CEVA, Inc. (CEVA) · 10+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	83.49	26.49	-3.13	23.07	37.96	36.48	0.98	0.04	-3.97	0.7	-52.87	-45.36
Return on Assets (%)	5.7	6.65	9.15	6.29	3.12	-0.39	2.99	5.76	6.56	0.21	0.01	-0.79	0.12	-7.28	-3.88
Return on Capital (%)	-35.95	-91.61	3,423.03	90.21	31.82	-4.86	26.54	40.42	38.76	1.57	0.06	-4.02	0.78	-47.12	- -
Return on Invested Capital (%)	2.95	6.06	8.65	5.38	2.18	-0.32	2.92	5.74	6.25	-0.22	-0.02	0.27	0.66	-8.89	- -
Gross Margin (%)	89.3	91.73	94.09	92.64	89.44	90.16	90.88	91.62	92.05	89.79	88.4	89.29	90.88	87.45	88.04
EBITDA Margin (%)	14.19	23.16	31.65	24.02	11.1	5.63	14.57	23.43	21.85	3.74	3.84	5.04	12.32	12.45	-8.81
Operating Margin (%)	12.92	21.99	30.81	23.04	9.73	2.88	10.61	19.8	18.14	-1.6	-2.21	-0.76	6.18	6.18	-13.82
Incremental Operating Margin (%)	-169.81	76.1	56.67	94.39	159.26	-172.8	55.8	61.38	10.01	- -	- -	- -	57.77	6.1	- -
Pretax Margin (%)	27.89	26.65	35.64	29.34	15.28	4	12.41	22.61	21.6	1.67	1.57	2.51	8.1	3.48	-8.42
Profit Margin (%)	21.7	25.33	30.81	25.5	13.67	-1.61	10.53	18.03	19.46	0.74	0.03	-2.37	0.35	-19.23	-12.19
Net Income to Common Margin (%)	21.7	25.33	30.81	25.5	13.67	-1.61	10.53	18.03	19.46	0.74	0.03	-2.37	0.35	-19.23	-12.19
Effective Tax Rate (%)	22.22	4.94	13.54	13.09	10.54	140.29	15.09	20.24	9.9	55.95	97.95	194.37	74	430.66	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	83.49	26.49	-3.13	23.07	37.96	36.48	0.98	0.04	-3.97	0.7	-52.87	-45.36

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11	9	8	8	6
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	3	3	3	3
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	8	6	5	5	4
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.19	1.73	0.6	0.53	-0.75
Net Debt/EBITDA	-9.56	-4.03	-0.78	-1.43	-4.44	-5.65	-2.18	-1.08	-1.14	-7.64	-6.82	-4.18	-2.36	-1.34	2.71
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-5.54	-11.46	1.19	1.06	-0.48
Net Debt/EBIT	-10.49	-4.24	-0.81	-1.49	-5.07	-11.06	-3	-1.28	-1.37	17.88	11.85	27.71	-4.71	-2.7	1.73
EBITDA to Interest Expense	- -	6.49	9.22	10.18	3.61	2.55	7.8	16	16.22	3.77	6.04	11.39	33.39	37.82	- -
EBITDA-CapEx/Interest Expense	- -	6.03	9.03	9.64	3.02	1.29	5.84	13.75	12.71	-3.06	-13.5	4.78	28.17	29	- -
EBIT to Interest Expense	- -	6.16	8.98	9.76	3.16	1.3	5.68	13.52	13.46	-1.61	-3.47	-1.72	16.76	18.77	- -
Interest Expense	- -	2	2	1	2	1	1	1	1	1	1	- -	- -	- -	- -
Common Equity/Total Assets	-12.53	-4.66	4.51	10.59	12.98	11.96	13.9	16.27	19.47	22.68	21.02	18.69	16.89	10.43	6.64
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.29	2.21	1.85	2.01	1.49
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.32	8.73	8.03	12.99	14.8
