Ceragon Networks Ltd. (CRNT) 10-Year Financial Performance & Capital Metrics

CRNT • • Industrial / General

TechnologyCommunication EquipmentWireless Infrastructure & BackhaulWireless Backhaul Systems

AboutCeragon Networks Ltd. provides wireless backhaul and fronthaul solutions that enable cellular operators and other wireless service providers. Its solutions use microwave and millimeter wave radio technology to transfer telecommunication traffic between base stations, small/distributed cells, and the core of the service provider's network. The company also uses microwave technology for ultra-high speed, ultra-low latency communication for wireless 5G and 4G, 3G, and other cellular base stations. In addition, it provides IP-20 all-outdoor solutions, such as IP-20C, IP-20C-HP, IP-20S, IP-20E, and IP-20V; IP-20 split-mount/all-indoor solutions comprising IP-20N/IP-20A, IP-20F, and IP-20G; and IP-50 disaggregated solutions, including IP-50E, IP-50C, IP-50S, and IP-50FX for various short-haul, long-haul, fronthaul, and enterprise access applications. Further, the company offers network management system; and network and radio planning, site survey, solutions development, installation, network auditing and optimization, maintenance, training, and other services. It provides its services to oil and gas companies; public safety organizations; business and public institutions; broadcasters; energy utilities; and private communications networks. The company sells its products through direct sales, original equipment manufacturers, distributors, and system integrators. It operates in North America, Europe, Africa, the Asia Pacific, the Middle East, India, and Latin America. The company was formerly known as Giganet Ltd. and changed its name to Ceragon Networks Ltd. in September 2000. Ceragon Networks Ltd. was incorporated in 1996 and is headquartered in Rosh HaAyin, Israel.Show more

Revenue $394M +13.5%
EBITDA $51M +63.1%
Net Income $24M +286.9%
EPS (Diluted) 0.27 +270.9%
Gross Margin 34.72% +0.6%
EBITDA Margin 12.9% +43.6%
Operating Margin 9.82% +60.8%
Net Margin 6.1% +240.7%
ROE 16.02% +226.9%
ROIC 17.7% +71.0%
Debt/Equity 0.25 -34.0%
Interest Coverage 6.48 +130.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Trading at only 1.2x book value
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Weak 3Y average ROE of 1.9%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.61%

5Y6.66%

3Y10.68%

TTM-3.78%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-92.77%

EPS CAGR

10Y-

5Y-

3Y-

TTM-92.62%

ROCE

10Y Avg9.54%

5Y Avg5.34%

3Y Avg9.39%

Latest21.57%

Peer Comparison

Wireless Backhaul Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AVNWAviat Networks, Inc.	283.45M	22.08	220.80	6.5%	2.6%	4.44%		0.35
NOKNokia Oyj	36.66B	6.61	28.74	-9.07%	5.95%	6.09%	5.51%	0.23
CRNTCeragon Networks Ltd.	210.34M	2.34	8.67	13.54%	0.38%	0.81%	4.63%	0.25
ERICTelefonaktiebolaget LM Ericsson (publ)	29.18B	9.50		3.83%	10.24%	23.76%	100%	0.49

