CEVA Inc Stock Research

Market Summary

USD30.59+0.88

Market Closed

2.96%

CEVA Alerts

Big fall in earnings (Y/Y)

CEVA Stock Price

CEVA RSI Chart

CEVA Valuation

Market Cap

710.2M

Price/Earnings (Trailing)

-30.63

Price/Sales (Trailing)

5.27

EV/EBITDA

-359.16

Price/Free Cashflow

207.35

CEVA Price/Sales (Trailing)

CEVA Profitability

Operating Margin

79.91%

EBT Margin

-3.79%

Return on Equity

-8.96%

Return on Assets

-7.52%

Free Cashflow Yield

0.48%

CEVA Fundamentals

CEVA Revenue

Revenue (TTM)

134.6M

Revenue Y/Y

-1.92%

Revenue Q/Q

-0.77%

CEVA Earnings

Earnings (TTM)

-23.2M

Earnings Y/Y

-49.97%

Earnings Q/Q

108.7%

Price Action

52 Week Range

23.7142.25

(Low)(High)

Last 7 days

-5.3%

Last 30 days

-13.3%

Last 90 days

5.0%

Trailing 12 Months

-20.7%

CEVA Financial Health

Current Ratio

5.34

CEVA Investor Care

Shares Dilution (1Y)

1.00%

Diluted EPS (TTM)

-1

Peers (Alternatives to CEVA)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
NVDA	629.8B	27.0B	11.20%	5.54%	144.19	23.35	0.22%	-55.21%
AVGO	265.4B	34.4B	4.15%	7.21%	23.09	7.71	20.74%	70.65%
TXN	161.7B	20.0B	-1.31%	3.38%	18.48	8.07	9.18%	12.61%
AMD	155.7B	23.6B	7.88%	-17.97%	117.97	6.6	43.61%	-58.25%
INTC	124.9B	63.1B	-0.49%	-34.58%	15.58	1.98	-20.21%	-59.66%
FSLR	22.0B	2.6B	21.50%	171.10%	-498.6	8.41	-10.40%	-109.42%
LSCC	12.7B	660.4M	8.09%	61.41%	71.08	19.25	28.14%	86.49%
MID-CAP
AMKR	6.2B	7.1B	-10.56%	13.59%	8.04	0.87	15.53%	19.10%
POWI	4.8B	651.1M	-1.79%	-5.91%	28.27	7.42	-7.41%	3.92%
SMALL-CAP
ICHR	874.5M	1.3B	-18.13%	-13.35%	12.01	0.68	16.70%	2.69%
SGH	785.5M	1.8B	-10.38%	-36.92%	15.09	0.43	8.07%	32.37%
CEVA	710.2M	134.6M	-13.31%	-20.71%	-30.63	5.27	9.73%	-5954.29%
AOSL	709.2M	794.4M	-14.88%	-47.69%	8.96	0.89	9.29%	-82.10%
MX	398.4M	337.7M	-11.62%	-43.15%	-49.57	1.18	-28.80%	-114.17%

Financials for CEVA

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-0.5%	135	135	134	132	123
Cost Of Revenue	-0.2%	27.00	27.00	24.00	21.00	17.00
Gross Profit	-0.6%	108	108	110	111	106
Operating Expenses	2.3%	113	110	107	106	102
S&GA Expenses	2.7%	13.00	13.00	12.00	12.00	13.00
R&D Expenses	2.1%	79.00	77.00	77.00	75.00	73.00
EBITDA	-263.1%	-1.92	1.00	7.00	10.00	-
EBITDA Margin	-263.9%	-0.01*	0.01*	0.05*	0.07*	-
Earnings Before Taxes	-166.6%	-5.11	-1.92	4.00	7.00	6.00
EBT Margin	-167.9%	-0.04*	-0.01*	0.03*	0.05*	-
Net Income	-9.1%	-23.18	-21.24	1.00	2.00	0.00
Net Income Margin	-9.7%	-0.17*	-0.16*	0.01*	0.02*	-
Free Cahsflow	-68.5%	3.00	11.00	16.00	18.00	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	4.6%	308	295	319	335	329
Current Assets	3.8%	178	171	174	197	189
Cash Equivalents	-27.9%	21.00	30.00	19.00	40.00	33.00
Net PPE	-3.7%	7.00	7.00	8.00	8.00	7.00
Goodwill	0%	75.00	75.00	75.00	75.00	75.00
Current Liabilities	18.6%	33.00	28.00	32.00	41.00	35.00
Shareholder's Equity	2.6%	259	252	274	278	277
Retained Earnings	6.4%	32.00	30.00	53.00	54.00	55.00
Additional Paid-In Capital	1.4%	243	239	237	236	235
Accumulated Depreciation	-	22.00	-	-	-	-
Shares Outstanding	0.1%	23.00	23.00	23.00	23.00	23.00

* denotes actual numbers (not divided by Millions)
Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-52.2%	7.00	14.00	19.00	20.00	26.00
Share Based Compensation	4.1%	15.00	14.00	14.00	13.00	13.00
Cashflow From Investing	1.9%	-15.12	-15.40	-24.74	-37.74	-16.71
Cashflow From Financing	0%	-3.31	-3.31	-1.07	3.00	3.00
Buy Backs	45.7%	7.00	5.00	0.00	0.00	-

Risks for CEVA

What is the probability of a big loss on CEVA?

