— Know what they know.
/
Not Investment Advice

CIEN

NYSE · USD
Ciena Corporation
Technology · Communication Equipment
CEO Gary Smith Employees 9,080 R&D / revenue 17.8%
Last price
$332.73−6.67%last session
Market cap
$47.2B
P/E (TTM)
72.0x
From 52w high
−47.8%
From 52w low
+108.5%
1-year return
+95.0%
RSI 14 · vs SMA200
39.5 · −16.8%
IS score
74.5/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CIEN   SPY   XLK (sector ETF) · weekly closes
100150200250300350Jan 26Apr 26Jul 26Oct 26CIEN 195XLK 129SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
65
Profitability
78
Growth
27
Value
100
Momentum
100
Risk (safety)
87
Quality
91
Balance sheet
68
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Net cash✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Weak, Efficient ScalePiotroski 8 / 9Altman Z 7.9Beta 1.312 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
37 open-market sales, $33.0M
Form 144 notices (12m): 50, $95.9M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
7
Last disclosed purchase 2026-05-29
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+145
263 new holders, 108 closed
1,229 filers hold 94.2% · 471 added, 386 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+265
1,291 funds adding shares
1,026 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
36.1%
20-day avg 50.1%, 50-day avg 43.5%
Latest 14.0 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$4.8B
Revenue growth YoY+18.8%
Gross margin41.5%
Operating income$310.8M
Operating margin6.5%
Net income$123.3M
Net margin2.6%
EPS (diluted)$0.85
Cash flow
Operating cash flow$806.1M
Capital expenditure$140.8M
Free cash flow$665.3M
FCF conversion (FCF / OCF)82.5%
Stock-based compensation$184.5M
FCF less SBC$480.8M
Buybacks$334.5M
Dividends$0
Balance sheet & returns
Cash & short-term investments$1.3B
Total debt$1.5B
Net debt$227.6M
Shareholders' equity$2.7B
Goodwill & intangibles$745.4M
Debt / equity0.08
ROE (TTM)22.8%
ROIC (TTM)11.6%
Operating margin by fiscal year
14.6%FY20217.1%FY20228.8%FY20234.8%FY20246.5%FY2025
Revenue $3.6B (FY2021) to $4.8B (FY2025), a 7.1% CAGR.

Valuation

P/E (TTM)72.0x
EV / EBITDA46.3x
Price / sales7.84x
Price / FCF65.6x
FCF yield1.52%
Buyback yield0.71%
SBC / revenue0.5%
Price / book15.46x
Forward P/E FY202646.4x
Forward P/E FY202728.1x
Forward P/E FY202819.0x
Forward multiples divide today's price by Street EPS estimates. Street mean target $483.27 across 15 analysts last quarter is theirs, not ours.

CIEN vs industry median

164 companies in Communication Equipment
Gross margin 44.1% 42.0% Operating margin 14.1% -1.1% Net margin 10.9% -3.5% ROIC 11.6% 1.4%
CIEN (TTM)Industry median Asset turnover 0.75 vs industry 0.71 · financial leverage 2.62

Earnings delivery

Next report 2026-12-10 · consensus EPS $2.05
83%
beat rate, 10 of 12 quarters
+19.3%
median EPS surprise
5
longest beat streak
+9+40+73+30-18+55-19+26+17+15+12+22
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-12-07 to 2026-09-03. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CIEN Ciena Corporation $47.2B72.0x22.8%10.9%+18.8% +95.0%
UI Ubiquiti Inc. $36.4B37.9x91.1%30.4%+27.2% −20.1%
LITE Lumentum Holdings Inc. $74.7Bn/m-240.0%—+83.2% +404.9%
MSI Motorola Solutions, Inc. $76.6B36.1x92.0%17.8%+10.3% +6.3%
ZBRA Zebra Technologies Corporati $17.5B34.5x15.3%15.0%+12.7% +25.5%
VIAV Viavi Solutions Inc. $8.2Bn/m-2.7%7.4%+40.0% —
VSAT Viasat, Inc. $8.1Bn/m-0.6%-4.5%+1.3% —
AAOI Applied Optoelectronics, Inc $6.4Bn/m-5.4%-11.9%+61.8% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-09-03Earnings Release; Exhibits
2026-06-11Material Agreement; Financial Obligation; Unregistered Equity Sales; Other Events; Exhibits
2026-06-08Other Events; Exhibits
2026-06-04Earnings Release; Exhibits
2026-03-31Shareholder Vote
2026-03-05Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding141,808,525
Free float99.5%
Institutional ownership94.2%
Beta1.31
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$379.32 / $399.44
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CIEN sits among 22 scored companies in Communication Equipment (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCIENIndustry medianIndustry percentileSector median
P/E (TTM) 72.1x 37.9x
92nd		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 1.61 2.71
33rd		 1.36
Price / sales 7.8x 3.0x
76th		 3.9x
Price / book 15.4x 3.9x
81st		 4.4x
Price / tangible book 23.4x 7.3x
93rd		 8.8x
Price / free cash flow 65.6x 26.9x
81st		 20.3x
Price / operating cash flow 44.7x 23.3x
72nd		 17.9x
Enterprise value $44.8B $2.8B
86th		 $5.5B
EV / sales 7.4x 3.2x
76th		 4.1x
EV / EBITDA 46.1x 22.5x
89th		 18.9x
EV / EBIT 57.8x 30.3x
89th		 26.7x
EV / free cash flow 62.3x 24.8x
81st		 21.9x
Earnings yield 1.4% 1.4%
48th		 2.0%
FCF yield 1.5% 2.9%
38th		 3.3%
Operating cash flow yield 2.2% 3.6%
38th		 4.4%
Graham number (per share) $45.96 $22.27
67th		 $28.08

Profitability (TTM)

MeasureCIENIndustry medianIndustry percentileSector median
Gross margin 44.1% 43.9%
52nd		 55.7%
EBITDA margin 16.1% 12.4%
62nd		 13.7%
Operating margin 14.1% 5.4%
76th		 8.2%
EBIT margin 12.9% 6.7%
71st		 8.6%
Net margin 10.9% 4.1%
81st		 5.7%
NOPAT margin 12.7% 4.3%
76th		 7.0%
FCF margin 11.9% 9.3%
62nd		 15.0%
Operating cash flow margin 17.5% 12.8%
71st		 18.4%
R&D / revenue 15.4% 13.3%
67th		 12.9%
SG&A / revenue 14.3% 21.8%
10th		 25.6%
Stock comp / revenue 0.5% 3.6%
5th		 4.4%
Effective tax rate 9.8% 21.0%
17th		 21.0%

Returns on capital

MeasureCIENIndustry medianIndustry percentileSector median
ROE (on average equity) 22.4% 7.0%
81st		 9.4%
ROA 9.5% 4.1%
81st		 4.1%
ROIC 115.3% 9.1%
100th		 9.0%
ROCE 11.7% 6.8%
71st		 8.6%
Return on tangible assets 11.3% 5.1%
81st		 5.9%
Cash ROIC (OCF / invested capital) 158.9% 17.0%
90th		 20.7%
Gross profitability (GP / assets) 33.2% 32.1%
62nd		 30.0%
ROIC, 3-yr average 45.0% 8.3%
93rd		 7.4%
ROIC, 5-yr average 36.6% 11.4%
83rd		 7.9%
ROE, 5-yr average 9.2% 4.4%
83rd		 6.9%
Incremental ROIC -59.1% 6.0%
15th		 15.3%

Growth

MeasureCIENIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 32.6% 15.6%
75th		 14.3%
Revenue growth (QoQ) 6.4% 8.3%
38th		 6.6%
Revenue CAGR, 3 yr 12.5% 7.5%
65th		 9.6%
Revenue CAGR, 5 yr 12.1% 9.2%
75th		 11.5%
Gross profit CAGR, 3 yr 16.1% 9.8%
65th		 10.9%
Operating income CAGR, 3 yr 31.0% 3.0%
92nd		 11.3%
Net income growth (TTM YoY) 364.5% 14.2%
100th		 21.6%
Net income CAGR, 3 yr 43.5% 8.5%
89th		 9.9%
EPS growth (TTM YoY) 359.9% 10.5%
100th		 22.3%
EPS CAGR, 3 yr 44.8% 10.2%
89th		 11.2%
EPS CAGR, 5 yr 8.8% 9.4%
44th		 12.0%
FCF growth (TTM YoY) 2.6% 6.0%
43rd		 24.6%
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr —
Book value CAGR, 3 yr 2.1% 6.1%
32nd		 6.8%
Dividend CAGR, 3 yr —
Sustainable growth rate 22.4% 18.0%
75th		 14.2%