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.79	1.88	1.56	1.69	1.3
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.25	3.35	3.04	3.05	2.44
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	14.59	13.22	13.15	19.68	24.23
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.59	2.85	2.56	2.56	2.12
Net Debt to Equity	-37.5	-24.87	-7.44	-9.4	-12.63	-9.03	-10.16	-8.7	-8.89	-9.05	-9.08	-8.1	-11.98	-7.77	-8.81
Net Debt/Capital (%)	72.81	82.83	294.49	-410.75	-699.25	-187.95	-177.4	-87.41	-67.6	-54.81	-45.32	-47.02	-107.78	-100.81	-693.27
EBITDA	5	10	19	13	5	3	9	17	19	3	3	5	14	15	-9
EBITDA-CapEx	5	10	19	12	5	1	6	15	15	-2	-7	2	12	12	-11
Operating Income (Loss)	5	10	19	12	5	1	6	14	16	-1	-2	-1	7	7	-13

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	8.48	9.15	11.05	9.57	9.49	5.07	5.16	5.6	6.09	6.71	5.48	4.62	4.37	4.16	6.19
Current Ratio	9.53	10.08	11.82	10.32	10.27	5.69	5.59	6.4	6.98	8.15	6.77	5.95	5.33	5.34	7.79
Quick Ratio	8.98	9.62	11.59	10.07	9.93	5.49	5.37	6.27	6.81	7.91	6.55	5.73	5.14	5.05	7.32
CFO/Avg Current Liab	0.5	1.33	2.14	1.39	0.97	0.53	0.99	0.7	1.08	0.39	0.4	0.56	0.81	0.2	-0.21
Common Equity/Total Assets	-12.53	-4.66	4.51	10.59	12.98	11.96	13.9	16.27	19.47	22.68	21.02	18.69	16.89	10.43	6.64
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.29	2.21	1.85	2.01	1.49
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.32	8.73	8.03	12.99	14.8
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.79	1.88	1.56	1.69	1.3
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.25	3.35	3.04	3.05	2.44
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	14.59	13.22	13.15	19.68	24.23
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.59	2.85	2.56	2.56	2.12
CFO/Total Liabilities	36.76	89.66	148.64	91.9	63.96	32.58	72.98	46.73	76.13	27.44	21.09	32.92	49.69	13.97	-15.93
CFO/CapEx	16.33	22.34	68.91	27.31	15.33	6.43	8.87	6.06	5.92	1.63	0.89	5.17	11.77	1.98	-2.2
Altman's Z-Score	10.88	16.6	24.8	11.68	10.41	9.12	12.43	15.65	20	10.84	9.25	14.25	13.36	8.54	9.46

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	6.76	7.55	10.93	9.46	8.25	7.27	9.59	7.6	5.55	3.65	3.2	3.37	3.88	4.21	3.24
Days Sales Outstanding	54.01	48.36	33.39	38.58	44.27	50.2	38.08	48.01	65.77	99.95	114.05	108.29	94.07	86.69	112.66
Inventory Turnover	- -	- -	- -	19.61	10.43	9.21	21.74	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	18.61	34.99	39.64	16.79	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	7.19	6.48	5.95	4.96	4.73	5.04	6.33	9.63	14.44	15.53	15.16	13.48	8.8	9.11	7.73
Accounts Payable Turnover Days	50.76	56.34	61.33	73.59	77.17	72.41	57.7	37.9	25.28	23.5	24.07	27.08	41.47	40.08	47.21
