Cambium Networks Corporation (CMBM) 10-Year Financial Performance & Capital Metrics

CMBM • • Industrial / General

TechnologyCommunication EquipmentWireless Infrastructure & BackhaulWireless Broadband Access

AboutCambium Networks Corporation, through its subsidiaries, provides wireless broadband networking infrastructure products and solutions for commercial and government network operators. Its wireless fabric includes intelligent radios, smart antennas, radio frequency (RF) algorithms, wireless-aware switches, and cloud-based network management software. The company offers point-to-point backhaul, point-to-multipoint distribution, Wi-Fi access, cnMatrix ethernet enterprise switching, cnReach IIoT, cnVision video surveillance transport, and cnMaestro and network management tools and solutions. It also offers point-to-point solutions that are connected to high-speed, high-bandwidth wireline networks; and wireless broadband backhaul to facilities or point-to-multipoint access points deployed throughout a network over distances of approximately 100 kilometers and at 2 gigabytes per second. The company also offers cnPilot and Xirrus Wi-Fi solution provides distributed access to individual users in indoor settings, such as office complexes, and outdoor settings, such as athletic stadiums and outdoor public Wi-Fi spots; cnReach solutions offer narrow-band connectivity for sensors and devices; embedded proprietary RF technology and software enables automated optimization of data flow at the outermost points in the network; cnMatrix cloud-managed wireless-aware switching solution provides the interface between wireless and wired networks; and cnVision solutions for video surveillance and CCTV deployments. It serves medium-sized wireless Internet service providers, mobile network operators, enterprises, and government agencies in North America, Europe, the Middle East, Africa, Caribbean and Latin America, and the Asia Pacific. The company was formerly known as Vector Cambium Holdings (Cayman), Ltd. and changed its name to Cambium Networks Corporation in 2018. The was founded in 2011 and is headquartered in Rolling Meadows, Illinois.Show more

Revenue $220M -25.8%
EBITDA -$52M -288.6%
Net Income -$77M -483.3%
EPS (Diluted) -2.81 -490.3%
Gross Margin 31.26% -36.1%
EBITDA Margin -23.54% -354.3%
Operating Margin -27.64% -512.7%
Net Margin -35.16% -616.8%
ROE -68.42% -536.1%
ROIC -41.32% -395.7%
Debt/Equity 0.39 +91.2%
Interest Coverage -24.14 -340.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 95 (top 5%)
✓Trading at only 0.5x book value
✓Efficient asset utilization: 1.0x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-1.85%

3Y-7.53%

TTM-34.89%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-574.13%

EPS CAGR

10Y-

5Y-

3Y-

TTM-546.17%

ROCE

10Y Avg8.79%

5Y Avg5.14%

3Y Avg0.41%

Latest-40.06%

Peer Comparison

Wireless Broadband Access

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UIUbiquiti Inc.	33.49B	553.52	47.07	33.45%	28.72%	95.58%	1.87%	0.45
FEIMFrequency Electronics, Inc.	567.4M	58.03	23.59	26.3%	30.12%	35.99%		0.16
CMBMCambium Networks Corporation	44.34M	1.57	-0.56	-25.84%	-56.98%	-224.89%		0.39
AMPGAmpliTech Group, Inc.	84.92M	3.70	-3.43	-38.99%	-33.77%	-21.28%		0.12
AIRGAirgain, Inc.	49.27M	4.12	-5.22	8.14%	-10.87%	-20%		0.13
KNKnowles Corporation	2.12B	24.93	-9.34	21.17%	6.85%	5.23%	5.49%	0.28

