Ceragon Networks Ltd
CRNT Nasdaq Radio & Tv Broadcasting & Communications Equipment Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$339M
14.1%
vs prior year
Operating margin
Operating income as a share of revenue.
2.1%
7.7 pts
Net income
Profit after all expenses, interest and tax.
−$2.1M
108.7%
Free cash flow
Cash from operations minus capital spending.
$17.9M
54.5%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.1%
18.8 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.02 EPS (TTM)
What Ceragon Networks Ltd does
No business description yet.
- Legal name
- CERAGON NETWORKS LTD
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 15, 2026
- Accession · CIK
- 0001178913-26-002118
0001119769
Revenue and margins
Ceragon Networks Ltd had $339M of revenue in fiscal 2025, down 14.1% on the year before.
FY16
Revenue $294M
FY17
Revenue $332M
FY18
Revenue $344M
FY19
Revenue $286M
FY20
Revenue $263M
FY21
Revenue $291M
FY22
Revenue $295M
FY23
Revenue $347M
FY24
Revenue $394M
FY25
Revenue $339M
Q4 '12
Revenue $107M
Q4 '13
Revenue $89.5M
FY16
Gross 33.8%
Operating 6.6%
Net 3.9%
FCF 6.0%
FY17
Gross 32.3%
Operating 7.0%
Net 4.7%
FCF 2.6%
FY18
Gross 33.8%
Operating 7.6%
Net 6.7%
FCF 3.5%
FY19
Gross 33.9%
Operating 2.6%
Net −0.8%
FCF −8.6%
FY20
Gross 28.8%
Operating −2.9%
Net −6.5%
FCF 4.2%
FY21
Gross 30.4%
Operating 1.7%
Net −5.1%
FCF −8.4%
FY22
Gross 31.5%
Operating −3.7%
Net −6.7%
FCF −5.2%
FY23
Gross 34.5%
Operating 6.1%
Net 1.8%
FCF 6.0%
FY24
Gross 34.7%
Operating 9.8%
Net 6.1%
FCF 2.9%
FY25
Gross 33.8%
Operating 2.1%
Net −0.6%
FCF 5.3%
Gross
Operating
Net
FCF
Q4 '12
Gross 32.8%
Operating −6.6%
Net −7.9%
FCF 11.9%
Q4 '13
Gross 31.0%
Operating −10.7%
Net −17.2%
FCF −23.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $11.4M
FY17
Net income $15.6M
FY18
Net income $23.0M
FY19
Net income −$2.3M
FY20
Net income −$17.1M
FY21
Net income −$14.8M
FY22
Net income −$19.7M
FY23
Net income $6.2M
FY24
Net income $24.1M
FY25
Net income −$2.1M
Q4 '12
Net income −$8.4M
Q4 '13
Net income −$15.4M
FY16
Diluted EPS $0.15
FY17
Diluted EPS $0.19
FY18
Diluted EPS $0.28
FY19
Diluted EPS −$0.03
FY20
Diluted EPS −$0.21
FY21
Diluted EPS −$0.18
FY22
Diluted EPS −$0.23
FY23
Diluted EPS $0.07
FY24
Diluted EPS $0.27
FY25
Diluted EPS −$0.02
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 17.4%
Return on equity 9.8%
Return on assets 4.7%
FY17
Return on capital —
Return on equity 12.4%
Return on assets 6.3%
FY18
Return on capital —
Return on equity 15.7%
Return on assets 8.6%
FY19
Return on capital 3.1%
Return on equity −1.5%
Return on assets −0.8%
FY20
Return on capital −4.8%
Return on equity −11.2%
Return on assets −6.1%
FY21
Return on capital 2.8%
Return on equity −10.5%
Return on assets −5.2%
FY22
Return on capital −6.4%
Return on equity −15.3%
Return on assets −6.8%
FY23
Return on capital 10.0%
Return on equity 4.9%
Return on assets 2.1%
FY24
Return on capital 21.9%
Return on equity 16.0%
Return on assets 7.5%
FY25
Return on capital 3.1%
Return on equity −1.2%
Return on assets −0.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $17.9M in fiscal 2025, 5.3% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $17.6M
FY17
Free cash flow $8.6M
FY18
Free cash flow $12.2M
FY19
Free cash flow −$24.5M
FY20
Free cash flow $11.2M
FY21
Free cash flow −$24.4M
FY22
Free cash flow −$15.4M
FY23
Free cash flow $20.9M
FY24
Free cash flow $11.6M
FY25
Free cash flow $17.9M
Q4 '12
Free cash flow $12.8M
Q4 '13
Free cash flow −$20.8M
FY16
Cash from operations $25.8M
Capital spending $8.2M
FY17
Cash from operations $17.2M
Capital spending $8.5M
FY18
Cash from operations $22.5M
Capital spending $10.3M
FY19
Cash from operations −$12.9M
Capital spending $11.6M
FY20
Cash from operations $17.2M
Capital spending $6.1M
FY21
Cash from operations −$15.0M
Capital spending $9.4M
FY22
Cash from operations −$4.9M
Capital spending $10.5M
FY23
Cash from operations $30.9M
Capital spending $10.0M
FY24
Cash from operations $26.2M
Capital spending $14.6M
FY25
Cash from operations $31.6M
Capital spending $13.6M
Cash from operations
Capital spending
Q4 '12
Cash from operations $17.1M
Capital spending $4.3M
Q4 '13
Cash from operations −$16.1M
Capital spending $4.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
Ceragon Networks Ltd returned — to shareholders in fiscal 2025. The diluted share count rose 1.5%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.08B
FY17
Diluted shares 0.08B
FY18
Diluted shares 0.08B
FY19
Diluted shares 0.08B
FY20
Diluted shares 0.08B
FY21
Diluted shares 0.08B
FY22
Diluted shares 0.08B
FY23
Diluted shares 0.09B
FY24
Diluted shares 0.09B
FY25
Diluted shares 0.09B
Balance sheet
Cash, debt and the ratios that show how comfortably Ceragon Networks Ltd can carry it.
FY16
Cash $36.3M
Debt $17.0M
FY17
Cash $25.9M
Debt —
FY18
Cash $35.6M
Debt —
FY19
Cash $23.9M
Debt $14.6M
FY20
Cash $27.1M
Debt $6.0M
FY21
Cash $17.1M
Debt $14.8M
FY22
Cash $22.9M
Debt $37.5M
FY23
Cash $28.2M
Debt $32.6M
FY24
Cash $35.3M
Debt $25.2M
FY25
Cash $38.4M
Debt $19.0M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $17.1M | $22.9M | $28.2M | $35.3M | $38.4M |
| Debt incl. finance leases | $14.8M | $37.5M | $32.6M | $25.2M | $19.0M |
| Net debt / EBITDA | −0.1x | 141.3x | 0.1x | −0.2x | −0.9x |
| Debt / equity | 0.1x | 0.3x | 0.2x | 0.2x | 0.1x |
| Interest coverage | 1.0x | −2.2x | 2.8x | 6.5x | 1.4x |
| Current ratio | 1.8x | 1.6x | 1.6x | 1.7x | 1.9x |
| Quick ratio | 1.2x | 1.0x | 1.1x | 1.3x | 1.4x |
| Total assets | $293M | $289M | $299M | $345M | $317M |
| Total liabilities | $155M | $170M | $165M | $179M | $144M |
| Shareholders' equity | $137M | $120M | $134M | $166M | $173M |
| Net debt (− = net cash) | −$2.3M | $14.6M | $4.4M | −$10.1M | −$19.4M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Current ratio rose | — | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ |
| F-score | — / 3 | 6 / 8 | 5 / 8 | 3 / 8 | 3 / 9 | 3 / 9 | 3 / 9 | 8 / 9 | 7 / 9 | 4 / 9 |
| Accruals ratio | −5.9% | −0.6% | 0.2% | 3.7% | −12.2% | 0.1% | −5.1% | −8.4% | −0.7% | −10.2% |
| Altman Z'' | 0.52 | 1.30 | 2.03 | 1.41 | 0.47 | 0.09 | −0.92 | 0.20 | 1.44 | 0.98 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $294M | $332M | $344M | $286M | $263M | $291M | $295M | $347M | $394M | $339M |
| Provision for credit losses | — | — | — | — | $1.6M | $3.1M | $14.5M | $3.9M | $0.6M | $0.6M |
| Gross profit | $99.2M | $107M | $116M | $96.8M | $75.6M | $88.4M | $93.1M | $120M | $137M | $115M |
| Research and development | $21.7M | $25.7M | $28.2M | $26.8M | $31.0M | $29.5M | $29.7M | $32.3M | $35.0M | $30.4M |
| Operating income | $19.5M | $23.1M | $26.1M | $7.3M | −$7.6M | $4.8M | −$10.9M | $21.2M | $38.7M | $7.2M |
| Interest expense | $3.8M | $4.8M | $4.6M | $3.8M | $4.1M | $4.7M | $5.0M | $7.5M | $6.0M | $5.0M |
| Pretax income | $13.2M | $17.3M | $19.8M | $0.8M | −$13.5M | −$3.8M | −$17.2M | $12.7M | $27.3M | $0.7M |
| Income tax | $1.8M | $1.7M | −$3.3M | $2.5M | $2.6M | $11.0M | $2.4M | $6.5M | $3.2M | $2.8M |
| Net income | $11.4M | $15.6M | $23.0M | −$2.3M | −$17.1M | −$14.8M | −$19.7M | $6.2M | $24.1M | −$2.1M |
| Diluted EPS | $0.15 | $0.19 | $0.28 | −$0.03 | −$0.21 | −$0.18 | −$0.23 | $0.07 | $0.27 | −$0.02 |
| Diluted shares | 0.08B | 0.08B | 0.08B | 0.08B | 0.08B | 0.08B | 0.08B | 0.09B | 0.09B | 0.09B |
| Cash flow | ||||||||||
| Cash from operations | $25.8M | $17.2M | $22.5M | −$12.9M | $17.2M | −$15.0M | −$4.9M | $30.9M | $26.2M | $31.6M |
| Capital expenditure | $8.2M | $8.5M | $10.3M | $11.6M | $6.1M | $9.4M | $10.5M | $10.0M | $14.6M | $13.6M |
| Free cash flow | $17.6M | $8.6M | $12.2M | −$24.5M | $11.2M | −$24.4M | −$15.4M | $20.9M | $11.6M | $17.9M |
| Depreciation and amortization | $10.0M | $9.2M | $7.8M | $9.7M | $12.9M | $12.2M | $11.0M | $10.0M | $12.1M | $14.3M |
| Stock-based compensation | $1.1M | $1.2M | $2.0M | $2.1M | $1.7M | $2.6M | $3.6M | $4.0M | $4.3M | $4.1M |
| Acquisitions | — | — | — | — | — | $0.0M | $0.0M | $8.0M | $0.0M | $6.6M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $36.3M | $25.9M | $35.6M | $23.9M | $27.1M | $17.1M | $22.9M | $28.2M | $35.3M | $38.4M |
| Total debt | $17.0M | — | — | $14.6M | $6.0M | $14.8M | $37.5M | $32.6M | $25.2M | $19.0M |
| Current assets | $206M | $211M | $225M | $216M | $200M | $203M | $211M | $218M | $261M | $225M |
| Current liabilities | $111M | $105M | $110M | $104M | $100M | $116M | $133M | $133M | $151M | $120M |
| Inventory | $45.6M | $54.2M | $53.5M | $62.1M | $50.6M | $61.4M | $72.0M | $68.8M | $59.7M | $61.6M |
| Property and equipment, net | $27.6M | $29.9M | $33.6M | $34.9M | $31.7M | $29.4M | $29.5M | $30.7M | $36.8M | $40.0M |
| Goodwill | — | — | — | — | — | — | $0.0M | $7.7M | $7.7M | $11.0M |
| Intangible assets | $1.5M | $2.2M | $6.6M | $7.9M | $6.1M | $6.3M | $8.2M | $16.4M | $16.8M | $23.2M |
| Total assets | $244M | $254M | $283M | $290M | $272M | $293M | $289M | $299M | $345M | $317M |
| Total liabilities | $128M | $120M | $123M | $129M | $126M | $155M | $170M | $165M | $179M | $144M |
| Shareholders' equity | $116M | $134M | $160M | $160M | $146M | $137M | $120M | $134M | $166M | $173M |
| Margins | ||||||||||
| Gross margin | 33.8% | 32.3% | 33.8% | 33.9% | 28.8% | 30.4% | 31.5% | 34.5% | 34.7% | 33.8% |
| Operating margin | 6.6% | 7.0% | 7.6% | 2.6% | −2.9% | 1.7% | −3.7% | 6.1% | 9.8% | 2.1% |
| EBITDA margin | 10.1% | 9.7% | 9.9% | 6.0% | 2.0% | 5.9% | 0.0% | 9.0% | 12.9% | 6.4% |
| Net margin | 3.9% | 4.7% | 6.7% | −0.8% | −6.5% | −5.1% | −6.7% | 1.8% | 6.1% | −0.6% |
| FCF margin | 6.0% | 2.6% | 3.5% | −8.6% | 4.2% | −8.4% | −5.2% | 6.0% | 2.9% | 5.3% |
| Returns | ||||||||||
| Return on capital | 17.4% | — | — | 3.1% | −4.8% | 2.8% | −6.4% | 10.0% | 21.9% | 3.1% |
| Return on capital employed | 14.6% | 15.6% | 15.1% | 3.9% | −4.4% | 2.7% | −7.0% | 12.8% | 20.0% | 3.7% |
| Return on equity | 9.8% | 12.4% | 15.7% | −1.5% | −11.2% | −10.5% | −15.3% | 4.9% | 16.0% | −1.2% |
| Return on assets | 4.7% | 6.3% | 8.6% | −0.8% | −6.1% | −5.2% | −6.8% | 2.1% | 7.5% | −0.6% |
| Return on tangible equity | 10.0% | 11.8% | 15.1% | −1.5% | −12.2% | −11.3% | −17.6% | 5.7% | 17.0% | −1.5% |
| Growth | ||||||||||
| Revenue growth | — | 13.1% | 3.6% | −17.0% | −7.9% | 10.6% | 1.5% | 17.6% | 13.5% | −14.1% |
| Net income growth | — | 36.1% | 48.1% | −110.2% | — | — | — | — | 286.9% | −108.7% |
| EPS growth | — | 26.7% | 47.4% | −110.7% | — | — | — | — | 285.7% | −107.4% |
| FCF growth | — | −51.0% | 41.5% | −301.2% | — | −318.5% | — | — | −44.5% | 54.5% |
| Share count change | — | 1.7% | 1.3% | −0.9% | 1.1% | 2.8% | 0.9% | 1.6% | 3.5% | 1.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | −0.7x | — | — | −0.5x | −4.0x | −0.1x | 141.3x | 0.1x | −0.2x | −0.9x |
| Debt / equity | 0.1x | — | — | 0.1x | 0.0x | 0.1x | 0.3x | 0.2x | 0.2x | 0.1x |
| Interest coverage | 5.1x | 4.8x | 5.7x | 1.9x | −1.8x | 1.0x | −2.2x | 2.8x | 6.5x | 1.4x |
| Current ratio | 1.9x | 2.0x | 2.0x | 2.1x | 2.0x | 1.8x | 1.6x | 1.6x | 1.7x | 1.9x |
| Quick ratio | 1.5x | 1.5x | 1.6x | 1.5x | 1.5x | 1.2x | 1.0x | 1.1x | 1.3x | 1.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.8% | 2.6% | 3.0% | 4.1% | 2.3% | 3.2% | 3.5% | 2.9% | 3.7% | 4.0% |
| Stock comp / revenue | 0.4% | 0.4% | 0.6% | 0.7% | 0.6% | 0.9% | 1.2% | 1.1% | 1.1% | 1.2% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 6.0 | 5.0 | 3.0 | 3.0 | 3.0 | 3.0 | 8.0 | 7.0 | 4.0 |
| Altman Z'' | 0.5 | 1.3 | 2.0 | 1.4 | 0.5 | 0.1 | −0.9 | 0.2 | 1.4 | 1.0 |
| Accruals ratio | −5.9% | −0.6% | 0.2% | 3.7% | −12.2% | 0.1% | −5.1% | −8.4% | −0.7% | −10.2% |
Source: SEC EDGAR XBRL filings (CIK 0001119769). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.