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).
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 at33.8% , 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
The capital intensity looks manageable: capital spending was
Financial Health Signals
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
Earnings & Revenue
Ceragon Networks Ltd generated $338.7M in revenue in fiscal year 2025. This represents a decrease of 14.1% from the prior year.
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.
Ceragon Networks Ltd reported -$2.1M in net income in fiscal year 2025. This represents a decrease of 108.7% from the prior year.
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
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.
Ceragon Networks Ltd held $38.4M in cash against $0 in long-term debt as of fiscal year 2025.
Ceragon Networks Ltd had 88M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
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.
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.
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.
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
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.
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 |
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Frequently Asked Questions
What is Ceragon Networks Ltd's annual revenue?
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.
How fast is Ceragon Networks Ltd's revenue growing?
Ceragon Networks Ltd (CRNT) revenue declined by 14.1% year-over-year, from $394.2M to $338.7M in fiscal year 2025.
Is Ceragon Networks Ltd profitable?
No, Ceragon Networks Ltd (CRNT) reported a net income of -$2.1M in fiscal year 2025, with a net profit margin of -0.6%.
What is Ceragon Networks Ltd's EBITDA?
Ceragon Networks Ltd (CRNT) had EBITDA of $21.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Ceragon Networks Ltd's gross margin?
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.
What is Ceragon Networks Ltd's operating margin?
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.
What is Ceragon Networks Ltd's net profit margin?
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.
What is Ceragon Networks Ltd's return on equity (ROE)?
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.
What is Ceragon Networks Ltd's free cash flow?
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.
What is Ceragon Networks Ltd's operating cash flow?
Ceragon Networks Ltd (CRNT) generated $31.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ceragon Networks Ltd's total assets?
Ceragon Networks Ltd (CRNT) had $317.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ceragon Networks Ltd's capital expenditures?
Ceragon Networks Ltd (CRNT) invested $13.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ceragon Networks Ltd spend on research and development?
Ceragon Networks Ltd (CRNT) invested $30.4M in research and development during fiscal year 2025.
What is Ceragon Networks Ltd's current ratio?
Ceragon Networks Ltd (CRNT) had a current ratio of 1.87 as of fiscal year 2025, which is generally considered healthy.
What is Ceragon Networks Ltd's debt-to-equity ratio?
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.
What is Ceragon Networks Ltd's return on assets (ROA)?
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.
What is Ceragon Networks Ltd's Altman Z-Score?
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.
What is Ceragon Networks Ltd's Piotroski F-Score?
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.
Are Ceragon Networks Ltd's earnings high quality?
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.
Can Ceragon Networks Ltd cover its interest payments?
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.
How financially healthy is Ceragon Networks Ltd?
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.