	23M	-2.3M	-17.1M	-14.8M	-19.7M	6.2M	24.1M	-2.1M
Net margin	3.89%	4.69%	6.7%	-0.82%	-6.5%	-5.1%	-6.67%	1.79%	6.1%	-0.62%
EBITDA	29.8M	32.5M	34M	16.7M	5.9M	17M	210K	33M	53.6M	25.4M
EPS	0.15	0.2	0.29	-0.03	-0.21	-0.18	-0.09	0.07	0.28	-0.02
Diluted EPS	0.15	0.19	0.28	-0.03	-0.21	-0.18	-0.09	0.07	0.27	-0.02

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	87.3M	90.4M	88.5M	96.1M	102.7M	106.9M	88.7M	82.3M	85.5M	82.3M	85M	93.9M
Cost of revenue	57M	59.3M	56.4M	62.6M	67.7M	70.5M	59.6M	53.8M	56.1M	54.7M	54.9M	64.2M
Gross profit	30.3M	31.1M	32.1M	33.5M	34.9M	36.4M	29.1M	28.4M	29.4M	27.7M	30.1M	29.7M
Gross margin	34.7%	34.4%	36.2%	34.8%	34%	34%	32.8%	34.6%	34.3%	33.6%	35.4%	31.7%
Research & development	7.5M	9.1M	8.8M	8.4M	8.8M	9M	8.2M	7.3M	7M	7.9M	7.9M	8.4M
Selling, general & administrative	15.9M	17M	17.1M	13.8M	11.6M	16.5M	17.7M	18.7M	18.6M	18.1M	19.5M	19.7M
Operating expenses	23.3M	26.1M	26M	22.2M	20.3M	25.4M	26M	26M	25.6M	25.9M	27.5M	28.1M
Operating income	7M	5M	6.1M	11.3M	14.6M	9.8M	3.1M	2.4M	3.8M	1.7M	2.6M	1.6M
Operating margin	7.97%	5.54%	6.89%	11.7%	14.3%	9.17%	3.52%	2.97%	4.41%	2.08%	3.09%	1.69%
Non-operating income, net	-283K	-1.6M	-1.9M	-915K	—	-5.5M	-4.2M	-229K	-20K	-915K	-540K	-1.4M
Pretax income	5M	767K	1.4M	8.4M	12.8M	4.7M	-100K	-679K	777K	710K	-771K	-1.4M
Income tax	1.6M	2M	955K	609K	580K	1M	880K	588K	749K	581K	572K	665K
Net income	3.4M	-1.2M	403K	7.8M	12.2M	3.6M	-980K	-1.3M	28K	129K	-1.3M	-2.1M
Net margin	3.86%	-1.33%	0.46%	8.15%	11.9%	3.38%	-1.11%	-1.54%	0.03%	0.16%	-1.58%	-2.23%
EBITDA	9.3M	7.3M	9M	14.2M	17.6M	10M	10.7M	6.3M	7.2M	1.2M	6.6M	6.4M
EPS	0.04	-0.01	0	0.09	0.14	0.04	-0.01	-0.01	0	0	-0.01	-0.02
Diluted EPS	0.04	-0.01	0	0.09	0.14	0.04	-0.01	-0.01	0	0	-0.01	-0.02

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	203.6M	154.3M	297M	168.6M	225.6M	215.2M	160.7M	182.8M	402.5M	188.6M	189M
Enterprise value	180.8M	122.9M	260.9M	169.6M	211.5M	234.5M	192.2M	204.7M	408.3M	186.5M	186.1M
Shares outstanding	77.7M	77.9M	78.6M	80.3M	81.1M	83.4M	84.1M	84.6M	86.2M	89.8M	89.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	17.8	9.91	12.9	—	—	—	—	29.4	16.7	—	115
P/S	0.69	0.46	0.86	0.59	0.86	0.74	0.54	0.53	1.02	0.56	0.54
P/B	1.75	1.15	1.86	1.05	1.54	1.57	1.34	1.36	2.42	1.09	1.08
