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CERAGON NETWORKS LTD

CRNT Clue Score34
Israel Fiscal year ends December CIK 0001119769
$2.16 +3.85% Close, 9 Oct 2026
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Price $2.16 −34.74% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue293.6Operating income19.5Net income11.4EPS, diluted0.15Fiscal year 2017Revenue332.0 +13.1%Operating income23.1Net income15.6 +36.1%EPS, diluted0.19 +26.7%Fiscal year 2018Revenue343.9 +3.6%Operating income26.1Net income23.0 +48.1%EPS, diluted0.28 +47.4%Fiscal year 2019Revenue285.6 −17.0%Operating income7.3Net income−2.3 −110.2%EPS, diluted−0.03 −110.7%Fiscal year 2020Revenue262.9 −7.9%Operating income−7.6Net income−17.1EPS, diluted−0.21Fiscal year 2021Revenue290.8 +10.6%Operating income4.8Net income−14.8EPS, diluted−0.18Fiscal year 2022Revenue295.2 +1.5%Operating income−10.9Net income−19.7EPS, diluted−0.23Fiscal year 2023Revenue347.2 +17.6%Operating income21.2Net income6.2EPS, diluted0.07Fiscal year 2024Revenue394.2 +13.5%Operating income38.7Net income24.1 +286.9%EPS, diluted0.27 +285.7%Fiscal year 2025Revenue338.7 −14.1%Operating income7.2Net income−2.1 −108.7%EPS, diluted−0.02 −107.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 293.6 332.0 343.9 285.6 262.9 290.8 295.2 347.2 394.2 338.7
Growth +13.1% +3.6% −17.0% −7.9% +10.6% +1.5% +17.6% +13.5% −14.1%
Operating income 19.5 23.1 26.1 7.3 −7.6 4.8 −10.9 21.2 38.7 7.2
Net income 11.4 15.6 23.0 −2.3 −17.1 −14.8 −19.7 6.2 24.1 −2.1
Growth +36.1% +48.1% −110.2% +286.9% −108.7%
EPS, diluted 0.15 0.19 0.28 −0.03 −0.21 −0.18 −0.23 0.07 0.27 −0.02
Growth +26.7% +47.4% −110.7% +285.7% −107.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin33.8%Operating margin6.6%Net margin3.9%Free cash flow margin6.0%Fiscal year 2017Gross margin32.3%Operating margin7.0%Net margin4.7%Free cash flow margin2.6%Fiscal year 2018Gross margin33.8%Operating margin7.6%Net margin6.7%Free cash flow margin3.5%Fiscal year 2019Gross margin33.9%Operating margin2.6%Net margin−0.8%Free cash flow margin−8.6%Fiscal year 2020Gross margin28.8%Operating margin−2.9%Net margin−6.5%Free cash flow margin4.2%Fiscal year 2021Gross margin30.4%Operating margin1.7%Net margin−5.1%Free cash flow margin−8.4%Fiscal year 2022Gross margin31.5%Operating margin−3.7%Net margin−6.7%Free cash flow margin−5.2%Fiscal year 2023Gross margin34.5%Operating margin6.1%Net margin1.8%Free cash flow margin6.0%Fiscal year 2024Gross margin34.7%Operating margin9.8%Net margin6.1%Free cash flow margin2.9%Fiscal year 2025Gross margin33.8%Operating margin2.1%Net margin−0.6%Free cash flow margin5.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 33.8% 32.3% 33.8% 33.9% 28.8% 30.4% 31.5% 34.5% 34.7% 33.8%
Operating margin 6.6% 7.0% 7.6% 2.6% −2.9% 1.7% −3.7% 6.1% 9.8% 2.1%
Net margin 3.9% 4.7% 6.7% −0.8% −6.5% −5.1% −6.7% 1.8% 6.1% −0.6%
