Demonstrações financeiras detalhadas de Ceragon Networks Ltd. (CRNT): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Ceragon Networks Ltd. registou receitas de $338.7M no último exercício, com um CAGR de 5 anos de 5.2%.
Margens dos últimos 12 meses: margem bruta 33.7%, margem operacional 2.2%, margem líquida -0.9%. O fluxo de caixa livre cresceu a CAGR de 4.8% em 5 anos.
Ao preço atual de $2.05, CRNT apresenta lucros negativos (P/L não significativo) e um ROE de -1.90%. A capitalização de mercado é de $186M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $293.6M | $332.0M | $343.9M | $285.6M | $262.9M | $290.8M | $295.2M | $347.2M | $394.2M | $338.7M |
| Custo da Receita | $194.5M | $224.7M | $227.7M | $188.7M | $187.2M | $202.4M | $202.1M | $227.3M | $257.3M | $224.2M |
| Lucro Bruto | $99.2M | $107.3M | $116.2M | $96.8M | $75.6M | $88.4M | $93.1M | $119.9M | $136.9M | $114.6M |
| P&D | $21.7M | $25.7M | $28.2M | $26.8M | $31.0M | $29.5M | $29.7M | $32.3M | $35.0M | $30.4M |
| Despesas Gerais e Administrativas | $59.9M | $60.2M | $62.3M | $62.7M | $52.2M | $54.1M | $70.1M | $64.4M | $58.9M | $73.1M |
| Despesas Operacionais | $79.7M | $84.2M | $90.0M | $89.5M | $83.2M | $83.6M | $104.0M | $98.7M | $98.1M | $103.5M |
| Lucro Operacional | $19.5M | $23.1M | $26.1M | $7.3M | -$7.6M | $4.8M | -$10.9M | $21.2M | $38.7M | $11.1M |
| EBITDA | $27.6M | $31.3M | $33.8M | $14.3M | $3.5M | $13.1M | -$1.2M | $30.2M | $45.3M | $21.6M |
| Despesas com Juros | $3.8M | $4.8M | $4.6M | $4.2M | $4.4M | $4.9M | $5.0M | $7.5M | $6.0M | $6.5M |
| Lucro Antes de Impostos | $13.2M | $17.3M | $19.8M | $132000 | -$14.5M | -$3.8M | -$17.2M | $12.7M | $27.3M | $708000 |
| Imposto | $1.8M | $1.7M | -$3.3M | $2.5M | $2.6M | $11.0M | $2.4M | $6.5M | $3.2M | $2.8M |
| Lucro Líquido | $11.4M | $15.6M | $23.0M | -$2.3M | -$17.1M | -$14.8M | -$19.7M | $6.2M | $24.1M | -$2.1M |
| LPA | $0.15 | $0.20 | $0.29 | $-0.02 | $-0.20 | $-0.18 | $-0.09 | $0.07 | $0.28 | $-0.02 |
| LPA Diluído | $0.15 | $0.19 | $0.28 | $-0.02 | $-0.20 | $-0.18 | $-0.09 | $0.07 | $0.27 | $-0.02 |
| Ações em Circulação (Diluídas) | $78.6M | $79.9M | $81.0M | $80.3M | $81.1M | $83.4M | $84.1M | $85.5M | $88.5M | $89.8M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $85.5M | $82.3M | $85.0M | $93.9M |
| Lucro Bruto | $29.4M | $27.7M | $30.1M | $29.7M |
| Lucro Operacional | $3.8M | $1.7M | $2.1M | $237000 |
| EBITDA | $4.2M | $6.3M | $5.5M | $5.1M |
| Lucro Líquido | $28000 | $129000 | -$1.3M | -$2.1M |
| LPA | $0.00 | $0.00 | $-0.01 | $-0.02 |
| LPA Diluído | $0.00 | $0.00 | $-0.01 | $-0.02 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $36.3M | $25.9M | $35.6M | $23.9M | $27.1M | $17.1M | $22.9M | $28.2M | $35.3M | $38.4M |
| Investimentos de Curto Prazo | 0 | 0 | $515000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contas a Receber | $115.5M | $124.9M | $131.6M | $125.2M | $114.2M | $117.7M | $109.3M | $113.9M | $153.1M | $99.7M |
| Estoque | $45.6M | $54.2M | $53.5M | $62.1M | $50.6M | $61.4M | $72.0M | $68.8M | $59.7M | $61.6M |