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	349.44M	293.64M	332.03M	343.87M	285.58M	262.88M	290.77M	295.17M	347.18M	394.19M
Revenue Growth %	-0.06%	-0.16%	0.13%	0.04%	-0.17%	-0.08%	0.11%	0.02%	0.18%	0.14%
Cost of Goods Sold+	246.49M	194.48M	224.7M	227.71M	188.74M	187.24M	202.39M	202.11M	227.31M	257.34M
COGS % of Revenue	0.71%	0.66%	0.68%	0.66%	0.66%	0.71%	0.7%	0.68%	0.65%	0.65%
Gross Profit+	102.95M	99.16M	107.33M	116.17M	96.84M	75.64M	88.38M	93.06M	119.87M	136.85M
Gross Margin %	0.29%	0.34%	0.32%	0.34%	0.34%	0.29%	0.3%	0.32%	0.35%	0.35%
Gross Profit Growth %	0.18%	-0.04%	0.08%	0.08%	-0.17%	-0.22%	0.17%	0.05%	0.29%	0.14%
Operating Expenses+	80.13M	79.67M	84.19M	90.03M	89.54M	83.22M	83.57M	104M	98.66M	98.12M
OpEx % of Revenue	0.23%	0.27%	0.25%	0.26%	0.31%	0.32%	0.29%	0.35%	0.28%	0.25%
Selling, General & Admin	62.05M	59.9M	60.23M	62.31M	62.75M	52.22M	54.1M	70.09M	64.37M	58.94M
SG&A % of Revenue	0.18%	0.2%	0.18%	0.18%	0.22%	0.2%	0.19%	0.24%	0.19%	0.15%
Research & Development	22.93M	21.7M	25.7M	28.18M	26.79M	31M	29.47M	29.69M	32.27M	34.95M
R&D % of Revenue	0.07%	0.07%	0.08%	0.08%	0.09%	0.12%	0.1%	0.1%	0.09%	0.09%
Other Operating Expenses	-4.85M	-1.92M	-1.75M	-470K	0	0	0	4.22M	2.02M	4.24M
Operating Income+	21.59M	19.49M	23.15M	26.14M	7.3M	-7.57M	4.81M	-10.94M	21.21M	38.73M
Operating Margin %	0.06%	0.07%	0.07%	0.08%	0.03%	-0.03%	0.02%	-0.04%	0.06%	0.1%
Operating Income Growth %	1.67%	-0.1%	0.19%	0.13%	-0.72%	-2.04%	1.63%	-3.28%	2.94%	0.83%
EBITDA+	33.8M	29.53M	32.35M	33.9M	16.99M	5.29M	17.05M	103K	31.18M	50.84M
EBITDA Margin %	0.1%	0.1%	0.1%	0.1%	0.06%	0.02%	0.06%	0%	0.09%	0.13%
EBITDA Growth %	2.82%	-0.13%	0.1%	0.05%	-0.5%	-0.69%	2.22%	-0.99%	301.69%	0.63%
D&A (Non-Cash Add-back)	12.2M	10.04M	9.21M	7.76M	9.69M	12.86M	12.25M	11.04M	9.97M	12.11M
EBIT	17.97M	17.57M	22.09M	26M	4.57M	-9.37M	831K	-12.23M	20.28M	33.23M
Net Interest Income+	-5.78M	-3.55M	-4.7M	-4.49M	-4.08M	-4.34M	-4.75M	-4.91M	-7.45M	-7.96M
Interest Income	101K	242K	126K	111K	111K	79K	160K	107K	93K	-1.98M
Interest Expense	5.88M	3.79M	4.83M	4.6M	4.2M	4.42M	4.91M	5.02M	7.54M	5.97M
Other Income/Expense	-14.74M	-6.3M	-5.89M	-6.35M	-7.17M	-6.9M	-8.63M	-6.31M	-8.47M	-11.47M
Pretax Income+	6.85M	13.19M	17.26M	19.8M	132K	-14.47M	-3.82M	-17.24M	12.74M	27.25M
Pretax Margin %	0.02%	0.04%	0.05%	0.06%	0%	-0.06%	-0.01%	-0.06%	0.04%	0.07%
Income Tax+	5.84M	1.76M	1.7M	-3.25M	2.48M	2.62M	11.01M	2.45M	6.52M	3.19M
Effective Tax Rate %	0.15%	0.87%	0.9%	1.16%	-17.76%	1.18%	3.88%	1.14%	0.49%	0.88%
Net Income+	1.01M	11.43M	15.56M	23.05M	-2.34M	-17.09M	-14.83M	-19.69M	6.22M	24.06M
Net Margin %	0%	0.04%	0.05%	0.07%	-0.01%	-0.07%	-0.05%	-0.07%	0.02%	0.06%
Net Income Growth %	1.01%	10.3%	0.36%	0.48%	-1.1%	-6.29%	0.13%	-0.33%	1.32%	2.87%
Net Income (Continuing)	1.01M	11.43M	15.56M	23.05M	-2.34M	-17.09M	-14.83M	-19.69M	6.22M	24.06M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.01	0.15	0.19	0.28	-0.02	-0.20	-0.18	-0.09	0.07	0.27
EPS Growth %	1.01%	14%	0.27%	0.47%	-1.08%	-8.48%	0.1%	0.51%	1.83%	2.71%
EPS (Basic)	0.01	0.15	0.20	0.29	-0.02	-0.20	-0.18	-0.09	0.07	0.28
Diluted Shares Outstanding	77.3M	78.61M	79.94M	81.02M	80.3M	81.15M	83.41M	84.13M	85.48M	88.46M
Basic Shares Outstanding	77.24M	77.7M	77.92M	78.58M	80.3M	81.15M	83.41M	84.13M	84.62M	86.19M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	229.21M	209.22M	210.81M	225.19M	215.63M	199.87M	203.48M	210.75M	217.94M	261.04M
Cash & Short-Term Investments	36.32M	36.34M	25.88M	36.1M	23.94M	27.1M	17.08M	22.95M	28.24M	35.31M
Cash Only	36.32M	36.34M	25.88M	35.58M	23.94M	27.1M	17.08M	22.95M	28.24M	35.31M
Short-Term Investments	0	0	0	515K	0	0	0	0	0	0
Accounts Receivable	125.08M	115.45M	124.92M	131.58M	125.2M	114.23M	117.68M	109.29M	113.85M	153.06M
