CRNT - CERAGON NETWORKS LTD

📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 31, 2025 20-F ↗	FY 2024 Dec 31, 2024 20-F ↗	FY 2023 Dec 31, 2023 20-F ↗	FY 2022 Dec 31, 2022 20-F ↗	FY 2021 Dec 31, 2021 20-F ↗	FY 2020 Dec 31, 2020 20-F ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗	FY 2013 Dec 31, 2013 20-F ↗	FY 2012 Dec 31, 2012 20-F ↗	FY 2011 Dec 31, 2011 20-F ↗	FY 2010 Dec 31, 2010 20-F ↗	FY 2009 Dec 31, 2009 20-F ↗	FY 2008 Dec 31, 2008 20-F ↗
Revenue Growth YoY (%)	-14.1% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-276%)	13.5% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+69%)	17.6% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+120%)	1.5% Caution ↑ Caution Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-81%)	10.6% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+33%)	-7.9% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-199%)	-17.0% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-312%)	3.6% Caution ↑ Caution Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-55%)	13.1% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+63%)	-16.0% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-300%)	-5.8% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-173%)	2.6% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-68%)	-19.0% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-338%)	0.3% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-96%)	78.2% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+878%)	35.6% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+345%)	—	—
EPS Growth YoY (%)	N/M	300.0% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	N/M	-27.8% Weak ↑ Weak Improving Year-over-year change in earnings per share Optimal: > 10%	14.3% Fair ↑ Fair Improving Year-over-year change in earnings per share Optimal: > 10%	-600.0% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	N/M	45.0% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	33.3% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	1400.0% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	N/M	—	—	57.0% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	N/M	263.6% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	N/M	286.9% Excellent ↑ Excellent Improving Year-over-year change in net income	N/M	-32.8% Weak ↑ Weak Improving Year-over-year change in net income	13.2% Fair ↑ Fair Improving Year-over-year change in net income	-629.2% Weak ↓ Weak Declining Year-over-year change in net income	N/M	48.1% Excellent ↓ Excellent Declining Year-over-year change in net income	36.1% Excellent ↓ Excellent Declining Year-over-year change in net income	1030.5% Excellent ↑ Excellent Improving Year-over-year change in net income	N/M	-61.1% Weak ↓ Weak Declining Year-over-year change in net income	-103.0% Weak ↓ Weak Declining Year-over-year change in net income	56.4% Excellent Excellent Year-over-year change in net income	N/M	284.7% Excellent Excellent Year-over-year change in net income	—	—
FCF Growth YoY (%)	48.3% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-45.5% Weak Weak Year-over-year change in free cash flow	N/M	37.6% Excellent Excellent Year-over-year change in free cash flow	N/M	N/M	N/M	40.3% Excellent Excellent Year-over-year change in free cash flow	-51.1% Weak Weak Year-over-year change in free cash flow	—	—	—	—	79.1% Excellent Excellent Year-over-year change in free cash flow	—	—	—	—
Revenue CAGR 3Y (%)	4.7% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	10.7% Good ↑ Good Improving Compound annual revenue growth over 3 years	9.7% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	1.1% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	-5.4% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	-7.5% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	-0.9% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	-0.5% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	-3.6% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	-6.7% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	-7.9% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	-5.9% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	13.1% Good Good Compound annual revenue growth over 3 years	34.3% Excellent Excellent Compound annual revenue growth over 3 years	—	—	—	—
Revenue CAGR 5Y (%)	5.2% Fair ↑ Fair Improving Compound annual revenue growth over 5 years	6.7% Fair ↑ Fair Improving Compound annual revenue growth over 5 years	0.2% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-2.3% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-0.2% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-5.5% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	-5.1% Weak → Weak Stable Compound annual revenue growth over 5 years	-1.0% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-5.8% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	-8.0% Weak ↓ Weak Declining Compound annual revenue growth over 5 years	6.9% Fair Fair Compound annual revenue growth over 5 years	15.0% Excellent Excellent Compound annual revenue growth over 5 years	—	—	—	—	—	—
EPS CAGR 3Y (%)	—	—	—	—	—	—	—	207.2% Excellent Excellent Compound annual EPS growth over 3 years	—	—	—	—	—	—	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 20-F ↗	FY 2024 Dec 31, 2024 20-F ↗	FY 2023 Dec 31, 2023 20-F ↗	FY 2022 Dec 31, 2022 20-F ↗	FY 2021 Dec 31, 2021 20-F ↗	FY 2020 Dec 31, 2020 20-F ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗	FY 2013 Dec 31, 2013 20-F ↗	FY 2012 Dec 31, 2012 20-F ↗	FY 2011 Dec 31, 2011 20-F ↗	FY 2010 Dec 31, 2010 20-F ↗	FY 2009 Dec 31, 2009 20-F ↗	FY 2008 Dec 31, 2008 20-F ↗
Operating Margin (%) (%)	2.1% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-89%)	9.8% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-51%)	6.1% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-69%)	-3.7% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-119%)	1.7% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-92%)	-2.9% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-114%)	2.6% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-87%)	7.6% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-62%)	7.0% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-65%)	6.6% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-67%)	6.2% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-69%)	-8.6% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-143%)	-7.4% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-137%)	-4.2% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-121%)	-11.1% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-155%)	5.6% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-72%)	1.4% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-93%)	—
Effective Tax Rate (%) (%)	395.2% Weak ↑ Weak Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	11.7% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	51.2% Weak ↑ Weak Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-14.2% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-288.3% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-19.4% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	317.0% Weak ↑ Weak Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-16.4% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	9.8% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	13.4% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	85.2% Weak ↑ Weak Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-9.3% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-16.0% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-5.4% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-4.4% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	7.7% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	11.8% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	—
Profit Margin (%) (%)	-0.6% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-104%)	6.1% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-59%)	1.8% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-88%)	-6.7% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-144%)	-5.1% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-134%)	-6.5% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-143%)	-0.8% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-105%)	6.7% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-55%)	4.7% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-69%)	3.9% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-74%)	0.3% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-98%)	-20.6% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-237%)	-13.1% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-187%)	-5.2% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-135%)	-12.0% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-180%)	5.6% Caution Caution Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-62%)	2.0% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-87%)	—
