NASDAQ : CRNT
Ceragon Networks Ltd. — Financial statements
Technology · Communication Equipment · Israel
Last price 2.18 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 198.15M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Ceragon Networks Ltd. (CRNT) reported revenue of 346.73M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 346.73M | 338.73M | 394.19M | 347.18M | 295.17M | 290.77M |
| Cost of Revenue | 229.91M | 224.18M | 257.34M | 227.31M | 202.11M | 202.39M |
| Gross Profit | 116.82M | 114.55M | 136.85M | 119.87M | 93.06M | 88.38M |
| Selling, General & Admin | 76.08M | 73.23M | 58.97M | 64.37M | 70.12M | 54.35M |
| Research & Development | 31.19M | 30.43M | 34.95M | 32.27M | 29.69M | 29.47M |
| Operating Expenses | 107.27M | 103.66M | 93.92M | 96.64M | 99.81M | 83.83M |
| Operating Income | 9.54M | 10.89M | 42.93M | 23.23M | -6.74M | 4.55M |
| Interest & Investment Income | 246.00K | 246.00K | 143.00K | 93.00K | 107.00K | 160.00K |
| Currency Exchange Gain (Loss) | -3.56M | -3.56M | -3.52M | -753.00K | -1.40M | -3.88M |
| Other Non Operating Income (Expenses) | -3.39M | -3.39M | -8.06M | -7.81M | -4.99M | -4.65M |
| EBT Excluding Unusual Items | 2.21M | 4.18M | 31.49M | 14.76M | -13.02M | -3.82M |
| Merger & Restructuring Charges | 734.00K | -1.81M | -4.78M | -2.12M | -4.22M | |
| Legal Settlements | -1.16M | |||||
| Other Unusual Items | -3.65M | -1.67M | 1.70M | 110.00K | ||
| Pretax Income | -710.00K | 708.00K | 27.25M | 12.74M | -17.24M | -3.82M |
| Income Tax Expense | 2.57M | 2.80M | 3.19M | 6.52M | 2.45M | 11.01M |
| Net Income | -3.28M | -2.09M | 24.06M | 6.22M | -19.69M | -14.83M |
| Net Income to Common | -3.28M | -2.09M | 24.06M | 6.22M | -19.69M | -14.83M |
| Shares Outstanding (Basic) | 90.67M | 89.79M | 86.19M | 84.62M | 84.13M | 83.41M |
| Shares Outstanding (Diluted) | 90.67M | 89.79M | 88.46M | 85.48M | 84.13M | 83.41M |
| EPS (Basic) | -0.04 | -0.02 | 0.28 | 0.07 | -0.23 | -0.18 |
| EPS (Diluted) | -0.04 | -0.02 | 0.27 | 0.07 | -0.23 | -0.18 |
| Free Cash Flow | 18.00M | 17.95M | 11.62M | 20.93M | -15.36M | -24.40M |
| Free Cash Flow Per Share | 0.20 | 0.20 | 0.13 | 0.24 | -0.18 | -0.29 |
| Gross Margin | 33.69% | 33.82% | 34.72% | 34.53% | 31.53% | 30.39% |
| Operating Margin | 2.75% | 3.22% | 10.89% | 6.69% | -2.28% | 1.56% |
| Profit Margin | -0.95% | -0.62% | 6.10% | 1.79% | -6.67% | -5.10% |
| Free Cash Flow Margin | 5.19% | 5.30% | 2.95% | 6.03% | -5.20% | -8.39% |
| EBITDA | 23.81M | 25.22M | 55.04M | 33.19M | 4.30M | 16.39M |
| EBITDA Margin | 6.87% | 7.45% | 13.96% | 9.56% | 1.46% | 5.64% |
| D&A For EBITDA | 14.27M | 14.33M | 12.11M | 9.97M | 11.04M | 11.85M |
| EBIT | 9.54M | 10.89M | 42.93M | 23.23M | -6.74M | 4.55M |
