Latest Ratios: P/E Ratio -104.7x · EV/EBITDA 9.1x · ROE -1.2%. (1999–2025 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 | $219M | $189M | $413M | $185M | $161M | $215M | $226M | $169M | $306M | $158M | $206M |
| Enterprise Value | $231M | $200M | $419M | $207M | $192M | $235M | $211M | $170M | $271M | $132M | $187M |
| P/E Ratio → | -104.72 | — | 17.30 | 29.67 | — | — | — | — | 13.50 | 10.42 | 17.47 |
| P/S Ratio | 0.65 | 0.56 | 1.05 | 0.53 | 0.54 | 0.74 | 0.86 | 0.59 | 0.89 | 0.48 | 0.70 |
| P/B Ratio | 1.27 | 1.09 | 2.48 | 1.38 | 1.34 | 1.57 | 1.54 | 1.05 | 1.92 | 1.18 | 1.77 |
| P/FCF | 12.22 | 10.51 | 42.44 | 10.26 | — | — | 20.20 | — | 42.83 | 21.95 | 11.72 |
| P/OCF | 6.95 | 5.98 | 15.77 | 5.98 | — | — | 13.08 | — | 14.68 | 9.23 | 7.99 |
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 | — | 0.59 | 1.06 | 0.60 | 0.65 | 0.81 | 0.80 | 0.59 | 0.79 | 0.40 | 0.64 |
| EV / EBITDA | 9.09 | 7.88 | 8.24 | 6.63 | 1865.81 | 13.75 | 39.99 | 9.98 | 7.98 | 4.09 | 6.32 |
| EV / EBIT | 20.87 | 18.09 | 12.61 | 10.19 | — | 282.19 | — | 37.14 | 10.41 | 5.99 | 10.62 |
| EV / FCF | — | 11.14 | 43.04 | 11.49 | — | — | 18.94 | — | 37.85 | 18.36 | 10.62 |
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 | 33.8% | 33.8% | 34.7% | 34.5% | 31.5% | 30.4% | 28.8% | 33.9% | 33.8% | 32.3% | 33.8% |
| Operating Margin | 3.3% | 3.3% | 9.8% | 6.1% | -3.7% | 1.7% | -2.9% | 2.6% | 7.6% | 7.0% | 6.6% |
| Net Profit Margin | -0.6% | -0.6% | 6.1% | 1.8% | -6.7% | -5.1% | -6.5% | -0.8% | 6.7% | 4.7% | 3.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.2% | -1.2% | 16.0% | 4.9% | -15.3% | -10.5% | -11.2% | -1.5% | 15.7% | 12.4% | 10.4% |
| ROA | -0.6% | -0.6% | 7.5% | 2.1% | -6.8% | -5.2% | -6.1% | -0.8% | 8.6% | 6.3% | 4.5% |
| ROIC | 4.7% | 4.7% | 17.7% | 10.4% | -5.3% | 2.5% | -3.9% | 3.8% | 16.9% | 16.9% | 14.7% |
| ROCE | 5.7% | 5.7% | 21.6% | 13.2% | -6.6% | 2.8% | -4.2% | 4.1% | 16.3% | 16.4% | 15.2% |
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 | 0.29 | 0.29 | 0.25 | 0.37 | 0.45 | 0.27 | 0.09 | 0.16 | — | — | 0.15 |
| Debt / EBITDA | 1.96 | 1.96 | 0.81 | 1.61 | 528.47 | 2.13 | 2.46 | 1.47 | — | — | 0.58 |
| Net Debt / Equity | — | 0.07 | 0.03 | 0.16 | 0.26 | 0.14 | -0.10 | 0.01 | -0.22 | -0.19 | -0.17 |
| Net Debt / EBITDA | 0.45 | 0.45 | 0.11 | 0.70 | 305.67 | 1.13 | -2.67 | 0.06 | -1.05 | -0.80 | -0.65 |
| Debt / FCF | — | 0.63 | 0.60 | 1.22 | — | — | -1.26 | — | -4.98 | -3.59 | -1.10 |
| Interest Coverage | 1.69 | 1.69 | 5.56 | 2.69 | -2.44 | 0.17 | -2.12 | 1.09 | 5.66 | 4.57 | 4.63 |
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 | 1.87 | 1.87 | 1.72 | 1.64 | 1.59 | 1.76 | 1.99 | 2.07 | 2.05 | 2.00 | 1.89 |
| Quick Ratio | 1.36 | 1.36 | 1.33 | 1.12 | 1.04 | 1.23 | 1.49 | 1.47 | 1.56 | 1.49 | 1.48 |
| Cash Ratio | 0.32 | 0.32 | 0.23 | 0.21 | 0.17 | 0.15 | 0.27 | 0.23 | 0.33 | 0.25 | 0.33 |
| Asset Turnover | — | 1.07 | 1.14 | 1.16 | 1.02 | 0.99 | 0.96 | 0.99 | 1.22 | 1.31 | 1.20 |
| Inventory Turnover | 3.64 | 3.64 | 4.31 | 3.30 | 2.81 | 3.30 | 3.70 | 3.04 | 4.26 | 4.15 | 4.26 |
| Days Sales Outstanding | — | 107.40 | 141.72 | 119.70 | 135.14 | 147.73 | 158.61 | 160.01 | 139.67 | 137.32 | 143.51 |
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 | — | — | 5.8% | 3.4% | — | — | — | — | 7.4% | 9.6% | 5.7% |
| FCF Yield | 8.2% | 9.5% | 2.4% | 9.7% | — | — | 5.0% | — | 2.3% | 4.6% | 8.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $90M | $88M | $85M | $84M | $83M | $81M | $80M | $81M | $80M | $79M |
Cyclical Revenue Concentration
