CEVA, Inc.

CEVA

TechnologySemiconductorsNASDAQ

$36.97

Market Cap: $1.03B

CEVA, Inc. (CEVA) Valuation Summary

Updated May 9, 2026 01:02

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.10 – $10.39	$3.45	-90.7%
Revenue DCF 10Y	$0.35 – $9.10	$3.11	-91.6%
▸ Trading Multiples
EV/Revenue	$13.14 – $92.69	$34.75	-6.0%

Valuation History

DCF Analysis

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

REVENUE DCF FAIR VALUE

$3.11

Market Price

$36.97

Upside / Downside

-91.6%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -10.3% to a target of 10.4% over 5 years, discounted at a WACC of 8.9%, CEVA, Inc. (CEVA) has an intrinsic value of $3.11 per share (range: $0.35 – $9.10).

Key Assumptions

Current Operating Margin

-10.3%

Target Operating Margin

10.4%

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%	-6.2%	-7	-7	6	(4)	-10	5	5
2027	137	13.8%	-2.1%	-3	-3	7	(5)	5	-6	-5
2028	154	11.8%	2.1%	3	2	8	(6)	5	-2	-1
2029	152	-0.9%	6.2%	9	6	8	(7)	-0	7	5
2030	151	-0.9%	10.4%	16	9	8	(8)	-0	10	7
2031	150	-0.3%	10.4%	16	9	8	(8)	-0	9	5
2032	151	0.4%	10.4%	16	9	8	(9)	0	8	4
2033	152	1.0%	10.4%	16	9	8	(10)	0	7	4
2034	155	1.7%	10.4%	16	10	8	(11)	1	6	3
2035	159	2.3%	10.4%	16	10	8	(12)	1	5	2

Enterprise Value Bridge

Sum of PV(FCFF)28

Terminal Value (Gordon Growth at 3.0%)84

PV of Terminal Value37

Enterprise Value65

(–) Net Debt-10

Equity Value75

(÷) Shares Outstanding24

Fair Value per Share$3.11

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
6.9%	$0	$2	$4	$7	$9
7.9%	$0	$2	$4	$5	$7
8.9%	$0	$2	$3	$5	$6
9.9%	$0	$1	$3	$4	$5
10.9%	$0	$1	$2	$4	$5

Current price: $36.97. 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

$3.45

Market Price

$36.97

Upside / Downside

-90.7%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-10.3%

Target Operating Margin

10.4%

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%	-6.2%	-7	-7	6	(4)	-10	4	4
2027	137	13.8%	-2.1%	-3	-3	7	(6)	5	-7	-6
2028	154	11.8%	2.1%	3	2	8	(9)	5	-4	-3
2029	152	-0.9%	6.2%	9	6	8	(10)	-0	4	3
2030	151	-0.9%	10.4%	16	9	8	(11)	-0	6	4

Enterprise Value Bridge

Sum of PV(FCFF)1

Terminal Value (Gordon Growth at 3.0%)106

PV of Terminal Value72

Enterprise Value74

(–) Net Debt-10

Equity Value84

(÷) Shares Outstanding24

Fair Value per Share$3.45

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
6.9%	$0	$3	$5	$8	$10
7.9%	$0	$2	$4	$6	$8
8.9%	$0	$2	$3	$5	$7
9.9%	$0	$2	$3	$4	$6
10.9%	$0	$1	$3	$4	$5

Current price: $36.97. 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

$34.75

Market Price

$36.97

Upside / Downside

-6.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), CEVA, Inc. (CEVA) has a fair value of $34.75 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	898	8.1x	8.4x
Aehr Test SystemsAEHR	3,058	51.6x	61.1x
Ichor Holdings, Ltd.ICHR	2,586	2.8x	2.8x
Wolfspeed, Inc.WOLF	2,032	10.7x	10.8x
SkyWater Technology, Inc.SKYT	1,625	4.2x	5.4x
Arteris, Inc.AIP	1,469	20.5x	25.2x
Ambiq Micro, Inc.AMBQ	944	11.1x	11.4x
Cognyte Software Ltd.CGNT	812	1.8x	2.1x
PowerFleet, Inc.AIOT	457	1.9x	5.2x
Industry Median		7.4x	8.1x
(*) Revenue		110	105
= Enterprise Value		816	852
(-) Net Debt		-10	-10
Equity Value		826	862
(/) Outstanding shares		24	24
Fair Price		$34	$35

Selected Fair Value (avg of trailing + forward)

$34.75

-6.0%

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

$0.10 – $10.39

$3.45

-90.7%

Revenue DCF 10Y

$0.35 – $9.10

$3.11

-91.6%

▸ Trading Multiples

EV/Revenue

$13.14 – $92.69

$34.75

-6.0%

DCF Analysis

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

REVENUE DCF FAIR VALUE

$3.11

Market Price

$36.97

Upside / Downside

-91.6%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-10.3%

Target Operating Margin

10.4%

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%	-6.2%	-7	-7	6	(4)	-10	5	5
2027	137	13.8%	-2.1%	-3	-3	7	(5)	5	-6	-5
2028	154	11.8%	2.1%	3	2	8	(6)	5	-2	-1
2029	152	-0.9%	6.2%	9	6	8	(7)	-0	7	5
2030	151	-0.9%	10.4%	16	9	8	(8)	-0	10	7
2031	150	-0.3%	10.4%	16	9	8	(8)	-0	9	5
2032	151	0.4%	10.4%	16	9	8	(9)	0	8	4
2033	152	1.0%	10.4%	16	9	8	(10)	0	7	4
2034	155	1.7%	10.4%	16	10	8	(11)	1	6	3
2035	159	2.3%	10.4%	16	10	8	(12)	1	5	2

Enterprise Value Bridge

Sum of PV(FCFF)28

Terminal Value (Gordon Growth at 3.0%)84

PV of Terminal Value37

Enterprise Value65

(–) Net Debt-10

Equity Value75

(÷) Shares Outstanding24

Fair Value per Share$3.11

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
6.9%	$0	$2	$4	$7	$9
7.9%	$0	$2	$4	$5	$7
8.9%	$0	$2	$3	$5	$6
9.9%	$0	$1	$3	$4	$5
10.9%	$0	$1	$2	$4	$5

Current price: $36.97. 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

$34.75

Market Price

$36.97

Upside / Downside

-6.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), CEVA, Inc. (CEVA) has a fair value of $34.75 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	898	8.1x	8.4x
Aehr Test SystemsAEHR	3,058	51.6x	61.1x
Ichor Holdings, Ltd.ICHR	2,586	2.8x	2.8x
Wolfspeed, Inc.WOLF	2,032	10.7x	10.8x
SkyWater Technology, Inc.SKYT	1,625	4.2x	5.4x
Arteris, Inc.AIP	1,469	20.5x	25.2x
Ambiq Micro, Inc.AMBQ	944	11.1x	11.4x
Cognyte Software Ltd.CGNT	812	1.8x	2.1x
PowerFleet, Inc.AIOT	457	1.9x	5.2x
Industry Median		7.4x	8.1x
(*) Revenue		110	105
= Enterprise Value		816	852
(-) Net Debt		-10	-10
Equity Value		826	862
(/) Outstanding shares		24	24
Fair Price		$34	$35

Selected Fair Value (avg of trailing + forward)

$34.75

-6.0%