| EBIT Margin | 2.75% | 3.22% | 10.89% | 6.69% | -2.28% | 1.56% |
| Effective Tax Rate | 395.20% | 11.71% | 51.19% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 34.77M | 38.37M | 35.31M | 28.24M | 22.95M | 17.08M |
| Cash & Short-Term Investments | 34.77M | 38.37M | 35.31M | 28.24M | 22.95M | 17.08M |
| Accounts Receivable | 101.28M | 99.67M | 149.62M | 104.32M | 100.03M | 107.83M |
| Other Receivables | 24.56M | 8.30M | 5.36M | 6.26M | 7.87M | 9.02M |
| Receivables | 125.85M | 107.97M | 154.97M | 110.58M | 107.90M | 116.85M |
| Inventory | 59.46M | 61.59M | 59.69M | 68.81M | 72.01M | 61.40M |
| Prepaid Expenses | 1.07M | 866.00K | 1.44M | 916.00K | 556.00K | |
| Other Current Assets | 16.20M | 10.19M | 8.87M | 6.97M | 7.60M | |
| Total Current Assets | 220.08M | 225.20M | 261.04M | 217.94M | 210.75M | 203.48M |
| Property, Plant & Equipment | 57.07M | 56.51M | 53.47M | 49.50M | 47.42M | 49.62M |
| Goodwill | 11.01M | 11.01M | 7.75M | 7.75M | ||
| Other Intangible Assets | 24.52M | 23.18M | 16.79M | 16.40M | 8.21M | 6.27M |
| Long-Term Accounts Receivable | 10.48M | |||||
| Other Long-Term Assets | 1.10M | 1.14M | 5.95M | 6.94M | 22.95M | 22.71M |
| Total Assets | 313.78M | 317.04M | 345.00M | 298.52M | 289.32M | 292.56M |
| Accounts Payable | 74.17M | 70.78M | 91.16M | 67.03M | 67.38M | 69.44M |
| Accrued Expenses | 17.97M | 21.91M | 18.93M | 14.24M | 16.43M | |
| Short-Term Debt | 12.00M | 19.00M | 25.20M | 32.60M | 37.50M | 14.80M |
| Current Portion of Leases | 4.06M | 4.00M | 2.97M | 3.89M | 3.75M | 4.36M |
| Current Unearned Revenue | 1.30M | 2.37M | 2.57M | 5.51M | 3.34M | 3.38M |
| Other Current Liabilities | 27.25M | 6.10M | 7.63M | 4.99M | 6.63M | 7.28M |
| Total Current Liabilities | 118.79M | 120.23M | 151.45M | 132.95M | 132.84M | 115.68M |
| Long-Term Leases | 12.71M | 13.33M | 12.94M | 13.72M | 13.19M | 17.21M |
| Long-Term Unearned Revenue | 670.00K | 11.54M | 9.28M | |||
| Other Long-Term Liabilities | 10.22M | 10.73M | 14.29M | 17.17M | 11.97M | 13.24M |
| Total Liabilities | 141.73M | 144.29M | 178.67M | 164.51M | 169.53M | 155.41M |
| Common Stock | 234.00K | 234.00K | 232.00K | 224.00K | 224.00K | 224.00K |
| Additional Paid-In Capital | 457.69M | 454.64M | 447.37M | 437.16M | 432.21M | 428.24M |
| Retained Earnings | -256.65M | -253.22M | -251.12M | -275.19M | -281.41M | -261.72M |
| Treasury Stock | -20.09M | -20.09M | -20.09M | -20.09M | -20.09M | -20.09M |
| Comprehensive Income & Other | -9.13M | -8.82M | -10.06M | -8.09M | -11.16M | -9.51M |
| Shareholders' Equity | 172.05M | 172.75M | 166.32M | 134.02M | 119.78M | 137.15M |
| Total Liabilities & Equity | 313.78M | 317.04M | 345.00M | 298.52M | 289.32M | 292.56M |
