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Ceragon Networks
(NASDAQ:CRNT)
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Rating:57Neutral
Price Target:
$2.50
▲(20.77% Upside)
Action:Reiterated
Date:08/18/26
The score is driven primarily by steady balance-sheet strength and improved cash generation, offset by weakened profitability and margin compression. Technicals remain soft with the stock below key moving averages and a negative MACD, while valuation offers limited support given the negative P/E and no dividend yield. Earnings-call takeaways add a mixed signal: strong bookings/demand, but reduced margin guidance and ongoing supply-chain and working-capital risks.
Positive Factors
Strong bookings and contracted revenue visibility
Large India bookings and the multi-year APAC agreement strengthen revenue visibility and customer retention. They support ongoing 4G/5G infrastructure demand while expanding Ceragon’s role from equipment supplier toward longer-term deployment and support.
Negative Factors
Structural margin compression from input costs
Persistent component-cost inflation and supply-chain pressure are reducing gross and operating margins, while management expects limited near-term relief. Unless pricing, procurement and product-design actions offset these costs, stronger demand may not translate into durable earnings growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong bookings and contracted revenue visibility
Large India bookings and the multi-year APAC agreement strengthen revenue visibility and customer retention. They support ongoing 4G/5G infrastructure demand while expanding Ceragon’s role from equipment supplier toward longer-term deployment and support.
Read all positive factors
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.
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The FlyCeragon Networks (CRNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$188.15M
Dividend YieldN/A
Average Volume (3M)695.44K
Price to Earnings (P/E)―
Beta (1Y)1.32
Revenue Growth-8.88%
EPS Growth-122.88%
CountryUS
Employees1,091
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)-0.04
Shares Outstanding90,893,690
10 Day Avg. Volume1,004,094
30 Day Avg. Volume695,437
Financial Highlights & Ratios
PEG Ratio0.83
Price to Book (P/B)1.09
Price to Sales (P/S)0.56
P/FCF Ratio13.35
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$3.75Price Target Upside81.16% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.11
Revenue Forecast (FY)$369.75M
Ceragon Networks Business Overview & Revenue Model
Company Description
Ceragon Networks Ltd., an Israeli company headquartered in Rosh HaAyin, was incorporated in 1996 and was formerly known as Giganet Ltd. before adopting its current name in September 2000. The firm specializes in furnishing advanced wireless backha...
How the Company Makes Money
Ceragon primarily makes money by selling wireless backhaul equipment—most notably packet microwave and millimeter-wave radio hardware used to transport traffic between cell sites and the core network (and/or between network nodes). Revenue is gene...
Ceragon Networks Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The call communicated strong demand and commercial momentum—notably robust revenue growth, record bookings (especially in India), accelerating managed services and private network wins, and expanding TAM driven by product adoption and a favorable competitive shift. However, these positives are materially offset by persistent supply chain disruptions, rising component costs, margin compression (Q2 gross margin down 3.0 percentage points YoY), lowered margin guidance for 2026, slower cash flow compared with prior year, and longer receivables/DSO. Management expects operational improvements and pricing adjustments to help in 2027, but near‑term margin and timing risks remain.Positive Updates
Revenue Growth
Q2 2026 revenue of $93.9 million, up 14.2% year-over-year from $82.3 million in Q2 2025.
Negative Updates
Gross Margin Pressure
Non-GAAP gross margin declined to 32.2% in Q2 2026 from 35.2% in Q2 2025 (down 3.0 percentage points). Management expects component cost and supply chain pressures to continue to weigh on margins through the remainder of 2026.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Q2 2026 revenue of $93.9 million, up 14.2% year-over-year from $82.3 million in Q2 2025.