EV/EBITDA	6.07	3.78	7.67	10.2	36	13.8	915.1	6.2	7.61	7.33	7.82
EV/Sales	0.62	0.37	0.76	0.59	0.8	0.81	0.65	0.59	1.04	0.55	0.54
Earnings yield	5.61%	10.1%	7.76%	—	—	—	—	3.4%	5.98%	—	0.87%
FCF yield	8.64%	4.67%	2.96%	-16.5%	4.77%	-11.4%	-10.8%	9.84%	2.42%	7.49%	15%
PEG	—	—	—	—	—	—	—	—	—	—	1.15

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	33.8%	32.3%	33.8%	33.9%	28.8%	30.4%	31.5%	34.5%	34.7%	33.8%	31.7%
Operating margin	6.64%	6.97%	7.6%	2.56%	-2.88%	1.65%	-3.71%	6.69%	10.6%	3.26%	1.69%
Net margin	3.89%	4.69%	6.7%	-0.82%	-6.5%	-5.1%	-6.67%	1.79%	6.1%	-0.62%	-0.95%
ROE	9.84%	11.6%	14.4%	-1.46%	-11.7%	-10.8%	-16.4%	4.64%	14.5%	-1.21%	-1.91%
ROA	4.68%	6.14%	8.14%	-0.81%	-6.27%	-5.07%	-6.81%	2.08%	6.97%	-0.66%	1.86%
ROIC	18.1%	20.4%	21.2%	0%	-5.74%	3.07%	-7.23%	7.27%	21.4%	0%	5.84%
Return on tangible assets	4.74%	6.24%	8.54%	-0.86%	-6.57%	-5.3%	-7.21%	2.49%	8.13%	-0.84%	-1.35%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.87	2	2.04	2.07	1.99	1.76	1.59	1.64	1.72	1.87	1.85
Quick ratio	1.46	1.49	1.56	1.47	1.49	1.23	1.04	1.12	1.33	1.36	1.35
Debt / equity	0.15	—	—	0.16	0.09	0.27	0.45	0.37	0.25	0.21	0.17
Debt / assets	0.07	—	—	0.09	0.05	0.12	0.19	0.17	0.12	0.11	0.09
Net debt / EBITDA	-0.77	—	—	0.06	-2.4	1.14	149.9	0.67	0.11	-0.08	-0.28
Interest coverage	4.48	4.57	5.31	1.21	-2.27	0.18	-2.44	2.69	5.56	1.14	1.14
Effective tax rate	13.4%	9.83%	0%	100%	0%	0%	0%	51.2%	11.7%	100%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.78	4.26	4.38	3.56	3.24	3.49	3.51	4.1	4.57	3.77	3.82
EPS (basic)	0.15	0.2	0.29	-0.03	-0.21	-0.18	-0.09	0.07	0.28	-0.02	-0.02
EPS (diluted)	0.15	0.19	0.28	-0.03	-0.21	-0.18	-0.09	0.07	0.27	-0.02	-0.03
Book value per share	1.49	1.72	2.03	2	1.8	1.64	1.42	1.58	1.93	1.92	1.89
FCF per share	0.23	0.09	0.11	-0.35	0.13	-0.3	-0.21	0.21	0.11	0.16	0.14
Cash per share	0.51	0.4	0.46	0.3	0.33	0.2	0.27	0.33	0.41	0.43	0.38
Capex per share	0.11	0.11	0.13	0.14	0.07	0.11	0.12	0.12	0.17	0.04	0.06

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.79%	2.57%	3%	4.06%	2.31%	3.16%	3.55%	2.87%	3.7%	1.13%	1.45%
Capex / operating cash flow	23.4%	45.8%	50.4%	-126.5%	39.7%	-67.8%	-1.4K%	34.2%	66%	12.1%	16.9%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$87.3M	$90.4M	$88.5M	$96.1M	$102.7M	$106.9M	$88.7M	$82.3M	$85.5M	$82.3M	$85M	$93.9M