Margin history & stability

MeasureCIENIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 41.0% 40.6%
55th		 53.2%
Operating margin, 3-yr average 8.5% 5.3%
65th		 6.6%
Net margin, 3-yr average 5.8% 0.6%
60th		 5.2%
FCF margin, 3-yr average 11.5% 8.4%
75th		 12.7%
Revenue stability (0-1) 0.77 0.65
70th		 0.87
Earnings stability (0-1) 0.03 0.29
15th		 0.45
Margin stability (0-1) 0.94 0.93
55th		 0.95

Liquidity (latest quarter)

MeasureCIENIndustry medianIndustry percentileSector median
Cash & short-term investments $2.6B $249.9M
90th		 $494.1M
Net cash (− = net debt) $2.4B $82.6M
100th		 $49.8M
Working capital $3.9B $381.5M
100th		 $391.0M
Current ratio 3.80 2.05
86th		 1.92
Quick ratio 3.17 1.63
86th		 1.67
Cash ratio (cash + ST investments / current liabilities) 1.90 0.93
86th		 0.95
Defensive interval (days) 781 days 530 days
67th		 521 days

Leverage & solvency (latest quarter)

MeasureCIENIndustry medianIndustry percentileSector median
Total debt $237.2M $162.3M
57th		 $349.3M
Debt / equity 0.08 0.17
38th		 0.29
Net debt / equity −0.78 −0.21
10th		 −0.13
Debt / assets 3.0% 11.9%
24th		 16.9%
Debt / capital 7.2% 14.2%
38th		 22.3%
Debt / EBITDA 0.24 1.48
28th		 1.78
Net debt / EBITDA −2.46 −0.44
28th		 −0.18
Interest coverage (EBIT / interest) 11.1x 9.1x
53rd		 5.8x
Cash interest coverage 15.1x 6.7x
69th		 12.8x
Debt payback (years of OCF) 0.2 yrs 2.1 yrs
17th		 1.6 yrs
Liabilities / assets 61.8% 44.8%
86th		 48.7%
IS credit model rating AA+ — —
Implied credit spread (bps) 65 150
0th		 175

Efficiency

MeasureCIENIndustry medianIndustry percentileSector median
Asset turnover 0.88 0.69
76th		 0.62
Fixed asset turnover 131.84 10.93
100th		 9.25
Inventory turnover 3.9 3.7
52nd		 3.8
Receivables turnover 5.0 6.1
29th		 6.2
Days sales outstanding 73 days 60 days
71st		 59 days
Days inventory outstanding 94 days 99 days
48th		 94 days
Days payables outstanding 61 days 61 days
52nd		 46 days
Cash conversion cycle (days) 107 days 99 days
62nd		 50 days
Capex / revenue 5.6% 2.5%
81st		 2.3%
Capex / depreciation 1.70 0.63
81st		 0.56
Operating expense ratio 27.4% 35.1%
29th		 44.3%

Cash flow & earnings quality

MeasureCIENIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.61 1.61
50th		 1.61
FCF / net income 1.10 1.25
42nd		 1.33
FCF / operating cash flow 68.2% 78.0%
33rd		 88.0%
Capex / operating cash flow 31.8% 22.0%
67th		 12.0%
Accruals ratio -5.8% -6.0%
52nd		 -6.3%
Sloan accruals ratio 16.3% -0.4%
76th		 -1.8%
Earnings quality score (0-1) 0.75 0.75
17th		 0.75

Dividends & buybacks

MeasureCIENIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 1.2% 1.3%
48th		 1.2%
Shareholder yield (dividends + buybacks) 1.2% 1.2%
50th		 1.7%
Share count change (YoY) 1.0% 1.1%
45th		 0.1%
Buybacks, last 5 years $2.0B $120.2M
86th		 $215.3M

Scores & forensic checks

MeasureCIENIndustry medianIndustry percentileSector median
IS score 75 51
95th		 56
IS profitability 65 38
86th		 40
IS growth 78 68
85th		 65
IS value 27 38
24th		 39
IS momentum 100 77
95th		 78
IS risk (safety) 100 85
57th		 100
IS quality 87 59
95th		 67
IS balance sheet 91 76
71st		 72
IS earnings quality 68 55
67th		 61
IS cash flow 70 53
76th		 66
Piotroski F-score (0-9) 8 6
86th		 6
Altman Z-score 7.9 3.6
76th		 4.0
Beneish M-score −2.57 −2.52
35th		 −2.58
Ohlson O-score −8.47 −7.42
38th		 −8.00
IS credit score 93 73
100th		 69

