Free cash flow remains highly inconsistent, swinging from a negative $7.7 million in 2025Q1 to a positive $7.2 million in 2025Q4, indicating a lack of reliable operational scale.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Cash from Operations | -837K | 3.47M | 3.47M | -6.33M | 6.92M | 25.8M | 15.16M | 9.67M | 8.61M | 24.47M | 14.46M | 19.38M | 9.11M | 13.71M | 18.62M | 27.08M | 16.27M | 6.01M | -3.43M | 28.23M | -3.37M | 12.74M | -29.76M | -12.82M | -1.9M | 9.51M | 10.55M |
| Operating CF Margin % | - | 3.17% | 3.25% | -6.5% | 5.74% | 22.67% | 15.11% | 11.1% | 11.06% | 27.96% | 19.9% | 32.57% | 17.93% | 28.03% | 34.7% | 44.96% | 36.22% | 15.62% | -8.49% | 85.01% | -10.37% | 35.76% | -78.99% | -34.8% | -9.9% | 37.66% | 46.07% |
| Operating CF Growth % | -1576.21% | 0% | 154.83% | -191.44% | -73.17% | 70.18% | 56.74% | 12.33% | -64.8% | 69.23% | -25.39% | 112.76% | -33.54% | -26.4% | -31.23% | 66.5% | 170.68% | 275.29% | -112.14% | 937.53% | -126.45% | 142.82% | -132.13% | -574.38% | -119.99% | -9.92% | - |
| Net Income | -11.77M | -10.64M | -8.79M | -11.88M | -23.18M | 396K | -2.38M | 28K | 574K | 17.03M | 13.1M | 6.27M | -819K | 6.68M | 13.69M | 18.56M | 11.38M | 8.35M | 8.56M | 1.29M | -98K | -2.27M | 1.65M | -11.99M | -21.92M | 10.36M | 9.27M |
| Depreciation & Amortization | 4.14M | 4.14M | 4.14M | 4.88M | 7.56M | 6.99M | 5.82M | 5.27M | 4.16M | 3.25M | 2.63M | 2.36M | 1.4M | 670K | 525K | 506K | 528K | 488K | 726K | 1.03M | 1.84M | 2.84M | 3.42M | 4.84M | 2.59M | 697K | 533K |
| Stock-Based Compensation | 11.25M | 15.57M | 15.57M | 15.53M | 14.51M | 13.05M | 13.64M | 10.72M | 10.37M | 8.69M | 6.24M | 4.01M | 5.01M | 5.92M | 5.08M | 5.16M | 2.13M | 2.92M | 2.92M | 2.13M | 2.2B | 195M | 229M | 0 | 37K | 0 | 0 |
| Deferred Taxes | -467K | -68K | -68K | 6.68M | -6.3M | -6.3M | -335K | 0 | -2.19M | -613K | -613K | -1.21M | 2.53M | -656K | -656K | -1.44M | 1.57M | -2.95M | -120K | -321K | -103M | -697M | -195K | 0 | 240K | -9K | 38K |
| Other Non-Cash Items | 8.92M | 10.72M | 334K | -11.66M | 12.47M | -413K | 194K | 831K | 4.05M | 1.75M | 1.15M | 2.53M | -408K | 1.73M | 1.05M | 2.33M | -563K | -1.05M | -11.93M | 20.88M | -2.1B | 513.56M | -259.65M | 3.96M | 15.73M | -193K | 2.38M |
| Working Capital Changes | -14.77M | -16.25M | -7.72M | -9.89M | 1.87M | 12.09M | -1.77M | -7.17M | -8.35M | -5.64M | -8.66M | 5.43M | 1.39M | -644K | -1.06M | 1.97M | 1.22M | -1.74M | -3.59M | 3.22M | -2.34M | 607K | -3.98M | -9.62M | 1.42M | -1.34M | -1.67M |
| Change in Receivables | -8M | -11.85M | -6.78M | -25K | -3.75M | 5.84M | -2.92M | -2.15M | -463K | -1.45M | -10.97M | 4.28M | -2.38M | 603K | -1.12M | 790K | 2.66M | -1.04M | -2.89M | 5.92M | -2.26B | 4.53B | -569M | -3.74B | 6.84M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | -9.02M | 0 | 0 | 2.5M | 0 | -5.12M | -775K | -386K | 1.44M | 948K | 288K | 328K | 3.9M | 900K | -1.71M | 0 | 0 | 0 | 0 | 0 | 168K | 239K | -46K | 14K |
| Change in Payables | -1.1M | 552K | -261K | -818K | 511K | 404K | 186K | 53K | 226K | -184K | -190K | -161K | -655K | -102K | 594K | 7K | 46K | -88K | 0 | 0 | 0 | 0 | 0 | 3.67B | -63.98M | 0 | 0 |
| Cash from Investing | -56.04M | -2.45M | -2.45M | 10.84M | -15.12M | -16.71M | -15.22M | -2.44M | 9.83M | -28.79M | -21.03M | -9.64M | -892K | 9.27M | 9.84M | -39.26M | -26.6M | -13.05M | -19.55M | -30.91M | 3.91M | -7.74M | -3.19M | -2.62M | 40.01M | -1.48M | -746K |