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023
Sales/Revenue+	181.44M	216.67M	241.76M	267.03M	278.46M	335.85M	296.9M	220.19M
Revenue Growth %	-	0.19%	0.12%	0.1%	0.04%	0.21%	-0.12%	-0.26%
Cost of Goods Sold+	91.72M	105.96M	126.27M	135.8M	139.05M	175.06M	151.76M	151.36M
COGS % of Revenue	0.51%	0.49%	0.52%	0.51%	0.5%	0.52%	0.51%	0.69%
Gross Profit+	89.73M	110.71M	115.5M	131.23M	139.41M	160.8M	145.14M	68.83M
Gross Margin %	0.49%	0.51%	0.48%	0.49%	0.5%	0.48%	0.49%	0.31%
Gross Profit Growth %	-	0.23%	0.04%	0.14%	0.06%	0.15%	-0.1%	-0.53%
Operating Expenses+	77.54M	95.84M	109.14M	129.93M	115.46M	124.38M	125.26M	129.69M
OpEx % of Revenue	0.43%	0.44%	0.45%	0.49%	0.41%	0.37%	0.42%	0.59%
Selling, General & Admin	42.84M	54.79M	61.46M	76.38M	62.45M	66.88M	69.43M	70M
SG&A % of Revenue	0.24%	0.25%	0.25%	0.29%	0.22%	0.2%	0.23%	0.32%
Research & Development	26.27M	32.23M	38.92M	47.69M	46.37M	51.32M	49.87M	53.48M
R&D % of Revenue	0.14%	0.15%	0.16%	0.18%	0.17%	0.15%	0.17%	0.24%
Other Operating Expenses	8.43M	8.82M	8.77M	5.86M	6.64M	6.17M	5.96M	6.21M
Operating Income+	12.19M	14.87M	6.35M	755K	23.95M	36.42M	19.88M	-60.85M
Operating Margin %	0.07%	0.07%	0.03%	0%	0.09%	0.11%	0.07%	-0.28%
Operating Income Growth %	-	0.22%	-0.57%	-0.88%	30.72%	0.52%	-0.45%	-4.06%
EBITDA+	20.62M	23.8M	15.37M	7.12M	31.22M	43.4M	27.48M	-51.83M
EBITDA Margin %	0.11%	0.11%	0.06%	0.03%	0.11%	0.13%	0.09%	-0.24%
EBITDA Growth %	-	0.15%	-0.35%	-0.54%	3.38%	0.39%	-0.37%	-2.89%
D&A (Non-Cash Add-back)	8.43M	8.92M	9.02M	6.37M	7.27M	6.98M	7.6M	9.03M
EBIT	12.19M	14.4M	6.35M	755K	23.46M	35.88M	19.88M	-61.13M
Net Interest Income+	-7.57M	-5.02M	-8.11M	-8.08M	-5.33M	-4.27M	-1.98M	-2.52M
Interest Income	0	0	0	0	0	0	0	0
Interest Expense	7.57M	5.02M	8.11M	8.08M	5.33M	4.27M	1.98M	2.52M
Other Income/Expense	-7.73M	-5.49M	-8.66M	-8.62M	-5.82M	-4.51M	-1.86M	-2.79M
Pretax Income+	4.46M	9.38M	-2.31M	-7.32M	18.13M	31.91M	18.02M	-63.65M
Pretax Margin %	0.02%	0.04%	-0.01%	-0.03%	0.07%	0.1%	0.06%	-0.29%
Income Tax+	1.55M	-418K	-799K	10.28M	-444K	-5.51M	-2.18M	13.77M
Effective Tax Rate %	0.51%	1.04%	0.65%	2.4%	1.02%	1.17%	1.12%	1.22%
Net Income+	2.27M	9.8M	-1.51M	-17.6M	18.57M	37.42M	20.2M	-77.42M
Net Margin %	0.01%	0.05%	-0.01%	-0.07%	0.07%	0.11%	0.07%	-0.35%
Net Income Growth %	-	3.31%	-1.15%	-10.63%	2.06%	1.01%	-0.46%	-4.83%
Net Income (Continuing)	2.91M	9.8M	-1.51M	-17.6M	18.57M	37.42M	20.2M	-77.42M
Discontinued Operations	0	0	0	0	0	0	0	0
Minority Interest	8.62M	0	0	0	0	0	0	0
EPS (Diluted)+	0.11	0.49	-0.08	-0.69	0.70	1.31	0.72	-2.81
EPS Growth %	-	3.45%	-1.16%	-8.03%	2.01%	0.87%	-0.45%	-4.9%
EPS (Basic)	0.11	0.49	-0.08	-0.69	0.72	1.42	0.75	-2.81
Diluted Shares Outstanding	19.81M	19.81M	19.81M	25.67M	26.4M	28.63M	28.03M	27.52M
Basic Shares Outstanding	19.81M	19.81M	19.81M	25.67M	25.71M	26.42M	26.92M	27.52M
Dividend Payout Ratio	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023
Total Current Assets+	81.98M	85.63M	105.57M	129.32M	165.13M	180.59M	212.99M	162.57M
Cash & Short-Term Investments	14.63M	7.38M	4.44M	19.35M	62.47M	59.29M	48.16M	18.71M
Cash Only	14.63M	7.38M	4.44M	19.35M	62.47M	59.29M	48.16M	18.71M
Short-Term Investments	0	0	0	0	0	0	0	0
Accounts Receivable	40.27M	52.21M	61.07M	58.63M	59.53M	70.63M	89.44M	64.33M
Days Sales Outstanding	81.02	87.95	92.2	80.14	78.04	76.76	109.95	106.63
Inventory	22.66M	21.89M	30.71M	41.67M	33.96M	33.78M	57.07M	66.88M
Days Inventory Outstanding	90.18	75.39	88.77	112	89.15	70.43	137.26	161.27
Other Current Assets	1.36M	1.32M	5.89M	4.35M	5.02M	4.72M	6.46M	6.07M
Total Non-Current Assets+	36.78M	35.99M	36.48M	43.16M	40.62M	51.68M	56.47M	55.3M
Property, Plant & Equipment	3.83M	5.22M	7.96M	15.19M	12.62M	16.39M	15.28M	20.77M
Fixed Asset Turnover	47.31x	41.50x	30.35x	17.58x	22.07x	20.49x	19.43x	10.60x
Goodwill	8.06M	8.06M	8.06M	8.55M	9.84M	9.84M	9.84M	9.84M
Intangible Assets	20.88M	16.66M	12.44M	18.5M	16.33M	16.64M	17.61M	19.66M
Long-Term Investments	-4M	0	0	0	0	0	0	0
Other Non-Current Assets	4M	0	0	0	288K	1.2M	955K	1.33M
Total Assets+	118.76M	121.61M	142.06M	172.48M	205.75M	232.27M	269.46M	217.88M
Asset Turnover	1.53x	1.78x	1.70x	1.55x	1.35x	1.45x	1.10x	1.01x
Asset Growth %	-	0.02%	0.17%	0.21%	0.19%	0.13%	0.16%	-0.19%
Total Current Liabilities+	39.43M	54.64M	66.3M	67.87M	107.61M	82.14M	87.22M	96.33M
Accounts Payable	13.66M	18.48M	23.71M	25.21M	30.86M	28.24M	31.28M	19.12M
