CERAGON NETWORKS LTD CRNT

Technology SIC 3663 - Radio & Tv Broadcasting & Communications Equipment NAICS Manufacturing › Computer and Electronic Product Manufacturing › Communications Equipment Manufacturing › Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing derived Nasdaq

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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.

Valuation FY2025 figures against the last close

P/S—

P/E—

P/FCF—

EV/EBITDA—

Dividend yield—

Diluted EPS-0.02

Annual financial statements

Income statement

Fiscal year	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	$338.7M	$394.2M	$347.2M	$295.2M	$290.8M	$262.9M	$285.6M	$343.9M	$332.0M	$293.6M
Cost of revenue	$224.2M	$257.3M	$227.3M	$202.1M	$202.4M	$187.2M	$188.7M	$227.7M	$224.7M	$194.5M
Gross profit	$114.6M	$136.9M	$119.9M	$93.1M	$88.4M	$75.6M	$96.8M	$116.2M	$107.3M	$99.2M
R&D	$30.4M	$35.0M	$32.3M	$29.7M	$29.5M	$31.0M	$26.8M	$28.2M	$25.7M	$21.7M
SG&A	$24.4M	$14.2M	$23.8M	$34.3M	$20.6M	$19.2M	$23.3M	$18.9M	$16.8M	$20.4M
Total operating expenses	$107.3M	$98.1M	$98.7M	$104.0M	$83.6M	$83.2M	$89.5M	$90.0M	$84.2M	$79.7M
Operating income	$7.2M	$38.7M	$21.2M	-$10.9M	$4.8M	-$7.6M	$7.3M	$26.1M	$23.1M	$19.5M
Interest expense	$5.0M	$6.0M	$7.5M	$5.0M	$4.7M	$4.1M	$3.8M	$4.6M	$4.8M	$3.8M
Pre-tax income	$708.0K	$27.3M	$12.7M	-$17.2M	-$3.8M	-$13.5M	$781.0K	$19.8M	$17.3M	$13.2M
Income tax	$2.8M	$3.2M	$6.5M	$2.4M	$11.0M	$2.6M	$2.5M	$3.3M	$1.7M	$1.8M
Net income	-$2.1M	$24.1M	$6.2M	-$19.7M	-$14.8M	-$17.1M	-$2.3M	$23.0M	$15.6M	$11.4M
EPS, basic	-0.02	0.28	0.07	-0.23	-0.18	-0.21	-0.03	0.29	0.20	0.15
EPS, diluted	-0.02	0.27	0.07	-0.23	-0.18	-0.21	-0.03	0.28	0.19	0.15
Shares, diluted (wtd. avg.)	89.8M	88.5M	85.5M	84.1M	83.4M	81.1M	80.3M	81.0M	79.9M	78.6M

Balance sheet

Fiscal year	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Cash and equivalents	$38.4M	$35.3M	$28.2M	$22.9M	$17.1M	$27.1M	$23.9M	$35.6M	$25.9M	$36.3M
Receivables	$99.7M	$149.6M	$104.3M	$100.0M	$107.8M	$107.4M	$118.5M	$123.5M	$113.7M	$107.4M
Inventory	$61.6M	$59.7M	$68.8M	$72.0M	$61.4M	$50.6M	$62.1M	$53.5M	$54.2M	$45.6M
Total current assets	$225.2M	$261.0M	$217.9M	$210.7M	$203.5M	$199.9M	$215.6M	$225.2M	$210.8M	$206.5M
Property, plant and equipment	$40.0M	$36.8M	$30.7M	$29.5M	$29.4M	$31.7M	$34.9M	$33.6M	$29.9M	$27.6M
Goodwill	$11.0M	$7.7M	$7.7M	$0	—	—	—	—	—	—
Other intangibles	$23.2M	$16.8M	$16.4M	$8.2M	$6.3M	$6.1M	$7.9M	$6.6M	$2.2M	$1.5M
Total assets	$317.0M	$345.0M	$298.5M	$289.3M	$292.6M	$272.4M	$289.9M	$283.0M	$253.6M	$244.2M
Accounts payable	$70.8M	$91.2M	$67.0M	$67.4M	$69.4M	$63.7M	$59.6M	$78.9M	$75.5M	$68.4M
Short-term debt	$19.0M	$25.2M	$32.6M	$37.5M	$14.8M	$6.0M	$14.6M	—	—	$17.0M
Total current liabilities	$120.2M	$151.4M	$133.0M	$132.8M	$115.7M	$100.4M	$104.4M	$110.2M	$105.5M	$110.5M
Retained earnings	-$253.2M	-$251.1M	-$275.2M	-$281.4M	-$261.7M	-$246.9M	-$229.1M	-$226.8M	-$249.9M	-$265.4M
Total equity	$172.8M	$166.3M	$134.0M	$119.8M	$137.2M	$146.1M	$160.4M	$159.6M	$133.9M	$116.2M

Cash flow

Fiscal year	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Operating cash flow	$31.6M	$26.2M	$30.9M	-$4.9M	-$15.0M	$17.2M	-$12.9M	$22.5M	$17.2M	$25.8M
Depreciation and amortisation	$10.8M	$10.3M	$9.3M	$10.6M	$11.8M	$10.7M	$9.6M	$7.8M	$7.7M	$8.4M
Stock-based compensation	$4.1M	$4.3M	$4.0M	$3.6M	$2.6M	$1.7M	$2.1M	$2.0M	$1.2M	$1.1M
Capital expenditure	$13.6M	$14.6M	$10.0M	$10.5M	$9.4M	$6.1M	$11.6M	$10.3M	$8.5M	$8.2M
Investing cash flow	-$24.0M	-$16.5M	-$20.9M	-$12.4M	-$9.4M	-$6.5M	-$13.9M	-$15.3M	-$10.9M	-$8.2M
Financing cash flow	-$5.5M	-$1.5M	-$4.9M	$23.1M	$14.5M	-$7.4M	$15.2M	$2.6M	-$16.7M	-$17.8M

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 0001178913-26-002118.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)

Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity

Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks

Revenue
Gross profit
Net income

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$293.6M	$332.0M	$343.9M	$285.6M	$262.9M	$290.8M	$295.2M	$347.2M	$394.2M	$338.7M
Gross profit	$99.2M	$107.3M	$116.2M	$96.8M	$75.6M	$88.4M	$93.1M	$119.9M	$136.9M	$114.6M
Net income	$11.4M	$15.6M	$23.0M	-$2.3M	-$17.1M	-$14.8M	-$19.7M	$6.2M	$24.1M	-$2.1M

Others in SIC 3663

Ticker	Company	Market cap	P/E	Revenue growth
QCOM	QUALCOMM INC/DE	$184.71B	35.1x	13.7%
MSI	Motorola Solutions, Inc.	$79.74B	37.8x	8.0%
UI	Ubiquiti Inc.	$35.56B	37.1x	27.2%
PL	Planet Labs PBC	$4.82B	—	—
ONDS	Ondas Inc.	$3.54B	—	605.3%
VISN	Vistance Networks, Inc.	$1.41B	0.6x	39.7%
HLIT	HARMONIC INC.	$1.10B	—	-26.2%
UMAC	Unusual Machines, Inc.	$850.3M	—	101.2%