YoY change	+10.9%	+19.6%	+6.1%	+11.5%	+17.7%	+18.3%	+0.17%	-14.4%	-16.7%	-23%	-4.12%	+14.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	39.8M	31.4M	36.1M	23.9M	27.1M	17.1M	22.9M	28.2M	35.3M	38.4M
Receivables	107.4M	113.7M	123.5M	118.5M	107.4M	107.8M	100M	104.3M	149.6M	99.7M
Inventory	45.6M	54.2M	53.5M	62.1M	50.6M	61.4M	72M	68.8M	59.7M	61.6M
Total current assets	206.5M	210.8M	225.2M	215.6M	199.9M	203.5M	210.7M	217.9M	261M	225.2M
Property, plant & equipment	27.6M	29.9M	33.6M	45M	38.5M	49.6M	47.4M	49.5M	53.5M	56.5M
Goodwill & intangibles	3.1M	4.4M	13.2M	15.8M	12.2M	12.5M	16.4M	48.3M	49.1M	68.4M
Total assets	244.2M	253.6M	283M	289.9M	272.4M	292.6M	289.3M	298.5M	345M	317M
Accounts payable	68.4M	75.5M	78.9M	59.6M	63.7M	69.4M	67.4M	67M	91.2M	70.8M
Short-term debt	17M	—	—	20.2M	9.2M	19.2M	41.2M	36.5M	28.2M	23M
Total current liabilities	110.5M	105.5M	110.2M	104.4M	100.4M	115.7M	132.8M	133M	151.4M	120.2M
Long-term debt	—	—	—	4.7M	3.8M	17.2M	13.2M	13.7M	12.9M	13.3M
Total liabilities	128.1M	119.7M	123.4M	129.5M	126.3M	155.4M	169.5M	164.5M	178.7M	144.3M
Shareholders' equity	116.2M	133.9M	159.6M	160.4M	146.1M	137.2M	119.8M	134M	166.3M	172.8M
Total debt	17M	—	—	25M	13M	36.4M	54.4M	50.2M	41.1M	36.3M
Net debt	-19.3M	—	—	1M	-14.1M	19.3M	31.5M	22M	5.8M	-2M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	34M	28.2M	28.8M	26.3M	34M	35.3M	27.7M	29.2M	43M	38.4M	39.2M	34.8M
Receivables	104.6M	104.3M	97.4M	112.9M	121.5M	149.6M	145.7M	124.1M	112M	99.7M	94.4M	101.3M
Inventory	70M	68.8M	61M	59.5M	59.8M	59.7M	62.3M	59.9M	58.4M	61.6M	56.5M	59.5M
Total current assets	223.7M	217.9M	204.6M	216.3M	233.9M	261M	253.6M	234.2M	235.5M	225.2M	213.8M	220.1M
Property, plant & equipment	46.4M	49.5M	50.9M	51.7M	52.2M	53.5M	53.7M	54.7M	55.9M	56.5M	57.6M	57.1M
Goodwill & intangibles	9.3M	48.3M	48M	48.5M	48.7M	49.1M	66.7M	66.9M	67.4M	68.4M	69.7M	71.1M
Total assets	301.1M	298.5M	286.4M	299M	317.3M	345M	346.2M	328.4M	326.9M	317M	307.4M	313.8M
Accounts payable	65.9M	67M	56.5M	67.4M	75.4M	91.2M	88.6M	73.8M	69.6M	70.8M	65.6M	74.2M
Short-term debt	41.3M	36.5M	34.2M	31.6M	28.1M	28.2M	28.3M	24.2M	34.7M	23M	21.1M	16.1M
Total current liabilities	135.3M	133M	120.4M	127.3M	132.1M	151.4M	150.5M	125.9M	129.8M	120.2M	112.5M	118.8M