Days Payables Outstanding	54.38	63.64	68.54	67.77	81	58.88	75.24	46.11
Short-Term Debt	3.14M	3.93M	8.84M	9.45M	29.2M	2.49M	3.16M	3.19M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	-7.32M	9.25M	7.14M	10.74M	20.92M	22.58M	15.82M	18.19M
Current Ratio	2.08x	1.57x	1.59x	1.91x	1.53x	2.20x	2.44x	1.69x
Quick Ratio	1.50x	1.17x	1.13x	1.29x	1.22x	1.79x	1.79x	0.99x
Cash Conversion Cycle	116.82	99.7	112.43	124.37	86.18	88.31	171.97	221.79
Total Non-Current Liabilities+	120.38M	84.8M	96.33M	64.68M	34.76M	37.99M	36.87M	40.61M
Long-Term Debt	95.92M	83.44M	94.18M	54.16M	24.96M	26.96M	24.46M	21.93M
Capital Lease Obligations	0	0	0	5.33M	3.33M	4.11M	2.17M	6.59M
Deferred Tax Liabilities	0	0	0	337K	9K	0	0	0
Other Non-Current Liabilities	23.12M	0	605K	0	2.01M	1.54M	1.62M	1.62M
Total Liabilities	159.82M	139.44M	162.63M	132.21M	142.37M	120.13M	124.09M	136.94M
Total Debt+	99.06M	87.38M	103.02M	68.95M	57.49M	33.57M	29.79M	31.71M
Net Debt	84.44M	80M	98.58M	49.6M	-4.98M	-25.73M	-18.37M	13M
Debt / Equity	-	-	-	1.73x	0.91x	0.30x	0.20x	0.39x
Debt / EBITDA	4.80x	3.67x	6.70x	9.68x	1.84x	0.77x	1.08x	-
Net Debt / EBITDA	4.09x	3.36x	6.41x	6.96x	-0.16x	-0.59x	-0.67x	-
Interest Coverage	1.61x	2.96x	0.78x	0.09x	4.50x	8.53x	10.06x	-24.14x
Total Equity+	-41.05M	-17.83M	-20.57M	39.93M	63.39M	112.14M	145.37M	80.93M
Equity Growth %	-	0.57%	-0.15%	2.94%	0.59%	0.77%	0.3%	-0.44%
Book Value per Share	-2.07	-0.90	-1.04	1.56	2.40	3.92	5.19	2.94
Total Shareholders' Equity	-49.67M	-17.83M	-20.57M	39.93M	63.39M	112.14M	145.37M	80.93M
Common Stock	772K	772K	0	3K	3K	3K	3K	3K
Retained Earnings	-52.53M	-43.4M	-45.77M	-63.37M	-44.8M	-7.38M	12.82M	-64.6M
Treasury Stock	0	0	0	-1.09M	-1.09M	-3.91M	-4.92M	-5.62M
Accumulated OCI	2.08M	151K	-221K	-379K	-564K	-699K	-1.53M	-1.61M
Minority Interest	8.62M	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023
Cash from Operations+	16.53M	23M	-10.39M	3.55M	56.9M	29.96M	-3.05M	-16.95M
Operating CF Margin %	0.09%	0.11%	-0.04%	0.01%	0.2%	0.09%	-0.01%	-0.08%
Operating CF Growth %	-	0.39%	-1.45%	1.34%	15.01%	-0.47%	-1.1%	-4.55%
Net Income	2.91M	9.8M	-1.51M	-17.6M	18.57M	37.42M	20.2M	-77.42M
Depreciation & Amortization	8.43M	8.87M	9.02M	6.37M	7.27M	6.98M	7.6M	9.03M
Stock-Based Compensation	0	0	0	17.7M	3.44M	7.72M	10.68M	11.59M
Deferred Taxes	-118K	-1.88M	-1.86M	7.4M	-1.07M	-6.07M	-5.19M	9.09M
Other Non-Cash Items	-210K	410K	1.53M	1.45M	2.98M	934K	3.92M	16.49M
Working Capital Changes	5.51M	5.8M	-17.57M	-11.76M	25.71M	-17.02M	-40.26M	14.27M
Change in Receivables	5.74M	-2.26M	-5.29M	-4.67M	3.02M	-19.34M	-11.17M	32.05M
Change in Inventory	-1.31M	586K	-10.01M	-7.63M	5.7M	174K	-27.03M	-26.41M
Change in Payables	-3.36M	4.73M	4.26M	2.1M	6.1M	-2.71M	2.77M	-13.64M
Cash from Investing+	-2.03M	-5.93M	-7.5M	-8.61M	-5.4M	-10.17M	-9.24M	-11.22M
Capital Expenditures	-2.03M	-5.93M	-7.5M	-3.95M	-5.07M	-10.17M	-9.24M	-4.59M
CapEx % of Revenue	0.01%	0.03%	0.03%	0.01%	0.02%	0.03%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-
Other Investing	-164K	-2.58M	-1.91M	0	0	0	0	-6.64M
Cash from Financing+	-5.43M	-24.35M	15.07M	20.02M	-8.37M	-22.95M	1.25M	-1.27M
Debt Issued (Net)	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-
Other Financing	0	-77.83M	-396K	-5.75M	4K	729K	-986K	-822K
Net Change in Cash	-	-	-	-	-	-	-	-
Free Cash Flow+	14.5M	17.07M	-17.89M	-393K	51.84M	19.79M	-12.3M	-21.54M
FCF Margin %	0.08%	0.08%	-0.07%	-0%	0.19%	0.06%	-0.04%	-0.1%
FCF Growth %	-	0.18%	-2.05%	0.98%	132.9%	-0.62%	-1.62%	-0.75%
FCF per Share	0.73	0.86	-0.90	-0.02	1.96	0.69	-0.44	-0.78
FCF Conversion (FCF/Net Income)	7.27x	2.35x	6.87x	-0.20x	3.06x	0.80x	-0.15x	0.22x
Interest Paid	2.25M	1.53M	7.61M	6.46M	4M	2.06M	807K	1.84M
Taxes Paid	1.31M	1.49M	1.07M	1.7M	2.23M	779K	1.35M	4.92M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023
Return on Equity (ROE)	-	-	-	-181.85%	35.96%	42.64%	15.69%	-68.42%
Return on Invested Capital (ROIC)	21.08%	21.14%	6.8%	0.68%	24.28%	37.72%	13.97%	-41.32%
Gross Margin	49.45%	51.1%	47.77%	49.14%	50.06%	47.88%	48.89%	31.26%
Net Margin	1.25%	4.52%	-0.63%	-6.59%	6.67%	11.14%	6.8%	-35.16%
Debt / Equity	-	-	-	1.73x	0.91x	0.30x	0.20x	0.39x
Interest Coverage	1.61x	2.96x	0.78x	0.09x	4.50x	8.53x	10.06x	-24.14x
FCF Conversion	7.27x	2.35x	6.87x	-0.20x	3.06x	0.80x	-0.15x	0.22x
Revenue Growth	-	19.41%	11.58%	10.45%	4.28%	20.61%	-11.6%	-25.84%

