CEVA (CEVA)
Market Price (10/19/2026): $27.6 | Market Cap: $772.7 MilSector: Information Technology | Industry: Semiconductors
CEVA (CEVA)
Market Price (10/19/2026): $27.6Market Cap: $772.7 MilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -43% Megatrend and thematic driversMegatrends include Artificial Intelligence, and 5G & Advanced Connectivity. Themes include AI Chips, Edge AI, Show more. | Weak multi-year price returns2Y Excs Rtn is -23%, 3Y Excs Rtn is -30% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -9.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.3% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 202x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.9% Key risksCEVA key risks include [1] difficulties integrating strategic acquisitions and realizing their anticipated synergies and [2] the potential for defects in its complex intellectual property to cause significant reputational and financial damage. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -43% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, and 5G & Advanced Connectivity. Themes include AI Chips, Edge AI, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -23%, 3Y Excs Rtn is -30% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -9.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.3% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 202x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.9% |
| Key risksCEVA key risks include [1] difficulties integrating strategic acquisitions and realizing their anticipated synergies and [2] the potential for defects in its complex intellectual property to cause significant reputational and financial damage. |
Qualitative Assessment
AI Analysis | Feedback
CEVA (CEVA) stock has lost about 40% since 6/30/2026 because of the following key factors:
1. Significant Overvaluation Leading to Correction.
CEVA, Inc. was identified by InvestingPro's Fair Value analysis as significantly overvalued in early fiscal Q3 2026, trading nearly 40% above its calculated intrinsic value. The stock was priced at $49.61 on June 2, 2026, compared to an intrinsic value of $30.16. This overvaluation preceded a substantial correction, as CEVA shares declined 31% in July 2026 and continued falling through August, resulting in a total decline of 45.3% from the overvaluation signal by month-end.
2. Post-Earnings Decline Despite Strong Fiscal Q2 2026 Results.
Despite reporting strong fiscal Q2 2026 results on August 10, 2026, CEVA shares declined 10% following the announcement. The company's total revenue increased 13% year-over-year to $29.0 million, and adjusted EPS of $0.08 surpassed the $0.07 consensus estimate. Additionally, management raised its full-year 2026 revenue growth outlook to 13-15% from 12%. This indicates that even positive company-specific news was insufficient to counteract the underlying valuation concerns.
Show more
CEVA (CEVA) stock has lost about 40% since 6/30/2026 because of the following key factors:
1. Significant Overvaluation Leading to Correction.
CEVA, Inc. was identified by InvestingPro's Fair Value analysis as significantly overvalued in early fiscal Q3 2026, trading nearly 40% above its calculated intrinsic value. The stock was priced at $49.61 on June 2, 2026, compared to an intrinsic value of $30.16. This overvaluation preceded a substantial correction, as CEVA shares declined 31% in July 2026 and continued falling through August, resulting in a total decline of 45.3% from the overvaluation signal by month-end.
2. Post-Earnings Decline Despite Strong Fiscal Q2 2026 Results.
Despite reporting strong fiscal Q2 2026 results on August 10, 2026, CEVA shares declined 10% following the announcement. The company's total revenue increased 13% year-over-year to $29.0 million, and adjusted EPS of $0.08 surpassed the $0.07 consensus estimate. Additionally, management raised its full-year 2026 revenue growth outlook to 13-15% from 12%. This indicates that even positive company-specific news was insufficient to counteract the underlying valuation concerns.
3. Analyst Price Target Reductions Reflecting Valuation Concerns.
Following the release of the fiscal Q2 2026 earnings report, multiple analysts lowered their price targets for CEVA, Inc., citing valuation concerns despite acknowledging the company's strategic positioning in AI. For instance, Oppenheimer reiterated a "Buy" rating but revised its price target downwards from $42 to $38 on August 11, 2026. These revisions contributed to the continued downward pressure on the stock.
4. Broader Macroeconomic Headwinds Impacting the Semiconductor Sector.
The period saw broader macroeconomic pressures affecting the semiconductor industry, including rising Treasury yields reaching multi-decade highs, which acted as a market overhang for technology stocks. Furthermore, CEVA operates within a cyclical semiconductor market sensitive to global GDP, making its performance vulnerable to any slowdowns in economic growth that could weaken consumer demand and IT spending.
Show less
Stock Movement Drivers
Fundamental Drivers
The -41.7% change in CEVA stock from 6/30/2026 to 10/18/2026 was primarily driven by a -42.7% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.16 | 27.50 | -41.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 112 | 116 | 3.0% |
| P/S Multiple | 11.6 | 6.7 | -42.7% |
| Shares Outstanding (Mil) | 28 | 28 | -1.1% |
| Cumulative Contribution | -41.7% |
Market Drivers
6/30/2026 to 10/18/2026| Return | Correlation | |
|---|---|---|
| CEVA | -41.7% | |
| Market (SPY) | 2.2% | 55.8% |
| Sector (XLK) | -3.7% | 77.2% |
Fundamental Drivers
The 47.2% change in CEVA stock from 3/31/2026 to 10/18/2026 was primarily driven by a 52.6% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.68 | 27.50 | 47.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 110 | 116 | 5.6% |
| P/S Multiple | 4.4 | 6.7 | 52.6% |
| Shares Outstanding (Mil) | 26 | 28 | -8.7% |
| Cumulative Contribution | 47.2% |
Market Drivers
3/31/2026 to 10/18/2026| Return | Correlation | |
|---|---|---|
| CEVA | 47.2% | |
| Market (SPY) | 17.7% | 59.7% |
| Sector (XLK) | 38.2% | 75.8% |
Fundamental Drivers
The 4.1% change in CEVA stock from 9/30/2025 to 10/18/2026 was primarily driven by a 12.1% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.41 | 27.50 | 4.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 106 | 116 | 8.8% |
| P/S Multiple | 5.9 | 6.7 | 12.1% |
| Shares Outstanding (Mil) | 24 | 28 | -14.6% |
| Cumulative Contribution | 4.1% |
Market Drivers
9/30/2025 to 10/18/2026| Return | Correlation | |
|---|---|---|
| CEVA | 4.1% | |
| Market (SPY) | 15.5% | 60.3% |
| Sector (XLK) | 30.7% | 72.2% |
Fundamental Drivers
The 41.8% change in CEVA stock from 9/30/2023 to 10/18/2026 was primarily driven by a 60.1% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.39 | 27.50 | 41.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 110 | 116 | 5.6% |
| P/S Multiple | 4.2 | 6.7 | 60.1% |
| Shares Outstanding (Mil) | 23 | 28 | -16.1% |
| Cumulative Contribution | 41.8% |
Market Drivers
9/30/2023 to 10/18/2026| Return | Correlation | |
|---|---|---|
| CEVA | 41.8% | |
| Market (SPY) | 84.7% | 56.9% |
| Sector (XLK) | 127.8% | 64.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CEVA Return | -5% | -41% | -11% | 39% | -32% | 36% | -36% |
| Peers Return | 46% | -16% | 51% | -3% | 19% | 16% | 148% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| CEVA Win Rate | 42% | 25% | 42% | 58% | 58% | 40% | |
| Peers Win Rate | 62% | 38% | 60% | 52% | 48% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CEVA Max Drawdown | -45% | -47% | -53% | -35% | -52% | -48% | |
| Peers Max Drawdown | -22% | -37% | -26% | -34% | -36% | -34% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CDNS, SNPS, QCOM, SLAB, RMBS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/16/2026 (YTD)
How Low Can It Go
| Event | CEVA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.8% | -18.8% |
| % Gain to Breakeven | 91.7% | 23.1% |
| Time to Breakeven | 340 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -17.3% | -7.8% |
| % Gain to Breakeven | 20.9% | 8.5% |
| Time to Breakeven | 2 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.9% | -9.5% |
| % Gain to Breakeven | 61.1% | 10.5% |
| Time to Breakeven | 374 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -38.8% | -6.7% |
| % Gain to Breakeven | 63.3% | 7.1% |
| Time to Breakeven | 643 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -46.9% | -24.5% |
| % Gain to Breakeven | 88.4% | 32.4% |
| Time to Breakeven | 1327 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.3% | -33.7% |
| % Gain to Breakeven | 70.5% | 50.9% |
| Time to Breakeven | 68 days | 140 days |
In The Past
CEVA's stock fell -47.8% during the 2025 US Tariff Shock. Such a loss loss requires a 91.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | CEVA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.8% | -18.8% |
| % Gain to Breakeven | 91.7% | 23.1% |
| Time to Breakeven | 340 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.9% | -9.5% |
