Initiation report positions Caesarstone Ltd. as having a premium multi-material portfolio and differentiated business model. Analyst initiation on differentiated model can moderately shift investor views on CSTE.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | 1 | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2023 | ‡‡‡ |
|
| 2022 | 0.25 |
—
|
| 2021 | 0.31 |
—
—
|
| 2020 | 0.14 |
—
|
| 2019 | 0.00 |
—
|
| 2018 | 0.30 |
—
—
—
|
| 2017 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 91.12 | 106.34 | 59.92 | 51.77 |
| Receivables | 92.38 | 96.39 | 69.62 | 96.11 |
| Inventory | 136.45 | 112.61 | 94.28 | 76.26 |
| Other | — | 33.15 | 29.28 | — |
| 319.95 | 348.48 | 253.09 | 224.14 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 42.85 | 52.84 | 37.78 | 34.97 |
| ST’ Debt | 0.26 | 0.21 | 0.25 | 0.18 |
| Other | 16.11 | 42.71 | 38.58 | 42.49 |
| 121.22 | 151.69 | 138.17 | 141.05 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 88.71 | 96.55 | — | — |
—
|
| ’25 | 99.56 | 101.12 | 102.11 | 94.44 |
397.23
|
| ’24 | 118.29 | 119.43 | 107.63 | 97.86 |
443.22
|
| ’23 | 150.63 | 143.68 | 142.39 | 128.53 |
565.23
|
| ’22 | 170.44 | 180.27 | 180.73 | 159.37 |
690.81
|
| ’21 | 146.03 | 163.46 | 163.34 | 171.06 |
643.89
|
| ’20 | 126.56 | 99.04 | 123.92 | 136.90 |
486.41
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (7.22) | 2.31 | — | — |
—
|
| ’25 | (15.09) | (9.88) | (2.89) | (10.18) |
(38.03)
|
| ’24 | 8.74 | 9.96 | 16.29 | (3.11) |
31.87
|
| ’23 | 7.94 | 17.21 | 28.19 | 13.19 |
66.53
|
| ’22 | (23.26) | (4.49) | 3.46 | 0.98 |
(23.31)
|
| ’21 | 2.16 | 20.93 | (1.64) | (0.76) |
20.68
|
| ’20 | 3.41 | 1.72 | 28.16 | 14.33 |
47.62
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (7.27) | 1.61 | — | — |
—
|
| ’25 | (16.72) | (13.40) | (5.77) | (7.44) |
(43.33)
|
| ’24 | 5.98 | 8.39 | 12.44 | (5.29) |
21.52
|
| ’23 | 5.01 | 15.69 | 23.94 | 10.90 |
55.54
|
| ’22 | (28.71) | (7.65) | (0.70) | (4.05) |
(41.10)
|
| ’21 | (2.56) | 13.18 | (15.19) | (6.21) |
(10.78)
|
| ’20 | (5.09) | (2.24) | 25.08 | 10.06 |
27.81
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.61) | (0.45) | — | — |
—
|
| ’25 | (0.37) | (0.54) | (0.52) | (2.55) |
(3.98)
|
| ’24 | (0.15) | (0.27) | (0.12) | (0.60) |
(1.13)
|
| ’23 | (0.11) | (1.52) | (0.03) | (1.47) |
(3.13)
|
| ’22 | 0.18 | 0.32 | (0.02) | (2.15) |
(1.66)
|
| ’21 | 0.41 | 0.05 | 0.17 | (0.11) |
0.51
|
| ’20 | 0.08 | (0.17) | 0.37 | (0.07) |
0.21
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 5.59 | 3.50 | 3.76 | 0.86 | — | — | — |
Low Price
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | 12.82 | 6.55 | 6.81 | 4.67 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,111 | 1,813 | 1,532 | 1,266 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.33 | 0.31 | 0.29 | 0.31 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 690.81 | 565.23 | 443.22 | 397.23 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 23.63% | 16.27% | 21.81% | 18.45% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (55.61) | (86.96) | (41.89) | (133.47) | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (8.05%) | (15.38%) | (9.45%) | (33.60%) | ‡‡‡ | ‡‡‡ | — |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (56.37) | (108.24) | (42.98) | (137.76) | — | — | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 36.58 | 30.07 | 17.13 | 14.20 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 20.03 | 16.37 | 12.83 | 11.49 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | (1.66) | (3.13) | (1.13) | (3.98) | — | — | — |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.68) | 1.93 | 0.92 | (1.10) | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.52) | (0.32) | (0.30) | (0.15) | ‡‡‡ | ‡‡‡ | — |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.19) | 1.61 | 0.62 | (1.25) | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12.21 | 9.13 | 7.86 | 4.03 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 34.49 | 34.52 | 34.54 | 34.57 | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.31 | 0.25 | 0.33 | 0.16 | ‡‡‡ | ‡‡‡ | — |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.50 | 0.45 | 0.54 | 0.46 | ‡‡‡ | ‡‡‡ | — |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.23 | 0.09 | 0.09 | 0.01 | ‡‡‡‡ | ‡‡‡‡ | — |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.85) | 0.95 | 1.91 | (0.12) | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (23.31) | 66.53 | 31.87 | (38.03) | ‡‡‡ | ‡‡‡ | — |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (17.79) | (10.99) | (10.35) | (5.30) | ‡‡‡‡‡ | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (41.10) | 55.54 | 21.52 | (43.33) | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 242.87 | 198.72 | 196.79 | 114.91 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.11 | 2.81 | 0.65 | 0.25 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (54.05) | (88.32) | (105.69) | (59.67) | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 421.05 | 315.06 | 271.59 | 139.21 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (7.07%) | (16.23%) | (6.92%) | (29.04%) | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (9.99%) | (24.26%) | (15.78%) | (98.78%) | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (12.51%) | (29.39%) | (13.31%) | (66.98%) | — | — | — |
ROE
|
Caesarstone Ltd. (CSTE), once a leader in engineered stone countertops, has seen its stock plummet 95% from 2016 peaks, now trading at roughly half the consensus $4 target—implying 89% upside—but this contrarian analysis flags it as a classic value trap amid structural decay. Revenue surged to a 2022 peak of $691 million before cratering 36% to $443 million in 2024, with forecasts showing further declines to $397 million in 2025 and minimal growth thereafter, well below pre-2019 levels. This reflects lost market share to cheaper porcelain and Asian imports, compounded by shrinking productivity as employee headcount dropped 33% yet revenue per employee fell 12%.
Gross margins have imploded from 39.5% in 2016 to 21.8% in 2024, flipping profits to losses (EPS from $2.15 to -$1.13) and ROE from 17.3% to -13.3%, despite a fortress-like balance sheet with $106 million net cash and negligible debt. Zero insider buying signals deep skepticism, while plant idlings, lawsuits, and underinvestment cap any rebound hopes. Trading at dirt-cheap 0.33x PS and 0.54x PB, the stock tempts value hunters—but eroding fundamentals scream caution in this dissection of stagnation over surge.
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