CEVA, Inc.
- Open
- 27.37
- Day high
- 27.77
- Day low
- 26.72
- Prev close
- 27.12
- Volume
- 491K
- Mkt cap
- $762M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.2
- P/S
- 6.6
- Yield
- —
- Per share
- —
CEVA, Inc. (CEVA) is a Technology company listed on NASDAQ. The stock is up 23% over the past year. Drillr has 1 published research article covering CEVA.
CEVA, Inc. (CEVA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CEVA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 10, 2026 | $0.07 | $0.08 | +9.2% | $29M | +3.0% |
| May 11, 2026 | $0.02 | $0.04 | +100.0% | $27M | +3.5% |
| Feb 17, 2026 | $0.18 | $0.18 | +0.0% | $31M | +0.9% |
| Feb 13, 2025 | $0.11 | $0.11 | +0.0% | $29M | +10.9% |
| Nov 7, 2024 | $0.09 | $0.14 | +55.6% | $27M | -0.9% |
| May 9, 2024 | $-0.01 | $-0.05 | -292.2% | $22M | -4.6% |
| Feb 14, 2024 | $0.06 | $0.10 | +66.7% | $24M | -0.6% |
| Feb 15, 2023 | $0.17 | $0.23 | +35.3% | $33M | +3.3% |
| Nov 9, 2022 | $0.19 | $0.20 | +5.3% | $34M | -3.9% |
| Feb 15, 2022 | $0.19 | $0.22 | +15.8% | $34M | +4.2% |
| Feb 16, 2021 | $0.11 | $0.20 | +81.8% | $28M | +48.1% |
| Nov 5, 2020 | $0.10 | $0.16 | +60.0% | $25M | +45.5% |
CEVA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 11, 2026 | Arieli Yanivofficer: Chief Financial Officer | Grant | 30,293 | — |
| Aug 11, 2026 | Toquet Gweltazofficer: Chief Commercial Officer | Grant | 30,293 | — |
| Aug 11, 2026 | Panush Amirdirector, officer: Chief Executive Officer | Grant | 60,587 | — |
| Jun 11, 2026 | SILVER LOUISdirector | Tax | 7,736 | $45.66 |
| Jun 11, 2026 | MCMANAMON PETERdirector | Grant | 0 | — |
| Jun 11, 2026 | MCMANAMON PETERdirector | Tax | 8,331 | $45.66 |
| Jun 11, 2026 | SILVER LOUISdirector | Option | 13,000 | $27.17 |
| Jun 11, 2026 | MCMANAMON PETERdirector | Option | 14,000 | $27.17 |
| Feb 23, 2026 | Toquet Gweltazofficer: Chief Commercial Officer | Grant | 17,793 | — |
| Feb 23, 2026 | Boukaya Michaelofficer: Chief Operating Officer | Grant | 12,709 | — |
| Feb 23, 2026 | Panush Amirdirector, officer: Chief Executive Officer | Buy | 5,100 | $19.70 |
| Feb 23, 2026 | Arieli Yanivofficer: Chief Financial Officer | Grant | 17,793 | — |
| Feb 23, 2026 | Arieli Yanivofficer: Chief Financial Officer | Buy | 2,500 | $19.34 |
| Feb 23, 2026 | Panush Amirdirector, officer: Chief Executive Officer | Grant | 50,838 | — |
| Feb 23, 2026 | Liu Jaclyndirector | Buy | 1,310 | $19.15 |
Source: CEVA SEC Form 4 filings, latest Aug 11, 2026. For informational purposes only — not investment advice.
See the full CEVA insider & 13F page →CEVA, Inc. company profile
Overview
CEVA, Inc. (NASDAQ:CEVA) is a semiconductor intellectual property (IP) licensing company founded in 1999 and headquartered in Rockville, Maryland. The company designs and licenses digital signal processors, AI processors, wireless platforms, and complementary software for various applications including wireless connectivity, smart sensing, and artificial intelligence. CEVA operates as a fabless semiconductor company, meaning it develops the designs and licenses them to other companies rather than manufacturing chips itself. The company went public in 2002 and has evolved from its original focus on mobile baseband processors to become a diversified IP provider serving multiple technology sectors including mobile, IoT, automotive, and industrial applications.