| % Gain to Breakeven | 61.1% | 10.5% |
| Time to Breakeven | 374 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -38.8% | -6.7% |
| % Gain to Breakeven | 63.3% | 7.1% |
| Time to Breakeven | 643 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -46.9% | -24.5% |
| % Gain to Breakeven | 88.4% | 32.4% |
| Time to Breakeven | 1327 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.3% | -33.7% |
| % Gain to Breakeven | 70.5% | 50.9% |
| Time to Breakeven | 68 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.7% | -19.2% |
| % Gain to Breakeven | 38.3% | 23.8% |
| Time to Breakeven | 42 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.5% | -17.9% |
| % Gain to Breakeven | 34.3% | 21.8% |
| Time to Breakeven | 24 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -61.1% | -53.4% |
| % Gain to Breakeven | 157.2% | 114.4% |
| Time to Breakeven | 548 days | 1085 days |
In The Past
CEVA's stock fell -47.8% during the 2025 US Tariff Shock. Such a loss loss requires a 91.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About CEVA (CEVA)
CEVA, Inc. operates as a key intellectual property (IP) licensor in the technology sector, providing foundational wireless connectivity and smart sensing technologies. The company designs and licenses specialized digital signal processors (DSPs), artificial intelligence (AI) processors, wireless platforms, and complementary software. These technologies enable advanced capabilities for sensor fusion, image enhancement, computer vision, voice input, and various AI applications, forming the core building blocks for next-generation electronic devices.
CEVA's extensive portfolio includes DSP-based platforms crucial for 5G baseband processing in mobile, IoT, and infrastructure markets, as well as solutions for imaging and computer vision in camera-enabled devices. It also offers IP for audio, voice, speech processing, ultra-low power always-on sensing, and sensor fusion software for hearables, wearables, AR/VR, robotics, and other IoT applications. Furthermore, CEVA provides comprehensive wireless IoT technologies covering standards like Bluetooth, Wi-Fi 4/5/6/6E, Ultra-wideband (UWB), and NB-IoT. The company delivers its IP as hardware description language (HDL) definitions and supports customers with development platforms, software development kits, and debugging tools.
CEVA's primary customers are semiconductor and original equipment manufacturer (OEM) companies worldwide. These customers integrate CEVA's licensed technologies into their application-specific integrated circuits (ASICs) and standard products. Ultimately, CEVA's IP powers a vast array of end products across diverse markets, including mobile, consumer electronics, automotive, robotics, industrial applications, aerospace and defense, and the rapidly expanding Internet of Things (IoT) ecosystem.
AI Analysis | Feedback
- CEVA is like **ARM Holdings for specialized wireless connectivity and smart sensing chip designs.**
- CEVA is like **Dolby Laboratories for the foundational smart sensing and wireless communication technology** inside a wide range of devices.
AI Analysis | Feedback
- Digital Signal Processors (DSPs) & AI Processors: Licenses for specialized processors designed for signal processing and artificial intelligence tasks.
- Wireless Connectivity IP: Licenses for intellectual property related to various wireless standards including 5G, Bluetooth, Wi-Fi, Ultra-wideband (UWB), and NB-IoT.
- Smart Sensing IP: Licenses for intellectual property covering imaging, computer vision, audio/voice processing, and sensor fusion solutions.
- Integrated IP Solutions: Combinations of their DSPs, AI processors, and wireless/smart sensing IP tailored for specific applications.
- Development Platforms and Software: Tools, software development kits, and debug tools provided to customers to facilitate system design and software development using CEVA's technologies.
AI Analysis | Feedback
Based on the provided company description, CEVA (symbol: CEVA) sells primarily to other companies.
