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1. Company Snapshot

1.a. Company Description

Cellebrite DI Ltd.develops solutions for legally sanctioned investigations.Its DI platform allows users to collect, review, analyze, and manage digital data across the investigative lifecycle with respect to legally sanctioned investigations and solutions are used in a various case, including child exploitation, homicide, anti-terror, border control, sexual crimes, human trafficking, corporate security, intellectual property theft, and civil litigation.


The company's Universal Forensic Extraction Device solution addresses problems in accessing digital information, including complicated device locks, encryption barriers, deleted and unknown content, and other obstacles that can prevent critical evidence from coming to light.It also offers Seeker solution that provides the ability to analyze video footage; OSINT Analyze, a real-time deep dive solution used to analyze open-source information, such as the surface web, deep web, and the dark web; and Crypto Tracer, which analyzes blockchain transactions together with related data from an extensive list of sources to identify and categorize wallets, and transactions.The company serves federal and state and local agencies, as well as enterprise companies and service providers.


It has operations in the United States, Germany, Singapore, Australia, Brazil, United Kingdom, France, Canada, Japan, and India.The company was incorporated in 1999 and is based in Petah Tikva, Israel.Cellebrite Mobile Synchronization Ltd.


operates as a subsidiary of Sun Corporation.

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1.b. Last Insights on CLBT

Cellebrite DI Ltd.'s recent performance was negatively impacted by concerns over growth reacceleration. Despite a "solid" Q4 2025, with total ARR growing 21% to $480.8 million and revenue growing 18% to $128.8 million, investors are scrutinizing the company's ability to sustain growth. The acquisition of Corellium and SCG Canada, Inc. expands Cellebrite's AI-powered platform, but integration challenges may weigh on short-term performance. Analysts have a "Moderate Buy" rating, with four issuing a buy rating and one a sell rating (Marketbeat.com).

1.c. Company Highlights

2. Cellebrite DI Ltd. Posts Solid Q4 and Full-Year 2025 Results

Cellebrite DI Ltd. reported a strong fourth quarter and full-year 2025 financial results, driven by its software solutions, which accounted for approximately 90% of total revenue. Revenue for the quarter grew 18% to $128.8 million, while full-year revenue increased 19% to $475.7 million. Gross margin was 86% in the fourth quarter and 85% for the full year, indicating a stable and healthy profitability profile. Adjusted EBITDA for the full year was $127.6 million, representing a margin of 26.8%. The company's actual EPS came out at $0.14, in line with estimates.

Publication Date: Feb -17

📋 Highlights
  • 2025 ARR Growth: Capped at $481 million, up 21% YoY despite US federal unit headwinds.
  • 2025 Free Cash Flow: Surged to $160 million (34% margin), a 30% increase from 2024.
  • 2026 ARR Guidance: Aims for 18-19% growth, up from 17% organic growth in 2025.
  • SCG Canada Acquisition: Priced $15–$20 million, expected to boost ARR beyond $15–$20 million.
  • AI as Growth Driver: Enhances vulnerability identification, supporting high free cash flow margins (34% in 2025).

Strong Free Cash Flow Generation

The company generated strong free cash flow of $160 million in 2025, representing a 34% free cash flow margin. This represents 30% growth over 2024 free cash flow of $124 million or a 31% margin. The company's ability to generate significant free cash flow is a testament to its robust business model and operational efficiency.

Guidance and Growth Drivers for 2026

For 2026, Cellebrite expects to reaccelerate growth with initial guidance of 18% to 19% ARR growth, compared to 17% organic growth in 2025. The company has identified several growth drivers, including winning new logos, increasing price or mix on existing offerings, and growth from its Guardian and Pathfinder products. Additionally, the recent acquisition of SCG Canada is expected to contribute to growth and bring innovative technology that is highly complementary to Cellebrite's platform.

Valuation and Outlook

With a P/E Ratio of 49.67 and an EV/EBITDA multiple of 41.57, Cellebrite's valuation suggests that the market has high expectations for the company's future growth. However, with a strong track record of delivering on its commitments and a clear vision for driving growth through AI and other initiatives, the company appears well-positioned to meet these expectations. Analysts estimate next year's revenue growth at 17.0%, which is slightly below the company's guidance. The company's focus on serving all stakeholders with a strong ARR growth combined with a strong free cash flow margin is expected to drive long-term value creation.

3. NewsRoom

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Cellebrite Files its 2025 Annual Report on Form 20-F

13:30

Source: prnewswire.com

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Cellebrite DI Ltd. (CLBT) Presents at Morgan Stanley Technology, Media & Telecom Conference 2026 Transcript

Mar -03

Source: seekingalpha.com

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Cellebrite Completes Acquisition of Drone Forensics Leader SCG Canada, Inc.

Mar -02

Source: prnewswire.com

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Cellebrite Announces Participation in the Morgan Stanley Technology, Media & Telecom Conference

Feb -24

Source: prnewswire.com

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Granite Investment Partners LLC Purchases New Shares in Cellebrite DI Ltd. $CLBT

Feb -23

Source: defenseworld.net

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Cellebrite DI Q4 Earnings Call Highlights

Feb -13

Source: defenseworld.net

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Cellebrite DI Ltd. (CLBT) Q4 2025 Earnings Call Transcript

Feb -12

Source: seekingalpha.com

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Cellebrite DI Ltd. (CLBT) Matches Q4 Earnings Estimates

Feb -11

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.05%)

6. Segments

Subscription Services

Expected Growth: 14.07%

Cellebrite DI Ltd.'s Subscription Services growth of 14.07% is driven by increasing demand for digital forensics and analytics solutions, expansion into new markets, and a growing need for law enforcement agencies to access digital evidence. Additionally, the company's subscription-based model provides a recurring revenue stream, contributing to its rapid growth.

Term-license

Expected Growth: 11.67%

Cellebrite DI Ltd.'s Term-license growth of 11.67% is driven by increasing demand for digital forensics and cybersecurity solutions, expansion into new markets, and strategic partnerships. Additionally, the company's innovative products and services, such as UFED and PA, are gaining traction, contributing to the growth.

Professional Services

Expected Growth: 10.5%

Cellebrite DI Ltd.'s 10.5% growth in Professional Services is driven by increasing demand for digital forensics and cybersecurity solutions, expansion into new markets, and strategic partnerships. Additionally, the company's innovative products and services, such as UFED and Physical Analyzer, continue to gain traction, contributing to the segment's growth.

Other Non-recurring

Expected Growth: 10.5%

Cellebrite DI Ltd.'s 10.5% growth in Other Non-recurring is driven by increasing demand for digital forensics and cybersecurity solutions, expansion into new markets, and strategic partnerships. Additionally, the company's innovative products and services, such as UFED and Collect & Analyze, are experiencing high adoption rates, contributing to the growth.

7. Detailed Products

UFED

A mobile forensic solution that extracts, analyzes, and preserves data from mobile devices

UFED Cloud

A cloud-based solution that enables remote extraction and analysis of mobile device data

Physical Analyzer

A comprehensive tool for analyzing and extracting data from mobile devices

UFED Link Analyzer

A solution that analyzes and extracts data from mobile devices, including deleted data

Cellebrite Frontliner

A digital intelligence platform that provides real-time insights and analytics

Cellebrite Pathfinder

A digital forensic solution that automates the extraction and analysis of digital evidence

8. Cellebrite DI Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Cellebrite DI Ltd. faces moderate threat from substitutes, as law enforcement agencies may opt for alternative digital forensic tools and services.

Bargaining Power Of Customers

Cellebrite DI Ltd. has a diverse customer base, including law enforcement agencies and private companies, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

Cellebrite DI Ltd. has a strong supply chain and partnerships with leading technology companies, reducing the bargaining power of suppliers.

Threat Of New Entrants

The digital forensic industry is rapidly evolving, and new entrants with innovative solutions may pose a significant threat to Cellebrite DI Ltd.'s market share.

Intensity Of Rivalry

Cellebrite DI Ltd. operates in a competitive market, but its strong brand reputation and established customer base help to mitigate the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 29.23%
Debt Cost 4.97%
Equity Weight 70.77%
Equity Cost 11.50%
WACC 9.59%
Leverage 41.30%

11. Quality Control: Cellebrite DI Ltd. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Check Point

A-Score: 4.7/10

Value: 2.5

Growth: 6.1

Quality: 8.5

Yield: 0.0

Momentum: 5.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
IONOS

A-Score: 4.5/10

Value: 4.0

Growth: 7.7

Quality: 6.8

Yield: 0.0

Momentum: 6.5

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
CyberArk

A-Score: 3.8/10

Value: 2.0

Growth: 6.0

Quality: 3.0

Yield: 0.0

Momentum: 8.5

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Wix

A-Score: 3.4/10

Value: 4.2

Growth: 8.9

Quality: 5.7

Yield: 0.0

Momentum: 0.5

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Darktrace

A-Score: 3.0/10

Value: 0.0

Growth: 5.2

Quality: 7.5

Yield: 0.0

Momentum: 4.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Cellebrite DI

A-Score: 2.9/10

Value: 2.2

Growth: 5.2

Quality: 5.2

Yield: 0.0

Momentum: 2.5

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

14.17$

Current Price

14.18$

Potential

-0.00%

Expected Cash-Flows