Days Sales Outstanding	130.65	143.51	137.32	139.67	160.01	158.61	147.73	135.14	119.7	141.72
Inventory	49.69M	45.65M	54.16M	53.51M	62.13M	50.63M	61.4M	72.01M	68.81M	59.69M
Days Inventory Outstanding	73.58	85.67	87.98	85.77	120.16	98.69	110.73	130.04	110.49	84.67
Other Current Assets	21.6M	16.88M	16.56M	10.94M	4.01M	7.68M	7.07M	6.09M	6.08M	11.35M
Total Non-Current Assets+	38.42M	35M	42.78M	57.81M	74.25M	72.55M	89.08M	78.57M	80.58M	83.96M
Property, Plant & Equipment	28.91M	27.56M	29.87M	33.61M	44.99M	38.53M	49.62M	47.42M	49.5M	53.47M
Fixed Asset Turnover	12.09x	10.65x	11.12x	10.23x	6.35x	6.82x	5.86x	6.22x	7.01x	7.37x
Goodwill	0	0	0	0	0	0	0	0	7.75M	7.75M
Intangible Assets	3.19M	1.54M	2.2M	6.58M	7.9M	6.12M	6.27M	8.21M	16.4M	16.79M
Long-Term Investments	4.68M	4.58M	996K	504K	17K	17K	0	0	0	0
Other Non-Current Assets	1.46M	1.31M	8.73M	9.64M	13.24M	19.61M	33.19M	22.95M	6.94M	5.95M
Total Assets+	267.63M	244.22M	253.59M	283M	289.89M	272.42M	292.56M	289.32M	298.52M	345M
Asset Turnover	1.31x	1.20x	1.31x	1.22x	0.99x	0.96x	0.99x	1.02x	1.16x	1.14x
Asset Growth %	-0.22%	-0.09%	0.04%	0.12%	0.02%	-0.06%	0.07%	-0.01%	0.03%	0.16%
Total Current Liabilities+	145.2M	110.51M	105.45M	110.02M	104.37M	100.42M	115.68M	132.84M	132.95M	151.45M
Accounts Payable	73.64M	68.41M	75.48M	78.89M	59.63M	63.72M	69.44M	67.38M	67.03M	91.16M
Days Payables Outstanding	109.04	128.39	122.6	126.46	115.33	124.22	125.22	121.69	107.64	129.29
Short-Term Debt	34.92M	17M	0	0	14.6M	5.98M	14.8M	37.5M	32.6M	25.2M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	15.7M	11.33M	10.44M	4.2M	1.56M	1.55M	2M	2.82M	6.56M	12M
Current Ratio	1.58x	1.89x	2.00x	2.05x	2.07x	1.99x	1.76x	1.59x	1.64x	1.72x
Quick Ratio	1.24x	1.48x	1.49x	1.56x	1.47x	1.49x	1.23x	1.04x	1.12x	1.33x
Cash Conversion Cycle	95.19	100.79	102.7	98.98	164.84	133.08	133.23	143.5	122.55	97.09
Total Non-Current Liabilities+	19.61M	17.55M	14.24M	13.41M	25.1M	25.87M	39.73M	36.7M	31.55M	27.22M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	4.72M	3.84M	17.21M	13.19M	13.72M	12.94M
Deferred Tax Liabilities	185K	228K	141K	28K	0	0	0	0	0	0
Other Non-Current Liabilities	19.91M	17.55M	14.1M	13.38M	14.12M	14.53M	13.24M	11.97M	17.17M	14.29M
Total Liabilities	164.81M	128.06M	119.69M	123.43M	129.47M	126.29M	155.41M	169.53M	164.51M	178.67M
Total Debt+	34.92M	17M	0	0	24.96M	13M	36.37M	54.43M	50.2M	41.11M
Net Debt	-1.4M	-19.34M	-25.88M	-35.58M	1.02M	-14.1M	19.29M	31.48M	21.97M	5.8M
Debt / Equity	0.34x	0.15x	-	-	0.16x	0.09x	0.27x	0.45x	0.37x	0.25x
Debt / EBITDA	1.03x	0.58x	-	-	1.47x	2.46x	2.13x	528.47x	1.61x	0.81x
Net Debt / EBITDA	-0.04x	-0.65x	-0.80x	-1.05x	0.06x	-2.67x	1.13x	305.67x	0.70x	0.11x
Interest Coverage	3.67x	5.14x	4.79x	5.69x	1.74x	-1.71x	0.98x	-2.18x	2.81x	6.48x
Total Equity+	102.82M	116.16M	133.9M	159.57M	160.42M	146.13M	137.15M	119.78M	134.02M	166.32M
Equity Growth %	-0.02%	0.13%	0.15%	0.19%	0.01%	-0.09%	-0.06%	-0.13%	0.12%	0.24%
Book Value per Share	1.33	1.48	1.67	1.97	2.00	1.80	1.64	1.42	1.57	1.88
Total Shareholders' Equity	102.82M	116.16M	133.9M	159.57M	160.42M	146.13M	137.15M	119.78M	134.02M	166.32M
Common Stock	214K	214K	214K	214K	215K	218K	224K	224K	224K	224K
Retained Earnings	-276.86M	-265.43M	-249.87M	-226.75M	-229.1M	-246.89M	-261.72M	-281.41M	-275.19M	-251.13M
Treasury Stock	-20.09M	-20.09M	-20.09M	-20.09M	-20.09M	-20.09M	-20.09M	-20.09M	-20.09M	-20.09M
Accumulated OCI	-8.62M	-7.85M	-7.17M	-9.21M	-8.67M	-8.07M	-9.51M	-11.16M	-8.09M	-10.06M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	17.61M	25.77M	17.15M	20.87M	-12.93M	17.25M	-15.02M	-4.89M	30.89M	26.2M
Operating CF Margin %	0.05%	0.09%	0.05%	0.06%	-0.05%	0.07%	-0.05%	-0.02%	0.09%	0.07%
Operating CF Growth %	1.55%	0.46%	-0.33%	0.22%	-1.62%	2.33%	-1.87%	0.67%	7.31%	-0.15%
Net Income	1.01M	11.43M	15.56M	23.05M	-2.34M	-17.09M	-14.83M	-19.69M	6.22M	24.06M