Free cash flow margin 6.0% 2.6% 3.5% −8.6% 4.2% −8.4% −5.2% 6.0% 2.9% 5.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow25.8Capital expenditure−8.2Free cash flow17.6Fiscal year 2017Operating cash flow17.2Capital expenditure−8.5Free cash flow8.6 −51.0%Fiscal year 2018Operating cash flow22.5Capital expenditure−10.3Free cash flow12.2 +41.5%Fiscal year 2019Operating cash flow−12.9Capital expenditure−11.6Free cash flow−24.5 −301.2%Fiscal year 2020Operating cash flow17.2Capital expenditure−6.1Free cash flow11.2Fiscal year 2021Operating cash flow−15.0Capital expenditure−9.4Free cash flow−24.4 −318.5%Fiscal year 2022Operating cash flow−4.9Capital expenditure−10.5Free cash flow−15.4Fiscal year 2023Operating cash flow30.9Capital expenditure−10.0Free cash flow20.9Fiscal year 2024Operating cash flow26.2Capital expenditure−14.6Free cash flow11.6 −44.5%Fiscal year 2025Operating cash flow31.6Capital expenditure−13.6Free cash flow17.9 +54.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 25.8 17.2 22.5 −12.9 17.2 −15.0 −4.9 30.9 26.2 31.6
Capital expenditure −8.2 −8.5 −10.3 −11.6 −6.1 −9.4 −10.5 −10.0 −14.6 −13.6
Free cash flow 17.6 8.6 12.2 −24.5 11.2 −24.4 −15.4 20.9 11.6 17.9
Growth −51.0% +41.5% −301.2% −318.5% −44.5% +54.5%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash36.3Shareholders’ equity116.2Fiscal year 2017Cash25.9Shareholders’ equity133.9Fiscal year 2018Cash35.6Shareholders’ equity159.6Fiscal year 2019Cash23.9Shareholders’ equity160.4Fiscal year 2020Cash27.1Shareholders’ equity146.1Fiscal year 2021Cash17.1Shareholders’ equity137.2Fiscal year 2022Cash22.9Shareholders’ equity119.8Fiscal year 2023Cash28.2Shareholders’ equity134.0Fiscal year 2024Cash35.3Shareholders’ equity166.3Fiscal year 2025Cash38.4Shareholders’ equity172.8
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 36.3 25.9 35.6 23.9 27.1 17.1 22.9 28.2 35.3 38.4
Shareholders’ equity 116.2 133.9 159.6 160.4 146.1 137.2 119.8 134.0 166.3 172.8

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
293.6 332.0 343.9 285.6 262.9 290.8 295.2 347.2 394.2 338.7
Growth +13.1% +3.6% −17.0% −7.9% +10.6% +1.5% +17.6% +13.5% −14.1%
194.5 224.7 227.7 188.7 187.2 202.4 202.1 227.3 257.3 224.2
99.2 107.3 116.2 96.8 75.6 88.4 93.1 119.9 136.9 114.6
Growth +8.2% +8.2% −16.6% −21.9% +16.8% +5.3% +28.8% +14.2% −16.3%
21.7 25.7 28.2 26.8 31.0 29.5 29.7 32.3 35.0 30.4
20.4 16.8 18.9 23.3 19.2 20.6 34.3 23.8 14.2 24.4
19.5 23.1 26.1 7.3 −7.6 4.8 −10.9 21.2 38.7 7.2
Growth +18.7% +13.0% −72.1% −203.7% −327.6% +82.6% −81.3%
13.2 17.3 19.8 0.8 −13.5 −3.8 −17.2 12.7 27.3 0.7
1.8 1.7 −3.3 2.5 2.6 11.0 2.4 6.5 3.2 2.8
11.4 15.6 23.0 −2.3 −17.1 −14.8 −19.7 6.2 24.1 −2.1
Growth +36.1% +48.1% −110.2% +286.9% −108.7%
Per share
0.15 0.20 0.29 −0.03 −0.21 −0.18 −0.23 0.07 0.28 −0.02
0.15 0.19 0.28 −0.03 −0.21 −0.18 −0.23 0.07 0.27 −0.02
Growth +26.7% +47.4% −110.7% +285.7% −107.4%
77.7 77.9 78.6 80.3 81.1 83.4 84.1 84.6 86.2 89.8
78.6 79.9 81.0 80.3 81.1 83.4 84.1 85.5 88.5 89.8
Growth +1.7% +1.3% −0.9% +1.1% +2.8% +0.9% +1.6% +3.5% +1.5%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 5.2% a year over five years.
  • The diluted share count rose 10.6% in five years, which is dilution.
  • Operating margin is up 5.0 points on five years ago, at 2.1%.
  • A net loss in 5 of 10 years on file.