Business
CEVA operates in the semiconductor intellectual property licensing industry, which sits at the foundation of the global electronics ecosystem. The company develops and licenses digital signal processors (DSPs), neural processing units (NPUs), and wireless connectivity solutions that enable devices to connect, sense, and process information intelligently. The company's core offerings span three main technology domains. First, wireless connectivity IP includes solutions for 5G baseband processing, Wi-Fi (versions 4/5/6/6E/7), Bluetooth, Ultra-wideband (UWB), and cellular IoT technologies like NB-IoT. These technologies enable devices to communicate wirelessly across various protocols and standards. Second, smart sensing and AI processing IP encompasses computer vision processors, audio/voice processing, sensor fusion software, and AI inference engines including the NeuPro family of neural processing units. These enable devices to perceive and interpret their environment through cameras, microphones, and other sensors. Third, complementary software solutions include spatial audio processing (RealSpace), noise cancellation, voice recognition, and development tools that help customers integrate and optimize CEVA's IP. Revenue is generated through two primary streams: licensing fees (approximately 60% of revenue) paid upfront when customers license CEVA's IP designs, and ongoing royalty payments (approximately 40% of revenue) based on the number of chips shipped by customers that incorporate CEVA's technology. The company's IP is ultimately embedded in billions of consumer devices including smartphones, tablets, smart speakers, wireless earbuds, automotive systems, and IoT devices across industrial and consumer applications.
Revenue model
CEVA operates a classic IP licensing business model with two distinct revenue streams that create recurring income from its technology investments. The company generates licensing revenue through upfront fees when semiconductor companies and OEMs license CEVA's IP designs, typically ranging from hundreds of thousands to several million dollars per deal depending on the scope and customization required. These licensing agreements grant customers the right to integrate CEVA's processor designs, software, and development tools into their own chip designs. The second revenue stream comes from royalty payments based on the volume of chips shipped by customers that incorporate CEVA's licensed technology. Royalty rates typically range from a few cents to over a dollar per chip, depending on the complexity and value of the IP used. This creates a scalable, recurring revenue model where CEVA benefits from the commercial success of its customers' products without bearing manufacturing, inventory, or direct sales risks. CEVA's customers are primarily semiconductor companies like Qualcomm, MediaTek, and Unisoc, as well as original equipment manufacturers (OEMs) who design their own chips. These companies integrate CEVA's IP into application-specific integrated circuits (ASICs) and system-on-chip (SoC) designs that power end products across mobile, automotive, IoT, and industrial markets. Several factors influence CEVA's margins and profitability. Positive margin drivers include the shift toward more complex, higher-value IP like AI processors and advanced wireless standards (Wi-Fi 7, 5G), which command higher royalty rates. The growing adoption of edge AI and multi-protocol connectivity also increases the value proposition of CEVA's integrated solutions. Margin pressures can arise from competitive pricing in commodity markets, customer concentration risks, cyclical downturns in semiconductor markets, and the need for continuous R&D investment to stay ahead of rapidly evolving technology standards. Additionally, geopolitical tensions and trade restrictions can impact customer relationships and market access, particularly given CEVA's significant exposure to Asian semiconductor markets.
Competitive moat
CEVA's competitive moat is moderately strong but faces ongoing challenges from both established competitors and emerging technologies. The company's primary moat stems from its accumulated intellectual property portfolio and deep expertise in signal processing, which has been built over more than two decades. This creates switching costs for customers who have invested significant time and resources integrating CEVA's IP into their chip designs, as changing to alternative solutions requires substantial re-engineering efforts. The company benefits from network effects in certain areas, particularly in wireless connectivity standards where ecosystem compatibility is crucial. CEVA's early positioning in emerging standards like Wi-Fi 6/7 and its comprehensive multi-protocol solutions create value for customers seeking integrated connectivity platforms. Additionally, the company's relationships with major semiconductor foundries and its proven track record in high-volume production provide credibility that is difficult for newer entrants to replicate. However, CEVA's moat faces several vulnerabilities. The company operates in highly competitive markets where large semiconductor companies like Qualcomm, Broadcom, and ARM Holdings have significant resources and often develop competing IP internally. The rapid pace of technological change, particularly in AI processing, means that CEVA must continuously innovate to maintain relevance, and breakthrough technologies could potentially obsolete existing IP portfolios. Furthermore, the company's dependence on licensing to external customers rather than controlling the full value chain limits its ability to capture maximum value from its innovations. The emergence of open-source alternatives and the increasing capabilities of customers to develop IP internally also pose long-term competitive threats. While CEVA's specialized expertise in signal processing provides some protection, the commoditization of certain technologies and the concentration of the semiconductor industry into fewer, larger players could reduce demand for external IP licensing over time.
Risks & safety
CEVA presents a moderate margin of safety profile with some financial strengths offset by operational challenges and market cyclicality. **Cash Position and Solvency:** - Strong balance sheet with $18.5 million in cash and short-term investments as of Q1 2025 - Very low debt levels with debt-to-equity ratio of 0.018 - Current ratio of 7.4 indicates strong liquidity position - Recent quarters show negative free cash flow (-$7.7 million in Q1 2025), indicating cash burn concerns **Valuation Metrics:** - Trading at P/E ratio of 72.5x based on recent earnings, indicating high valuation relative to current profitability - Price-to-book ratio of 2.3x suggests moderate premium to book value - Negative EBITDA in recent quarters makes traditional valuation metrics challenging to apply **Other Considerations:** - Revenue volatility with quarterly fluctuations between $24-29 million - Cyclical business model dependent on semiconductor industry health - Geographic concentration risk with significant exposure to Asian markets - Limited recurring revenue visibility despite royalty-based model
Recent development
Over the past few years, CEVA has undergone significant strategic evolution, pivoting from a mobile-centric IP provider to a diversified "smart edge" technology company. The company has organized its strategy around three core pillars: connect, sense, and infer, reflecting the convergence of wireless connectivity, sensor processing, and artificial intelligence in modern devices. A major strategic shift has been CEVA's aggressive expansion into edge AI processing with the development of its NeuPro family of neural processing units. The company launched the NeuPro-Nano in 2024, specifically targeting TinyML and ultra-low-power IoT applications, representing a significant bet on the migration of AI processing from cloud to edge devices. This move positions CEVA to capitalize on the growing demand for local AI inference in applications ranging from smart speakers to automotive ADAS systems. In wireless connectivity, CEVA has made substantial investments in next-generation Wi-Fi standards, particularly Wi-Fi 6 and Wi-Fi 7, which have shown strong traction with over 30 licensed customers and dramatic shipment growth. The company has also developed multi-protocol solutions like Ceva-Waves Links, enabling single-chip designs that support multiple wireless standards simultaneously, addressing customer demands for cost-effective, space-efficient connectivity solutions. The company executed a strategic portfolio rationalization by divesting its Intrinsix aerospace and defense design services business while acquiring VisiSonics spatial audio software technology. This reflects CEVA's focus on higher-margin IP licensing rather than services, and its expansion into software-based solutions that can be licensed directly to OEMs. The spatial audio technology, branded as RealSpace, has already secured licensing deals with major PC and smartphone OEMs. CEVA has also made significant inroads into the automotive market, securing its first ADAS design win with Nextchip using the NeuPro-M Edge AI NPU. This represents a crucial validation of CEVA's AI processing technology in the demanding automotive environment and opens opportunities in the rapidly growing autonomous driving market.
CEVA company profile · for informational purposes only — not investment advice.
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