Depreciation & Amortization	12.2M	10.04M	9.21M	7.76M	9.69M	12.86M	12.25M	11.04M	9.97M	12.11M
Stock-Based Compensation	1.62M	1.07M	1.2M	1.98M	2.05M	0	2.56M	3.56M	3.96M	4.3M
Deferred Taxes	9.79M	478K	478K	-6.6M	0	-173K	0	0	0	0
Other Non-Cash Items	-9.79M	3M	-478K	6.6M	0	1.66M	82K	20K	61K	207K
Working Capital Changes	2.78M	3.23M	-8.82M	-11.92M	-22.33M	19.99M	-15.08M	174K	10.68M	-14.48M
Change in Receivables	37.57M	15.68M	-6.66M	-8.1M	4.53M	2.68M	-11.15M	18.43M	-2.37M	-46.22M
Change in Inventory	10.24M	4.71M	-8.59M	-956K	-9.47M	9.92M	-11.91M	-11.15M	6.3M	7.61M
Change in Payables	-37.68M	-11.43M	3.36M	4.4M	-15.93M	1.95M	5.88M	-2.02M	-1.85M	23.03M
Cash from Investing+	-6.23M	-8.19M	-10.94M	-13.67M	-13.86M	-6.49M	-9.39M	-12.42M	-20.87M	-16.46M
Capital Expenditures	-6.76M	-8.19M	-9.94M	-13.71M	-11.59M	-6.49M	-9.38M	-10.46M	-9.96M	-14.58M
CapEx % of Revenue	0.02%	0.03%	0.03%	0.04%	0.04%	0.02%	0.03%	0.04%	0.03%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	432K	153K	-2.4M	-1.83M	-3.27M	0	-12K	-1.96M	-2.94M	-1.88M
Cash from Financing+	-15.84M	-17.85M	-16.71M	2.61M	15.2M	-7.38M	14.53M	23.11M	-4.86M	-1.52M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	138K	75K	294K	2.61M	602K	0	4.73M	410K	39K	5.88M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	10.85M	17.58M	7.21M	7.15M	-27.8M	11.17M	-24.61M	-17.32M	17.99M	9.73M
FCF Margin %	0.03%	0.06%	0.02%	0.02%	-0.1%	0.04%	-0.08%	-0.06%	0.05%	0.02%
FCF Growth %	1.24%	0.62%	-0.59%	-0.01%	-4.89%	1.4%	-3.2%	0.3%	2.04%	-0.46%
FCF per Share	0.14	0.22	0.09	0.09	-0.35	0.14	-0.30	-0.21	0.21	0.11
FCF Conversion (FCF/Net Income)	17.42x	2.25x	1.10x	0.91x	5.52x	-1.01x	1.01x	0.25x	4.97x	1.09x
Interest Paid	2.82M	1.74M	1.84M	1.75M	1.8M	0	1.28M	3.46M	6.04M	4.68M
Taxes Paid	1.51M	1.37M	2.49M	1.62M	3.83M	0	2M	1.87M	2.84M	1.13M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	0.98%	10.44%	12.44%	15.71%	-1.47%	-11.15%	-10.47%	-15.33%	4.9%	16.02%
Return on Invested Capital (ROIC)	15.03%	14.75%	16.95%	16.9%	3.84%	-3.87%	2.5%	-5.33%	10.35%	17.7%
Gross Margin	29.46%	33.77%	32.33%	33.78%	33.91%	28.78%	30.39%	31.53%	34.53%	34.72%
Net Margin	0.29%	3.89%	4.69%	6.7%	-0.82%	-6.5%	-5.1%	-6.67%	1.79%	6.1%
Debt / Equity	0.34x	0.15x	-	-	0.16x	0.09x	0.27x	0.45x	0.37x	0.25x
Interest Coverage	3.67x	5.14x	4.79x	5.69x	1.74x	-1.71x	0.98x	-2.18x	2.81x	6.48x
FCF Conversion	17.42x	2.25x	1.10x	0.91x	5.52x	-1.01x	1.01x	0.25x	4.97x	1.09x
Revenue Growth	-5.84%	-15.97%	13.07%	3.57%	-16.95%	-7.95%	10.61%	1.52%	17.62%	13.54%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
India	105.99M	80.25M	130.04M	131.2M	49.75M	62.05M	86.09M	80.96M	107.35M	167.55M
India Growth	-	-24.29%	62.05%	0.89%	-62.08%	24.72%	38.75%	-5.96%	32.61%	56.07%
North America	45.93M	40.24M	39.5M	41.38M	42.47M	38.16M	47.51M	67.11M	95.57M	89.94M
North America Growth	-	-12.40%	-1.83%	4.77%	2.63%	-10.15%	24.47%	41.27%	42.42%	-5.89%
EMEA	-	-	-	-	-	-	-	-	-	64.96M
EMEA Growth	-	-	-	-	-	-	-	-	-	-
Latin America	82.3M	80.09M	59.95M	61.36M	71.36M	46.66M	54.62M	51.91M	47.2M	37.21M
Latin America Growth	-	-2.69%	-25.14%	2.35%	16.30%	-34.61%	17.05%	-4.97%	-9.07%	-21.16%
Asia Pacific	-	-	-	-	-	-	-	-	-	34.53M
Asia Pacific Growth	-	-	-	-	-	-	-	-	-	-
ISRAEL	-	-	-	-	-	-	-	-	-	5.18K
ISRAEL Growth	-	-	-	-	-	-	-	-	-	-
Europe	48.64M	43.46M	45.45M	38.92M	42.44M	44.83M	47.38M	42.91M	42.42M	-
Europe Growth	-	-10.65%	4.58%	-14.37%	9.04%	5.64%	5.69%	-9.44%	-1.14%	-
Asia-Pacific and Middle East	31.93M	29.74M	44.98M	47.32M	53.95M	47.68M	32.01M	32.97M	35.03M	-
Asia-Pacific and Middle East Growth	-	-6.85%	51.24%	5.20%	14.01%	-11.62%	-32.86%	3.01%	6.26%	-
Africa	34.64M	19.87M	12.11M	23.69M	25.61M	23.5M	23.16M	19.32M	19.6M	-
Africa Growth	-	-42.64%	-39.05%	95.61%	8.12%	-8.27%	-1.41%	-16.58%	1.44%	-