FCF Margin (%) (%)	5.3% Caution ↑ Caution Improving Free cash flow as a percentage of revenue Optimal: > 10%	2.9% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	6.0% Caution ↑ Caution Improving Free cash flow as a percentage of revenue Optimal: > 10%	-5.2% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-8.4% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	4.2% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-8.6% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	3.5% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	2.6% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	6.0% Caution Caution Free cash flow as a percentage of revenue Optimal: > 10%	—	—	-12.7% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-1.6% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-7.8% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	-8.2% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	5.5% Caution Caution Free cash flow as a percentage of revenue Optimal: > 10%	—
FCF / Net Income (x)	-8.59x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.48x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	3.37x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	0.78x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	1.65x Excellent ↓ Excellent Declining Free cash flow relative to reported net income Optimal: > 1x	-0.65x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	10.46x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	0.53x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.55x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	1.54x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	—	—	0.97x Caution ↑ Caution Improving Free cash flow relative to reported net income Optimal: > 1x	0.31x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.64x Weak → Weak Stable Free cash flow relative to reported net income Optimal: > 1x	-1.46x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	2.76x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 20-F ↗	FY 2024 Dec 31, 2024 20-F ↗	FY 2023 Dec 31, 2023 20-F ↗	FY 2022 Dec 31, 2022 20-F ↗	FY 2021 Dec 31, 2021 20-F ↗	FY 2020 Dec 31, 2020 20-F ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗	FY 2013 Dec 31, 2013 20-F ↗	FY 2012 Dec 31, 2012 20-F ↗	FY 2011 Dec 31, 2011 20-F ↗	FY 2010 Dec 31, 2010 20-F ↗	FY 2009 Dec 31, 2009 20-F ↗	FY 2008 Dec 31, 2008 20-F ↗
Return on Invested Capital (%)	-12.4% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	20.6% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	7.7% Fair ↑ Fair Improving Return earned on debt + equity capital invested Optimal: > 10%	-10.4% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	13.6% Good ↑ Good Improving Return earned on debt + equity capital invested Optimal: > 10%	-6.2% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-9.9% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	19.1% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	15.6% Excellent ↑ Excellent Improving Return earned on debt + equity capital invested Optimal: > 10%	14.5% Good ↑ Good Improving Return earned on debt + equity capital invested Optimal: > 10%	3.1% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-32.8% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-20.3% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-11.5% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-27.4% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	6.3% Caution Caution Return earned on debt + equity capital invested Optimal: > 10%	—	—
Return on Capital (%) (%)	2.3% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	11.2% Good ↑ Good Improving Operating profit relative to total assets Optimal: > 10%	7.1% Fair ↑ Fair Improving Operating profit relative to total assets Optimal: > 10%	-3.8% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	1.6% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-2.8% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	2.5% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	9.2% Fair ↑ Fair Improving Operating profit relative to total assets Optimal: > 10%	9.1% Fair ↑ Fair Improving Operating profit relative to total assets Optimal: > 10%	8.0% Fair ↑ Fair Improving Operating profit relative to total assets Optimal: > 10%	8.1% Fair ↑ Fair Improving Operating profit relative to total assets Optimal: > 10%	-9.4% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-7.4% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-4.7% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-12.0% Weak Weak Operating profit relative to total assets Optimal: > 10%	4.9% Caution Caution Operating profit relative to total assets Optimal: > 10%	—	—
Return on Common Equity (%) (%)	-1.2% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-110%)	14.5% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+21%)	4.6% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-61%)	-16.4% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-237%)	-10.8% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-190%)	-11.7% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-197%)	-1.5% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-112%)	14.4% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+20%)	11.6% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: At sector avg	9.8% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-18%)	1.0% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-92%)	-73.1% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-710%)	-35.1% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-393%)	-16.3% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-236%)	-33.3% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-378%)	6.9% Caution Caution Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-43%)	—	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2025 Dec 31, 2025 20-F ↗	FY 2024 Dec 31, 2024 20-F ↗	FY 2023 Dec 31, 2023 20-F ↗	FY 2022 Dec 31, 2022 20-F ↗	FY 2021 Dec 31, 2021 20-F ↗	FY 2020 Dec 31, 2020 20-F ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗	FY 2013 Dec 31, 2013 20-F ↗	FY 2012 Dec 31, 2012 20-F ↗	FY 2011 Dec 31, 2011 20-F ↗	FY 2010 Dec 31, 2010 20-F ↗	FY 2009 Dec 31, 2009 20-F ↗	FY 2008 Dec 31, 2008 20-F ↗
Debt to Equity (x)	0.11x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-86%)	0.15x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-81%)	0.24x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-70%)	0.31x Good ↑ Good Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-61%)	0.11x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-87%)	0.04x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-95%)	0.09x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-89%)	—	—	0.15x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-82%)	0.34x Good ↓ Good Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-58%)	0.41x Good ↑ Good Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-49%)	0.42x Good ↑ Good Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-47%)	0.30x Good Good Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-62%)	0.17x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-79%)	—	—	—
Interest Coverage (x)	1.44x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	6.48x Good ↑ Good Improving Operating income divided by interest expense Optimal: > 5x	2.81x Caution ↑ Caution Improving Operating income divided by interest expense Optimal: > 5x	-2.18x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	1.03x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-1.83x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	1.93x Caution ↓ Caution Declining Operating income divided by interest expense Optimal: > 5x	5.69x Good ↑ Good Improving Operating income divided by interest expense Optimal: > 5x	4.79x Fair ↑ Fair Improving Operating income divided by interest expense Optimal: > 5x	5.14x Good ↑ Good Improving Operating income divided by interest expense Optimal: > 5x	3.67x Fair ↑ Fair Improving Operating income divided by interest expense Optimal: > 5x	-4.16x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-5.12x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-4.84x Weak Weak Operating income divided by interest expense Optimal: > 5x	-14.32x Weak Weak Operating income divided by interest expense Optimal: > 5x	—	—	—
Net Debt (USD)	$-19.37M	$-10.11M	$4.36M	$14.55M	$-2.28M	$-21.12M	$-9.34M	$-35.58M	$-25.88M	$-19.34M	$-1.40M	$1.25M	$14.82M	$-3.33M	$-2.22M	$-37.73M	$-38.34M	$-28.22M
Debt / EBITDA (x)	1.05x Good ↑ Good Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.51x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.07x Good ↑ Good Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-118.30x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.89x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.93x Good Good Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	0.87x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—	0.61x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	1.09x Good ↑ Good Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-2.07x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-4.14x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-6.12x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.68x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—	—