| Total Debt | 28.78M | 36.33M | 41.11M | 50.20M | 54.43M | 36.37M |
| Net Cash (Debt) | 5.99M | 2.04M | -5.80M | -21.97M | -31.48M | -19.29M |
| Net Cash Per Share | 0.07 | 0.02 | -0.07 | -0.26 | -0.37 | -0.23 |
| Filing Date Shares Outstanding | 91.03M | 90.88M | 88.84M | 85.56M | 84.36M | 84.00M |
| Total Common Shares Outstanding | 91.03M | 90.63M | 88.39M | 85.42M | 84.35M | 83.93M |
| Working Capital | 101.29M | 104.98M | 109.59M | 84.99M | 77.91M | 87.80M |
| Book Value Per Share | 1.89 | 1.91 | 1.88 | 1.57 | 1.42 | 1.63 |
| Tangible Book Value | 136.52M | 138.56M | 141.78M | 109.87M | 111.58M | 130.88M |
| Tangible Book Value Per Share | 1.50 | 1.53 | 1.60 | 1.29 | 1.32 | 1.56 |
| Machinery | 189.60M | 175.56M | 160.28M | 145.89M | 135.81M | |
| Leasehold Improvements | 3.20M | 2.58M | 1.95M | 1.69M | 1.46M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -3.28M | -2.09M | 24.06M | 6.22M | -19.69M | -14.83M |
| Depreciation & Amortization | 14.27M | 14.33M | 12.11M | 9.97M | 11.04M | 11.85M |
| Other Amortization | 401.00K | |||||
| Loss (Gain) From Sale of Assets | 156.00K | 44.00K | 207.00K | 61.00K | 20.00K | 82.00K |
| Stock-Based Compensation | 4.54M | 4.09M | 4.30M | 3.96M | 3.56M | 2.56M |
| Change in Accounts Receivable | 22.87M | 52.57M | -46.22M | -2.37M | 18.43M | -11.15M |
| Change in Inventory | -694.00K | -2.13M | 7.61M | 6.30M | -11.15M | -11.91M |
| Change in Accounts Payable | -977.00K | -22.10M | 23.03M | -1.85M | -2.02M | 5.88M |
| Change in Unearned Revenue | -1.13M | -219.00K | -3.60M | -9.56M | 2.23M | 1.67M |
| Change in Other Net Operating Assets | -5.98M | -12.93M | 4.71M | 18.15M | -7.31M | -7.86M |
| Operating Cash Flow | 29.78M | 31.56M | 26.20M | 30.89M | -4.89M | -15.02M |
| Capital Expenditures | -11.78M | -13.61M | -14.58M | -9.96M | -10.46M | -9.38M |
| Sale of Property, Plant & Equipment | 200.00K | |||||
| Cash Acquisitions | -6.57M | -7.97M | ||||
| Sale (Purchase) of Intangibles | -5.03M | -3.82M | -1.88M | -2.94M | -1.96M | -212.00K |
| Investing Cash Flow | -16.81M | -24.00M | -16.46M | -20.87M | -12.42M | -9.39M |
| Short-Term Debt Issued | 22.70M | 9.80M | ||||
| Total Debt Issued | 22.70M | 9.80M | ||||
| Short-Term Debt Repaid | -6.20M | -7.40M | -4.90M | |||
| Total Debt Repaid | -8.50M | -6.20M | -7.40M | -4.90M | ||
| Net Debt Issued (Repaid) | -8.50M | -6.20M | -7.40M | -4.90M | 22.70M | 9.80M |
| Issuance of Common Stock | 315.00K | 690.00K | 5.88M | 39.00K | 410.00K | 4.73M |
| Financing Cash Flow | -8.18M | -5.51M | -1.52M | -4.86M | 23.11M | 14.53M |
| Foreign Exchange Rate Adjustments | 764.00K | 1.01M | -1.14M | 133.00K | 75.00K | -138.00K |
| Net Cash Flow | 5.55M | 3.06M | 7.07M | 5.29M | 5.87M | -10.02M |