Long-term debt	11.2M	13.7M	13M	13.1M	13.3M	12.9M	12.4M	13.3M	12.9M	13.3M	12.5M	12.7M
Total liabilities	170.6M	164.5M	151.4M	155.5M	160.1M	178.7M	179.2M	156.6M	154.8M	144.3M	135.9M	141.7M
Shareholders' equity	130.5M	134M	135M	143.5M	157.2M	166.3M	167M	171.8M	172.1M	172.8M	171.5M	172.1M
Total debt	52.4M	50.2M	47.2M	44.7M	41.4M	41.1M	40.8M	37.6M	47.6M	36.3M	33.6M	28.8M
Net debt	18.4M	22M	18.4M	18.4M	7.3M	5.8M	13.1M	8.3M	4.6M	-2M	-5.6M	-6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	11.4M	15.6M	23M	-2.3M	-17.1M	-14.8M	-19.7M	6.2M	24.1M	-2.1M
Depreciation & amortization	10M	9.2M	7.8M	9.7M	12.9M	12.2M	11M	10M	12.1M	14.3M
Stock-based compensation	1.1M	1.2M	2M	2.1M	1.7M	2.6M	3.6M	4M	4.3M	4.1M
Change in working capital	12.4M	-7.3M	-12.4M	-18.6M	17.9M	-13.5M	4.3M	9M	-18.4M	20.3M
Operating cash flow	35M	18.6M	20.4M	-9.2M	15.3M	-13.5M	-761K	29.1M	22.1M	31.6M
Capital expenditure	-8.2M	-8.5M	-10.3M	-11.6M	-6.1M	-9.2M	-10.5M	-10M	-14.6M	-3.8M
Investing cash flow	-8.2M	-9.5M	-11.9M	-10.6M	-6.1M	-9.2M	-10.5M	-17.9M	-14.6M	-10.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-17.9M	-17M	0	14.6M	-8.6M	9.8M	22.7M	-4.9M	-7.4M	-12.4M
Net change in cash	8.9M	-7.9M	8.5M	-5.2M	601K	-12.9M	11.5M	6.3M	112K	8.8M
Free cash flow	17.6M	7.2M	8.8M	-27.8M	10.8M	-24.6M	-17.3M	18M	9.7M	14.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	3.4M	-1.2M	403K	7.8M	12.2M	3.6M	-980K	-1.3M	28K	129K	-1.3M	-2.1M
Depreciation & amortization	2.4M	2.5M	2.9M	2.9M	3M	3.3M	3.3M	3.6M	3.4M	3.9M	3.4M	3.5M
Stock-based compensation	1M	939K	904K	1.6M	907K	921K	650K	1.5M	862K	1M	892K	1.8M
Change in working capital	4.4M	11.5M	179K	-5.5M	-2.8M	-10.2M	-1.2M	10.1M	5.2M	6.1M	4.5M	-1.8M
Operating cash flow	11.1M	13.7M	4.4M	6.8M	13.3M	-2.5M	1.8M	10.8M	7.2M	11M	6.5M	5.1M
Capital expenditure	-1.9M	-2.5M	-3.4M	-4.6M	-2.9M	-3.7M	-3.5M	-1.2M	-964K	-1.1M	-1.5M	-1.5M
Investing cash flow	-1.9M	-2.5M	-3.4M	-4.6M	-2.9M	-3.7M	-10M	-1.2M	-964K	-1.1M	-1.5M	-1.5M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-1.4M	-5.6M	-2.1M	—	-3.3M	0	0	-9.4M	10.5M	-12M	-1.9M	-10.2M
Net change in cash	7.8M	5.5M	-1.1M	2.3M	7.1M	-6.2M	-8.2M	189K	16.7M	-2.1M	3.2M	-6.6M
Free cash flow	10.9M	7.8M	2.8M	-416K	10.6M	-3.2M	-1.4M	5.6M	3M	6.8M	2.8M	293K

Ceragon Networks Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement