Free cash flow remains highly volatile, evidenced by a $4.3 million inflow in 2026Q1 following a $3.2 million outflow in 2024Q4, largely driven by unpredictable working capital swings.
| 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 |
|---|
| Cash from Operations | 37.32M | 31.56M | 26.2M | 30.89M | -4.89M | -15.02M | 17.25M | -12.93M | 20.87M | 17.15M | 25.77M | 17.61M | -32.28M | -29.51M | 7.21M | -20.13M | -10.7M | 16.81M | -11.55M | -4.33M | -4.35M | -4.31M | -1.7M | -4.89M | -9.96M | -24.08M | -25.82M | -6.88M |
| Operating CF Margin % | - | 9.32% | 6.65% | 8.9% | -1.66% | -5.17% | 6.56% | -4.53% | 6.07% | 5.17% | 8.78% | 5.04% | -8.7% | -8.16% | 1.61% | -4.52% | -4.28% | 9.13% | -5.32% | -2.67% | -4.01% | -5.84% | -3.11% | -14.21% | -54.15% | -96.88% | -88.44% | -151.03% |
| Operating CF Growth % | 1194.65% | 20.45% | -15.18% | 730.99% | 67.41% | -187.09% | 233.36% | -161.97% | 21.66% | -33.45% | 46.3% | 154.57% | -9.38% | -509.38% | 135.82% | -88.14% | -163.63% | 245.5% | -166.98% | 0.53% | -0.9% | -153.2% | 65.18% | 50.89% | 58.63% | 6.77% | -275.61% | - |
| Net Income | -2.45M | -2.09M | 24.06M | 6.22M | -19.69M | -14.83M | -17.09M | -2.34M | 23.05M | 15.56M | 11.43M | 1.01M | -76.48M | -47.48M | -23.39M | -53.65M | 14.06M | 3.65M | 25.98M | 13.14M | -5.46M | -3.83M | 1.61M | -7.72M | -14.36M | -56.84M | -12.88M | -7.34M |
| Depreciation & Amortization | 14.43M | 14.33M | 12.11M | 9.97M | 11.04M | 12.25M | 12.86M | 9.69M | 7.76M | 9.21M | 10.04M | 12.2M | 13.5M | 15.64M | 15.03M | 14.39M | 4.71M | 3.28M | 2.07M | 1.34M | 1.19M | 1.13M | 1.21M | 2.66M | 4.71M | 8.45M | 10.38M | 2.13M |
| Stock-Based Compensation | 1.55M | 0 | 4.3M | 3.96M | 3.56M | 2.56M | 1.66M | 2.05M | 1.98M | 1.2M | 1.07M | 1.62M | 3.35M | 3.82M | 5.46M | 6.56M | 4.21M | 3.61M | 2.56M | 0 | 1.71M | 0 | 0 | 1.35M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -173K | 0 | -6.6M | 478K | 478K | 9.79M | 9.79M | -743K | -743K | -469K | -281K | -11.35M | -360K | 0 | -1.76M | 0 | 0 | -1.35M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.85M | 4.13M | 207K | 61K | 20K | 82K | 0 | 0 | 6.6M | -478K | 3M | -9.79M | 7.34M | 5.41M | 743K | 2.77M | 813K | 10.97M | 360K | 1.18M | 2.19M | 510K | 566K | 3.64M | 405K | 1.49M | 100K | 122K |
| Working Capital Changes | 19.95M | 15.18M | -14.48M | 10.68M | 174K | -15.08M | 19.99M | -22.33M | -11.92M | -8.82M | 3.23M | 2.78M | 10.22M | -6.17M | 10.11M | 10.27M | -34.21M | 6.65M | -42.16M | -19.99M | -2.23M | -2.13M | -5.09M | -3.47M | -716K | 22.83M | -23.43M | -1.78M |
| Change in Receivables | 54.53M | 52.57M | -46.22M | -2.37M | 18.43M | -11.15M | 2.68M | 4.53M | -8.1M | -6.66M | 15.68M | 37.57M | -22.59M | 18.27M | -11.91M | 3.44M | -27.23M | 4.72M | -30.92M | 0 | -12.35M | 0 | 0 | -727K | 0 | 0 | 0 | 0 |
| Change in Inventory | 3.65M | -2.13M | 7.61M | 6.3M | -11.15M | -11.91M | 9.92M | -9.47M | -956K | -8.59M | 4.71M | 10.24M | 1.79M | 401K | 27.21M | 40.64M | 4K | -25.41M | -3.35M | -9.45M | -11.17M | 2.94M | -7.98M | -3.05M | -677K | 14.81M | -20.16M | -2.09M |
| Change in Payables | -25.45M | -22.1M | 23.03M | -1.85M | -2.02M | 5.88M | 1.95M | -15.93M | 4.4M | 3.36M | -11.43M | -37.68M | 8.86M | -21.04M | 19.07M | -3.75M | -11.67M | 12.81M | 13.92M | 0 | 5.09M | 0 | 0 | 1.23M | 0 | 0 | 0 | 0 |
| Cash from Investing | -18.54M | -24M | -16.46M | -20.87M | -12.42M | -9.39M | -6.49M | -13.86M | -13.67M | -10.94M | -8.19M | -6.23M | -7.5M | -23.82M | 1.84M | -28.03M | 5.15M | 2.48M | -11.27M | -45.85M | 2.1M | 2.71M | 4.18M | 6.35M | 8.19M | -39.53M | -15.05M | -933K |
| Capital Expenditures | -17M | -17.43M | -14.58M | -9.96M | -10.46M | -9.38M | -6.49M | -11.59M | -13.71M | -9.94M | -8.19M | -6.76M | -12.69M | -16.42M | -14.53M | -14.45M | -9.8M | -6.74M | -5.03M | -2.85M | -1.39M | -938K | -711K | -413K | -343K | -3.18M | -5.12M | -933K |
| CapEx % of Revenue | 5.07% | 5.14% | 3.7% | 2.87% | 3.55% | 3.23% | 2.47% | 4.06% | 3.99% | 2.99% | 2.79% | 1.93% | 3.42% | 4.54% | 3.25% | 3.24% | 3.92% | 3.66% | 2.31% | 1.76% | 1.28% | 1.27% | 1.3% | 1.2% | 1.86% | 12.78% | 17.54% | 20.5% |
| Acquisitions | -366.46K | -6.57M | 0 | -7.97M | 0 | 0 | 0 | 0 | 3.41M | 0 | 0 | 0 | 0 | 0 | 0 | -42.41M | -1.23M | 6.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.17M | 0 | -1.88M | -2.94M | -1.96M | -12K | 0 | -3.27M | -1.83M | -2.4M | 153K | 432K | 69K | 635K | 7.92M | -413K | 7.46M | -6.37M | 0 | 25K | 48K | 20K | 33K | 90K | 57K | -36.35M | -9.93M | 0 |
| Cash from Financing | -8.22M | -5.51M | -1.52M | -4.86M | 23.11M | 14.53M | -7.38M | 15.2M | 2.61M | -16.71M | -17.85M | -15.84M | 38.83M | 49.56M | 9.5M | 39.47M | 4.93M | -9.18M | -7.6M | 98.66M | 2.11M | 678K | 1.45M | 1.16M | 33K | -37K | 109.79M | 8.85M |
| Debt Issued (Net) | -8.45M | -6.2M | -7.4M | -4.9M | 22.7M | 9.8M | -8.62M | 14.6M | 0 | -17M | -17.92M | -15.98M | -6.32M | 13.46M | 8.77M | 35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.17M | 0 |
| Equity Issued (Net) | 86.67K | 690K | 0 | 0 | 0 | 0 | 1.24M | 0 | 0 | 0 | 0 | 0 | 45.15M | 34.96M | 0 | 0 | 0 | -9.18M | -8.31M | 98.66M | 2.11M | 678K | 1.45M | 1.16M | 33K | 4K | 110.96M | 8.85M |
| 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 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12.17M | -8.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 143K | 0 | 5.88M | 39K | 410K | 4.73M | 0 | 602K | 2.61M | 294K | 75K | 138K | 0 | 1.15M | 736K | 4.47M | 4.93M | 0 | 695K | 0 | 0 | 0 | 0 | 0 | 0 | -41K | 0 | 0 |
| Net Change in Cash | 11.48M | 3.06M | 7.07M | 5.29M | 5.87M | -10.02M | 3.16M | -11.64M | 9.7M | -10.46M | 20K | -5.11M | -984K | -4.69M | 18.11M | -8.73M | -614K | 10.12M | -30.43M | 48.48M | -145K | -919K | 3.93M | 2.62M | -1.73M | -63.64M | 68.92M | 1.04M |
| Free Cash Flow | 22.95M | 17.95M | 9.73M | 17.99M | -17.32M | -24.61M | 11.17M | -27.8M | 7.15M | 7.21M | 17.58M | 10.85M | -44.97M | -45.94M | -7.32M | -34.57M | -20.5M | 10.07M | -16.58M | -7.18M | -5.74M | -5.25M | -2.41M | -5.3M | -10.3M | -27.25M | -30.94M | -7.81M |
| FCF Margin % | 6.85% | 5.3% | 2.47% | 5.18% | -5.87% | -8.47% | 4.25% | -9.73% | 2.08% | 2.17% | 5.99% | 3.11% | -12.12% | -12.7% | -1.64% | -7.76% | -8.2% | 5.47% | -7.63% | -4.44% | -5.3% | -7.12% | -4.4% | -15.41% | -56.01% | -109.66% | -105.98% | -171.53% |
| FCF Growth % | 316.01% | 84.37% | -45.89% | 203.88% | 29.65% | -320.4% | 140.18% | -488.71% | -0.83% | -58.98% | 61.98% | 124.14% | 2.1% | -527.44% | 78.82% | -68.69% | -303.42% | 160.75% | -130.88% | -25.05% | -9.41% | -117.48% | 54.49% | 48.52% | 62.2% | 11.93% | -296.31% | - |
| FCF per Share | 0.25 | 0.20 | 0.11 | 0.21 | -0.21 | -0.30 | 0.14 | -0.35 | 0.09 | 0.09 | 0.22 | 0.14 | -0.72 | -1.19 | -0.20 | -0.96 | -0.56 | 0.28 | -0.43 | -0.22 | -0.20 | -0.21 | -0.09 | -0.23 | -0.46 | -1.29 | -1.50 | -1.02 |
| FCF Conversion (FCF/Net Income) | -9.35x | -15.10x | 1.09x | 4.97x | 0.25x | 1.01x | -1.01x | 5.52x | 0.91x | 1.10x | 2.25x | 17.42x | 0.42x | 0.62x | -0.31x | 0.38x | -0.76x | 4.60x | -0.44x | -0.33x | 0.80x | 1.13x | -1.06x | 0.63x | 0.69x | 0.42x | 2.01x | 0.94x |
| Interest Paid | 0 | 0 | 4.68M | 6.04M | 3.46M | 1.28M | 0 | 1.8M | 1.75M | 1.84M | 1.74M | 2.82M | 3.54M | 2.6M | -2.11M | 0 | 0 | 0 | 339K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 1.13M | 2.84M | 1.87M | 2M | 0 | 3.83M | 1.62M | 2.49M | 1.37M | 1.51M | -2.57M | -1.78M | -2.33M | 0 | 0 | 377K | 536K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Revenue Concentration
As reported in quarterly filings, Ceragon’s operating cash flow frequently decouples from net income, evidenced by a 2026Q1 operating cash flow of $6.5 million against a net loss of $1.3 million, suggesting that non-cash items and working capital shifts are the primary drivers of reported liquidity.
The persistent divergence between net income and operating cash flow suggests that the company’s accounting earnings are highly sensitive to non-cash charges and timing differences. Investors should monitor whether this cash generation is sustainable or merely a byproduct of aggressive working capital management during periods of revenue contraction.
Based on historical financial data, Ceragon’s free cash flow trajectory remains highly erratic, swinging from a $10.6 million inflow in 2024Q3 to a $3.2 million outflow in 2024Q4, which highlights the inherent instability of a business model reliant on lumpy, project-based telecom infrastructure deployments.
The inability to maintain consistent positive free cash flow margins suggests that the company’s operational scale is insufficient to absorb the volatility of its project-based revenue. This inconsistency warrants further investigation into whether the current cost structure can support long-term cash generation without significant top-line growth.
According to recent financial statements, Ceragon maintains a consistent capital expenditure profile, with CapEx as a percentage of revenue hovering between 2.8% and 5.6%, indicating that the firm is not currently undergoing a massive, transformative investment cycle that would otherwise drain its available cash reserves.
The moderate capital intensity suggests that the company is primarily focused on maintenance and incremental product improvements rather than large-scale capacity expansion. This capital discipline appears to be a defensive measure, preserving liquidity while the company navigates a period of revenue contraction and market uncertainty.
As indicated by the provided cash flow statements, working capital changes are a significant, volatile component of cash flow, with a $6.4 million contribution in 2025Q4 followed by a $6.7 million drain in 2024Q4, reflecting the company's reliance on inventory and receivable management to fund operations.
The reliance on working capital fluctuations to bridge the gap between net income and cash flow suggests that the company’s liquidity is highly sensitive to the timing of customer payments and inventory build-ups. This dynamic may indicate potential risks in collection efficiency or inventory obsolescence as project cycles shift.
Quick answers to the most common questions about buying CRNT stock.
Ceragon Networks Ltd. (CRNT) generated $31.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ceragon Networks Ltd. (CRNT) generated $17.9M 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.
Ceragon Networks Ltd. (CRNT) spent $17.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.