| Free Cash Flow | 18.00M | 17.95M | 11.62M | 20.93M | -15.36M | -24.40M |
| Free Cash Flow Margin | 5.19% | 5.30% | 2.95% | 6.03% | -5.20% | -8.39% |
| Free Cash Flow Per Share | 0.20 | 0.20 | 0.13 | 0.24 | -0.18 | -0.29 |
| Levered Free Cash Flow | 28.34M | 20.64M | 17.56M | 18.52M | -8.36M | -314.88K |
| Unlevered Free Cash Flow | 28.73M | 20.64M | 17.56M | 18.52M | -8.36M | -314.88K |
| Cash Interest Paid | 3.61M | 3.61M | 4.68M | 6.04M | 3.46M | 1.28M |
| Cash Income Tax Paid | 2.65M | 2.65M | 1.13M | 2.84M | 1.87M | 2.00M |
| Change in Working Capital | 14.09M | 15.18M | -14.48M | 10.68M | 174.00K | -15.08M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 187.24M | 188.77M | 401.02M | 182.29M | 160.95M | 215.38M |
| Enterprise Value | 181.25M | 193.40M | 408.35M | 200.73M | 182.13M | 222.47M |
| Last Close Price | 2.06 | 2.10 | 4.67 | 2.16 | 1.91 | 2.58 |
| PE Ratio | 16.66 | 29.31 | ||||
| Forward PE | 13.46 | 13.62 | 12.51 | 9.82 | 11.23 | 50.14 |
| PS Ratio | 0.54 | 0.56 | 1.02 | 0.53 | 0.55 | 0.74 |
| PB Ratio | 1.09 | 1.09 | 2.41 | 1.36 | 1.34 | 1.57 |
| P/TBV Ratio | 1.37 | 1.36 | 2.83 | 1.66 | 1.44 | 1.65 |
| P/FCF Ratio | 10.40 | 10.52 | 34.52 | 8.71 | ||
| P/OCF Ratio | 6.29 | 5.98 | 15.31 | 5.90 | ||
| PEG Ratio | 3.34 | 3.34 | 3.34 | 3.34 | 3.34 | |
| EV/Sales Ratio | 0.52 | 0.57 | 1.04 | 0.58 | 0.62 | 0.77 |
| EV/EBITDA Ratio | 7.61 | 7.67 | 7.42 | 6.05 | 42.38 | 13.57 |
| EV/EBIT Ratio | 18.99 | 17.75 | 9.51 | 8.64 | 48.91 | |
| EV/FCF Ratio | 10.07 | 10.78 | 35.15 | 9.59 | ||
| Debt / Equity Ratio | 0.17 | 0.21 | 0.25 | 0.38 | 0.45 | 0.27 |
| Debt / EBITDA Ratio | 1.00 | 1.21 | 0.69 | 1.34 | 6.13 | 1.70 |
| Debt / FCF Ratio | 1.60 | 2.02 | 3.54 | 2.40 | ||
| Net Debt / Equity Ratio | -0.04 | -0.01 | 0.04 | 0.16 | 0.26 | 0.14 |
| Net Debt / EBITDA Ratio | -0.25 | -0.08 | 0.10 | 0.66 | 7.33 | 1.18 |
| Net Debt / FCF Ratio | -0.33 | -0.11 | 0.50 | 1.05 | -2.05 | -0.79 |
| Asset Turnover | 1.08 | 1.02 | 1.23 | 1.18 | 1.01 | 1.03 |
| Inventory Turnover | 3.85 | 3.70 | 4.00 | 3.23 | 3.03 | 3.61 |
| Quick Ratio | 1.35 | 1.22 | 1.26 | 1.04 | 0.98 | 1.16 |
| Current Ratio | 1.85 | 1.87 | 1.72 | 1.64 | 1.59 | 1.76 |
| Return on Equity (ROE) | -1.91% | -1.23% | 16.02% | 4.90% | -15.33% | -10.47% |
| Return on Assets (ROA) | 1.86% | 2.06% | 8.34% | 4.94% | -1.45% | 1.01% |
| Return on Invested Capital (ROIC) | 5.75% | -18.76% | 23.10% | 7.38% | -4.38% | 3.15% |
| Return on Capital Employed (ROCE) | 4.90% | 5.50% | 22.20% | 14.00% | -4.30% | 2.60% |
| Earnings Yield | -1.75% | -1.11% | 6.00% | 3.41% | -12.23% | -6.88% |
| FCF Yield | 9.61% | 9.51% | 2.90% | 11.48% | -9.54% | -11.33% |
| Buyback Yield / Dilution | -1.72% | -1.50% | -3.48% | -1.60% | -0.86% | -2.79% |