Ceragon Networks (CRNT)
NASDAQ:CRNT
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Ceragon Networks
(NASDAQ:CRNT)
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Rating:62Neutral
Price Target:
$3.00
▲(19.05% Upside)
Action:ReiteratedDate:02/18/26
The score is driven primarily by solid balance-sheet positioning and strong recent cash generation, which partially offset earnings volatility and 2025 revenue/profit declines. Technical indicators are neutral-to-soft, and valuation is a major constraint due to the very high P/E. The latest earnings call adds some support via reiterated 2026 growth and margin improvement guidance, but near-term margin and demand risks remain meaningful.
Positive Factors
Improving cash generation
Sustained positive operating and free cash flow in 2025 materially improves Ceragon’s ability to fund R&D, product launches and working-capital needs without relying on external financing. Strong cash conversion bolsters resilience through telecom capex cycles and supports strategic investments over the next 2–6 months.
Negative Factors
Material revenue decline and volatility
A sharp 2025 revenue decline highlights Ceragon’s exposure to telecom capital spending cycles and order timing. Persistent top-line volatility undermines margin stability and planning precision; recovery depends on winning timely RFPs and converting backlog into sustained multi-region demand, which remains uncertain.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash generation
Sustained positive operating and free cash flow in 2025 materially improves Ceragon’s ability to fund R&D, product launches and working-capital needs without relying on external financing. Strong cash conversion bolsters resilience through telecom capex cycles and supports strategic investments over the next 2–6 months.
Read all positive factors
Ceragon Networks (CRNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$232.82M
Dividend YieldN/A
Average Volume (3M)410.60K
Price to Earnings (P/E)368.8
Beta (1Y)1.17
Revenue Growth-14.07%
EPS Growth-108.42%
CountryUS
Employees1,056
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)-0.02
Shares Outstanding89,889,970
10 Day Avg. Volume437,772
30 Day Avg. Volume410,599
Financial Highlights & Ratios
PEG Ratio0.83
Price to Book (P/B)1.09
Price to Sales (P/S)0.56
P/FCF Ratio10.51
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue0.70
Enterprise Value/Gross Profit2.09
Enterprise Value/Ebitda10.78
Forecast
1Y Price Target
$3.31Price Target Upside31.45% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.16
Revenue Forecast (FY)$362.33M
Ceragon Networks Business Overview & Revenue Model
Company Description
Ceragon Networks Ltd. provides wireless backhaul and fronthaul solutions that enable cellular operators and other wireless service providers. Its solutions use microwave and millimeter wave radio technology to transfer telecommunication traffic be...
How the Company Makes Money
Ceragon makes money primarily by selling wireless transport solutions—most notably microwave and millimeter-wave radio systems and associated networking equipment—used for mobile backhaul and fronthaul. Revenue is generated from (1) product sales ...
Ceragon Networks Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows how Ceragon’s sales are distributed across regions, highlighting whether growth depends on a few markets or is broadly diversified. Heavy concentration in specific countries or regions can expose the company to local telecom capex cycles, currency swings, regulatory shifts, or geopolitical risk, while a more balanced footprint suggests steadier demand and better upside from global infrastructure spending. Regional trends also reveal where wireless backhaul demand is growing faster than fiber, pointing to markets with the strongest near-term opportunity or competitive pressure.
Shows how Ceragon’s sales are distributed across regions, highlighting whether growth depends on a few markets or is broadly diversified. Heavy concentration in specific countries or regions can expose the company to local telecom capex cycles, currency swings, regulatory shifts, or geopolitical risk, while a more balanced footprint suggests steadier demand and better upside from global infrastructure spending. Regional trends also reveal where wireless backhaul demand is growing faster than fiber, pointing to markets with the strongest near-term opportunity or competitive pressure.
Data provided by:
The Fly
The FlyCeragon Networks Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Neutral
The call presented a mix of notable operational and financial progress — improved cash generation, stronger net cash position, meaningful reduction in receivables, early 2026 demand signals, product roadmap visibility and reiterated guidance — alongside significant near-term revenue and profitability declines in 2025, elevated expense ratios, and component cost pressure. Management emphasized disciplined execution, conversion focus, and mitigation plans for memory costs while maintaining guidance for 2026 growth and modest margin improvement.Positive Updates
Q4 Revenue and EPS in Line with Guidance
Q4 2025 revenue of $82.3M matched the previously provided range; non-GAAP EPS was $0.02, confirming the preliminary update shared in January.
Negative Updates
Significant Revenue Decline in Q4
Q4 2025 revenue fell 23% YoY from $106.9M to $82.3M, reflecting continued demand pressures in certain regions and timing of orders.
Read all updates
Q4-2025 Updates
Positive
Negative
Q4 Revenue and EPS in Line with Guidance
Q4 2025 revenue of $82.3M matched the previously provided range; non-GAAP EPS was $0.02, confirming the preliminary update shared in January.
