Estados financieros detallados de CEVA, Inc. (CEVA): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
CEVA, Inc. registró ingresos de $109.6M en el último ejercicio fiscal, con un CAGR de 5 años del 1.8%.
Márgenes de los últimos 12 meses: margen bruto 87.4%, margen operativo -8.3%, margen neto -9.5%. El flujo de caja libre creció a un CAGR del -46.9% en 5 años.
Al precio actual de $27.81, CEVA presenta beneficios negativos (P/E no significativo) y un ROE del -3.42%. La capitalización bursátil es de $775M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $72.7M | $87.5M | $77.9M | $87.2M | $100.3M | $113.8M | $120.6M | $97.4M | $106.9M | $109.6M |
| Coste de Ventas | $6.1M | $7.0M | $8.0M | $10.1M | $10.7M | $10.4M | $15.1M | $11.6M | $12.8M | $14.2M |
| Beneficio Bruto | $66.6M | $80.6M | $69.9M | $77.0M | $89.6M | $103.5M | $105.5M | $85.8M | $94.2M | $95.4M |
| I+D | $30.8M | $40.4M | $47.8M | $52.8M | $62.0M | $69.1M | $70.3M | $72.7M | $71.6M | $74.8M |
| Generales y Administrativos | $20.1M | $23.1M | $22.5M | $24.2M | $26.0M | $25.0M | $25.7M | $26.0M | $29.5M | $31.4M |
| Gastos Operativos | $52.2M | $64.7M | $71.2M | $79.0M | $90.3M | $96.4M | $101.6M | $99.2M | $101.7M | $106.8M |
| Beneficio Operativo | $14.4M | $15.9M | -$1.2M | -$1.9M | -$763000 | $7.0M | $3.9M | -$13.5M | -$7.5M | -$11.3M |
| EBITDA | $17.0M | $19.1M | $2.9M | $7.2M | $8.8M | $16.6M | $12.2M | -$3.3M | $1.4M | -$554000 |
| Gastos por Intereses | $1.1M | $1.2M | $773000 | $554000 | $444000 | $420000 | $397000 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | $16.4M | $18.9M | $1.3M | $1.4M | $2.5M | $9.2M | $4.2M | -$8.2M | -$2.8M | -$4.7M |
| Impuestos | $3.3M | $1.9M | $729000 | $1.3M | $4.9M | $6.8M | $18.1M | $10.2M | $6.0M | $5.9M |
| Beneficio Neto | $13.1M | $17.0M | $574000 | $28000 | -$2.4M | $396000 | -$23.2M | -$11.9M | -$8.8M | -$10.6M |
| BPA | $0.63 | $0.78 | $0.03 | $0.00 | $-0.11 | $0.02 | $-1.00 | $-0.51 | $-0.37 | $-0.44 |
| BPA Diluido | $0.61 | $0.75 | $0.03 | $0.00 | $-0.11 | $0.02 | $-1.00 | $-0.51 | $-0.37 | $-0.44 |
| Acciones en Circulación (Diluidas) | $21.6M | $22.6M | $22.5M | $22.3M | $22.1M | $23.3M | $23.2M | $23.5M | $23.6M | $24.3M |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $18.4M | $21.7M | $22.3M | $22.8M | $21.1M | $33.2M | $20.1M | $23.3M | $18.5M | $40.6M |
| Inversiones a Corto | $108.1M | $117.1M | $123.6M | $121.8M | $109.0M | $121.7M | $118.2M | $143.3M | $145.1M | $181.4M |
| Cuentas por Cobrar | $15.0M | $16.5M | $26.2M | $28.3M | $31.2M | $27.4M | $29.8M | $30.3M | $37.2M | $49.4M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $146.1M | $159.1M | $177.3M | $178.6M | $167.6M | $189.0M | $177.6M | $209.4M | $216.3M | $284.8M |
| Inmovilizado Material | $4.8M | $6.9M | $7.3M | $18.9M | $16.6M | $15.6M | $15.1M | $13.7M | $12.7M | $24.5M |
| Fondo de Comercio | $46.6M | $46.6M | $46.6M | $51.1M | $51.1M | $74.8M | $56.8M | $58.3M | $58.3M | $58.3M |
| Activos Intangibles | $3.0M | $1.7M | $2.7M | $13.4M | $10.8M | $14.6M | $2.4M | $3.0M | $1.9M | $1.0M |
| Activos Totales | $242.5M | $276.8M | $277.3M | $298.6M | $308.5M | $331.8M | $308.4M | $304.1M | $308.9M | $388.3M |
| Cuentas por Pagar | $571000 | $392000 | $632000 | $701000 | $894000 | $1.5M | $1.9M | $1.2M | $1.1M | $2.4M |
| Deuda a Corto | 0 | 0 | 0 | $2.4M | $3.0M | $3.3M | 0 | 0 | 0 | $1.7M |
| Pasivos Corrientes | $22.6M | $22.8M | $21.8M | $26.4M | $28.2M | $35.4M | $33.3M | $26.9M | $30.5M | $28.7M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $14.4M |
| Pasivos Totales | $30.9M | $32.1M | $31.4M | $47.4M | $47.6M | $55.0M | $49.6M | $39.7M | $42.4M | $51.8M |
| Reservas | $39.4M | $53.9M | $62.9M | $62.4M | $57.4M | $55.5M | $32.2M | $20.2M | $11.2M | -$24000 |
| Patrimonio Neto | $211.6M | $244.7M | $245.9M | $251.2M | $260.9M | $276.7M | $258.9M | $264.3M | $266.6M | $336.5M |
| Deuda Total | 0 | 0 | 0 | $10.7M | $8.7M | $8.4M | $7.9M | $6.5M | $5.6M | $30.5M |
| Deuda Neta | -$126.5M | -$138.8M | -$145.9M | -$133.9M | -$121.4M | -$146.5M | -$130.4M | -$160.1M | -$158.1M | -$191.5M |
| Capital Circulante | $123.5M | $136.3M | $155.5M | $152.2M | $139.4M | $153.5M | $144.3M | $182.5M | $185.8M | $256.2M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | $13.1M | $17.0M | $574000 | $28000 | -$2.4M | $396000 | -$23.2M | -$11.9M | -$8.8M | -$10.6M |
| Amortizaciones | $2.6M | $3.2M | $4.2M | $5.3M | $5.8M | $7.0M | $7.6M | $4.9M | $4.1M | $4.1M |
| Compensación en Acciones | $6.2M | $8.7M | $10.4M | $10.7M | $13.6M | $13.1M | $14.5M | $15.5M | $15.6M | $15.6M |
| Cambio en Capital Circulante | -$8.7M | -$5.6M | -$8.4M | -$7.2M | -$1.8M | $12.1M | $1.9M | -$9.9M | -$7.7M | -$16.3M |
| Flujo de Caja Operativo | $14.5M | $24.5M | $8.6M | $9.7M | $15.2M | $25.8M | $6.9M | -$6.3M | $3.5M | $3.5M |
| Inversiones (CapEx) | -$2.4M | -$4.1M | -$5.3M | -$10.8M | -$2.9M | -$2.2M | -$3.5M | -$2.9M | -$3.0M | -$3.0M |
| Adquisiciones | 0 | $5.0M | $2.0M | -$11.0M | -$11.1M | -$29.9M | -$29.9M | $27.0M | $540000 | 0 |
| Recompra de Acciones | -$3.4M | 0 | -$20.0M | -$9.1M | -$4.8M | 0 | -$6.8M | -$6.2M | -$8.5M | -$7.2M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $12.1M | $20.3M | $3.3M | -$1.2M | $12.2M | $23.6M | $3.4M | -$9.2M | $516000 | $516000 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | +20.4% | -11.0% | +11.9% | +15.1% | +13.5% | +5.9% | -19.2% | +9.8% | +2.5% | |
| Crecimiento Beneficio Neto (anual) | +30.0% | -96.6% | -95.1% | -8596.4% | +116.6% | -5954.3% | +48.8% | +26.0% | -21.1% | |
| Crecimiento BPA (anual) | +23.8% | -96.7% | -95.0% | -8561.5% | +115.8% | -5847.1% | +49.0% | +27.5% | -18.9% | |
| Cambio en Acciones (anual) | +4.6% | -0.3% | -0.8% | -1.0% | +5.2% | -0.3% | +1.3% | +0.5% | +2.9% | |
| Crecimiento FCF (anual) | +68.4% | -83.6% | -134.5% | +1162.4% | +93.1% | -85.5% | -369.1% | +105.6% | +0.0% | |
| Margen Bruto | 91.6% | 92.1% | 89.8% | 88.4% | 89.3% | 90.9% | 87.5% | 88.0% | 88.1% | 87.1% |
| Margen Operativo | 19.8% | 18.1% | -1.6% | -2.2% | -0.8% | 6.2% | 3.2% | -13.8% | -7.1% | -10.4% |
| Margen EBITDA | 23.4% | 21.9% | 3.7% | 8.2% | 8.8% | 14.6% | 10.1% | -3.4% | 1.3% | -0.5% |
| Margen Neto | 18.0% | 19.5% | 0.7% | 0.0% | -2.4% | 0.3% | -19.2% | -12.2% | -8.2% | -9.7% |
| Margen FCF | 16.6% | 23.2% | 4.3% | -1.3% | 12.2% | 20.7% | 2.8% | -9.5% | 0.5% | 0.5% |
| Tasa Impositiva Efectiva | 20.2% | 9.9% | 55.9% | 98.0% | 194.4% | 74.0% | 430.7% | -124.7% | -218.9% | -126.8% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $0.56 | $0.90 | $0.15 | $-0.05 | $0.55 | $1.02 | $0.15 | $-0.39 | $0.02 | $0.02 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $20.9M | $21.8M | $22.0M | $21.9M | $22.1M | $22.8M | $23.2M | $23.5M | $23.6M | $24.3M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | -3.42% |
| Rentabilidad sobre capital invertido | -2.62% |
| Rentabilidad sobre activos | -2.80% |
| Margen bruto | 87.37% |
| Margen operativo | -8.29% |
| Margen neto | -9.48% |
Salud financiera
| Deuda / Patrimonio | 0.05 |
| Ratio corriente | 10.12 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 7.03 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 53.25 | 59.17 | 846.36 | 20738.46 | -413.64 | 2485.06 | -25.58 | -44.53 | -85.27 | -48.91 |
| P/VC | 3.31 | 4.11 | 1.98 | 2.35 | 3.86 | 3.57 | 2.29 | 2.02 | 2.79 | 1.55 |
| P/V | 9.63 | 11.48 | 6.25 | 6.78 | 10.03 | 8.67 | 4.92 | 5.47 | 6.97 | 4.77 |
| Margen Bruto | 91.6% | 92.1% | 89.8% | 88.4% | 89.3% | 90.9% | 87.5% | 88.0% | 88.1% | 87.1% |
| Margen Operativo | 19.8% | 18.1% | -1.6% | -2.2% | -0.8% | 6.2% | 3.2% | -13.8% | -7.1% | -10.4% |
| Margen Neto | 18.0% | 19.5% | 0.7% | 0.0% | -2.4% | 0.3% | -19.2% | -12.2% | -8.2% | -9.7% |
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