Ceragon Networks LTD key statistics and ratios

In fiscal 2025, Ceragon Networks LTD had return on equity of -1.2%, an operating margin of 2.1%, debt equal to 11.0% of equity and a current ratio of 1.87. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Ceragon Networks LTD: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	33.4%	35.8%	27.4%	31.0%	31.0%	22.8%	29.5%	33.8%	32.3%	33.8%	33.9%	28.8%	30.4%	31.5%	34.5%	34.7%	33.8%
Operating margin	1.4%	5.6%	−11.1%	−4.2%	−7.4%	−8.6%	6.2%	6.6%	7.0%	7.6%	2.6%	−2.9%	1.7%	−3.7%	6.1%	9.8%	2.1%
Net margin	2.0%	5.6%	−12.0%	−5.2%	−13.1%	−20.6%	0.3%	3.9%	4.7%	6.7%	−0.8%	−6.5%	−5.1%	−6.7%	1.8%	6.1%	−0.6%
Free-cash-flow margin	5.5%	−8.2%	−7.8%	−1.6%	−12.7%	−12.1%	3.1%	6.0%	2.6%	3.5%	−8.6%	4.2%	−8.4%	−5.2%	6.0%	2.9%	5.3%
Return on equity	2.0%	7.3%	−29.4%	−15.4%	−34.1%	−63.8%	1.0%	10.4%	12.4%	15.7%	−1.5%	−11.2%	−10.5%	−15.3%	4.9%	16.0%	−1.2%
Return on assets	—	4.9%	−15.4%	−5.8%	−12.5%	−21.6%	0.3%	4.5%	6.3%	8.6%	−0.8%	−6.1%	−5.2%	−6.8%	2.1%	7.5%	−0.6%
Asset turnover	—	0.87	1.28	1.11	0.95	1.05	1.15	1.15	1.33	1.28	1.00	0.94	1.03	1.01	1.18	1.23	1.02
Current ratio	—	3.25	1.89	1.72	1.60	1.43	1.57	1.87	2.00	2.04	2.07	1.99	1.76	1.59	1.64	1.72	1.87
Debt to equity	0.0%	0.0%	21.7%	30.5%	42.4%	48.7%	34.0%	14.6%	0.0%	0.0%	9.1%	4.1%	10.8%	31.3%	24.3%	15.2%	11.0%
Interest cover (operating income ÷ interest)	—	28.3x	n/m	n/m	n/m	n/m	3.7x	5.1x	4.8x	5.7x	1.9x	n/m	1.0x	n/m	2.8x	6.5x	1.4x
Effective tax rate	11.8%	7.7%	—	—	—	—	85.2%	13.4%	9.8%	−16.4%	—	—	—	—	51.2%	11.7%	—
R&D as % of revenue	10.3%	10.1%	11.3%	10.6%	11.9%	9.4%	6.6%	7.4%	7.7%	8.2%	9.4%	11.8%	10.1%	10.1%	9.3%	8.9%	9.0%
Capital spending as % of revenue	3.7%	3.9%	3.2%	3.3%	4.5%	3.4%	1.5%	2.8%	2.6%	3.0%	4.1%	2.3%	3.2%	3.5%	2.9%	3.7%	4.0%
Free cash flow ÷ net income	275.6%	−145.7%	—	—	—	—	>999%	153.8%	55.4%	52.9%	—	—	—	—	336.5%	48.3%	—
Dividends and buybacks ÷ free cash flow	120.8%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 2 checks passed · December 31, 2025

What it owns · $317m

Short-term assets $225mLonger-term assets $92m

What it owes, and who funded it · $293m

Short-term liabilities $120mShareholders' equity $173m

Short-term assets cover short-term liabilities $225m of assets due within a year against $120m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of $7m against $5m of interest.

From Ceragon Networks LTD's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

27 /100

Weak moat

How hard Ceragon Networks's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Pricing power 12 / 20

Gross margin has been a median 32.3%, moving by 1.3 percentage points (standard deviation) across 5 years.
Durability 0 / 20

Operating margin has been a median 1.7%; its worst year was -7.4%.
Cash conversion 7 / 20

Free cash flow was positive in 3 of 5 years, at a median 2.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (32 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Ceragon Networks LTD's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Ceragon Networks LTD.