Cellebrite DI
CLBTNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $12.64 Prior regular-session close from the quote source.
- $12.58–$12.89 Regular-session low and high so far today.
- 3.0M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $9.58–$19.98 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own CLBT if its specialized digital-forensics software remains mission-critical for investigators as device encryption and digital-evidence complexity rise.
CLBT price history
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Investment thesis
What must happen next
Cellebrite’s ability to keep pace with new devices, operating systems, apps, and evidentiary requirements remains sufficiently differentiated that investigators continue standardizing on its tools rather than replacing them with competing forensic platforms.StrengtheningMateriality: High
GAAP annual revenue increased from $270.7 million in FY2022 to $475.7 million in FY2025. If the access-and-coverage advantage holds, demand should keep converting into software revenue; if it breaks, the core reason to buy Cellebrite weakens before reported revenue turns.
Watch: Apple or Google security architecture changes materially reduce the practical effectiveness of lawful mobile extraction tools.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased from $270.7 million in FY2022 to $475.7 million in FY2025.
Open source ↗Cellebrite’s forensic software remains valuable enough that pricing, mix, and module expansion offset delivery costs instead of degrading into lower-margin services or commoditized tools.StrengtheningMateriality: High
GAAP annual gross profit rose from $219.9 million in FY2022 to $400.5 million in FY2025. Durable pricing power turns specialized demand into attractive economics; gross-margin erosion would signal the moat is weakening or growth is being bought too expensively.
Watch: Large customers force enterprise-license repricing or competitive discounts after credible alternatives from Magnet Forensics, MSAB, or bundled e-discovery/security vendors emerge.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit rose from $219.9 million in FY2022 to $400.5 million in FY2025.
Open source ↗Cellebrite can spread product development, device research, and go-to-market costs across a larger installed base rather than needing proportional expense growth to defend its forensic coverage.StrengtheningMateriality: Medium
GAAP annual operating income increased from $1.0 million in FY2022 to $66.5 million in FY2025. If operating leverage persists, incremental revenue creates materially more owner earnings; if defense of the moat requires step-function spending, the business may grow without much per-share value creation.
Watch: A major mobile OS or app-security shift forces unusually high R&D and vulnerability-research spending just to maintain existing capabilities.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income increased from $1.0 million in FY2022 to $66.5 million in FY2025.
Open source ↗The model continues to convert forensic-software demand into cash because customers renew, pay predictably, and do not require heavy working-capital or capital-investment support.StrengtheningMateriality: Medium
GAAP annual operating cash flow increased from $20.6 million in FY2022 to $173.5 million in FY2025. Strong cash conversion lets Cellebrite fund product development and optional acquisitions internally; deterioration would suggest weaker renewals, slower collections, or lower-quality growth.
Watch: Government customers shift from upfront or annual contracts to usage-based, delayed, or milestone-based payment terms.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow increased from $20.6 million in FY2022 to $173.5 million in FY2025.
Open source ↗
Full investment case & evidence
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Original research
Cellebrite’s ability to keep pace with new devices, operating systems, apps, and evidentiary requirements remains sufficiently differentiated that investigators continue standardizing on its tools rather than replacing them with competing forensic platforms. If the access-and-coverage advantage holds, demand should keep converting into software revenue; if it breaks, the core reason to buy Cellebrite weakens before reported revenue turns.
Cellebrite’s forensic software remains valuable enough that pricing, mix, and module expansion offset delivery costs instead of degrading into lower-margin services or commoditized tools. Durable pricing power turns specialized demand into attractive economics; gross-margin erosion would signal the moat is weakening or growth is being bought too expensively.
Cellebrite can spread product development, device research, and go-to-market costs across a larger installed base rather than needing proportional expense growth to defend its forensic coverage. If operating leverage persists, incremental revenue creates materially more owner earnings; if defense of the moat requires step-function spending, the business may grow without much per-share value creation.
The model continues to convert forensic-software demand into cash because customers renew, pay predictably, and do not require heavy working-capital or capital-investment support. Strong cash conversion lets Cellebrite fund product development and optional acquisitions internally; deterioration would suggest weaker renewals, slower collections, or lower-quality growth.
All standing thesis claims
Original report summary
its specialized digital-forensics software remains mission-critical for investigators as device encryption and digital-evidence complexity rise.
Bull case and bear case
Bull case and bear case for Cellebrite DI
Where the evidence on Cellebrite DI stands: Strengthening on the latest evidence (Nov 9, 2026). Of its 4 thesis points, 4 strengthening.
Bull case: what the evidence supports
Cellebrite’s ability to keep pace with new devices, operating systems, apps, and evidentiary requirements remains sufficiently differentiated that investigators continue standardizing on its tools rather than replacing them with competing forensic platforms.
Cellebrite’s forensic software remains valuable enough that pricing, mix, and module expansion offset delivery costs instead of degrading into lower-margin services or commoditized tools.
Cellebrite can spread product development, device research, and go-to-market costs across a larger installed base rather than needing proportional expense growth to defend its forensic coverage.
The model continues to convert forensic-software demand into cash because customers renew, pay predictably, and do not require heavy working-capital or capital-investment support.
Bear case: what would count against it
Apple or Google security architecture changes materially reduce the practical effectiveness of lawful mobile extraction tools.
Large customers force enterprise-license repricing or competitive discounts after credible alternatives from Magnet Forensics, MSAB, or bundled e-discovery/security vendors emerge.
A major mobile OS or app-security shift forces unusually high R&D and vulnerability-research spending just to maintain existing capabilities.
Thesis-Break Engine
Thesis-break watch · Cellebrite DI
No break has crossed Cellebrite DI’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedREPORT OF FOREIGN PRIVATE ISSUER.
Cellebrite DI filed an SEC report on 2026-09-24: REPORT OF FOREIGN PRIVATE ISSUER. It is a dated development that tests the current thesis.
- MixedCURRENT REPORT.
Cellebrite DI filed an SEC report on 2026-09-02: CURRENT REPORT. It is a dated development that tests the current thesis.
- MixedREPORT OF FOREIGN PRIVATE ISSUER.
Cellebrite DI filed an SEC report on 2026-08-18: REPORT OF FOREIGN PRIVATE ISSUER. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Apple or Google security architecture changes materially reduce the practical effectiveness of lawful mobile extraction tools.
- Large customers force enterprise-license repricing or competitive discounts after credible alternatives from Magnet Forensics, MSAB, or bundled e-discovery/security vendors emerge.
- A major mobile OS or app-security shift forces unusually high R&D and vulnerability-research spending just to maintain existing capabilities.
- Government customers shift from upfront or annual contracts to usage-based, delayed, or milestone-based payment terms.
CLBT news
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Financial statements
CLBT income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
CLBT: quick answers
- Which well-known investors own CLBT?
- 1 of the 37 well-known funds tracked here reported CLBT shares in their latest 13F filing. By share of the fund's portfolio: ARK Investment Management (Cathie Wood), 0.0%. Fund portfolios
CLBT in well-known investors’ portfolios
1 of 37 funds reported CLBT shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Cathie WoodARK Investment Management | 0.02% | $2.5M | +35.5% | Q2 2026 |