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 31, 2025 20-F ↗	FY 2024 Dec 31, 2024 20-F ↗	FY 2023 Dec 31, 2023 20-F ↗	FY 2022 Dec 31, 2022 20-F ↗	FY 2021 Dec 31, 2021 20-F ↗	FY 2020 Dec 31, 2020 20-F ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗	FY 2013 Dec 31, 2013 20-F ↗	FY 2012 Dec 31, 2012 20-F ↗	FY 2011 Dec 31, 2011 20-F ↗	FY 2010 Dec 31, 2010 20-F ↗	FY 2009 Dec 31, 2009 20-F ↗	FY 2008 Dec 31, 2008 20-F ↗
Revenue per Share (USD)	$3.77	$4.57	$4.10	$3.51	$3.49	$3.24	$3.56	$4.38	$4.26	$3.78	$4.52	$5.94	—	$12.25	$12.38	—	—	—
Basic EPS, GAAP (USD)	$-0.02	$0.28	$0.07	$-0.23	$-0.18	$-0.21	$-0.03	$0.29	$0.20	$0.15	$0.01	$-1.22	—	$-0.64	$-1.49	$0.40	$0.11	—
Free Cash Flow per Share (USD)	$0.20	$0.13	$0.25	$-0.18	$-0.29	$0.14	$-0.31	$0.16	$0.11	$0.23	—	—	—	$-0.20	$-0.96	—	—	—
Book Value per Share (USD)	$1.91	$1.88	$1.57	$1.42	$1.63	$1.79	$1.99	$1.99	$1.72	$1.49	$1.32	$1.36	$2.58	$3.93	$4.43	$5.79	—	—
Tangible Book Value per Share (USD)	$1.78	$1.79	$1.48	$1.42	$1.63	$1.79	$1.99	$1.99	$1.72	$1.49	$1.32	$1.36	$2.29	$3.51	$4.03	$5.76	—	—
Basic Weighted Avg Shares (shares)	89.79M	86.19M	84.62M	84.13M	83.41M	81.15M	80.30M	78.58M	77.92M	77.70M	77.24M	62.52M	—	36.46M	35.98M	—	—	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2025 Dec 31, 2025 20-F ↗	FY 2024 Dec 31, 2024 20-F ↗	FY 2023 Dec 31, 2023 20-F ↗	FY 2022 Dec 31, 2022 20-F ↗	FY 2021 Dec 31, 2021 20-F ↗	FY 2020 Dec 31, 2020 20-F ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗	FY 2013 Dec 31, 2013 20-F ↗	FY 2012 Dec 31, 2012 20-F ↗	FY 2011 Dec 31, 2011 20-F ↗	FY 2010 Dec 31, 2010 20-F ↗	FY 2009 Dec 31, 2009 20-F ↗	FY 2008 Dec 31, 2008 20-F ↗
Working Capital (USD)	$104.98M	$109.59M	$84.99M	$77.91M	$87.80M	$99.45M	$111.27M	$114.99M	$105.36M	$95.95M	$81.96M	$87.75M	$106.77M	$129.41M	$154.99M	$167.51M	—	—
LT Debt (USD)	—	—	—	—	—	—	—	—	—	—	—	$2.07M	$18.54M	$26.77M	$26.77M	—	—	—
Total Equity (USD)	$172.75M	$166.32M	$134.02M	$119.78M	$137.15M	$146.13M	$160.42M	$159.57M	$133.90M	$116.16M	$102.82M	$104.55M	$135.08M	$143.71M	$161.05M	$204.17M	—	—

