CEVA

CEVA · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

CEVA · Last close · November 6, 2026

$27.10

CEVA's revenue rose 2.5% to $110 million in fiscal 2025. Its operating margin was −10.3%, down from −7.1% a year earlier. Free cash flow was −$6 million, against $1 million a year earlier. It paid out $7 million in dividends and buybacks. The diluted share count rose 2.9%.

Ceva, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001437749-26-006091 Updated November 6, 2026

Revenue

$110M

2.5%

Operating margin

−10.3%

3.3 pts

Net income

−$11M

Free cash flow

−$6M

$1M a year earlier

Return on equity

−3.5%

0.2 pts

Market cap

$759M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What CEVA does

CEVA licenses silicon and software designs, called intellectual property, to chip makers and equipment manufacturers. Its designs cover three areas it groups as connect, sense and infer: wireless connectivity, sensing and motion software, and processors that run AI. The company says it is the only intellectual property company with leadership across all three, and calls the combined field Physical AI.

Customers put CEVA's designs into chips they make and sell for consumer devices, cars, industrial and infrastructure equipment, and phones and PCs. CEVA says devices using its technology have shipped in more than 20 billion units since 2003 and that its technology is in about 2 billion devices a year.

CEVA is headquartered in Rockville, Maryland, and has development centers in France, Greece, Ireland, Israel, Serbia and the United States. It also sells spatial audio and motion sensing software, where it competes with firms such as Waves, Dolby and CyweeMotion.

Its biggest risks, as it describes them

Competition that could mean lost sales, lower prices and lower revenue.
Its designs being used only if customers build them into end products that sell well.
Customers over which it has no control and who may not promote its technology.
Cyclical swings in the semiconductor industry and supply chain disruptions.
Changing needs of end users that it may not meet in time.

From CEVA's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2021, earnings per share fell 49.5% a year and net income 50.2% a year, as new shares raised the share count by 8% and diluted each share's earnings. CEVA then lost money in fiscal 2022, 2023, 2024 and 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	36	20	24	19	220
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	—	—	—	—	—
Current ratio	5.3x	5.3x	7.8x	7.1x	9.9x
Quick ratio	5.3x	5.3x	7.8x	7.1x	9.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project CEVA's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open CEVA's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 3 insiders bought $173,906 of CEVA shares on the open market, and none sold any.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Feb 23, 2026	Jaclyn LiuDirector	Bought	1,310	$19.15	$25,086	Form 4
Feb 20, 2026	Yaniv ArieliChief Financial Officer	Bought	2,500	$19.34	$48,350	Form 4
Feb 19, 2026	Amir PanushChief Executive Officer, Director	Bought	5,100	$19.70	$100,470	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	−28.7%	10.2%	−3.2%
Altman Z''	10.84	10.50	10.95
Accruals ratio	−1.8%	−4.0%	−2.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Pass	Fail
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put CEVA side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
CEVA	FY25	2.5%	−10.3%	−5.7%	—	—	—
Ambiq Micro	FY25	−4.7%	−54.5%	—	—	—	—	Compare
Arteris	FY25	22.3%	−47.0%	7.6%	—	—	—	Compare
indie Semiconductor	FY25	0.3%	−70.9%	−32.9%	−21.3%	—	3	Compare
Everspin Technologies	FY25	9.5%	−11.8%	5.7%	−20.4%	—	3	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	73	88	78	87	100	114	121	97	107	110
Revenue growth	22.1%	20.4%	−11.0%	11.9%	15.1%	13.5%	5.9%	−19.2%	9.8%	2.5%
Gross profit	67	81	70	77	90	104	106	86	94	95
Research and development	31	40	48	53	62	69	70	73	72	75
Operating income	14	16	−1	−2	−1	7	4	−14	−8	−11
Net income	13	17	1	0	−2	0	−23	−12	−9	−11
Diluted EPS (US$)	0.61	0.75	0.03	0.00	−0.11	0.02	−1.00	−0.51	−0.37	−0.44
Diluted shares (millions)	22	23	22	22	22	23	23	24	24	24
Cash flow
Cash from operations	14	24	9	10	15	26	7	−6	4	−3
Capital expenditure	2	4	3	4	3	2	4	3	3	3
Free cash flow	12	20	5	6	12	24	3	−9	1	−6
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	3	0	20	9	5	0	7	6	8	7
Acquisitions	0	0	0	11	0	30	0	4	0	0
Stock-based compensation	6	9	10	11	14	13	14	16	16	20
Balance sheet at fiscal year end
Cash and short-term investments	80	104	100	88	110	36	20	24	19	220
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	242	277	277	297	307	329	308	304	309	388
Total liabilities	31	32	31	46	46	52	50	40	42	52
Shareholders' equity	212	245	246	251	261	277	259	264	267	336
Margins and ratios
Gross margin	91.6%	92.0%	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%	−10.3%
Net margin	18.0%	19.5%	0.7%	0.0%	−2.4%	0.3%	−19.2%	−12.2%	−8.2%	−9.7%
Free cash flow margin	16.6%	23.2%	6.8%	7.1%	12.2%	20.7%	2.8%	−9.5%	0.5%	−5.7%
Rule of 40 (growth + FCF margin)	38.7%	43.7%	−4.2%	19.0%	27.3%	34.2%	8.8%	−28.7%	10.2%	−3.2%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	6.6%	7.5%	0.2%	0.0%	−0.9%	0.1%	−8.7%	−4.5%	−3.3%	−3.5%
Return on assets	5.8%	6.6%	0.2%	0.0%	−0.8%	0.1%	−7.3%	−3.9%	−2.9%	−3.0%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: CEVA's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with CEVA.