100%

Probability that CEVA stock will be more than 20% underwater in next one year

83.5%

Probability that CEVA stock will be more than 30% underwater in next one year.

43.1%

Probability that CEVA stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does CEVA drawdown profile look like?

Y-axis is the maximum loss one would have experienced if CEVA was unfortunately bought at previous high price.

Drawdowns

Returns for CEVA

Cumulative Returns on CEVA

6.3%

10-Year Cumulative Returns

5.3%

7-Year Cumulative Returns

-5.3%

5-Year Cumulative Returns

6.9%

3-Year Cumulative Returns

What are the long-term rolling returns for CEVA?

FIve years rolling returns for CEVA.

Annualized Returns

Which funds bought or sold CEVA recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-15.08	-368,699	1,776,300	-%
2023-03-10	BAILLIE GIFFORD & CO	added	2.89	36,579	10,816,600	0.01%
2023-02-28	Voya Investment Management LLC	unchanged	-	-25,106	968,894	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	-3,000	150,000	-%
2023-02-21	MACQUARIE GROUP LTD	sold off	-	-15,000	-	-%
2023-02-16	HARBOUR INVESTMENTS, INC.	unchanged	-	-360	640	-%
2023-02-16	GHP Investment Advisors, Inc.	unchanged	-	-105	895	-%
2023-02-15	ALLIANCEBERNSTEIN L.P.	added	0.05	-16,204	665,796	-%
2023-02-15	MetLife Investment Management, LLC	unchanged	-	-8,169	328,831	-%
2023-02-15	State of Wyoming	reduced	-3.14	-2,747	44,253	0.01%

Latest Funds Activity

Are funds buying CEVA calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own CEVA

No. of Funds

CEVA Alerts

Big fall in earnings (Y/Y)

CEVA News

Schedule 13G FIlings of CEVA

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	11.38%	2,639,558	SC 13G/A
Jan 27, 2023	senvest management, llc	5.1%	1,177,226	SC 13G
Jan 26, 2023	blackrock inc.	17.1%	3,959,938	SC 13G/A
Jan 20, 2023	blackrock inc.	17.1%	3,959,938	SC 13G/A
Feb 11, 2022	lord, abbett & co. llc	3.78%	867,570	SC 13G/A
Feb 09, 2022	vanguard group inc	10.63%	2,441,408	SC 13G/A
Jan 28, 2022	blackrock inc.	16.2%	3,727,833	SC 13G/A
Feb 16, 2021	rice hall james & associates, llc	4.47%	993,898	SC 13G/A
Feb 12, 2021	lord, abbett & co. llc	5.46%	1,215,003	SC 13G
Feb 10, 2021	vanguard group inc	10.16%	2,260,590	SC 13G/A

CEVA Fair Value

CEVA fair value in different scenarios

The table shows the Fair Value estimates for CEVA for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	6.76 -77.90%	8.93 -70.81%	12.45 -59.30%	16.00 -47.70%	18.86 -38.35%
Current Inflation	6.23 -79.63%	8.11 -73.49%	11.09 -63.75%	14.09 -53.94%	16.49 -46.09%
Very High Inflation	5.56 -81.82%	7.10 -76.79%	9.48 -69.01%	11.85 -61.26%	13.74 -55.08%

Historical CEVA Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of CEVA

View All Filings

Date Filed	Form Type	Document
Mar 14, 2023	4	Insider Trading
Mar 09, 2023	4	Insider Trading
Mar 01, 2023	10-K	Annual Report
Feb 21, 2023	8-K	Current Report
Feb 21, 2023	4	Insider Trading
Feb 21, 2023	4	Insider Trading
Feb 21, 2023	4	Insider Trading
Feb 21, 2023	4	Insider Trading
Feb 16, 2023	4	Insider Trading
Feb 16, 2023	4	Insider Trading

Latest Insider Trading transactions for CEVA

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-13	Andrietti Bernadette	back to issuer	-270,864	29.7	-9,120	-
2023-03-08	Boukaya Michael	back to issuer	-281,628	31.3024	-8,997	chief operating officer
2023-02-17	Boukaya Michael	acquired	-	-	8,179	chief operating officer
2023-02-17	Arieli Yaniv	acquired	-	-	9,996	chief financial officer
2023-02-17	Panush Amir	acquired	-	-	14,541	chief executive officer
2023-02-17	Toquet Gweltaz	acquired	-	-	5,452	chief commercial officer
2023-02-14	Boukaya Michael	acquired	-	-	1,938	chief operating officer
2023-02-14	WERTHEIZER GIDEON	acquired	-	-	7,269	-
2023-02-14	Arieli Yaniv	acquired	-	-	2,423	chief financial officer
2023-01-01	Panush Amir	acquired	-	-	46,911	chief executive officer