Revenue by Segment

	2019	2020	2021	2022	2023
Point To Multi Point	156.16M	172.6M	204.76M	114.94M	95.2M
Point To Multi Point Growth	-	10.53%	18.63%	-43.86%	-17.18%
Point To Point	71.62M	60.44M	60.76M	67.08M	80.77M
Point To Point Growth	-	-15.61%	0.54%	10.40%	20.40%
Enterprise	-	-	-	109.84M	39.1M
Enterprise Growth	-	-	-	-	-64.41%
Product and Service, Other	-	-	-	5.03M	5.14M
Product and Service, Other Growth	-	-	-	-	2.09%
Wifi	35.68M	39.99M	66.93M	-	-
Wifi Growth	-	12.09%	67.37%	-	-
Product And Service Other	3.58M	5.43M	3.4M	-	-
Product And Service Other Growth	-	51.97%	-37.35%	-	-

Revenue by Geography

	2019	2020	2021	2022	2023
North America	122.56M	147.33M	173.49M	133.9M	131.94M
North America Growth	-	20.20%	17.76%	-22.82%	-1.46%
EMEA	-	-	-	90.88M	44.17M
EMEA Growth	-	-	-	-	-51.40%
Asia Pacific	26.77M	20.79M	28.31M	40.9M	23.35M
Asia Pacific Growth	-	-22.34%	36.18%	44.47%	-42.89%
Caribbean And Latin America	31.77M	29.42M	40.97M	31.22M	20.73M
Caribbean And Latin America Growth	-	-7.39%	39.28%	-23.80%	-33.61%
E M E A	85.93M	80.93M	93.08M	-	-
E M E A Growth	-	-5.82%	15.02%	-	-

Frequently Asked Questions

Growth & Financials

Cambium Networks Corporation (CMBM) reported $172.2M in revenue for fiscal year 2023. This represents a 5% decrease from $181.4M in 2016.

