The company maintains a stable financial position with a conservative debt-to-equity ratio of 0.20 and a current ratio of 1.90, providing a necessary buffer against cyclical revenue risks.
| 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 | Dec'99 |
|---|
| Total Current Assets | 213.84M | 225.2M | 261.04M | 217.94M | 210.75M | 203.48M | 199.87M | 215.63M | 225.19M | 210.81M | 209.22M | 229.21M | 293.25M | 285.16M | 309.69M | 328.43M | 241.92M | 230.58M | 191.97M | 179.23M | 83.78M | 56.25M | 56.77M | 41.77M | 40.94M | 65.32M | 120.52M | 6.41M |
| Cash & Short-Term Investments | 39.16M | 38.37M | 35.31M | 28.24M | 22.95M | 17.08M | 27.1M | 23.94M | 36.1M | 25.88M | 36.34M | 36.32M | 42.37M | 48.35M | 47.52M | 45.81M | 68.44M | 85.25M | 30.41M | 91.05M | 22.11M | 19.89M | 26.31M | 22.72M | 27.28M | 33.16M | 70.06M | 1.15M |
| Cash Only | 39.16M | 38.37M | 35.31M | 28.24M | 22.95M | 17.08M | 27.1M | 23.94M | 35.58M | 25.88M | 36.34M | 36.32M | 41.42M | 42.41M | 47.1M | 28.99M | 37.73M | 38.34M | 28.22M | 58.65M | 10.17M | 10.31M | 11.23M | 7.31M | 4.69M | 6.42M | 70.06M | 1.15M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 515K | 0 | 0 | 0 | 948K | 5.95M | 422K | 16.82M | 30.72M | 46.91M | 2.19M | 32.4M | 11.94M | 9.57M | 15.07M | 15.42M | 22.6M | 26.74M | 0 | 0 |
| Accounts Receivable | 94.42M | 99.67M | 153.06M | 113.85M | 109.29M | 117.68M | 114.23M | 125.2M | 131.58M | 124.92M | 115.45M | 125.08M | 177.4M | 150.01M | 168.09M | 161.04M | 88.07M | 71.27M | 74.77M | 46.97M | 33.15M | 19.44M | 10.46M | 7.48M | 5.23M | 4.41M | 18M | 2.54M |
| Days Sales Outstanding | 117.13 | 107.4 | 141.72 | 119.7 | 135.14 | 147.73 | 158.61 | 160.01 | 139.67 | 137.32 | 143.51 | 130.65 | 174.48 | 151.35 | 137.36 | 132.01 | 128.66 | 141.2 | 125.61 | 105.91 | 111.59 | 96.16 | 69.66 | 79.3 | 103.74 | 64.83 | 225.09 | 203.59 |
| Inventory | 56.46M | 61.59M | 59.69M | 68.81M | 72.01M | 61.4M | 50.63M | 62.13M | 53.51M | 54.16M | 45.65M | 49.69M | 61.83M | 64.24M | 65.55M | 93.47M | 65.92M | 65.92M | 40.11M | 36.76M | 27.31M | 16.14M | 19.08M | 11.1M | 8.05M | 7.38M | 22.19M | 2.72M |
| Days Inventory Outstanding | 98.13 | 100.28 | 84.67 | 110.49 | 130.04 | 110.73 | 98.69 | 120.16 | 85.77 | 87.98 | 85.67 | 73.58 | 79.56 | 93.96 | 77.6 | 105.56 | 149.94 | 194.85 | 101.25 | 129.77 | 123.41 | 112.27 | 216.37 | 196.29 | 229.83 | 59.46 | 1.3K | 312.45 |
| Other Current Assets | 23.8M | 25.58M | 11.35M | 6.08M | 6.09M | 7.07M | 7.68M | 4.01M | 10.94M | 16.56M | 16.88M | 21.6M | 22.68M | 33.8M | 8.59M | 8.62M | 4.06M | 3.46M | 4.08M | 0 | 0 | 0 | 0 | 0 | 0 | 19.81M | 10.26M | 0 |
| Total Non-Current Assets | 93.51M | 91.84M | 83.96M | 80.58M | 78.57M | 89.08M | 72.55M | 74.25M | 57.81M | 42.78M | 35M | 38.42M | 48.63M | 80.81M | 84.62M | 82.73M | 45.26M | 38.8M | 53.27M | 38.41M | 12.57M | 17.74M | 16.35M | 20.65M | 20.7M | 6.77M | 7.54M | 1.53M |
| Property, Plant & Equipment | 57.57M | 56.51M | 53.47M | 49.5M | 47.42M | 49.62M | 38.53M | 44.99M | 33.61M | 29.87M | 27.56M | 28.91M | 33.14M | 35.24M | 33.64M | 30.46M | 16.21M | 11.81M | 8.89M | 4.45M | 2.66M | 2.46M | 2.52M | 2.67M | 3.62M | 5.09M | 7.01M | 1.29M |
| Fixed Asset Turnover | 5.97x | 5.99x | 7.37x | 7.01x | 6.22x | 5.86x | 6.82x | 6.35x | 10.23x | 11.12x | 10.65x | 12.09x | 11.20x | 10.26x | 13.28x | 14.62x | 15.41x | 15.60x | 24.44x | 36.40x | 40.76x | 29.94x | 21.79x | 12.91x | 5.09x | 4.88x | 4.16x | 3.53x |
| Goodwill | 11.01M | 34.19M | 7.75M | 7.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.94M | 15.28M | 14.59M | 1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 23.87M | 0 | 16.79M | 16.4M | 8.21M | 6.27M | 6.12M | 7.9M | 6.58M | 2.2M | 1.54M | 3.19M | 5.07M | 7.21M | 9.81M | 13.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 17K | 17K | 504K | 996K | 4.58M | 4.68M | 5.67M | 3.98M | 4.07M | 10.08M | 19.13M | 13.07M | 44.38M | 31M | 7M | 13M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.07M | 1.14M | 5.95M | 6.94M | 22.95M | 33.19M | 19.61M | 13.24M | 9.64M | 8.73M | 1.31M | 1.46M | 4.51M | 12.89M | 12.13M | 5.26M | 0 | 4.97M | 4.07M | 2.96M | 2.91M | 2.28M | 13.83M | 17.99M | 17.09M | 1.68M | 521K | 237K |
| Total Assets | 307.35M | 317.04M | 345M | 298.52M | 289.32M | 292.56M | 272.42M | 289.89M | 283M | 253.59M | 244.22M | 267.63M | 341.87M | 365.97M | 394.31M | 411.16M | 287.18M | 269.37M | 245.24M | 217.64M | 96.35M | 73.99M | 73.11M | 62.43M | 61.64M | 72.09M | 128.05M | 7.94M |
| Asset Turnover | 1.05x | 1.07x | 1.14x | 1.16x | 1.02x | 0.99x | 0.96x | 0.99x | 1.22x | 1.31x | 1.20x | 1.31x | 1.09x | 0.99x | 1.13x | 1.08x | 0.87x | 0.68x | 0.89x | 0.74x | 1.13x | 1.00x | 0.75x | 0.55x | 0.30x | 0.34x | 0.23x | 0.57x |
| Asset Growth % | -6.46% | -8.1% | 15.57% | 3.18% | -1.11% | 7.39% | -6.03% | 2.43% | 11.6% | 3.84% | -8.75% | -21.72% | -6.58% | -7.19% | -4.1% | 43.17% | 6.61% | 9.84% | 12.68% | 125.88% | 30.22% | 1.21% | 17.11% | 1.28% | -14.49% | -43.7% | 1513.13% | - |
| Total Current Liabilities | 112.51M | 120.23M | 151.45M | 132.95M | 132.84M | 115.68M | 100.42M | 104.37M | 110.02M | 105.45M | 110.51M | 145.2M | 205.5M | 178.4M | 180.67M | 173.44M | 74.41M | 81.29M | 55.67M | 46.81M | 36.51M | 21.38M | 17.94M | 11.29M | 10.55M | 9.96M | 15.96M | 3.05M |
| Accounts Payable | 65.58M | 70.78M | 91.16M | 67.03M | 67.38M | 69.44M | 63.72M | 59.63M | 78.89M | 75.48M | 68.41M | 73.64M | 101.75M | 77.98M | 102.08M | 77.39M | 40.54M | 52.9M | 40.73M | 25.17M | 22.15M | 12.38M | 9.35M | 5.66M | 5.74M | 5.04M | 12.46M | 1.85M |
| Days Payables Outstanding | 116.13 | 115.25 | 129.29 | 107.64 | 121.69 | 125.22 | 124.22 | 115.33 | 126.46 | 122.6 | 128.39 | 109.04 | 130.94 | 114.06 | 120.83 | 87.41 | 92.2 | 156.35 | 102.81 | 88.86 | 100.08 | 86.11 | 105.99 | 100.1 | 163.91 | 40.63 | 731.11 | 212.28 |
| Short-Term Debt | 21.06M | 23M | 25.2M | 32.6M | 37.5M | 14.8M | 5.98M | 14.6M | 0 | 0 | 17M | 34.92M | 48.83M | 46.92M | 25.23M | 8.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 7.51M | 2.37M | 4.31M | 8.79M | 6.95M | 8.43M | 7.84M | 3.46M | 3.87M | 5.19M | 2.67M | 8.9M | 17.67M | 7.97M | 16.72M | 38.31M | 20.66M | 18.55M | 5.89M | 6.7M | 3.74M | 3.46M | 3.11M | 1.19M | 647K | 0 | 0 | 0 |
| Other Current Liabilities | 23.17M | 24.07M | 12M | 6.56M | 2.82M | 2M | 1.55M | 1.56M | 4.2M | 10.44M | 11.33M | 15.7M | 25.86M | 32.44M | 22.89M | 6.66M | 13.21M | 9.85M | 8.04M | 6.17M | 9.23M | 1.99M | 1.73M | 2.55M | 1.93M | 3.07M | 1.7M | 1.2M |
| Current Ratio | 1.90x | 1.87x | 1.72x | 1.64x | 1.59x | 1.76x | 1.99x | 2.07x | 2.05x | 2.00x | 1.89x | 1.58x | 1.43x | 1.60x | 1.71x | 1.89x | 3.25x | 2.84x | 3.45x | 3.83x | 2.29x | 2.63x | 3.16x | 3.70x | 3.88x | 6.56x | 7.55x | 2.10x |
| Quick Ratio | 1.40x | 1.36x | 1.33x | 1.12x | 1.04x | 1.23x | 1.49x | 1.47x | 1.56x | 1.49x | 1.48x | 1.24x | 1.13x | 1.24x | 1.35x | 1.35x | 2.37x | 2.03x | 2.73x | 3.04x | 1.55x | 1.88x | 2.10x | 2.72x | 3.12x | 5.82x | 6.16x | 1.21x |
| Cash Conversion Cycle | 99.13 | 92.43 | 97.09 | 122.55 | 143.5 | 133.23 | 133.08 | 164.84 | 98.98 | 102.7 | 100.79 | 95.19 | 123.11 | 131.25 | 94.12 | 150.16 | 186.4 | 179.7 | 124.05 | 146.82 | 134.92 | 122.32 | 180.04 | 175.49 | 169.66 | 83.67 | 795.7 | 303.76 |
| Total Non-Current Liabilities | 23.35M | 24.06M | 27.22M | 31.55M | 36.7M | 39.73M | 25.87M | 25.1M | 13.41M | 14.24M | 17.55M | 19.61M | 31.82M | 52.5M | 69.77M | 76.66M | 8.6M | 7.17M | 6.65M | 9.94M | 12.28M | 3.42M | 2.99M | 2.45M | 1.82M | 1.51M | 1.02M | 1.56M |
| Long-Term Debt | 0 | 13.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.07M | 10.3M | 18.54M | 26.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.17M |
| Capital Lease Obligations | 52.05M | 13.33M | 12.94M | 13.72M | 13.19M | 17.21M | 3.84M | 4.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28K | 141K | 228K | 185K | 0 | 0 | 0 | 0 | 8.83M | 8.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 10.84M | -2.6M | 14.29M | 17.17M | 11.97M | 13.24M | 14.53M | 14.12M | 13.38M | 14.1M | 17.55M | 19.91M | 29.75M | 42.19M | 51.23M | 49.9M | 8.6M | 7.17M | 6.65M | 9.94M | 12.28M | 3.42M | 2.99M | 2.45M | 1.82M | 1.51M | 1.02M | 389K |
| Total Liabilities | 135.86M | 144.29M | 178.67M | 164.51M | 169.53M | 155.41M | 126.29M | 129.47M | 123.43M | 119.69M | 128.06M | 164.81M | 237.32M | 230.89M | 250.44M | 250.11M | 83.01M | 88.47M | 62.32M | 56.75M | 48.79M | 24.8M | 20.92M | 13.74M | 12.37M | 11.47M | 16.98M | 4.61M |
| Total Debt | 33.57M | 49.66M | 41.11M | 50.2M | 54.43M | 36.37M | 13M | 24.96M | 0 | 0 | 17M | 34.92M | 50.9M | 57.23M | 43.77M | 35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.17M |
| Net Debt | -5.6M | 11.29M | 5.8M | 21.97M | 31.48M | 19.29M | -14.1M | 1.02M | -35.58M | -25.88M | -19.34M | -1.4M | 9.48M | 14.82M | -3.33M | 6.01M | -37.73M | -38.34M | -28.22M | -58.65M | -10.17M | -10.31M | -11.23M | -7.31M | -4.69M | -6.42M | -70.06M | 24K |
| Debt / Equity | 0.20x | 0.29x | 0.25x | 0.37x | 0.45x | 0.27x | 0.09x | 0.16x | - | - | 0.15x | 0.34x | 0.49x | 0.42x | 0.30x | 0.22x | - | - | - | - | - | - | - | - | - | - | - | 0.35x |
| Debt / EBITDA | 1.37x | 1.96x | 0.81x | 1.61x | 528.47x | 2.13x | 2.46x | 1.47x | - | - | 0.58x | 1.03x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.23x | 0.45x | 0.11x | 0.70x | 305.67x | 1.13x | -2.67x | 0.06x | -1.05x | -0.80x | -0.65x | -0.04x | - | - | - | - | -2.02x | -6.46x | -1.88x | -4.41x | - | - | -5.60x | - | - | - | - | - |
| Interest Coverage | 0.65x | 1.69x | 5.56x | 2.69x | -2.44x | 0.17x | -2.12x | 1.09x | 5.66x | 4.57x | 4.63x | 3.05x | -8.10x | -6.78x | -4.76x | -23.69x | 17.84x | 14.85x | 10.42x | - | - | - | - | - | - | - | - | - |
| Total Equity | 171.5M | 172.75M | 166.32M | 134.02M | 119.78M | 137.15M | 146.13M | 160.42M | 159.57M | 133.9M | 116.16M | 102.82M | 104.55M | 135.08M | 143.87M | 161.05M | 204.17M | 180.91M | 182.92M | 160.89M | 47.56M | 49.19M | 52.19M | 48.68M | 49.27M | 60.62M | 111.07M | 3.33M |
| Equity Growth % | 35.76% | 3.86% | 24.11% | 11.88% | -12.66% | -6.14% | -8.91% | 0.53% | 19.17% | 15.27% | 12.98% | -1.66% | -22.6% | -6.11% | -10.67% | -21.12% | 12.86% | -1.1% | 13.69% | 238.29% | -3.31% | -5.74% | 7.2% | -1.18% | -18.73% | -45.42% | 3235.38% | - |
| Book Value per Share | 1.89 | 1.92 | 1.88 | 1.57 | 1.42 | 1.64 | 1.80 | 2.00 | 1.97 | 1.67 | 1.48 | 1.33 | 1.67 | 3.51 | 3.95 | 4.48 | 5.58 | 5.05 | 4.77 | 5.02 | 1.69 | 1.93 | 1.87 | 2.11 | 2.20 | 2.87 | 5.38 | 0.43 |
| Total Shareholders' Equity | 171.5M | 172.75M | 166.32M | 134.02M | 119.78M | 137.15M | 146.13M | 160.42M | 159.57M | 133.9M | 116.16M | 102.82M | 104.55M | 135.08M | 143.87M | 161.05M | 204.17M | 180.91M | 182.92M | 160.89M | 47.56M | 49.19M | 52.19M | 48.68M | 49.27M | 60.62M | 111.07M | 3.33M |
| Common Stock | 234K | 234K | 224K | 224K | 224K | 224K | 218K | 215K | 214K | 214K | 214K | 214K | 212K | 141K | 98K | 97K | 95K | 92K | 91K | 91K | 68K | 65K | 64K | 61K | 56K | 56K | 52K | 16K |
| Retained Earnings | -254.56M | -253.22M | -251.13M | -275.19M | -281.41M | -261.72M | -246.89M | -229.1M | -226.75M | -249.87M | -265.43M | -276.86M | -277.87M | -201.39M | -153.91M | -130.52M | -76.87M | -90.93M | -94.59M | -120.56M | -133.7M | -128.24M | -124.41M | -126.03M | -118.3M | -103.94M | -47.1M | -11.9M |
| Treasury Stock | -20.09M | -20.09M | -20.09M | -20.09M | -20.09M | -20.09M | -20.09M | -20.09M | -20.09M | -20.09M | -20.09M | -20.09M | -20.09M | -20.09M | -20.09M | -20.09M | -20.09M | -20.09M | -7.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -9.71M | -8.82M | -10.06M | -8.09M | -11.16M | -9.51M | -8.07M | -8.67M | -9.21M | -7.17M | -7.85M | -8.62M | -4.11M | -1.57M | -332K | -343K | 159K | 100K | 193K | 280K | 64K | 25K | -11K | -395K | -1.77M | -4.85M | -12.23M | -10.27M |
| Minority Interest | 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 | 0 |
Cyclical Project Revenue Exposure
