Ceragon Networks
CRNT on Nasdaq. Radio & tv broadcasting & communications equipment. Market value $199m.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $9.53 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 54 of 100. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.
$2.13 a share, 15% above its 1-year low
Over the past year the price has ranged from $1.85 to $3.29.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $291m | $295m | $347m | $394m | $339m |
| Operating margin | |||||
| Operating margin | 1.7% | -3.7% | 6.1% | 9.8% | 2.1% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.08bn | 0.08bn | 0.09bn | 0.09bn | 0.09bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsSlow, 5.2% a year
- Buying back its own sharesNo, 5% more shares since 2021
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 15 April 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
None of the long-term investors we follow own it. 78 funds in all.
Sold out this quarter
Largest holders overall
- First Wilshire Securities Management$12m
- CSM Advisors$6mAdded
- Arrowstreet Capital, Limited Partnership$4mAdded
- Private Advisor Group$4m
- Marshall Wace, LLP$3mAdded
- WealthTrust Axiom$2m
- Stanley-Laman Group$2mAdded
- Point72 Asset Management, L.P.$2mAdded
- KLCM Advisors$2m
- Acadian Asset Management$2mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Joseph D. SambergPassive investorat least 11.0%(filed with 1 related holder)Since 25 February 2025
What they said
Item 4 is hereby amended to add the following: The Reporting Persons acquired Ordinary Shares of the Issuer in the February Transactions as described in Item 5(c). On February 25, 2025, as a result of the February Transaction on that day, Mr. Samberg became the beneficial owner…
Read the filing - First Wilshire Securities Management, Inc.Passive investor5.3%Since 31 March 2026
- Zisapel MichaelPassive investorSold down below 5%Since 14 February 2025
| Holder | Stake | Since | |
|---|---|---|---|
Joseph D. Samberg Passive investor | at least 11.0% (filed with 1 related holder) | 25 February 2025 | What they saidItem 4 is hereby amended to add the following: The Reporting Persons acquired Ordinary Shares of the Issuer in the February Transactions as described in Item 5(c). On February 25, 2025, as a result of the February Transaction on that day, Mr. Samberg became the beneficial owner… Read the filing |
First Wilshire Securities Management, Inc. Passive investor | 5.3% | 31 March 2026 | |
Zisapel Michael Passive investor | Sold down below 5% | 14 February 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $32,618.
- Makov EfratDirectorSold
- Date
- 12 June 2026
- Shares
- 5,000
- Price
- $2.99
- Value
- $14,950
- Makov EfratDirectorSold
- Date
- 22 May 2026
- Shares
- 6,667
- Price
- $2.65
- Value
- $17,668
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 12 June 2026 | Makov Efrat Director | Sold | 5,000 | $2.99 | $14,950 |
| 22 May 2026 | Makov Efrat Director | Sold | 6,667 | $2.65 | $17,668 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
Ceragon Networks doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.