Cambium Networks Corporation (CMBM) saw revenue decline by 25.8% over the past year.

Cambium Networks Corporation (CMBM) reported a net loss of $98.1M for fiscal year 2023.

Dividend & Returns

Cambium Networks Corporation (CMBM) has a return on equity (ROE) of -68.4%. Negative ROE indicates the company is unprofitable.

Cambium Networks Corporation (CMBM) had negative free cash flow of $23.9M in fiscal year 2023, likely due to heavy capital investments.

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Cambium Networks Corporation (CMBM) 10-Year Financial Performance & Capital Metrics

CMBM • • Industrial / General

TechnologyCommunication EquipmentWireless Infrastructure & BackhaulWireless Broadband Access

Revenue $220M -25.8%
EBITDA -$52M -288.6%
Net Income -$77M -483.3%
EPS (Diluted) -2.81 -490.3%
Gross Margin 31.26% -36.1%
EBITDA Margin -23.54% -354.3%
Operating Margin -27.64% -512.7%
Net Margin -35.16% -616.8%
ROE -68.42% -536.1%
ROIC -41.32% -395.7%
Debt/Equity 0.39 +91.2%
Interest Coverage -24.14 -340.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 95 (top 5%)
✓Trading at only 0.5x book value
✓Efficient asset utilization: 1.0x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-1.85%

3Y-7.53%

TTM-34.89%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-574.13%

EPS CAGR

10Y-

5Y-

3Y-

TTM-546.17%

ROCE

10Y Avg8.79%

5Y Avg5.14%

3Y Avg0.41%

Latest-40.06%

Peer Comparison

Wireless Broadband Access

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UIUbiquiti Inc.	33.49B	553.52	47.07	33.45%	28.72%	95.58%	1.87%	0.45
FEIMFrequency Electronics, Inc.	567.4M	58.03	23.59	26.3%	30.12%	35.99%		0.16
CMBMCambium Networks Corporation	44.34M	1.57	-0.56	-25.84%	-56.98%	-224.89%		0.39
AMPGAmpliTech Group, Inc.	84.92M	3.70	-3.43	-38.99%	-33.77%	-21.28%		0.12
AIRGAirgain, Inc.	49.27M	4.12	-5.22	8.14%	-10.87%	-20%		0.13
KNKnowles Corporation	2.12B	24.93	-9.34	21.17%	6.85%	5.23%	5.49%	0.28