Cash Conversion Cycle	3.26	-7.98	-27.94	-16.39	2.09	17.43	-2.83	10.1	40.5	76.44	89.98	81.21	52.6	46.61	65.45
Inventory to Cash Days	54.01	48.36	33.39	19.97	9.27	10.56	21.29	48.01	65.77	99.95	114.05	108.29	94.07	86.69	112.66
Inventories	- -	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	262	461	703	341	319	364	488	721	983	487	591	986	1,012	585	545
- Cash & Cash Equivalents	52	42	15	18	24	16	19	18	22	22	23	21	33	20	23
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11	9	8	8	6
Enterprise Value	162	345	564	206	184	263	390	595	844	341	457	865	865	454	385
Total Capital	-19	-9	10	23	28	25	30	39	54	63	73	66	64	40	27
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	14.59	13.22	13.15	19.68	24.23
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.02	0.01	0.01	0.02	0.02
EV/Sales	4.2	7.69	9.36	3.84	3.77	5.17	6.56	8.18	9.64	4.38	5.25	8.62	7.6	3.77	3.95
EV/EBITDA	29.63	33.19	29.58	16	33.94	91.75	45.02	34.94	44.13	117.21	136.77	170.93	61.68	30.26	- -
EV/EBIT	32.54	34.97	30.39	16.68	38.72	179.68	61.83	41.33	53.17	- -	- -	- -	122.89	60.97	- -
EV/Cash Flow to Firm	26.91	19.41	19.54	10.46	12.24	30.34	19.2	38.85	33.06	38.12	47.23	58.64	33.39	80.97	- -
EV/Free Cash Flow to Firm	25.36	18.65	19.28	10.11	11.56	26.08	17.34	33.61	28.45	23.98	22.3	48.9	30.78	49.87	- -
Diluted Market Cap	262	459	722	359	338	371	499	731	1,042	497	605	979	1,023	584	546
Diluted Enterprise Value	210	417	707	341	314	355	480	713	1,021	475	592	967	999	571	529
EV per Share	7.92	15.33	23.96	9.3	8.7	12.97	19.01	27.95	39.67	15.47	20.95	38.84	37.64	19.57	16.41
TTM Sales	38	45	60	54	49	51	59	73	88	78	87	100	114	121	97
TTM EBITDA	5	10	19	13	5	3	9	17	19	3	3	5	14	15	-9
TTM Operating Income	5	10	19	12	5	1	6	14	16	-1	-2	-1	7	7	-13
TTM Cash Flow to Firm	6	18	29	20	15	9	20	15	26	9	10	15	26	6	-6
TTM Free Cash Flow to Firm	6	19	29	20	16	10	23	18	30	14	21	18	28	9	-3

Multiples	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	30.33	38.23	37.3	25.62	49.55	- -	77.71	53.96	59.07	847.58	21,211.38	- -	2,536.02	- -	- -
Price/Earnings Average	20.57	26.34	34.28	31.51	53.99	-398.21	67.22	43.39	52.62	1,245.05	21,187.51	-327.12	2,864.22	-33.25	-49.51
Price/Earnings High	30.29	43.91	41.73	49.46	68.48	-467.08	83.56	56.58	64.18	1,859.84	25,441.12	-416.49	4,206.53	-43.72	-68.84
Price/Earnings Low	12.14	20.02	26.43	21.91	45.14	-319.02	55.49	27.71	41.36	792.3	16,864.14	-195.61	2,362	-24.15	-32.92
Price/Book Value	-13.47	-53.08	71.23	14.9	11.56	14.7	16.51	18.28	18.24	7.75	9.47	17.19	18.22	18.17	26.98
Price/Book Value Average	-9.13	-36.56	65.46	18.32	12.6	12.93	14.28	14.7	16.25	11.38	9.46	13.66	20.58	23.99	29.07