Frequently Asked Questions

Valuation & Price

Ceragon Networks Ltd. (CRNT) has a price-to-earnings (P/E) ratio of 8.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Ceragon Networks Ltd. (CRNT) reported $363.3M in revenue for fiscal year 2024. This represents a 18% decrease from $445.3M in 2011.

Ceragon Networks Ltd. (CRNT) grew revenue by 13.5% over the past year. This is steady growth.

Yes, Ceragon Networks Ltd. (CRNT) is profitable, generating $1.4M in net income for fiscal year 2024 (6.1% net margin).

Dividend & Returns

Ceragon Networks Ltd. (CRNT) has a return on equity (ROE) of 16.0%. This is reasonable for most industries.

Ceragon Networks Ltd. (CRNT) generated $5.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Ceragon Networks Ltd. (CRNT) 10-Year Financial Performance & Capital Metrics

CRNT • • Industrial / General

TechnologyCommunication EquipmentWireless Infrastructure & BackhaulWireless Backhaul Systems

Revenue $394M +13.5%
EBITDA $51M +63.1%
Net Income $24M +286.9%
EPS (Diluted) 0.27 +270.9%
Gross Margin 34.72% +0.6%
EBITDA Margin 12.9% +43.6%
Operating Margin 9.82% +60.8%
Net Margin 6.1% +240.7%
ROE 16.02% +226.9%
ROIC 17.7% +71.0%
Debt/Equity 0.25 -34.0%
Interest Coverage 6.48 +130.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Trading at only 1.2x book value
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Weak 3Y average ROE of 1.9%
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y0.61%

5Y6.66%

3Y10.68%

TTM-3.78%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-92.77%

EPS CAGR

10Y-

5Y-

3Y-

TTM-92.62%

ROCE

10Y Avg9.54%

5Y Avg5.34%

3Y Avg9.39%

Latest21.57%

Peer Comparison

Wireless Backhaul Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AVNWAviat Networks, Inc.	283.45M	22.08	220.80	6.5%	2.6%	4.44%		0.35
NOKNokia Oyj	36.66B	6.61	28.74	-9.07%	5.95%	6.09%	5.51%	0.23
CRNTCeragon Networks Ltd.	210.34M	2.34	8.67	13.54%	0.38%	0.81%	4.63%	0.25
ERICTelefonaktiebolaget LM Ericsson (publ)	29.18B	9.50		3.83%	10.24%	23.76%	100%	0.49

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	349.44M	293.64M	332.03M	343.87M	285.58M	262.88M	290.77M	295.17M	347.18M	394.19M
Revenue Growth %	-0.06%	-0.16%	0.13%	0.04%	-0.17%	-0.08%	0.11%	0.02%	0.18%	0.14%
Cost of Goods Sold+	246.49M	194.48M	224.7M	227.71M	188.74M	187.24M	202.39M	202.11M	227.31M	257.34M
COGS % of Revenue	0.71%	0.66%	0.68%	0.66%	0.66%	0.71%	0.7%	0.68%	0.65%	0.65%
Gross Profit+	102.95M	99.16M	107.33M	116.17M	96.84M	75.64M	88.38M	93.06M	119.87M	136.85M
Gross Margin %	0.29%	0.34%	0.32%	0.34%	0.34%	0.29%	0.3%	0.32%	0.35%	0.35%
Gross Profit Growth %	0.18%	-0.04%	0.08%	0.08%	-0.17%	-0.22%	0.17%	0.05%	0.29%	0.14%
Operating Expenses+	80.13M	79.67M	84.19M	90.03M	89.54M	83.22M	83.57M	104M	98.66M	98.12M
OpEx % of Revenue	0.23%	0.27%	0.25%	0.26%	0.31%	0.32%	0.29%	0.35%	0.28%	0.25%
Selling, General & Admin	62.05M	59.9M	60.23M	62.31M	62.75M	52.22M	54.1M	70.09M	64.37M	58.94M
SG&A % of Revenue	0.18%	0.2%	0.18%	0.18%	0.22%	0.2%	0.19%	0.24%	0.19%	0.15%
Research & Development	22.93M	21.7M	25.7M	28.18M	26.79M	31M	29.47M	29.69M	32.27M	34.95M
R&D % of Revenue	0.07%	0.07%	0.08%	0.08%	0.09%	0.12%	0.1%	0.1%	0.09%	0.09%
Other Operating Expenses	-4.85M	-1.92M	-1.75M	-470K	0	0	0	4.22M	2.02M	4.24M
Operating Income+	21.59M	19.49M	23.15M	26.14M	7.3M	-7.57M	4.81M	-10.94M	21.21M	38.73M
Operating Margin %	0.06%	0.07%	0.07%	0.08%	0.03%	-0.03%	0.02%	-0.04%	0.06%	0.1%
Operating Income Growth %	1.67%	-0.1%	0.19%	0.13%	-0.72%	-2.04%	1.63%	-3.28%	2.94%	0.83%
EBITDA+	33.8M	29.53M	32.35M	33.9M	16.99M	5.29M	17.05M	103K	31.18M	50.84M
EBITDA Margin %	0.1%	0.1%	0.1%	0.1%	0.06%	0.02%	0.06%	0%	0.09%	0.13%
EBITDA Growth %	2.82%	-0.13%	0.1%	0.05%	-0.5%	-0.69%	2.22%	-0.99%	301.69%	0.63%
D&A (Non-Cash Add-back)	12.2M	10.04M	9.21M	7.76M	9.69M	12.86M	12.25M	11.04M	9.97M	12.11M
EBIT	17.97M	17.57M	22.09M	26M	4.57M	-9.37M	831K	-12.23M	20.28M	33.23M
Net Interest Income+	-5.78M	-3.55M	-4.7M	-4.49M	-4.08M	-4.34M	-4.75M	-4.91M	-7.45M	-7.96M
Interest Income	101K	242K	126K	111K	111K	79K	160K	107K	93K	-1.98M
Interest Expense	5.88M	3.79M	4.83M	4.6M	4.2M	4.42M	4.91M	5.02M	7.54M	5.97M
Other Income/Expense	-14.74M	-6.3M	-5.89M	-6.35M	-7.17M	-6.9M	-8.63M	-6.31M	-8.47M	-11.47M
Pretax Income+	6.85M	13.19M	17.26M	19.8M	132K	-14.47M	-3.82M	-17.24M	12.74M	27.25M
Pretax Margin %	0.02%	0.04%	0.05%	0.06%	0%	-0.06%	-0.01%	-0.06%	0.04%	0.07%
Income Tax+	5.84M	1.76M	1.7M	-3.25M	2.48M	2.62M	11.01M	2.45M	6.52M	3.19M
Effective Tax Rate %	0.15%	0.87%	0.9%	1.16%	-17.76%	1.18%	3.88%	1.14%	0.49%	0.88%
Net Income+	1.01M	11.43M	15.56M	23.05M	-2.34M	-17.09M	-14.83M	-19.69M	6.22M	24.06M
Net Margin %	0%	0.04%	0.05%	0.07%	-0.01%	-0.07%	-0.05%	-0.07%	0.02%	0.06%
Net Income Growth %	1.01%	10.3%	0.36%	0.48%	-1.1%	-6.29%	0.13%	-0.33%	1.32%	2.87%
Net Income (Continuing)	1.01M	11.43M	15.56M	23.05M	-2.34M	-17.09M	-14.83M	-19.69M	6.22M	24.06M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.01	0.15	0.19	0.28	-0.02	-0.20	-0.18	-0.09	0.07	0.27
EPS Growth %	1.01%	14%	0.27%	0.47%	-1.08%	-8.48%	0.1%	0.51%	1.83%	2.71%
EPS (Basic)	0.01	0.15	0.20	0.29	-0.02	-0.20	-0.18	-0.09	0.07	0.28
Diluted Shares Outstanding	77.3M	78.61M	79.94M	81.02M	80.3M	81.15M	83.41M	84.13M	85.48M	88.46M
Basic Shares Outstanding	77.24M	77.7M	77.92M	78.58M	80.3M	81.15M	83.41M	84.13M	84.62M	86.19M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	229.21M	209.22M	210.81M	225.19M	215.63M	199.87M	203.48M	210.75M	217.94M	261.04M
Cash & Short-Term Investments	36.32M	36.34M	25.88M	36.1M	23.94M	27.1M	17.08M	22.95M	28.24M	35.31M
Cash Only	36.32M	36.34M	25.88M	35.58M	23.94M	27.1M	17.08M	22.95M	28.24M	35.31M
Short-Term Investments	0	0	0	515K	0	0	0	0	0	0
Accounts Receivable	125.08M	115.45M	124.92M	131.58M	125.2M	114.23M	117.68M	109.29M	113.85M	153.06M
Days Sales Outstanding	130.65	143.51	137.32	139.67	160.01	158.61	147.73	135.14	119.7	141.72
Inventory	49.69M	45.65M	54.16M	53.51M	62.13M	50.63M	61.4M	72.01M	68.81M	59.69M
Days Inventory Outstanding	73.58	85.67	87.98	85.77	120.16	98.69	110.73	130.04	110.49	84.67
Other Current Assets	21.6M	16.88M	16.56M	10.94M	4.01M	7.68M	7.07M	6.09M	6.08M	11.35M
Total Non-Current Assets+	38.42M	35M	42.78M	57.81M	74.25M	72.55M	89.08M	78.57M	80.58M	83.96M
Property, Plant & Equipment	28.91M	27.56M	29.87M	33.61M	44.99M	38.53M	49.62M	47.42M	49.5M	53.47M
Fixed Asset Turnover	12.09x	10.65x	11.12x	10.23x	6.35x	6.82x	5.86x	6.22x	7.01x	7.37x
Goodwill	0	0	0	0	0	0	0	0	7.75M	7.75M
Intangible Assets	3.19M	1.54M	2.2M	6.58M	7.9M	6.12M	6.27M	8.21M	16.4M	16.79M
Long-Term Investments	4.68M	4.58M	996K	504K	17K	17K	0	0	0	0
Other Non-Current Assets	1.46M	1.31M	8.73M	9.64M	13.24M	19.61M	33.19M	22.95M	6.94M	5.95M
Total Assets+	267.63M	244.22M	253.59M	283M	289.89M	272.42M	292.56M	289.32M	298.52M	345M
Asset Turnover	1.31x	1.20x	1.31x	1.22x	0.99x	0.96x	0.99x	1.02x	1.16x	1.14x
Asset Growth %	-0.22%	-0.09%	0.04%	0.12%	0.02%	-0.06%	0.07%	-0.01%	0.03%	0.16%
Total Current Liabilities+	145.2M	110.51M	105.45M	110.02M	104.37M	100.42M	115.68M	132.84M	132.95M	151.45M
Accounts Payable	73.64M	68.41M	75.48M	78.89M	59.63M	63.72M	69.44M	67.38M	67.03M	91.16M
Days Payables Outstanding	109.04	128.39	122.6	126.46	115.33	124.22	125.22	121.69	107.64	129.29
Short-Term Debt	34.92M	17M	0	0	14.6M	5.98M	14.8M	37.5M	32.6M	25.2M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	15.7M	11.33M	10.44M	4.2M	1.56M	1.55M	2M	2.82M	6.56M	12M
Current Ratio	1.58x	1.89x	2.00x	2.05x	2.07x	1.99x	1.76x	1.59x	1.64x	1.72x
Quick Ratio	1.24x	1.48x	1.49x	1.56x	1.47x	1.49x	1.23x	1.04x	1.12x	1.33x
Cash Conversion Cycle	95.19	100.79	102.7	98.98	164.84	133.08	133.23	143.5	122.55	97.09
Total Non-Current Liabilities+	19.61M	17.55M	14.24M	13.41M	25.1M	25.87M	39.73M	36.7M	31.55M	27.22M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	4.72M	3.84M	17.21M	13.19M	13.72M	12.94M
Deferred Tax Liabilities	185K	228K	141K	28K	0	0	0	0	0	0
Other Non-Current Liabilities	19.91M	17.55M	14.1M	13.38M	14.12M	14.53M	13.24M	11.97M	17.17M	14.29M
Total Liabilities	164.81M	128.06M	119.69M	123.43M	129.47M	126.29M	155.41M	169.53M	164.51M	178.67M
Total Debt+	34.92M	17M	0	0	24.96M	13M	36.37M	54.43M	50.2M	41.11M
Net Debt	-1.4M	-19.34M	-25.88M	-35.58M	1.02M	-14.1M	19.29M	31.48M	21.97M	5.8M
Debt / Equity	0.34x	0.15x	-	-	0.16x	0.09x	0.27x	0.45x	0.37x	0.25x
Debt / EBITDA	1.03x	0.58x	-	-	1.47x	2.46x	2.13x	528.47x	1.61x	0.81x
Net Debt / EBITDA	-0.04x	-0.65x	-0.80x	-1.05x	0.06x	-2.67x	1.13x	305.67x	0.70x	0.11x
Interest Coverage	3.67x	5.14x	4.79x	5.69x	1.74x	-1.71x	0.98x	-2.18x	2.81x	6.48x
Total Equity+	102.82M	116.16M	133.9M	159.57M	160.42M	146.13M	137.15M	119.78M	134.02M	166.32M
Equity Growth %	-0.02%	0.13%	0.15%	0.19%	0.01%	-0.09%	-0.06%	-0.13%	0.12%	0.24%
Book Value per Share	1.33	1.48	1.67	1.97	2.00	1.80	1.64	1.42	1.57	1.88
Total Shareholders' Equity	102.82M	116.16M	133.9M	159.57M	160.42M	146.13M	137.15M	119.78M	134.02M	166.32M
Common Stock	214K	214K	214K	214K	215K	218K	224K	224K	224K	224K
Retained Earnings	-276.86M	-265.43M	-249.87M	-226.75M	-229.1M	-246.89M	-261.72M	-281.41M	-275.19M	-251.13M
Treasury Stock	-20.09M	-20.09M	-20.09M	-20.09M	-20.09M	-20.09M	-20.09M	-20.09M	-20.09M	-20.09M
Accumulated OCI	-8.62M	-7.85M	-7.17M	-9.21M	-8.67M	-8.07M	-9.51M	-11.16M	-8.09M	-10.06M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	17.61M	25.77M	17.15M	20.87M	-12.93M	17.25M	-15.02M	-4.89M	30.89M	26.2M
Operating CF Margin %	0.05%	0.09%	0.05%	0.06%	-0.05%	0.07%	-0.05%	-0.02%	0.09%	0.07%
Operating CF Growth %	1.55%	0.46%	-0.33%	0.22%	-1.62%	2.33%	-1.87%	0.67%	7.31%	-0.15%
Net Income	1.01M	11.43M	15.56M	23.05M	-2.34M	-17.09M	-14.83M	-19.69M	6.22M	24.06M
Depreciation & Amortization	12.2M	10.04M	9.21M	7.76M	9.69M	12.86M	12.25M	11.04M	9.97M	12.11M
Stock-Based Compensation	1.62M	1.07M	1.2M	1.98M	2.05M	0	2.56M	3.56M	3.96M	4.3M
Deferred Taxes	9.79M	478K	478K	-6.6M	0	-173K	0	0	0	0
Other Non-Cash Items	-9.79M	3M	-478K	6.6M	0	1.66M	82K	20K	61K	207K
Working Capital Changes	2.78M	3.23M	-8.82M	-11.92M	-22.33M	19.99M	-15.08M	174K	10.68M	-14.48M
Change in Receivables	37.57M	15.68M	-6.66M	-8.1M	4.53M	2.68M	-11.15M	18.43M	-2.37M	-46.22M
