Detailed financial statements for CEVA, Inc. (CEVA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
CEVA, Inc. is a global provider of intellectual property (IP) for advanced wireless connectivity and intelligent sensing solutions, serving semiconductor manufacturers and original equipment manufacturers (OEMs). The company specializes in developing and licensing a broad range of digital signal processors (DSPs), AI accelerators, wireless communication platforms, and complementary software.
Analysis Summary
CEVA, Inc. reported revenue of $109.6M in the most recent fiscal year, growing at a 5-year CAGR of 1.8%.
Trailing-twelve-month margins: gross margin 87.4%, operating margin -8.3%, net margin -9.5%. Free cash flow grew at -46.9% CAGR over 5 years.
At the current price of $27.81, CEVA has negative trailing earnings (P/E not meaningful) and an ROE of -3.42%. Market capitalisation stands at $775M.
Balance sheet quality for CEVA: current ratio of 9.9, net cash position of $191.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $72.7M | $87.5M | $77.9M | $87.2M | $100.3M | $113.8M | $120.6M | $97.4M | $106.9M | $109.6M |
| Cost of Revenue | $6.1M | $7.0M | $8.0M | $10.1M | $10.7M | $10.4M | $15.1M | $11.6M | $12.8M | $14.2M |
| Gross Profit | $66.6M | $80.6M | $69.9M | $77.0M | $89.6M | $103.5M | $105.5M | $85.8M | $94.2M | $95.4M |
| Research & Development | $30.8M | $40.4M | $47.8M | $52.8M | $62.0M | $69.1M | $70.3M | $72.7M | $71.6M | $74.8M |
| Selling, General & Admin | $20.1M | $23.1M | $22.5M | $24.2M | $26.0M | $25.0M | $25.7M | $26.0M | $29.5M | $31.4M |
| Operating Expenses | $52.2M | $64.7M | $71.2M | $79.0M | $90.3M | $96.4M | $101.6M | $99.2M | $101.7M | $106.8M |
| Operating Income | $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 |
| Interest Expense | $1.1M | $1.2M | $773000 | $554000 | $444000 | $420000 | $397000 | 0 | 0 | 0 |
| Pre-tax Income | $16.4M | $18.9M | $1.3M | $1.4M | $2.5M | $9.2M | $4.2M | -$8.2M | -$2.8M | -$4.7M |
| Income Tax | $3.3M | $1.9M | $729000 | $1.3M | $4.9M | $6.8M | $18.1M | $10.2M | $6.0M | $5.9M |
| Net Income | $13.1M | $17.0M | $574000 | $28000 | -$2.4M | $396000 | -$23.2M | -$11.9M | -$8.8M | -$10.6M |
| EPS | $0.63 | $0.78 | $0.03 | $0.00 | $-0.11 | $0.02 | $-1.00 | $-0.51 | $-0.37 | $-0.44 |
| EPS (Diluted) | $0.61 | $0.75 | $0.03 | $0.00 | $-0.11 | $0.02 | $-1.00 | $-0.51 | $-0.37 | $-0.44 |
| Shares Outstanding (Diluted) | $21.6M | $22.6M | $22.5M | $22.3M | $22.1M | $23.3M | $23.2M | $23.5M | $23.6M | $24.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $28.4M | $31.3M | $27.0M | $29.0M |
| Gross Profit | $25.0M | $27.6M | $23.2M | $25.4M |
| Operating Income | -$2.1M | -$398000 | -$5.0M | -$2.1M |
| EBITDA | $317000 | $2.1M | -$2.3M | -$1.1M |
| Net Income | -$2.5M | -$1.1M | -$4.5M | -$2.9M |
| EPS | $-0.10 | $-0.04 | $-0.16 | $-0.10 |