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023
Sales/Revenue+	181.44M	216.67M	241.76M	267.03M	278.46M	335.85M	296.9M	220.19M
Revenue Growth %	-	0.19%	0.12%	0.1%	0.04%	0.21%	-0.12%	-0.26%
Cost of Goods Sold+	91.72M	105.96M	126.27M	135.8M	139.05M	175.06M	151.76M	151.36M
COGS % of Revenue	0.51%	0.49%	0.52%	0.51%	0.5%	0.52%	0.51%	0.69%
Gross Profit+	89.73M	110.71M	115.5M	131.23M	139.41M	160.8M	145.14M	68.83M
Gross Margin %	0.49%	0.51%	0.48%	0.49%	0.5%	0.48%	0.49%	0.31%
Gross Profit Growth %	-	0.23%	0.04%	0.14%	0.06%	0.15%	-0.1%	-0.53%
Operating Expenses+	77.54M	95.84M	109.14M	129.93M	115.46M	124.38M	125.26M	129.69M
OpEx % of Revenue	0.43%	0.44%	0.45%	0.49%	0.41%	0.37%	0.42%	0.59%
Selling, General & Admin	42.84M	54.79M	61.46M	76.38M	62.45M	66.88M	69.43M	70M
SG&A % of Revenue	0.24%	0.25%	0.25%	0.29%	0.22%	0.2%	0.23%	0.32%
Research & Development	26.27M	32.23M	38.92M	47.69M	46.37M	51.32M	49.87M	53.48M
R&D % of Revenue	0.14%	0.15%	0.16%	0.18%	0.17%	0.15%	0.17%	0.24%
Other Operating Expenses	8.43M	8.82M	8.77M	5.86M	6.64M	6.17M	5.96M	6.21M
Operating Income+	12.19M	14.87M	6.35M	755K	23.95M	36.42M	19.88M	-60.85M
Operating Margin %	0.07%	0.07%	0.03%	0%	0.09%	0.11%	0.07%	-0.28%
Operating Income Growth %	-	0.22%	-0.57%	-0.88%	30.72%	0.52%	-0.45%	-4.06%
EBITDA+	20.62M	23.8M	15.37M	7.12M	31.22M	43.4M	27.48M	-51.83M
EBITDA Margin %	0.11%	0.11%	0.06%	0.03%	0.11%	0.13%	0.09%	-0.24%
EBITDA Growth %	-	0.15%	-0.35%	-0.54%	3.38%	0.39%	-0.37%	-2.89%
D&A (Non-Cash Add-back)	8.43M	8.92M	9.02M	6.37M	7.27M	6.98M	7.6M	9.03M
EBIT	12.19M	14.4M	6.35M	755K	23.46M	35.88M	19.88M	-61.13M
Net Interest Income+	-7.57M	-5.02M	-8.11M	-8.08M	-5.33M	-4.27M	-1.98M	-2.52M
Interest Income	0	0	0	0	0	0	0	0
Interest Expense	7.57M	5.02M	8.11M	8.08M	5.33M	4.27M	1.98M	2.52M
Other Income/Expense	-7.73M	-5.49M	-8.66M	-8.62M	-5.82M	-4.51M	-1.86M	-2.79M
Pretax Income+	4.46M	9.38M	-2.31M	-7.32M	18.13M	31.91M	18.02M	-63.65M
Pretax Margin %	0.02%	0.04%	-0.01%	-0.03%	0.07%	0.1%	0.06%	-0.29%
Income Tax+	1.55M	-418K	-799K	10.28M	-444K	-5.51M	-2.18M	13.77M
Effective Tax Rate %	0.51%	1.04%	0.65%	2.4%	1.02%	1.17%	1.12%	1.22%
Net Income+	2.27M	9.8M	-1.51M	-17.6M	18.57M	37.42M	20.2M	-77.42M
Net Margin %	0.01%	0.05%	-0.01%	-0.07%	0.07%	0.11%	0.07%	-0.35%
Net Income Growth %	-	3.31%	-1.15%	-10.63%	2.06%	1.01%	-0.46%	-4.83%
Net Income (Continuing)	2.91M	9.8M	-1.51M	-17.6M	18.57M	37.42M	20.2M	-77.42M
Discontinued Operations	0	0	0	0	0	0	0	0
Minority Interest	8.62M	0	0	0	0	0	0	0
EPS (Diluted)+	0.11	0.49	-0.08	-0.69	0.70	1.31	0.72	-2.81
EPS Growth %	-	3.45%	-1.16%	-8.03%	2.01%	0.87%	-0.45%	-4.9%
EPS (Basic)	0.11	0.49	-0.08	-0.69	0.72	1.42	0.75	-2.81
Diluted Shares Outstanding	19.81M	19.81M	19.81M	25.67M	26.4M	28.63M	28.03M	27.52M
Basic Shares Outstanding	19.81M	19.81M	19.81M	25.67M	25.71M	26.42M	26.92M	27.52M
Dividend Payout Ratio	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023
Total Current Assets+	81.98M	85.63M	105.57M	129.32M	165.13M	180.59M	212.99M	162.57M
Cash & Short-Term Investments	14.63M	7.38M	4.44M	19.35M	62.47M	59.29M	48.16M	18.71M
Cash Only	14.63M	7.38M	4.44M	19.35M	62.47M	59.29M	48.16M	18.71M
Short-Term Investments	0	0	0	0	0	0	0	0
Accounts Receivable	40.27M	52.21M	61.07M	58.63M	59.53M	70.63M	89.44M	64.33M
Days Sales Outstanding	81.02	87.95	92.2	80.14	78.04	76.76	109.95	106.63
Inventory	22.66M	21.89M	30.71M	41.67M	33.96M	33.78M	57.07M	66.88M
Days Inventory Outstanding	90.18	75.39	88.77	112	89.15	70.43	137.26	161.27
Other Current Assets	1.36M	1.32M	5.89M	4.35M	5.02M	4.72M	6.46M	6.07M
Total Non-Current Assets+	36.78M	35.99M	36.48M	43.16M	40.62M	51.68M	56.47M	55.3M
Property, Plant & Equipment	3.83M	5.22M	7.96M	15.19M	12.62M	16.39M	15.28M	20.77M
Fixed Asset Turnover	47.31x	41.50x	30.35x	17.58x	22.07x	20.49x	19.43x	10.60x
Goodwill	8.06M	8.06M	8.06M	8.55M	9.84M	9.84M	9.84M	9.84M
Intangible Assets	20.88M	16.66M	12.44M	18.5M	16.33M	16.64M	17.61M	19.66M
Long-Term Investments	-4M	0	0	0	0	0	0	0
Other Non-Current Assets	4M	0	0	0	288K	1.2M	955K	1.33M
Total Assets+	118.76M	121.61M	142.06M	172.48M	205.75M	232.27M	269.46M	217.88M
Asset Turnover	1.53x	1.78x	1.70x	1.55x	1.35x	1.45x	1.10x	1.01x
Asset Growth %	-	0.02%	0.17%	0.21%	0.19%	0.13%	0.16%	-0.19%
Total Current Liabilities+	39.43M	54.64M	66.3M	67.87M	107.61M	82.14M	87.22M	96.33M
Accounts Payable	13.66M	18.48M	23.71M	25.21M	30.86M	28.24M	31.28M	19.12M