About CEVA

Gideon Wertheizer

www.ceva-dsp.com

480

CEVA, Inc. operates as a licensor of wireless connectivity and smart sensing technologies to semiconductor and original equipment manufacturer (OEM) companies worldwide. It designs and licenses various digital signal processors, AI processors, wireless platforms, and complementary software for sensor fusion, image enhancement, computer vision, voice input, and artificial intelligence (AI). The company licenses a family of wireless connectivity and smart sensing technologies, and integrated IP solutions, including DSP-based platforms for 5G baseband processing in mobile, IoT, and infrastructure; imaging and computer vision for any camera-enabled devices; audio/voice/speech and ultra-low power always-on/sensing applications for multiple IoT markets; sensor fusion software and inertial measurement unit solutions for hearables, wearables, AR/VR, PC, robotics, remote controls, and IoT; and wireless IoT for Bluetooth, Wi-Fi 4/5/6/6E, Ultra-wideband (UWB), and NB-IoT. Its technologies are licensed to companies, which design, manufacture, market, and sell application-specific integrated circuits and application-specific standard products to mobile, consumer, automotive, robotics, industrial, aerospace and defense, and IoT companies for incorporation into various end products. The company delivers its DSP cores, platforms, and AI processors in the form of a hardware description language definition; and offers development platforms, software development kits, and software debug tools that facilitate system design, debug, and software development. The company licenses its technology through a direct sales force. The company was formerly known as ParthusCeva, Inc. and changed its name to CEVA, Inc. in December 2003. CEVA, Inc. was incorporated in 1999 and is headquartered in Rockville, Maryland.

CEVA Income Statement

2022-12-31

Consolidated Statements of Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Revenues	$ 134,648	$ 122,706	$ 100,326
Cost of revenues	27,052	16,827	10,749
Gross profit	107,596	105,879	89,577
Operating expenses:
Research and development, net	78,501	72,504	62,010
Sales and marketing	12,902	12,861	11,907
General and administrative	15,322	14,296	14,116
Amortization of intangible assets	2,724	2,710	2,307
Impairment of assets	3,556	0	0
Total operating expenses	113,005	102,371	90,340
Operating income (loss)	(5,409)	3,508	(763)
Financial income, net	2,812	197	3,284
Remeasurement of marketable equity securities	(2,511)	1,983	0
Income (loss) before taxes on income	(5,108)	5,688	2,521
Taxes on income	18,075	5,292	4,900
Net income (loss)	$ (23,183)	$ 396	$ (2,379)
Basic net income (loss) per share (in dollars per share)	$ (1.00)	$ 0.02	$ (0.11)
Diluted net income (loss) per share (in dollars per share)	$ (1.00)	$ 0.02	$ (0.11)
Weighted average shares used to compute net income (loss) per share (in thousands):
Basic (in shares)	23,172	22,819	22,107
Diluted (in shares)	23,172	23,251	22,107
License [Member]
Revenues:
Revenues	$ 89,259	$ 72,827	$ 52,513
Royalty [Member]
Revenues:
Revenues	$ 45,389	$ 49,879	$ 47,813

CEVA Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 21,285	$ 33,153
Short-term bank deposits	6,114	31,410
Marketable securities	112,080	90,298
Trade receivables (net of allowance for credit losses of $288 and $313 at December 31, 2021 and December 31, 2022, respectively)	31,250	27,449
Prepaid expenses and other current assets	6,896	6,670
Total current assets	177,625	188,980
Long-term assets:
Bank deposits	8,205	0
Severance pay fund	8,475	10,175
Deferred tax assets, net	8,599	15,850
Property and equipment, net	7,099	6,765
Operating lease right-of-use assets	10,283	8,827
Goodwill	74,777	74,777
Intangible assets, net	6,680	14,607
Investments in marketable equity securities	408	2,919
Other long-term assets	6,291	5,759
Total long-term assets	130,817	139,679
Total assets	308,442	328,659
Current liabilities:
Trade payables	1,995	1,464
Deferred revenues	3,168	8,661
Accrued expenses and other payables	6,660	4,030
Accrued payroll and related benefits	18,473	18,011
Operating lease liabilities	2,982	3,274
Total current liabilities	33,278	35,440
Long-term liabilities:
Accrued severance pay	9,064	10,551
Operating lease liabilities	6,703	5,130
Other accrued liabilities	526	806
Total long-term liabilities	16,293	16,487
Stockholders’ equity:
$0.001 par value: 5,000,000 shares authorized; none issued and outstanding	0	0
$0.001 par value: 45,000,000 shares authorized; 23,595,160 shares issued at December 31, 2021 and 2022; 22,984,552 and 23,215,439 shares outstanding at December 31, 2021 and 2022, respectively	23	23
Additional paid in-capital	242,841	235,386
Treasury stock at cost (610,608 and 379,721 shares of common stock at December 31, 2021 and 2022, respectively)	(9,904)	(13,790)
Accumulated other comprehensive loss	(6,249)	(372)
Retained earnings	32,160	55,485
Total stockholders’ equity	258,871	276,732
Total liabilities and stockholders’ equity	$ 308,442	$ 328,659