Read all positive updates
Company Guidance
Ceragon reiterated 2026 revenue guidance of $355M–$385M (midpoint $370M) and narrowed its full‑year non‑GAAP margin outlook to a 33.5%–34.5% gross margin (midpoint 34.0%) versus 35.5% previously, and a 5%–6% operating margin (midpoint 5.5%) versus 6.5%–7.5% previously — all stated at the midpoint of the revenue range; management attributed the revision to ongoing component cost and supply‑chain pressure that they do not expect to be materially offset in the near term, while pursuing mitigation (procurement/product design, pricing and more software sales). They noted strong bookings support (about $120M of India orders through late July, expected mostly to convert this year), and reiterated confidence in cash/facilities to fund operations (Q2 net cash ~ $22.8M, inventory $59.5M, DSO 107 days) as drivers behind the reiterated guidance.Ceragon Networks Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
72
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 346.73M | 338.73M | 394.19M | 347.18M | 295.17M | 290.77M |
| Gross Profit | 116.82M | 114.55M | 136.85M | 119.87M | 93.06M | 88.38M |
| EBITDA | 21.09M | 21.57M | 45.34M | 30.25M | -1.19M | 13.08M |
| Net Income | -3.28M | -2.09M | 24.06M | 6.22M | -19.69M | -14.83M |
Balance Sheet | ||||||
| Total Assets | 313.78M | 317.04M | 345.00M | 298.52M | 289.32M | 292.56M |
| Cash, Cash Equivalents and Short-Term Investments | 34.77M | 38.37M | 35.31M | 28.24M | 22.95M | 17.08M |
| Total Debt | 28.78M | 49.66M | 41.11M | 50.20M | 54.43M | 36.37M |
| Total Liabilities | 141.73M | 144.29M | 178.67M | 164.51M | 169.53M | 155.41M |
| Stockholders Equity | 172.05M | 172.75M | 166.32M | 134.02M | 119.78M | 137.15M |
Cash Flow | ||||||
| Free Cash Flow | 17.59M | 14.13M | 9.73M | 17.99M | -17.32M | -24.61M |
| Operating Cash Flow | 31.63M | 31.56M | 26.20M | 30.89M | -4.89M | -15.02M |
| Investing Cash Flow | -18.19M | -24.00M | -16.46M | -20.87M | -12.42M | -9.39M |
| Financing Cash Flow | -8.50M | -5.51M | -1.52M | -4.86M | 23.11M | 14.53M |
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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $35.27M | 7.98 | 59.33% | ― | 28925.73% | ― | |
67 Neutral | $240.57M | 39.46 | 4.38% | 4.18% | 2.47% | -43.89% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $252.48M | -56.99 | -4.88% | ― | -1.65% | 64.15% | |
57 Neutral | $188.15M | -59.28 | -1.90% | ― | -8.88% | -122.88% | |
50 Neutral | $274.47M | 103.90 | 0.95% | ― | 1.17% | 95.38% | |
47 Neutral | $74.22M | 30.37 | 65.39% | ― | -0.81% | -61.23% |
* Technology Sector Average
CRNT
Ceragon Networks
2.09
0.06
2.96%
AUDC
Audiocodes
10.04
0.86
9.32%
AVNW
Aviat Networks
20.00
-2.96
-12.89%
LTRX
Lantronix
5.37
0.41
8.27%
INSG
Inseego
4.40
-7.93
-64.31%
FIEE
FiEE
4.07
1.37
50.74%
Ceragon Networks Corporate Events
Ceragon Networks Files Mid‑Year 2026 Unaudited Financials on Form 6‑K
Aug 13, 2026
Ceragon Networks Ltd. reported unaudited interim consolidated financial statements for the six months ended June 30, 2026, detailing its balance sheet, income statement, cash flows and related notes in thousands of U.S. dollars. The company also f...
Ceragon Networks Q2 2026 Revenue Rises 14% as India and Private Networks Drive Growth
Aug 11, 2026
Ceragon Networks, a global provider of wireless connectivity solutions for carriers and private networks, reported results for the second quarter ended June 30, 2026, showing solid top-line growth driven largely by demand in India. The companyR...
Ceragon Networks Sets August 11 Date for Q2 2026 Earnings Release and Investor Call
Jul 29, 2026
Ceragon Networks announced on July 29, 2026 that it will publish financial results for the second quarter ended June 30, 2026 before the market opens on Tuesday, August 11, 2026. The disclosure timetable underscores the company’s commitment ...
Ceragon Secures $120 Million in Indian Telecom Orders Year-to-Date
Jul 28, 2026
On July 28, 2026, Israel-based Ceragon Networks reported that it has booked approximately $120 million in orders year-to-date from operators in India, up from about $86 million disclosed in May. The orders, largely from two leading Indian mobile o...
Ceragon Nets Over $10 Million in Q2 Private Network Bookings as Critical Infrastructure Demand Rises
Jul 23, 2026
On July 23, 2026, Ceragon Networks reported that its private networks business secured more than $10 million in second-quarter bookings from selected customer projects across public safety, utilities and smart city applications. The wins, spanning...
Ceragon Wins Five-Year, $70 Million APAC Transport Deal
Jul 21, 2026
On July 21, 2026, Ceragon Networks announced it had secured a new five-year agreement worth approximately $70 million with a long-standing Tier-1 mobile operator in the Asia-Pacific region. The deal underscores the operator’s continued relia...
Ceragon Networks Shareholders Approve All Proposals at 2026 Annual Meeting
Jun 11, 2026
Ceragon Networks held its 2026 Annual General Meeting of Shareholders on June 11, 2026, in Israel, where investors voted on a slate of corporate proposals. According to the company, all items presented to shareholders at the meeting received appro...
Ceragon Networks Posts Q1 2026 Profit Improvement Despite Revenue Dip, Reaffirms 2026 Outlook
May 19, 2026
Ceragon Networks reported first-quarter 2026 results on May 19, 2026, showing revenue of $85.0 million, down 4.1% year-on-year, but with improved gross margin of 35.4% and a swing to GAAP operating income of $2.1 million. The company posted a GAAP...
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.