CERAGON NETWORKS LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CERAGON NETWORKS 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	294	332	344	286	263	291	295	347	394	339
Cost of revenue	194	225	228	189	187	202	202	227	257	224
Gross profit	99.2	107	116	96.8	75.6	88.4	93.1	120	137	115
Research and development	21.7	25.7	28.2	26.8	31	29.5	29.7	32.3	35	30.4
Selling and marketing	39.5	41.7	43	39.5	33	33.5	35.8	40.6	44.7	48.7
General and administrative	20.4	16.8	18.9	23.3	19.2	20.6	34.3	23.8	14.2	24.4
Operating expenses	79.7	84.2	90	89.5	83.2	83.6	104	98.7	98.1	107
Operating income	19.5	23.1	26.1	7.3	-7.57	4.81	-10.9	21.2	38.7	7.25
Interest expense	3.79	4.83	4.6	3.79	4.13	4.65	5.02	7.54	5.97	5.03
Interest income	0.24	0.13	0.11	0.11	0.08	0.16	0.11	0.09	0.14	0.25
Other non-operating income	-6.3	-5.89	-6.35	-6.52	-5.92	-8.63	-6.31	-8.47	-11.5	-6.54
Pre-tax income	13.2	17.3	19.8	0.78	-13.5	-3.82	-17.2	12.7	27.3	0.71
Income tax	1.76	1.7	-3.25	2.48	2.62	11	2.45	6.52	3.19	2.8
Net income	11.4	15.6	23	-2.34	-17.1	-14.8	-19.7	6.22	24.1	-2.09
EBITDA	29.5	32.4	33.9	17	5.29	17.1	0.1	31.2	50.8	21.6
EPS, basic	0.15	0.20	0.29	-0.03	-0.21	-0.18	-0.23	0.07	0.28	-0.02
EPS, diluted	0.15	0.19	0.28	-0.03	-0.21	-0.18	-0.23	0.07	0.27	-0.02
Shares, basic (weighted)	77.7	77.9	78.6	80.3	81.1	83.4	84.1	84.6	86.2	89.8
Shares, diluted (weighted)	78.6	79.9	81	80.3	81.1	83.4	84.1	85.5	88.5	89.8

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	36.3	25.9	35.6	23.9	27.1	17.1	22.9	28.2	35.3	38.4
Receivables	107	114	123	119	107	108	100	104	150	99.7
Inventory	45.6	54.2	53.5	62.1	50.6	61.4	72	68.8	59.7	61.6
Other current assets	17.1	17.1	12.1	11	14.8	17.2	15.8	16.6	16.4	25.6
Total current assets	206	211	225	216	200	203	211	218	261	225
Property, plant and equipment	27.6	29.9	33.6	34.9	31.7	29.4	29.5	30.7	36.8	40
Lease right-of-use assets				10.1	6.78	20.2	18	18.8	16.7	16.6
Goodwill							0	7.75	7.75	11
Intangible assets	1.54	2.2	6.58	7.9	6.12	6.27	8.21	16.4	16.8	23.2
Other non-current assets		3.27	4.54	7.58	13.6	17.1	18.3	1.95	1.04	0.78
Total assets	244	254	283	290	272	293	289	299	345	317
Accounts payable	68.4	75.5	78.9	59.6	63.7	69.4	67.4	67	91.2	70.8
Accrued liabilities	4.13	4.68	3.53	3.68	2.88	2.4	2.38	2.49	2.79	2.76
Deferred revenue	2.67	5.19	3.87	1.73	3.49	3.38	3.34	5.51	2.57	2.37
Short-term debt	17			14.6	5.98	14.8	37.5	32.6	25.2	19
Total current liabilities	111	105	110	104	100	116	133	133	151	120
Lease liabilities				4.72	3.84	17.2	13.2	13.7	12.9	13.3
Other non-current liabilities	8.36	4.02	3.67	3.41	2.93	2.45	2.65	7.77	5.93	8.2
Total liabilities	128	120	123	129	126	155	170	165	179	144
Paid-in capital	409	411	415	418	421	428	432	437	447	455
Retained earnings	-265	-250	-227	-229	-247	-262	-281	-275	-251	-253
Treasury stock	-20.1	-20.1	-20.1	-20.1	-20.1	-20.1	-20.1	-20.1	-20.1	-20.1
Other comprehensive income	-7.85	-7.17	-9.21	-8.67	-8.07	-9.51	-11.2	-8.09	-10.1	-8.82
Shareholders' equity	116	134	160	160	146	137	120	134	166	173
Total equity	116	134	160	160	146	137	120	134	166	173
Total liabilities and equity	244	254	283	290	272	293	289	299	345	317
Shares outstanding	77.8	78	80.1	80.7	81.7	83.9	84.4	85.4	88.4	90.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	11.4	15.6	23	-2.34	-17.1	-14.8	-19.7	6.22	24.1	-2.09
Depreciation and amortization	10	9.21	7.76	9.69	12.9	12.2	11	9.97	12.1	14.3
Stock-based compensation	1.07	1.2	1.98	2.05	1.66	2.56	3.56	3.96	4.3	4.09
Deferred income tax	0.34	0.5	-6.6	-0.26	-0.02	8.83	1.31	2.78	0.41	0
Change in receivables	11.1	-6.4	-11.1	4.53	9.35	-11.2	18.4	-2.37	-46.2	52.6
Change in inventory	4.71	-8.59	-0.96	-9.48	9.92	-11.9	-11.2	6.3	7.61	-2.13
Change in payables	-2.36	4.84	2.34	-15.9	1.95	5.88	-2.02	-1.85	23	-22.1
Cash from operations	25.8	17.2	22.5	-12.9	17.2	-15	-4.9	30.9	26.2	31.6
Capital expenditures	-8.19	-8.53	-10.3	-11.6	-6.08	-9.38	-10.5	-9.96	-14.6	-13.6
Acquisitions						0	0	-7.97	0	-6.57
Purchases of investments	-0.15	-1
Cash from investing	-8.19	-10.9	-15.3	-13.9	-6.49	-9.4	-12.4	-20.9	-16.5	-24
Stock issued	0.08	0.29	2.61	0.6	1.24	4.73	0.41	0.04	5.88	0.69
Cash from financing	-17.8	-16.7	2.61	15.2	-7.38	14.5	23.1	-4.86	-1.52	-5.51
Exchange rate effect	0.29	0.03	-0.11	-0.05	-0.21	-0.14
Net change in cash	0.02	-10.5	9.7	-11.6	3.16	-10	5.87	5.29	7.07	3.06
Free cash flow	17.6	8.62	12.2	-24.5	11.2	-24.4	-15.4	20.9	11.6	17.9
Interest paid	1.74	1.84	1.75	1.8	1.14	1.28	3.46	6.04	4.68	3.61
Income taxes paid	1.37	2.49	1.62	3.83	3	2	1.87	2.84	1.13	2.65