CEVA operates as a licensor of wireless connectivity and smart sensing technologies to semiconductor and Original Equipment Manufacturer (OEM) companies worldwide. Its technologies are licensed to companies that design, manufacture, market, and sell application-specific integrated circuits (ASICs) and application-specific standard products (ASSPs).
However, the provided background information does not explicitly name its major customer companies.
AI Analysis | Feedback
AI Analysis | Feedback
Amir Panush, Chief Executive Officer
Amir Panush was appointed Chief Executive Officer of CEVA in January 2023. Prior to joining CEVA, he served as CEO and General Manager of InvenSense, Inc., a TDK group company. He previously held various leadership positions at TDK following TDK's acquisition of InvenSense in 2017. Mr. Panush joined InvenSense in 2015, where he was head of the company's Strategy & Corporate Development. Before InvenSense, he held several leadership roles at Qualcomm Inc. and led strategic marketing and partnerships at Atheros Communications, which was acquired by Qualcomm. His earlier career included software engineering and project management leadership at Texas Instruments and Comsys Mobile (acquired by Intel). Mr. Panush holds a Master of Business Administration from Haas Business School, University of California at Berkeley, and a bachelor's degree in Computer Science from Technion Institute of Technology in Israel.
Yaniv Arieli, Chief Financial Officer
Yaniv Arieli has served as Chief Financial Officer of CEVA since May 2005. Before this role, he was President of U.S. Operations and Director of Investor Relations of DSP Group starting in August 2002. Prior to that, he served as Vice President of Finance, Chief Financial Officer, and Secretary of DSP Group's DSP Cores Licensing Division. Before joining DSP Group in 1997, Mr. Arieli was an account manager and certified public accountant at Kesselman & Kesselman, a member of PricewaterhouseCoopers. He is a CPA and holds a B.A. in Accounting and Economics from Haifa University in Israel and an M.B.A. from Newport University.
Michael Boukaya, Chief Operating Officer
Michael Boukaya serves as the Chief Operating Officer of CEVA.
Chad Lucien, Vice President & General Manager, Sensing & Audio Business Unit
Chad Lucien serves as Vice President and General Manager of CEVA's Sensing and Audio Business Unit. He was previously President of Hillcrest Labs, a sensor fusion software and systems company, which CEVA acquired from InterDigital in July 2019. Mr. Lucien brings nearly 25 years of experience, encompassing roles in sales, marketing, business development, and corporate finance. Before joining Hillcrest Labs, he held positions in software, consulting, and investment banking firms. He holds a degree in Finance and Marketing from the University of Virginia.
Moshe Sheier, Vice President of Marketing
Moshe Sheier serves as CEVA's Vice President of Marketing and has over 20 years of experience in the semiconductor IP and chip industry in both development and managerial roles. Prior to his current position, he was the Director of Strategic Marketing (or Product Marketing) at CEVA. He also managed Xilinx's partner program in EMEA. Before joining CEVA, Mr. Sheier was with the DSP Group since 1993, where he held various engineering and R&D management positions, including VLSI Department Manager. He holds several US patents in DSP architectures, a B.Sc. in Electrical Engineering, and an M.B.A.
AI Analysis | Feedback
The key risks to CEVA's business include:
- Dependence on Customer Adoption and Royalty Generation: CEVA's business model is significantly reliant on its customers successfully bringing products to market that incorporate CEVA's licensed intellectual property (IP) and shipping those products in high volumes to generate royalty revenue. Delays in customer product ramps, weaker-than-expected product shipments, or a general slowdown in customer shipments can directly and negatively impact CEVA's royalty income and overall revenue consistency.
- Competition and Risk of In-Sourcing by Clients: CEVA operates in a competitive landscape where it faces other IP providers and the ongoing risk that its customers may opt to develop similar technologies internally rather than licensing from CEVA. This "in-sourcing" of intellectual property by clients could diminish CEVA's revenue growth prospects by reducing the need for its licensing agreements and subsequent royalty streams.