Price/Book Value High	-13.45	-60.96	79.7	28.76	15.98	15.17	17.75	19.17	19.81	17	11.36	17.39	30.23	31.55	40.43
Price/Book Value Low	-5.39	-27.8	50.47	12.74	10.53	10.36	11.79	9.39	12.77	7.24	7.53	8.17	16.97	17.43	19.33
Price/Tangible Book Value	2.56	3.49	4.28	2.14	2.06	2.87	3.61	4.45	5.01	2.48	3.17	4.95	5.4	2.93	2.68
Price/Tangible Book Value Average	1.73	2.41	3.93	2.63	2.25	2.52	3.12	3.58	4.46	3.64	3.16	3.94	6.1	3.87	2.89
Price/Tangible Book Value High	2.55	4.01	4.79	4.13	2.85	2.96	3.88	4.67	5.44	5.44	3.8	5.01	8.96	5.09	4.02
Price/Tangible Book Value Low	1.02	1.83	3.03	1.83	1.88	2.02	2.58	2.29	3.51	2.32	2.52	2.35	5.03	2.81	1.92
Price/Sales	6.58	9.69	11.49	6.53	6.77	7.3	8.19	9.73	11.49	6.25	6.81	9.76	8.82	4.84	5.6
Price/Sales Average	4.46	6.67	10.56	8.03	7.38	6.42	7.08	7.82	10.24	9.18	6.81	7.76	9.96	6.39	6.04
Price/Sales High	6.57	11.12	12.86	12.61	9.36	7.53	8.8	10.2	12.49	13.71	8.17	9.88	14.63	8.41	8.39
Price/Sales Low	2.63	5.07	8.14	5.59	6.17	5.14	5.84	5	8.05	5.84	5.42	4.64	8.22	4.64	4.01
Price/Cash Flow	42.13	26.75	25.57	18.83	24.17	40.71	25.13	48.88	41.11	56.49	61.39	64.57	38.92	84.3	-86.21
Price/Cash Flow Average	28.57	18.42	23.5	23.15	26.33	35.8	21.74	39.31	36.62	82.98	61.32	51.32	43.96	111.32	-92.89
Price/Cash Flow High	42.07	30.72	28.6	36.34	33.4	42	27.02	51.26	44.66	123.96	73.64	65.35	64.56	146.38	-129.16
Price/Cash Flow Low	16.87	14.01	18.11	16.1	22.01	28.68	17.94	25.11	28.78	52.81	48.81	30.69	36.25	80.85	-61.76
Price/Free Cash Flow	41.1	27.02	26.27	18.61	23.16	35.23	23.15	43.4	36.44	35.77	29.49	54.1	36.55	56	-158.33
Price/Free Cash Flow Average	27.87	18.61	24.14	22.88	25.23	30.99	20.02	34.9	32.46	52.54	29.46	43	41.28	73.95	-170.61
Price/Free Cash Flow High	41.03	31.03	29.39	35.92	32	36.35	24.89	45.51	39.59	78.49	35.37	54.75	60.63	97.24	-237.22
Price/Free Cash Flow Low	16.45	14.15	18.61	15.91	21.09	24.82	16.53	22.29	25.52	33.44	23.45	25.71	34.04	53.71	-113.43
EV/Sales	4.2	7.69	9.36	3.84	3.77	5.17	6.56	8.18	9.64	4.38	5.25	8.62	7.6	3.77	3.95
EV/Sales Average	3.27	6.14	10.48	7.47	6.61	5.99	6.78	7.73	9.76	8.9	6.64	7.69	9.82	6.3	5.85
EV/Sales High	5.45	10.86	12.82	11.93	8.52	7.08	8.51	10.16	11.96	13.44	8	9.82	14.52	8.32	8.21
EV/Sales Low	1.37	4.44	8.03	5.09	5.45	4.73	5.54	4.84	7.62	5.56	5.26	4.55	8.06	4.55	3.83
EV/EBITDA	29.63	33.19	29.58	16	33.94	91.75	45.02	34.94	44.13	117.21	136.77	170.93	61.68	30.26	- -
EV/EBITDA Average	23.04	26.5	33.12	31.12	59.54	106.22	46.54	32.99	44.65	238.11	172.97	152.48	79.7	50.62	-66.42
EV/EBITDA High	38.43	46.88	40.5	49.67	76.71	125.57	58.38	43.35	54.71	359.46	208.43	194.81	117.87	66.82	-93.12