As reported in recent financial statements, Ceragon has maintained a stable equity base of approximately $171.5 million as of 2026Q1, despite the broader revenue contraction, suggesting that management has successfully avoided significant balance sheet erosion during this period of cyclical volatility in the wireless backhaul market.
The company's ability to preserve its equity position despite recent net losses indicates a disciplined approach to capital preservation. Investors should monitor whether this stability can persist if the current revenue decline continues to pressure operating margins.
Based on the latest quarterly data, Ceragon maintains a conservative capital structure with a debt-to-equity ratio of 0.20, reflecting a significant reduction from the 0.37 level observed in 2023Q4, which provides the firm with a necessary buffer against its inherent cyclical revenue risks.
This low leverage profile suggests that the company is not burdened by excessive interest obligations, which is critical given the current thin operating margins. The reduction in debt appears to be a strategic move to de-risk the balance sheet during a period of uncertain telecom infrastructure spending.
According to recent SEC filings, Ceragon's current ratio stands at 1.90 as of 2026Q1, demonstrating a consistent ability to cover short-term obligations despite the lumpy nature of project-based revenue and the associated fluctuations in working capital requirements that often characterize the wireless transport equipment industry.
The liquidity position appears sufficient to navigate near-term operational challenges, though the reliance on inventory and receivables management remains a key factor. The company's cash position, while fluctuating, provides enough runway to support ongoing R&D initiatives without immediate recourse to external financing.
As indicated by the balance sheet, the recent spike in goodwill to $34.2 million in 2025Q4 before returning to $11.0 million in 2026Q1 warrants further investigation, as such volatility may suggest potential accounting adjustments or shifts in the valuation of acquired intangible assets within the portfolio.
Investors should be cautious regarding the quality of these intangible assets, as they may be subject to future impairment if the company's growth trajectory does not improve. The fluctuation in goodwill highlights the potential for non-cash charges to impact the reported equity base in future periods.
Quick answers to the most common questions about buying CRNT stock.
As of 2025, Ceragon Networks Ltd. (CRNT) had total assets of $317.0M including $225.2M in current assets.
Ceragon Networks Ltd. (CRNT) carries total debt of $49.7M, offset by $38.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ceragon Networks Ltd. (CRNT) has total shareholders' equity (book value) of $172.8M ($1.92 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ceragon Networks Ltd. (CRNT) reported a current ratio of 1.87x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.