- General Economic Conditions and Cyclicality of the Semiconductor Industry: As a licensor of technology to semiconductor and original equipment manufacturer (OEM) companies, CEVA is highly susceptible to the inherent cyclicality of the semiconductor sector and broader macroeconomic downturns. Factors such as external market volatility, geopolitical tensions, rising memory prices, or reduced consumer spending can lead to decreased demand for semiconductor-based products, consequently affecting CEVA's customers' product shipments and, in turn, CEVA's royalty revenues.
AI Analysis | Feedback
AI Analysis | Feedback
CEVA, Inc. operates in several growing addressable markets globally for its wireless connectivity and smart sensing technologies.
Here are the market sizes for CEVA's main products and services:
- Wireless Connectivity: The global wireless connectivity market size was estimated at USD 118.32 billion in 2025 and is predicted to increase to approximately USD 412.84 billion by 2035.
- Digital Signal Processors (DSPs): The global digital signal processor market size was valued at USD 11.02 billion in 2025 and is projected to grow to USD 21.87 billion by 2034.
- AI Processors: The global AI processor market size is calculated at USD 57.90 billion in 2025 and is predicted to increase to approximately USD 467.09 billion by 2034.
- Bluetooth: Global Bluetooth device shipments reached 5 billion units in 2025 and are projected to grow to 8 billion by 2029. More specifically, the global Bluetooth 5.0 market size was estimated to be USD 5.59 billion in 2025 and is expected to reach USD 15.22 billion by 2033.
- Wi-Fi: The global Wi-Fi market size reached USD 39.7 billion in 2025 and is expected to reach USD 101.0 billion by 2034.
- Ultra-Wideband (UWB): The global ultra-wideband market size is calculated at USD 2.12 billion in 2025 and is predicted to increase to approximately USD 12.31 billion by 2034.
- Narrowband-IoT (NB-IoT): The global Narrowband IoT (NB-IoT) market was valued at USD 11.3 billion in 2025 and is projected to reach USD 34.1 billion by 2030.
- Computer Vision: The global computer vision market size was valued at USD 20.75 billion in 2025 and is projected to grow to USD 72.80 billion by 2034.
- Artificial Intelligence (AI) Software: The global Artificial Intelligence (AI) software market size is forecast to reach US$174.1 billion in 2025 and grow to US$467 billion by 2030.
- Inertial Measurement Unit (IMU) Solutions: The global inertial measurement unit market was valued at USD 34.84 billion in 2024 and is poised to grow to USD 106.34 billion by 2033.
AI Analysis | Feedback
CEVA (NASDAQ: CEVA) anticipates future revenue growth over the next two to three years driven by several key factors:
- Growth in AI Processor Licensing and NPU Deals: CEVA is strategically expanding its presence in artificial intelligence (AI) with a focus on AI processor licensing, particularly Neural Processing Units (NPUs). The company has secured significant NPU licensing deals, including a breakthrough agreement with a leading PC OEM that is projected to generate an estimated $125 million in lifetime royalties, with contributions expected to commence in 2027. This expansion into AI for the "Smart Edge" is a core component of its growth strategy.
- Continued Strength in Wireless Connectivity Technologies: Sustained demand for CEVA's wireless connectivity intellectual property (IP) across 5G, Wi-Fi (including Wi-Fi 7), and cellular IoT is expected to fuel revenue growth. The company reported record Wi-Fi and cellular IoT shipments in 2025, and continued leadership in these areas supports market share gains.
- Diversification and Expansion into Smart Edge and Physical AI Markets: CEVA's focus on "Smart Edge" applications across diverse markets such as consumer, automotive, industrial, and infrastructure is a significant growth driver. The company is positioning itself for the "Physical AI era," where connectivity, sensing, and inference capabilities converge in physical devices, opening new market opportunities.
- Expanding Licensing Agreements and Royalty Pipeline: CEVA continues to sign new licensing agreements, including deals with Original Equipment Manufacturers (OEMs), which contribute directly to revenue. The company's growing royalty pipeline, with royalties expected to increase, especially from new NPU designs starting in 2027, will also be a key contributor to future revenue.
AI Analysis | Feedback
Share Repurchases
- In November 2024, CEVA's Board of Directors authorized the expansion of its share repurchase program with an additional 700,000 shares of common stock, bringing the aggregate available for repurchase to approximately 1,056,000 shares as of September 30, 2024.
- In November 2023, the Board authorized an expansion of the share repurchase program with an additional 700,000 shares, leading to approximately 844,000 shares available for repurchase as of September 30, 2023.
- During the third quarter of 2025, CEVA repurchased 40,295 shares for approximately $1 million, with year-to-date repurchases totaling about $7.2 million. In the second quarter of 2025, the company bought back 300,000 shares for approximately $6.2 million.
Share Issuance
- In November 2025, CEVA announced the pricing of a public offering of 3 million common shares at $19.50 per share, aiming to raise gross proceeds of approximately $58.5 million, with an option for underwriters to purchase an additional 450,000 shares. The primary purposes of this offering are to increase financial flexibility, obtain additional capital, and enhance public float.
- In the fourth quarter of 2025, a 3.5 million share offering contributed approximately $63 million in net proceeds, boosting the company's cash and equivalents.
Inbound Investments
- No significant inbound investments by third-parties, such as strategic partners or private equity firms, were explicitly detailed in the provided information over the last 3-5 years.
Outbound Investments
- CEVA intends to use the net proceeds from its November 2025 public offering to fund potential acquisitions of, or investments in, complementary technologies or businesses.
- The company's balance sheet strength was improved following the sale of Intrinsix, as noted in November 2023.
Capital Expenditures
- CEVA's capital expenditures were reported as $2.92 million in 2021, $2.96 million in 2022, $2.88 million in 2023, and $3.50 million in 2024.
- The company's liquid assets may be used for capital expenditures, among other general corporate purposes.
Peer Outperformance in Semiconductors
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| CEVA | CEVA | 2.2% | -70.1x | 3.2% | 46.0% | -35.1% | — |
| ADI | Analog Devices | 5.4% | 46.5x | 64.9% | 145.6% | 148.0% | +183pp |
| AMKR | Amkor Technology | 3.1% | 18.7x | 34.6% | 94.3% | 99.2% | +134pp |
| INTC | Intel | 1.9% | -40.6x | 142.8% | 156.1% | 79.1% | +114pp |
| TXN | Texas Instruments | 1.9% | 41.7x | 60.6% | 99.6% | 63.4% | +99pp |
| LSCC | Lattice Semiconductor | -0.7% | 391.1x | 47.7% | 40.1% | 53.5% | +89pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 36.8% | 137.1% | 236.8% | TTMI 598% · FLEX 546% · JBL 355% |
| Communications Equipment | 35 | 4.8% | 107.3% | 87.1% | AAOI 955% · LITE 874% · ANET 638% |
| Technology Distributors | 9 | 48.0% | 88.4% | 81.4% | AVT 170% · SNX 145% · CNXN 115% |
| Semiconductor Materials & Equipment | 27 | 53.9% | 64.7% | 70.9% | AXTI 514% · KLAC 432% · LRCX 388% |
| Electronic Components | 26 | 3.0% | 74.6% | 49.2% | CLS 3181% · BELFA 1172% · APH 328% |
| Semiconductors ← | 54 | 8.8% | 34.4% | 28.3% | MU 1238% · NVDA 868% · AVGO 613% |
| Technology Hardware, Storage & Peripherals | 21 | 14.9% | 84.0% | 15.0% | DELL 809% · STX 806% · SMCI 804% |
| Electronic Equipment & Instruments | 27 | -16.9% | 24.9% | -0.2% | PI 230% · OSIS 107% · KEYS 92% |
| Internet Services & Infrastructure | 6 | -1.0% | 42.9% | -5.1% | GDDY 53% · VRSN 44% · DOCN 8% |
