CRNTNasdaqRadio & Tv Broadcasting & Communications EquipmentFiscal year ends December 31
CERAGON NETWORKS LTD
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 15, 2026
$2.01−0.03 (-1.47%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
33.8%+5.0 pts over 5 years
Operating margin
2.1%+5.0 pts over 5 years
Net margin
-0.6%+5.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -14.1% | +4.7% | +5.2% | -0.3% | |
| Gross profit | -16.3% | +7.2% | +8.7% | +1.1% | |
| Operating income | -81.3% | – | – | -10.3% | |
| Free cash flow | +54.5% | – | +10.0% | +5.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 10.4% | -11.2% | -1.2% | |
| Return on assets | 4.5% | -6.1% | -0.6% | |
| Current ratio | 1.87 | 1.99 | 1.87 | |
| Interest coverage | 5.1× | -1.8× | 1.4× | |
| Inventory turnover | 4.1× | 3.3× | 3.7× | |
| Capex to revenue | 2.8% | 2.3% | 4.0% | |
| Diluted shares | 79M | 81M | 90M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ceragon Networks generated $108.56M from operations and spent $57.99M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$108.56M
Used
$57.99M
Capital expenditure$57.99M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-0.6%
×Asset turnover1.02×
×Equity multiplier1.95×
=Return on equity, FY2025-1.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -0.6% | 1.02× | 1.95× | -1.2% |
| FY2024 | 6.1% | 1.23× | 2.14× | 16.0% |
| FY2023 | 1.8% | 1.18× | 2.32× | 4.9% |
| FY2022 | -6.7% | 1.01× | 2.26× | -15.3% |
| FY2021 | -5.1% | 1.03× | 1.99× | -10.5% |
| FY2020 | -6.5% | 0.94× | 1.83× | -11.2% |
| FY2019 | -0.8% | 1.00× | 1.79× | -1.5% |
| FY2018 | 6.7% | 1.28× | 1.83× | 15.7% |
| FY2017 | 4.7% | 1.33× | 1.99× | 12.4% |
| FY2016 | 3.9% | 1.15× | 2.34× | 10.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$2.09M
- Cash generatingOperating cash flow above zero$31.56M
- Return on assets improvedROA up on the prior year8.1% → -0.6%
- Earnings backed by cashOperating cash flow above net income$31.56M vs -$2.09M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.72 → 1.87
- No dilutionShare count did not rise88M → 90M
- Gross margin improvedGross margin up on the prior year34.72% → 33.82%
- More efficientAsset turnover rose1.32 → 0.98