Latest Ratios: P/E Ratio -101.5x · EV/EBITDA N/A · ROE -3.5%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.2B | $523M | $745M | $533M | $593M | $1.0B | $1.0B | $602M | $497M | $1.0B | $724M |
| Enterprise Value | $1.2B | $513M | $732M | $516M | $581M | $981M | $993M | $590M | $475M | $1.0B | $705M |
| P/E Ratio → | -101.45 | — | — | — | — | 2543.53 | — | 22466.67 | 866.27 | 61.53 | 55.00 |
| P/S Ratio | 11.35 | 4.77 | 6.97 | 5.47 | 4.92 | 8.83 | 10.03 | 6.91 | 6.38 | 11.90 | 9.96 |
| P/B Ratio | 3.22 | 1.55 | 2.79 | 2.02 | 2.29 | 3.63 | 3.86 | 2.40 | 2.02 | 4.26 | 3.42 |
| P/FCF | 2410.16 | 1013.23 | 1443.78 | — | 173.06 | 42.58 | 82.26 | — | 149.14 | 51.20 | 59.93 |
| P/OCF | 358.30 | 150.63 | 214.63 | — | 85.61 | 38.96 | 66.34 | 62.21 | 57.72 | 42.55 | 50.04 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.68 | 6.85 | 5.30 | 4.81 | 8.61 | 9.90 | 6.77 | 6.10 | 11.65 | 9.71 |
| EV / EBITDA | — | — | — | — | 50.67 | 69.92 | 196.41 | 176.29 | 163.06 | 53.31 | 41.43 |
| EV / EBIT | — | — | — | — | 126.36 | 101.72 | 335.06 | 306.97 | 228.72 | 50.77 | 40.32 |
| EV / FCF | — | 993.72 | 1418.71 | — | 169.49 | 41.53 | 81.25 | — | 142.46 | 50.14 | 58.41 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.1% | 87.1% | 88.1% | 88.0% | 87.5% | 90.9% | 89.3% | 88.4% | 89.8% | 92.1% | 91.6% |
| Operating Margin | -10.4% | -10.4% | -7.1% | -13.8% | 3.2% | 6.2% | -0.8% | -2.2% | -1.6% | 18.1% | 19.8% |
| Net Profit Margin | -9.7% | -9.7% | -8.2% | -12.2% | -19.2% | 0.3% | -2.4% | 0.0% | 0.7% | 19.5% | 18.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.5% | -3.5% | -3.3% | -4.5% | -8.7% | 0.1% | -0.9% | 0.0% | 0.2% | 7.5% | 6.6% |
| ROA | -3.1% | -3.1% | -2.9% | -3.9% | -7.2% | 0.1% | -0.8% | 0.0% | 0.2% | 6.6% | 5.8% |
| ROIC | -2.9% | -2.9% | -2.3% | -4.1% | 1.2% | 2.1% | -0.2% | -0.6% | -0.4% | 5.7% | 6.0% |
| ROCE | -3.6% | -3.6% | -2.7% | -4.9% | 1.4% | 2.4% | -0.3% | -0.7% | -0.5% | 6.7% | 7.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.09 | 0.09 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.04 | — | — | — |
| Debt / EBITDA | — | — | — | — | 0.69 | 0.60 | 1.73 | 3.19 | — | — | — |
| Net Debt / Equity | — | -0.03 | -0.05 | -0.06 | -0.05 | -0.09 | -0.05 | -0.05 | -0.09 | -0.09 | -0.09 |
| Net Debt / EBITDA | — | — | — | — | -1.07 | -1.76 | -2.45 | -3.63 | -7.64 | -1.14 | -1.08 |
| Debt / FCF | — | -19.51 | -25.07 | — | -3.57 | -1.05 | -1.01 | — | -6.68 | -1.07 | -1.52 |
| Interest Coverage | — | — | — | — | 11.57 | 22.95 | 6.68 | 3.47 | 2.69 | 17.03 | 16.44 |
Net cash position: cash ($41M) exceeds total debt ($31M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 9.93 | 9.93 | 7.09 | 7.79 | 5.34 | 5.33 | 5.95 | 6.77 | 8.15 | 6.98 | 6.47 |
| Quick Ratio | 9.93 | 9.93 | 7.09 | 7.79 | 5.34 | 5.33 | 5.95 | 6.77 | 8.15 | 6.98 | 6.47 |
| Cash Ratio | 7.74 | 7.74 | 5.36 | 6.19 | 4.16 | 4.37 | 4.62 | 5.48 | 6.71 | 6.09 | 5.60 |
| Asset Turnover | — | 0.28 | 0.35 | 0.32 | 0.39 | 0.34 | 0.33 | 0.29 | 0.28 | 0.32 | 0.30 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 164.37 | 127.00 | 113.55 | 90.29 | 88.01 | 113.60 | 118.55 | 122.59 | 68.80 | 75.58 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 0.0% | — | 0.0% | 0.1% | 1.6% | 1.8% |
| FCF Yield | 0.0% | 0.1% | 0.1% | — | 0.6% | 2.3% | 1.2% | — | 0.7% | 2.0% | 1.7% |
| Buyback Yield | 0.6% | 1.4% | 1.1% | 1.2% | 1.1% | 0.0% | 0.5% | 1.5% | 4.0% | 0.0% | 0.5% |
| Total Shareholder Yield | 0.6% | 1.4% | 1.1% | 1.2% | 1.1% | 0.0% | 0.5% | 1.5% | 4.0% | 0.0% | 0.5% |
| Shares Outstanding | — | $24M | $24M | $23M | $23M | $23M | $22M | $22M | $23M | $23M | $22M |
Persistent Operating Margin Deficit
According to current market data, CEVA trades at a forward P/E of 80.11 and a price-to-sales ratio of 10.76, suggesting that investors are pricing in significant future royalty growth rather than current earnings, which remain negative and inconsistent across recent quarterly reporting periods.
The elevated valuation multiples appear to reflect a strategic premium, likely driven by the company's role as a niche IP provider in the connectivity space. Investors should monitor whether the current growth-oriented pricing can be sustained if the royalty pipeline fails to scale rapidly enough to offset the high R&D cost base.
Based on reported financial figures, CEVA's ROIC has consistently hovered in negative territory, reaching -1.1% in 2026Q1, which indicates that the company is currently failing to generate a return on its invested capital that exceeds the cost of maintaining its specialized engineering workforce.
The persistent inability to generate positive returns on capital suggests that the firm's R&D investments are not yet yielding the expected royalty-based compounding effect. This trend warrants further investigation into whether the current IP portfolio is sufficiently differentiated to command the pricing power necessary to drive future capital efficiency.
As reported in recent quarterly filings, CEVA's DSO has trended upward to 164 days in 2026Q1, highlighting a significant delay in cash collection that complicates the company's ability to manage its working capital effectively compared to its historical performance and broader semiconductor industry benchmarks.
The extended collection cycle suggests that the company may be offering flexible payment terms to secure licensing deals, which creates a mismatch between revenue recognition and actual cash inflow. This inefficiency appears to exacerbate the firm's reliance on its existing cash reserves to fund ongoing operations.
Based on the provided balance sheet data, CEVA maintains a current ratio of 10.26 as of 2026Q1, which appears exceptionally robust, yet this figure may be misleading as the company's actual cash position has experienced significant volatility, dropping to $21.4 million from previous higher levels.
While the high current ratio suggests a lack of immediate solvency risk, the underlying cash burn indicates that the company's liquidity position is not as secure as the headline ratio implies. Investors should monitor the cash runway closely, as the current burn rate may necessitate future capital adjustments.
As indicated by the company's financial statements, the current ratio is the most commonly misapplied metric for CEVA, as it obscures the underlying cash burn by including non-liquid assets and failing to account for the lumpy, unpredictable nature of the firm's licensing-based revenue model.
Analysts should instead focus on the free cash flow margin and the cash-to-burn ratio to better assess the company's operational sustainability. Relying on the current ratio provides a false sense of security that ignores the structural challenges inherent in the firm's high-fixed-cost, R&D-intensive business model.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying CEVA stock.
CEVA, Inc.'s current P/E ratio is -101.5x. The historical average is 50.1x.
CEVA, Inc.'s return on equity (ROE) is -3.5%. The historical average is 29.7%.
Based on historical data, CEVA, Inc. is trading at a P/E of -101.5x. Compare with industry peers and growth rates for a complete picture.
CEVA, Inc. has 87.1% gross margin and -10.4% operating margin.