CEVA Inc
CEVA Small CapTechnology · Semiconductors
Updated: Jul 6, 2026, 22:20 UTC
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Valuation Analysis
About the Company
CEVA, Inc. provides silicon and software intellectual property (IP) solutions to semiconductor and original equipment manufacturer companies in the United States, Europe, the Middle East, the Asia Pacific, and internationally. The company offers PentaG-RAN, a hardware and software IP for implementing L1 PHY baseband processing in 5G and 5G-A base station and other cellular infrastructure system-on-chips (SoCs); Ceva XC20 DSPs and the PentaG2 platform support 5G/5G Advanced baseband for mobile broadband, RedCap, and IoT devices; Ceva-BX2 baseband processor; Ceva-XC21, high-efficiency vector DSP cores for 5G and 5G-advanced; Ceva-XC23, DSP for 5G and 5G-advanced; and Ceva-Waves Bluetooth platform, a set of hardware IP, software modules, and radios addressing a range of processes and nodes. I
CEVA Inc Stock at a Glance
CEVA Inc (CEVA) is currently trading at $44.64 with a market capitalization of $1.2B. The 52-week range spans from $17.02 to $51.60; the current price is 13.5% below the yearly high. Year-over-year revenue growth stands at +11.5%.
💰 Dividend
CEVA Inc currently does not pay a dividend. The company typically reinvests its earnings into growth initiatives and product development.
📊 Analyst Rating
9 analysts rate CEVA Inc (CEVA) on consensus: Strong Buy. The average price target is $46.11, implying +3.3% from the current price. Analyst price targets range from $36.00 to $60.00.
CEVA Inc: The Investment Case in Detail
CEVA Inc (CEVA) operates in the Technology — specifically Semiconductors — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
Revenue is growing at a healthy 11.5% pace year-over-year, suggesting the business model continues to find new customers and pricing power. With a gross margin near 87.19%, the company sits in the top tier of its industry — these are the kinds of structural margins that protect earnings during downturns.
The Bear Case
Net margins remain negative, meaning every euro of revenue is still producing losses — the path to profitability is the central question for shareholders. With a beta near 1.97, the share price moves sharply more than the broader market — drawdowns in market corrections can be unusually severe and require strong nerves.
Valuation in Context
At a PEG of 3.96, investors are paying more than three times the growth rate for each unit of earnings — that pricing assumes growth not only continues but accelerates from here.
Investment Thesis: Strengths & Weaknesses
- High gross margin of 87.19% — indicates pricing power
- Analyst consensus: Strong Buy
- Solid balance sheet with low debt (D/E 4.99)
- Positive free cash flow
- –Currently unprofitable
Technical Snapshot
Price trades above both the 50- and 200-day moving averages, with 50d above 200d — a classic bullish setup (golden-cross alignment).
Risk Profile
The data points to above-average price swings, elevated short interest (6.9%).
Trading Data
Related Stocks in the Same Sector
CEVA Inc. (CEVA) 2026: 36,51 USD Wireless-Communications-and-Edge-AI Silicon-IP Licensing Compounder with 5G-and-Edge-AI Royalty Pipeline and Intrinsix Custom-Silicon Pivot
The Real Story
CEVA Inc. (NASDAQ: CEVA) is a Rockville, Maryland-headquartered silicon-intellectual-property-and-software licensing company providing semiconductor IP for wireless-connectivity (5G-baseband, Wi-Fi, Bluetooth, UWB), sensor-fusion-and-AI (NeuPro AI/ML processor IP, sensor-fusion-DSP), and audio-and-voice (audio-DSP IP). Customer-base includes Qualcomm, MediaTek, Spreadtrum, Renesas, Sony, and approximately 200 additional semiconductor-and-OEM licensees. The business is structured around licensing fees (upfront-or-milestone-based, approximately 35 percent of revenue), royalty payments (per-unit-volume-based on customer-shipped products, approximately 60 percent of revenue), and services-and-tooling (approximately 5 percent).
The 2024–2025 inflection: 5G-cellular-baseband royalty acceleration as Chinese-and-Asian-OEM cellular-modem deployments scale; Edge-AI NeuPro-M licensing expansion driven by tinyML-and-edge-inference workloads at AI/ML edge-devices (smart-cameras, wearables, automotive ADAS, smart-home); 2024 Intrinsix acquisition for approximately 35 million USD added custom-silicon-design-services to the licensing-IP-platform, opening adjacent-revenue-channel.
What Smart Money Thinks
CEVA has institutional shareholder base. BlackRock at approximately 14,2 percent, Vanguard at approximately 9,3 percent represent passive flows. Brown Brothers Harriman at approximately 5,8 percent and Driehaus Capital Management at approximately 3,1 percent represent active-conviction holders. CEO Amir Panush (appointed 2022) has built shares through ESPP and equity-plans. Short-interest sits at approximately 5,5 percent of float as of May 2026.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
CEVA's 5G-baseband IP is integrated into Spreadtrum (UNISOC), MediaTek mid-tier modems and Chinese-tier-2 OEM mobile-and-IoT cellular chipsets. As 5G-cellular-volume ramps through 2026–2028 in China, India, and emerging-markets, CEVA's per-unit royalty stream compounds. Management has guided to approximately 22–28 percent annual royalty-revenue growth fiscal-2026–2028.
NeuPro-M is CEVA's flagship AI/ML edge-inference IP delivering 1-25 TOPS per accelerator with strong perf-per-watt for tinyML workloads in smart-cameras, wearables, automotive ADAS, and smart-home. The Edge-AI silicon-IP-licensing market is forecast to grow from approximately 800 million USD in 2025 to 2,5 billion USD by 2030 (Gartner). At 5–8 percent share, NeuPro-M peak-revenue opportunity is 125–200 million USD.
The 2024 Intrinsix acquisition (approximately 35 million USD) added custom-silicon-design-services capability (turn-key-ASIC-design for defense, aerospace and security customers). The acquisition opens an adjacent-revenue-channel of approximately 40–60 million USD annual run-rate by 2027 and provides differentiated-positioning versus pure-IP-licensing peers.
📉 The 3 Real Bear Points
CEVA's 44x forward-P/E premium versus IP-licensing-peer-average of approximately 22–32x reflects the high-growth-thesis but creates multiple-compression risk if royalty-growth decelerates below the consensus 22–28 percent expectation. If 5G-baseband-royalty-growth slips to 14–18 percent or NeuPro-M-licensing-traction disappoints, multiple could compress to 25–30x with 30–40 percent share-price compression.
Approximately 40–50 percent of CEVA royalty-revenue derives from Chinese-and-Asian-OEM customers including Spreadtrum/UNISOC, MediaTek and tier-2-Chinese-OEMs. US-China-technology-controls expansion (US-Department-of-Commerce export-restrictions, China-counter-measures) could compress CEVA's royalty-base.
Arm Holdings (NASDAQ: ARM), Synopsys (NASDAQ: SNPS) and Cadence (NASDAQ: CDNS) compete in the Edge-AI silicon-IP space with structurally-deeper R&D-budgets. If Arm's Ethos-NPU or Synopsys's ARC NPX accelerator gain disproportionate share, CEVA's NeuPro-M share trajectory could underperform.
Valuation in Context
CEVA at 36,51 USD per share with approximately 27,9 million shares outstanding has a market capitalization of approximately 1,02 billion USD. With approximately 130 million USD net cash, enterprise value is approximately 890 million USD against trailing-twelve-month revenue of approximately 110 million USD (approximately 8,1x EV/sales — elevated reflecting IP-licensing-business-quality).
On forward-earnings, CEVA trades at approximately 44x consensus fiscal-2026 EPS of approximately 0,82 USD. Applying peer-blended fair-multiple of 30–40x to base-case fiscal-2027 EPS of approximately 1,20 USD produces fair-value range 36–48 USD per share — implying 0–32 percent upside. Bear-case 25–32 USD. Bull-case (NeuPro-M traction accelerates, Edge-AI peak-revenue earlier) 55–70 USD over 24-36 months.
🗓️ Next 3 Catalyst Dates
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2026 Q3:
Q2 2026 earnings (early August 2026). Watch-items: royalty-revenue-growth, NeuPro-M licensing-progression, Intrinsix-segment-revenue update.
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2026 Q4:
Q3 2026 earnings (early November 2026) plus fiscal-2027 preliminary guidance.
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2027 Q1:
Fiscal-2026 full-year results plus fiscal-2027 guidance. Bullish 1,40+ USD EPS guidance plus 25+ percent royalty growth would unlock 45–55 USD range.
💬 Daniel's Take
CEVA is a wireless-and-Edge-AI silicon-IP licensing compounder with 5G-baseband-royalty-ramp, NeuPro-M Edge-AI-licensing-expansion, and Intrinsix custom-silicon-design-services adjacent-revenue channel. Position-sizing: 0,5–1,2 percent in thematic-semi-IP sleeve, 18–36 month patience. Sizing-up zones 30–33 USD on geopolitical-China-cycle correction.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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