| Ativos Circulantes | $209.2M | $210.8M | $225.2M | $215.6M | $199.9M | $203.5M | $210.7M | $217.9M | $261.0M | $225.2M |
| Imobilizado | $27.6M | $29.9M | $33.6M | $45.0M | $38.5M | $49.6M | $47.4M | $49.5M | $53.5M | $56.5M |
| Ágio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $7.7M | $7.7M | $11.0M |
| Ativos Intangíveis | $1.5M | $2.2M | $6.6M | $7.9M | $6.1M | $6.3M | $8.2M | $16.4M | $16.8M | $23.2M |
| Ativos Totais | $244.2M | $253.6M | $283.0M | $289.9M | $272.4M | $292.6M | $289.3M | $298.5M | $345.0M | $317.0M |
| Contas a Pagar | $68.4M | $75.5M | $78.9M | $59.6M | $63.7M | $69.4M | $67.4M | $67.0M | $91.2M | $70.8M |
| Dívida de Curto Prazo | $17.0M | 0 | 0 | $14.6M | $6.0M | $14.8M | $37.5M | $32.6M | $25.2M | $23.0M |
| Passivos Circulantes | $110.5M | $105.5M | $110.0M | $104.4M | $100.4M | $115.7M | $132.8M | $133.0M | $151.4M | $120.2M |
| Dívida de Longo Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $13.3M |
| Passivos Totais | $128.1M | $119.7M | $123.4M | $129.5M | $126.3M | $155.4M | $169.5M | $164.5M | $178.7M | $144.3M |
| Reservas | -$265.4M | -$249.9M | -$226.8M | -$229.1M | -$246.9M | -$261.7M | -$281.4M | -$275.2M | -$251.1M | -$253.2M |
| Patrimônio Líquido | $116.2M | $133.9M | $159.6M | $160.4M | $146.1M | $137.2M | $119.8M | $134.0M | $166.3M | $172.8M |
| Dívida Total | $17.0M | 0 | 0 | $25.0M | $13.0M | $36.4M | $54.4M | $50.2M | $41.1M | $49.7M |
| Dívida Líquida | -$19.3M | -$25.9M | -$36.1M | $1.0M | -$14.1M | $19.3M | $31.5M | $22.0M | $5.8M | $11.3M |
| Capital de Giro | $98.7M | $105.4M | $115.2M | $111.3M | $99.4M | $87.8M | $77.9M | $85.0M | $109.6M | $105.0M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $43.0M | $38.4M | $39.2M | $34.8M |
| Ativos Totais | $326.9M | $317.0M | $307.4M | $313.8M |
| Passivos Totais | $154.8M | $144.3M | $135.9M | $141.7M |
| Patrimônio Líquido | $172.1M | $172.8M | $171.5M | $172.1M |
| Dívida Total | $47.6M | $49.7M | $33.6M | $28.8M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $11.4M | $15.6M | $23.0M | -$2.3M | -$17.1M | -$14.8M | -$19.7M | $6.2M | $24.1M | -$2.1M |
| Depreciação e Amortização | $10.0M | $9.2M | $7.8M | $9.7M | $12.9M | $12.2M | $11.0M | $10.0M | $12.1M | $14.3M |
| Compensação em Ações | $1.1M | $1.2M | $2.0M | $2.1M | $1.7M | $2.6M | $3.6M | $4.0M | $4.3M | 0 |
| Variação Capital de Giro | $3.2M | -$8.8M | -$11.9M | -$22.3M | $20.0M | -$15.1M | $174000 | $10.7M | -$14.5M | $15.2M |
| Fluxo de Caixa Operacional | $25.8M | $17.2M | $20.9M | -$12.9M | $17.2M | -$15.0M | -$4.9M | $30.9M | $26.2M | $31.6M |
| CapEx | -$8.2M | -$9.9M | -$13.7M | -$14.9M | -$6.1M | -$9.6M | -$12.4M | -$12.9M | -$16.5M | -$17.4M |
| Aquisições | 0 | 0 | $3.4M | 0 | 0 | 0 | 0 | -$8.0M | 0 | -$6.6M |
| Recompra de Ações | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | $17.6M | $7.2M | $7.2M | -$27.8M | $11.2M | -$24.6M | -$17.3M | $18.0M | $9.7M | $14.1M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $8.0M | $12.0M | $6.5M | $5.1M |
| CapEx | -$3.6M | -$3.4M | -$3.7M | -$3.3M |
