Forensic Analysis · Technology / Software · as of Jun 27, 2026
CEVA INC (CEVA)
A forensic read on CEVA INC built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
10.9
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-3.9%
ROE
$1.2B
Market cap
CEVA INC earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 10.9, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
164d DSOReceivables vs revenue.Days sales outstanding moved from 127 to 164 days FY2024→FY2025 (receivables +33% vs revenue +2%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-3%Return on invested capital.Return on invested capital is -3% and slipping from 1% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.6%/yrShare-count dilution.Diluted share count changed +5% over the last 3 years to FY2025 (+1.6%/yr). The count is GROWING — existing holders are being diluted. That's ~1.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~5%.
+17.6%Accruals ratio.Net operating assets grew +17.6% relative to their average in FY2025 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit sits in receivables, inventory or capitalized costs rather than cash. The cash-flow cross-check agrees: reported earnings ran in line with operating cash by -3% of net operating assets.
18% of revStock-based comp load.Stock-based compensation ran 18% of revenue in FY2025 — about $0.81 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-9.7%
Free Cash Flow$-6.3M
Latest Revenue$109.6M
Return on Equity-3.2%
Revenue Growth YoY+2.5%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on CEVA INC:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CEVA's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown