Cellebrite DI Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Cellebrite DI Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2022	FY2024	FY2025
Revenue	172	195	246	271	325	401	476
Cost of revenue	35.8	37.9	42.6	50.7	53.2	62.6	75.2
Gross profit	136	157	204	220	272	339	401
Research and development	46.6	54.4	65.5	80.6	84.4	98.4	114
Selling and marketing	61.6	61.3	76.4	97.4	111	132	155
General and administrative	29.4	32.1	47.9	40.9	43.4	50.9	65.3
Operating expenses	138	148	190	219	239	282	334
Operating income	-1.52	9.22	13.8	1.04	33.2	56.9	66.5
Interest income	3.48	2.71	0.85	2.03	10.6	18.2	22.9
Other non-operating income	2.94	2.18	68.5	120	-109	-333	24.2
Pre-tax income	1.42	11.4	82.3	121	-75.6	-276	90.7
Income tax	3.29	5.62	10.9	-0.05	5.54	7.02	12.4
Net income	-1.88	5.78	71.4	121	-81.1	-283	78.3
EBITDA	2.56	15.1	20.8	10.2	43.2	67.5	78.3
EPS, basic	-0.08	-0.08	0.49	0.64	-0.43	-1.35	0.32
EPS, diluted	-0.08	-0.08	0.44	0.59	-0.43	-1.35	0.31
Shares, basic (weighted)	122	124	144	183	190	209	242
Shares, diluted (weighted)	122	124	162	195	190	209	250

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2022	FY2024	FY2025
Cash and equivalents	81.7	134	146	87.6	190	192	124
Short-term investments			0	44.6	38.7	102	152
Receivables		66.3	67.5	78.8	77.3	82.4	105
Inventory		4.75	6.51	10.2	9.94	8.94	7.6
Other current assets		7.44	12.8	17.1	26.4	23.2	19.6
Total current assets		324	273	296	422	568	576
Property, plant and equipment		16.1	16.8	17.3	15.9	17	22.2
Lease right-of-use assets			0	15.7	14.3	10.6	16.3
Goodwill		9.46	26.8	26.8	26.8	28.7	120
Intangible assets		6.61	11.2	11.3	10.6	11.3	81.5
Long-term investments			0	22.1	28.9	36.6	98
Other non-current assets		0.57	1.96	1.73	7.34	7.68	14.6
Total assets		364	340	403	533	691	939
Accounts payable		4.73	9.55	4.61	8.28	11.1	16.8
Accrued liabilities		28.1	29.7	33.5	34.1	45.9	46
Deferred revenue		106	123	153	196	217	278
Total current liabilities		159	187	208	254	296	370
Lease liabilities			0	10.4	9.16	6.84	18.7
Other non-current liabilities		6.19	9.54	5.39	5.52	6.95	16.7
Total liabilities		199	413	329	499	355	455
Paid-in capital		34.2	-153	-126	-84.9	499	569
Retained earnings		28.3	78.4	199	118	-165	-86.5
Treasury stock		-0.09	-0.09	-0.09	-0.09	-0.09	-0.09
Other comprehensive income		1.32	1.37	0.33	1.05	2.09	2.22
Shareholders' equity	58.8	63.8	-73.3	73.9	34.2	336	484
Total equity	58.8	63.8	-73.3	73.9	34.2	336	484
Total liabilities and equity		364	340	403	533	691	939
Shares outstanding		125	188	193	203	235	249

