Ceva, Inc. CEVA

Information TechnologySemiconductors & Semiconductor EquipmentUnited States of America

Last close 29.52 USD on Nov 1, 2026, +37.2% year to date

Quant rating

Quant rating C Rank 252 of 389 in Information Technology

Growth C 172 of 389
Valuation D 310 of 389
Quality C 239 of 389
Revisions C 163 of 389
Momentum C 248 of 389

Wall Street consensus Buy (1.90)Average target 45.22 USD +53.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 831M
Enterprise value: 610M
52-week range: 17.02 – 51.60
3-year range: 16.13 – 51.60
Dividend yield: –
Beta (5 years): 1.98
Shares outstanding: 28.2M
Next earnings: Nov 9, 2026

About the company

Ceva, Inc. is a licensor of silicon and software intellectual property (IP). The Company addresses the requirements of the consumer, industrial, infrastructure, automotive, mobile and PC markets by designing and licensing a range of processors, platforms, software and solutions which streamline the design of products for developing a variety of application specific solutions that address the connect, sense and infer use cases of smart edge devices. The Company's connect products include 5G/5G-A Baseband Platform (PentaG2), OpenRAN Platform, Cellular Internet of Things (IoT) (Ceva-Waves DragonFly) and Ultra-Wideband Platform (Ceva-Waves UWB). Its sense products include Vision/AI DSP, Audio and Control DSP, Neural-network-based noise cancellation, and Spatial Audio & Head Tracking. Its infer products include NPU IP for Generative AI, NPU IP for Embedded AI and AI SDK. It delivers its platforms, AI and sensor fusion DSPs and NPUs in the form of a hardware description language definition.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	110	107	97.4	121	123	–
Revenue growth	2.5%	9.8%	−19.2%	−1.7%	22.3%	1.8%
EPS (basic, normalized)	0.42	0.36	0.10	0.78	0.65	–
EPS growth	16.7%	260.0%	−87.2%	20.0%	–	–
Gross margin	87.1%	88.1%	88.0%	87.5%	86.3%	87.4%
Net margin	−9.7%	−8.2%	−18.9%	−11.5%	0.3%	−9.6%
ROE	−3.5%	−3.3%	−7.0%	−5.2%	0.1%	−3.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	221
Current ratio	10.12x
Long-term debt (mil)	0
Net debt (mil)	−221
Total equity (mil)	340
Net debt / equity	−0.65x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	110	+2.5%	5.6x	–	–	–	0.42	+16.7%	70.3x
2026	125	+14.0%	4.9x	20.1	–	30.3x	0.55	+30.2%	54.0x
2027	142	+13.3%	4.3x	28.9	+43.6%	21.1x	0.80	+46.6%	36.8x
2028	160	+12.9%	3.8x	39.9	+38.1%	15.3x	1.10	+36.8%	26.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	125	0.0%	+1.9%	+3.5%	0.55	0.0%	+3.3%	+9.1%
2027	142	0.0%	+1.6%	+3.0%	0.80	0.0%	−2.1%	−0.9%
2028	160	0.0%	+3.4%	+4.1%	1.10	0.0%	+8.8%	+11.3%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	22.1	28.4	27.2	29.2	24.2	25.7	28.4	31.3	27.0	29.0
Sales mean (mil)	23.1	24.5	26.9	27.6	26.4	25.4	28.2	31.0	26.1	28.2
Surprise	−4.6%	+16.1%	+1.3%	+6.0%	−8.0%	+1.1%	+0.7%	+0.9%	+3.5%	+3.1%
EPS reported	−0.05	0.17	0.14	0.11	0.06	0.07	0.11	0.18	0.04	0.08
EPS mean	0.03	0.02	0.10	0.11	0.07	0.05	0.10	0.18	0.02	0.07
Surprise	−292.3%	+628.7%	+44.0%	+1.9%	−14.3%	+34.6%	+5.8%	−0.9%	+126.9%	+9.7%

Peer comparison Semiconductors & Semiconductor Equipment

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CEVA Ceva, Inc.	831M	–	−9.7%	2.44x	54.0x	36.8x	30.3x	21.1x
NVDA NVIDIA Corporation	4.93T	−0.47x	55.6%	21.58x	22.0x	12.9x	17.7x	10.5x
AMD Advanced Micro Devices, Inc.	824.1B	−1.16x	12.3%	12.26x	66.0x	31.5x	50.1x	23.8x
INTC Intel Corp	349.2B	0.87x	−0.5%	3.04x	44.0x	35.5x	16.7x	13.8x
TXN Texas Instruments Incorporated	274.9B	0.67x	28.1%	14.33x	33.2x	26.1x	23.3x	18.7x
ARM ARM Holdings PLC	220.0B	−1.64x	18.4%	25.49x	92.5x	67.3x	72.8x	53.8x
Mean		−0.34x	17.4%	13.19x	52.0x	35.0x	35.1x	23.6x
Median		−0.47x	15.3%	13.29x	49.0x	33.5x	26.8x	19.9x