Per share

MeasureCIENIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $4.48 $0.30
81st		 $0.84
Book value per share $20.94 $14.30
76th		 $9.77
Tangible book per share $16.57 $3.49
81st		 $3.22
Revenue per share $41.25 $13.56
81st		 $13.00
FCF per share $4.93 $1.00
71st		 $1.78
Operating cash flow per share $7.23 $1.31
71st		 $2.40
Cash per share $18.02 $3.55
95th		 $4.50

Size (TTM)

MeasureCIENIndustry medianIndustry percentileSector median
Market cap $47.2B $3.2B
86th		 $4.7B
Revenue $6.0B $1.1B
90th		 $1.2B
EBITDA $971.6M $90.8M
76th		 $185.8M
Net income $654.4M $30.4M
86th		 $84.9M
Free cash flow $719.0M $74.8M
76th		 $170.6M
Total assets $8.0B $2.2B
81st		 $2.4B
Shareholders' equity $3.1B $1.4B
81st		 $1.1B
Employees 8,989 3,082
81st		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Smith Gary B
Director, President & CEO
 Open-market sale 2,952$369.66$1.1M228,407
2026-10-01Phipps Jason
EVP & Chief Customer Officer
 Open-market sale 2,629$355.19$933,79557,388
2026-10-01Kosaraju Sheela
EVP & Chief Legal Officer
 Open-market sale 2,101$355.19$746,25484,065
2026-10-01Graff Marc D.
EVP & Chief Financial Officer
 Open-market sale 97$355.19$34,453107,136
2026-09-25Cumello Joseph
EVP & General Mgr.
 Open-market sale 1,586$358.52$568,60539,570
2026-09-24Claflin Bruce L.
Director
 Open-market sale 2,857$355.91$1.0M8,279
2026-09-24Nevens Thomas Michael
Director
 Gift 2,797——3,492
2026-09-23Nevens Thomas Michael
Director
 Open-market sale 3,738$359.04$1.3M6,289
2026-09-20Graff Marc D.
EVP & Chief Financial Officer
 Tax withholding 286$348.80$99,757107,233
2026-09-20Gage Brodie
EVP & Chief Product &
 Tax withholding 204$348.80$71,15537,003
2026-09-20Gage Brodie
EVP & Chief Product &
 Tax withholding 442$348.80$154,17036,561
2026-09-20Gage Brodie
EVP & Chief Product &
 Tax withholding 669$348.80$233,34735,892

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired16,517—
GiftDisposed12,797—
Open-market saleDisposed3776,735$33.0M
Tax withholdingDisposed7057,397$22.1M
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 50 notices · 307,524 shares · $95.9M
FiledFilerShares proposedEst. proceeds
2026-10-15Brodie Gage1,200$412,896
2026-10-15Dino Diperna890$308,866
2026-10-15David Rothenstein2,500$899,000
2026-10-15Gary B. Smith14,760$5.3M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 12 trades (8 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-05-29Gilbert CisnerosHousePurchase$1,001 - $15,0002026-06-09
2026-05-29Gilbert CisnerosHousePurchase$1,001 - $15,0002026-06-09
2026-03-30Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
FMR LLC19,113,538$9.4B13.48%
BlackRock, Inc.12,718,494$6.2B8.97%
JPMORGAN CHASE & CO11,066,098$5.3B7.80%
VANGUARD CAPITAL MANAGEMENT LLC9,233,803$4.5B6.51%
VANGUARD PORTFOLIO MANAGEMENT LLC7,680,665$3.8B5.42%
STATE STREET CORP6,680,578$3.3B4.71%
PRICE T ROWE ASSOCIATES INC /MD/4,071,401$2.0B2.87%
GEODE CAPITAL MANAGEMENT, LLC3,370,462$1.6B2.38%
AMERICAN CENTURY COMPANIES INC1,851,788$908.4M1.31%
BANK OF AMERICA CORP /DE/1,788,582$877.4M1.26%
Capital World Investors1,755,602$861.2M1.24%
Invesco Ltd.1,730,210$848.8M1.22%
NORGES BANK1,703,155$835.5M1.20%
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP1,677,029$822.7M1.18%
Nuveen, LLC1,326,743$650.8M0.94%

Institutional ownership by quarter

2023-092026-0694.2%
% of shares held by 13F filers
2023-092026-061,229
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,22994.2%263471386108
2026-03-311,08494.5%32031736678
2025-12-31856105.0%26025127382
2025-09-3068998.0%18117526149
2025-06-3056599.3%10420117982
2025-03-3154896.1%10118518879
2024-12-3153498.7%13016517450
2024-09-30463100.1%8015315465
2024-06-3045398.6%6014917071
2024-03-3147096.6%7612119549
2023-12-3145094.3%6413217274
2023-09-3046795.0%6413719460

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-09-03SCHEDULE 13G/AJPMORGAN CHASE & CO.3.9%5,616,378
2026-08-06SCHEDULE 13G/AAbigail P. Johnson13.5%19,113,538
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.2%7,388,304
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%10,568,831
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
FDGRX2.07%$2.0B
FGCKX2.07%$2.0B
VITSX0.07%$1.6B
VSMPX0.07%$1.6B
VTI0.07%$1.6B
VTSAX0.07%$1.6B

Share structure

Shares outstanding141,808,525
Float141,161,878
Free float99.5%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$3.6B$3.6B$4.4B$4.0B$4.8B
Cost of revenue$2.0B$2.2B$2.6B$2.4B$2.8B
Gross profit$1.6B$1.4B$1.7B$1.6B$2.0B
R&D$440.4M$528.7M$658.0M$674.7M$848.3M
SG&A$634.1M$645.9M$706.1M$739.3M$820.0M
Operating income$527.5M$257.2M$384.9M$191.2M$310.8M
EBITDA$625.9M$369.8M$553.9M$350.3M$387.5M
Pretax income$462.8M$182.5M$323.7M$119.8M$156.3M
Income tax−$37.4M$29.6M$68.8M$35.9M$32.9M
Net income$500.2M$152.9M$254.8M$84.0M$123.3M
EPS, diluted$3.19$1.00$1.71$0.58$0.85
Diluted shares156.7M152.2M149.4M146.0M145.2M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.6B$1.1B$1.1B$1.3B$1.3B
Receivables$1.0B$1.1B$1.2B$1.2B$975.9M
Inventory$374.3M$946.7M$1.1B$820.4M$826.2M
Total current assets$3.2B$3.4B$3.6B$3.5B$3.6B
PP&E, net$329.3M$312.9M$315.3M$365.1M$38.6M
Goodwill & intangibles$377.0M$397.8M$650.4M$609.7M$745.4M
Total assets$4.9B$5.1B$5.6B$5.6B$5.9B
Accounts payable$356.2M$516.0M$317.8M$423.4M$542.8M
Total current liabilities$909.0M$1.0B$932.0M$999.8M$1.3B
Long-term debt$670.4M$1.1B$1.5B$1.5B$1.5B
Total liabilities$1.8B$2.4B$2.8B$2.8B$3.1B
Shareholders' equity$3.0B$2.7B$2.8B$2.8B$2.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$500.2M$152.9M$254.8M$84.0M$123.3M
Depreciation & amortization$132.3M$140.2M$142.2M$133.5M$140.3M
Stock-based compensation$84.3M$105.1M$130.5M$156.4M$184.5M
Change in working capital−$68.2M−$572.1M−$396.8M$102.8M$219.8M
Operating cash flow$541.6M−$167.8M$168.3M$514.5M$806.1M
Capital expenditure−$79.5M−$90.8M−$106.2M−$136.6M−$140.8M
Free cash flow$462.1M−$258.6M$62.1M$377.9M$665.3M
Investing cash flow−$90.7M−$101.2M−$383.5M−$306.5M−$241.5M
Net debt issued / repaid−$9.9M$391.3M$485.1M−$15.7M−$16.0M
Buybacks−$135.4M−$549.3M−$280.7M−$301.1M−$334.5M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin44.2%39.4%39.9%39.8%40.0%
Operating margin14.6%7.1%8.8%4.8%6.5%
Net margin13.8%4.2%5.8%2.1%2.6%
FCF margin12.8%-7.1%1.4%9.3%13.9%
ROE18.1%5.3%9.2%3.0%4.4%
ROIC25.7%7.8%8.9%4.2%8.2%
ROA11.1%3.1%4.8%1.5%2.1%
Debt / equity0.270.440.580.580.58
Interest coverage16.0x4.9x4.7x2.2x2.7x
Current ratio3.483.253.813.522.73
Revenue growth+2.5%+0.3%+20.8%−8.5%+18.8%
EPS growth+38.3%−67.9%+68.0%−66.6%+47.4%
P/E at year end17.0x46.7x24.5x111.2x224.0x
EV / EBITDA at year end12.3x19.4x12.2x27.7x72.3x
FCF yield at year end5.43%-3.62%1.00%4.02%2.41%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024
Networking Platforms Segment——$3.5B$3.0B
Product$2.9B$2.9B——
Service$688.1M$743.8M——
Global Services——$520.0M$537.2M
Platform Software and Services Segment——$303.9M$358.1M
Blue Planet Automation Software and Services Segment——$69.2M$77.6M
Grant$10.4M———

