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CEVA, Ceva, Inc.

Software asset-light UnprofitableNet current asset value

We are the leader in silicon and software intellectual property enabling Physical AI - the intelligence embedded directly into billions of devices that connect, sense, and infer data in the real world.

While traditional Edge AI focuses on local inference on devices, Physical AI unifies connectivity, sensing, and inference into a cohesive technology fabric.

As Physical AI adoption accelerates across markets, these foundational layers are becoming essential for next generation consumer, automotive, industrial, and mobile systems.

Latest annual: FY2025 10-K

CEVA · Ceva, Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$110M

+2.5% YoY · 2% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $112M 5-yr avg $110M

Gross margin 87% 5-yr avg 88%

Operating margin −10.7% 5-yr avg −4.4%

ROIC −3% 5-yr avg −1%

Owner-earnings margin −4% 5-yr avg 2%

Free cash flow margin −5% 5-yr avg 2%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Connectivity Products (75%) and Smart Sensing Products (25%).
Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
What moves the needle: Operating margin has reached 20% at its best but run negative through the cycle (median −1.6%) on a 88% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Stock-based pay runs about 12% of sales, a real and recurring claim on owners that the GAAP margin understates. Read this kind of business on retention and the cost of growth. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −0%, above 15% in 0 of 10 years). The steadier read is owner earnings: roughly 7% of revenue reaches owners as cash, though it swings. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Connectivity Products is 75% of revenue, with Smart Sensing Products the other meaningful segment at 25%.

Revenue by reportable segment, FY2025

Connectivity Products75%$82M
Smart Sensing Products25%$28M

By geographyAsia Pacific77%United States18%Europe and Middle East6%Other0%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$73M	$88M	$78M	$87M	$100M	$114M	$121M	$97M	$107M	$110M	$112M	RevenueRevenue
92%	92%	90%	88%	89%	91%	87%	88%	88%	87%	87%	Gross marginGross mgn
12%	12%	13%	14%	14%	11%	12%	15%	16%	17%	17%	SG&A / revenueSG&A/rev
42%	46%	61%	61%	62%	61%	58%	75%	67%	68%	69%	R&D / revenueR&D/rev
$14M	$16M	($1M)	($2M)	($763K)	$7M	$4M	($13M)	($8M)	($11M)	($12M)	Operating incomeOp. inc.
19.8%	18.1%	−1.6%	−2.2%	−0.8%	6.2%	3.2%	−13.8%	−7.1%	−10.4%	−10.7%	Operating marginOp. mgn
$13M	$17M	$574K	$28K	($2M)	$396K	($23M)	($12M)	($9M)	($11M)	($12M)	Net incomeNet inc.
20%	10%	56%	—	—	—	—	—	—	—	—	Effective tax rateTax rate
											Cash flow & returns
$14M	$24M	$9M	$10M	$15M	$26M	$7M	($6M)	$3M	($3M)	($837K)	Operating cash flowOp. cash
$1M	$2M	$3M	$3M	$3M	$3M	$3M	$3M	$3M	$3M	$3M	DepreciationDeprec.
($6M)	($3M)	($5M)	($4M)	$673K	$9M	$12M	($14M)	($6M)	($16M)	($13M)	Working capital & otherWC & other
$2M	$4M	$3M	$3M	$3M	$2M	$3M	$3M	$3M	$3M	$5M	CapexCapex
3.3%	4.7%	4.3%	4.0%	2.9%	1.9%	2.9%	3.0%	2.8%	2.7%	4.4%	Capex / revenueCapex/rev
$13M	$22M	$5M	$6M	$12M	$24M	$3M	($9M)	$516K	($6M)	($4M)	Owner earningsOwner earn.
18.0%	25.7%	6.8%	7.1%	12.2%	20.7%	2.8%	−9.5%	0.5%	−5.7%	−3.8%	Owner earnings marginOE mgn
$12M	$20M	$5M	$6M	$12M	$24M	$3M	($9M)	$516K	($6M)	($6M)	Free cash flowFCF
16.6%	23.2%	6.8%	7.1%	12.2%	20.7%	2.8%	−9.5%	0.5%	−5.7%	−5.1%	Free cash flow marginFCF mgn
—	—	$0	$11M	$0	$30M	$0	$4M	$0	$0	$0	AcquisitionsAcquis.
$3M	$0	$20M	$9M	$5M	$0	$7M	$6M	$8M	$7M	—	BuybacksBuybacks
6%	6%	-0%	-0%	-0%	1%	1%	-4%	-2%	-3%	-3%	ROICROIC
6%	7%	0%	0%	-1%	0%	-9%	-4%	-3%	-3%	-3%	Return on equityROE
6%	7%	0%	0%	−1%	0%	−9%	−4%	−3%	−3%	−3%	Retained to equityRetained/eq
											Balance sheet
$18M	$22M	$22M	$23M	$21M	$36M	$21M	$24M	$19M	$41M	$22M	Cash & investmentsCash+inv
$15M	$16M	$26M	$28M	$31M	$27M	$30M	$30M	$37M	$49M	$49M	ReceivablesReceiv.
$571K	$392K	$632K	$701K	$894K	$1M	$2M	$1M	$1M	$2M	$2M	Accounts payablePayables
$14M	$16M	$26M	$28M	$30M	$26M	$28M	$29M	$36M	$47M	$47M	Operating working capitalOper. WC
$145M	$159M	$177M	$179M	$168M	$189M	$178M	$209M	$216M	$285M	$281M	Current assetsCur. assets
$23M	$23M	$22M	$26M	$28M	$35M	$33M	$27M	$31M	$29M	$27M	Current liabilitiesCur. liab.
6.4×	7.0×	8.2×	6.8×	5.9×	5.3×	5.3×	7.8×	7.1×	9.9×	10.3×	Current ratioCurr. ratio
$47M	$47M	$47M	$51M	$51M	$75M	$57M	$58M	$58M	$58M	$58M	GoodwillGoodwill
$242M	$277M	$277M	$297M	$307M	$329M	$308M	$304M	$309M	$388M	$388M	Total assetsAssets
($18M)	($22M)	($22M)	($23M)	($21M)	($36M)	($21M)	($24M)	($19M)	($41M)	($22M)	Net debt / (cash)Net debt
$212M	$245M	$246M	$251M	$261M	$277M	$259M	$264M	$267M	$336M	$338M	Shareholders’ equityEquity
8.6%	9.9%	13.3%	12.3%	13.6%	11.5%	12.0%	16.6%	14.6%	18.1%	18.5%	Stock comp / revenueSBC/rev
											Per share
21.6M	22.6M	22.5M	22.3M	22.1M	23.3M	23.2M	23.5M	23.6M	24.3M	27.7M	Shares out (diluted)Shares
$3.37	$3.88	$3.46	$3.90	$4.54	$4.90	$5.20	$4.15	$4.53	$4.51	$4.06	Revenue / shareRev/sh
$0.61	$0.75	$0.03	$0.00	$-0.11	$0.02	$-1.00	$-0.51	$-0.37	$-0.44	$-0.43	EPS (diluted)EPS
$0.61	$1.00	$0.24	$0.28	$0.55	$1.02	$0.15	$-0.39	$0.02	$-0.26	$-0.16	Owner earnings / shareOE/sh
$0.56	$0.90	$0.24	$0.28	$0.55	$1.02	$0.15	$-0.39	$0.02	$-0.26	$-0.21	Free cash flow / shareFCF/sh
$0.11	$0.18	$0.15	$0.16	$0.13	$0.09	$0.15	$0.12	$0.13	$0.12	$0.18	Cap. spending / shareCapex/sh
$9.81	$10.84	$10.93	$11.25	$11.80	$11.90	$11.17	$11.26	$11.29	$13.85	$12.22	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+3.3%/yr	−0.1%/yr
Capital spending / share	+0.9%/yr	−2.0%/yr
Book value / share	+3.9%/yr	+3.3%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

