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Ceragon Networks
(NASDAQ:CRNT)
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Rating:64Neutral
Price Target:
$2.50
▼(-0.79% Downside)
Action:Reiterated
Date:06/03/26
The score is driven primarily by stable-to-improving financial resilience (strong positive free cash flow and manageable leverage) and supportive technical momentum. These positives are tempered by weakened TTM profitability (margin compression and a slight net loss) and weak valuation optics due to negative earnings, while the latest earnings call reiterates full-year targets but flags near-term mix, supply timing, FX, and working-capital risks.
Positive Factors
Cash generation
Sustained positive operating and free cash flow provides durable funding for R&D, product rollouts, working-capital needs and potential opportunistic investments. Strong cash conversion reduces reliance on external financing and supports resilience through telecom capex cycles.
Negative Factors
Profitability pressure
Material margin compression and a return to slight net losses weaken long-term earnings power. Persistent lower profitability reduces reinvestment capacity, depresses return metrics and makes targets sensitive to input-cost inflation or adverse mix shifts.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained positive operating and free cash flow provides durable funding for R&D, product rollouts, working-capital needs and potential opportunistic investments. Strong cash conversion reduces reliance on external financing and supports resilience through telecom capex cycles.
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 Fly
The FlyCeragon Networks (CRNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$217.53M
Dividend YieldN/A
Average Volume (3M)805.87K
Price to Earnings (P/E)―
Beta (1Y)1.27
Revenue Growth-15.03%
EPS Growth-110.33%
CountryUS
Employees1,056
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)-0.02
Shares Outstanding89,889,970
10 Day Avg. Volume692,741
30 Day Avg. Volume805,865
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 Cap1.09
Enterprise Value/Revenue0.71
Enterprise Value/Gross Profit2.07
Enterprise Value/Ebitda10.88
Forecast
1Y Price Target
$3.75Price Target Upside48.81% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.14
Revenue Forecast (FY)$364.23M
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:May 19, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 03, 2026
Earnings Call Sentiment Positive
The call balanced several encouraging operational and market developments — notably strong India bookings (~$86M), improved gross margin, positive free cash flow, new product POC success and reiterated 2026 guidance — against clear near-term headwinds including a semiconductor supply timing issue that shifts some North America revenue, currency-related financial expense increases, Q2 margin pressure from an India‑heavy mix, and a meaningful drop in non‑GAAP net income and EPS. Management communicated confidence in a Q3 recovery and maintained full‑year targets, and positioned recent challenges as largely temporary and non‑operational.Positive Updates
Strong India bookings and execution
Announced approximately $86 million in bookings in India (mainly from 2 leading operators); India represented $30.0M or 35% of Q1 revenue and company expects India to comfortably support a ~ $100M baseline for the year with potential upside.
Negative Updates
Sequential and year-over-year revenue softness
Q1 revenue was $85.0M, down 4.1% YoY from $88.7M in Q1 2025; management noted a supply-chain timing issue that will shift some expected North America revenue from Q2 into Q3.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong India bookings and execution
Announced approximately $86 million in bookings in India (mainly from 2 leading operators); India represented $30.0M or 35% of Q1 revenue and company expects India to comfortably support a ~ $100M baseline for the year with potential upside.
Read all positive updates
Company Guidance
Ceragon reiterated 2026 revenue guidance of $355–$385 million and said it is targeting a 1 percentage‑point improvement in non‑GAAP gross margin and a non‑GAAP operating margin of 6.5%–7.5% (both cited at the midpoint of the revenue range); Q1 provides the starting point with revenue of $85.0M, non‑GAAP EPS $0.01, non‑GAAP gross profit $30.6M (36.0% margin vs. 33.5% in Q1‑2025), non‑GAAP operating income $4.2M (4.9% margin), non‑GAAP net income $0.7M, positive free cash flow $2.8M, and regional revenue North America $31.3M / India $30.0M; management noted ~$86M of India bookings (plus ≈$10M of private‑network contracts), a temporary semiconductor supply issue shifting some expected North America Q2 revenue into Q3 (creating expected Q2 margin pressure due to a heavier India mix), industry cost headwinds (memory, copper/metals, freight), and FX headwinds (stronger ILS, weaker INR), while balance‑sheet metrics at quarter end included cash $39.2M, short‑term loans $17.1M (net cash $22.1M), inventory $56.5M, receivables $94.4M and DSO of 103 days.Ceragon Networks Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
68
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 335.08M | 338.73M | 394.19M | 347.18M | 295.17M | 290.77M |
| Gross Profit | 115.25M | 114.55M | 136.85M | 119.87M | 93.06M | 88.38M |
| EBITDA | 21.87M | 21.57M | 45.34M | 30.25M | -1.19M | 13.08M |
| Net Income | -2.45M | -2.09M | 24.06M | 6.22M | -19.69M | -14.83M |
Balance Sheet | ||||||
| Total Assets | 307.35M | 317.04M | 345.00M | 298.52M | 289.32M | 292.56M |
| Cash, Cash Equivalents and Short-Term Investments | 39.16M | 38.37M | 35.31M | 28.24M | 22.95M | 17.08M |
| Total Debt | 33.57M | 49.66M | 41.11M | 50.20M | 54.43M | 36.37M |
| Total Liabilities | 135.86M | 144.29M | 178.67M | 164.51M | 169.53M | 155.41M |
| Stockholders Equity | 171.50M | 172.75M | 166.32M | 134.02M | 119.78M | 137.15M |
Cash Flow | ||||||
| Free Cash Flow | 21.48M | 14.13M | 9.73M | 17.99M | -17.32M | -24.61M |
| Operating Cash Flow | 37.32M | 31.56M | 26.20M | 30.89M | -4.89M | -15.02M |
| Investing Cash Flow | -18.54M | -24.00M | -16.46M | -20.87M | -12.42M | -9.39M |
| Financing Cash Flow | -8.22M | -5.51M | -1.52M | -4.86M | 23.11M | 14.53M |
Ceragon Networks Technical Analysis
Negative
2.52
Price Trends
2.67
Negative
2.48
Negative
2.37
Positive
Market Momentum
-0.08
Positive
40.08
Neutral
37.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRNT, the sentiment is Negative. The current price of 2.52 is below the 20-day moving average (MA) of 2.73, below the 50-day MA of 2.67, and above the 200-day MA of 2.37, indicating a neutral trend. The MACD of -0.08 indicates Positive momentum. The RSI at 40.08 is Neutral, neither overbought nor oversold. The STOCH value of 37.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $34.11M | 20.00 | 32.21% | ― | 6652284.00% | ― | |
64 Neutral | $217.53M | -88.64 | -1.43% | ― | -15.03% | -110.33% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $246.39M | 38.77 | 4.01% | 4.28% | 2.02% | -56.43% | |
56 Neutral | $273.93M | 37.14 | 3.37% | ― | 0.23% | ― | |
55 Neutral | $244.90M | -32.89 | -8.79% | ― | -17.17% | 23.08% | |
53 Neutral | $144.37M | 13.86 | 17.85% | ― | -12.48% | 66.68% |
* Technology Sector Average
CRNT
Ceragon Networks
2.42
-0.18
-6.92%
AUDC
Audiocodes
9.72
0.53
5.79%
AVNW
Aviat Networks
21.17
-3.65
-14.71%
LTRX
Lantronix
5.49
2.41
78.25%
INSG
Inseego
8.87
0.61
7.38%
FIEE
FiEE
4.00
0.78
24.22%
Ceragon Networks Corporate Events
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...
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...
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.