| EPS (Diluted) | $-0.10 | $-0.04 | $-0.16 | $-0.10 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $18.4M | $21.7M | $22.3M | $22.8M | $21.1M | $33.2M | $20.1M | $23.3M | $18.5M | $40.6M |
| Short-term Investments | $108.1M | $117.1M | $123.6M | $121.8M | $109.0M | $121.7M | $118.2M | $143.3M | $145.1M | $181.4M |
| Receivables | $15.0M | $16.5M | $26.2M | $28.3M | $31.2M | $27.4M | $29.8M | $30.3M | $37.2M | $49.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $146.1M | $159.1M | $177.3M | $178.6M | $167.6M | $189.0M | $177.6M | $209.4M | $216.3M | $284.8M |
| Property, Plant & Equipment | $4.8M | $6.9M | $7.3M | $18.9M | $16.6M | $15.6M | $15.1M | $13.7M | $12.7M | $24.5M |
| Goodwill | $46.6M | $46.6M | $46.6M | $51.1M | $51.1M | $74.8M | $56.8M | $58.3M | $58.3M | $58.3M |
| Intangible Assets | $3.0M | $1.7M | $2.7M | $13.4M | $10.8M | $14.6M | $2.4M | $3.0M | $1.9M | $1.0M |
| Total Assets | $242.5M | $276.8M | $277.3M | $298.6M | $308.5M | $331.8M | $308.4M | $304.1M | $308.9M | $388.3M |
| Accounts Payable | $571000 | $392000 | $632000 | $701000 | $894000 | $1.5M | $1.9M | $1.2M | $1.1M | $2.4M |
| Short-term Debt | 0 | 0 | 0 | $2.4M | $3.0M | $3.3M | 0 | 0 | 0 | $1.7M |
| Total Current Liabilities | $22.6M | $22.8M | $21.8M | $26.4M | $28.2M | $35.4M | $33.3M | $26.9M | $30.5M | $28.7M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $14.4M |
| Total Liabilities | $30.9M | $32.1M | $31.4M | $47.4M | $47.6M | $55.0M | $49.6M | $39.7M | $42.4M | $51.8M |
| Retained Earnings | $39.4M | $53.9M | $62.9M | $62.4M | $57.4M | $55.5M | $32.2M | $20.2M | $11.2M | -$24000 |
| Total Equity | $211.6M | $244.7M | $245.9M | $251.2M | $260.9M | $276.7M | $258.9M | $264.3M | $266.6M | $336.5M |
| Total Debt | 0 | 0 | 0 | $10.7M | $8.7M | $8.4M | $7.9M | $6.5M | $5.6M | $30.5M |
| Net Debt | -$126.5M | -$138.8M | -$145.9M | -$133.9M | -$121.4M | -$146.5M | -$130.4M | -$160.1M | -$158.1M | -$191.5M |
| Working Capital | $123.5M | $136.3M | $155.5M | $152.2M | $139.4M | $153.5M | $144.3M | $182.5M | $185.8M | $256.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $17.3M | $40.6M | $21.4M | $44.3M |
| Total Assets | $306.0M | $388.3M | $388.2M | $391.9M |
| Total Liabilities | $37.3M | $51.8M | $50.0M | $51.6M |
| Total Equity | $268.7M | $336.5M | $338.2M | $340.2M |
| Total Debt | $3.8M | $30.5M | $16.9M | $17.4M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $13.1M | $17.0M | $574000 | $28000 | -$2.4M | $396000 | -$23.2M | -$11.9M | -$8.8M | -$10.6M |
| Depreciation & Amortization | $2.6M | $3.2M | $4.2M | $5.3M | $5.8M | $7.0M | $7.6M | $4.9M | $4.1M | $4.1M |
| Stock-based Compensation | $6.2M | $8.7M | $10.4M | $10.7M | $13.6M | $13.1M | $14.5M | $15.5M | $15.6M | $15.6M |
| Change in Working Capital | -$8.7M | -$5.6M | -$8.4M | -$7.2M | -$1.8M | $12.1M | $1.9M | -$9.9M | -$7.7M | -$16.3M |
| Operating Cash Flow | $14.5M | $24.5M | $8.6M | $9.7M | $15.2M | $25.8M | $6.9M | -$6.3M | $3.5M | $3.5M |
| Capital Expenditure | -$2.4M | -$4.1M | -$5.3M | -$10.8M | -$2.9M | -$2.2M | -$3.5M | -$2.9M | -$3.0M | -$3.0M |
| Acquisitions | 0 | $5.0M | $2.0M | -$11.0M | -$11.1M | -$29.9M | -$29.9M | $27.0M | $540000 | 0 |
| Stock Repurchased | -$3.4M | 0 | -$20.0M | -$9.1M | -$4.8M | 0 | -$6.8M | -$6.2M | -$8.5M | -$7.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $12.1M | $20.3M | $3.3M | -$1.2M | $12.2M | $23.6M | $3.4M | -$9.2M | $516000 | $516000 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$5.9M | $8.7M | -$4.9M | $5.8M |
| Capital Expenditure | -$426000 | -$1.5M | -$2.3M | -$634000 |
| Free Cash Flow | -$6.3M | $7.2M | -$7.2M | $5.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $4.9M | $1.5M | $5.4M | $5.2M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +20.4% | -11.0% | +11.9% | +15.1% | +13.5% | +5.9% | -19.2% | +9.8% | +2.5% |
| Net Income Growth (YoY) | | +30.0% | -96.6% | -95.1% | -8596.4% | +116.6% | -5954.3% | +48.8% | +26.0% | -21.1% |
| EPS Growth (YoY) | | +23.8% | -96.7% | -95.0% | -8561.5% | +115.8% | -5847.1% | +49.0% | +27.5% | -18.9% |
| Shares Change (YoY) | | +4.6% | -0.3% | -0.8% | -1.0% | +5.2% | -0.3% | +1.3% | +0.5% | +2.9% |
| FCF Growth (YoY) | | +68.4% | -83.6% | -134.5% | +1162.4% | +93.1% | -85.5% | -369.1% | +105.6% | +0.0% |
| Gross Margin | 91.6% | 92.1% | 89.8% | 88.4% | 89.3% | 90.9% | 87.5% | 88.0% | 88.1% | 87.1% |
| Operating Margin | 19.8% | 18.1% | -1.6% | -2.2% | -0.8% | 6.2% | 3.2% | -13.8% | -7.1% | -10.4% |
| EBITDA Margin | 23.4% | 21.9% | 3.7% | 8.2% | 8.8% | 14.6% | 10.1% | -3.4% | 1.3% | -0.5% |
| Net Margin | 18.0% | 19.5% | 0.7% | 0.0% | -2.4% | 0.3% | -19.2% | -12.2% | -8.2% | -9.7% |
| FCF Margin | 16.6% | 23.2% | 4.3% | -1.3% | 12.2% | 20.7% | 2.8% | -9.5% | 0.5% | 0.5% |
| Effective Tax Rate | 20.2% | 9.9% | 55.9% | 98.0% | 194.4% | 74.0% | 430.7% | -124.7% | -218.9% | -126.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $0.56 | $0.90 | $0.15 | $-0.05 | $0.55 | $1.02 | $0.15 | $-0.39 | $0.02 | $0.02 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $20.9M | $21.8M | $22.0M | $21.9M | $22.1M | $22.8M | $23.2M | $23.5M | $23.6M | $24.3M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -3.42% |
| Return on Invested Capital | -2.62% |
| Return on Assets | -2.80% |
| Gross Margin | 87.37% |
| Operating Margin | -8.29% |
| Net Margin | -9.48% |
Financial Health
| Debt / Equity | 0.05 |
| Current Ratio | 10.12 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 7.03 |
Key Ratios (10y)
| Year | 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/B | 3.31 | 4.11 | 1.98 | 2.35 | 3.86 | 3.57 | 2.29 | 2.02 | 2.79 | 1.55 |
| P/S | 9.63 | 11.48 | 6.25 | 6.78 | 10.03 | 8.67 | 4.92 | 5.47 | 6.97 | 4.77 |
| Gross Margin | 91.6% | 92.1% | 89.8% | 88.4% | 89.3% | 90.9% | 87.5% | 88.0% | 88.1% | 87.1% |
| Operating Margin | 19.8% | 18.1% | -1.6% | -2.2% | -0.8% | 6.2% | 3.2% | -13.8% | -7.1% | -10.4% |
| Net Margin | 18.0% | 19.5% | 0.7% | 0.0% | -2.4% | 0.3% | -19.2% | -12.2% | -8.2% | -9.7% |