Read all positive updates
Company Guidance
Management reiterated 2026 revenue guidance of $355 million to $385 million (midpoint $370M, ~9.3% above 2025’s $338.7M), expects roughly a 1 percentage-point improvement in non‑GAAP gross margin at the midpoint, and targets non‑GAAP operating margins of about 6.5%–7.5% at the midpoint; this outlook assumes advancing North America backlog, a baseline $100M annualized contribution from India, additional demand from two existing customers, potential timely RFP wins and recoveries in other regions, four planned product launches (some with initial 2026 revenue), and the January currency assumptions (management noted a 1% FX move would change operating margin by ~0.1 percentage point).Ceragon Networks Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
72
Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 338.73M | 394.19M | 347.18M | 295.17M | 290.77M |
| Gross Profit | 114.55M | 136.85M | 119.87M | 93.06M | 88.38M |
| EBITDA | 25.38M | 45.34M | 30.25M | -1.19M | 13.08M |
| Net Income | -2.09M | 24.06M | 6.22M | -19.69M | -14.83M |
Balance Sheet | |||||
| Total Assets | 317.04M | 345.00M | 298.52M | 289.32M | 292.56M |
| Cash, Cash Equivalents and Short-Term Investments | 38.37M | 35.31M | 28.24M | 22.95M | 17.08M |
| Total Debt | 49.66M | 41.11M | 50.20M | 54.43M | 36.37M |
| Total Liabilities | 144.29M | 178.67M | 164.51M | 169.53M | 155.41M |
| Stockholders Equity | 172.75M | 166.32M | 134.02M | 119.78M | 137.15M |
Cash Flow | |||||
| Free Cash Flow | 17.95M | 9.73M | 17.99M | -17.32M | -24.61M |
| Operating Cash Flow | 31.56M | 26.20M | 30.89M | -4.89M | -15.02M |
| Investing Cash Flow | -24.00M | -16.46M | -20.87M | -12.42M | -9.39M |
| Financing Cash Flow | -5.51M | -1.52M | -4.86M | 23.11M | 14.53M |
Ceragon Networks Technical Analysis
Positive
2.52
Price Trends
2.28
Positive
2.22
Positive
2.24
Positive
Market Momentum
0.07
Negative
65.98
Neutral
84.58
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRNT, the sentiment is Positive. The current price of 2.52 is above the 20-day moving average (MA) of 2.29, above the 50-day MA of 2.28, and above the 200-day MA of 2.24, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 65.98 is Neutral, neither overbought nor oversold. The STOCH value of 84.58 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CRNT.
Ceragon Networks Risk Analysis
Ceragon Networks disclosed 51 risk factors in its most recent earnings report. Ceragon Networks reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ceragon Networks Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $53.72M | 56.07 | 33.19% | ― | 867.91% | 98.63% | |
63 Neutral | $223.84M | 28.49 | 4.98% | 4.28% | 2.02% | -56.43% | |
62 Neutral | $232.82M | 368.77 | -1.22% | ― | -14.07% | -108.42% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $231.40M | -43.78 | -8.79% | ― | -17.17% | 23.08% | |
54 Neutral | $211.17M | -35.86 | 3.37% | ― | 0.23% | ― | |
54 Neutral | $305.10M | 4.24 | -9.51% | ― | -19.43% | -277.85% |
* Technology Sector Average
CRNT
Ceragon Networks
2.53
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16.59%
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Ceragon Networks Corporate Events
Ceragon Networks Sets June 11, 2026 Annual Meeting to Vote on Executive Pay and Auditor Reappointment
May 6, 2026
Ceragon Networks has called its 2026 Annual General Meeting of Shareholders for June 11, 2026, in Rosh Ha’ayin, Israel, where investors will vote on key governance and compensation matters. The agenda includes approving revised compensation ...
Ceragon Books $86 Million in India Orders, Bolstering 2026 Outlook
May 5, 2026
On May 5, 2026, Israel-based Ceragon Networks reported that it has received and booked approximately $86 million in orders year-to-date from telecom operators in India, underscoring strong demand for its new IP-50EXA platform and next-generation m...
Ceragon Networks Sets May 19 Date for First-Quarter 2026 Results
Apr 29, 2026
Ceragon Networks said on April 29, 2026, that it will release financial results for the quarter ended March 31, 2026, before U.S. markets open on May 19, 2026. Management will discuss the figures and business trends in a Zoom webcast and QA at 8:3...
Ceragon Secures $10 Million in Global Private Network Contracts, Boosting 2026 Revenue Visibility
Apr 15, 2026
On April 15, 2026, Ceragon Networks highlighted a series of recently signed private network contracts across utilities, mining, defense and public sector markets, with total contract value of about $10 million and projected revenue contribution of...
Ceragon Marks 30 Years With New Wireless Portfolio Showcase at MWC 2026
Feb 26, 2026
On February 26, 2026, Ceragon Networks announced it is marking its 30th anniversary by showcasing its latest wireless infrastructure technologies at Mobile World Congress 2026 in Barcelona, underscoring its continued investment in microwave and mi...
Ceragon Networks Posts 2025 Results, Reiterates 2026 Guidance as Cash Position Improves
Feb 17, 2026
Ceragon Networks reported fourth-quarter and full-year 2025 results on February 17, 2026, showing revenue declines but continued non-GAAP profitability and improved cash generation. The company ended 2025 with $338.7 million in revenue, a GAAP net...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.