| IT Consulting & Other Services | 28 | -28.2% | -8.2% | -19.9% | CHRN 396742% · APLD 431% · ADEA 140% |
| Application Software | 125 | -22.1% | -15.0% | -48.2% | PLTR 667% · FROG 150% · AGYS 107% |
| Systems Software | 69 | -15.6% | 15.4% | -51.6% | ZETA 290% · CRWD 219% · FTNT 159% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 196.47 |
| Mkt Cap | 48.0 |
| Rev LTM | 3,347 |
| Op Inc LTM | 655 |
| FCF LTM | 986 |
| FCF 3Y Avg | 826 |
| CFO LTM | 1,094 |
| CFO 3Y Avg | 915 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.9% |
| Rev Chg 3Y Avg | 10.2% |
| Rev Chg Q | 19.4% |
| QoQ Delta Rev Chg LTM | 4.6% |
| Op Inc Chg LTM | 15.0% |
| Op Inc Chg 3Y Avg | -0.0% |
| Op Mgn LTM | 17.2% |
| Op Mgn 3Y Avg | 21.6% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 29.7% |
| CFO/Rev 3Y Avg | 27.4% |
| FCF/Rev LTM | 26.1% |
| FCF/Rev 3Y Avg | 24.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Licensing of intellectual property (IP) to semiconductor companies and electronic equipment | 110 | 107 | 97 | 121 | |
| Connect (baseband for handset and other devices, Bluetooth, Wi-Fi and Narrowband Internet-of-Things | 87 | ||||
| Sense & Infer (sensor fusion, audio, sound, imaging, vision and Artificial Intelligence (AI)) | 27 | ||||
| Total | 110 | 107 | 97 | 121 | 114 |
Price Behavior
| Market Price | $27.50 | |
| Market Cap ($ Bil) | 0.8 | |
| First Trading Date | 11/01/2002 | |
| Distance from 52W High | -45.1% | |
| 50 Days | 200 Days | |
| DMA Price | $30.83 | $30.23 |
| DMA Trend | down | up |
| Distance from DMA | -10.8% | -9.0% |
| 3M | 1YR | |
| Volatility | 79.5% | 74.2% |
| Downside Capture | 476.23 | 362.42 |
| Upside Capture | 244.44 | 299.36 |
| Correlation (S&P 500) | 56.4% | 58.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.11 | 3.78 | 4.26 | 4.13 | 3.48 | 2.36 |
| Up Beta | 4.06 | 3.77 | 6.87 | 4.46 | 3.82 | 2.33 |
| Down Beta | 5.68 | 3.16 | 2.47 | 3.65 | 3.16 | 2.07 |
| Up Capture | 449% | 468% | 359% | 966% | 1232% | 4420% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 14 | 23 | 29 | 67 | 132 | 354 |
| Down Capture | -60% | 342% | 376% | 274% | 181% | 113% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 8 | 19 | 35 | 59 | 120 | 389 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CEVA | |
|---|---|---|---|---|
| CEVA | -6.7% | 74.2% | 0.22 | - |
| Sector ETF (XLK) | 29.7% | 26.4% | 0.95 | 71.4% |
| Equity (SPY) | 15.8% | 12.7% | 0.86 | 58.7% |
| Gold (GLD) | -1.4% | 29.4% | -0.05 | 24.0% |
| Commodities (DBC) | 52.4% | 20.7% | 1.92 | -4.9% |
| Real Estate (VNQ) | 4.8% | 13.7% | 0.09 | -1.2% |
| Bitcoin (BTCUSD) | -26.5% | 43.6% | -0.59 | 22.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CEVA | |
|---|---|---|---|---|
| CEVA | -7.9% | 57.4% | 0.08 | - |
| Sector ETF (XLK) | 20.2% | 26.0% | 0.69 | 64.7% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 57.4% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 16.9% |
| Commodities (DBC) | 9.9% | 19.5% | 0.39 | 9.0% |
| Real Estate (VNQ) | 1.6% | 18.8% | -0.02 | 31.4% |
| Bitcoin (BTCUSD) | 8.6% | 51.8% | 0.34 | 25.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CEVA | |
|---|---|---|---|---|
| CEVA | -2.4% | 52.7% | 0.16 | - |
| Sector ETF (XLK) | 23.9% | 25.0% | 0.86 | 61.7% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 55.0% |
