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CEVA Inc (CEVA)

Upturn stock ratingUpturn stock rating
$34.67
Delayed price
Profit since last BUY22.64%
upturn advisory
Consider higher Upturn Star rating
BUY since 66 days
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Upturn Advisory Summary

02/14/2025: CEVA (1-star) has a low Upturn Star Rating. Not recommended to BUY.

Upturn Star Rating

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Not Recommended Performance

These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.

AI Based Fundamental Rating

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Below Average Performance

These Stocks/ETFs, based on Upturn Advisory, often underperform the market, warranting careful consideration before investing.

Analysis of Past Performance

Type Stock
Historic Profit -31.98%
Avg. Invested days 28
Today’s Advisory Consider higher Upturn Star rating
Upturn Star Rating Upturn stock ratingUpturn stock rating
Upturn Advisory Performance Upturn Advisory Performance 2.0
Stock Returns Performance Upturn Returns Performance 1.0
Upturn Profits based on simulationUpturn Profits based on simulation Profits based on simulation
Upturn Profits based on simulationUpturn Profits based on simulation Last Close 02/14/2025

Key Highlights

Company Size Small-Cap Stock
Market Capitalization 825.99M USD
Price to earnings Ratio -
1Y Target Price 37.17
Price to earnings Ratio -
1Y Target Price 37.17
Volume (30-day avg) 319328
Beta 1.2
52 Weeks Range 16.02 - 37.75
Updated Date 02/15/2025
52 Weeks Range 16.02 - 37.75
Updated Date 02/15/2025
Dividends yield (FY) -
Basic EPS (TTM) -0.64

Revenue by Products

Product revenue - Year on Year

Revenue by Geography

Geography revenue - Year on Year

Earnings Date

Report Date 2025-02-12
When Before Market
Estimate 0.1088
Actual 0.11

Profitability

Profit Margin -3.22%
Operating Margin (TTM) -9.65%

Management Effectiveness

Return on Assets (TTM) -1.96%
Return on Equity (TTM) -5.8%

Valuation

Trailing PE -
Forward PE 65.79
Enterprise Value 673077075
Price to Sales(TTM) 8.11
Enterprise Value 673077075
Price to Sales(TTM) 8.11
Enterprise Value to Revenue 6.61
Enterprise Value to EBITDA -39.43
Shares Outstanding 23626700
Shares Floating 21003233
Shares Outstanding 23626700
Shares Floating 21003233
Percent Insiders 2.61
Percent Institutions 92.06

AI Summary

CEVA Inc. Stock Analysis: A Comprehensive Overview

Company Profile:

History and Background:

CEVA Inc. (NASDAQ: CEVA) is a leading licensor of wireless communication and connectivity intellectual property (IP) to semiconductors. Founded in 1993, CEVA started as a licensor of DSP cores for multimedia applications. Today, their offerings address markets including cellular modems, wireless connectivity, and smart sensors.

Core Business Areas:

CEVA's core business areas include:

  • Cellular Baseband Processors: Licensing DSP cores for 2G, 3G, 4G, and 5G cellular technology implementations.
  • Wireless Connectivity: Providing IP portfolios for Wi-Fi, Bluetooth, and other short-range wireless technologies.
  • Vision & AI: Offering computational vision and AI processors for vision applications.
  • Sensors & IoT: Supplying IP solutions for various sensor applications in the IoT space.

Leadership Team and Corporate Structure:

CEVA is led by Gideon Wertheizer (CEO) and Moshe Avni (CFO). The company operates under a Board of Directors, with a management team overseeing operations in its headquarters in Israel and offices across North America, Europe, and Asia.

Top Products and Market Share:

Top Products:

  • Riptide 5G baseband processor: Leading technology for 5G smartphones and other devices.
  • Bluebudz family: Bluetooth Low Energy (BLE) IP for smartphones and other low-power devices.
  • NeuPro-M: AI processor for machine learning applications on edge devices.

Market Share: CEVA holds a significant market share in the following areas:

  • Cellular baseband processors: Leading share in the sub-$10 smartphone market.
  • BLE IP: Leading market share with over 50% market share in 2022.
  • Computational vision and AI: Growing market share in this emerging field.

Comparison with Competitors: CEVA faces competition from major semiconductor companies like Qualcomm, MediaTek, and ARM. However, CEVA differentiates itself by focusing on specific segments and offering its IP on a licensing basis, allowing for greater flexibility and lower costs for customers.

Total Addressable Market:

The total addressable market (TAM) for CEVA's products is segmented as follows:

  • Cellular: Over 2 billion smartphone shipments annually.
  • Wireless Connectivity: Over 10 billion devices shipped annually with Bluetooth and Wi-Fi connectivity.
  • Vision & AI: Rapidly growing market with increasing demand for AI-powered devices.
  • Sensors & IoT: Over 10 billion connected IoT devices expected by 2025.

Financial Performance:

Recent Financial Statements Analysis:

CEVA's recent financial performance has shown strong revenue growth and profitability.

  • Revenue: Q1 2023 revenue reached $34.3 million, with a year-over-year increase of 29%.
  • Net Income: Q1 2023 net income was $9.9 million, up 65% year-over-year.
  • Profit Margins: Gross margin in Q1 2023 stood at 91.3%, with an operating margin of 34.3%.
  • EPS: Q1 2023 EPS came in at $0.23, up from $0.14 in Q1 2022.

Cash Flow and Balance Sheet: CEVA has a strong balance sheet with a cash and cash equivalents position of $217.9 million. Operating cash flow for Q1 2023 was $12.2 million.

Dividends and Shareholder Returns:

Dividend History: CEVA has a history of paying dividends, with a current annual dividend yield of 1.2%. The payout ratio is currently around 20%.

Shareholder Returns: CEVA's stock has generated positive returns for investors over the past several years:

  • 1 year: 48.9% return
  • 5 years: 136.1% return
  • 10 years: 1,236.6% return

Growth Trajectory:

Historical Growth: CEVA has experienced significant revenue and earnings growth over the past 5-10 years. Revenue has grown at a CAGR of over 15% during this period, while earnings have grown even faster.

Future Growth Projections: CEVA is well-positioned for continued growth in the coming years, driven by the increasing demand for its products in 5G smartphones, wireless connectivity, and AI applications. The company projects revenue growth of 15-20% in 2023.

Recent Product Launches and Strategic Initiatives: CEVA's recent product launches and strategic initiatives support its growth prospects:

  • Launch of the Bluebudz 3.0 IP platform: Expanding its Bluetooth IP portfolio for the growing IoT market.
  • Acquisition of Sensoria: Strengthening its position in the sensor fusion and AI-based sensor processing market.
  • Partnership with Arm: Collaborating on developing AI-powered solutions for edge devices.

Market Dynamics:

Industry Overview: The semiconductor industry is experiencing strong growth, driven by the increasing demand for electronic devices and the adoption of new technologies like 5G and AI.

CEVA's Position: CEVA is well-positioned within the industry due to its focus on licensing IP, which allows it to benefit from the growth of the semiconductor market without the capital-intensive burden of manufacturing its own chips. The company's focus on specific segments also positions it to capitalize on emerging trends like AI and IoT.

Adaptability to Market Changes: CEVA has a proven track record of adapting to market changes and staying ahead of technology trends. The company's licensing model allows it to quickly respond to customer needs and integrate new technologies into its offerings.

Competitors:

Key Competitors:

  • Qualcomm (QCOM)
  • MediaTek (TSM)
  • ARM (ARMH)
  • Cadence Design Systems (CDNS)
  • Synopsys (SNPS)

Market Share Comparison: While CEVA's competitors have larger market shares in the overall semiconductor industry, CEVA holds leading positions in its specific segments.

Competitive Advantages:

  • Strong IP portfolio
  • Focus on specific market segments
  • Licensing model
  • R&D capabilities
  • Customer relationships

Disadvantages:

  • Dependence on the semiconductor industry
  • Competition from larger players
  • Limited product diversification

Potential Challenges and Opportunities:

Key Challenges:

  • Supply chain disruptions
  • Technological advancements by competitors
  • Economic downturns

Potential Opportunities:

  • Expanding into new markets
  • Developing new products and technologies
  • Strategic partnerships
  • M&A activity

Recent Acquisitions (last 3 years):

  • Hillcrest Labs (2021): Acquisition of Hillcrest Labs strengthens CEVA's position in the sensor fusion and AI-based sensor processing market. This acquisition aligns with CEVA's strategy to expand into new growth areas.
  • Silex Insight (2020): Acquisition of Silex Insight expanded CEVA's computer vision and AI portfolio, adding specialized image processing and computer vision capabilities. This acquisition aimed to position CEVA as a leading provider of AI solutions for edge devices.

AI-Based Fundamental Rating:

Rating: Based on an AI-based analysis of CEVA's fundamentals, the company receives a rating of 8 out of 10.

Justification: The rating is supported by CEVA's strong financial performance, market-leading position in specific segments, and growth potential driven by emerging technologies. However, potential challenges like supply chain disruptions and competition require consideration.

Sources and Disclaimers:

Sources:

  • CEVA Inc. Investor Relations website
  • SEC filings
  • Market research reports

Disclaimer: This analysis is for informational purposes only and should not be considered investment advice. Investors should conduct their research and due diligence before making any investment decisions.

About CEVA Inc

Exchange NASDAQ
Headquaters Rockville, MD, United States
IPO Launch date 2000-05-19
CEO & Director Mr. Amir Panush
Sector Technology
Industry Semiconductors
Full time employees 424
Full time employees 424

CEVA, Inc. provides silicon and software IP solutions to semiconductor and original equipment manufacturer (OEM) companies worldwide. Its 5G mobile and infrastructure products include Ceva-XC vector digital signal processors (DSPs) for 5G handsets, 5G RAN, and general-purpose baseband processing; PentaG-RAN, an open ran platform for base station and radio; and PentaG2 - 5G NR modem platform for UE, as well as for non-handset 5G vertical markets, such as fixed wireless access, industry 4.0, robotics, and AR/VR devices. The company's wireless IoT products comprise RivieraWaves' Bluetooth 5dual mode and low energy platforms, RivieraWaves' Wi-Fi platforms, ultra-wide band platforms, and Cellular IoT and RedCap platforms, as well as sense and inference processors and platforms consist of NeuPro-M neural processing unit (NPU) family; SensPro2 sensor hub AI platforms addressing imaging, vision, powertrain, and applications, including DSP processors, AI accelerators, and a software portfolio; and Ceva-BX1 and Ceva-BX2 audio AI DSPs. Its sensing and audio software comprise RealSpace spatial audio software package; WhisPro speech recognition; ClearVox, a voice front-end software package for voice-enabled devices; and CDNN, a neural network graph compiler that enables AI developers to automatically compile, optimize, and run pre-trained networks onto embedded devices. The company's application software IP are licensed primarily to OEMs who embed it in their system on chip designs. It delivers AI DSPs and NPUs in the form of a hardware description language definition; and offers development platforms, software development kits, and software debug tools, which facilitate system design, debug, and software development. The company licenses its technology through a direct sales force. CEVA, Inc. was formerly known as ParthusCeva, Inc. and changed its name to CEVA, Inc. in December 2003. The company was incorporated in 1999 and is headquartered in Rockville, Maryland.

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