24Mpeak FY2025

ROIC

−3%low FY2023

Gross margin

87%low FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($6M)owner earningsvs.($11M)net incomelow FY2023

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2024

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $11M loss into ($6M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($11M)	($9M)	($12M)	($23M)	$396K
Depreciation & amortizationnon-cash charge added back	+$3M	+$3M	+$3M	+$3M	+$3M
Stock-based compensationreal costnon-cash, but a real cost	+$20M	+$16M	+$16M	+$15M	+$13M
Working capital & othertiming of cash in and out, other non-cash items	−$16M	−$6M	−$14M	+$12M	+$9M
Cash from operations	($3M)	$3M	($6M)	$7M	$26M
Capital expenditurecash put back in to keep running and to grow	−$3M	−$3M	−$3M	−$3M	−$2M
Owner earnings	($6M)	$516K	($9M)	$3M	$24M
Owner-earnings marginowner earnings ÷ revenue	-6%	0%	-9%	3%	21%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $20M), owner earnings is nearer ($26M).

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? +$41M

Net cash, debt-free

Cash $41M + ST investments $312K − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $41M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 109d

Long (60+ days)

DSO 164 + DIO 7 − DPO 62 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median -57%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin 7%

Solid through the cycle

10-yr median margin, range -9%–26%; latest ($6M) = operating cash ($3M) − maintenance capex $3M

Industry peers: median -28%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -6% of revenue this year, a 7% median across 10 years. Treating stock comp as the real expense it is (less $20M of SBC) leaves ($26M).
Are earnings backed by cash? ($3M)

Loss, and burning cash

Net income ($11M) · cash from operations ($3M)

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 0.85×

Maintaining

Capex $3M ÷ depreciation $3M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $110M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 9.93×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Earnings stability Miss

A profit every year (10-yr record) · 5 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −202%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.37/share (latest year $-0.38), the averaged base the calculator's gate runs on, and book value is $12.08/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 5 of 10

What this means
Lost money in 5 year(s), look at what happened there before trusting the average.
Operating margin 12% → −10% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about 12% early to −10% lately, median −2% — competition or costs are biting in.
Worst year 2023 · −13.8% op. margin

What this means
Operations went underwater in 2023, understand why before trusting the good years.
Share count +1.3%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Elevated contestability

The product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“If we fail to anticipate or respond to changes in AI compute requirements, including higher-performance and generative AI use cases across PCs, smartphones, automotive and edge infrastructure applications, our competitiveness could be adversely affected.”

AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$281M

Cash & short-term investments$22M
Receivables$49M
Inventory$272K
Other current assets$210M

Current liabilities$27M

Accounts payable$2M
Other current liabilities$25M

Current ratio10.26×all current assets ÷ what's due · Graham looked for 2×

Quick ratio10.25×stricter: inventory excluded

Cash ratio0.79×strictest: cash alone against what's due

Working capital$253Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+11.5%the freshest read on whether the business is still growing

Current ratio, recent quarters8.3× → 10.3×

Deeper floors

Tangible book value$279Mequity stripped of goodwill & intangibles

Debt incl. operating leases$17M$17M of it operating leases

Deferred revenue$3Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $99M of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$31M · 31%
Buybacks$66M · 67%
Retained (debt / cash)$2M · 2%

Returned to owners$66M
92% of the owner earnings the business produced over the span, $0 as dividends and $66M as buybacks.
Average price paid for buybacks$27.32
Across the years where the filing reports a share count, 1M shares were bought for $33M, about $27.32 each. Year to year the price paid ranged from $18.98 (2016) to $30.51 (2018), and 2018, near the top of that range, was also its heaviest buyback year ($20M).
Net change in share count28.3%
The diluted count rose from 22M to 28M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Owner earnings
2021	$2.9M	$5.2M	$24M
2022	$2.1M	$1.4M	$3M
2023	$3.9M	$2.4M	($9M)
2023	$3.9M	$2.4M	($9M)
2024	$2.7M	$4.6M	$516K
2025	$4.7M	$1.8M	($6M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership3.1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$20M
The slice of the business handed to employees in shares this year, 18% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Ceva, Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

3 of the 4 tests turned up something to look into; the other 1 came back clean.

Look hereIs it less profitable than it was?−4.9% vs 16.8%
The owner-earnings margin averaged 16.8% early in the record and −4.9% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid the share count rise anyway?28.3%
Diluted shares grew 28.3% over 2016–2025, even as the company spent $66M on buybacks. The repurchases were a treadmill: stock issued to staff outran them, so owners' slice still shrank. Read the buyback line beside this one, not on its own.
Look hereDid receivables and inventory outpace sales?21% → 43% of sales
Receivables and inventory grew from $15M to $49M while revenue grew 55%: working capital is climbing faster than sales (21% of revenue then, 43% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Software

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
NXDRNextdoor Holdings Inc.	$258M	83%	-55.8%	-24%	-28%
BLZEBackblaze Inc.	$146M	52%	-32.1%	-88%	1%
BBAIBigBear.ai Inc.	$128M	25%	-62.6%	-31%	-19%
BLNDBlend Labs Inc.	$124M	64%	-84.1%	-57%	-69%
CEVACeva, Inc.	$110M	89%	-1.2%	-0%	7%
RUMRumble Inc.	$101M	—	-125.9%	-322%	-86%
GLOOGloo Holdings Inc.	$95M	—	-209.1%	-76%	-196%
RDVTRed Violet Inc. Common Stock	$90M	—	-3.0%	-3%	20%
Group median	—	64%	-59.2%	-44%	-24%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Ceva, Inc. has delivered.

Ceva, Inc.’s latest year shows negative owner earnings, below the record’s own through-cycle owner earnings. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Ceva, Inc. earns about $8M on its 7.0% median owner-earnings margin. This year’s −5.7% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($8M) Net of stock comp (−$21M) Steady-state · maintenance capex (($4M))

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow ($6M) on 28M shares outstanding, per the 10-Q cover, as of 2026-05-05; net cash $22M. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($5M) runs well above depreciation ($3M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about ($4M), the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CEVA against another business →

The owners of CEVA: the meeting and the votes →

Cite: Owner Scorecard, "Ceva, Inc. (CEVA), the owner's record," https://ownerscorecard.com/c/CEVA, data as of 2026-07-09.

Manual order: ← CERT its page in the Manual CF →

Industry order: ← CERT the Software chapter CFLT →