Change in Inventory	10.24M	4.71M	-8.59M	-956K	-9.47M	9.92M	-11.91M	-11.15M	6.3M	7.61M
Change in Payables	-37.68M	-11.43M	3.36M	4.4M	-15.93M	1.95M	5.88M	-2.02M	-1.85M	23.03M
Cash from Investing+	-6.23M	-8.19M	-10.94M	-13.67M	-13.86M	-6.49M	-9.39M	-12.42M	-20.87M	-16.46M
Capital Expenditures	-6.76M	-8.19M	-9.94M	-13.71M	-11.59M	-6.49M	-9.38M	-10.46M	-9.96M	-14.58M
CapEx % of Revenue	0.02%	0.03%	0.03%	0.04%	0.04%	0.02%	0.03%	0.04%	0.03%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	432K	153K	-2.4M	-1.83M	-3.27M	0	-12K	-1.96M	-2.94M	-1.88M
Cash from Financing+	-15.84M	-17.85M	-16.71M	2.61M	15.2M	-7.38M	14.53M	23.11M	-4.86M	-1.52M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	138K	75K	294K	2.61M	602K	0	4.73M	410K	39K	5.88M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	10.85M	17.58M	7.21M	7.15M	-27.8M	11.17M	-24.61M	-17.32M	17.99M	9.73M
FCF Margin %	0.03%	0.06%	0.02%	0.02%	-0.1%	0.04%	-0.08%	-0.06%	0.05%	0.02%
FCF Growth %	1.24%	0.62%	-0.59%	-0.01%	-4.89%	1.4%	-3.2%	0.3%	2.04%	-0.46%
FCF per Share	0.14	0.22	0.09	0.09	-0.35	0.14	-0.30	-0.21	0.21	0.11
FCF Conversion (FCF/Net Income)	17.42x	2.25x	1.10x	0.91x	5.52x	-1.01x	1.01x	0.25x	4.97x	1.09x
Interest Paid	2.82M	1.74M	1.84M	1.75M	1.8M	0	1.28M	3.46M	6.04M	4.68M
Taxes Paid	1.51M	1.37M	2.49M	1.62M	3.83M	0	2M	1.87M	2.84M	1.13M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	0.98%	10.44%	12.44%	15.71%	-1.47%	-11.15%	-10.47%	-15.33%	4.9%	16.02%
Return on Invested Capital (ROIC)	15.03%	14.75%	16.95%	16.9%	3.84%	-3.87%	2.5%	-5.33%	10.35%	17.7%
Gross Margin	29.46%	33.77%	32.33%	33.78%	33.91%	28.78%	30.39%	31.53%	34.53%	34.72%
Net Margin	0.29%	3.89%	4.69%	6.7%	-0.82%	-6.5%	-5.1%	-6.67%	1.79%	6.1%
Debt / Equity	0.34x	0.15x	-	-	0.16x	0.09x	0.27x	0.45x	0.37x	0.25x
Interest Coverage	3.67x	5.14x	4.79x	5.69x	1.74x	-1.71x	0.98x	-2.18x	2.81x	6.48x
FCF Conversion	17.42x	2.25x	1.10x	0.91x	5.52x	-1.01x	1.01x	0.25x	4.97x	1.09x
Revenue Growth	-5.84%	-15.97%	13.07%	3.57%	-16.95%	-7.95%	10.61%	1.52%	17.62%	13.54%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
India	105.99M	80.25M	130.04M	131.2M	49.75M	62.05M	86.09M	80.96M	107.35M	167.55M
India Growth	-	-24.29%	62.05%	0.89%	-62.08%	24.72%	38.75%	-5.96%	32.61%	56.07%
North America	45.93M	40.24M	39.5M	41.38M	42.47M	38.16M	47.51M	67.11M	95.57M	89.94M
North America Growth	-	-12.40%	-1.83%	4.77%	2.63%	-10.15%	24.47%	41.27%	42.42%	-5.89%
EMEA	-	-	-	-	-	-	-	-	-	64.96M
EMEA Growth	-	-	-	-	-	-	-	-	-	-
Latin America	82.3M	80.09M	59.95M	61.36M	71.36M	46.66M	54.62M	51.91M	47.2M	37.21M
Latin America Growth	-	-2.69%	-25.14%	2.35%	16.30%	-34.61%	17.05%	-4.97%	-9.07%	-21.16%
Asia Pacific	-	-	-	-	-	-	-	-	-	34.53M
Asia Pacific Growth	-	-	-	-	-	-	-	-	-	-
ISRAEL	-	-	-	-	-	-	-	-	-	5.18K
ISRAEL Growth	-	-	-	-	-	-	-	-	-	-
Europe	48.64M	43.46M	45.45M	38.92M	42.44M	44.83M	47.38M	42.91M	42.42M	-
Europe Growth	-	-10.65%	4.58%	-14.37%	9.04%	5.64%	5.69%	-9.44%	-1.14%	-
Asia-Pacific and Middle East	31.93M	29.74M	44.98M	47.32M	53.95M	47.68M	32.01M	32.97M	35.03M	-
Asia-Pacific and Middle East Growth	-	-6.85%	51.24%	5.20%	14.01%	-11.62%	-32.86%	3.01%	6.26%	-
Africa	34.64M	19.87M	12.11M	23.69M	25.61M	23.5M	23.16M	19.32M	19.6M	-
Africa Growth	-	-42.64%	-39.05%	95.61%	8.12%	-8.27%	-1.41%	-16.58%	1.44%	-

Frequently Asked Questions

Valuation & Price

Ceragon Networks Ltd. (CRNT) has a price-to-earnings (P/E) ratio of 8.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Ceragon Networks Ltd. (CRNT) reported $363.3M in revenue for fiscal year 2024. This represents a 18% decrease from $445.3M in 2011.

Ceragon Networks Ltd. (CRNT) grew revenue by 13.5% over the past year. This is steady growth.

Yes, Ceragon Networks Ltd. (CRNT) is profitable, generating $1.4M in net income for fiscal year 2024 (6.1% net margin).

Dividend & Returns

Ceragon Networks Ltd. (CRNT) has a return on equity (ROE) of 16.0%. This is reasonable for most industries.

Ceragon Networks Ltd. (CRNT) generated $5.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.