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 20-F ↗	FY 2024 Dec 31, 2024 20-F ↗	FY 2023 Dec 31, 2023 20-F ↗	FY 2022 Dec 31, 2022 20-F ↗	FY 2021 Dec 31, 2021 20-F ↗	FY 2020 Dec 31, 2020 20-F ↗	FY 2019 Dec 31, 2019 20-F ↗	FY 2018 Dec 31, 2018 20-F ↗	FY 2017 Dec 31, 2017 20-F ↗	FY 2016 Dec 31, 2016 20-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗	FY 2013 Dec 31, 2013 20-F ↗	FY 2012 Dec 31, 2012 20-F ↗	FY 2011 Dec 31, 2011 20-F ↗	FY 2010 Dec 31, 2010 20-F ↗	FY 2009 Dec 31, 2009 20-F ↗	FY 2008 Dec 31, 2008 20-F ↗
Sales/Revenue/Turnover (USD)	$338.73M	$394.19M	$347.18M	$295.17M	$290.77M	$262.88M	$285.58M	$343.87M	$332.03M	$293.64M	$349.44M	$371.11M	$361.77M	$446.65M	$445.27M	$249.85M	$184.22M	—
Depreciation Expense (USD)	$10.84M	$10.34M	$9.34M	$10.62M	$11.85M	$10.67M	$9.55M	$7.76M	$7.66M	$8.39M	$10.34M	$11.38M	$13.11M	$11.49M	$10.23M	—	—	—
Net Income, GAAP (USD)	$-2.09M	$24.06M	$6.22M	$-19.69M	$-14.83M	$-17.09M	$-2.34M	$23.05M	$15.56M	$11.43M	$1.01M	$-76.48M	$-47.48M	$-23.39M	$-53.65M	$14.06M	$3.65M	—
Operating Cash Flow (USD)	$31.56M	$26.20M	$30.89M	$-4.89M	$-15.02M	$17.25M	$-12.93M	$22.49M	$17.15M	$25.77M	—	—	$-29.51M	$7.21M	$-20.12M	$-10.70M	$16.81M	—

CERAGON NETWORKS LTD

Analytical Summary

18-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

Statement lens

Benchmark Lens

Signals

Percentile Rankings

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