Ceva
ConvictionWeak
IP licensing + per-unit royalties: upfront license fees (front-loaded) plus recurring royalties earned when licensees ship chips embedding CEVA IP. Asset-light, fabless, ~86-87% gross margin; no owned fabrication.
Revenue
$109.6M FY2025$112.4M TTM through Q1 2026Rev growth
+2.5% FY2025company: ~2%); +11% YoY in Q1 2026; FY2026 guided to the top end of +8-12%Gross margin
87% GAAP FY2025 / 86% GAAP Q1 2026~87-88% non-GAAPOp margin
GAAP operating lossFY2025 -$11.3M; Q1 2026 -$5.1M, ~-19% margin) weighed by stock-based comp and intangible amortization; non-GAAP operating income $9.9M FY2025 (~9% non-GAAP marginCapex intensity
Very low<~3% of revenue) — IP/R&D business, no fabrication capexMarket cap
~$1.13BNasdaq: CEVA, price ~$40.42, 2026-07-03, x ~27.9M shares; note: stock is volatile, ~$44.6 at 2026-07-06 close = ~$1.24BPrimary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-27. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$123M
FY’22
$135M+10%
FY’23
$97M-28%
FY’24
$107M+10%
FY’25
$110M+2%
Margins & balance sheet — FY’25
Gross margin87.1%
Operating margin-10.4%
Net margin-9.7%
Net cash$21M
The read
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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