Days Payables Outstanding	54.38	63.64	68.54	67.77	81	58.88	75.24	46.11
Short-Term Debt	3.14M	3.93M	8.84M	9.45M	29.2M	2.49M	3.16M	3.19M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	-7.32M	9.25M	7.14M	10.74M	20.92M	22.58M	15.82M	18.19M
Current Ratio	2.08x	1.57x	1.59x	1.91x	1.53x	2.20x	2.44x	1.69x
Quick Ratio	1.50x	1.17x	1.13x	1.29x	1.22x	1.79x	1.79x	0.99x
Cash Conversion Cycle	116.82	99.7	112.43	124.37	86.18	88.31	171.97	221.79
Total Non-Current Liabilities+	120.38M	84.8M	96.33M	64.68M	34.76M	37.99M	36.87M	40.61M
Long-Term Debt	95.92M	83.44M	94.18M	54.16M	24.96M	26.96M	24.46M	21.93M
Capital Lease Obligations	0	0	0	5.33M	3.33M	4.11M	2.17M	6.59M
Deferred Tax Liabilities	0	0	0	337K	9K	0	0	0
Other Non-Current Liabilities	23.12M	0	605K	0	2.01M	1.54M	1.62M	1.62M
Total Liabilities	159.82M	139.44M	162.63M	132.21M	142.37M	120.13M	124.09M	136.94M
Total Debt+	99.06M	87.38M	103.02M	68.95M	57.49M	33.57M	29.79M	31.71M
Net Debt	84.44M	80M	98.58M	49.6M	-4.98M	-25.73M	-18.37M	13M
Debt / Equity	-	-	-	1.73x	0.91x	0.30x	0.20x	0.39x
Debt / EBITDA	4.80x	3.67x	6.70x	9.68x	1.84x	0.77x	1.08x	-
Net Debt / EBITDA	4.09x	3.36x	6.41x	6.96x	-0.16x	-0.59x	-0.67x	-
Interest Coverage	1.61x	2.96x	0.78x	0.09x	4.50x	8.53x	10.06x	-24.14x
Total Equity+	-41.05M	-17.83M	-20.57M	39.93M	63.39M	112.14M	145.37M	80.93M
Equity Growth %	-	0.57%	-0.15%	2.94%	0.59%	0.77%	0.3%	-0.44%
Book Value per Share	-2.07	-0.90	-1.04	1.56	2.40	3.92	5.19	2.94
Total Shareholders' Equity	-49.67M	-17.83M	-20.57M	39.93M	63.39M	112.14M	145.37M	80.93M
Common Stock	772K	772K	0	3K	3K	3K	3K	3K
Retained Earnings	-52.53M	-43.4M	-45.77M	-63.37M	-44.8M	-7.38M	12.82M	-64.6M
Treasury Stock	0	0	0	-1.09M	-1.09M	-3.91M	-4.92M	-5.62M
Accumulated OCI	2.08M	151K	-221K	-379K	-564K	-699K	-1.53M	-1.61M
Minority Interest	8.62M	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023
Cash from Operations+	16.53M	23M	-10.39M	3.55M	56.9M	29.96M	-3.05M	-16.95M
Operating CF Margin %	0.09%	0.11%	-0.04%	0.01%	0.2%	0.09%	-0.01%	-0.08%
Operating CF Growth %	-	0.39%	-1.45%	1.34%	15.01%	-0.47%	-1.1%	-4.55%
Net Income	2.91M	9.8M	-1.51M	-17.6M	18.57M	37.42M	20.2M	-77.42M
Depreciation & Amortization	8.43M	8.87M	9.02M	6.37M	7.27M	6.98M	7.6M	9.03M
Stock-Based Compensation	0	0	0	17.7M	3.44M	7.72M	10.68M	11.59M
Deferred Taxes	-118K	-1.88M	-1.86M	7.4M	-1.07M	-6.07M	-5.19M	9.09M
Other Non-Cash Items	-210K	410K	1.53M	1.45M	2.98M	934K	3.92M	16.49M
Working Capital Changes	5.51M	5.8M	-17.57M	-11.76M	25.71M	-17.02M	-40.26M	14.27M
Change in Receivables	5.74M	-2.26M	-5.29M	-4.67M	3.02M	-19.34M	-11.17M	32.05M
Change in Inventory	-1.31M	586K	-10.01M	-7.63M	5.7M	174K	-27.03M	-26.41M
Change in Payables	-3.36M	4.73M	4.26M	2.1M	6.1M	-2.71M	2.77M	-13.64M
Cash from Investing+	-2.03M	-5.93M	-7.5M	-8.61M	-5.4M	-10.17M	-9.24M	-11.22M
Capital Expenditures	-2.03M	-5.93M	-7.5M	-3.95M	-5.07M	-10.17M	-9.24M	-4.59M
CapEx % of Revenue	0.01%	0.03%	0.03%	0.01%	0.02%	0.03%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-
Other Investing	-164K	-2.58M	-1.91M	0	0	0	0	-6.64M
Cash from Financing+	-5.43M	-24.35M	15.07M	20.02M	-8.37M	-22.95M	1.25M	-1.27M
Debt Issued (Net)	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-
Other Financing	0	-77.83M	-396K	-5.75M	4K	729K	-986K	-822K
Net Change in Cash	-	-	-	-	-	-	-	-
Free Cash Flow+	14.5M	17.07M	-17.89M	-393K	51.84M	19.79M	-12.3M	-21.54M
FCF Margin %	0.08%	0.08%	-0.07%	-0%	0.19%	0.06%	-0.04%	-0.1%
FCF Growth %	-	0.18%	-2.05%	0.98%	132.9%	-0.62%	-1.62%	-0.75%
FCF per Share	0.73	0.86	-0.90	-0.02	1.96	0.69	-0.44	-0.78
FCF Conversion (FCF/Net Income)	7.27x	2.35x	6.87x	-0.20x	3.06x	0.80x	-0.15x	0.22x
Interest Paid	2.25M	1.53M	7.61M	6.46M	4M	2.06M	807K	1.84M
Taxes Paid	1.31M	1.49M	1.07M	1.7M	2.23M	779K	1.35M	4.92M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023
Return on Equity (ROE)	-	-	-	-181.85%	35.96%	42.64%	15.69%	-68.42%
Return on Invested Capital (ROIC)	21.08%	21.14%	6.8%	0.68%	24.28%	37.72%	13.97%	-41.32%
Gross Margin	49.45%	51.1%	47.77%	49.14%	50.06%	47.88%	48.89%	31.26%
Net Margin	1.25%	4.52%	-0.63%	-6.59%	6.67%	11.14%	6.8%	-35.16%
Debt / Equity	-	-	-	1.73x	0.91x	0.30x	0.20x	0.39x
Interest Coverage	1.61x	2.96x	0.78x	0.09x	4.50x	8.53x	10.06x	-24.14x
FCF Conversion	7.27x	2.35x	6.87x	-0.20x	3.06x	0.80x	-0.15x	0.22x
Revenue Growth	-	19.41%	11.58%	10.45%	4.28%	20.61%	-11.6%	-25.84%

