CEVA, Inc.

CEVA

TechnologySemiconductorsNASDAQ

$38.15

Market Cap: $1.06B

CEVA, Inc. (CEVA) Valuation Summary

Updated Apr 9, 2026 22:14

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.13 – $9.80	$3.16	-84.4%
Revenue DCF 10Y	$0.26 – $8.59	$2.85	-85.9%
▸ Trading Multiples
EV/Revenue	$9.94 – $55.67	$24.28	+19.9%

Valuation History

DCF Analysis

CEVA, Inc. (CEVA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.85

Market Price

$38.15

Upside / Downside

-92.5%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -10.3% to a target of 9.9% over 5 years, discounted at a WACC of 8.9%, CEVA, Inc. (CEVA) has an intrinsic value of $2.85 per share (range: $0.26 – $8.59).

Key Assumptions

Current Operating Margin

-10.3%

Target Operating Margin

9.9%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.6%

Target CapEx/Rev

7.5%

D&A/Revenue

5.0%

Tax Rate

40.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	121	10.1%	-6.3%	-8	-8	6	(4)	-10	5	5
2027	137	13.8%	-2.2%	-3	-3	7	(5)	5	-6	-6
2028	154	11.8%	1.8%	3	2	8	(6)	5	-2	-2
2029	152	-0.9%	5.9%	9	5	8	(7)	-0	6	5
2030	151	-0.9%	9.9%	15	9	8	(8)	-0	9	6
2031	150	-0.3%	9.9%	15	9	8	(8)	-0	8	5
2032	151	0.4%	9.9%	15	9	8	(9)	0	7	4
2033	152	1.0%	9.9%	15	9	8	(10)	0	6	3
2034	155	1.7%	9.9%	15	9	8	(11)	1	5	3
2035	159	2.3%	9.9%	16	9	8	(12)	1	4	2

Enterprise Value Bridge

Sum of PV(FCFF)26

Terminal Value (Gordon Growth at 3.0%)75

PV of Terminal Value33

Enterprise Value59

(–) Net Debt-10

Equity Value69

(÷) Shares Outstanding24

Fair Value per Share$2.85

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	3.9%	6.9%	9.9%	12.9%	15.9%
7.0%	$0	$2	$4	$6	$9
8.0%	$0	$2	$3	$5	$7
8.9%	$0	$1	$3	$4	$6
9.9%	$0	$1	$3	$4	$5
10.9%	$0	$1	$2	$3	$4

Current price: $38.15. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 30.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

CEVA, Inc. (CEVA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.16

Market Price

$38.15

Upside / Downside

-91.7%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -10.3% to a target of 9.9% over 5 years, discounted at a WACC of 8.9%, CEVA, Inc. (CEVA) has an intrinsic value of $3.16 per share (range: $1.13 – $9.80).

Key Assumptions

Current Operating Margin

-10.3%

Target Operating Margin

9.9%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.6%

Target CapEx/Rev

7.5%

D&A/Revenue

5.0%

Tax Rate

40.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	121	10.1%	-6.3%	-8	-8	6	(4)	-10	4	4
2027	137	13.8%	-2.2%	-3	-3	7	(6)	5	-8	-7
2028	154	11.8%	1.8%	3	2	8	(9)	5	-4	-3
2029	152	-0.9%	5.9%	9	5	8	(10)	-0	3	3
2030	151	-0.9%	9.9%	15	9	8	(11)	-0	6	4

Enterprise Value Bridge

Sum of PV(FCFF)0

Terminal Value (Gordon Growth at 3.0%)97

PV of Terminal Value66

Enterprise Value67

(–) Net Debt-10

Equity Value77

(÷) Shares Outstanding24

Fair Value per Share$3.16

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	3.9%	6.9%	9.9%	12.9%	15.9%
7.0%	$-0	$2	$5	$7	$10
8.0%	$-0	$2	$4	$6	$8
8.9%	$-0	$2	$3	$5	$6
9.9%	$-0	$1	$3	$4	$5
10.9%	$-0	$1	$2	$3	$5

Current price: $38.15. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 30.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$24.28

Market Price

$38.15

Upside / Downside

-36.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), CEVA, Inc. (CEVA) has a fair value of $24.28 based on 8 comparable companies in the Semiconductors industry.