According to current market data, Ceragon trades at a P/S ratio of 0.63 and a forward P/E of 17.61, suggesting that investors are pricing the company as a distressed turnaround play rather than a high-growth participant in the global 5G infrastructure deployment cycle.
The valuation multiples appear to reflect significant skepticism regarding the company's ability to achieve sustained profitability in a hardware-heavy business model. When compared to peers like Gilat Satellite Networks, the discount in valuation suggests the market is heavily discounting the firm's exposure to volatile emerging market capex cycles.
Based on reported financial figures, Ceragon's ROIC has fluctuated between -0.5% and 6.7% over the last ten quarters, indicating that the company struggles to consistently generate returns above its cost of capital due to the inherent volatility of its project-based revenue model.
The erratic trend in ROIC highlights that the company's profitability is highly sensitive to revenue scale rather than structural efficiency. Investors should monitor whether the shift toward software-defined solutions can improve these returns, as current levels suggest the business is barely compounding value for shareholders.
As reported in recent financial statements, the company's cash conversion cycle remains elevated, peaking at 125 days in 2025Q2, which underscores the significant working capital burden associated with managing large-scale, project-based inventory and long-dated receivables in international telecom markets.
The high DSO and DIO figures suggest that Ceragon lacks significant bargaining power over its carrier customers, forcing the company to carry substantial inventory and wait longer for cash collection. This inefficiency directly impacts the firm's ability to self-fund operations during periods of revenue contraction.
According to recent SEC filings, Ceragon maintains a healthy current ratio of 1.90 and a low debt-to-equity ratio of 0.20, providing a necessary financial cushion to navigate the cyclical downturns and geopolitical risks inherent in its Israel-based operations and global supply chain.
The company's balance sheet appears well-positioned to withstand short-term liquidity shocks, as the minimal debt load reduces interest coverage risk. However, this conservative stance may also reflect a lack of aggressive capital deployment, which warrants further investigation into management's long-term growth strategy.
The P/E ratio is frequently misapplied to Ceragon's business model, as it obscures the impact of lumpy, project-based revenue recognition and significant R&D fixed costs that often lead to temporary net losses, thereby rendering traditional earnings-based valuation metrics largely uninformative for this specific firm.
Analysts should instead focus on EV/Sales or EV/EBITDA to better capture the underlying operational performance, as these metrics normalize for the capital structure and accounting volatility. Relying on P/E in a cyclical hardware business often leads to distorted conclusions about the company's true earning power.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying CRNT stock.
Ceragon Networks Ltd.'s current P/E ratio is -104.7x. The historical average is 45.9x.
Ceragon Networks Ltd.'s current EV/EBITDA is 9.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.9x.
Ceragon Networks Ltd.'s return on equity (ROE) is -1.2%. The historical average is -16.7%.
Based on historical data, Ceragon Networks Ltd. is trading at a P/E of -104.7x. Compare with industry peers and growth rates for a complete picture.
Ceragon Networks Ltd. has 33.8% gross margin and 3.3% operating margin.
Ceragon Networks Ltd.'s Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.