STOCK TITAN

Ceragon Networks Ltd Financials

CRNT
Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Ceragon Networks Ltd (CRNT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CRNT FY2025

Ceragon’s FY2025 reset shows cash generation outlasting earnings as core margins held up better than operating profit.

FY2025 revenue fell to $338.7M but gross margin stayed at 33.8%, so the squeeze came mainly after gross profit rather than from a sharp deterioration in unit economics. That matters because operating cash flow still reached $31.6M while net income slipped to -$2.1M, meaning the business remained cash generative even when reported earnings turned slightly negative.

The balance sheet posture improved as debt-to-equity eased to 0.8x and cash rose to $38.4M, so weaker FY2025 earnings did not come with tighter liquidity. A current ratio of 1.9x and lower total liabilities than FY2024 suggest outside claims are financing less of the asset base than before.

The capital intensity looks manageable: capital spending was $13.6M against operating cash flow of $31.6M, so reinvestment did not swallow internally generated cash. With free cash flow positive for three straight years, the recent profit drop looks more like an earnings-shape problem than a business that suddenly stopped producing cash.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 47 / 100
Financial Health Score 47/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Ceragon Networks Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
46

Ceragon Networks Ltd has an operating margin of 2.1%, meaning the company retains $2 of operating profit per $100 of revenue. This results in a moderate score of 46/100, indicating healthy but not exceptional operating efficiency. This is down from 9.8% the prior year.

Growth
28

Ceragon Networks Ltd's revenue declined 14.1% year-over-year, from $394.2M to $338.7M. This contraction results in a growth score of 28/100.

Leverage
50

Ceragon Networks Ltd has a moderate D/E ratio of 0.84. This balance of debt and equity financing earns a leverage score of 50/100.

Liquidity
54

Ceragon Networks Ltd's current ratio of 1.87 indicates adequate short-term liquidity, earning a score of 54/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
47

Ceragon Networks Ltd has a free cash flow margin of 5.3%, earning a moderate score of 47/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
56

Ceragon Networks Ltd's ROE of -1.2% shows moderate profitability relative to equity, earning a score of 56/100. This is down from 14.5% the prior year.

Altman Z-Score Distress
1.33

Ceragon Networks Ltd scores 1.33, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($217.2M) relative to total liabilities ($144.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
4/8

Ceragon Networks Ltd passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed
-15.10x

For every $1 of reported earnings, Ceragon Networks Ltd generates $-15.10 in operating cash flow ($31.6M OCF vs -$2.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk
1.4x

Ceragon Networks Ltd earns $1.4 in operating income for every $1 of interest expense ($7.2M vs $5.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue
$338.7M
YoY-14.1%
5Y CAGR+5.2%
10Y CAGR-0.3%

Ceragon Networks Ltd generated $338.7M in revenue in fiscal year 2025. This represents a decrease of 14.1% from the prior year.

EBITDA
$21.6M
YoY-57.6%
5Y CAGR+32.5%
10Y CAGR-4.4%

Ceragon Networks Ltd's EBITDA was $21.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 57.6% from the prior year.

Net Income
-$2.1M
YoY-108.7%

Ceragon Networks Ltd reported -$2.1M in net income in fiscal year 2025. This represents a decrease of 108.7% from the prior year.

EPS (Diluted)
$-0.02
YoY-107.4%

Ceragon Networks Ltd earned $-0.02 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 107.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$17.9M
YoY+54.5%
5Y CAGR+10.0%
10Y CAGR+5.2%

Ceragon Networks Ltd generated $17.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 54.5% from the prior year.

Cash & Debt
$38.4M
YoY+8.7%
5Y CAGR+7.2%
10Y CAGR+0.6%

Ceragon Networks Ltd held $38.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
88M
YoY+0.0%
5Y CAGR+1.6%
10Y CAGR+1.3%

Ceragon Networks Ltd had 88M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin
33.8%
YoY-0.9pp
5Y CAGR+5.0pp
10Y CAGR+4.4pp

Ceragon Networks Ltd's gross margin was 33.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.9 percentage points from the prior year.

Operating Margin
2.1%
YoY-7.7pp
5Y CAGR+5.0pp
10Y CAGR-4.0pp

Ceragon Networks Ltd's operating margin was 2.1% in fiscal year 2025, reflecting core business profitability. This is down 7.7 percentage points from the prior year.

Net Margin
-0.6%
YoY-6.7pp
5Y CAGR+5.9pp
10Y CAGR-0.9pp

Ceragon Networks Ltd's net profit margin was -0.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6.7 percentage points from the prior year.

Return on Equity
-1.2%
YoY-15.7pp
5Y CAGR+10.5pp
10Y CAGR-2.2pp

Ceragon Networks Ltd's ROE was -1.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 15.7 percentage points from the prior year.

Capital Allocation

R&D Spending
$30.4M
YoY-12.9%
5Y CAGR-0.4%
10Y CAGR+2.9%

Ceragon Networks Ltd invested $30.4M in research and development in fiscal year 2025. This represents a decrease of 12.9% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$13.6M
YoY-6.7%
5Y CAGR+17.5%
10Y CAGR+10.0%

Ceragon Networks Ltd invested $13.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 6.7% from the prior year.