| Fluxo de Caixa Livre | $4.4M | $8.6M | $2.8M | $1.7M |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | 0 | 0 | $892000 | $1.8M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +13.1% | +3.6% | -17.0% | -7.9% | +10.6% | +1.5% | +17.6% | +13.5% | -14.1% |
| Crescimento Lucro Líquido (anual) | | +36.1% | +48.1% | -110.2% | -629.2% | +13.2% | -32.8% | +131.6% | +286.9% | -108.7% |
| Crescimento LPA (anual) | | +33.3% | +45.0% | -107.3% | -847.9% | +10.0% | +51.2% | +183.6% | +281.0% | -108.3% |
| Variação de Ações (anual) | | +1.7% | +1.3% | -0.9% | +1.1% | +2.8% | +0.9% | +1.6% | +3.5% | +1.5% |
| Crescimento FCF (anual) | | -59.0% | -0.8% | -488.7% | +140.2% | -320.4% | +29.6% | +203.9% | -45.9% | +45.2% |
| Margem Bruta | 33.8% | 32.3% | 33.8% | 33.9% | 28.8% | 30.4% | 31.5% | 34.5% | 34.7% | 33.8% |
| Margem Operacional | 6.6% | 7.0% | 7.6% | 2.6% | -2.9% | 1.7% | -3.7% | 6.1% | 9.8% | 3.3% |
| Margem EBITDA | 9.4% | 9.4% | 9.8% | 5.0% | 1.3% | 4.5% | -0.4% | 8.7% | 11.5% | 6.4% |
| Margem Líquida | 3.9% | 4.7% | 6.7% | -0.8% | -6.5% | -5.1% | -6.7% | 1.8% | 6.1% | -0.6% |
| Margem FCF | 6.0% | 2.2% | 2.1% | -9.7% | 4.2% | -8.5% | -5.9% | 5.2% | 2.5% | 4.2% |
| Taxa Efetiva de Imposto | 13.4% | 9.8% | -16.4% | 1875.8% | -18.1% | -288.3% | -14.2% | 51.2% | 11.7% | 395.2% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $0.22 | $0.09 | $0.09 | $-0.35 | $0.14 | $-0.30 | $-0.21 | $0.21 | $0.11 | $0.16 |
| Dividendo por Ação | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $77.7M | $77.9M | $78.6M | $80.3M | $81.1M | $83.4M | $84.1M | $84.6M | $86.2M | $89.8M |
O que olhar em empresas de Technology
- Crescimento de receita 3a (≥15%/ano) — Valida tração sustentada, não um ano pontual.
- Margem bruta (Depende do sub-setor) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Receita (≥20%) — Caixa real gerada. Muitas tech maquilham lucros não-GAAP.
- ROIC (≥15%) — Eficiência do capital reinvestido — a primeira métrica de Buffett.
- SBC / Receita (<10% saudável) — Stock-based compensation. Diluição silenciosa: >20% destrói valor.
- Dívida Líquida / EBITDA (≤2x (1,5x SaaS)) — Resistência em recessões e subidas de juros.
Rentabilidade
| Retorno sobre patrimônio | -1.90% |
| Retorno sobre capital investido | 3.69% |
| Retorno sobre ativos | -1.04% |
| Margem bruta | 33.69% |
| Margem operacional | 2.25% |
| Margem líquida | -0.95% |
Saúde financeira
| Dívida / Patrimônio | 0.17 |
| Liquidez corrente | 1.85 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 17.47 | 10.15 | 13.03 | -99.53 | -13.90 | -14.33 | -21.73 | 29.39 | 16.68 | -90.13 |
| P/VP | 1.75 | 1.18 | 1.86 | 1.05 | 1.54 | 1.57 | 1.34 | 1.36 | 2.42 | 1.09 |
| P/V | 0.69 | 0.48 | 0.86 | 0.59 | 0.86 | 0.74 | 0.54 | 0.53 | 1.02 | 0.56 |
| Margem Bruta | 33.8% | 32.3% | 33.8% | 33.9% | 28.8% | 30.4% | 31.5% | 34.5% | 34.7% | 33.8% |
| Margem Operacional | 6.6% | 7.0% | 7.6% | 2.6% | -2.9% | 1.7% | -3.7% | 6.1% | 9.8% | 3.3% |
| Margem Líquida | 3.9% | 4.7% | 6.7% | -0.8% | -6.5% | -5.1% | -6.7% | 1.8% | 6.1% | -0.6% |