| Capital Expenditures | -4.96M | -2.96M | -2.96M | -2.88M | -3.5M | -2.19M | -2.94M | -3.46M | -5.28M | -4.13M | -2.39M | -2.18M | -1.42M | -894K | -682K | -393K | -728K | -368K | -456K | -807K | -424K | -1.06M | -3.13M | -2.69M | -860K | -1.47M | -696K |
| CapEx % of Revenue | 4.41% | 2.7% | 2.76% | 2.96% | 2.9% | 1.93% | 2.93% | 3.97% | 6.78% | 4.73% | 3.29% | 3.67% | 2.79% | 1.83% | 1.27% | 0.65% | 1.62% | 0.96% | 1.13% | 2.43% | 1.3% | 2.98% | 8.3% | 7.31% | 4.48% | 5.84% | 3.04% |
| Acquisitions | -3.47M | 0 | 540K | 26.99M | -29.89M | -29.89M | -11.05M | -11M | 1.96M | 4.96M | 0 | 6.96M | -13.49M | -9.61M | -9.61M | 10K | 0 | 0 | 0 | 8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -19.78M | 117.87M | -753K | -30.59M | 29.89M | 0 | 11.05M | -7.36M | -1.96M | -4.96M | -18.64M | -6.96M | 14.01M | 9.61M | 9.61M | 29.17M | 0 | 3K | 4K | -39K | -927K | 14K | -61K | 70K | 40.87M | -4K | -50K |
| Cash from Financing | 59.53M | -5.57M | -5.57M | -2.77M | -3.31M | 3.24M | -2.11M | -6.68M | -17.76M | 7.49M | 6.2M | -6.95M | -15.68M | -17.34M | -24.88M | 9.95M | 15.8M | 5.9M | -4.18M | 4.82M | 1.8M | 1.75M | 2.19M | 398K | 35.7M | -8.03M | -9.81M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 59.53M | 59.34M | -8.46M | -6.16M | -6.79M | 3.24M | -4.78M | -9.11M | -20.01M | 0 | -3.42M | -10.08M | -18.66M | -19.82M | -27.17M | 0 | -1.57M | 5.9M | -4.18M | 4.82M | 1.8M | 1.75M | 2.19M | 398K | 30K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -7.15M | -7.15M | -8.46M | -6.16M | -6.79M | 0 | -4.78M | -9.11M | -20.01M | 0 | -3.42M | -10.08M | -18.66M | -19.82M | -27.17M | 1.24M | -1.57M | -823K | -5.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -64.91M | 2.88M | 3.39M | 3.48M | 0 | 2.67M | 2.44M | 2.25M | 7.49M | 9.62M | 3.13M | 2.97M | 2.48M | 2.29M | 9.95M | 17.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35.67M | -8.03M | -9.81M |
| Net Change in Cash | 2.55M | -4.79M | -4.79M | 2M | -11.87M | 12.01M | -1.66M | 543K | 521K | 3.34M | -508K | 2.74M | -7.95M | 5.7M | 3.47M | -2.14M | 4.99M | -1.22M | -27.37M | 2.73M | 2.86M | 6.27M | -30.29M | -14.68M | 73.81M | 0 | 0 |
| Free Cash Flow | -5.76M | 516K | 516K | -9.21M | 3.42M | 23.61M | 12.23M | -1.15M | 3.33M | 20.33M | 12.07M | 17.2M | 7.69M | 12.81M | 17.94M | 26.69M | 15.54M | 5.64M | -3.88M | 27.43M | -3.79M | 11.68M | -32.88M | -15.51M | -2.76M | 8.03M | 9.86M |
| FCF Margin % | -5.13% | 0.47% | 0.48% | -9.46% | 2.84% | 20.74% | 12.19% | -1.32% | 4.28% | 23.24% | 16.62% | 28.9% | 15.14% | 26.2% | 33.43% | 44.31% | 34.6% | 14.66% | -9.62% | 82.58% | -11.68% | 32.78% | -87.29% | -42.11% | -14.38% | 31.83% | 43.03% |
| FCF Growth % | -646.16% | 0% | 105.6% | -369.05% | -85.49% | 93.09% | 1162.38% | -134.53% | -83.61% | 68.44% | -29.8% | 123.53% | -39.96% | -28.59% | -32.77% | 71.78% | 175.43% | 245.24% | -114.16% | 822.69% | -132.48% | 135.53% | -112% | -461.79% | -134.37% | -18.51% | - |
| FCF per Share | -0.21 | 0.02 | 0.02 | -0.39 | 0.15 | 1.02 | 0.55 | -0.05 | 0.15 | 0.90 | 0.56 | 0.82 | 0.37 | 0.57 | 0.77 | 1.10 | 0.69 | 0.28 | -0.19 | 1.36 | -0.20 | 0.62 | -1.73 | -0.86 | -0.15 | 0.45 | 0.55 |