EV/EBITDA Low	9.68	19.18	25.36	21.2	49.05	83.98	38.04	20.68	34.85	148.74	136.94	90.19	65.41	36.54	-43.51
EV/EBIT	32.54	34.97	30.39	16.68	38.72	179.68	61.83	41.33	53.17	- -	- -	- -	122.89	60.97	- -
EV/EBIT Average	25.3	27.92	34.03	32.44	67.92	208.02	63.91	39.04	53.79	-556.92	-300.73	-1,010.79	158.77	101.98	-42.34
EV/EBIT High	42.2	49.39	41.6	51.78	87.51	245.9	80.17	51.29	65.91	-840.76	-362.37	-1,291.4	234.82	134.62	-59.36
EV/EBIT Low	10.63	20.21	26.05	22.1	55.95	164.45	52.23	24.47	41.99	-347.9	-238.08	-597.89	130.31	73.62	-27.73
Last Price	12.84	20.47	29.88	15.38	15.05	17.98	23.78	33.9	46.2	22.08	27.08	44.29	44.01	25.19	23.24
High Price	12.82	23.51	33.43	29.69	20.8	18.55	25.57	35.55	50.2	48.45	32.48	44.82	73	43.74	34.82
Low Price	5.14	10.72	21.17	13.15	13.71	12.67	16.98	17.41	32.35	20.64	21.53	21.05	40.99	24.16	16.65
Enterprise Value	162	345	564	206	184	263	390	595	844	341	457	865	865	454	385
Enterprise Value Average	126	276	632	401	323	304	403	562	854	693	579	771	1,118	760	570
Enterprise Value High	210	488	772	640	416	360	506	738	1,046	1,047	697	985	1,653	1,003	799
Enterprise Value Low	53	200	483	273	266	240	330	352	666	433	458	456	917	549	373

Per Share Data Items	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	20	23	24	22	21	20	21	21	21	22	22	22	23	23	23
Diluted Weighted Avg Shares	20	22	24	23	22	21	21	22	23	23	22	22	23	23	23
Basic Weighted Avg Shares	20	21	23	23	22	21	20	21	22	22	22	22	23	23	23
Revenue per Share	1.95	2.11	2.6	2.35	2.22	2.46	2.91	3.48	4.02	3.53	3.97	4.54	4.99	5.2	4.15
EBITDA per Share	0.28	0.49	0.82	0.57	0.25	0.14	0.42	0.82	0.88	0.13	0.15	0.23	0.61	0.65	-0.37
Operating Income per Share	0.25	0.46	0.8	0.54	0.22	0.07	0.31	0.69	0.73	-0.06	-0.09	-0.03	0.31	0.32	-0.57
Basic EPS, GAAP	0.42	0.54	0.8	0.6	0.3	-0.04	0.31	0.63	0.78	0.03	- -	-0.11	0.02	-1	-0.51
Basic EPS from Cont Ops	0.42	0.54	0.8	0.6	0.3	-0.04	0.31	0.63	0.78	0.03	- -	-0.11	0.11	-0.6	-0.79
Diluted EPS, GAAP	0.41	0.51	0.77	0.59	0.3	-0.04	0.3	0.61	0.75	0.03	- -	-0.11	0.02	-1	-0.51
Diluted EPS from Cont Ops	0.41	0.51	0.77	0.59	0.3	-0.04	0.3	0.61	0.75	0.03	- -	-0.11	0.1	-0.6	-0.79
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.3	0.77	1.17	0.82	0.62	0.44	0.95	0.69	1.12	0.39	0.44	0.69	1.13	0.3	-0.27
Free Cash Flow per Basic Share	0.29	0.73	1.15	0.79	0.58	0.37	0.84	0.58	0.93	0.15	-0.05	0.55	1.03	0.15	-0.39
Cash & Equivalents per Share	4.92	5.14	5.92	6.08	6.35	5.01	4.77	5.95	6.53	6.61	6.62	5.85	6.74	5.96	7.1
Book Value per Share	-0.95	-0.39	0.42	1.03	1.3	1.22	1.44	1.85	2.53	2.85	2.86	2.58	2.41	1.39	0.86
Tangible Book Value per Share	5.02	5.86	6.98	7.19	7.29	6.27	6.59	7.61	9.23	8.91	8.55	8.94	8.15	8.6	8.66

CEVA, Inc.

CEVA US

19.98