CEVA INC CEVA
We are the leader in silicon and software intellectual property ("IP") enabling Physical AI - the intelligence embedded directly into billions of devices that connect, sense, and infer data in the real world. Physical AI represents the natural evolution of Edge AI. While traditional Edge AI focuses on local inference on devices, Physical AI unifies connectivity, sensing, and inference into a cohesive technology fabric. This integrated approach allows devices not only to process information at the edge but also to understand their physical surroundings, communicate seamlessly, and interact intelligently with both the environment and the cloud. As Physical AI adoption accelerates across markets, these foundational layers are becoming essential for next‑generation consumer, automotive, industrial, and mobile systems.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $109.6M | $106.9M | $97.4M | $120.6M | $113.8M | $100.3M | $87.2M | $77.9M | $87.5M | $72.7M |
| Cost of revenue | $14.2M | $12.8M | $11.6M | $15.1M | $10.4M | $10.7M | $10.1M | $8.0M | $7.0M | $6.1M |
| Gross profit | $95.4M | $94.2M | $85.8M | $105.5M | $103.5M | $89.6M | $77.0M | $69.9M | $80.6M | $66.6M |
| R&D | $74.8M | $71.6M | $72.7M | $70.3M | $69.1M | $62.0M | $52.8M | $47.8M | $40.4M | $30.8M |
| SG&A | $18.1M | $16.9M | $14.9M | $14.2M | $12.8M | $14.1M | $11.8M | $10.4M | $10.5M | $8.6M |
| Total operating expenses | $106.8M | $101.7M | $99.2M | $101.6M | $96.4M | $90.3M | $79.0M | $71.2M | $64.7M | $52.2M |
| Operating income | -$11.3M | -$7.5M | -$13.5M | $3.9M | $7.0M | -$763.0K | -$1.9M | -$1.2M | $15.9M | $14.4M |
| Pre-tax income | -$4.7M | -$2.8M | -$8.2M | $4.2M | $9.2M | $2.5M | $1.4M | $1.3M | $18.9M | $16.4M |
| Income tax | $5.9M | $6.0M | $10.2M | $18.1M | $6.8M | $4.9M | $1.3M | $729.0K | $1.9M | $3.3M |
| Net income | -$10.6M | -$8.8M | -$11.9M | -$23.2M | $396.0K | -$2.4M | $28.0K | $574.0K | $17.0M | $13.1M |
| EPS, basic | -0.44 | -0.37 | -0.51 | -1.00 | 0.02 | -0.11 | 0.00 | 0.03 | 0.78 | 0.63 |
| EPS, diluted | -0.44 | -0.37 | -0.51 | -1.00 | 0.02 | -0.11 | 0.00 | 0.03 | 0.75 | 0.61 |
| Shares, diluted (wtd. avg.) | $24.3M | $23.6M | $23.5M | $23.2M | $23.3M | $22.1M | $22.3M | $22.5M | $22.6M | $21.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $40.6M | $18.5M | $23.3M | $20.1M | $32.6M | $21.1M | $22.8M | $22.3M | $21.7M | $18.4M |
| Short-term investments | $179.3M | $143.1M | $132.7M | $112.1M | $90.3M | $88.8M | $64.9M | $77.5M | $82.7M | $61.9M |
| Receivables | $49.4M | $37.2M | $30.3M | $29.8M | $27.4M | $31.2M | $28.3M | $26.2M | $16.5M | $15.0M |
| Total current assets | $284.8M | $216.3M | $209.4M | $177.6M | $189.0M | $167.6M | $178.6M | $177.3M | $159.1M | $144.7M |
| Property, plant and equipment | $7.1M | $6.9M | $6.7M | $6.6M | $6.8M | $7.6M | $7.9M | $7.3M | $6.9M | $4.8M |
| Goodwill | $58.3M | $58.3M | $58.3M | $56.8M | $74.8M | $51.1M | $51.1M | $46.6M | $46.6M | $46.6M |
| Other intangibles | $1.0M | $1.9M | $3.0M | $2.4M | $14.6M | $10.8M | $13.4M | $2.7M | $1.7M | $3.0M |
| Total assets | $388.3M | $308.9M | $304.1M | $308.4M | $328.7M | $307.0M | $297.0M | $277.3M | $276.8M | $242.5M |
| Total current liabilities | $28.7M | $30.5M | $26.9M | $33.3M | $35.4M | $28.2M | $26.4M | $21.8M | $22.8M | $22.6M |
| Retained earnings | -$24.0K | $11.2M | $20.2M | $32.2M | $55.5M | $57.4M | $62.4M | $62.9M | $53.9M | $39.4M |
| Total equity | $336.5M | $266.6M | $264.3M | $258.9M | $276.7M | $260.9M | $251.2M | $245.9M | $244.7M | $211.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$3.4M | $3.5M | -$6.3M | $6.9M | $25.8M | $15.2M | $9.7M | $8.6M | $24.5M | $14.5M |
| Depreciation and amortisation | $3.4M | $3.0M | $2.9M | $3.2M | $3.2M | $3.2M | $3.1M | $2.9M | $2.0M | $1.4M |
| Stock-based compensation | $19.8M | $15.6M | $16.2M | $14.5M | $13.1M | $13.6M | $10.7M | $10.4M | $8.7M | $6.2M |
| Capital expenditure | $2.9M | $3.0M | $2.9M | $3.5M | $2.2M | $2.9M | $3.5M | $3.3M | $4.1M | $2.4M |
| Investing cash flow | -$34.0M | -$2.4M | $10.8M | -$15.1M | -$16.7M | -$15.2M | -$2.4M | $9.8M | -$28.8M | -$21.0M |
| Financing cash flow | $59.3M | -$5.6M | -$2.8M | -$3.3M | $3.2M | -$2.1M | -$6.7M | -$17.8M | $7.5M | $6.2M |
| Buybacks | $7.2M | $8.5M | $6.2M | $6.8M | $0 | $4.8M | $9.1M | $20.0M | $0 | $3.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-012845.
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