Technical analysis

1M−14.9%
3M−6.9%
1Y+4.3%
3Y+73.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ceva, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	110	107	97.4	121	123	100
Cost of revenue	14.2	12.8	11.6	15.1	16.8	10.7
Gross profit	95.4	94.2	85.8	105	106	89.6
Selling, general & administrative expenses	31.4	29.5	25.8	25.7	27.2	26.0
Research & development	74.8	71.6	72.7	70.3	72.5	62.0
Depreciation/amortization	0.6	0.6	0.6	2.0	2.7	2.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	0	0.1	3.6	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	−11.3	−7.5	−13.5	3.9	3.5	−0.8
Net interest income (expense)	6.7	4.8	5.3	0.3	2.2	3.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−4.7	−2.8	−8.2	4.2	5.7	2.5
Provision for taxes	5.9	6.0	10.2	18.1	5.3	4.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−10.6	−8.8	−18.4	−13.9	0.4	−2.4
Extraordinary items	0	0	6.6	−9.3	–	–
Net income	−10.6	−8.8	−11.9	−23.2	0.4	−2.4
EBIT, normalized	−11.3	−7.5	−13.3	7.5	3.5	−0.8
EBITDA, normalized	−7.1	−3.4	−8.5	15.0	10.5	5.1
Basic EPS, normalized	0.42	0.36	0.10	0.78	0.65	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ceva, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	222	164	167	139	155	130
Receivables	49.4	37.2	30.3	31.2	27.4	31.2
Total inventory	–	–	–	–	–	–
Prepaid expenses	13.5	15.5	12.5	6.9	6.7	6.2
Other current assets	0	0	0	0	0	0
Total current assets	285	216	209	178	189	168
Property, plant & equipment	24.5	12.7	13.7	17.4	15.6	16.6
Goodwill	58.3	58.3	58.3	74.8	74.8	51.1
Intangibles	1.0	1.9	3.0	6.7	14.6	10.8
Long-term investments	0.1	0.3	0.4	8.6	2.9	30.5
Note receivable	1.2	2.6	–	–	–	–
Other long-term assets	18.3	16.8	19.3	23.4	31.8	30.4
Total assets	388	309	304	308	329	307
Liabilities
Accounts payable	2.4	1.1	1.2	2.0	1.5	0.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	22.8	25.8	22.7	28.1	25.3	24.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	3.5	3.6	3.0	3.2	8.7	2.4
Total current liabilities	28.7	30.5	26.9	33.3	35.4	28.2
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	23.1	11.9	12.9	16.3	16.5	17.9
Total liabilities	51.8	42.4	39.7	49.6	51.9	46.1
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	338	260	252	243	235	233
Retained earnings (accumulated deficit)	0	11.2	20.2	32.2	55.5	57.4
Treasury stock	−1.6	−3.2	−5.6	−9.9	−13.8	−30.1
Other equity	0.1	−1.3	−2.3	−6.2	−0.4	0.5
Total equity	336	267	264	259	277	261
Total liabilities & shareholders' equity	388	309	304	308	329	307

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ceva, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−10.6	−8.8	−11.9	−23.2	0.4	−2.4
Depreciation, depletion & amortization	4.3	4.1	4.9	7.6	7.0	5.8
Deferred taxes	1.1	−0.1	6.7	7.8	−6.3	−0.3
Non-cash items	18.2	15.8	15.4	20.7	12.6	13.5
Changes in working capital	−16.3	−7.7	−21.4	−5.9	12.1	−1.4
Cash from operations	−3.4	3.5	−6.3	6.9	25.8	15.2
Investing activities
Capital expenditures	−2.9	−3.7	−2.9	−3.5	−2.2	−2.9
Other investing cash flows	−31.1	1.3	13.7	−11.6	−14.5	−12.3
Cash from investing	−34.0	−2.4	10.8	−15.1	−16.7	−15.2
Financing activities
Financing cash flow items	–	–	–	–	0	−0.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	59.3	−5.6	−2.8	−3.3	3.2	−1.9
Cash from financing	59.3	−5.6	−2.8	−3.3	3.2	−2.1
Foreign exchange effects	0.1	−0.2	0.3	−0.4	−0.3	0.5
Net change in cash	22.1	−4.8	2.0	−11.9	12.0	−1.7
Free cash flow	−6.3	−0.2	−9.2	3.4	23.6	12.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.