| FCF Conversion (FCF/Net Income) | 0.49x | -0.33x | -0.40x | 0.53x | -0.30x | 65.16x | -6.37x | 345.50x | 15.00x | 1.44x | 1.10x | 3.09x | -11.12x | 2.05x | 1.36x | 1.46x | 1.43x | 0.72x | -0.40x | 21.87x | 34.40x | -5.62x | -18.04x | 1.07x | 0.09x | 0.92x | 1.14x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2.48M | 0 | 6.26M | 7.4M | 10.19M | 0 | 4.73M | 5.06M | 4.29M | 5.2M | 3.29M | 2.19M | 1.28M | 1.85M | 926K | 528K | 136K | 1.1M | 5.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Operating Cash Burn
As reported in recent financial filings, CEVA's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching a volatile 1.10 in 2026Q1, suggesting that non-cash adjustments and working capital swings significantly distort the company's ability to convert accounting profits into actual liquidity.
The persistent gap between net income and operating cash flow highlights the difficulty in assessing the company's true earnings quality. Investors should monitor whether this divergence is driven by recurring stock-based compensation or timing mismatches in licensing revenue recognition, as neither provides a sustainable foundation for cash generation.
Based on quarterly cash flow statements, CEVA's free cash flow trajectory is highly inconsistent, swinging from a negative $7.7 million in 2025Q1 to a positive $7.2 million in 2025Q4, which indicates that the firm lacks the operational scale to generate reliable, self-sustaining cash flow margins.
The inability to maintain positive free cash flow suggests that the company's high R&D intensity continues to outpace its royalty-driven revenue streams. This volatility warrants further investigation into whether the business model can achieve the necessary operating leverage to transition from cash-burning to cash-generative status.
According to the provided cash flow data, working capital changes are a primary source of cash flow instability, with a significant $9.7 million outflow in 2025Q3, suggesting that the company's collection cycles and inventory-related timing are highly sensitive to the lumpy nature of its licensing contracts.
These erratic working capital movements imply that the timing of large, upfront licensing payments creates substantial quarter-to-quarter liquidity fluctuations. Such instability makes it difficult to forecast the company's cash position and may force management to rely on existing reserves to fund ongoing operations during lean periods.
As indicated by the company's financial statements, stock-based compensation consistently exceeds $3.5 million per quarter, effectively masking the true cash burn rate and suggesting that the company's reported operating cash flow may overstate its underlying ability to fund operations without diluting existing shareholders.
The reliance on equity-based incentives to manage R&D costs appears to be a structural necessity given the current lack of GAAP profitability. Investors should consider the impact of this ongoing dilution on long-term value, as it represents a significant non-cash expense that nonetheless carries a real economic cost.
Quick answers to the most common questions about buying CEVA stock.
CEVA, Inc. (CEVA) generated $3.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CEVA, Inc. (CEVA) generated $0.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CEVA, Inc. (CEVA) spent $3.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CEVA, Inc. (CEVA) spent $7.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.