MeritValue

CEVA INC

CEVAdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

CEVA INC earns about -0% on invested capital, but has diluted owners by 4% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$113.8M1$120.6M2$97.4M3$106.9M3$109.6M3
Net income$396,0004−$23.2M5−$11.9M6−$8.79M6−$10.6M6
Operating cash flow$25.8M7$6.92M8−$6.33M9$3.47M9−$3.36M9
Capital expenditure$2.19M10$3.5M11$2.88M12$2.96M12$2.92M12
Free cash flow (derived)$23.6M7$3.43M8−$9.22M9$516,0009−$6.28M9
Total debt—————
Cash & equivalents$32.6M13$20.1M14$23.3M15$18.5M15$40.6M15
Diluted shares23.3M23.2M23.5M23.6M24.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$138.49
your share of equity
Profit it earned you last year
−$4.38
Free cash flow it threw off
−$2.58
Debt you’d be carrying
—

10 shares is a claim on $138.49 of net worth that earned you −$4.38 and generated −$2.58 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 5y
FY21 2%FY22 1%FY23 -3%FY24 -1%FY25 -1%

It earned an average -0% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+4% shares · 5y

Share count is up 4% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-24-006970 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-25-005523 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-26-006091 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001437749-24-006970 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001437749-25-005523 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-26-006091 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001437749-24-006970 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001437749-25-005523 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001437749-26-006091 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001437749-24-006970 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001437749-25-005523 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001437749-26-006091 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-24-006970 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-25-005523 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-26-006091 (CashAndCashEquivalentsAtCarryingValue)