Ceragon Networks Ltd.
CRNT Technology Communication Equipment
Ceragon Networks Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $338.7 million, down 14.1% from fiscal 2024. In the quarter to June 2026, revenue grew 14.2%, EPS fell 40.9%, free cash flow fell 65.8% and total debt fell 41.4%, each against the same quarter a year earlier.
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Ceragon Networks Ltd. (CRNT) Beneish M-score
Ceragon Networks Ltd.'s Beneish M-score for fiscal 2025 is −3.16; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.16 | (0.92) |
| FY2024 | −2.23 | 0.57 |
| FY2023 | −2.80 | 0.16 |
| FY2022 | −2.96 | (0.62) |
| FY2021 | −2.35 | 0.65 |
| FY2020 | −3.00 | (0.89) |
| FY2019 | −2.12 | 0.02 |
| FY2018 | −2.13 | 0.15 |
| FY2017 | −2.29 | 0.61 |
| FY2016 | −2.90 | 0.08 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.88 | — | 0.81 | |
| Gross margin index | 1.03 | — | 0.54 | |
| Asset quality index | 1.20 | — | 0.48 | |
| Sales growth index | 0.86 | — | 0.77 | |
| Depreciation index | 0.94 | — | 0.11 | |
| SG&A index | 1.44 | — | −0.25 | |
| Total accruals to total assets | (0.11) | — | −0.50 | |
| Leverage index | 0.86 | — | −0.28 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.16 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CRNT Ceragon Networks Ltd. | −3.2× |
| BKTI BK TECHNOLOGIES, INC. compare | −3.0× |
| OCC Optical Cable Corporation compare | −2.9× |
| LTRX Lantronix, Inc. compare | −2.9× |
| SILC Silicom Ltd compare | −2.8× |
| CLFD Clearfield, Inc. compare | −2.8× |
| AUDC AudioCodes Ltd. compare | −2.6× |
| AMPG AmpliTech Group, Inc. compare | −2.6× |
| AVNW Aviat Networks, Inc. compare | −2.5× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI