Ceragon Networks

CRNT

Communication Equipment · Technology

Price

$2.17

+0.00 (+0.00%)

Market Cap

$195.1M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+7.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 83.4M (2021) → 89.8M (2025)

Ceragon Networks Ltd. provides wireless backhaul and fronthaul solutions that enable cellular operators and other wireless service providers. Its solutions use microwave and millimeter wave radio technology to transfer telecommunication traffic between base stations, small/distributed cells, and the core of the service provider's network. The company also uses microwave technology for ultra-high speed, ultra-low latency communication for wireless 5G and 4G, 3G, and other cellular base stations.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-23.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-96.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$30M/ year

↓ Declining (-13% vs prior year)

9.0% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

11.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$38M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Ceragon Networks's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

33.6%

Modest — 33.6% gross margin

Operating Margin

2.1%

Thin — 2.1% operating margin

ROCE

0.8%

Weak — 0.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-14.1%

Shrinking sales (-14.1% YoY)

EPS YoY

-108.1%

Earnings shrinking (-108.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

5.1%

Thin free cash flow (5.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.21

Conservative — low debt load (0.21)

Interest Cover

0.91x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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