| Gold (GLD) | 12.3% | 16.4% | 0.61 | 13.7% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 13.8% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 32.0% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 18.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | -17.5% | -13.9% | -27.0% |
| 5/11/2026 | -1.4% | -1.2% | 16.5% |
| 2/17/2026 | -9.8% | -17.2% | -18.4% |
| 11/10/2025 | -0.6% | -6.1% | -10.9% |
| 8/11/2025 | -1.8% | 7.3% | 5.2% |
| 5/7/2025 | -20.2% | -16.3% | -24.7% |
| 2/13/2025 | 10.2% | 15.3% | -2.7% |
| 11/7/2024 | 16.5% | 10.0% | 25.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 7 | 8 |
| # Negative | 15 | 17 | 16 |
| Median Positive | 8.0% | 10.0% | 10.8% |
| Median Negative | -9.8% | -6.4% | -9.6% |
| Max Positive | 21.4% | 34.7% | 41.4% |
| Max Negative | -20.2% | -19.3% | -27.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | -17.5% | -13.9% | -27.0% |
| 5/11/2026 | -1.4% | -1.2% | 16.5% |
| 2/17/2026 | -9.8% | -17.2% | -18.4% |
| 11/10/2025 | -0.6% | -6.1% | -10.9% |
| 8/11/2025 | -1.8% | 7.3% | 5.2% |
| 5/7/2025 | -20.2% | -16.3% | -24.7% |
| 2/13/2025 | 10.2% | 15.3% | -2.7% |
| 11/7/2024 | 16.5% | 10.0% | 25.7% |
| 8/7/2024 | 20.5% | 34.7% | 41.4% |
| 5/9/2024 | -4.3% | -3.6% | -5.2% |
| 2/14/2024 | 21.4% | 11.6% | 15.0% |
| 11/8/2023 | -3.6% | 7.7% | 5.4% |
| 8/9/2023 | -12.1% | -19.3% | -8.2% |
| 5/10/2023 | -14.5% | -14.4% | -0.8% |
| 2/15/2023 | 0.0% | -8.3% | -11.7% |
| 11/9/2022 | -11.1% | -1.0% | -7.1% |
| 8/9/2022 | -14.4% | -6.4% | -25.7% |
| 5/10/2022 | 2.0% | -1.5% | 6.7% |
| 2/15/2022 | 8.0% | 5.5% | 5.2% |
| 11/9/2021 | -7.5% | -2.1% | -5.7% |
| 8/9/2021 | -4.4% | -10.8% | -8.2% |
| 5/10/2021 | -18.7% | -18.1% | -15.2% |
| 2/16/2021 | 6.1% | -3.9% | -15.0% |
| 11/5/2020 | 2.6% | -3.8% | -4.6% |
| SUMMARY STATS | |||
| # Positive | 9 | 7 | 8 |
| # Negative | 15 | 17 | 16 |
| Median Positive | 8.0% | 10.0% | 10.8% |
| Median Negative | -9.8% | -6.4% | -9.6% |
| Max Positive | 21.4% | 34.7% | 41.4% |
| Max Negative | -20.2% | -19.3% | -27.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/07/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/07/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Insider Activity
Updated 5/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Liu, Jaclyn | Direct | Buy | 2232026 | 19.15 | 1,310 | 25,086 | 621,800 | Form | |
| 2 | Arieli, Yaniv | Chief Financial Officer | Direct | Buy | 2232026 | 19.34 | 2,500 | 48,350 | 3,049,357 | Form |
| 3 | Panush, Amir | Chief Executive Officer | Direct | Buy | 2232026 | 19.70 | 5,100 | 100,470 | 4,436,322 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Liu, Jaclyn | Direct | Buy | 2232026 | 19.15 | 1,310 | 25,086 | 621,800 | Form | |
| 2 | Arieli, Yaniv | Chief Financial Officer | Direct | Buy | 2232026 | 19.34 | 2,500 | 48,350 | 3,049,357 | Form |
| 3 | Panush, Amir | Chief Executive Officer | Direct | Buy | 2232026 | 19.70 | 5,100 | 100,470 | 4,436,322 | Form |
Investor Activity (13F)
Updated Oct 19, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
| Active Manager |
|---|
CEVA — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductors Resources |
| EE Times |
| Semiconductor Engineering |
| Semiconductor Digest |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.