CRNT Income Statement

Metric Q4'25 Q2'25 Q4'24 Q2'24 Q4'23 Q2'23 Q4'22 Q2'22
Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A N/A N/A N/A N/A
Operating Income N/A N/A N/A N/A N/A N/A N/A N/A
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax N/A N/A N/A N/A N/A N/A N/A N/A
Net Income N/A N/A N/A N/A N/A N/A N/A N/A
EPS (Diluted) N/A N/A N/A N/A N/A N/A N/A N/A

CRNT Balance Sheet

Metric Q4'25 Q2'25 Q4'24 Q2'24 Q4'23 Q2'23 Q4'22 Q2'22
Total Assets $317.0M-3.5% $328.4M-4.8% $345.0M+15.4% $299.0M+0.2% $298.5M+1.4% $294.5M+1.8% $289.3M-5.1% $305.0M
Current Assets $225.2M-3.8% $234.2M-10.3% $261.0M+20.7% $216.3M-0.8% $217.9M+1.0% $215.8M+2.4% $210.7M-3.2% $217.8M
Cash & Equivalents $38.4M+31.3% $29.2M-17.3% $35.3M+34.2% $26.3M-6.8% $28.2M+15.1% $24.5M+6.9% $22.9M-2.7% $23.6M
Inventory $61.6M+2.7% $59.9M+0.4% $59.7M+0.3% $59.5M-13.5% $68.8M+1.4% $67.8M-5.8% $72.0M+18.6% $60.7M
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill $11.0M-0.4% $11.0M+42.5% $7.7M0.0% $7.7M0.0% $7.7M N/A $0 N/A
Total Liabilities $144.3M-7.9% $156.6M-12.3% $178.7M+14.9% $155.5M-5.5% $164.5M-2.1% $168.1M-0.9% $169.5M-2.0% $173.0M
Current Liabilities $120.2M-4.5% $125.9M-16.9% $151.4M+18.9% $127.3M-4.2% $133.0M+0.5% $132.2M-0.5% $132.8M-2.1% $135.7M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $172.8M+0.6% $171.8M+3.3% $166.3M+15.9% $143.5M+7.1% $134.0M+6.0% $126.4M+5.5% $119.8M-9.2% $132.0M
Retained Earnings -$253.2M+0.1% -$253.4M-0.9% -$251.1M+5.9% -$267.0M+3.0% -$275.2M+0.8% -$277.4M+1.4% -$281.4M-6.0% -$265.5M

CRNT Cash Flow Statement

Metric Q4'25 Q2'25 Q4'24 Q2'24 Q4'23 Q2'23 Q4'22 Q2'22
Operating Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Capital Expenditures N/A N/A N/A N/A N/A N/A N/A N/A
Free Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Investing Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Financing Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

CRNT Financial Ratios

Metric Q4'25 Q2'25 Q4'24 Q2'24 Q4'23 Q2'23 Q4'22 Q2'22
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin N/A N/A N/A N/A N/A N/A N/A N/A
Net Margin N/A N/A N/A N/A N/A N/A N/A N/A
Return on Equity N/A N/A N/A N/A N/A N/A N/A N/A
Return on Assets N/A N/A N/A N/A N/A N/A N/A N/A
Current Ratio 1.87+0.0 1.86+0.1 1.72+0.0 1.70+0.1 1.640.0 1.63+0.0 1.59-0.0 1.61
Debt-to-Equity 0.84-0.1 0.91-0.2 1.070.0 1.08-0.1 1.23-0.1 1.33-0.1 1.42+0.1 1.31
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

Similar Companies

Frequently Asked Questions

Ceragon Networks Ltd (CRNT) reported $338.7M in total revenue for fiscal year 2025. This represents a -14.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Ceragon Networks Ltd (CRNT) revenue declined by 14.1% year-over-year, from $394.2M to $338.7M in fiscal year 2025.

No, Ceragon Networks Ltd (CRNT) reported a net income of -$2.1M in fiscal year 2025, with a net profit margin of -0.6%.

Ceragon Networks Ltd (CRNT) reported diluted earnings per share of $-0.02 for fiscal year 2025. This represents a -107.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Ceragon Networks Ltd (CRNT) had EBITDA of $21.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Ceragon Networks Ltd (CRNT) had a gross margin of 33.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Ceragon Networks Ltd (CRNT) had an operating margin of 2.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Ceragon Networks Ltd (CRNT) had a net profit margin of -0.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Ceragon Networks Ltd (CRNT) has a return on equity of -1.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Ceragon Networks Ltd (CRNT) generated $17.9M in free cash flow during fiscal year 2025. This represents a 54.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Ceragon Networks Ltd (CRNT) generated $31.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Ceragon Networks Ltd (CRNT) had $317.0M in total assets as of fiscal year 2025, including both current and long-term assets.

Ceragon Networks Ltd (CRNT) invested $13.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Ceragon Networks Ltd (CRNT) invested $30.4M in research and development during fiscal year 2025.

Ceragon Networks Ltd (CRNT) had 88M shares outstanding as of fiscal year 2025.

Ceragon Networks Ltd (CRNT) had a current ratio of 1.87 as of fiscal year 2025, which is generally considered healthy.

Ceragon Networks Ltd (CRNT) had a debt-to-equity ratio of 0.84 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Ceragon Networks Ltd (CRNT) had a return on assets of -0.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Ceragon Networks Ltd (CRNT) has an Altman Z-Score of 1.33, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Ceragon Networks Ltd (CRNT) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Ceragon Networks Ltd (CRNT) has an earnings quality ratio of -15.10x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Ceragon Networks Ltd (CRNT) has an interest coverage ratio of 1.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Ceragon Networks Ltd (CRNT) scores 47 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

Back to top