Revenue by Segment

	2019	2020	2021	2022	2023
Point To Multi Point	156.16M	172.6M	204.76M	114.94M	95.2M
Point To Multi Point Growth	-	10.53%	18.63%	-43.86%	-17.18%
Point To Point	71.62M	60.44M	60.76M	67.08M	80.77M
Point To Point Growth	-	-15.61%	0.54%	10.40%	20.40%
Enterprise	-	-	-	109.84M	39.1M
Enterprise Growth	-	-	-	-	-64.41%
Product and Service, Other	-	-	-	5.03M	5.14M
Product and Service, Other Growth	-	-	-	-	2.09%
Wifi	35.68M	39.99M	66.93M	-	-
Wifi Growth	-	12.09%	67.37%	-	-
Product And Service Other	3.58M	5.43M	3.4M	-	-
Product And Service Other Growth	-	51.97%	-37.35%	-	-

Revenue by Geography

	2019	2020	2021	2022	2023
North America	122.56M	147.33M	173.49M	133.9M	131.94M
North America Growth	-	20.20%	17.76%	-22.82%	-1.46%
EMEA	-	-	-	90.88M	44.17M
EMEA Growth	-	-	-	-	-51.40%
Asia Pacific	26.77M	20.79M	28.31M	40.9M	23.35M
Asia Pacific Growth	-	-22.34%	36.18%	44.47%	-42.89%
Caribbean And Latin America	31.77M	29.42M	40.97M	31.22M	20.73M
Caribbean And Latin America Growth	-	-7.39%	39.28%	-23.80%	-33.61%
E M E A	85.93M	80.93M	93.08M	-	-
E M E A Growth	-	-5.82%	15.02%	-	-

Frequently Asked Questions

Growth & Financials

Cambium Networks Corporation (CMBM) reported $172.2M in revenue for fiscal year 2023. This represents a 5% decrease from $181.4M in 2016.

Cambium Networks Corporation (CMBM) saw revenue decline by 25.8% over the past year.

Cambium Networks Corporation (CMBM) reported a net loss of $98.1M for fiscal year 2023.

Dividend & Returns

Cambium Networks Corporation (CMBM) has a return on equity (ROE) of -68.4%. Negative ROE indicates the company is unprofitable.

Cambium Networks Corporation (CMBM) had negative free cash flow of $23.9M in fiscal year 2023, likely due to heavy capital investments.