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2022	FY2024	FY2025
Net income	-1.88	5.78	71.4	121	-81.1	-283	78.3
Depreciation and amortization	4.08	5.88	7.01	9.19	10	10.6	11.9
Stock-based compensation	12.8	7.27	6.48	13.7	19	30.6	44.9
Deferred income tax	-1.67	-2.82	-1.64	-2.39	5.4	-3.58	-2.78
Change in receivables	-12.2	-19.7	-1.96	-12.9	2.27	-5.83	-15.8
Change in inventory	0.79	-0.69	-1.8	-3.68	0.24	0.98	1.63
Cash from operations	16.1	66.5	36.1	20.6	102	132	174
Capital expenditures	-6.21	-6.18	-5.11	-6.9	-5.23	-8.57	-13.2
Acquisitions	0	-15	-20	0	0	-2.75	-147
Purchases of investments		0	0	-89.4	-55.3	-128	-321
Sales and maturities of investments		0	0	22.3	56.3	60	153
Cash from investing	-46.7	-6.45	45.2	-91.2	-22.5	-149	-268
Stock issued	0.14	1.49	2.31	12.6	19.1	17.3	20.1
Share buybacks	-0.81	-0.09	0	0
Dividends paid	-25	-10	-100	0	0
Cash from financing	75.5	-8.59	-68.4	14	21.8	20.7	25.1
Exchange rate effect	-0.07	0.7	-0.75	-1.64	0.59	-1.21	2.45
Net change in cash	44.9	51.5	12.9	-56.7	101	3.35	-69.7
Free cash flow	9.92	60.3	30.9	13.7	96.8	124	160
Income taxes paid	3	2.91	8.16	9.05	10	7.71	-0.55

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $10.79 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	84.2%	Gross profit / revenue.
Operating margin	14.0%	Operating income / revenue.
EBITDA margin	16.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.1%	Pre-tax income / revenue.
Net margin	16.5%	Net income / revenue.
FCF margin	33.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	36.5%	Cash from operations / revenue.
Effective tax rate	13.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	19.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.6%	Net income / average total assets.
Return on invested capital (ROIC)	22.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	23.9%	Research and development expense / revenue.
Stock-based pay / revenue	9.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.8%	Capital expenditures / revenue.
D&A / revenue	2.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	18.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	20.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	18.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	22.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	16.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	299.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	48.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	16.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	97.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	39.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-13.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	68.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-19.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	31.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	103.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	21.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	29.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	127.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	21.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	44.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	87.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	50.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	36.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	32.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	20.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	19.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	8.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	15.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.56x	Current assets / current liabilities.
Quick ratio	1.03x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.75x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	48.4%	Total liabilities / total assets.
Working capital	$206.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	21.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$283.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.58x	Revenue / average total assets.
Fixed asset turnover	24.3x	Revenue / average property, plant and equipment.
Inventory turnover	9.09x	Cost of revenue / average inventory.
Days inventory	40 days	365 x average inventory / cost of revenue.
Receivables turnover	5.08x	Revenue / average receivables.
Days sales outstanding	72 days	365 x average receivables / revenue.
Days payables	68 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	44 days	Days inventory + days sales outstanding - days payables.
FCF conversion	204.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.31	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.32	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.90	Revenue / diluted weighted shares.
FCF per share	$0.64	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.69	Cash from operations / diluted weighted shares.
Book value per share	$1.95	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.14	Tangible book value / shares outstanding.
Cash per share	$1.11	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.69B	Share price x shares outstanding.
Enterprise value	$2.42B	Market cap + total debt - cash - short-term investments.
P/E	34.4x	Market cap / net income. Only when net income is positive.
P/S	5.66x	Market cap / revenue.
P/B	5.56x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.50x	Market cap / tangible book value, when positive.
P/FCF	16.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.5x	Market cap / cash from operations, when positive.
EV/Sales	5.08x	Enterprise value / revenue.
EV/EBIT	36.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	30.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.0%	Free cash flow / market cap.
Earnings yield	2.9%	Net income / market cap (the inverse of P/E).

What was Cellebrite DI Ltd.'s revenue in fiscal 2025?

Cellebrite DI Ltd. reported revenue of $475.7M for fiscal 2025, 18.6% higher than the year before.

Was Cellebrite DI Ltd. profitable in fiscal 2025?

Yes. Net income was $78.3M, a net margin of 16.5%.

How much free cash flow did Cellebrite DI Ltd. generate in fiscal 2025?

Cash from operations of $173.5M minus capital expenditures of $13.2M left free cash flow of $160.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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