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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 has been impacted by valuation and technical concerns, despite strong Q3 2025 earnings. The company's revenue grew 18% year-over-year to $126 million, but analysts have downgraded their rating due to these concerns. Additionally, the company faces competition from other technology firms, including Penguin Solutions. Institutional investors, such as Squarepoint Ops LLC and Y Intercept Hong Kong Ltd, have recently acquired positions in the company. Cellebrite's Q4 and fiscal year 2025 financial results are set to be reported on February 11, 2026. (Source: Marketbeat.com, UBS Global Technology and AI Conference)

1.c. Company Highlights

2. Cellebrite DI Ltd. Delivers Solid Q3 2025 Results with Strong ARR Growth

Cellebrite DI Ltd.'s third-quarter 2025 financial results showcased a solid and balanced performance, with ARR growing 19% to $440 million, driven by a 21% increase in subscription revenue. Adjusted EBITDA rose 20% year-over-year to $37.7 million, with a margin expansion of 60 basis points. The company's EPS came in at $0.14, beating estimates of $0.13. Revenue for the quarter was not explicitly stated, but for the full year, the company expects revenue to be between $470 million to $475 million, representing a growth of 17% to 18%. The P/S Ratio stands at 10.33, indicating that the stock may be fairly valued relative to its sales.

Publication Date: Nov -16

📋 Highlights
  • ARR Growth Acceleration: ARR increased 19% to $440 million, with subscription revenue up 21% year-over-year.
  • Adjusted EBITDA Expansion: Adjusted EBITDA rose 20% to $37.7 million, with margin expansion of 60 basis points.
  • Insight Conversion Progress: 47% of digital forensics licenses converted to insights, nearing 2025 target of 50%.
  • SaaS/Cloud Growth Surge: Cloud-based solutions drove ARR growth three times faster than total ARR, with Guardian up triple digits quarterly.
  • 2026 Growth Drivers: Expected 2026 growth fueled by FedRAMP authorization, $11 million federal order, and Keryllium acquisition’s TAM expansion.

Growth Drivers and Outlook

The company's growth is driven by cloud-based solutions, with ARR for SaaS and cloud-based solutions growing three times faster than total ARR. The pending close of Keryllium is expected to expand its TAM and value proposition, particularly across global defense and intelligence agencies and the private sector. For 2026, the company expects to deliver durable, profitable growth and strong free cash flow, with four primary growth drivers. Analysts estimate next year's revenue growth at 16.8%, indicating a potential continuation of the company's growth trajectory.

Segment Performance and Pipeline

The federal business had a strong quarter, with a couple of strategic clients contributing to growth, and a large agency placing an $11 million order. The company is seeing a secular underlying recovery in the federal space. The defense and intelligence vertical has seen significant growth, with a strong pipeline, particularly in Europe. The Insight conversion has been ahead of schedule, expanding the cross-sale opportunity across into Guardian and Pathfinder platforms.

Valuation and Cash Position

The company's cash balance stood at $600 million, providing flexibility for future growth, M&A opportunities, and investing in the business. Post-Keryllium acquisition, priorities for the use of cash include maintaining flexibility and investing in the business. With a P/E Ratio of -29.38 and an EV/EBITDA of 60.11, the stock's valuation appears to be pricing in significant growth expectations. The Free Cash Flow Yield stands at 3.3%, indicating a reasonable return for investors.

Strategic Initiatives and Competitive Landscape

The company is working on a SaaS version of Pathfinder and has a cloud-based analytic engine that will prosecute and interrogate data. Guardian Investigate and Pathfinder are complementary products, with customers likely to subscribe to both. The competitive landscape has high barriers to entry, with no new material entrants. The company respects its competitors but feels confident in its position, with a competitive advantage due to its accreditations, including ATO and FedRAMP High.

3. NewsRoom

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Wealth Enhancement Advisory Services LLC Boosts Holdings in Cellebrite DI Ltd. $CLBT

Jan -26

Source: defenseworld.net

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Artisan Small Cap Fund Q4 2025 Portfolio Activity

Jan -23

Source: seekingalpha.com

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Cellebrite to Report Fourth-Quarter and Fiscal Year 2025 Financial Results on February 11, 2026

Jan -21

Source: prnewswire.com

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Cellebrite DI (NASDAQ:CLBT) & Penguin Solutions (NASDAQ:PENG) Critical Review

Jan -04

Source: defenseworld.net

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42,199 Shares in Cellebrite DI Ltd. $CLBT Bought by Squarepoint Ops LLC

Dec -24

Source: defenseworld.net

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Cellebrite DI Ltd. (NASDAQ:CLBT) Receives Average Rating of “Moderate Buy” from Analysts

Dec -23

Source: defenseworld.net

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Security Tech Check-In: Analyst Insights From 12 Companies Ahead Of The 'Quiet Period'

Dec -18

Source: feeds.benzinga.com

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Norwood Investment Partners Opens New $4.3 Million Cellebrite Position

Dec -09

Source: fool.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

14.9$

Current Price

14.9$

Potential

-0.00%

Expected Cash-Flows