EV/Revenue Valuation — Semiconductors

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
CEVA, Inc.CEVA	927	8.4x	8.7x
Aehr Test SystemsAEHR	2,109	35.5x	42.8x
Ichor Holdings, Ltd.ICHR	1,913	2.1x	2.1x
SkyWater Technology, Inc.SKYT	1,382	3.6x	4.7x
Wolfspeed, Inc.WOLF	1,103	9.5x	9.5x
Arteris, Inc.AIP	889	12.2x	15.1x
Cognyte Software Ltd.CGNT	619	1.3x	1.5x
Ambiq Micro, Inc.AMBQ	613	6.5x	6.7x
PowerFleet, Inc.AIOT	397	1.8x	4.8x
Industry Median		5.1x	5.7x
(*) Revenue		110	105
= Enterprise Value		557	603
(-) Net Debt		-10	-10
Equity Value		567	613
(/) Outstanding shares		24	24
Fair Price		$23	$25

Selected Fair Value (avg of trailing + forward)

$24.28

-36.3%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$1.13 – $9.80

$3.16

-84.4%

Revenue DCF 10Y

$0.26 – $8.59

$2.85

-85.9%

▸ Trading Multiples

EV/Revenue

$9.94 – $55.67

$24.28

+19.9%

DCF Analysis

CEVA, Inc. (CEVA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.85

Market Price

$38.15

Upside / Downside

-92.5%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-10.3%

Target Operating Margin

9.9%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.6%

Target CapEx/Rev

7.5%

D&A/Revenue

5.0%

Tax Rate

40.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	121	10.1%	-6.3%	-8	-8	6	(4)	-10	5	5
2027	137	13.8%	-2.2%	-3	-3	7	(5)	5	-6	-6
2028	154	11.8%	1.8%	3	2	8	(6)	5	-2	-2
2029	152	-0.9%	5.9%	9	5	8	(7)	-0	6	5
2030	151	-0.9%	9.9%	15	9	8	(8)	-0	9	6
2031	150	-0.3%	9.9%	15	9	8	(8)	-0	8	5
2032	151	0.4%	9.9%	15	9	8	(9)	0	7	4
2033	152	1.0%	9.9%	15	9	8	(10)	0	6	3
2034	155	1.7%	9.9%	15	9	8	(11)	1	5	3
2035	159	2.3%	9.9%	16	9	8	(12)	1	4	2

Enterprise Value Bridge

Sum of PV(FCFF)26

Terminal Value (Gordon Growth at 3.0%)75

PV of Terminal Value33

Enterprise Value59

(–) Net Debt-10

Equity Value69

(÷) Shares Outstanding24

Fair Value per Share$2.85

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	3.9%	6.9%	9.9%	12.9%	15.9%
7.0%	$0	$2	$4	$6	$9
8.0%	$0	$2	$3	$5	$7
8.9%	$0	$1	$3	$4	$6
9.9%	$0	$1	$3	$4	$5
10.9%	$0	$1	$2	$3	$4

Current price: $38.15. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 30.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$24.28

Market Price

$38.15

Upside / Downside

-36.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), CEVA, Inc. (CEVA) has a fair value of $24.28 based on 8 comparable companies in the Semiconductors industry.

EV/Revenue Valuation — Semiconductors

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
CEVA, Inc.CEVA	927	8.4x	8.7x
Aehr Test SystemsAEHR	2,109	35.5x	42.8x
Ichor Holdings, Ltd.ICHR	1,913	2.1x	2.1x
SkyWater Technology, Inc.SKYT	1,382	3.6x	4.7x
Wolfspeed, Inc.WOLF	1,103	9.5x	9.5x
Arteris, Inc.AIP	889	12.2x	15.1x
Cognyte Software Ltd.CGNT	619	1.3x	1.5x
Ambiq Micro, Inc.AMBQ	613	6.5x	6.7x
PowerFleet, Inc.AIOT	397	1.8x	4.8x
Industry Median		5.1x	5.7x
(*) Revenue		110	105
= Enterprise Value		557	603
(-) Net Debt		-10	-10
Equity Value		567	613
(/) Outstanding shares		24	24
Fair Price		$23	$25

Selected Fair Value (avg of trailing + forward)

$24.28

-36.3%