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.11 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.8%	Gross profit / revenue.
Operating margin	2.1%	Operating income / revenue.
EBITDA margin	6.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.2%	Pre-tax income / revenue.
Net margin	-0.6%	Net income / revenue.
FCF margin	5.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.3%	Cash from operations / revenue.
Effective tax rate	395.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-1.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.6%	Net income / average total assets.
Return on invested capital (ROIC)	4.3%	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	9.0%	Research and development expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.0%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-14.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-16.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.2%	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	8.7%	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	-81.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-57.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	493.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	32.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-108.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-107.4%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	20.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	12.8%	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	54.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	10.0%	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	3.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.0%	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	3.4%	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	-8.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.1%	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	3.1%	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	1.5%	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	2.2%	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	2.0%	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	1.87x	Current assets / current liabilities.
Quick ratio	1.15x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.32x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	45.5%	Total liabilities / total assets.
Interest coverage	1.44x	Operating income / interest expense.
Working capital	$105.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	10.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$138.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.02x	Revenue / average total assets.
Fixed asset turnover	8.83x	Revenue / average property, plant and equipment.
Inventory turnover	3.70x	Cost of revenue / average inventory.
Days inventory	99 days	365 x average inventory / cost of revenue.
Receivables turnover	2.72x	Revenue / average receivables.
Days sales outstanding	134 days	365 x average receivables / revenue.
Days payables	132 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	101 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	43.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.02	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	-$0.02	Net income per basic share, as reported (split-adjusted).
Revenue per share	$3.77	Revenue / diluted weighted shares.
FCF per share	$0.20	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.35	Cash from operations / diluted weighted shares.
Book value per share	$1.91	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.53	Tangible book value / shares outstanding.
Cash per share	$0.42	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$192.6M	Share price x shares outstanding.
Enterprise value	$154.2M	Market cap + total debt - cash - short-term investments.
P/S	0.57x	Market cap / revenue.
P/B	1.11x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.39x	Market cap / tangible book value, when positive.
P/FCF	10.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.10x	Market cap / cash from operations, when positive.
EV/Sales	0.46x	Enterprise value / revenue.
EV/EBIT	21.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.15x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.59x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.3%	Free cash flow / market cap.
Earnings yield	-1.1%	Net income / market cap (the inverse of P/E).

What was CERAGON NETWORKS LTD's revenue in fiscal 2025?

CERAGON NETWORKS LTD reported revenue of $338.7M for fiscal 2025, 14.1% lower than the year before.

Was CERAGON NETWORKS LTD profitable in fiscal 2025?

No. It reported a net loss of $2.1M.

How much free cash flow did CERAGON NETWORKS LTD generate in fiscal 2025?

Cash from operations of $31.6M minus capital expenditures of $13.6M left free cash flow of $17.9M.

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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