Revenue by region · FY2024

North America$3.0B · 74%
EMEA$648.9M · 16%
Asia Pacific$414.2M · 10%

Street estimates by fiscal year

Next report 2026-12-10 · consensus EPS $2.05 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$6.4B$6.4B – $6.5B$7.17$7.05 – $7.251146.4x
2027$8.5B$8.4B – $8.6B$11.85$8.50 – $12.66828.1x
2028$11.0B$9.9B – $12.1B$17.53$15.49 – $18.95619.0x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-09-03$1.73$2.11+22.0%$1.6B$1.7B+2.1%
2026-06-04$1.46$1.64+12.3%$1.5B$1.6B+4.4%
2026-03-05$1.17$1.35+15.4%$1.4B$1.4B+2.0%
2025-12-11$0.78$0.91+16.7%$1.3B$1.4B+4.7%
2025-09-04$0.53$0.67+26.4%$1.2B$1.2B+3.8%
2025-06-05$0.52$0.42−18.9%$1.1B$1.1B+3.0%
2025-03-11$0.41$0.64+54.7%$1.1B$1.1B+1.9%
2024-12-12$0.66$0.54−18.2%$1.1B$1.1B+1.9%
2024-09-04$0.27$0.35+30.2%$930.4M$942.3M+1.3%
2024-06-06$0.16$0.27+72.9%$897.2M$910.8M+1.5%
2024-03-07$0.47$0.66+40.4%$1.0B$1.0B+1.7%
2023-12-07$0.69$0.75+8.7%$1.1B$1.1B+3.2%
2023-08-31$0.53$0.59+11.3%$1.0B$1.1B+2.3%
2023-06-06$0.60$0.74+23.3%$1.1B$1.1B+4.1%
2023-03-06$0.36$0.64+77.8%$959.4M$1.1B+10.1%
2022-12-08$0.08$0.61+662.5%$849.9M$971.0M+14.3%
2022-09-01$0.35$0.33−5.7%$903.9M$868.0M−4.0%
2022-06-02$0.54$0.50−7.4%$950.8M$949.2M−0.2%
2022-03-07$0.47$0.470.0%$853.7M$844.4M−1.1%
2021-12-09$0.85$0.850.0%$894.9M$1.0B+16.4%
2021-09-02$0.79$0.92+16.5%$816.3M$988.1M+21.1%
2021-06-03$0.48$0.62+29.2%$829.3M$833.9M+0.6%
2021-03-04$0.45$0.52+15.6%$749.9M$757.1M+1.0%
2020-12-10$0.64$0.60−6.3%$843.8M$828.5M−1.8%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.406-152.306-221.306-291.007-061.207-131.207-201.507-271.008-031.908-101.208-170.708-241.608-31
Week ofNotionalSharesTrades
2026-08-31$1.6B4,631,659136,399
2026-08-24$699.6M1,806,42771,038
2026-08-17$1.2B2,961,40997,292
2026-08-10$1.9B4,436,620123,543
2026-08-03$994.6M2,445,72395,466
2026-07-27$1.5B4,305,712121,794

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1536.1%
DateShort shareShort volumeTotal volume
2026-10-1536.1%654,8301,816,029
2026-10-1444.7%730,6911,634,502
2026-10-1345.1%673,7791,493,595
2026-10-1252.5%932,9261,776,700
2026-10-0957.0%1,223,0272,144,925
2026-10-0861.9%1,169,4061,889,252
2026-10-0752.3%926,5311,772,609
2026-10-0652.2%1,943,4983,723,463
2026-10-0554.4%840,8401,544,303
2026-10-0253.4%690,0561,293,336
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.5Jan+5.2Feb+0.4Mar+1.1Apr+1.1May+0.2Jun+1.1Jul+0.6Aug-1.0Sep+1.7Oct+3.7Nov+8.0Dec
MonthAvg returnUp yearsYears
Jan+0.5%55%20
Feb+5.2%65%20
Mar+0.4%48%21
Apr+1.1%50%20
May+1.1%60%20
Jun+0.2%50%20
Jul+1.1%60%20
Aug+0.6%45%20
Sep−1.0%30%20
Oct+1.7%50%20
Nov+3.7%70%20
Dec+8.0%75%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1439.5
MFI53.2
ADX16.4
Stochastic %K / %D12.8 / 28.4
Williams %R-98.3
CCI-97
TSI / signal1.9 / 6.2
Chaikin money flow0.20
ATR$27.28
Bollinger width36.6%
Volume vs 20-day avg0.98x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$381.86 (−12.9%)
SMA 50$377.91 (−12.0%)
SMA 200$399.92 (−16.8%)
EMA 21$380.44 (−12.5%)
EMA 50$384.33 (−13.4%)
EMA 200$370.08 (−10.1%)
Bollinger upper$451.75 (−26.3%)
Bollinger lower$311.98 (+6.7%)
Parabolic SAR$442.43 (−24.8%)
Open the live chart, 110+ indicators

About Ciena Corporation

Ciena Corporation is a global technology company focused on telecommunications infrastructure. It delivers integrated solutions – including specialized hardware, software applications, and professional services – designed to facilitate the efficient transmission, routing, switching, aggregation, delivery, and overall management of video, data, and voice traffic across communication networks worldwide. Within its Networking Platforms division, Ciena develops and supplies advanced hardware and integrated solutions. These products are specifically engineered to optimize the convergence of various optical transport methods (like coherent optical transport and optical transport network switching) with packet switching, enabling high-performance data handling. The product portfolio spans a range of packet-optical platforms (e.g., the 6500, 5400, and Z-Series), reconfigurable switching systems (such as the 5430), Waveserver interconnect systems, and dedicated switches for service delivery and aggregation (including the 3000 and 5000 families). This segment also provides the essential operating system software and advanced features embedded within its hardware offerings. Ciena's Blue Planet Automation Software and Services arm is dedicated to intelligent network automation. It offers solutions for orchestrating services across multiple network domains, maintaining precise network inventory, optimizing data routes, coordinating virtualized network functions (NFV), and delivering insightful analytics, alongside related support. The Platform Software and Services segment provides unified management platforms, exemplified by its OneControl system, as well as other software tools for comprehensive network planning, operational control, and ongoing oversight. Finally, the Global Services segment delivers end-to-end client support. This includes strategic consulting, detailed network architecture design, expert installation and deployment, ongoing maintenance, and comprehensive training programs. The company distributes its cutting-edge products and services to network operators through both direct sales forces and indirect channel partners. Established in 1992, Ciena Corporation maintains its corporate headquarters in Hanover, Maryland.

https://www.ciena.com

Key executives

NameTitlePayBorn
Gary SmithChief Executive Officer, President & Director$3.9M1960
Marc D. GraffSenior Vice President & Chief Financial Officer$2.5M1969
Jason PhippsSenior Vice President of Global Customer Engagement$1.6M1972
David RothensteinSenior Vice President, Chief Strategy Officer & Corporate Secretary$1.4M1968
Dino DiPernaSenior Vice President of Global Research & Development$1.2M1962
Brodie GageChief Product and Technology Officer—1976
Gregg LampfVice President of Investor Relations——
Joseph R. CumelloSenior Vice President & GM of Blue Planet—1972

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Gary B. Smith President and CEO2025$1.1M$14.6M$2.8M$18.5M
Marc D. Graff SVP and CFO2025$165,000$10.5M$280,055$13.0M
Jason M. Phipps SVP, Global Customer Engagement2025$579,450$3.7M$993,480$5.2M
David M. Rothenstein SVP, Chief Strategy Officer and Secretary2025$573,900$2.9M$787,168$4.2M
Dino DiPerna SVP, Global R&D2025$474,662$2.6M$732,430$3.8M
James E. Moylan, Jr. SVP and CFO (former)2025$520,793$0$892,202$1.4M

Employees

6k20186k20197k20207k20218k20228k20239k20249k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Weak · Efficient Scale · 2026-08-01
Cost advantage30
Intangibles36
Switching costs12
Network effect75
Efficient scale100
Our component scores (0-100) and overall 44.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms