In the fast-evolving semiconductor industry, Cirrus Logic, Inc. (CRUS) and CEVA, Inc. (CEVA) stand out as innovators with distinct yet complementary approaches. Cirrus Logic focuses on high-precision mixed-signal processing solutions, while CEVA excels in licensing wireless connectivity and AI-driven digital signal processors. Their overlapping markets and commitment to cutting-edge technology make this comparison crucial. Join me as we explore which company offers the most compelling opportunity for your investment portfolio.
Table of contents
Companies Overview
I will begin the comparison between Cirrus Logic, Inc. and CEVA, Inc. by providing an overview of these two companies and their main differences.
Cirrus Logic Overview
Cirrus Logic, Inc. is a fabless semiconductor company specializing in low-power, high-precision mixed-signal processing solutions. Its products include audio codecs, amplifiers, digital signal processors, and SoundClear technology aimed at enhancing user audio experience. Cirrus Logic serves markets such as smartphones, AR/VR headsets, automotive entertainment, and industrial energy applications, positioning itself as a key player in audio and mixed-signal semiconductor segments.
CEVA Overview
CEVA, Inc. operates as a licensor of wireless connectivity and smart sensing technologies, providing digital signal processors, AI processors, and wireless platforms to semiconductor and OEM companies globally. Its IP solutions support 5G, imaging, AI, sensor fusion, and IoT applications across mobile, consumer, automotive, and industrial markets. CEVA focuses on licensing technology and delivering software development tools to facilitate integration into various end products.
Key similarities and differences
Both Cirrus Logic and CEVA operate in the semiconductor industry but differ in their business models: Cirrus Logic designs and sells its own mixed-signal semiconductor products, while CEVA licenses its intellectual property and software platforms to other manufacturers. Cirrus Logic emphasizes audio and industrial energy solutions, whereas CEVA specializes in wireless connectivity, smart sensing, and AI processors. Both companies target diverse technology sectors, though their approaches to product delivery and revenue generation contrast significantly.
Income Statement Comparison
The table below presents a side-by-side comparison of key income statement metrics for Cirrus Logic, Inc. and CEVA, Inc. for their most recent fiscal years, enabling an overview of their financial performance.
| Metric | Cirrus Logic, Inc. (CRUS) | CEVA, Inc. (CEVA) |
|---|---|---|
| Market Cap | 6.29B | 536M |
| Revenue | 1.90B | 107M |
| EBITDA | 497M | -3.4M |
| EBIT | 445M | -7.5M |
| Net Income | 332M | -8.8M |
| EPS | 6.24 | -0.37 |
| Fiscal Year | 2025 | 2024 |
Income Statement Interpretations
Cirrus Logic, Inc.
Cirrus Logic’s revenue increased steadily from $1.37B in 2021 to $1.90B in 2025, with net income nearly doubling from $217M to $332M. Margins improved, notably gross margin at 52.53% and net margin at 17.48% in 2025. The latest year saw moderate revenue growth of 6%, with a strong 22% EPS increase, reflecting enhanced profitability and operational efficiency.
CEVA, Inc.
CEVA’s revenue showed modest growth from $100M in 2020 to $107M in 2024, but net income remained negative, improving from a loss of $24M to $9M in 2024. Despite a high gross margin of 88.06%, EBIT and net margins stayed negative at -7.06% and -8.22%, respectively. The 2024 year marked a 10% revenue increase with a 27% EPS growth, indicating some recovery but continued profitability challenges.
Which one has the stronger fundamentals?
Cirrus Logic demonstrates stronger fundamentals, with consistent revenue and net income growth, solid positive margins, and favorable overall income statement evaluations. CEVA, while showing revenue gains and margin improvement, still operates at a loss with unfavorable net and EBIT margins over the period. Cirrus Logic’s robust profitability contrasts with CEVA’s ongoing challenges.
Financial Ratios Comparison
The table below presents a side-by-side comparison of key financial ratios for Cirrus Logic, Inc. and CEVA, Inc. for their most recent fiscal year, highlighting profitability, liquidity, leverage, efficiency, and shareholder return metrics.
| Ratios | Cirrus Logic, Inc. (CRUS) | CEVA, Inc. (CEVA) |
|---|---|---|
| ROE | 17.0% | -3.3% |
| ROIC | 14.2% | -2.7% |
| P/E | 15.9 | -84.8 |
| P/B | 2.71 | 2.79 |
| Current Ratio | 6.35 | 7.09 |
| Quick Ratio | 4.82 | 7.09 |
| D/E | 0.074 | 0.021 |
| Debt-to-Assets | 6.2% | 1.8% |
| Interest Coverage | 457.0 | 0 |
| Asset Turnover | 0.81 | 0.35 |
| Fixed Asset Turnover | 6.62 | 8.43 |
| Payout Ratio | 0 | 0 |
| Dividend Yield | 0 | 0 |
Interpretation of the Ratios
Cirrus Logic, Inc.
Cirrus Logic shows predominantly favorable financial ratios with strong net margin at 17.48%, ROE at 17.01%, and ROIC at 14.2%, indicating efficient profitability and capital use. However, its high current ratio of 6.35 is considered unfavorable, suggesting potential inefficiencies in asset utilization. The company does not pay dividends, reflecting a likely reinvestment strategy or growth focus.
CEVA, Inc.
CEVA presents several unfavorable ratios, including a negative net margin of -8.22%, negative ROE at -3.3%, and negative ROIC at -2.68%, pointing to operational challenges and weak profitability. Despite favorable debt ratios and a strong quick ratio, the interest coverage ratio is zero, signaling financial risk. CEVA does not pay dividends, consistent with its negative earnings and probable focus on R&D and growth.
Which one has the best ratios?
Cirrus Logic exhibits a more favorable overall ratio profile, with 57.14% of its key ratios rated positively, reflecting solid profitability and capital efficiency. In contrast, CEVA has a majority of unfavorable ratios at 57.14%, highlighting ongoing financial difficulties. Thus, Cirrus Logic currently holds the stronger financial ratio standing between the two companies.
Strategic Positioning
This section compares the strategic positioning of Cirrus Logic, Inc. and CEVA, Inc. including Market position, Key segments, and disruption:
Cirrus Logic, Inc.
- Established fabless semiconductor with 6.3B market cap, facing moderate competitive pressure.
- Revenue driven by portable audio products (1.14B) and mixed-signal products (759M) in industrial and consumer markets.
- Focused on audio and mixed-signal ICs with limited direct exposure to disruptive AI or wireless technologies.
CEVA, Inc.
- Smaller licensor in semiconductors with 535M market cap, facing higher competitive pressure.
- Revenue from licensing wireless connectivity and smart sensing technologies across mobile, IoT, and automotive sectors.
- Exposed to disruptions in AI processors, 5G, sensor fusion, and wireless IoT licensing markets.
Cirrus Logic vs CEVA Positioning
Cirrus Logic has a diversified product base in audio and mixed-signal ICs with a larger scale, while CEVA concentrates on licensing DSP and AI technologies. Cirrus Logic benefits from established hardware products, whereas CEVA depends on licensing innovation in wireless and AI sectors.
Which has the best competitive advantage?
Cirrus Logic shows a very favorable moat with growing ROIC and value creation, indicating durable competitive advantage. CEVA exhibits a very unfavorable moat with declining ROIC, suggesting value destruction and weaker competitive positioning.
Stock Comparison
The stock price chart highlights significant price appreciation for Cirrus Logic, Inc., contrasted by near-flat performance for CEVA, Inc., with both showing deceleration in their upward momentum over the past year.
Trend Analysis
Cirrus Logic, Inc. (CRUS) exhibits a bullish trend with a 34.06% price increase over the past 12 months, though the trend shows deceleration and a recent slight downturn of -7.06% from November 2025 to January 2026.
CEVA, Inc. (CEVA) shows a near-neutral overall trend with a modest 0.45% price increase over the last year, also decelerating. Its recent price movement reflects a sharper decline of -18.04% in the same November 2025 to January 2026 window.
Comparing both, Cirrus Logic delivered the highest market performance with a strong positive gain, while CEVA’s price remained nearly flat overall but declined more steeply recently.
Target Prices
The current analyst consensus presents a range of target prices for Cirrus Logic, Inc. and CEVA, Inc.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Cirrus Logic, Inc. | 155 | 100 | 138.75 |
| CEVA, Inc. | 28 | 28 | 28 |
Analysts expect Cirrus Logic’s stock to appreciate from its current 123.28 USD price toward a consensus target of 138.75 USD. CEVA’s consensus target of 28 USD suggests upside from the current 22.3 USD price, indicating moderate growth potential.
Analyst Opinions Comparison
This section compares analysts’ ratings and grades for Cirrus Logic, Inc. and CEVA, Inc.:
Rating Comparison
Cirrus Logic, Inc. Rating
- Rating: A- indicating a very favorable overall financial standing.
- Discounted Cash Flow Score: 4, a favorable indicator for valuation based on future cash flows.
- ROE Score: 4, suggesting efficient profit generation from equity.
- ROA Score: 5, very favorable utilization of assets to generate earnings.
- Debt To Equity Score: 3, moderate financial risk from leverage.
- Overall Score: 4, a favorable overall financial score.
CEVA, Inc. Rating
- Rating: C+ reflecting a moderate overall financial standing.
- Discounted Cash Flow Score: 3, showing a moderate valuation outlook.
- ROE Score: 1, indicating very unfavorable profit efficiency.
- ROA Score: 1, showing very unfavorable asset utilization.
- Debt To Equity Score: 4, favorable debt management.
- Overall Score: 2, a moderate overall financial score.
Which one is the best rated?
Cirrus Logic, Inc. holds a stronger rating profile with an A- rating and favorable scores in discounted cash flow, profitability, and asset utilization. CEVA, Inc. scores lower overall with a C+ rating and significant weaknesses in ROE and ROA despite better debt management.
Scores Comparison
Here is a comparison of the Altman Z-Score and Piotroski Score for Cirrus Logic, Inc. and CEVA, Inc.:
CRUS Scores
- Altman Z-Score: 11.94, indicating a safe zone, low bankruptcy risk.
- Piotroski Score: 7, considered strong financial health.
CEVA Scores
- Altman Z-Score: 9.99, indicating a safe zone, low bankruptcy risk.
- Piotroski Score: 4, considered average financial health.
Which company has the best scores?
Cirrus Logic, Inc. has higher scores in both Altman Z-Score and Piotroski Score compared to CEVA, Inc., indicating stronger financial stability and health based on the provided data.
Grades Comparison
Here is a comparison of the latest reliable grades assigned to Cirrus Logic, Inc. and CEVA, Inc.:
Cirrus Logic, Inc. Grades
The table below lists recent grades from recognized grading firms for Cirrus Logic, Inc.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Keybanc | Maintain | Overweight | 2025-11-05 |
| Barclays | Maintain | Equal Weight | 2025-11-05 |
| Stifel | Maintain | Buy | 2025-11-05 |
| Benchmark | Maintain | Buy | 2025-11-05 |
| Susquehanna | Maintain | Positive | 2025-10-22 |
| Stifel | Maintain | Buy | 2025-10-17 |
| Stifel | Maintain | Buy | 2025-09-12 |
| Barclays | Maintain | Equal Weight | 2025-05-07 |
| Barclays | Maintain | Equal Weight | 2025-04-22 |
| Stifel | Maintain | Buy | 2025-04-17 |
Cirrus Logic’s grades generally trend positive, with several “Buy” ratings and stable “Overweight” or “Equal Weight” assessments.
CEVA, Inc. Grades
Below are recent grades from credible grading firms for CEVA, Inc.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Barclays | Maintain | Overweight | 2025-11-12 |
| Rosenblatt | Maintain | Buy | 2025-11-11 |
| Rosenblatt | Maintain | Buy | 2025-08-14 |
| Oppenheimer | Maintain | Outperform | 2025-05-09 |
| Rosenblatt | Maintain | Buy | 2025-05-08 |
| Barclays | Maintain | Overweight | 2025-05-08 |
| Rosenblatt | Maintain | Buy | 2025-04-23 |
| Barclays | Maintain | Overweight | 2025-02-14 |
| Rosenblatt | Maintain | Buy | 2025-02-14 |
| Rosenblatt | Maintain | Buy | 2025-02-11 |
CEVA, Inc. consistently receives “Buy” and “Overweight” grades, including an “Outperform” rating, indicating steady positive sentiment.
Which company has the best grades?
Both companies have predominantly positive grades, but CEVA, Inc. shows a stronger consensus with more “Buy,” “Overweight,” and “Outperform” ratings, suggesting relatively higher analyst confidence which may influence investor perception and portfolio positioning.
Strengths and Weaknesses
Below is a comparison table highlighting the strengths and weaknesses of Cirrus Logic, Inc. (CRUS) and CEVA, Inc. (CEVA) based on their latest financial and strategic data.
| Criterion | Cirrus Logic, Inc. (CRUS) | CEVA, Inc. (CEVA) |
|---|---|---|
| Diversification | Moderate: Focused on portable audio and high-performance mixed signal products, steady revenue growth in key segments | Limited: Primarily licensing and royalty revenue, narrower product base |
| Profitability | Strong: ROIC 14.2%, net margin 17.48%, ROE 17.01% – consistently creating value | Weak: Negative ROIC (-2.68%), net margin -8.22%, ROE -3.3% – value destructive |
| Innovation | Strong: Growing ROIC trend (+10.2%) indicates effective capital use and innovation | Weak: Rapidly declining ROIC trend (-1156%) signals struggles in innovation and profitability |
| Global presence | Established global footprint with diversified customers in audio and signal processing markets | Smaller scale and reliance on licensing globally limits presence |
| Market Share | Solid in portable audio semiconductor niche, supported by consistent revenue growth (~$1.13B in 2025) | Niche player in DSP and connectivity licensing with smaller revenue (~$107M in 2024) |
Key takeaways: Cirrus Logic demonstrates a durable competitive advantage with strong profitability, innovation, and a stable market position. CEVA faces significant challenges with declining profitability and value destruction, making it a riskier choice for investors seeking stable returns.
Risk Analysis
Below is a comparative table summarizing key risks for Cirrus Logic, Inc. (CRUS) and CEVA, Inc. (CEVA) based on the latest financial and market data from 2025 and 2024:
| Metric | Cirrus Logic, Inc. (CRUS) | CEVA, Inc. (CEVA) |
|---|---|---|
| Market Risk | Moderate (Beta 1.08) | Higher (Beta 1.44) |
| Debt level | Very low (D/E 0.07) | Very low (D/E 0.02) |
| Regulatory Risk | Moderate (Tech sector) | Moderate (Tech sector) |
| Operational Risk | Low (Strong margins, ROE) | Elevated (Negative margins, ROE) |
| Environmental Risk | Standard industry exposure | Standard industry exposure |
| Geopolitical Risk | Moderate (Global sales) | Moderate (Global licensing) |
Cirrus Logic’s most impactful risks relate to market volatility and operational execution, though its strong profitability and very low debt mitigate financial distress. CEVA faces higher operational risk due to negative profitability and moderate liquidity challenges, despite a similarly low debt load. Both companies operate in a moderately regulated tech environment with global geopolitical exposure. Risk management should prioritize monitoring CEVA’s profitability trends and Cirrus Logic’s market sensitivity.
Which Stock to Choose?
Cirrus Logic, Inc. (CRUS) shows favorable income evolution with a 5.99% revenue growth in 2025 and strong profitability metrics including a 17.48% net margin and 17.01% ROE. Its debt levels are low, supported by a favorable debt-to-equity ratio of 0.07, and it holds a very favorable A- rating reflecting solid financial health.
CEVA, Inc. (CEVA) reports mixed income results with a 9.77% revenue growth in 2024 but negative net and EBIT margins (-8.22% and -7.06%). Despite low debt levels and a favorable debt-to-equity ratio of 0.02, its financial ratios are mostly unfavorable, and the company carries a moderate C+ rating, indicating ongoing challenges.
Given the ratings and comprehensive evaluations, CRUS could appear more favorable for investors seeking stable profitability and durable competitive advantage, while CEVA might be considered by those with a higher risk tolerance interested in potential turnaround opportunities despite current financial weaknesses.
Disclaimer: Investment carries a risk of loss of initial capital. The past performance is not a reliable indicator of future results. Be sure to understand risks before making an investment decision.
Go Further
I encourage you to read the complete analyses of Cirrus Logic, Inc. and CEVA, Inc. to enhance your investment decisions:
